Document:

Exhibit 10.13

 

AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT

 

This AMENDED
AND RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered into as of June 13, 2002 by and among
Thermadyne Holdings Corporation,
a Delaware corporation (“Holdings”), the subsidiaries of Holdings signatory hereto (together with Holdings, the “Employers”) and
Dennis G. Klanjscek (“Employee”).

 

RECITALS

 

A.            Employers
commenced voluntary cases under chapter 11 of title 11 of the United States
Code (the “Bankruptcy Code”) on November 19, 2001 (the “Petition
Date”) in the United States Bankruptcy Court for the Eastern Division of
the Eastern District of Missouri (the “Bankruptcy Court”).

 

B.            On
March 13, 2002, Employers filed with the Bankruptcy Court a Motion
Pursuant to Sections 105(a), 363(b)(1), and 365 of the Bankruptcy Code for an Order Approving the Adoption of a Key Employee
Retention Program and the Assumption of
Employment Agreements (the “Motion”). On May 13, 2002, Employers filed with the Bankruptcy Court a
Supplemental Motion for Order Approving the Adoption of Modified Key
Employee Retention Program (the “Supplemental
Motion”). On May 28, 2002, Employers filed with the Bankruptcy Court a Joint Stipulation by and between
Employers and the Official Creditors’
Committee Approving Employers Supplemental Motion for Order Approving Adoption of Modified Key Employee Retention
Program, as Amended, was filed (the “Joint Stipulation”).

 

C.            On
May 28, 2002, the Bankruptcy Court entered an Order (the “Order”) approving
the Joint Stipulation.

 

D.            Certain
of Employers and Employee are parties to (i) the Executive Employment
Agreement dated May 22, 1998, (ii) the Supplement to Executive
Employment Agreement dated June 8, 2000, and (iii) the Second
Supplement to Executive Employment Agreement dated August 16,2001 (collectively, the “Prior
Employment Agreements”).

 

E.             Pursuant
to Section 365 of the Bankruptcy Code and the Joint Stipulation, Employers
desire to assume the Prior Employment Agreements subject to the amendments
thereto that were approved by the Bankruptcy Court pursuant to the Order and
that are set forth in this Agreement.

 

F.             This
Agreement amends, restates and supersedes the Prior Employment Agreements
in their entirety.

 

 

NOW THEREFORE, for
and in consideration of the
foregoing recitals, and in
consideration of the mutual covenants, agreements, understandings,
undertakings, representations, warranties
and promises hereinafter set forth, and
intending to be legally bound
thereby, Employers and Employee do
hereby covenant and agree as follows:

 

SECTION 1.  Basic Employment Provisions.

 

(a)           Employment and Term.  Employers hereby employ
Employee (hereinafter referred to as the “Employment”) as Managing
Director, Cigweld and Employee agrees to be employed by Employers in such
capacity, all on the terms and conditions set forth herein. The Employment shall be for a period (the “Employment
Period”) that will (i) commence on May 22, 1998 (the “Effective
Date”) and continue for at least two years thereafter (unless earlier
terminated as provided herein) and (ii) renew on each anniversary of the
Effective Date for a two-year period, on the same terms and conditions
contained herein (unless earlier terminated as provided herein or Employee is
timely provided a notice of non-renewal as provided herein), such that the
Employment Period shall extend for a period of two years from the date of each
such extension. The Employers must provide Employee with written notice not
less than 60 days in advance of the applicable anniversary of the Effective
Date in order to avoid renewal of the Employment Period on such anniversary as
described above. Notice shall be deemed given on the date it is received by the
Employee.

 

(b)           Duties.  Employee shall be
subject to the direction and supervision of the Board of Directors of Holdings
(the “Board”) and, as the Managing Director, Cigweld, shall have those
duties and responsibilities which are assigned to him during the Employment
Period by the Board consistent with his positions, provided that the Board
shall not assign any greater duties or responsibilities to the Employee than
are necessary to the Employee’s faithful and adequate supervision of the
overall management and business of the Employers. The Board shall not take any
action which results in a diminution of Employee’s position, authority, duties
or responsibilities as of the date hereof. The parties expressly acknowledge
that the Employee shall devote all of his business time and attention to the
transaction of the Employer’s businesses as is reasonably necessary to
discharge his supervisory management responsibilities hereunder. Employee
agrees to perform faithfully the duties assigned to him to the best of his
ability.

 

Section 2.  Compensation.

 

(a)           Salary.  Employers shall pay to
Employee during the Employment Period a salary as basic compensation for the
services to be rendered by Employee hereunder. The initial amount of such
salary shall be $415,000 (Australian dollars)
per annum. Such salary shall be reviewed no less frequently than annually by
the Board and may be increased upon the approval of the Board in its sole
discretion. Such salary shall accrue and be payable in accordance with the
payroll practices of Employers subsidiary or subsidiaries in effect from time
to time. All such payments shall be subject to deduction and withholding
authorized or required by applicable law.

 

(b)           Bonus.  During the Employment
Period, Employee shall additionally participate in an annual bonus plan
providing for an annual bonus opportunity of not less than 60% of employee’s
annual salary in accordance with the terms set forth in Employers’ Management
Incentive Plan.

 

2

 

(c)           Benefits. During the Employment Period, Employee shall be entitled to
participate in such other employee benefit plans, programs and arrangements as
are customarily accorded the executives of Employers, including without
limitation, tax qualified profit sharing and retirement plans, group life,
hospitalization and other insurance and vacations (but excluding stock option
and other stock- or equity-based compensation plans), on a basis no less
favorable than as of the date of this Agreement.
Without limiting the foregoing, the employee benefit plans, programs and arrangements in which Employee shall be entitled to participate during the Employment
Period shall be no less generous, in the aggregate, than those in which
such Employee was entitled to participate immediately prior to the consummation
of the merger between Holdings
and Mercury Acquisition Corporation.

 

SECTION 3.  Termination.

 

(a)           Death or Disability.  Employment of Employee under this Agreement shall terminate
automatically upon the death or total disability of Employee. For the purpose
of this Agreement, “total disability” shall be deemed to have occurred if
Employee shall have been unable
to perform the duties of his
Employment due to mental or physical
incapacity for a period of six (6) consecutive months,

 

(b)           Cause.  The Board may terminate the
Employment of Employee under this Agreement for Cause. For the purposes of this Agreement, “Cause”
shall be deemed to be (i) dishonesty by Employee that results in
substantial personal enrichment at the
expense of the Employers or (ii) demonstratively willful repeated violations of Employee’s obligations under
this Agreement which are intended to
result in material injury to the
Employers.

