Document:

exv10w15

Exhibit 10.15

FIRST AMENDMENT TO AMENDED AND RESTATED
 INDUSTRIAL REAL PROPERTY LEASE

     THIS
AMENDMENT, made as of January 20, 1989, between NATIONAL WAREHOUSE INVESTMENT COMPANY, a California
limited partnership
(“Landlord”), whose address is Four Embarcadero Center, Suite 3370, San Francisco, California
94111, and THERMAL DYNAMICS CORPORATION, a Delaware corporation (“Tenant”), whose address
is 101 South Hanley, St. Louis, Missouri 63105,

WITNESSETH:

     Whereas the parties hereto entered into that Amended and Restated Industrial
Real Property Lease (the “Lease”) dated as of August 11, 1988 which is evidenced by the Memorandum
of Lease dated June 6, 1988 and recorded in the Official Records of Grafton County, New Hampshire
at Book 1743, Page 486;

     Whereas the parties hereto wish to amend the Preamble to the Lease to reflect
Landlord’s change of address;

     Whereas the parties hereto wish to correct the definition of CPI Adjustment Date,
included in the Lease; and

     Whereas the parties hereto wish to amend Exhibit B to the Lease in order to set forth the
amount of Base Monthly Rent due from Tenant under the Lease with greater clarity;

     Now, Therefore, in consideration of the mutual covenants set forth herein, the parties
hereto agree as follows:

     1. The first paragraph of the Lease is hereby amended to read in its entirety as follows:

     “THIS AMENDED AND RESTATED LEASE, made as of August 11, 1988 between NATIONAL
WAREHOUSE INVESTMENT COMPANY, a California limited partnership (‘Landlord’), whose
address is Four Embarcadero Center, Suite 3370, San Francisco, California 94111 and
THERMAL DYNAMICS CORPORATION, a Delaware corporation (‘Tenant’) whose address is
101 South Hanley, St. Louis, Missouri 63105,”

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     2. Paragraph 1.1(c) of the Lease is hereby amended to read in its
entirety as follows:

     “CPI
Adjustment Date. The term ‘CPI Adjustment Date
shall mean the date 121 months after the first day of the first
full calendar month following the Commencement Date and the first
day of each Extension Period.”

     3. Exhibit B to the Lease is hereby amended to read in its entirety as
follows:

“Exhibit B 

Base Monthly Rent

	 	 	 
	Time Period	 	Monthly Rent Amount
	Months 1–30
	 	$57,000.00
	Months 31–60
	 	$65,312.50
	Months 61–120
	 	$73,625.00
	Months 121–180
	 	To be determined in accordance with Paragraph 16.11 hereof”

     4. Each capitalized term used herein and not otherwise defined
shall have the meaning set forth in the Lease.

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     5. Except as amended hereby the Lease remains unamended and as amended
hereby the Lease remains in full force and effect.

     IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the
date and year first hereinabove set forth.

	 	 	 	 	 	 	 

	 	 	LANDLORD	 	 
	 
	 	 	 	 	 	 
	 	 	NATIONAL WAREHOUSE INVESTMENT COMPANY, a California limited partnership	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	HOLMAN/SHIDLER INVESTMENT CORPORATION, a Hawaii corporation, its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ [ILLEGIBLE]
 

Its Vice President
	 	 
	 
	 	 	 	 	 	 
	 	 	TENANT	 	 
	 
	 	 	 	 	 	 
	 	 	THERMAL DYNAMICS CORPORATION,

a Delaware Corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By
	 	/s/ [ILLEGIBLE]
 

Its V. P.
	 	 

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Exhibit 10.16

SECOND AMENDMENT TO AMENDED AND RESTATED
 INDUSTRIAL REAL PROPERTY LEASE

     THIS SECOND AMENDMENT TO AMENDED AND RESTATED INDUSTRIAL REAL PROPERTY LEASE (the “Second
Amendment”) made as of August 1, 2007, by and between BENNING STREET, LLC, a Delaware limited
liability company (“Landlord”), whose address is care of First American Realty, Inc., 100 Central
Street, P.O. Box 646, Worcester, Massachusetts 01613-0646, successor in interest to NATIONAL
WAREHOUSE INVESTMENT COMPANY (the “Original Landlord”), and THERMAL DYNAMICS CORPORATION, a
Delaware corporation (“Tenant”), whose address is 16052 Swingley Ridge Road, St. Louis, Missouri
63017

WITNESSETH:

