BULK GAS BUSINESS EQUITY PURCHASE AGREEMENT BY AND AMONG HOLOX (USA) B.V., HOLOX INC., LINDE AG AND AIRGAS, INC. DATED AS OF NOVEMBER 22, 2006

EXECUTION COPY

Exhibit 10.1

BULK GAS BUSINESS

EQUITY PURCHASE AGREEMENT

BY AND AMONG

HOLOX (USA) B.V.,

HOLOX INC.,

XXXXX XX

AND

AIRGAS, INC.

DATED AS OF NOVEMBER 22, 2006

TABLE OF CONTENTS


	Page
SECTION 1 DEFINITIONS		2
1.1. Definitions		2
1.2. Construction		25

SECTION 2 PURCHASE AND SALE OF PURCHASED EQUITY INTERESTS		26
2.1. Purchase and Sale of Purchased Equity Interests		26
2.2. Purchase Price		26
2.3. Post-Closing Payment		27
2.4. Allocation		28

SECTION 3 CLOSING		29
3.1. Closing		29
3.2. Certain Closing Deliveries by the Sellers		29
3.3. Certain Closing Deliveries by the Purchaser		30

SECTION 4 REPRESENTATIONS AND WARRANTIES OF THE SELLERS		31
4.1. Organization of the Sellers and the Guarantor		31
4.2. Organization of the Companies		31
4.3. Corporate Authority and Binding Obligation		32
4.4. Capitalization and Ownership		33
4.5. Ownership of Purchased Equity Interests		34
4.6. No Violation		34
4.7. Governmental Approvals		35
4.8. Financial Statements		35
4.9. No Undisclosed Liabilities		36
4.10. No Business Material Adverse Effect		36
4.11. Bulk Assets		36
4.12. Litigation and Proceedings		37
4.13. Accounts Receivable		38
4.14. Inventory		38
4.15. Intellectual Property		38
4.16. Real Property		39
4.17. Permits		41
4.18. Agreements		41
4.19. Customers		42
4.20. Employees		43
4.21. Compliance with Laws		45
4.22. Environmental		45
4.23. Taxes		46
4.24. Transactions with Affiliates and Related Parties		48
4.25. Jefferson Capital Improvement		48
4.26. No Other Representations and Warranties		48

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	Page
SECTION 5 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER		49
5.1. Corporate Organization		49
5.2. Corporate Authority		49
5.3. No Violation		49
5.4. Governmental Approvals		49
5.5. Financing		50
5.6. Employee Benefits		50
5.7. Independent Investigation; Sellers’ Representations		50

SECTION 6 FURTHER COVENANTS		51
6.1. Access to Information and Documents; Pre-Closing Cooperation		51
6.2. Assistance Relating to Warranty Rights		52
6.3. Confidentiality Agreements		52
6.4. Non-Solicitation of Customers		55
6.5. Non-Solicitation of Employees		57
6.6. Consents and Approvals, etc.		58
6.7. Rebates and Discounts		59
6.8. Conduct of the Bulk Gas Business Prior to the Closing Date		59
6.9. Exclusivity		62
6.10. Agreements		63
6.11. Intellectual Property Licenses		63
6.12. Financing		66
6.13. Access and Cooperation		67
6.14. Tax Matters		67
6.15. Litigation; Insurance		68
6.16. Acquisition Agreements		71
6.17. Closing Conditions		71
6.18. Auditor’s Consents; Audit Expenses		71
6.19. Customer Contracts		72
6.20. Canton, Ohio Cleanup		72
6.21. [Intentionally Omitted]		72
6.22. Restructuring		72

SECTION 7 CONDITIONS PRECEDENT TO OBLIGATIONS OF THE PURCHASER		74
7.1. Representations and Warranties		74
7.2. Covenants and Agreements		74
7.3. No Business Material Adverse Effect		75
7.4. Officer’s Certificate		75
7.5. Litigation		75
7.6. Regulatory Consents		75
7.7. Intentionally Omitted		75
7.8. Contract Consents		75
7.9. Restructuring		75
7.10. Environmental Transfer Laws		76

SECTION 8 CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SELLERS		76
8.1. Representations and Warranties		76

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	Page
8.2. Covenants and Agreements		76
8.3. Officer’s Certificate		76
8.4. Regulatory Consents		76
8.5. Restructuring		76

SECTION 9 EMPLOYEES		76
9.1. Employees at Closing; Notice		76
9.2. Treatment of Annual Bonuses		77
9.3. Stay Bonus Arrangement		77
9.4. Other Employee Matters		78

SECTION 10 BROKERAGE		83

SECTION 11 EXPENSES		83

SECTION 12 TRANSFER TAXES AND RECORDING EXPENSES		83
12.1. Transfer and Recording Taxes		83
12.2. Real and Personal Property Taxes		84

SECTION 13 SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION		84
13.1. Survival of Representations and Warranties		84
13.2. Indemnification of the Purchaser		84
13.3. Duration of Indemnification of the Purchaser		85
13.4. Limitations on Indemnification of the Purchaser		85
13.5. Indemnification of the Sellers		89
13.6. Duration of Indemnification of the Sellers		90
13.7. Limitation on Indemnification of the Sellers		91
13.8. Procedure for Indemnification		91
13.9. Payment Limitation		94
13.10. Tax Matters		94
13.11. Exceptions		97
13.12. Exclusive Remedy		98
13.13. Mitigation		98

SECTION 14 TERMINATION OF AGREEMENT		99
14.1. Events of Termination		99
14.2. Consequences of Termination		99

SECTION 15 CONSENT TO JURISDICTION; SERVICE OF PROCESS; DISPUTE RESOLUTION; WAIVER OF JURY TRIAL		100
15.1. General Disputes		100

SECTION 16 ENFORCEMENT OF CERTAIN PROVISIONS AND SPECIFIC PERFORMANCE		101
16.1. Enforcement of Certain Provisions		101
16.2. Specific Performance		101

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	Page
SECTION 17 GUARANTEE		101
17.1. Guaranty		101
17.2. No Impairment		102
17.3. Waiver		102

SECTION 18 BULK SALES LAW		102

SECTION 19 PUBLIC ANNOUNCEMENTS		102

SECTION 20 NOTICES		102

SECTION 21 EXTENSIONS AND WAIVERS		104

SECTION 22 ENTIRE AGREEMENT		104

SECTION 23 GOVERNING LAW; SERVICE OF PROCESS ON GUARANTOR		104

SECTION 24 TRANSFERABILITY; NO THIRD PARTY BENEFICIARIES		105

SECTION 25 SEVERABILITY		105

SECTION 26 COUNTERPARTS		105

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LIST OF SCHEDULES


Schedule		Description
DEF-A		Collective Bargaining Agreements
DEF-B		Owned Real Property
DEF-C		Leased Real Property
DEF-D		Bulk ASUs
DEF-E		Bulk Intellectual Property
DEF-F		Excluded Assets – Equipment
DEF-G		Excluded Assets – Intellectual Property
DEF-H		(intentionally omitted)
DEF-I		(intentionally omitted)
DEF-J		Description of Jefferson Capital Improvement
DEF-K		Knowledge of the Sellers
DEF-L		Retained Litigation
DEF-M		(intentionally omitted)
DEF-N		(intentionally omitted)
DEF-O		(intentionally omitted)
DEF-P		Other Sites
DEF-Q		Excluded Assets – Contracts
4.4(a)		Capitalization and Ownership – Partnership Interests
4.4(b)		Capitalization and Ownership – Operating Company
4.4(c)		Capitalization and Ownership – No Other Rights
4.4(e)		Capitalization and Ownership – No Other Business/Operations
4.5		Ownership of Purchased Equity Interests
4.6(c)		No Violation – Liens
4.6(d)		No Violation – Material Permits
4.6(e)		No Violation – Material Contracts
4.7		Governmental Approvals
4.9		No Undisclosed Liabilities
4.10		No Business Material Adverse Effect
4.11(a)(i)		Good Title Exceptions
4.11(a)(ii)		Operating Condition Exceptions
4.11(b)		Vehicles and Equipment
4.12		Litigation and Proceedings
4.15(a)		Primary Domestic Patents and Patent Applications
4.15(b)		Third-Party IP Licenses
4.15(h)		IP Exceptions

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Schedule		Description
4.16(a)		Owned Real Property Exceptions
4.16(b)		Lease Exceptions
4.16(d)		No Options
4.17		Material Permits
4.18(a)		Material Contracts
4.18(a)(vii)		Bulk IP Licenses
4.18(b)		Notice of Default or Termination
4.18(c)		Customer Contracts
4.18(d)		Resale Customer Contracts
4.19(a)		Material Customers
4.20(a)		Employee Benefit and Compensation Plans
4.20(b)		Employee Benefit and Compensation Plan Compliance
4.20(c)		Termination of Employee Benefit and Compensation Plans; Liens
4.20(d)		Employee Benefit and Compensation Plan Liability
4.20(e)		Labor Certifications
4.20(f)		Business Employees
4.21		Compliance with Laws
4.22		Environmental
4.23		Taxes
4.24		Affiliate Arrangements
5.4		Governmental Approvals
6.4(b)		Non-Solicitation of Customers
6.8		Conduct of the Bulk Gas Business Prior to the Closing Date
6.8(n)		Capex Summary
6.11(b)		Primary Xxxxx XX-Owned Licensed U.S. Patents
6.11(e)		Core Trademarks Included in Transitional Trademark License
7.6		Regulatory Consents
7.8		Contract Consents
9.2		Treatment of Annual Bonuses
9.4(d)(i)		Other Employee Matters
9.4(d)(ii)		Approved Leave
13.2(c)		Sellers’ Remediation Liabilities

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LIST OF EXHIBITS


Exhibit		Description
A		Carve-Out Principles
B		[Intentionally Omitted]
C		Transition Services Agreement
D		Working Capital Statement Principles
E		Product Supply Agreement
F		Financial Statements
G		Restructuring Terms
H		LCS License Agreement

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EQUITY PURCHASE AGREEMENT

EQUITY PURCHASE AGREEMENT, dated as of November 22, 2006 (this “Agreement”), by and among HOLOX (USA) B.V., a Netherlands private company with limited liability (“Seller A”), HOLOX INC., a Georgia corporation (“Seller B” and, together with Seller A, the “Sellers”), LINDE AKTIENGESELLSCHAFT, a German corporation (the “Guarantor”), and AIRGAS, INC., a Delaware corporation (the “Purchaser”).

WHEREAS, in accordance with the FTC Orders (as hereinafter defined), the Guarantor has been required to segregate and hold separate assets and businesses that comprise a portion of the Bulk Gas Business (as hereinafter defined) and dispose of such assets and businesses to a purchaser who is approved by the FTC (as hereinafter defined);

WHEREAS, currently, (a) Linde Gas Inc., a Delaware corporation (“Linde Inc.”), owns approximately seventy-eight percent (78%) of the outstanding equity interests of Linde Gas LLC, a Delaware limited liability company (the “Operating Company”), (b) Holox, Ltd., a Georgia limited partnership (“Company A”), owns approximately fifteen percent (15%) of the outstanding equity interests of the Operating Company, and (c) LifeGas I, Ltd., a Texas limited partnership (“Company B” and, together with Company A, the “Companies”), owns the remaining approximately seven percent (7%) of the outstanding equity interests of the Operating Company;

WHEREAS, following the Restructuring (as hereinafter defined), (a) the Operating Company will own all of the Bulk Assets and no other material operating assets, (b) Company A will own approximately sixty-eight percent (68%) of the outstanding equity interests of the Operating Company and Company B will own the remaining approximately thirty-two percent (32%) of the outstanding equity interests of the Operating Company and (c) Seller A will own ninety-nine percent (99%) of the partnership interests (constituting limited partner interests) in each of Company A and Company B (the “Purchased LP Interests”) and Seller B will own the remaining one percent (1%) of the partnership interests (constituting general partner interests) in each of Company A and Company B (the “Purchased GP Interests” and, together with the Purchased LP Interests, the “Purchased Equity Interests”);

WHEREAS, each of the Sellers is an indirect wholly owned Subsidiary of the Guarantor;

WHEREAS, prior to the closing of the transactions contemplated by this Agreement, the Guarantor and the Sellers shall use their reasonable best efforts to cause the transactions contemplated by the Restructuring to occur; and

WHEREAS, the Purchaser desires to purchase from the Sellers, and the Sellers desire to sell to the Purchaser, all of the Purchased Equity Interests, upon the terms and subject to the conditions set forth in this Agreement.

NOW, THEREFORE, in consideration of the premises and the respective agreements hereinafter set forth, and intending to be legally bound hereby, the parties hereto agree as follows:

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SECTION 1
DEFINITIONS

1.1. Definitions. The terms defined in this Section 1.1 shall have the following meanings for the purposes of this Agreement:

“2006 Bonus” has the meaning set forth in Section 9.2 hereof.

“2007 Bonus” has the meaning set forth in Section 9.2 hereof.

“Accounts Receivable” has the meaning set forth in the definition of “Bulk Assets” contained in this Section 1.1.

“Acquisition Proposal” has the meaning set forth in Section 6.9(a) hereof.

“Action” means any action, claim, suit, demand, complaint, investigation or other proceeding (at law, in equity or admiralty or otherwise), including any action, suit or demand for personal injury or property damage.