 

(c)           Without Cause.  Any
of the Employers, acting alone, may terminate the, Employment of Employee under
this Agreement without Cause.

 

(d)           Constructive Termination.  Employee may elect to terminate his Employment under this Agreement upon a Constructive Termination Without
Cause, as defined below. For purposes
of this Agreement, “Constructive Termination Without Cause” shall mean a termination of the Employee’s employment at his initiative
following the occurrence,
without the Employee’s prior written consent,
of one or more of the following events:

 

(i)            receipt
of notice from the Employers that the Employment Period shall not be renewed as
described in Section 1(a) above;

 

(ii)           any
failure by the Employers to
comply with any of the
provisions of this Agreement, other than an isolated, insubstantial
and inadvertent failure not occurring
in bad faith and which is remedied by the Employers promptly after receipt of notice
thereof given by the Employee;

 

(iii)          any
reduction in any form of compensation,
fringe benefit, deferred compensation plan or perquisite applicable to
the Employee immediately prior
to the date hereof, including any reduction in salary or any reduction in
bonus percentage to less than
the avenge of such bonus
percentage for the two fiscal
years immediately preceding the date hereof.

 

3

 

(iv)          the loss of any of the Employee’s titles
or positions in effect as of the
date hereof;

 

(v)           any
change in the position to which
the Employee reports or the positions that
report to the Employee as of the date hereof (reporting relationships);

 

(vi)          the
assignment to the Employee of any duties inconsistent in any respect with the
Employee’s position (including status, offices, titles and reporting
relationships), authority, duties or responsibilities as in effect as of the
date hereof, or any other action by the
Employers which results in a
diminution in such position, authority, duties or responsibilities excluding an
isolated, insubstantial and inadvertent
action not taken in bad faith and
which is remedied by the Employers promptly after receipt
of notice thereof given by the Employee;

 

(vii)         the
relocation of the Employee’s office location as assigned to him by the
Employers, to a location more than 25 miles from his office location as of the
date hereof;

 

(viii)        any
purported termination by the Employers of the Employee’s employment otherwise
than as expressly permitted by Section 3(b) of this Agreement;
and

 

(ix)           any
failure by the Employers to comply with
and satisfy the provisions of Section 6hereof, or failure by any successor (whether direct or
indirect, by purchase, merger,
consolidation or otherwise) to all or substantially
all of the business and/or
assets of the Employers to assume
expressly and agree to perform
this Agreement in the same manner and
to the same extent the Employers
would be required to perform it
if no such succession had taken place, provided, in either case, that the successor contemplated
by Section 6 hereof has received, at least 10 days prior to the giving of notice of constructive termination by the Employee, written notice from the
Employers or the Employee of the requirements of the provisions of Section 6
or of such failure.

 

For purposes of this Agreement any good faith determination of “Constructive Termination Without
Cause” made by the Employee shall be conclusive.

 

SECTION 4.  Compensation Following Termination.

 

(a)           Death or Disability.  If
the Employment Period is terminated pursuant to the provisions of Section 3(a) above,
this Agreement shall terminate, and no further compensation shall be payable to Employee except that Employee or Employee’s
estate, heirs or beneficiaries,
as applicable, shall be entitled, in addition to any other
benefits to which Employee is or
may become entitled under any
benefit plan, to receive Employee’s then current basic compensation, plus an amount in lieu of bonus, which amount shall be determined as the avenge bonus received by Employee under Section 2(b) hereof for the
appropriate period (prorated for partial portions thereof) for the previous 24 months hereunder and all other benefits to which Employee would otherwise be entitled hereunder during the Employment Period for a period of 24 months from the date the Employment Period terminates.

 

4

 

(b)           Termination for Cause or Voluntary Termination.  If the Employment Period is terminated
for Cause or voluntarily by the Employee for reasons other than those described
in Section 3(a) or 3(d) above, no further compensation or
benefits shall be paid to Employee after the date of termination, but Employee shall be entitled to receive benefits to which he is or may become entitled pursuant to any benefit plan.

 

(c)           Termination Without Cause; Constructive Termination.  If the Employment Period is terminated
pursuant to Section 3(c) or 3(d) above, Employee shall be
entitled to continue to receive
from Emp1oyers his then current basic compensation hereunder, plus an amount in
lieu of bonus, which amount shall be determined as the average bonus received
by Employee under Section 2(b) hereof for the appropriate
period (prorated for partial portions thereof) for the previous 24 months, such
amount to continue to be paid in accordance with the payroll practices of
Employers for a period equal to 24 months and Employee shall further be
entitled during such period both to continue
to receive the benefits to which he would otherwise be entitled during the
Employment Period pursuant to Section 2(c) above and to
reimbursement for expenses incurred by Employee to own and maintain an
automobile as contemplated by Section 5 below. Such continuation of
compensation, benefits and automobile expenses shall continue for the period
described above notwithstanding any earlier death or reemployment of Employee.

 

SECTION 5.  Expense Reimbursement. 
Upon the submission of properly documented expense account reports,
Employers shall reimburse Employee for all reasonable business related travel
and entertainment expenses incurred by Employee in the course of his Employment
with Employers and for expenses incurred by Employee to own aid maintain an
automobile.

 

SECTION 6.  Assignability; Binding Nature.  This
Agreement shall be binding and inure to the benefit of the parties, and their
respective successors, heirs (in the case of Employee) and assigns. No
obligations of the Employers under this Agreement may be assigned or
transferred by the Employers except that such obligations shall be assigned or transferred (as described below)
pursuant to a merger or consolidation of Holdings in which Holdings is not the
continuing entity, or the sale or liquidation of all or substantially all of
the assets of the Employers, provided that the assignee or transferee is the surviving entity or successor to all or substantially all of the assets of
the Employers and such assignee or transferee assumes the liabilities,
obligations and duties of the Employers, as contained in this Agreement, either
contractually or as a matter of law. As used in this Agreement, the “Employers”
and “Holdings” shall mean the Employers and Holdings as hereinbefore defined,
respectively, and any successor to their business and/or assets as aforesaid
which assumes and agrees to perform this Agreement by operation of law, or
otherwise.

 

SECTION 7.  Confidential Information.

 

(a)           Non-Disclosure.  During
the Employment Period or at any time thereafter, irrespective of the time, manner or cause of the termination of
this Agreement, Employee will not directly or indirectly reveal, divulge,
disclose or communicate to any person or entity, other than authorized
officers, directors and employees of the Employers, in any manner whatsoever, and
Confidential Information (as hereinafter defined) of Employers or any
subsidiary of Employers without the prior written consent of the Board.