     WHEREAS, the Original Landlord and Tenant entered into that Amended and Restated Industrial
Real Property Lease dated as of August 11, 1988, as amended by a First Amendment to Amended and
Restated Industrial Real Property Lease by and between the Original Landlord and Tenant dated as
of January 11, 1989 (together, the “Lease”), covering the entire building (consisting of
approximately 156,200 square feet of rentable space) located at 82
Benning Street, West Lebanon,
New Hampshire, together with the parcels on which the building is located; and

     WHEREAS, the Lease is evidenced by a Memorandum of Lease dated June 6, 1988 and recorded in
the Official Records of Grafton County, New Hampshire at Book 1743, Page 486; and

     WHEREAS, the property leased to Tenant pursuant to the Lease was purchased by Landlord as of
December 30, 2003 and Landlord is now the Landlord under the Lease; and

     WHEREAS, Tenant extended the Lease Term in accordance with the applicable provisions of the
Lease for an initial five (5) year Extension Period ending on June 30, 2008; and

     WHEREAS, Landlord and Tenant have agreed to (a) provide for a second extension period of
three (3) years commencing as July 1, 2008 at an agreed-upon Base Monthly Rent; (b) provide for
two (2) additional five (5) year Extension Periods under the Lease and (e) to make certain other
revisions to the Lease.

     NOW, THEREFORE, in consideration of the agreements contained herein and for other good and
valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Landlord
and Tenant agree as follows:

     1. Landlord Party. Tenant acknowledges and agrees that as of December 30, 2003 all
references to Landlord in the Lease refer to Benning Street, LLC, a Delaware limited liability
company, whose address is care of First American Realty, Inc., 100 Central Street, P.O. Box
646, Worcester, Massachusetts 01613-0646.

 

 

     2. Notice Addresses. It is acknowledged and agreed that the addresses of Landlord
and Tenant for the giving of notices pursuant to Section 16.7 of the Lease shall be, until a
further change in address by written notice of a party, as follows:

	 	 	 	 	 	 	 

	 

	 	Landlord:
	 	Benning Street, LLC	 	 
	 

	 	 	 	c/o First American Realty, Inc.	 	 
	 

	 	 	 	100 Central Street, P.O. Box 646	 	 
	 

	 	 	 	Worcester, MA 01613-0646	 	 
	 

	 	 	 	[Phone: (508) 798-8844]	 	 
	 

	 	 	 	[Fax: (508) 756-4080]	 	 
	 
	 	 	 	 	 	 
	 

	 	Tenant:
	 	Thermal Dynamics Corporation	 	 
	 

	 	 	 	c/o Thermadyne Holdings Corporation	 	 
	 

	 	 	 	Attn: General Counsel	 	 
	 

	 	 	 	16052 Swingley Ridge Road, Suite 300	 	 
	 

	 	 	 	St. Louis, MO 63017	 	 
	 

	 	 	 	[Phone: (636) 728-3133]	 	 
	 

	 	 	 	[Fax: 636-728-3010]	 	 

     3. Exercise of Second Extension Period. Tenant hereby irrevocably exercises its
option to extend the Lease Term for the Second Extension Period and Landlord acknowledges that the
Lease Term is hereby extended for the Second Extension Period.

     4. Amendment
of Certain Lease Provisions. The Lease is amended as follows:

     (a) Section 1.1 (c) of the Lease is amended to read in its entirety as follows:

     “CPI Adjustment Date. The term “CPI Adjustment Date” shall mean the
following dates: (a) that date 121 months after the first day of the first full
calendar month following the Commencement Date; (b) the first day of the First
Extension Period; (c) the first day of the Third Extension Period; and (d) the
first day of the Fourth Extension Period.”

     (b) The following is added to the end of Section 3.1 of the Lease:

“Notwithstanding
the foregoing, the Landlord and the Tenant agree that the
Base Monthly Rent during the Second Extension Period shall be as
follows:

	 	 	 
	Time Period	 	Monthly Rent Amount
	July 1, 2008
– June 30,
2009
	 	$104,000.00
	July 1, 2009 – June 30, 2010
	 	$91,000.00
	July 1, 2010 – June 30, 2011
	 	$78,000.00”

     (c) The
first sentence of Section 16.10 is hereby amended to read in its entirety
as
follows:

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“Provided there exists no uncured default by Tenant under this Lease, Tenant shall
have the option to extend the Lease as follows: (a) for an initial extension period
of five (5) years commencing on July 1, 2003 and ending on June 30, 2008 (the
“First Extension Period”); (b) for a second extension period of three (3)
years commencing on July 1, 2008 and ending on June 30, 2011
(the “Second Extension Period”); (c) a third extension period of five (5) years commencing
on July 1, 2011 and ending on June 30, 2016 (the
“Third Extension Period”);
and (d) a fourth extension period commencing on July 1, 2016 and ending on June 30,
2021 (the “Fourth Extension Period”) (the First Extension Period, the Second
Extension Period, the Third Extension Period and the Fourth Extension Period are each
referred to herein as an “Extension Period”).”