“Affiliate” of a Person means a Person that directly or indirectly, through one or more intermediaries, controls or is controlled by or is under common control with such Person. For purposes of this definition, the term “controls,” “is controlled by,” or “is under common control with” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.

“Affiliate Arrangements” has the meaning set forth in Section 4.24 hereof.

“Agreement” has the meaning set forth in the preamble hereto.

“Amended Purchaser Severance Plan” has the meaning set forth in Section 9.4(e)(ii) hereof.

“Appraisal” means a valuation of the tangible assets of the Companies and the Operating Company performed by an appraiser under the premise of fair market value for continued use in accordance with the Uniform Standards of Professional Appraisal Practices and Treasury Regulation §1.170A-13(c)(3).

“Atmospheric Gases” means oxygen, nitrogen and argon.

“Atmospheric Gases Employees” means those employees identified on Confidential Appendix A attached to the FTC Order that are not Business Employees.

“Atmospheric Gases Plant” means a plant that produces Atmospheric Gases but excluding, for the avoidance of doubt, any plants used in the conduct of the On-Site Business.

“Auditor’s Consent” has the meaning set forth in Section 6.18(b) hereof.

“Basket Amount” has the meaning set forth in Section 13.4(a) hereof.

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“Benefiting Party” has the meaning set forth in Section 6.22(d) hereof.

“BGB Information” has the meaning set forth in Section 6.3(a) hereof.

“BGB Sales Representatives” has the meaning set forth in Section 6.5(a) hereof.

“BOC” means The BOC Group, Inc., a Delaware corporation.

“BOC Business” means the businesses owned, operated or conducted by BOC Parent or its subsidiaries as of the closing of the BOC/Linde Arrangement.

“BOC Parent” means The BOC Group plc, a public limited company existing under and by virtue of the laws of the United Kingdom.

“Books and Records” means all books, records and other documents (whether on paper, computer diskette, tape, electronic or other storage media) of each of the Sellers, each of the Companies, the Operating Company and, if applicable, any of their respective Affiliates to the extent relating to the Bulk Gas Business or the Bulk Assets (whether located at a Bulk ASU or otherwise), including property records, production records, inventory information and records, purchase and sales records, credit data, labor relations records, personnel records, accounting records, financial reports, tax returns, maintenance and production records, environmental records and reports, fixed asset lists, customer lists, customer databases, customer records and information, supplier and vendor lists, parts lists, manuals, technical and repair data, correspondence, files, blueprints, specifications, maps, surveys, building and machinery diagrams, sale promotion literature and advertising materials, and any items that are similar to any of the foregoing; provided that the Sellers shall be entitled to redact from the Books and Records any information that does not relate in any manner to the Bulk Gas Business or the organization, ownership and subsistence of the Companies or the Operating Company; and provided further that the Books and Records need not include any information that relates to the Excluded Businesses (including financial information and tax returns) or the Operating Company’s operations (i) from which information relating to the Bulk Gas Business only is not separable (after good faith efforts to do so) and (ii) that is not necessary for the conduct of the Bulk Gas Business substantially as conducted as of the date hereof (it being understood that any determination as to whether the circumstances described in clauses (i) or (ii) of this definition of “Books and Records” applies to certain information shall be made by the Sellers in good faith).

“Bulk Assets” means the Bulk ASUs, and includes all of rights, title and interests of each of the Sellers, each of the Companies and the Operating Company to all tangible and intangible assets, business and goodwill used at or necessary for the operation of the Bulk Gas Business, including, but not limited to and subject to, the following:

(a) (x) the Owned Real Property as set forth on Schedule DEF-B and, subject to obtaining the necessary Consents, the Real Property Leases as set forth on Schedule DEF-C, together with all buildings and Improvements thereon and all appurtenances, rights, easements, licenses and permits appurtenant to or for the benefit of such Owned Real Property or Leased Real Property and (y) the Real Property Rent Prepayments with respect to all periods from and after the Closing Date;

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(b) xxxxx and drawer cash on hand at any Owned Real Property or Leased Real Property on the Closing Date;

(c) the Bulk Equipment, as well as, to the extent transferable, all manufacturers’ warranties associated with such Bulk Equipment and all rights of each of the Sellers, each of the Companies and the Operating Company against suppliers of such Bulk Equipment, except to the extent required by the Sellers or their Affiliates to pursue any claim they may have under any such warranty relating to the period prior to the Closing or any Excluded Assets;

(d) the Bulk Inventory, as well as, to the extent transferable, all manufacturers’ warranties associated with such Bulk Inventory and all rights of each of the Sellers, each of the Companies and the Operating Company against suppliers of such Bulk Inventory, except to the extent required by the Sellers or their Affiliates to pursue any claim they may have under any such warranty or right relating to the period prior to the Closing or any Excluded Assets;

(e) the Bulk Intellectual Property;

(f) deposits and prepaid expenses made as of and prior to the Closing, to the extent such deposits and prepaid expenses relate to the Bulk Gas Business or the Bulk Assets from and after the Closing Date (the “Prepaid Expenses”);

(g) all claims, causes of action and guarantee rights of each of the Sellers, each of the Companies and the Operating Company, with respect to the Bulk Assets, to the extent that they arise from and after the Closing;

(h) (x) except as provided in the Restructuring Terms, the Existing Customer Contracts, (y) customer contracts with respect to the Bulk Gas Business entered into or approved on behalf of the Bulk Gas Business by the Manager or the Trustee from and after the date hereof through the Closing Date (each a “New Customer Contract”) (and at the Closing the Sellers shall provide to the Purchaser a Schedule of the New Customer Contracts) and (z) customer contracts for the rental, lease or other use, by customers of the Bulk Gas Business, of any Bulk Equipment, including applications equipment located on the sites of such customers (together with the Existing Customer Contracts and the New Customer Contracts, the “Customer Contracts”);

(i) the Collective Bargaining Agreements which are set forth on Schedule DEF-A;

(j) (j) all agreements, arrangements, contracts, leases (including operating leases), conditional sales contracts, licenses, franchises, understandings, commitments and other binding arrangements (including, but not limited to, dealer, distributor, supply, power and utility contracts) (collectively, “Contracts”) to which either of the Sellers, either of the Companies or the Operating Company is a party or by or to which the Bulk Assets are bound or subject, and which relate primarily to, and to the extent they relate to, the Bulk Gas Business, including (i) those set forth on Schedule 4.18(a); (ii) all Real Property Leases; (iii) the Product Exchange Agreement, dated as of June 2, 2006, by and between the Operating Company and Praxair Inc.; and (iv) as otherwise approved or entered into on behalf of the Bulk Gas Business

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by the Manager or the Trustee from and after the date hereof (collectively, together with the Customer Contracts and the Collective Bargaining Agreements, the “Bulk Contracts”), but excluding any Employee Benefit and Compensation Plans (other than those transferring with the Bulk Gas Business by operation of Law) and any IP Licenses other than Bulk IP Licenses;

(k) all Permits held by each of the Sellers, each of the Companies and the Operating Company used at or necessary for the operation of the Bulk Gas Business;

(l) all Books and Records (except for Tax Books and Records) (provided that the Sellers may retain a copy of all Books and Records);

(m) all accounts receivable (including any security or collateral for such accounts receivable) arising from the operation of the Bulk Gas Business or the Bulk Assets (such receivables, the “Accounts Receivable”), but only to the extent such Accounts Receivable are reflected in the calculation of Net Working Capital pursuant to this Agreement;

(n) the benefit of and the right to enforce covenants and warranties (including any covenants not to compete), if any, which each of the Sellers, each of the Companies and the Operating Company are entitled to enforce with respect to the Bulk Assets or the Bulk Gas Business against any current or former employee of the Bulk Gas Business; and

(o) all goodwill associated with Bulk Gas Business or the Bulk Assets.

“Bulk ASUs” means the Atmospheric Gases Plants of the Operating Company located at or about the locations set forth on Schedule DEF-D.

“Bulk Contracts” has the meaning set forth in the definition of “Bulk Assets” contained in this Section 1.1.

“Bulk Equipment” means all Specified Equipment, all Spare Parts, and all other types of Equipment (including storage tanks, vessels and cylinders) that are (a) owned, leased, used or held for use or ordered by either of the Sellers, either of the Companies or the Operating Company (excluding cars owned or leased by the Operating Company and provided to Business Employees who are not Transferred Employees) and (b) used in or necessary for the operation of the Bulk Gas Business, including such Equipment (including applications equipment) that is located at the facilities of customers of the Bulk Gas Business. For the avoidance of doubt, “Bulk Equipment” does not include any Excluded Assets.

“Bulk Gas Business” means the business, as of the date hereof, in each case as conducted at, based out of, related to or serviced primarily by the facilities, business and operations located at the Bulk ASUs, at sites listed on Schedule DEF-P, and, with respect to the Microbulk business, at the sites where the Microbulk business is conducted in the United States (it being understood that after the Closing, the Microbulk business will be conducted at the Bulk ASUs) of (a) producing, refining, distributing, marketing, selling and/or supplying, manufacturing, purchasing, preparing, purifying, transfilling, storing, packaging Atmospheric Gases in liquid tankers, cryogenic storage equipment, tube trailers, portable liquid trailers, transports, Microbulk delivery units and the pallet tanks associated with those Microbulk delivery units, pipeline, and other related applications or equipment, (b) supplying gaseous

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helium and hydrogen in tube trailers and liquid carbon dioxide to any customer site serviced by the facilities, business and operations located at the Bulk ASUs or at sites listed on Schedule DEF-P, (c) distributing, marketing, selling and/or supplying bulk propane and bulk propylene, (d) distributing, marketing, selling and/or supplying Atmospheric Gases in tube trailers, (e) providing services that are related to the activities described in clauses (a) through (d) of this definition of “Bulk Gas Business”; provided that, the “Bulk Gas Business” shall not include the “Excluded Businesses.” For the avoidance of doubt, the assets to be divested in connection with the Microbulk business shall be limited to Customer Contracts and Microbulk delivery units and the pallet tanks and customer installations associated with those Microbulk delivery units.

“Bulk Intellectual Property” means all Intellectual Property owned by the Operating Company that relates exclusively to the Bulk Gas Business or the Bulk Assets, including the Intellectual Property set forth on Schedule DEF-E (subject to the terms and conditions described therein).

“Bulk Inventory” means all inventory, including work-in-process, components, finished goods, parts, supplies, raw materials and other similar items that is owned, leased, used or held for use or resale by either of the Sellers, either of the Companies and the Operating Company and that is used at or necessary for the operation of the Bulk Gas Business.

“Bulk IP Licenses” has the meaning set forth in Section 4.18(a)(vii) hereof

“Business Day” means any day other than Saturday, Sunday, or a day on which banks in the State of New York are authorized or obligated by Law or executive Order to be closed.

“Business Employees” means all employees of the Sellers or any of their respective Affiliates, including the Companies and Operating Company, (i) who render services with respect to the Bulk Gas Business and are set forth on Schedule 4.20(f), which Schedule 4.20(f) shall be updated by the Sellers, subject to the Purchaser’s approval (other than employees hired to fill an open position in the Ordinary Course of Business) of any additions, at least ten (10) days prior to the Closing and periodically as the Purchaser may reasonably request through the Closing to include deletion of any employee whose employment terminates prior to the Closing Date (or otherwise ceases to render services with respect to the Bulk Gas Business) for any reason and to add, as applicable, new hires, transferees and other persons designated as Business Employees in accordance with this Agreement or as otherwise reasonably agreed between the Sellers and the Purchaser and (ii) those employees determined to be Business Employees in accordance with Section 9.4(d).

“Business Material Adverse Effect” means any event, circumstance, fact, development, change or effect that is or would reasonably be expected to be materially adverse to the condition (financial or otherwise), properties, liabilities or results of operations of the Bulk Gas Business and the Companies and the Operating Company, taken as a whole, or that would materially impair or delay the Sellers’ obligations under this Agreement or the other Transaction Documents or the consummation of the transactions contemplated by this Agreement or the Restructuring and the other Transaction Documents; provided, however, that none of the

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following shall be taken into account in determining whether there has been a Business Material Adverse Effect: (i) a decline in the market price of any of the products of the Bulk Gas Business, (ii) an increase in the price of raw materials used in the Bulk Gas Business, (iii) general economic conditions, (iv) conditions generally affecting the industries in which the Bulk Gas Business operates, and not affecting the Bulk Gas Business in a disproportionate manner, (v) effects resulting from or related to the announcement, pendency or completion of the transactions contemplated by, or the compliance by the Sellers with the terms of this Agreement or any other purchase agreement between an Affiliate of the Guarantor and the Purchaser, including any related loss of customers or employees (except for (x) any loss of customers or employees resulting from the failure of the Sellers or any of their Affiliates to use commercially reasonable efforts to prevent such loss of customers or employees and (y) any effects resulting from a breach of Sections 4.3, 4.6 or 4.7 of this Agreement) or (vi) any natural disaster or acts of war, sabotage, terrorism, hostilities, military action or escalation or worsening thereof, except in the case of this sub-clause (vi), to the extent that the Bulk Gas Business, the Companies or the Operating Company is disproportionately affected thereby.