 

5

 

(b)           Definition.  As
used herein, “Confidential Information” means information disclosed to
or known by Employee as a direct or indirect consequence of or through the Employment about Employers or any
subsidiary of Employers, or
their respective businesses, products
and practices which information is not generally known in the business in which Employers
or any subsidiary of Employers
is or may be engaged. However,
Confidential Information shall not
include under any circumstances any
information with respect to the foregoing matters which is (i) available to the public from
a source other than Employee, (ii) released
in writing by Employers to the public
or to persons who are not under a similar obligation of confidentiality to Employers and who are not parties
to this Agreement, (iii) obtained by Employee from a third party not under a similar obligation of confidentiality to Employers, (iv) required
to be disclosed by any court process or any government or
agency or department of any government, or (v) the subject of a written waiver executed by either Employers
for the benefit of Employee.

 

(c)           Return of Property.  Upon
termination of the Employment, Employee will surrender to Employers all
Confidential Information, including without limitation, all lists, charts,
schedules, reports, financial statements, books and records of the Employers or
any subsidiary of the Employers, and all copies thereof, and all other property
belonging to the Employers or any subsidiary of the Employers, provided
Employee shall be accorded reasonable access to such Confidential Information
subsequent to the Employment Period for any
proper purpose as determined in the reasonable judgment of any of the
Employers.

 

SECTION 8.  Agreement
Not to Solicit Employees.  Employee agrees that,
for a period of two (2) years following the termination of the Employment
Period, other than by Employers without Cause or as a result of the total
disability of Employee or by Employee as a constructive termination, and only
by reason of voluntary termination or termination for Cause, neither he nor any
affiliate shall, on behalf of any business engaged in a business competitive
with Employers or any subsidiary of Employers, solicit or induce, or in any
manner attempt to solicit or induce any person employed by, or any agent of,
either of Employers or any subsidiary of Employers to terminate his employment
or agency, as the case may be, with either of Employers or such subsidiary;
provided that such limitations shall not apply if the contact with the Employee
or consultant is initiated by a third party on a “blind basis” such as through
a head hunter.

 

SECTION 9.  No
Violation.  Employee hereby represents and
warrants to Employers that the execution, delivery and performance of this
Agreement by Employee does not, with or without the giving of notice or the
passage of time, or both, conflict with, result in a default, right to
accelerate or loss of rights under any provision of any agreement or
understanding to which the Employee or, to the best knowledge of Employee, any
of Employee’s affiliates are a party or by which Employee, or to the best
knowledge of Employee, Employee’s affiliates may be bound or affected.

 

SECTION 10.  Captions.  The captions, headings and arrangements used
in this Agreement are for convenience only and do not in any way affect, limit
or amplify the provisions hereof.

 

SECTION 11.  Notices.  All Notices required or permitted to be given
hereunder shall be in writing and shall be deemed delivered, whether or not
actually received, two days after 

 

6

 

deposited in the United States mail, postage prepaid, registered or
certified mail, return receipt requested, addressed to the party to whom notice
is being given at the specified
address or at such other address
as such party may designate by notice:

 

	
  Employers:

  	
  Thermadyne Holdings Corporation

  
	
   

  	
  Attn:  Chief Executive Officer

  
	
   

  	
  101 South Hanley Road, Suite 600

  
	
   

  	
  St. Louis, MO 63105

  
	
   

  	
  Fax:  314-746-2374

  
	
   

  	
   

  
	
   

  	
  and

  
	
   

  	
   

  
	
   

  	
  Thermadyne Holdings Corporation

  
	
   

  	
  Attn:  General Counsel

  
	
   

  	
  101 South Hanley Read, Suite 600

  
	
   

  	
  St. Louis, MO 63105

  
	
   

  	
  Fax:  314-746-2327

  
	
   

  	
   

  
	
  Employee:

  	
  c/o Thermadyne Holdings Corporation

  
	
   

  	
  101 South Hanley Road, Suite 600

  
	
   

  	
  St. Louis, Missouri 63105

  

 

SECTION 12.  Invalid Provisions.  If any provision of this
Agreement is held to be illegal,
invalid or unenforceable under
present or future laws, such provisions
shall be fully severable, and
this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision had never
comprised a part of this Agreement; the remaining provisions of this Agreement shall remain in full
force and effect and shall not be
affected by the illegal, invalid
or unenforceable provision or by its severance for this Agreement. In lieu of each such illegal, invalid or unenforceable provision, there shall be added
automatically as part of this Agreement
a provision as similar in terms to such illegal, invalid or unenforceable
provision as may be possible and be legal, valid and enforceable.

 

SECTION 13.  Amendments.  This Agreement may be amended in whole or in part only by an instrument in writing setting forth the particulars of such
amendment and duly executed by
an officer of Employers and by Employee.

 

SECTION 14.  Waiver.  No delay or omission
by any party hereto to exercise any right or power hereunder shall impair such
right or power to be construed as a waiver
thereof A waiver by any of the parties
hereto of any of the covenants to be performed by any other party or any breach thereof shall not
be construed to be a waiver of any succeeding breach thereof or of any other covenant
herein contained. Except as otherwise expressly set forth herein, all remedies provided for in this
Agreement shall be cumulative and in
addition to and not in lieu of any other remedies available to any party
at law, in equity or otherwise.

 

SECTION 15.  Counterparts.  This Agreement may be executed in multiple counterparts,
each of which shall constitute
an original, and all of which
together shall constitute one and
the same Agreement.

 

7

 

SECTION 16.  Governing Law.  This Agreement shall be construed and
enforced according to the laws of the
State of Missouri.

 

SECTION 17.  Payment
Upon Death of Employee.  In the event of the
death of Employee during the term hereof, any unpaid payments due either prior
to Employee’s death or after Employee’s death shall be payable as designated by
Employee in writing to Employers. In the event of the death of all such persons
so designated by Employee, either prior to the death of the Employee or during
any time when payments are due as provided herein, or in the event Employee
fails to so designate, or withdraws all such designations, said payments
thereafter shall be made to the Employee or the Employee’s estate.

 

SECTION 18.  Prior Employment
Agreements.  This Agreement supersedes any and all
other employment, change-in-control, severance or similar agreements
between Employee and Employers.

 

SECTION 19.  Jointly
and Severally Liable.  Each of the Employers
that have signed below is a party to this Agreement and is jointly and
severally liable for the obligations of Employers set forth in this Agreement.

