X0202 4/A 2007-05-01 2007-05-03 0 0000850660 THERMADYNE HOLDINGS CORP /DE thmd.ob 0001300908 Downes Terry 16052 SWINGLEY RIDGE RD. CHESTERFIELD, MO 63017 0 1 0 0 EVP Global Corp Development common stock 2007-05-01 4 A 0 4600 0 A 4600 D stock option-right to buy 15 2007-05-01 4 A 0 24900 15 A 2017-05-01 common stock 24900 75400 D Options will vest based on Average ROIOC over a three year period, beginning in 1/07 and ending in 12/09. Subject to applicable securities laws, the Stock Option granted pursuant to this Agreement shall vest and be exercisable as of 5/1/10 as follows: (i)If Average ROIOC for the Target Period is 35 % or more, 100 % of the Stock Option shall be vested and exercisable. (ii) If Average ROIOC for the Target Period is 30 %, 67 % of the Stock Option shall be vested and exercisable. (iii) If Average ROIOC for the Target Period is 25 %, 33 % of the Stock Option shall be vested and exercisable. (iv) If Average ROIOC during the Target Period does not reach 25 %, the Stock Option is forfeited and no longer exercisable. %The parties agree and acknowledge that incremental amounts of the Stock Option will vest for Average ROIOC between 25 % and 30 % and between 30 % and 35 %. For example, if Average ROIOC is 28 %, 53 % of the Stock Option shall be vested and exercisable. /s/Patricia S. Williams 2007-05-04