“Carve-Out Principles” means the carve-out and allocation principles, procedures and methodologies set forth on Exhibit A applied in connection with (i) the preparation of the Year-End Audited Financial Statements and (ii) the preparation of the Interim Unaudited Financial Statements.

“CERCLA” means the Comprehensive Environmental Response, Compensation and Liability Act (42 U.S.C. §§9601 et seq.), as amended, and any legally enforceable rules, regulations and standards issued thereunder, in each case as of the Closing.

“Claim Notice” means the notice defined in Section 13.8(a) hereof.

“Closing” means the closing defined in Section 3.1 hereof.

“Closing Date” means the date of closing as provided in Section 3.1 hereof.

“Closing Date Payment” means an amount equal to four hundred ninety-four million and eight hundred thousand dollars ($494,800,000) minus the outstanding amount of any Retained Debt as of the Closing Date.

“COBRA” means the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended.

“Code” means the Internal Revenue Code of 1986, as amended (including any successor code), and the rules and regulations promulgated thereunder.

“Collective Bargaining Agreement” means any collective bargaining agreement and any and all other agreements, understandings, contracts, letters, side letters and contractual obligations of any kind, nature and description, oral or written, entered into between any “labor organization” (as defined in Section 2(5) of the National Labor Relations Act) and any of the Companies, the Operating Company, or any of their Affiliates that cover any Business Employee.

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“Companies” has the meaning set forth in the recitals hereto.

“Company A” has the meaning set forth in the recitals hereto.

“Company B” has the meaning set forth in the recitals hereto.

“Company Insurance Policies” has the meaning set forth in Section 6.15(b) hereof.

“Condition” means a Release of a Hazardous Substance or a violation of an Environmental Law that results in an Environmental Liability.

“Confidentiality Agreement” means the Confidentiality Agreement, dated as of March 16, 2006, between the Guarantor and the Purchaser.

“Consent” means any consent, approval, Order, ratification, authorization or action of, or any filing, registration or declaration with, or any notice to any Person.

“Contest” has the meaning set forth in Section 13.10(a)(i) hereof.

“Contracts” has the meaning set forth in the definition of “Bulk Assets” contained in this Section 1.1.

“Copyrights” has the meaning set forth in the definition of “Intellectual Property” contained in this Section 1.1.

“Covered Claims” has the meaning set forth in Section 4.20(e)(iii) hereof.

“Covered Customer” has the meaning set forth in Section 6.4(a) hereof.

“Covered Losses” has the meaning set forth in Section 13.11(b) hereof

“Covered Period” has the meaning set forth in Section 9.4(e)(i) hereof.

“Credit Agreement” has the meaning set forth in Section 5.5 hereof.

“Cryonite Business” means the Sellers’ and their Affiliates’ business of producing, marketing, selling and supplying of industrial gases, equipment or know how in connection with pest control or pest control applications.

“Current Fiscal Year” has the meaning set forth in Section 9.4(f) hereof.

“Customer Contracts” has the meaning set forth in the definition of “Bulk Assets” contained in this Section 1.1.

“Designated Agents” has the meaning set forth in Section 6.15(c) hereof.

“Delivered Applications” has the meaning set forth in Schedule DEF-E.

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“Deloitte” has the meaning set forth in Section 2.4(a) hereof.

“Diminution in Value Losses” has the meaning set forth in Section 13.11(b) hereof.

“Dispute” has the meaning set forth in Section 15.1(a) hereof.

“Dollar”, “dollar” and “$” shall be references to United States dollars.

“EBITDA” means, for any given period, the sum of (i) net income (or loss), (ii) all interest expense, (iii) all charges against income for federal, state and local taxes, (iv) all depreciation expense, (v) all amortization expense and (vi) cost sharing payments to AGA AB for reimbursement of product marketing and development, administrative support services and other non-stewardship related expenses. “EBITDA,” to the extent relating to the Bulk Gas Business, shall be determined and calculated in accordance with the Carve-Out Principles.

“ECOVAR Business” means the Sellers’ and their Affiliates’ business of producing, refining, marketing, selling and supplying of air gases, hydrogen or other gases (up to a capacity of 200 tons per day) from production facilities and related distribution systems that utilize membrane, adsorption, cryogenic, fuel cell, electrolytic, or other technologies. For the avoidance of doubt, ECOVAR Business includes all liquid or gaseous products that the customer consumes at the site whether directly related to the on-site production facility or not.

“Employee Benefit and Compensation Plans” means any plan, program, arrangement or agreement that is a pension, profit-sharing, savings, retirement, employment, consulting, severance pay, termination, executive compensation, incentive compensation, deferred compensation, bonus, stock purchase, stock option, phantom stock or other equity-based compensation, change-in-control, retention, salary continuation, vacation, sick leave, disability, death benefit, group insurance, hospitalization, medical, dental, life (including all individual life insurance policies as to which any of the Companies or the Operating Company is the owner, fiduciary, beneficiary, administrator or any combination thereof), Code Section 125 “cafeteria” or “flexible” benefit, employee loan, educational assistance or fringe benefit plan, whether written or oral, including any (i) “employee benefit plan” within the meaning of Section 3(3) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), or (ii) other employee benefit plan, agreement, program, policy, arrangement or payroll practice, whether or not subject to ERISA (including any funding mechanism therefor now in effect or required in the future as a result of the transaction contemplated by this Agreement or otherwise), in each such case maintained by or contributed to by any of the Companies, the Operating Company or any their ERISA Affiliates for the benefit of any Business Employee, whether any such Business Employee has any past, present or future right to benefits, or otherwise in respect of which any of the Companies, the Operating Company or any of their ERISA Affiliates have any liability with respect to any Business Employee.

“Employment Claims” has the meaning set forth in Section 4.20(e) hereof.

“Employment Requirements” has the meaning set forth in Section 9.4(l)(i) hereof.

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“Environmental Basket Amount” has the meaning set forth in Section 13.4(a)(ii) hereof.

“Environmental Cap” has the meaning set forth in Section 13.4(a)(ii) hereof.

“Environmental Laws” means all applicable Laws in effect as of the Closing (except with respect to Excluded Bulk Gas Environmental Liabilities and subsection (n) of the definition of Excluded Liabilities for which Environmental Laws shall mean all applicable Laws in effect on or after the Closing), that address or are related to the pollution or protection of the environment, including animal and plant life and the protection of human health and safety as they may be affected by exposure to Hazardous Substances, including the CERCLA; the Hazardous Materials Transportation Authorization Act of 1994 (49 U.S.C. §§5101 et seq.); the Federal Insecticide, Fungicide, and Rodenticide Act (7 U.S.C. §§136 et seq.); the Solid Waste Disposal Act (42 U.S.C. §§6901 et seq.); the Toxic Substance Control Act (15 U.S.C. §§2601 et seq.); the Clean Air Act (42 U.S.C. §§7401 et seq.); the Federal Water Pollution Control Act (33 U.S.C. §§1251 et seq.); and the Safe Drinking Water Act (42 U.S.C. §§300(f) et seq.).

“Environmental Liabilities” means all obligations or Losses (including obligations or Losses arising out of legal notices, Actions or other assertion of obligation or liability), resulting or arising from or under (a) any Environmental Law, (b) any Release of, or potential Release of, or exposure to, any Hazardous Substance, or (c) an enforceable Order issued or imposed under or pursuant to an Environmental Law.

“Environmental Losses” has the meaning set forth in Section 13.4(a)(ii) hereof.

“Environmental Permit” means any Permit that is authorized or required pursuant to an Environmental Law.

“EPSoftware” has the meaning set forth in Section 6.11(h) hereof.

“Equipment” means tangible personal property, including all plant equipment, gas pipelines and related applications or equipment, bulk tanks, liquid tankers or trailers (including tube trailers and portable liquid trailers), cryogenic storage equipment, Microbulk delivery units and the pallet tanks associated with those Microbulk delivery units, telemetry equipment, portable product storage and delivery systems, cylinders, dewars, and other containers or vessels, furniture, appliances, fixtures, computer hardware, dispatch facilities and equipment terminals, servers, systems and related items, data and voice telecommunications equipment, furnishings, tools, piping, valves, regulators, compressors, vaporizers, liquefiers, machinery, spare parts and similar equipment and fork lifts and motor vehicles and other delivery or distribution equipment (including trucks, tractors, trailers and rail cars).

“ERISA” has the meaning set forth in the definition of “Employee Benefit and Compensation Plans” contained in this Section 1.1.

“ERISA Affiliate” means as to any Person, any other Person, whether or not incorporated, which together with such Person would be deemed, at any time through the Closing Date, a single employer within the meaning of Section 4001 of ERISA or Section 414(b), (c), (m) or (o) of the Code.

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“ERISA Affiliate Liability” means any obligation, liability or expense of either of the Sellers, either of the Companies or the Operating Company which arises under or relates to any Employee Benefit and Compensation Plan that is subject to Title IV of ERISA, Section 302 of ERISA, Section 412 of the Code, COBRA or any other statute or regulation that imposes liability on a so-called “controlled group” basis with or without reference to any provision of Section 414 of the Code or Section 4001 of ERISA, including by reason of the Sellers’ affiliation with any of its ERISA Affiliates or the Purchaser being deemed a successor to any ERISA Affiliate of either of the Sellers.

“Excepted Representations” has the meaning set forth in Section 13.3 hereof.

“Excluded Assets” means all tangible and intangible assets and property of the Guarantor or any of its Affiliates used with respect to the Excluded Businesses (except to the extent such assets or property constitute Bulk Assets) or that is not included in the Bulk Assets, including the following assets of the Guarantor and its Affiliates:

(a) cash on hand or in banks, other than xxxxx and drawer cash on hand at the Owned Real Property or Leased Real Property on the Closing Date;

(b) copies of all Books and Records;

(c) all Equipment owned, leased, used or held for use by the Sellers or their Affiliates that does not constitute Bulk Equipment, including all Equipment set forth on Schedule DEF-F;

(d) all inventory owned, leased, used or held for use or resale by the Sellers or their Affiliates in the Excluded Businesses and that does not otherwise constitute Bulk Inventory;

(e) all Intellectual Property owned, licensed, used or held for use by the Sellers or their Affiliates that does not otherwise constitute Bulk Intellectual Property and does not relate exclusively to the Bulk Gas Business or the Bulk Assets, including the Intellectual Property listed on Schedule DEF-G, subject, as applicable, to the licenses described in Section 6.11;

(f) all contractual rights under or relating to any Contract that is not a Bulk Contract including those set forth on Schedule DEF-Q;

(g) any rights to Tax refunds, credits or similar benefits attributable to any Taxes with respect to the Bulk Gas Business or the Bulk Assets for any Pre-Closing Tax Period;

(h) any originals or copies of Tax Returns of the Sellers or any of its Affiliates (including the Companies and the Operating Company); and

(i) all rights of the Sellers under the Transaction Documents.

“Excluded Businesses” means any business or operations of either of the Sellers or any of their Affiliates, currently or formerly operated, other than the Bulk Gas Business, including the (i) business of producing, refining, distributing, marketing, selling and/or

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supplying, manufacturing, purchasing, preparing, purifying, transfilling, storing, packaging Atmospheric Gases in liquid tankers, cryogenic storage equipment, tube trailers, portable liquid trailers, transports, Microbulk delivery units and the pallet tanks associated with those Microbulk delivery units, pipeline, medical van fills, and other related applications or equipment, in each case, as conducted at, based out of, related to or serviced primarily by the facilities, business and operations other than the Bulk ASUs and the sites listed on Schedule DEF-P, (ii) business of supplying gaseous helium and hydrogen in tube trailers and liquid carbon dioxide to all other customer sites serviced primarily by the facilities, business and operations other than at the Bulk ASUs or at sites listed on Schedule DEF-P, (iii) BOC Business, (iv) Packaged Gas Business, (v) INO Therapeutics Business, (vi) ECOVAR Business, (vii) Tonnage Air Gas Business, (viii) HYCO Business, (ix) Cryonite Business, (x) Other Major Engineering Projects and Businesses, (xi) TMG Business, (xii) Spectra Gases Business, (xiii) LAG Methanol Business, (xiv) carbon dioxide dry cleaning business and (xv) any business performed with the Excluded Assets.

“Excluded Bulk Gas Environmental Liabilities” means any Environmental Liabilities and any other obligation, liability or expense under or relating to any Environmental Law or Hazardous Substances or otherwise relating to the environment to the extent arising out of or relating to (i) real property formerly, but not currently, owned, leased, occupied or operated in connection with the Bulk Gas Business, (ii) real property, other than the Real Property or locations contiguous to the Real Property (but only to the extent that such contiguous real property has become contaminated by a Release from the Real Property), where waste generated, disposed or handled in connection with the Bulk Gas Business has come to be located and (iii) any other aspect of the Bulk Gas Business not relating to the Owned Real Property or the Leased Real Property or the Bulk Assets.