 

SECTION 20.  Acknowledgement.  As
a condition to Employers’ assumption of the Prior Agreements and execution of
this Agreement, Employee hereby acknowledges and agrees as follows:

 

(a)           Assumption
of the Prior Agreements and execution of this Agreement shall in no manner be
deemed to be a commitment by Employers to continue the Employment of Employee
on or after the effective date of any chapter 11 plan of reorganization of any Employer, subject to the Employee’s right to compensation
following termination set forth
in Section 4; and

 

(b)           Employee irrevocably waives all
rights, if any, to claim that Employee’s employment under the Prior
Employment Agreements was terminated, constructively or otherwise, prior to the date
hereof; and

 

(c)           Employee
agrees that all claims, if any, against the Employers which arose prior to the
Petition Date are hereby deemed to be satisfied and Employee irrevocably waives
all rights, if any, to such claims; provided,  however, this Section 19(c) shall
not apply to claims for unpaid amounts of incidental benefits such as
reimbursement for out-of-pocket expenses for travel and entertainment, or for
health or dental benefits, vacation pay, automobile expenses and the like.

 

[THE
REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK]

 

8

 

IN WITNESS WHEREOF, the
parties hereto have executed and delivered this Amended and Restated Executive
Employment Agreement as of the date first above written.

 

 

	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
           \s\
  Dennis G. Klanjscek

  	
   

  
	
   

  	
  Dennis G. Klanjscek

  
	
   

  	
   

  
	
   

  	
  EMPLOYERS:

  
	
   

  	
   

  
	
   

  	
  Thermadyne Holdings Corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne Mfg. LLC

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne
  Industries, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne Capital Corp.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Victor Equipment Company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
					

 

9

 

	
   

  	
  Thermal International Corp.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Victor Gas Systems, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Tweco Products, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermal Dynamics Corp.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Stoody Company

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermal Arc, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  

 

10

 

	
   

  	
  C&G Systems
  Holding, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  C&G Systems, Inc.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne Italia, Srl.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne Australia Pty Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne Asia/Pacific Pte
  Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne Japan, Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  

 

11

 

	
   

  	
  Thermadyne South America
  Holdings, Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne South Africa (Pty)
  Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Maxweld & Braze (Pty)
  Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  GenSet S.p.A.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Tecmo Srl

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Ocim Srl

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
  Duxtech Pty, Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  

 

12

 

	
   

  	
  Comweld Group Pty. Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
  Thermadyne Brazil Holdings,
  Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne Victor Ltda.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne Chile Holdings, Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Soltec SA

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne de Brasil Ltda.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne Industries, Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  

 

13

 

	
   

  	
  Thermadyne Cylinder Co.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
  MECO Holding Company

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
  Modern Engineering
  Company, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
  Thermadyne Welding Products
  Canada, Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
  Thermadyne de Mexico S.A. de
  C.V.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Tweco de Mexico S.A. de C.V.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Arcair Stoody Europe S.A.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  

 

14

 

	
   

  	
  Victor Equipment de Mexico S.A.
  de C.V.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Comweld Group Pty. Ltd.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
  Philippine Welding
  Equipment, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Comweld Philippines, Inc.

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne Asia SDN BHD

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  PT Comweld Indonesia

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Comweld Malaysia SDN

  
	
   

  	
   

  
	
   

  	
  By:

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
   

  	
  James H. Tate

  	
   

  
	
   

  	
  Title:

  	
  Senior Vice President & CFO

  

 

15Exhibit 10.16

 

SECOND
AMENDED AND RESTATED

EXECUTIVE EMPLOYMENT AGREEMENT

 

THIS SECOND AMENDED AND
RESTATED EXECUTIVE EMPLOYMENT AGREEMENT (this “Agreement”) is made and entered
into as of January 1, 2004 by and among Thermadyne Holdings Corporation, a
Delaware corporation (“Holdings”), and its subsidiaries (together with
Holdings, the “Employers”), and John Boisvert (“Employee”).

 

RECITALS

 

1.                                       Holdings,
together with the other Employers, have emerged from bankruptcy under Chapter
11 of Title 11 of the United States Code as a public company, and management of
Employers intend to operate and conduct the respective businesses of Employers
to the best of their ability.

 

2.                                       Employers
and Employee are parties to an Amended and Restated Executive Employment Agreement
dated June 13, 2002 (the “Prior Employment Agreement”).

 

3.                                       This
Agreement amends, restates and supercedes the Prior Employment Agreement in its
entirety.

 

NOW THEREFORE, for and in
consideration of the foregoing recitals, and in consideration of the mutual
covenants, agreements, understandings, undertakings, representations,
warranties and promises hereinafter set forth, and intending to be legally
bound thereby, Employers and Employee do hereby covenant and agree as follows:

 

(a)                               Basic
Employment Provisions

 

(i)                                     Employment and Term. 
Employers hereby employ Employee (hereinafter referred to as the “Employment”)
as Executive Vice President Global Brand Management
and Employee agrees to be employed by Employers in such capacity, all on the
terms and conditions set forth herein. 
The Employment shall be for a period (the “Employment Period”)
that will (i) commence on March 12, 2004 (the “Effective Date”) and
continue for at least one year thereafter (unless earlier terminated as
provided herein) and (ii) renew on each anniversary of the Effective Date
thereafter for a one-year period, on the same terms and conditions contained
herein (unless earlier terminated as provided herein or Employee is timely
provided a notice of nonrenewal as provided herein), such that the Employment
Period shall extend for a period of one year from the date of each such
extension.  The Employers must provide
Employee with written notice not less than 90 days in advance of the applicable
anniversary of the Effective Date in order to avoid renewal of the Employment
Period on such anniversary as described above (“Non-Renewal Notice”).  A Non-Renewal Notice shall be deemed given on
the date it is received by Employee.  If
Employers elect not to renew the Employment Period in accordance with this Section 1(a),
Employee shall be entitled to continue to receive from Employers his then
current basic compensation and benefits (to the same extent as provided in Section 4(d)
in the event of a termination without cause) hereunder, such amount and
benefits will continue to be paid in

 

 

accordance with the payroll practices of Employers for
a period equal to twelve (12) months from the expiration of the Employment
Period.

 

(ii)                                  Duties.  Employee
shall be subject to the direction and supervision of Holding’s Chief Executive
Officer or his delegate (the “CEO”) and, as the Executive
Vice President Global Brand Management, shall have those duties and
responsibilities which are assigned to him during the Employment Period by the
CEO consistent with his position.  The
parties expressly acknowledge that the Employee shall devote all of his
business time and attention to the transaction of Employers’ businesses as is
reasonably necessary to discharge his supervisory management responsibilities
hereunder.  Employee agrees to perform
faithfully the duties assigned to him to the best of his ability.

