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AMENDMENT REGARDING IRC §
409A
TO
EXECUTIVE EMPLOYMENT AGREEMENT
The Executive
Employment Agreement (“Agreement”) entered into on
August 7, 2006, by and among Thermadyne Holdings
Corporation (“Holdings”), a Delaware corporation,
and any and all the wholly owned subsidiaries of Holdings
(collectively, “Employers”), and Steven A.
Schumm (“Employee”), is hereby amended as follows,
effective as of the date of the Agreement, such that, consistent
with the intent of the parties, the Agreement will comply with
relevant provisions of Section 409A of the Internal Revenue
Code of 1986, as amended:
1. Capitalized
terms used in this Amendment without definition have the meanings
set forth in the Agreement.
2.
Notwithstanding any inconsistent term or condition in the
Agreement:
If the Employee
is a “specified employee” (within the meaning of
Section 409(a)(2)(B)(i) of the Internal Revenue Code of 1986,
as amended, (“Code”)) at the time of his termination of
employment with the Employers and is entitled to payments under the
Agreement which are on account of “involuntary separation of
service” within the meaning of Treasury Regulation
Section 1.409A-l(n), amounts payable to the Employee,
notwithstanding anything in this Agreement to the contrary, during
the first six (6) consecutive months immediately following the
month in which such termination of employment occurs shall be
suspended after the total of such payments equal the lesser of the
amount specified under Treasury Regulation
1.409A-l(a)(9)(iii)(A)(l) or (2). If the Employee is such a
“speci
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