“Excluded Liabilities” means the following obligations, liabilities or expenses (regardless of when such obligations, liabilities or expenses accrue or become known) of the Companies and/or the Operating Company (and any of their pre-Closing Affiliates), except to the extent, in each case, any such liability, obligation or expense is included as a liability in the calculation of Net Working Capital:

(a) any obligation, liability or expense arising from the Restructuring or any Affiliate Transaction;

(b) any obligation, liability or expense arising from (i) any of the Excluded Businesses and (ii) any of the Excluded Assets (for the avoidance of doubt, the parties agree that the generality of this sub-section (b) shall not be limited or affected by the fact that any of the other sub-sections of this definition of Excluded Liabilities is more specific or limited in any manner);

(c) any indebtedness of either of the Sellers, any of the Companies, the Operating Company or any of their respective Affiliates (including indebtedness for borrowed money (including accrued interest)) and Liens relating thereto, in either case, incurred prior to the Closing, other than accounts payable arising from the operation of the Bulk Gas Business or the Bulk Assets and other liabilities, in either case, to the extent such accounts payable are reflected in the calculation of Net Working Capital, except for the Retained Debt;

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(d) any obligation, liability or expense (including any Actions and the Retained Litigation) to the extent arising out of (i) the conduct of the Bulk Gas Business by either of the Sellers, either of the Companies, the Operating Company or any of their respective Affiliates, as applicable (or any of their predecessors) prior to the Closing Date (regardless of when such obligation, liability or expense accrues or becomes known) or (ii) the ownership or operation of either of the Companies, the Operating Company or the Bulk Assets prior to the Closing Date (regardless of when such obligation, liability or expense accrues or becomes known);

(e) any obligation, liability or expense to the extent arising out of (i) the manufacture, sale or lease by either of the Sellers, either of the Companies, the Operating Company or any of their respective Affiliates, as applicable (or any predecessors thereof) of any defective product or equipment prior to the Closing Date, (ii) any failure by either of the Sellers, either of the Companies, the Operating Company or any of their respective Affiliates (or any predecessor thereof) to warn any Person with respect to any of its products or equipment supplied prior to the Closing Date, or (iii) the breach by either of the Sellers, either of the Companies, the Operating Company or any of their respective Affiliates, as applicable (or any predecessor thereof) of any express or implied warranty made in connection with the manufacture, sale or lease of any products or equipment prior to the Closing Date;

(f) any obligation, liability or expense related to or arising out of (i) any Contract (or portion thereof) that does not constitute a Bulk Contract, (ii) any lease or sublease of real property other than the Real Property Leases, (iii) Bulk Contracts for pre-Closing time periods (regardless of when such obligation, liability or expense accrues or becomes known) or (iv) the Retained Litigation;

(g) any obligation, liability or expense relating to claims of any Third Parties, whenever arising or asserted, alleging violation or infringement of any Intellectual Property rights prior to the Closing;

(h) except as otherwise provided under Section 9, any obligation, liability or expense relating to or arising out of any (i) existing Employee Benefit and Compensation Plan, (ii) former Employee Benefit and Compensation Plan which has been terminated or frozen or (iii) ERISA Affiliate Liability;

(i) except as otherwise provided under Section 9, any obligation, liability or expense (i) relating to any Collective Bargaining Agreement not set forth on Schedule DEF-A or (ii) incurred prior to the Closing (regardless of when such obligation, liability or expense accrues or becomes known) under any Collective Bargaining Agreement set forth on Schedule DEF-A;

(j) except as otherwise provided under Section 9, any obligation, liability or expense relating to or arising out of (i) the employment or termination of employment of any current or former Business Employee occurring prior to the Closing, (ii) the employment practices of the Sellers or any of its Affiliates occurring prior to the Closing or (iii) compliance with or violations of any Labor Laws prior to the Closing;

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(k) any obligation, liability or expense relating to workers’ compensation claims and occupational health claims against either of the Companies or the Operating Company for accidents or injuries that occurred prior to the Closing;

(l) except as set forth in Section 12, any obligation, liability or expense of any kind or nature relating to Taxes of either of the Sellers, either of the Companies, the Operating Company or any of their respective Affiliates, or with respect to the Purchased Equity Interests or the Bulk Gas Business, for any Pre-Closing Tax Period (including any obligation, liability or expense pursuant to any Tax Sharing Agreement (whether written or not) or by reason of being a successor-in-interest or transferee of another entity or any liability under Treasury Regulation §1.1502-6, Treasury Regulation §1.1502-78, or similar provision of state, local or foreign law) or in connection with the transactions contemplated hereby and by the Restructuring Terms;

(m) except as otherwise set forth in this Agreement, all obligations, liabilities or expenses (including for any accounting, legal, investment banking, brokerage or similar fees or expenses) incurred by each of the Sellers, each of the Companies, the Operating Company and each of their respective Affiliates in connection with the negotiation and preparation of this Agreement and the consummation of the transactions contemplated hereby;

(n) any Environmental Liabilities and any other obligation, liability or expense under or relating to any Environmental Law or Hazardous Substance or otherwise relating to the environment to the extent arising out of or relating to the Excluded Businesses, or any other business currently or formerly operated other than the Bulk Gas Business; or

(o) any Excluded Bulk Gas Environmental Liabilities.

Notwithstanding the foregoing, Environmental Liabilities and any other obligation, liability or expense under or relating to any Environmental Law or Hazardous Substance or otherwise relating to the environment to the extent arising out of or relating to the Real Property or the Bulk Assets shall not be deemed included among the “Excluded Liabilities. For the avoidance of doubt, to the extent that any Governmental Body or any other Person requires any Contract to be novated in connection with the transactions contemplated hereby, to the extent that such novation conflicts with the terms of this Agreement, then the provisions of this Agreement shall control as between the parties hereto.

“Existing Customer Contract” means a contract with a customer of the Bulk Gas Business set forth on Schedule 4.18(c).

“Final Closing NWC Amount” means the Net Working Capital of the Bulk Gas Business as of the Closing Date, as determined in accordance with the Working Capital Statement Principles.

“Final Allocation Schedule” has the meaning set forth in Section 2.4(a) hereof.

“Financial Statements” has the meaning set forth in Section 4.8(a) hereof.

“Financing” has the meaning set forth in Section 5.5 hereof.

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“Framework Agreement” means the agreement, dated the 24^thday of February 2006, by and between Airgas, Inc. and Guarantor, as amended by the supplement, dated the 21^st day of June 2006.

“FTC” has the meaning set forth in Section 4.7 hereof.

“FTC Orders” means, collectively, the Agreement Containing Consent Orders (File No. 061-0114), dated as of July 18, 2006, the Order to Hold Separate and Maintain Assets (Docket No. C-4163), issued as of September 5, 2006, and the Decision and Order (Docket No. C-4163), issued as of September 5, 2006, in the case of In the Matter of Xxxxx XX, a corporation before the FTC, and The BOC Group plc, a corporation before the FTC, and each agreement, instrument, order, and other document issued or entered into in connection with or related to the foregoing, including the trustee agreement with the Trustee and the manager agreement with the Manager.

“GAAP” means United States generally accepted accounting principles, as in effect from time to time.

“Governmental Body” means (a) any United States federal, state or local or foreign government (or political subdivision thereof), (b) any agency or instrumentality of any such government (or political subdivision thereof), (c) any non-governmental regulatory or administrative authority, body or other organization (to the extent that the rules, regulations, standards, requirements, procedures and Order of such authority, body or other organization have the force of Law) and (d) any United States federal, state or local or foreign court or tribunal.

“Guarantor” has the meaning specified in the preamble hereto.

“Guarantor Agent” has the meaning set forth in Section 23 hereof.

“Guaranty” has the meaning specified in Section 17.1 hereof.

“Hazardous Substance” has the meaning defined in Section 101(14) of CERCLA, plus oil and petroleum (in any form or derivative), asbestos, PCBs, and any other substance defined or regulated as hazardous or other term of similar import under any Environmental Law.

“HYCO Business” means Sellers’ and their Affiliates’ business of producing, refining, packaging, marketing, selling and supplying of hydrogen, carbon monoxide, synthesis gas, methanol or any other chemical gases or liquids in any quantity from production facilities and related distribution systems that utilize hydrocarbon reforming, gasification or other technologies.

“Imprinted Containers” has the meaning set forth in Section 6.11(d) hereof.

“Improvements” has the meaning set forth in Section 4.16(c) hereof.

“Indemnified Party” has the meaning set forth in Section 13.8(a) hereof.

“Indemnifying Party” has the meaning set forth in Section 13.8(a) hereof.

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“Independent Accountant” means PricewaterhouseCoopers LLP or, if such firm is not able to accept the assignment contemplated hereunder, another independent accounting firm, which in each such case shall be jointly engaged by, and mutually agreeable to, the Purchaser and the Sellers and shall not be affiliated with the either the Purchaser or the Sellers or have conducted business with either the Purchaser or the Sellers during the previous two (2) years.

“INO Therapeutics Business” means the business of INO Therapeutics, a multi-national specialty pharmaceutical company, with core competencies in development of late stage drugs and marketing of pharmaceuticals and delivery devices.

“Intellectual Property” means all rights in any and all of the following:

(a) patents, patent applications and inventions, designs and improvements described and claimed therein, patentable inventions and other patent rights (including any divisions, continuations, continuations-in-part, substitutions, or reissues thereof, whether or not patents are issued on any such applications and whether or not any such applications are modified, withdrawn, or resubmitted (“Patents”);

(b) trademarks, service marks, trade dress, trade names, brand names, designs, logos, corporate names, domain names and other source indicators, whether registered or unregistered, and all registrations and applications for registration thereof, including the goodwill of the business symbolized thereby or associated therewith (“Trademarks”);

(c) copyrights and mask works, including all renewals and extensions thereof, copyright registrations and applications for registration thereof, and non-registered copyrights (“Copyrights”);

(d) trade secrets, confidential business information, technical information and other proprietary information, concepts, ideas, designs, processes, procedures, techniques, technical information, specifications, operating and maintenance manuals, engineering drawings, methods, know-how, technical data, quality control data and databases, reports, discoveries, inventions, modifications, extensions, improvements, research materials and other proprietary rights (whether or not patentable or subject to copyright, mask work, or trade secret protection) (“Trade Secrets”);

(e) computer software programs, including Off-the-Shelf-Software, and all source code, object code, and manuals and documentation related thereto (but, for the avoidance of doubt, excluding any information transmitted by or stored within any computer software programs or any reports generated by the use of the foregoing, any of which are covered in subsection (d)) (“Software”); and

(f) all rights to xxx at law or in equity for any infringement, misappropriation or other impairment of any of the foregoing and the right to collect damages and proceeds therefrom; provided, that such rights shall be excluded from the definition of “Intellectual Property” for the purposes of the licenses described in Section 6.11.

“Interim Unaudited Financial Statements” has the meaning set forth in Section 4.8(a) hereof.

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“IP Licenses” means all licenses, sublicenses and other agreements or permissions related to Intellectual Property.

“IRS” has the meaning set forth in Section 4.23(m).

“Jefferson Capital Improvement” means the installation of a new 220 ton per day (TPD) liquefier at the Atmospheric Gases plant located in Jefferson, Georgia, as described on Schedule DEF-J in accordance with the Operating Company’s plans therefor as of the date hereof.

“knowledge of the Sellers” means the actual knowledge, after due inquiry consistent with such individual’s area of responsibility, of the individuals set forth on Schedule DEF-K.

“Labor Laws” means any and all applicable foreign and U.S.-based federal, state and local Laws relating in any manner to employment, employees and/or individuals performing work as consultants or contractors, including employment standards, employment of minors, employment discrimination, health and safety, labor relations, unions, withholding, wages and hours, overtime, employee benefits and benefit plans of any kind, workplace safety and insurance and pay equity.

“LAG Methanol Business” means the business of XxXxxxx Methanol Company, L.P., an entity in which Guarantor has a fifteen percent (15%) indirect ownership interest, and Lyondell Chemical Company has an eighty-five percent (85%) indirect ownership interest, and which operates a methanol plant in XxXxxxx, Texas.

“Law” means any applicable federal, state, local or foreign law, statute, ordinance, rule, regulation, binding standard, Order or code, enacted, promulgated, adopted, enforced or applied by any Governmental Body, all as in effect from time to time.

“LCS License Agreement” means the non-exclusive license from Guarantor to the Purchaser to use the LCS (Liquid Control System) software and related documentation, subject to the terms and conditions set forth therein, substantially in the form attached hereto as Exhibit H.

“Leased Real Property” means the land, buildings, structures, fixtures and other Improvements leased by the Operating Company and set forth on Schedule DEF-C.

“Licensees” shall have the meaning set forth in Section 6.11(a) hereof.

“Liens” means any pledges, liens, conditional sales contracts, mortgages, deeds of trust, charges, transfer restrictions (other than the requirements of applicable Laws), security interests, easements, rights-of-way, servitudes, encroachments, survey defects and encumbrances relating to such property or property interest.

“Linde Inc.” has the meaning set forth in the recitals hereto.

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“Xxxxx Xxxxxxxxx Plan” means the severance plan maintained by the Operating Company as of the date hereof.

“Losses” has the meaning set forth in Section 13.2 hereof.

“Manager” means the manager appointed by the FTC to manage the Bulk Gas Business pursuant to the FTC Orders.

“Material Contracts” means the Real Property Leases and the Bulk Contracts identified on Schedule 4.18(a).

“Material Customers” has the meaning set forth in Section 4.19(a) hereof.

“Material Permits” has the meaning set forth in Section 4.17 hereof.