 

(b)                                 Compensation.

 

(i)                                     Salary.  Employers
shall pay to Employee during the Employment Period a salary as basic
compensation for the services to be rendered by Employee hereunder (“Basic
Compensation”).  As of the date this
Agreement is signed, the initial Basic Compensation shall be $266,288 per annum. 
Such Basic Compensation shall be reviewed no less frequently than
annually by the CEO and may be adjusted by the CEO, subject to the approval of
the Board of Directors.  Such salary
shall accrue and be payable in accordance with the payroll practices of
Employers’ subsidiary or subsidiaries in effect from time to time.  All such payments shall be subject to
deduction and withholding authorized or required by applicable law.

 

(ii)                                  Bonus.  During the
Employment Period, Employee shall additionally participate in an annual bonus
plan providing for an annual bonus opportunity of not less than 60% of Employee’s annual salary for the calendar years
thereafter, paid in accordance with the terms set forth in Employers’ then
current Management Incentive Plan.

 

(iii)                               Benefits.  During the
Employment Period, Employee shall be entitled to participate in such employee
benefit plans, programs and arrangements made available to, and on the same
terms as, other similarly situated executives of Employers, including, without
limitation, 401(k) plans, tax qualified profit sharing plans and any other
retirement plans, savings plans or deferred compensation plans, health, group
life (excluding any optional additional coverage), short term disability, long
term disability (not to exceed 60% of Employee’s Basic Compensation otherwise
payable to him for the applicable period), hospitalization and such other
benefit programs as may be approved from time to time by Employers for their
executives.  Nothing herein shall affect
Employers’ right to amend, modify or terminate any retirement or other benefit
plan at any time on a company-wide basis for similarly situated executives.

 

(iv)                              Stock Options.  Holdings
will grant Employee stock options (the “Options”) to purchase up to 50,000 shares the Common Stock of Holdings (the “Common Stock”) in accordance with the terms and
conditions of Holdings’ stock option plan. The exercise price for the Options
is equal to the closing bid price per share of the Common Stock on the
over-the-counter market as of the close of business immediately preceding the
date the grant was approved by the Board of Directors.  Subject in each case to Employee’s execution
and delivery of this Agreement and continued Employment until the applicable
vesting date, one-half of the Options will become vested and, subject to
compliance with applicable securities laws,

 

2

 

exercisable in three equal annual installments on August 1,
2004; August 1, 2005, and August 1, 2006, and the remaining one-half
of the Options (the “Performance Options”) will become vested and, subject to
compliance with applicable securities laws, exercisable in three equal annual
installments on each of the first three anniversaries of the date of grant
(each an “Installment Date”) if Holdings achieves its Return on Invested
Capital Targets in accordance with its annual budget for the immediately
preceding fiscal year.  If any
Performance Options do not vest in any year due to the failure to meet the
Return on Invested Capital Targets for such year, such Options shall vest on
any subsequent Installment Date if Holdings has cumulatively achieved on such
date the Return on Invested Capital Targets for the current year, plus the
Return on Invested Capital Targets for the prior years for which such Targets
were not achieved (after taking into account any portion of such Targets
achieved in such prior years).

 

(c)                                  Termination.

 

(i)                                     Death or Disability. 
Employment of Employee under this Agreement shall terminate
automatically upon the death or total disability of Employee.  For the purpose of this Agreement, “total
disability” shall be deemed to have occurred if Employee shall have been
unable to perform the duties of his Employment due to mental or physical
incapacity for a period of (i) 90 consecutive days or (ii) 120 non-consecutive
days within any 365 day period.

 

(ii)                                  Cause.  The CEO,
subject to the approval of the Board of Directors, may terminate the Employment
of Employee under this Agreement for Cause. 
For the purposes of this Agreement, “Cause” shall be deemed to be
(i) the conviction of a crime by Employee constituting a felony or other crime
involving moral turpitude, (ii) an act of dishonesty or disloyalty by Employee
that resulted in or was intended to result in gain to or personal enrichment of
Employee at any of the Employers’ expense; (iii) the willful engaging by
Employee in misconduct which is injurious to any of the Employers; (iv)
Employee’s failure to comply with the material terms of this Agreement; (v)
misappropriation by Employee of Employers’ funds; (vi) habitual abuse of
alcohol, narcotics or other controlled substances by Employee; (vii) gross
negligence in the performance of Employee’s duties and responsibilities
hereunder; (viii) failure by Employee
to comply fully with any lawful directives of the CEO or the Employers; (ix)
failure by Employee to comply fully with any lawful directives of the Board of
Directors of Holdings (the “Board”) adopted by formal written
resolutions of the Board; (x) failure to perform or adhere to the Code
of Ethics adopted by the Board, as the same may be amended by the Board from
time to time, a copy of which has been delivered to Employee as adopted by the
Board as of the date hereof; or (xi) Employee relocates his primary place of
residence more than seventy-five (75) miles from the present location of his
primary work place (except if such relocation is expressly requested by
Holdings).

 

(iii)                               Without Cause.  Any of
the Employers, acting alone, may terminate the Employment of Employee under
this Agreement without Cause.

 

(iv)                              Constructive Termination. 
Employee may elect to terminate his Employment under this Agreement,
effective immediately, upon a Constructive Termination Without Cause, as
defined below, by providing Employer written notice within thirty days of
Employee becoming aware of such Constructive Termination Without Cause.  For purposes of this Agreement, “Constructive
Termination Without Cause” shall mean a termination of the

 

3

 

Employee’s employment at his initiative following the
occurrence, without the Employee’s prior written consent, of one or more of the
following events:

 

(1)                                  any
failure by the Employers to comply with any of the provisions of this
Agreement, other than an isolated, insubstantial and inadvertent failure not
occurring in bad faith and which is remedied by the Employers within 30 days
after receipt of written notice thereof given by the Employee;

 

(2)                                  without
the Employee’s consent, any reduction in salary, bonus percentage, or material
reduction in duties;

 

(3)                                  any
purported termination by the Employers of the Employee’s employment otherwise
than as expressly permitted by Section 3(b) of this Agreement;

 

(4)                                  any
failure by the Employers to comply with and satisfy the provisions of Section 6
hereof, or failure by any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business
and/or assets of the Employers to assume expressly and agree to perform this
Agreement in the same manner and to the same extent the Employers would be
required to perform it if no such succession had taken place, provided, in
either case, that the successor contemplated by Section 6 hereof
has received, at least 10 days prior to the giving of notice of constructive
termination by the Employee, written notice from the Employers or the Employee
of the requirements of the provisions of Section 6 or of such
failure;  or

 

(v)                                 if
the Employers require the Employee to relocate his principal work site to a
principal work site that is more than seventy-five (75) miles from Employee’s
principal work site as of the date of this Agreement.