     (d) Section 16.11(a) of the Lease is hereby replaced in its entirety by inserting in
its place the following Section 16.11(a) through (c):

     (a)
Effective on each CPI Adjustment Date except for that CPI Adjustment Date
which is the first day of the Third Extension Period, the Base Monthly Rent shall
be the sum of (i) the Base Monthly Rent for the immediately preceding month payable
under paragraph 3.1 hereof plus (ii) the product obtained by multiplying such Base
Monthly Rent by the percentage increase in the Consumer Price Index measured from
the last month for which the Consumer Price Index is published immediately
preceding the month ending five (5) years prior to such CPI Adjustment Date to the
last month for which the Consumer Price Index is published immediately preceding
the CPI Adjustment Date in question.

     (b) Effective on the CPI Adjustment Date which is the first day of the Third
Extension Period, the Base Monthly Rent shall be the sum of (i) $91,000.00 plus
(ii) the product obtained by multiplying such Base Monthly Rent by the percentage
increase in the Consumer Price Index measured from the last month for which the
Consumer Price Index is published immediately preceding the commencement of the
Second Extension Period to the last month for which the Consumer Price Index is
published immediately preceding the first day of the Third Extension Period.

     (c) Notwithstanding subparagraphs (a) and (b) above, in no event shall the
Base Monthly Rent (i) after the CPI Adjustment Date applicable to the First
Extension Period be less than one hundred twenty
percent (120%) nor more than one hundred twenty-five percent (125%) of the Base
Monthly Rent for the month immediately preceding each such CPI Adjustment Date, (ii)
with respect to the CPI Adjustment Date applicable to the Third Extension Period
only, in no event shall the Base Monthly Rent be less than one hundred nine percent
(109%) nor more than one hundred twelve percent (112%) of $91,000.00 and, (iii) with
respect to the Fourth Extension Period only, in no event shall the Monthly Base Rent
be less than one hundred fifteen percent (115%) nor more than one hundred

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twenty percent (120%) of the Base Monthly Rental for the month immediately preceding
such CPI Adjustment Date.”

     5. Capital Improvement.
Landlord shall provide Tenant with a one-time
reimbursement of $50,000.00 with respect to certain capital improvements to Leased Premises made
by Tenant, such reimbursement to be payable within forty-five (45) days of commencement
of the Second Extension Period.

     6. Guarantor’s Consent and Affirmation. Thermadyne Holdings Corporation hereby
consents to the foregoing and affirms that it is the guarantor of the Lease, as amended hereby,
pursuant to an Amended and Restated Continuing Lease guaranty of Palco Acquisition Company dated as
of August 11, 1988 as successor-in-interest to Palco Acquisition
Company.

     7. Authority of Parties. By executing this Second Amendment, Landlord and Tenant
represent to each other that: (i) it is authorized to enter into, execute and deliver this Second
Amendment and perform its obligations hereunder; (ii) this Second Amendment is binding and
enforceable in accordance with its terms; (iii) the person signing on its behalf is duly
authorized to execute this Second Amendment and (iv) no other signatures or approvals are necessary
in order to make all of its representations contained in this section true and correct.

     8. Capitalized
Terms. All capitalized terms not otherwise defined herein shall have the
same meanings set forth in the Lease.

     9. Entire
Agreement. The Lease, as hereby amended, shall remain in full force and effect
pursuant to its terms and provisions as set forth herein.

[SIGNATURES APPEAR ON FOLLOWING PAGE]

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     IN WITNESS WHEREOF, each of the parties hereto has caused this Second Amendment to
Amended and Restated Industrial Real Property Lease to be executed by its duly authorized
representative as a sealed instrument as of the day and year first above written.

	 	 	 	 	 	 	 

	 	 	BENNING STREET, LLC, a Delaware limited liability company	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	First American Realty, Inc., a
Massachusetts corporation, its Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Philip O. Shwachman
 

Philip O. Shwachman,
	 	 
	 

	 	 	 	President and Treasurer	 	 
	 
	 	 	 	 	 	 
	 	 	THERMAL DYNAMICS CORPORATION, a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Paul D. Melnuk
 

Paul D. Melnuk
	 	 
	 

	 	 	 	Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	THERMADYNE HOLDINGS CORPORATION, a Delaware corporation	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Paul D. Melnuk
 

Paul D. Melnuk
	 	 
	 

	 	 	 	Chairman and Chief Executive
Officer	 	 

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