“Material Restriction” has the meaning set forth in Section 6.6(c) hereof.

“Maximum Amount” has the meaning set forth in Section 13.4(a) hereof.

“Microbulk” means liquid oxygen, nitrogen, argon and carbon dioxide delivered to customers using ‘Orca’ delivery units or similar units of a different manufacturer.

“Minimum Claim Amount” has the meaning set forth in Section 13.4(a) hereof.

“Minimum Financial Claim Amount” has the meaning set forth in Section 13.4(a) hereof.

“MultiEmployer Plan” has the meaning set forth in Section 4.20(a) hereof.

“Multi Location Customer” has the meaning set forth in Section 6.4(b) hereof.

“Net Working Capital” means, with respect to the Bulk Gas Business, an amount equal to (i) the sum of all Accounts Receivable, Bulk Inventory, Real Property Rent Prepayments and Prepaid Expenses and Prepaid Property Taxes determined in accordance with the Working Capital Statement Principles less (ii) all Trade Payables and Property Tax Accruals, determined in accordance with the Working Capital Statement Principles; it being understood that the numerical value of the foregoing equation may be less than zero (0) if the numerical value of clause (i) is less than the numerical value of clause (ii) of this sentence.

“New Customer Contracts” has the meaning set forth in the definition of “Bulk Assets” contained in this Section 1.1.

“New Employment Contract” has the meaning set forth in Section 6.8(i) hereof.

“Non-Competition Agreement” has the meaning set forth in Section 4.20(h) hereof.

“Non-Solicitation Period” has the meaning set forth in Section 6.4(a) hereof.

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“Objection Notice” has the meaning set forth in Section 2.3(b) hereof.

“Off-the-Shelf Software” means off-the-shelf personal computer Software as such term is commonly understood, that is commercially available under non-discriminatory pricing terms on a retail basis for less than five hundred dollars ($500) per seat and ten thousand dollars ($10,000) in the aggregate, and used solely on personal computers.

“On-Site Business” means Sellers’ and their Affiliates ECOVAR Business, Tonnage Air Gas Business and HYCO Business.

“Operating Company” has the meaning set forth in the recitals hereto.

“Order” means any legally enforceable orders, judgments, injunctions, awards, decisions, decrees or writs or any executive, administrative, legislative or judicial proclamation, in each case, of any Governmental Body.

“Ordinary Course of Business” means the ordinary course of business, consistent with past practice, of the Bulk Gas Business, as conducted by each of the Sellers, each of the Companies, the Operating Company and each of their respective Affiliates, as applicable.

“Other Major Engineering Projects and Business” means those projects carried out by the Guarantor or its Affiliates in the United States with regard to the engineering, procurement, and construction of any facility within the Guarantor’s portfolio, including specific customer engineering projects for Process Equipment used in Gas Applications installations.

“Owned Real Property” means the real property owned by the Operating Company identified on Schedule DEF-B, including all of the buildings, structures, fixtures and other Improvements owned by each of the Sellers, each of the Companies and the Operating Company, as applicable, located thereon.

“Packaged Gas Business” means the Sellers’ and their Affiliates’ business in the United States of (a) producing, preparing, transfilling, packaging, marketing, distributing, exporting, selling and supplying industrial, medical and specialty gases in Packaged Gas Business Containers, (b) preparing, transfilling, packaging, marketing, distributing, exporting, selling and supplying process chemicals (in either gas or liquid form) and (c) distributing, marketing, supplying as a reseller, distributor or lessor equipment and supplies (including welding equipment, welding consumables, safety equipment and supplies and related products) and materials.

“Packaged Gas Business Containers” means cylinders, dewars, lecture bottles, pallet tanks not serviced by Microbulk units, bulk storage equipment (including bulk fuel tanks, bulk cryogenic tanks, and tube trailers) that are used in filling facilities, and bulk-acetylene trainers.

“Patents” has the meaning set forth in the definition of “Intellectual Property” contained in this Section 1.1.

“Partnership Interests” has the meaning set forth in Section 4.4(a) hereof.

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“PBGC” means the Pension Benefit Guaranty Corporation.

“Permits” means all licenses, permits, consents, waivers, authorizations, Orders, registrations and approvals of any Governmental Body currently held or being applied for by each of the Sellers, each of the Companies and the Operating Company, as applicable, in connection with the Bulk Gas Business or the Bulk Assets.

“Permitted Liens” means (a) unperfected mechanics’, carriers’, workers’, repairer’s, purchase money security interest and other similar Liens arising or incurred in the Ordinary Course of Business (i) related to obligations as to which (x) there is no default on the part of the Operating Company and (y) the Operating Company has not received written notice of the commencement of foreclosure actions with respect thereto and (ii) that are not in the aggregate substantial in amount, and (b) Liens for Taxes that are not in default or delinquent or that are being contested in good faith by appropriate proceedings and that are not in the aggregate substantial in amount; and (c) Permitted Real Property Exceptions.

“Permitted Real Property Exceptions” means such Liens that do not, individually or in the aggregate, (i) interfere significantly with the use, occupancy or operation of the Real Property as currently used, occupied and operated in connection with the Bulk Gas Business, (ii) materially reduce the fair market value of the Real Property below the fair market value that the Real Property (as currently used, operated and occupied in connection with the Bulk Gas Business) would have had but for such encumbrances or (iii) Liens on the estate of the owner or lessor of Leased Real Property which do not significantly affect the use or operation of the Real Property as it is used or operated as of the date hereof.

“Person” means an individual, a partnership, a joint venture, a limited liability company, a corporation, a trust, a firm, an association, an unincorporated organization, a Governmental Body and any other entity whatsoever.

“Post-Closing Payment Statement” has the meaning set forth in Section 2.3(a) hereof.

“Pre-Closing Covenants” has the meaning set forth in Section 13.3 hereof.

“Pre-Closing Tax Period” shall mean (a) any Tax period ending on or prior to the Closing Date and (b) with respect to a Tax period that commences before but ends after the Closing Date, the portion of such period up to and including the Closing Date.

“Post-Signing Returns” has the meaning set forth in Section 6.14(a) hereof.

“Prepaid Expenses” has the meaning set forth in the definition of “Bulk Assets” contained in this Section 1.1.

“Prepaid Property Taxes” means prepaid real and personal property taxes applicable to the Bulk Assets or the Bulk Gas Business (including any payments made under an Industrial District Agreement or similar agreement).

“Product Supply Agreement” has the meaning specified in Section 3.2(d) hereof.

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“Property Tax Accruals” means accruals for real and personal property taxes applicable to the Bulk Assets or the Bulk Gas Business (including any payments made under an Industrial District Agreement or similar agreement).

“Purchase Location” has the meaning set forth in Section 6.4(a) hereof.

“Purchase Price” has the meaning set forth in Section 2.2(a) hereof.

“Purchased Equity Interests” has the meaning set forth in the recitals hereto.

“Purchased GP Interests” has the meaning set forth in the recitals hereto.

“Purchased LP Interests” has the meaning set forth in the recitals hereto.

“Purchased Product” has the meaning set forth in Section 6.4(a) hereof.

“Purchaser” has the meaning set forth in the preamble hereto.

“Purchaser 401(k) Plan” has the meaning set forth in Section 9.4(h) hereof.

“Purchaser Indemnitees” has the meaning set forth in Section 13.2 hereof.

“Purchaser Information” has the meaning set forth in Section 6.3(b) hereof.

“Purchaser Parties” has the meaning set forth in Section 6.1(a) hereof.

“Purchaser Subsidiary” means any wholly-owned direct or indirect Subsidiary of the Purchaser.

“Purchaser Terminated Employee” has the meaning set forth in Section 9.3 hereof.

“Purchaser’s Allocation Schedule” has the meaning set forth in Section 2.4(a) hereof.

“Real Property” means the Owned Real Property and the Leased Real Property.

“Real Property Leases” means the leases, subleases and other agreements pursuant to which the Operating Company occupies the Leased Real Property.

“Real Property Rent Prepayments” means the rights in respect of all prepayments of rents made by each of the Sellers, each of the Companies and the Operating Company, as applicable, under the Real Property Leases.

“Release” means any releasing, spilling, leaking, pumping, pouring, emitting, emptying, discharging, injecting, escaping, leaching, dumping, discarding or disposing into the environment.

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“Remediation” means any removal, remedial and/or response actions, as those activities are defined and used in CERCLA and other Environmental Laws and all investigations, samplings and assessments incident thereto.

“Restrictive Covenants” has the meaning set forth in Section 6.4(c) hereof.

“Restructuring” has the meaning set forth in Section 6.22(a) hereof.

“Restructuring Terms” means those transactions, and the terms therefor, set forth on Exhibit G.

“Retained Debt” means any portion of the indebtedness for borrowed money (including principal, accrued interest and associated costs, expenses, fees or repayment penalties) of the Operating Company or any of the Companies, on the one hand, and any Affiliates of the Sellers (other than the Companies and the Operating Company), on the other hand; provided that the amount of the Retained Debt shall not exceed $494,800,000.

“Retained Litigation” means litigation pending as of the date hereof as set forth in Schedule DEF-L, or as may be added to such schedule by the Sellers in their sole discretion prior to the Closing and, with respect to litigation relating to the Bulk Gas Business, with consent of the Purchaser.

“Retaining Party” has the meaning set forth in Section 6.22(c) hereof.

“SEC” has the meaning set forth in Section 6.18(b) hereof.

“Section 13.11(b) Claim” has the meaning set forth in Section 13.11(b)(i) hereof.

“Seller A” has the meaning set forth in the preamble hereto.

“Seller B” has the meaning set forth in the preamble hereto.

“Sellers” has the meaning set forth in the preamble hereto.

“Seller 401(k) Plan” has the meaning set forth in Section 9.4(h) hereof.

“Seller Entities” has the meaning set forth in Section 4.20(e)(iii) hereof.

“Seller Indemnitees” has the meaning set forth in Section 13.5 hereof.

“Seller Information” has the meaning set forth in Section 6.3(c) hereof.

“Seller Marks” has the meaning set forth in Section 6.11(d) hereof.

“Seller Obligations” has the meaning set forth in Section 17.1 hereof.

“Sellers’ Allocation Schedule” has the meaning set forth in Section 2.4(a) hereof.

“Sellers’ Remediation” has the meaning set forth in Section 13.4(c)(i) hereof.

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“Software” has the meaning set forth in the definition of “Intellectual Property” contained in this Section 1.1.

“Spare Parts” means all spare parts located at the Bulk ASUs and all shared critical spare parts for any of the Bulk ASUs that are stored at any other location other than the Bulk ASUs, except those parts primarily used for on-site plants in the ECOVAR Business and Tonnage Air Gas Business and those items listed on Schedule DEF-F.

“Special One-Time Retention Arrangements” has the meaning set forth in Section 6.8(j) hereof.

“Specified Equipment” means the motor vehicles, tractors, cars, fork lifts, trailers, cryogenic trailers, tube trailers, bulk tanks (including related equipment and machinery such as pumps and vaporizers) and other items set forth on Schedule 4.11(b), including leased vehicles used by Business Employees.

“Spectra Gases Business” means the business of Spectra Gases, Inc. and its Affiliates, which includes the sales, marketing, purification, blending, filling, distribution of specialty gases and chemicals (including synthetic chemicals, isotropically labeled gases and chemicals, isotopes, calibration gases, EPA protocols, excimer laser gases, VOC mixes, rare gases and rare gas mixes, high purity gases and chemicals, deuterium and deuterated compounds), as well as engineering equipment solutions including regulators and related hardware.

“Stay Bonuses” has the meaning set forth in Section 9.3 hereof.

“Stay Bonus Letter” has the meaning set forth in Section 9.3 hereof.

“Straddle Period” has the meaning set forth in Section 13.10(c) hereof.

“Subject Property” has the meaning set forth in Section 6.13 hereof.

“Subsidiary” means, with respect to any Person, any other Person whether incorporated or unincorporated, of which at least a majority of the securities or ownership interests having by their terms voting power to elect a majority of the board of directors or other persons performing similar functions is directly or indirectly owned or controlled by such Person or by one or more of its respective Subsidiaries.

“Tangible Assets Schedule” has the meaning set forth in Section 2.4(a).

“Target Net Working Capital Amount” has the meaning set forth in Section 2.3(f).

“Tax” or “Taxes” means (i) any and all federal, state, provincial, local, foreign and other taxes, levies, fees, imposts, duties, and similar governmental charges (including any interest, fines, assessments, penalties or additions to tax imposed in connection therewith or with respect thereto) including (x) taxes imposed on, or measured by, income, franchise, profits or gross receipts, and (y) ad valorem, value added, capital gains, sales, goods and services, use, real or personal property, capital stock, license, branch, payroll, estimated, withholding, employment,

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social security (or similar), unemployment, compensation, utility, severance, production, excise, stamp, occupation, premium, windfall profits, transfer and gains taxes, and customs duties, and (ii) any transferee liability in respect of any items described in clause (i) above.

“Tax Actions” has the meaning set forth in Section 6.14(d) hereof.

“Tax Benefit” means a reduction after the Closing in the federal, state or local or foreign liability for Tax or any refund or credit of a prior liability for Tax attributable to adjustments to the income, deductions or credits resulting from any event that is the basis for an indemnification claim under Section 13.2 or 13.5 that is actually realized by the Purchaser Indemnitee or Seller Indemnitee, as the case may be.