 

(d)                                 Compensation Following Termination.

 

(i)                                     Death.  If the
Employment Period is terminated pursuant to the provisions of Section 3(a)
above due to the death of Employee, this Agreement
shall terminate, and no further compensation shall be payable to Employee’s
estate, heirs or beneficiaries, as applicable, except that Employee’s estate,
heirs or beneficiaries, as applicable, shall be entitled to receive (i)
Employee’s then current Basic Compensation through the end of the month in
which Employee’s death occurred, (ii) a pro rata portion (based on a fraction
the numerator of which is the number of days Employee worked in the year of
Employee’s death and the denominator of which is 365) of the bonus as set forth
in Section 2(b) which Employee would have been entitled to receive
for the year in which termination occurs if the performance objectives
established in Employers’ Management Incentive Plan are achieved, and (iii) any
un-reimbursed expenses pursuant to Section 5 below, and,
thereafter, Employers shall have no further obligations or liabilities
hereunder to Employee’s estate or legal representative or otherwise, other than
the payment of benefits, if any, pursuant to Section 2(c).

 

(ii)                                  Disability.  If the
Employment Period is terminated pursuant to the provisions of Section 3(a)
above due to Employee’s total disability as determined thereunder, this
Agreement shall terminate, and (i) Employers will continue the payment of
Employee’s Basic Compensation at the then current rate until the earlier of (A)
the benefits under any long-term disability

 

4

 

insurance provided by Employers commences or (B) 180
days from the date of such total disability, (ii) Employers shall pay a pro
rata portion (based on a fraction the numerator of which is the number of days
Employee worked in the year Employee became totally disabled and the
denominator of which is 365) of the bonus as set forth in Section 2(b)
which Employee would have been entitled to receive for the year in which
termination occurs if the performance objectives established in Employers’
Management Incentive Plan are achieved, and (iii) Employers shall pay any
un-reimbursed expenses pursuant to Section 5 below.  Thereafter, Employers shall have no
obligation for Basic Compensation or other compensation payments to Employee
during the continuance of such total disability.

 

(iii)                               Termination for Cause or Voluntary Termination.  If the Employment Period is terminated for
Cause or voluntarily by the Employee for reasons other than those described in Section 3(a)
or 3(d) above, no further compensation or benefits shall be paid to
Employee after the date of termination, but Employee shall be entitled to
receive benefits to which he is or may become entitled pursuant to any benefit
plan which by its terms survive termination.

 

(iv)                              Termination Without Cause; Constructive Termination.  If the Employment Period is terminated
pursuant to Section 3(c) or 3(d) above, Employee shall be entitled
(i) to continue to receive from Employers his then current Basic Compensation,
such amount to continue to be paid in accordance with the payroll practices of
Employers for a period equal to 18 months, (ii) to receive his bonus pursuant
to Section 2(b) for the year in which Employee is terminated, (iii)
during such 18-month period, to continue to receive the benefits to which he
would otherwise be entitled during the Employment Period pursuant to Section 2(c)
above; provided that Employee shall continue to make the same
contributions toward such coverage as Employee was making on the date of
termination, with such adjustments to contributions as are made generally for
all Employers’ employees, and (iv) during such 18-month period, to a car
allowance as contemplated by Section 5 below; provided, however,
that Employee shall no longer be entitled to participate in any of Employers’
401K plans, excess savings plans, tax qualified profit sharing plans or any
other retirement plans.  Employee shall
have the option to receive the present value of the compensation, bonus and
benefits (at a 12% discount) described in the immediately preceding sentence in
a lump sum payment, with such option to be exercised by Employee in writing
within ten (10) days of termination and Employer shall make such lump sum
payment within thirty (30) days of receiving the written notice from
Employee.  In the event of Employee’s
death during such 18-month period, such continuation of compensation, benefits
and monthly automobile allowance shall cease upon Employee’s death.  In the event Employee obtains employment
elsewhere during such 18-month period such compensation, benefits and monthly
automobile allowance shall continue for the period described above
notwithstanding such reemployment of Employee; provided, however,
that Employers’ obligations for compensation bonus, benefits and car allowance,
as the case may be, shall be reduced by the amount Employee receives from his
new employer for compensation bonus, benefits and automobile allowance.  The sums received by Employee under this Section 4(d)
shall be considered liquidated damages in respect of claims based on any
provisions of this Agreement or any claims arising out of Employee’s employment
with Employers, and the commencement of the payment of such sums by Employers
shall not begin until Employee executes and delivers a general release of all
claims in form and substance satisfactory to Employers.

 

5

 

(e)                                  Expense Reimbursement. 
Upon the submission of properly documented expense account reports,
Employers shall reimburse Employee for all reasonable business-related travel
and entertainment expenses incurred by Employee in the course of his Employment
with Employers, including the ownership and use of a cellular phone, and an
internet service provider account. 
Employer will provide Employee with a car allowance of $500, less
applicable withholdings. Unless otherwise expressly provided in this Agreement,
Employers’ obligations under this Section 5 shall terminate upon the
termination of the Employment Period, except for any obligation to reimburse
expenses that are incurred prior to such termination.

 

(f)                                    Assignability Binding Nature.  This Agreement shall be binding and inure to
the benefit of the parties, and their respective successors, heirs (in the case
of Employee) and assigns.  No obligations
of the Employers under this Agreement may be assigned or transferred by the
Employers except that such obligations shall be assigned or transferred (as
described below) pursuant to a merger or consolidation of Holdings in which
Holdings is not the continuing entity, or the sale or liquidation of all or
substantially all of the assets of the Employers, provided that the assignee or
transferee is the surviving entity or successor to all or substantially all of
the assets of the Employers and such assignee or transferee assumes the
liabilities, obligations and duties of the Employers, as contained in this Agreement,
either contractually or as a matter of law. 
Each Employer may, without the prior written consent of Employee, assign
its rights and obligations under this Agreement, in whole or in part,
including, without limitation, the rights and obligations set forth in Section 7
through Section 9, to any one or more of its affiliates or any entity that
acquires a substantial part of its assets or a successor by merger,
consolidation or other corporate restructuring. 
As used in this Agreement, the “Employers” and “Holdings” shall mean the
Employers and Holdings as hereinbefore defined, respectively, and any successor
to their business and/or assets as aforesaid which assumes and agrees to
perform this Agreement by operation of law, or otherwise.