“Tax Returns” means any and all reports, returns, declarations, claims for refund, disclosures, estimates, information reports or returns or statements required to be supplied to a taxing authority in connection with Taxes, including any schedule or attachment thereto or amendment thereof.

“Tax Sharing Agreements” has the meaning set forth in Section 4.23(j) hereof.

“Third Party” means any Person other than (i) the parties to this Agreement and (ii) their Affiliates, successors and assigns.

“Third Party Distributor” means any Third Party that purchases bulk or packaged gas from any of the Guarantor or its Affiliates, or from others, for re-packaging or for resale.

“Third Party Partner” means any Third Party that sells bulk or packaged gas to any Person.

“TMG Business” means the business of TMG Co., LLC, a wholly owned Subsidiary of the Operating Company, and which operates a business of reselling medical and industrial gas products, both in bulk and cylinder form, to customers with multiple locations.

“Tonnage Air Gas Business” means Sellers’ and their Affiliates’ business of producing, refining, marketing, selling and supplying of air gases in quantities greater than two hundred (200) tons per day from production facilities and related distribution systems that utilize membrane, adsorption, and/or cryogenic technologies. For the avoidance of doubt, Tonnage Air Gas Business includes all liquid or gaseous products that the customer consumes at the site whether directly related to the on-site production facility or not.

“Trade Payables” means trade payables accrued in the Ordinary Course of Business.

“Trade Secrets” has the meaning set forth in the definition of “Intellectual Property” contained in this Section 1.1.

“Trademarks” has the meaning set forth in the definition of “Intellectual Property” contained in this Section 1.1.

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“Transaction Documents” means this Agreement, the Transition Services Agreement, the Product Supply Agreement and the LCS License Agreement.

“Transfer Taxes” has the meaning set forth in Section 12.1 hereof.

“Transferred Employees” has the meaning set forth in Section 9.4(d) hereof.

“Transition Services Agreement” means the transition services agreement on the terms attached hereto as Exhibit C.

“Treasury Regulations” means the Treasury regulations promulgated under the Code.

“Trustee” means the trustee appointed by the FTC pursuant to the FTC Order.

“Utilize” means to use, reproduce, prepare derivative works based upon, distribute, perform, display, make, have made, sell, offer to sell, export, import and otherwise exploit.

“Vacation Payment” has the meaning set forth in Section 9.4(f) hereof.

“WARN” means, collectively, the Worker Adjustment and Retraining Notification Act of 1988 (and the regulations promulgated thereunder) and any applicable or similar state or local equivalent.

“Working Capital Statement Principles” means the principles, procedures and methodologies set forth on Exhibit D that shall be applied to any determination and calculation of Net Working Capital under the terms and provisions, and for the purposes of, this Agreement. To the extent the Working Capital Statement Principles are inconsistent with GAAP, GAAP shall control. The Working Capital Statement Principles shall be consistent with the Carve-Out Principles.

“Year-End 2006 Audited Financial Statements” has the meaning set forth in Section 6.18(a) hereof.

“Year-End Audited Financial Statements” has the meaning set forth in Section 4.8(a) hereof.

1.2. Construction. All references herein to a Section or Exhibit are to a Section or Exhibit, respectively, of or to this Agreement, unless otherwise indicated. All references herein to a Schedule are to a Schedule of the disclosure schedules attached to this Agreement, unless otherwise indicated. Disclosure of any fact or item in any Schedule shall, should the existence of such fact or item be relevant to any other Schedule, be deemed to be disclosed with respect to that other Schedule so long as the relevance of such disclosure to such other Schedule is readily apparent on its face. The headings of Sections in this Agreement are provided for convenience only and will not affect the construction or interpretation of this Agreement. All words used in this Agreement will be construed to be of such gender or number as the circumstances require. The meanings given to terms defined herein shall be equally applicable to both the singular and

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plural forms of such terms. Unless otherwise expressly provided, the words “include,” “includes” and “including” shall be construed as if followed by the phrases “without limitation” or “without being limited to.” Words such as “herein,” “hereof,” “hereby,” “hereunder” and words of similar import refer to this Agreement as a whole and not to any particular Section of this Agreement, unless the context clearly indicates otherwise. The terms “transactions contemplated hereby,” “transactions contemplated by this Agreement” and similar phrases shall not include the Restructuring. The parties hereto agree that they have been represented by counsel during the negotiation and execution of this Agreement and, therefore, waive the application of any law, regulation, holding or rule of construction providing that ambiguities in an agreement or other document will be construed against the party drafting such agreement or document.

SECTION 2
PURCHASE AND SALE OF PURCHASED EQUITY INTERESTS

2.1. Purchase and Sale of Purchased Equity Interests. At the Closing, and upon the terms and subject to the conditions set forth in this Agreement, the Sellers shall sell, transfer, convey, assign and deliver to the Purchaser, and the Purchaser shall purchase and receive from the Sellers, all of the Sellers’ right, title and interest in and to the Purchased Equity Interests, free and clear of all Liens, other than such as may be created by or on behalf of the Purchaser.

2.2. Purchase Price.

(a) Closing Date Payment. The Purchaser agrees (i) to pay to the Sellers on the Closing Date an amount equal to the Closing Date Payment, as payment for the Purchased Equity Interests and (ii) to repay to an Affiliate of the Sellers (as designated by the Sellers) an amount equal to the Retained Debt (the amount of the Closing Date Payment (as adjusted, if at all, pursuant to Section 2.3) plus the amount of the Retained Debt at Closing, being referred to herein as the “Purchase Price”). The amount of the Closing Date Payment plus the amount of Retained Debt shall equal $494,800,000. The Purchase Price shall not be subject to adjustment for any applicable sales, goods and services, value added, transfer and similar Taxes incurred with respect to the transfer of the Purchased Equity Interests.

(b) The Sellers shall provide the Purchaser a schedule setting forth the amount of the Retained Debt and the identity of the Affiliate of the Sellers to whom repayment of the Retained Debt is to be made pursuant to Section 2.2(a) at least three (3) Business Days prior to the Closing Date.

(c) The Closing Date Payment shall be made by the Purchaser to the Sellers in immediately available funds by wire transfer to such account as the Sellers shall designate in writing at least three (3) Business Days prior to the Closing Date. The repayment of the Retained Debt to an Affiliate of the Sellers shall be made in immediately available funds by wire transfer to such account as the Sellers, on behalf of such Affiliate, shall designate in writing at least three (3) Business Days prior to the Closing Date. Upon repayment of the Retained Debt in accordance with the foregoing, the Retained Debt and any other obligation related thereto shall be discharged and the Operating Company shall be released from any and all liability in connection therewith.

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2.3. Post-Closing Payment.

(a) Delivery of Post-Closing Payment Statement. The Sellers shall prepare and, by the date that is forty (40) Business Days after the Closing Date, deliver to the Purchaser a statement (the “Post-Closing Payment Statement”) setting forth their determination of the amount of the Final Closing NWC Amount, together with a reasonable description of the determination and calculation of such amount. The Purchaser shall assist and cooperate with the Sellers in the preparation of the Post-Closing Payment Statement, including by providing the Sellers and their accountants reasonable access to all relevant Books and Records, facilities and employees of the Companies and the Operating Company and to any other information reasonably necessary to prepare the Post-Closing Payment Statement. The Post-Closing Payment Statement shall be prepared in accordance with the Working Capital Statement Principles.

(b) Objection to Post-Closing Payment Statement. The Purchaser may dispute the amounts set forth on the Post-Closing Payment Statement, but only on the basis that the Sellers’ determination of the Final Closing NWC Amount was not determined in a manner consistent with the determination of the Target Net Working Capital Amount; provided that the Purchaser shall have notified the Sellers in writing (the “Objection Notice”) within thirty (30) Business Days after receiving the Post-Closing Payment Statement from the Sellers, specifying the amount thereof in dispute and setting forth in reasonable detail the basis for the dispute, including reasonable details of its calculations.

(c) Resolution of Disputes. The Sellers shall give the Purchaser and the Purchaser’s independent public accountants reasonable access during the entire thirty (30) Business Day period specified in Section 2.3(b) to the Sellers’ work papers used in the preparation of the Post-Closing Payment Statement to enable the Purchaser to exercise its rights under this Section 2.3. The Sellers and the Purchaser shall attempt in good faith to resolve all of the items in dispute set out in the Objection Notice within ten (10) Business Days of receipt by the Sellers of the Objection Notice. Any items in dispute not resolved within such ten (10)-Business Day period shall be referred as soon as possible thereafter by the Sellers and the Purchaser to the Independent Accountant. The parties shall require the Independent Accountant (i) to act as an expert and not as an arbitrator, (ii) to determine the items in dispute that have been referred to it as soon as reasonably practicable but in any event not later than twenty (20) Business Days after the date of referral of the dispute to it, and (iii) in making its determination, to consider only the issues in dispute placed before it and to base its determination on the Working Capital Statement Principles. The Sellers and the Purchaser shall provide or make available all documents and information as reasonably required by the Independent Accountant to make its determination. The determination of the Independent Accountant as to all items in the Post-Closing Payment Statement and the resulting calculation of the Final Closing NWC Amount shall be final and binding on the parties.

(d) Independent Accountant Expenses. The fees and expenses of the Independent Accountant in acting in accordance with this Section 2.3 shall be shared equally by the Purchaser, on the one hand, and the Sellers, on the other hand.

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(e) Final Post-Closing Payment Statement. The Post-Closing Payment Statement and its contents shall be deemed final and binding upon the parties upon the earliest of: (i) the failure of the Sellers to furnish an Objection Notice to the Purchaser within thirty (30) Business Days after receiving the Post-Closing Payment Statement from the Purchaser pursuant to Section 2.3(a), (ii) the resolution of all disputes that are the subject of an Objection Notice by the parties pursuant to Section 2.3(c), or (iii) the final determination of the Independent Accountant pursuant to Section 2.3(c).

(f) Post-Closing Payment. On the second (2^nd) Business Day after the Post-Closing Payment Statement has become final and binding in accordance with Section 2.3(e), (i) if the Final Closing NWC Amount is greater than $15,805,000 (the “Target Net Working Capital Amount”), which was determined in accordance with the Working Capital Statement Principles, then the Purchaser shall pay to the Seller the amount of such difference or (ii) if the Final Closing NWC Amount is less than the Target Net Working Capital Amount, then the Seller shall pay to the Purchaser the amount of such difference, any such payment being deemed an adjustment to the amount of the Purchase Price. Any payment so required to be made by the Purchaser or the Sellers shall be by transfer of immediately available funds to an account or accounts specified in writing by the Purchaser or the Sellers (as the case may be) and shall bear interest from the Closing Date through the date of payment at the prime lending rate as announced from time to time by JPMorgan Chase Bank, N.A.

2.4. Allocation.

(a) At the Closing, the Sellers shall deliver to the Purchaser a statement (the “Sellers’ Allocation Schedule”) setting forth their proposed calculation of the aggregate amount of the Purchase Price, and the liabilities taken into account in determining the amount realized for the Sellers for federal income tax purposes, of the Companies and the Operating Company to be allocated among the assets of the Companies and the Operating Company and the allocation of such aggregate amount among the assets of the Companies and the Operating Company. To the extent that, within ninety (90) days after the Purchaser’s receipt of the Sellers’ Allocation Schedule, the Purchaser shall not have objected in writing to such Sellers’ Allocation Schedule, then the Sellers’ Allocation Schedule shall become the final Allocation Schedule (the “Final Allocation Schedule”). Within ninety (90) days after the Closing, the Purchaser may cause American Appraisal Associates, Inc. (or such other appraiser as shall be reasonably acceptable to the Sellers) to prepare, in a manner consistent with Purchaser’s past practices, a proposed calculation of the aggregate amount of the Purchase Price, and the liabilities taken into account in determining the amount realized for the Sellers for federal income tax purposes, of the Companies and the Operating Company to be allocated among the assets of the Companies and the Operating Company and the allocation of such aggregate amount among the assets of the Companies and the Operating Company (the “Purchaser’s Allocation Schedule”). In the event that there is disagreement between the Sellers and Purchaser as to which allocation schedule (or which parts thereof) should be used, the Sellers and the Purchaser shall negotiate in good faith to resolve the dispute. If the Sellers and the Purchaser are unable to reach an agreement within ninety (90) days after the Sellers’ receipt of the Purchaser’s Allocation Schedule, the dispute shall be resolved and the Final Allocation Schedule shall be determined by Deloitte & Touche (“Deloitte”), which shall be jointly retained by the parties. Deloitte shall not be required to select either party’s position in the dispute and may determine a different resolution. Deloitte shall

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resolve the dispute within thirty (30) days after the item has been referred to it. If deemed necessary by Deloitte, Deloitte may perform, or cause to be performed, an Appraisal to determine the values to be reflected on the Final Allocation Schedule. The Final Allocation Schedule, as agreed to by the Purchaser and the Sellers and/or as determined by Deloitte according to the terms of this Section 2.4(a), shall be final and binding upon the parties. Each of the Purchaser and the Sellers shall bear all fees and costs incurred by it in connection with the determination of the Final Allocation Schedule, except that the fees and expenses of Deloitte in acting in accordance with this Section 2.4(a) shall be shared equally by the Purchaser and the Sellers.

(b) For all Tax purposes, the Purchaser and the Sellers will report the transactions contemplated by this Agreement and the Transaction Documents in a manner consistent with the Final Allocation Schedule, and neither of such parties will take or assume any position inconsistent therewith in any Tax Return.

(c) The parties will promptly inform one another of any challenge by any taxing authority to the Final Allocation Schedule and agree to consult and keep one another informed with respect to the status of, and any discussion, proposal or submission with respect to, such challenge.

SECTION 3
CLOSING

3.1. Closing. The closing of the transactions contemplated by this Agreement (the “Closing”) shall take place at the offices of Xxxx, Weiss, Rifkind, Xxxxxxx & Xxxxxxxx LLP, 1285 Avenue of the Americas, New York, New York, at 10:00 a.m. Eastern Daylight Time on the date that is the fifth (5^th) Business Day immediately following satisfaction or waiver of all of the conditions to Closing set forth in Section 7 and Section 8 hereof (other than those which by their nature are to be satisfied at the Closing) or at such other time, place or date as the Purchaser and the Sellers may agree in writing. The date upon which the Closing actually occurs is referred to herein as the “Closing Date.” The Closing shall be effective as of the closing of business on the Closing Date.

3.2. Certain Closing Deliveries by the Sellers. At the Closing, the Sellers shall deliver, or cause to be delivered, to the Purchaser or one or more of the Purchaser Subsidiaries (as designated in writing by the Purchaser no later than three (3) Business Days prior to the Closing Date) the following:

(a) certificates (or local legal equivalent) evidencing those Purchased Equity Interests that are certificated securities, duly endorsed in blank, or accompanied by stock powers duly executed in blank and with any required stock transfer tax stamps affixed thereto;

(b) the officer’s certificate required by Section 7.4;

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(d) a supply agreement, substantially in the form attached hereto as Exhibit E (the “Product Supply Agreement”), duly executed by an authorized representative of the Sellers or an appropriate Affiliate of the Sellers, if applicable;

(e) the Transition Services Agreement, duly executed by an authorized representative of the Sellers or an appropriate Affiliate of the Sellers, if applicable;

(f) a certificate certifying that no withholding is required within the meaning of Section 1445 of the Code, which certificate shall set forth all information required by, and otherwise be executed in accordance with, Treasury Regulation Section 1.1445-11T(d)(2);

(g) resignations effective as of the Closing Date from any and all directors and officers of each of the Companies and the Operating Company;

(h) an officer’s incumbency certificate of each of the Sellers, dated as of the Closing Date;

(i) the LCS License Agreement, duly executed by an authorized representative of the Guarantor or an appropriate Affiliate of the Guarantor;

(j) an instrument in writing evidencing the receipt, repayment and full satisfaction of the Retained Debt by the Affiliate of the Sellers designated in accordance with Section 2.2(a), in a form and with substance reasonably satisfactory to the Purchaser; and

(k) all other documents, instruments and writings required to be delivered by the Sellers at or prior to the Closing pursuant to this Agreement.

3.3. Certain Closing Deliveries by the Purchaser. At the Closing, the Purchaser shall deliver, or cause to be delivered, to the Sellers the following:

(a) the officer’s certificate required by Section 8.3;

(b) payment of the Closing Date Payment in accordance with Section 2.2;

(c) counterparts to the Product Supply Agreement, duly executed by an authorized representative of the Purchaser or the applicable Purchaser Subsidiary;

(d) counterparts to the Transition Services Agreement, duly executed by an authorized representative of the Purchaser or the applicable Purchaser Subsidiary;

(e) an officer’s incumbency certificate of the Purchaser, dated as of the Closing Date;

(f) counterparts to the LCS License Agreement, duly executed by an authorized representative of the Purchaser or the applicable Purchaser Subsidiary; and

(g) all other documents, instruments and writings required to be delivered by the Purchaser at or prior to the Closing pursuant to this Agreement.

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SECTION 4
REPRESENTATIONS AND WARRANTIES OF THE SELLERS

Each of the Sellers jointly and severally represents and warrants to the Purchaser as follows:

4.1. Organization of the Sellers and the Guarantor.

(a) Seller A is a private company with limited liability duly organized, validly existing and in good standing under the laws of the Netherlands and has all requisite power to own, lease and operate the assets or properties owned, leased or operated by it (including, if applicable, any of the Bulk Assets), and to carry on its business (including, if applicable, any portion of the Bulk Gas Business), as now being conducted. Seller B is a corporation duly organized, validly existing and in good standing under the laws of the State of Georgia and has all requisite power to own, lease and operate the assets or properties owned, leased or operated by it (including, if applicable, any of the Bulk Assets) and to carry on its business (including, if applicable, any portion of the Bulk Gas Business) as now being conducted. Each of the Sellers is duly qualified or licensed to do business as a foreign corporation and is in good standing (where such concept is applicable) in every jurisdiction where the ownership, leasing or operation of its assets or properties (including, if applicable, any of the Bulk Assets), as the case may be, or the conduct of its business (including, if applicable, any portion of the Bulk Gas Business) require such qualification or licensing other than jurisdictions where failure to be so qualified or licensed or in good standing would not, individually or in the aggregate, have a Business Material Adverse Effect.

(b) The Guarantor is a corporation duly organized and validly existing under the laws of the Federal Republic of Germany.

4.2.Organization of the Companies.

(a) Company A is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Georgia and has all requisite power to own, lease and operate its assets or properties (including, if applicable, any of the Bulk Assets) and to carry on its business (including, if applicable, any portion of the Bulk Gas Business) as now being conducted. Company B is a limited partnership duly organized, validly existing and in good standing under the laws of the State of Texas and has all requisite power to own, lease and operate its assets or properties (including, if applicable, any of the Bulk Assets) and to carry on its business (including, if applicable, any portion of the Bulk Gas Business) as now being conducted.

(b) Each of the Companies is duly qualified or licensed to do business as a foreign entity and is in good standing (where such concept is applicable) in every jurisdiction where the ownership, leasing or operation of its assets or properties (including, if applicable, any of the Bulk Assets) or the conduct of its business (including, if applicable, any portion of the Bulk Gas Business) require such qualification or licensing other than jurisdictions where failure to be so qualified or licensed or in good standing would not, individually or in the aggregate, have a Business Material Adverse Effect.

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(c) The Operating Company is a limited liability company duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite entity power to own, lease and operate its assets or properties (including the Bulk Assets owned, leased or operated by the Operating Company) and to carry on its business (including that portion of the Bulk Gas Business conducted by the Operating Company) as now being conducted. The Operating Company is duly qualified or licensed to do business as a foreign entity and is in good standing (where such concept is applicable) in every jurisdiction where the ownership, leasing or operation of its assets or properties (including the Bulk Assets owned, leased or operated by the Operating Company) or the conduct of its business (including that portion of the Bulk Gas Business conducted by the Operating Company) require such qualification or licensing, other than jurisdictions where failure to be so qualified or licensed or in good standing would not, individually or in the aggregate, have a Business Material Adverse Effect.

(d) The Guarantor or the Sellers have made available to the Purchaser (i) a copy of the certificate of incorporation, by-laws, regulations or other organizational or governing documents of and for each of the Companies and the Operating Company, each in effect as of the date hereof, and (ii) copies of the minutes of all meetings of the stock holders, equity holders, boards of directors, governing bodies and all committees of any the foregoing, as applicable, for each of the Companies and the Operating Company, held since January 1, 2003. None of the Companies nor the Operating Company is in violation, or, since January 1, 2003, has been in material violation, of its organizational documents in any material respect.

4.3. Corporate Authority and Binding Obligation. Each of the Sellers and the Guarantor has all corporate or other organizational power and authority (a) to enter into, execute and deliver each Transaction Document to which it is a party, (b) to consummate the transactions contemplated by each Transaction Document to which it is a party, including the transactions contemplated by the Restructuring Terms, and (c) to perform fully its obligations under each Transaction Document to which it is a party. All necessary corporate or other organizational action required to be taken by or on the part of each of the Sellers, the Guarantor and their respective stockholders to authorize, execute, deliver and perform the Transaction Documents to which it is a party and the transactions contemplated thereby and by the Restructuring Terms, have been duly and properly taken, and no other corporate or other organizational action by such Sellers, the Guarantor or their respective stockholders is required for the due execution, delivery or performance of this Agreement or the other Transaction Documents to which any of them is a party. This Agreement has been duly authorized, executed and delivered by each of the Sellers and the Guarantor and constitutes, and each of the other Transaction Documents to which any of them are a party will be duly authorized by each of the Sellers and the Guarantor and, when duly executed and delivered, will constitute, valid and binding obligations of the Sellers and the Guarantor, enforceable against each of the Sellers and the Guarantor in accordance with their respective terms, assuming due execution and delivery hereof and thereof by the Purchaser, and except as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws affecting the rights of creditors generally or by general principles of equity (regardless of whether such enforcement is considered in a proceeding at law or in equity).

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4.4. Capitalization and Ownership.

(a) Schedule 4.4(a) sets forth a true and complete list of the authorized and outstanding partnership interests (the “Partnership Interests”), name, jurisdiction of organization and record owner of the partnership interests of each of Company A and Company B, as of the date hereof. As of the Closing Date, all of the Partnership Interests of each of Company A and Company B shall be owned of record and beneficially by Seller A (which shall hold the Purchased LP Interests) and Seller B (which shall hold the Purchased GP Interests), and each of Seller A and Seller B shall have good and valid title to such Partnership Interests. The Partnership Interests are duly authorized, validly issued, fully paid, nonassessable (where applicable), free and clear of any Liens and were not issued in violation of any preemptive rights, rights of first refusal or other similar rights under any provision of applicable Law, the applicable partnership agreement (or equivalent constitutive document) of each such Company or any Contract to which either Company is subject. All issued Partnership Interests have been issued in compliance with all applicable securities Laws, including the securities laws of the United States and applicable state securities or “blue sky” Laws.

(b) Schedule 4.4(b) sets forth a true and complete list of the authorized and outstanding equity interests, name, jurisdiction of organization and record owner of the membership interests of the Operating Company, as of the date hereof. As of the Closing Date, all the issued and outstanding membership interests of the Operating Company shall be owned of record and beneficially by Company A (which shall hold a sixty-eight percent (68%) membership interest) and Company B (which shall hold a thirty-two percent (32%) membership interest), and each such Company shall have good and valid title to such membership interests. All of the issued and outstanding membership interests of the Operating Company are duly authorized and validly issued, free and clear of any Liens and were not issued in violation of any preemptive rights, rights of first refusal or other similar rights under any provision of applicable Law, the certificate of formation, operating agreement, limited liability company agreement (or equivalent constitutive document) of the Operating Company or any Contract to which the Operating Company is subject. All issued and outstanding membership interests of the Operating Company have been issued in compliance with all applicable securities Laws, including the securities laws of the United States and applicable state securities or “blue sky” Laws.

(c) Except for this Agreement and as set forth on Schedule 4.4(c), (i) there are no options, warrants, calls, rights, subscriptions, arrangements, claims, commitments (contingent or otherwise), Contracts relating to dividend or voting rights or other interests, or agreements of any character to which any of the Guarantor, the Sellers, the Companies, the Operating Company or any of their respective Affiliates is a party, or is otherwise subject, requiring (and there are no securities of the Companies or the Operating Company outstanding which, upon conversion or exchange would require) the issuance, sale or transfer of (A) any additional shares of capital stock or any other equity securities of any of the Companies or the Operating Company or (B) other securities of any of the Companies or the Operating Company convertible into, exchangeable for or evidencing the right to subscribe for or purchase capital stock or any other equity securities of any of the Companies or the Operating Company and (ii) there are no outstanding or authorized stock appreciation, phantom stock, profit participation, or similar rights with respect to any capital stock of, or other equity or voting interest in, either of the

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Companies or the Operating Company. Neither of the Companies or the Operating Company has any authorized or outstanding bonds, debentures, notes or other indebtedness the holders of which have the right to vote (or which are convertible into, exchangeable for, or evidence the right to subscribe for or acquire securities having the right to vote) with the equity holders of either of the Companies or the Operating Company on any matter. None of the Guarantor, the Sellers, the Companies or the Operating Company is a party, or is otherwise subject, to (x) any voting trust or other voting agreement or any agreement restricting transfer of the Purchased Equity Interests with respect to any of the shares of the capital stock of either of the Companies or the Operating Company or (y) any agreement relating to the issuance, sale, repurchase, redemption, transfer, acquisition or other disposition or the registration of the capital stock of either of the Companies or the Operating Company, including the Purchased Equity Interests.

(d) Other than the Operating Company, neither Company A nor Company B has any Subsidiaries. As of the Closing Date, the Operating Company will have no Subsidiaries. Except for equity interests set forth in Schedule 4.4(b) there are no joint ventures or other Persons in which either of the Companies or the Operating Company owns, of record or beneficially, any direct or indirect equity or other similar interest or any right (contingent or otherwise) to acquire same.