 

(g)                                 Confidential Information.

 

(i)                                     Non-Disclosure. 
During the Employment Period or at any time thereafter, irrespective of
the time, manner or cause of the termination of this Agreement, Employee will
not directly or indirectly reveal, divulge, disclose or communicate to any
person or entity, other than authorized officers, directors and employees of
the Employers, in any manner whatsoever, any Confidential Information (as
hereinafter defined) of Employers or any subsidiary of Employers without the
prior written consent of the Board.

 

(ii)                                  Definition.  As used
herein, “Confidential Information” means information disclosed to or
known by Employee as a direct or indirect consequence of or through the
Employment about Employers or any subsidiary of Employers, or their respective
businesses, products and practices which information is not generally known in
the business in which Employers or any subsidiary of Employers is or may be
engaged.  However, Confidential
Information shall not include under any circumstances any information with
respect to the foregoing matters which is (i) directly available to the public
from a source other than Employee, (ii) released in writing by Employers to the
public or to persons who are not under a similar obligation of confidentiality
to Employers and who are not parties to this Agreement, (iii) obtained by
Employee from a third party not under a similar obligation of confidentiality
to Employers, (iv) required to be disclosed by any court process or any
government or agency or

 

6

 

department of any government, or (v) the subject of a
written waiver executed by any of the Employers for the benefit of
Employee.  In the event Employee believes
that he is free to disclose or utilize Confidential Information under Section 7(b),
he shall give written notice of the same to Employers at least 30 days prior to
the release or use of such Confidential Information and shall specify the
claimed exemption and the circumstances giving rise thereto.

 

(iii)                               Return of Property. 
Upon termination of the Employment, Employee will surrender to Employers
all Confidential Information, including, without limitation, all lists, charts,
schedules, reports, financial statements, books and records of the Employers or
any subsidiary of the Employers, and all copies thereof, and all other property
belonging to the Employers or any subsidiary of the Employers, including,
without limitation, company credit cards, cell phones, personal data assistants
or other electronic devices, provided Employee shall be accorded reasonable
access to such Confidential Information subsequent to the Employment Period for
any proper purpose as determined in the reasonable judgment of any of the
Employers.

 

(h)                                 Agreement Not to Compete.

 

(i)                                     Termination for Cause. 
In the event that Employee is terminated for Cause or voluntarily
terminates his Employment with Employers other than as a Constructive
Termination Without Cause, Employee hereby agrees that for a period of 12 months
following such termination, he shall not, either in his own behalf or as a
partner, officer, director, employee, agent or shareholder (other than as the
holder of less than 5% of the outstanding capital stock of any corporation with
a class of equity security registered under Section 12(b) or Section 12(g)
of the Securities Exchange Act of 1934, as amended) engage in, invest in or
render services to any person or entity engaged in the businesses in which
Employers or any subsidiary of Employers are then engaged and situated within any
country.  Nothing contained in this Section 8(a)
shall be construed as restricting the Employee’s right to sell or otherwise
dispose of any business or investments owned or operated by Employee as of the
date hereof.

 

(ii)                                  Termination Without Cause or for Disability; Constructive Termination.  In the event that the Employment of Employee
is terminated by Employers without Cause or the non-renewal of the Employment
Period by Employers or as a result of the total disability of Employee or by
Employee as a Constructive Termination Without Cause, Employee hereby agrees
that during the period that the
Employers are required to make payment to Employee (regardless of whether
Employee accepts such payment, elects to receive a lump sum of such payment,
refuses to execute and deliver a general release as required hereunder or if
such obligation is reduced in any way due to Employee’s employment elsewhere) pursuant
to Section 4(b), Section 4(c) or Section 4(d)
above, as applicable, neither he nor any affiliate shall, either in his own
behalf or as a partner, officer, director, employee, agent or shareholder
(other than as the holder of less than 5% of the outstanding capital stock of
any, corporation with a class of equity security registered under Section 12(b)
or Section 12(g) of the Securities Exchange Act of 1934, as amended)
engage in, invest in or render services to any person or entity engaged in the
businesses in which Employers or any subsidiary of Employers is then engaged
and situated within any country.  Nothing
contained in this Section 8(b) shall be construed as restricting
the Employee’s right to sell or otherwise dispose of any business or
investments owned or operated by Employee as of the date hereof.

 

7

 

(i)                                     Agreement Not to Solicit Employees.  Employee agrees that, for a period of two (2)
years following the termination by reason of voluntary termination by Employee
or termination for Cause, neither he nor any affiliate shall, on behalf of any
business engaged in a business competitive with Employers or any subsidiary of
Employers, solicit or induce, or in any manner attempt to solicit or induce any
person employed by, or any agent of, any Employers or any subsidiary of
Employers to terminate his employment or agency, as the case may be, with any
Employers or such subsidiary; provided that such limitations shall not apply if
the contact with the employee, agent or consultant is initiated by a third
party, not engaged or hired by Employee or any affiliate of Employee, on a “blind
basis” such as through a head hunter.

 

(j)                                     Injunctive Relief and other Remedies.

 

(i)                                     Employee
acknowledges and agrees that the covenants, obligations and agreements of
Employee contained in Section 7, Section 8, Section 9
and this Section 10 relate to special, unique and extraordinary
matters and that a violation of any of the terms of such covenants, obligations
or agreements will cause Employers irreparable injury for which adequate
remedies are not available at law. 
Therefore, Employee agrees that Employers shall be entitled to an
injunction, restraining order or such other equitable relief (without the
requirement to post bond) as a court of competent jurisdiction may deem
necessary or appropriate to restrain Employee from committing any violation of
such covenants, obligations or agreements.

 

(ii)                                  In
the event of Employee’s violation of the provisions of Section 7
after the Employment of Employee is terminated for any reason, Section 8
or Section 9, the right of Employee to receive any further payment
pursuant to this Agreement shall immediately terminate and the payments made to
Employee subsequent to the termination of Employee’s Employment pursuant to
this Agreement shall be returned to Employers by Employee within thirty (30)
days after receipt of written notice from Employers of such violation.  The injunctive remedies and other remedies
described in this Section 10 are cumulative and in addition to any
other rights and remedies Employers may have.

 

(k)                                  No Violation.  Employee
hereby represents and warrants to Employers that the execution, delivery and
performance of this Agreement by Employee does not, with or without the giving
of notice or the passage of time, or both, conflict with, result in a default,
right to accelerate or loss of rights under any provision of Any agreement or
understanding to which the Employee or, to the best knowledge of Employee, any
of Employee’s affiliates are a party or by which Employee, or to the best
knowledge of Employee, Employee’s affiliates may be bound or affected.

 

(l)                                     Captions.  The
captions, headings and arrangements used in this Agreement are for convenience
only and do not in any way affect, limit or amplify the provisions hereof.

 

(m)                               Notices.  All Notices
required or permitted to be given hereunder shall be in writing and shall be
deemed delivered, whether or not actually received, two days after deposited in
the United States mail, postage prepaid, registered or certified mail, return
receipt requested, addressed to the party to whom notice is being given at the
specified address or at such other address as such party may designate by
notice:

 

8

 

	
  Employers:

  	
   

  	
  Thermadyne Holdings Corporation

  
	
   

  	
   

  	
  Attn: Chief Executive Officer

  
	
   

  	
   

  	
  16052 Swingley Ridge Road, Suite 300

  
	
   

  	
   

  	
  St. Louis, MO 63017

  
	
   

  	
   

  	
  Fax: 636.728.3010

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  and

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Thermadyne Holdings Corporation

  
	
   

  	
   

  	
  Attn: Vice President and General Counsel

  
	
   

  	
   

  	
  16052 Swingley Ridge Road, Suite 300

  
	
   

  	
   

  	
  St. Louis, MO 63017

  
	
   

  	
   

  	
  Fax: 636.728.3011

  
	
   

  	
   

  	
   

  
	
  Employee:

  	
   

  	
  16052 Swingley Ridge Road, Suite 300

  
	
   

  	
   

  	
  St. Louis, MO 63017

  

 

(n)                                 Invalid Provisions. 
If any provision of this Agreement is held to be illegal, invalid or
unenforceable under present or future laws, such provisions shall be fully
severable, and this Agreement shall be construed and enforced as if such
illegal, invalid or unenforceable provision had never comprised a part of this
Agreement; the remaining provisions of this Agreement shall remain in full
force and effect and shall not be affected by the illegal, invalid or
unenforceable provision or by its severance for this Agreement.  In lieu of each such illegal, invalid or
unenforceable provision, there shall be added automatically as part of this
Agreement a provision as similar in terms to such illegal, invalid or
unenforceable provision as may be possible and be legal, valid and enforceable.

 

(o)                                 Amendments.  This
Agreement may be amended in whole or in part only by an instrument in writing
setting forth the particulars of such amendment and duly executed by an officer
of Employers and by Employee.

 

(p)                                 Waiver.  Except as
otherwise provided herein, no delay or omission by any party hereto to exercise
any right or power hereunder shall impair such right or power or be construed
as a waiver thereof.  A waiver by any of
the parties hereto of any of the covenants to be performed by any other party
or any breach thereof shall not be construed to be a waiver of any succeeding
breach thereof or of any other covenant herein contained.  Except as otherwise expressly set forth
herein, all remedies provided for in this Agreement shall be cumulative and in
addition to and not in lieu of any other remedies available to any party at
law, in equity or otherwise.

 

(q)                                 Counterparts; Reproduction. 
This Agreement may be executed in multiple counterparts, each of which
shall constitute an original, and all of which together shall constitute one
and the same Agreement, and any copy,
facsimile or other reliable reproduction of this Agreement may be substituted
or used in lieu of the original writing for any and all purposes for which the
original writing could be used, provided that such copy, facsimile or other
reproduction be a complete reproduction of the entire original writing.

 

9

 

(r)                                    Governing Law.  This
Agreement shall be construed and enforced according to the laws of the State of
Missouri.

 

(s)                                  Resolution of Disputes; Arbitration. 
Any dispute arising out of or relating to this Agreement or
Employee’s employment with Employers or the termination thereof shall be
resolved first by negotiation between the parties.  If such negotiations leave the matter
unresolved after 60 days, then such dispute or claim shall be resolved by binding
confidential arbitration, to be held in St. Louis, Missouri, in accordance with
the rules of the American Arbitration Association. The arbitrator in any
arbitration provided for herein will be mutually selected by the parties or in
the event the parties cannot mutually agree, then appointed by the American
Arbitration Association.  Judgment upon
the award rendered by the arbitrator(s) may be entered in any court having
jurisdiction thereof.  The parties shall
be responsible for their own costs and expenses under this Section 19.

 

(t)                                    Payment Upon Death of Employee.  In the event of the death of Employee during
the term hereof, any unpaid payments due either prior to Employee’s death or
after Employee’s death shall be payable as designated by Employee prior to his
death in writing to Employers.  In the
event of the death of all such persons so designated by Employee, either prior
to the death of the Employee or during any time when payments are due as
provided herein, or in the event Employee fails to so designate prior to his
death, or withdraws all such designations, said payments thereafter shall be
made to Employee’s estate.

 

(u)                                 Prior Employment Agreements. 
This Agreement supersedes any and all other employment,
change-in-control, severance or similar agreements between Employee and Employers,
including, without limitation, the Prior Employment Agreement and the Letter
Agreement.  Employee irrevocably waives
all rights, if any, to claim that Employee’s employment under the Prior
Employment Agreement was terminated, constructively or otherwise, prior to the
date hereof.

 

(v)                                 Jointly and Severally Liable.  Each of the Employers that have signed below
is a party to this Agreement and is jointly and severally liable for the
obligations of Employers set forth in this Agreement.

 

(w)                               Employee Acknowledgements.  Employee acknowledges and agrees that (a) he
has read this Agreement; (b) he is fully competent to execute this Agreement
which he understands to be contractual; (c) he executes this Agreement of his
own free will, after having a reasonable period of time to review, study, and
deliberate regarding its meaning and effect and to consult with counsel
regarding same; and (d) without reliance on any representation of any kind or
character not expressly set forth herein.

 

* * * * * *

 

10

 

IN WITNESS WHEREOF, the
parties hereto have executed and delivered this Amended and Restated Executive
Employment Agreement as of the date first above written.

 

	
   

  	
  EMPLOYEE:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  \s\ John Boisvert

  	
   

  
	
   

  	
  John
  Boisvert

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  EMPLOYERS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  Thermadyne
  Holdings Corporation

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  \s\ James H. Tate

  	
   

  
	
   

  	
  James H. Tate

  
	
   

  	
  Title: 

  	
  Sr. Vice President and
  CFO

  
					

 

11

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