(e) Except as set forth in Schedule 4.4(e), neither of the Companies (i) conducts, transacts or otherwise engages (or has ever conducted, transacted or otherwise engaged) in any business or operations other than those incidental to its ownership of the equity interests of Company A, Company B or the Operating Company, as applicable, or (ii) owns, leases, manages or otherwise operates (or has ever owned, leased, managed or otherwise operated) any properties or assets other than the equity interests of Company A, Company B or the Operating Company, as applicable.

4.5. Ownership of Purchased Equity Interests. As of the Closing Date, each of the Sellers shall own beneficially and of record all of the Purchased Equity Interests being sold by such Seller hereunder as set forth in Schedule 4.5, which, as of such date, collectively shall constitute all of the issued and outstanding partnership interests of the Companies. The Sellers shall, and shall have the power to, sell, assign, transfer and deliver record and beneficial ownership to the Purchased Equity Interests to the Purchaser on the Closing Date in accordance with this Agreement, free and clear of all Liens, voting trusts and restrictions on transfer of any nature whatsoever, and except for restrictions on transfer imposed by or pursuant to securities Law or for Liens that may be created by or on behalf of the Purchaser.

4.6. No Violation. The execution and delivery by the Sellers and the Guarantor of the Transaction Documents to which they are a party and the consummation of the transactions contemplated thereby and by the Restructuring Terms, will not (a) violate the organizational documents of either of the Sellers, either of the Companies, the Operating Company or the Guarantor, (b) subject to obtaining the Consents set forth in Section 4.7, violate any Law applicable to either of the Sellers, either of the Companies, the Operating Company or the Guarantor, (c) subject to obtaining the Consents set forth on Schedule 4.6(c), result in the creation of a Lien (other than a Permitted Lien) on any of the Bulk Assets, (d) except as set forth on Schedule 4.6(d), violate or result in the revocation or suspension of any Material Permit, (e) subject to obtaining the Consents set forth on Schedule 4.6(e), violate, conflict with or result

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in any breach of any provision of, or constitute, whether after the giving of notice or lapse of time or both, a default under any Material Contract, or (f) subject to obtaining the Consents set forth on Schedule 4.6(e), give rise to a right of termination, amendment, cancellation or acceleration of any right or obligation of either of the Sellers, any of the Companies or the Operating Company under any Material Contracts, excluding, in the case of the foregoing clauses (c) through (e), violations, breaches and defaults which, either individually or in the aggregate, would not have a Business Material Adverse Effect.

4.7. Governmental Approvals. Except with respect to Environmental Laws, Environmental Permits, Environmental Liabilities and other matters related thereto (which are covered exclusively by Section 4.22), no Consent of any Governmental Body is required in connection with the execution and delivery by the Sellers or the Guarantor of the Transaction Documents to which they are a party or their consummation of the transactions contemplated thereby and by the Restructuring Terms, or their performance of any of the provisions thereof on or after the Closing Date, except (a) the filing of a petition for, and the receipt of, approval of the Purchaser as the buyer of the Bulk Gas Business by the Federal Trade Commission (“FTC”) and (b) those set forth in Schedule 4.7.

4.8. Financial Statements.

(a) Attached hereto as Exhibit F are (i)(A) audited “carve-out” balance sheets of the Bulk Gas Business, as of December 31, 2005, and (B) the related audited “carve-out” statements of operations, cash flows and changes in stockholder’s investment for the Bulk Gas Business, for the twelve month period ended December 31, 2005 (collectively, the “Year-End Audited Financial Statements”) and (ii)(A) comparative unaudited “carve-out” balance sheets of the Bulk Gas Business, as of September 30, 2006, and (B) the related unaudited “carve-out” statements of operations, cash flows and changes in stockholder’s investment for the Bulk Gas Business, for the nine-month period ended September 30, 2006 (collectively, the “Interim Unaudited Financial Statements” and, together with the Year-End Audited Financial Statements, the “Financial Statements”).

(b) The Year-End Audited Financial Statements fairly present in all material respects, subject to the applicable Carve-Out Principles, the financial condition and results of operations of the Bulk Gas Business, as of the dates thereof and for the periods covered thereby. The Year-End Audited Financial Statements have been prepared in accordance with GAAP and the applicable Carve-Out Principles; provided, that to the extent GAAP and the applicable Carve-Out Principles conflict, GAAP shall control.

(c) The Interim Financial Statements have been prepared based on information recorded in the Ordinary Course of Business and fairly present in all material respects, subject to the applicable Carve-Out Principles, the net assets and EBITDA of the Bulk Gas Business as of the dates thereof and for the periods covered thereby.

For purposes of this Section 4.8 and the Financial Statements, “Bulk Gas Business” shall include such of the Customer Contracts and other Bulk Contracts as were in effect, and the other Bulk Assets as and to the extent they existed, at the times and during the periods covered thereby, and does not include any New Customer Contracts.

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0.0.Xx Undisclosed Liabilities. Except as set forth in Schedule 4.9, as reflected in the Financial Statements or incurred in the Ordinary Course of Business since September 30, 2006 reflecting a net increase in liabilities (excluding liabilities included in the Final Closing NWC Amount) in an amount not in excess of five million dollars ($5,000,000), as of the Closing Date, none of the Companies or the Operating Company will have any direct or indirect liability of a kind required by GAAP to be set forth on a financial statement or in the notes thereto, that were not fully and adequately reflected or reserved against in the Financial Statements or described on any Schedule, that, individually or in the aggregate, constitute a Business Material Adverse Effect.

4.10. No Business Material Adverse Effect. Since December 31, 2005 through June 30, 2006, there has not been any Business Material Adverse Effect. Except as set forth in Schedule 4.10 or contemplated by the Restructuring, since December 31, 2005 until the date hereof, none of the Sellers, the Companies, the Operating Company or any of their respective Affiliates has:

(a) sold, leased, abandoned or otherwise transferred or disposed of (or contracted to sell, lease or otherwise transfer) any assets or properties of the Bulk Gas Business except dispositions (i) in the Ordinary Course of Business and (ii) of Bulk Equipment that is obsolete or in unusable condition and not necessary for the operation of the Bulk Gas Business;

(b) suffered or incurred any damage, destruction or other casualty loss, individually or in the aggregate, in excess of six hundred thousand dollars ($600,000) to any of the Bulk Assets or Leased Real Property, normal wear and tear excepted;

(c) other than in the Ordinary Course of Business or as required by Law, increased the rate of compensation of, or paid or agreed to pay or increased any benefit or incentive to (other than Stay Bonuses pursuant to Stay Bonus Letters paid by the Companies or the Operating Company), any of the Business Employees;

(d) taken any action, other than in the Ordinary Course of Business, to modify or change any accounting policies applicable to the Bulk Gas Business; or

(e) taken any action that would be prohibited after the date hereof under subclauses (a), (c), (d), (k), (l), (m) or (o) of Section 6.8.

(f) agreed, whether in writing or otherwise, to take an action described in the foregoing clauses (a) through (e).

4.11.Bulk Assets.

(a) Upon consummation of the Restructuring, except as set forth on Schedule 4.11(a)(i) and except for Permitted Liens, and subject to Section 6.22, the Operating Company shall have good title to all the tangible personal property and tangible assets comprising any part of the Bulk Assets (other than the owned Real Property and the Leased Real Property), free and clear of all Liens, or shall have a valid lease or other right to use such personal property and tangible assets comprising any part of the Bulk Assets for the benefit of the Bulk Gas Business and such lease or other right shall constitute or otherwise be pursuant to a

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Bulk Contract. Except as set forth on Schedule 4.11(a)(ii), all tangible personal property and assets comprising any part of the Bulk Assets (other than the owned Real Property and the Leased Real Property) are, in all material respects, in operating condition and repair, normal wear and tear excepted, sufficient for the conduct of the Bulk Gas Business substantially as conducted as of the date hereof, other than Bulk Equipment under or out of repair in the Ordinary Course of Business. Upon consummation of the Restructuring, the Operating Company will own or have a valid leasehold interest in, or other right to use, all of the Bulk Assets, subject to Section 6.22, and will not own any other material assets or properties. The Bulk Assets, together with the rights and services made available in the Transaction Documents, will constitute all of the assets (real, personal or fixed), Permits, Contracts, properties and rights that are necessary for the conduct of the Bulk Gas Business immediately following the Closing in substantially the same manner as conducted as of the date hereof.

(b) Set forth on Schedule 4.11(b) is a list, as of the date hereof, which list is true, correct and complete in all material respects, of all motor vehicles, tractors, cars, fork lifts, trailers, cryogenic trailers, tube trailers, leases with respect to the leased vehicles of the Business Employees, and bulk tanks (including related equipment and machinery such as pumps and vaporizers) (with a description of whether each such motor vehicle, tractor, car, fork lift, cryogenic trailer, tube trailer or bulk tank is owned or leased) and similar items of equipment having a value in excess of fifty thousand dollars ($50,000) included in the Bulk Equipment.

4.12. Litigation and Proceedings.

(a) Except (i) with respect to Environmental Laws, Environmental Permits, Environmental Liabilities and any other matters related thereto (which are covered exclusively by Section 4.22), (ii) employment and employee benefits matters (which are covered exclusively by Section 4.20), and (iii) as set forth in Schedule 4.12 hereto:

(i) the Operating Company is not a party to, or, to the knowledge of the Sellers, threatened in writing with, any Action by or before any Governmental Body, in each case, that would be reasonably expected to result in the awarding of damages in excess of three hundred thousand dollars ($300,000);

(ii) neither of the Companies or the Operating Company is subject to any Order (other than the FTC Orders) and neither of the Companies is a party to, or, to the knowledge of the Sellers, threatened in writing with, any Action;

(iii) other than the FTC Orders, there are no outstanding Orders relating to the Bulk Gas Business, the Bulk Assets or the Leased Real Property;

(iv) none of the Sellers, the Companies or the Operating Company or any of their respective Affiliates is in violation of any Order, including the FTC Orders, relating to the Bulk Gas Business, the Bulk Assets or the Leased Real Property; and

(v) there are no material Actions and, to the knowledge of the Sellers, there are no material Actions threatened in writing, relating to defective parts, equipment, services or other products purchased, manufactured or shipped in the Ordinary Course of Business.

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(b) The Operating Company is not a party to, or, to the knowledge of the Sellers, threatened in writing with, any Action by or before any Governmental Body, in each case, that would be reasonably expected to result in the granting of injunctive relief that (A) would impose a significant restriction on either of the Companies, the Operating Company, the Bulk Gas Business, the Bulk Assets or the Purchaser’s ability, after the Closing, to own and operate such assets in substantially the same manner as conducted as of the date hereof or as they may reasonably be expected to be foreseen to be conducted or (B) challenges or seeks to enjoin or prevent any of the transactions contemplated by the Transaction Documents and the transactions contemplated by the Restructuring Terms.

4.13. Accounts Receivable. All Accounts Receivable have arisen in the Ordinary Course of Business from bona fide transactions.

4.14. Inventory. The Bulk Inventory has been purchased and maintained in the Ordinary Course of Business. After taking into account the reserves on the Financial Statements, the Bulk Inventory is usable or salable in the Ordinary Course of Business and meets accepted industry standards for quality.

4.15. Intellectual Property.

(a) Schedule 4.15(a) sets forth a list of the primary domestic filings and applications for Intellectual Property Utilized in the Bulk Gas Business and owned or filed by or on behalf of each of the Sellers, each of the Companies, the Operating Company and each of their respective Affiliates as applicable. All domestic filings and applications for the Intellectual Property Utilized in the Bulk Gas Business and owned or filed by or on behalf of each of the Sellers, each of the Companies, the Operating Company and each of their respective Affiliates, as applicable, are valid and enforceable, except to the extent any failure to be valid and enforceable would not constitute a Business Material Adverse Effect.

(b) Subject to Section 6.11(k), Schedule 4.15(b) sets forth a list of all IP Licenses (including agreements for material Off-the-Shelf Software) Utilized in the Bulk Gas Business. All such IP Licenses are valid, enforceable, and in full force and effect and will continue to be on identical terms immediately following the completion of the transactions contemplated by this Agreement and the transactions contemplated by the Restructuring Terms, subject to Section 6.22.

(c) The Operating Company has taken commercially reasonable actions to maintain and protect the Intellectual Property Utilized in the Bulk Gas Business and has taken all commercially reasonable precautions to protect the secrecy, confidentiality and value of any Trade Secret that is an element of such Intellectual Property and the proprietary nature and value of such Intellectual Property.

(d) To the knowledge of the Sellers, (i) the operation of the Bulk Gas Business as currently conducted by the Operating Company does not infringe or otherwise violate any United States Intellectual Property of any Third Party and (ii) no Third Party is materially infringing or violating any Intellectual Property owned or exclusively licensed by the Companies or the Operating Company and Utilized in the Bulk Gas Business.

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(e) No Action is pending and no written claim has been made against either of the Companies, the Operating Company, or, to the knowledge of the Sellers, is threatened in writing, contesting the right to use, sell or license, any Intellectual Property Utilized in the Bulk Gas Business.

(f) No present or former employee or consultant of either of the Companies, the Operating Company and no other Person owns or has made any claim to own any proprietary, financial or other interest, direct or indirect, in whole or in part, in the Intellectual Property Utilized in the Bulk Gas Business that would conflict with the rights of the Operating Company in same after the transactions contemplated by this Agreement and by the Restructuring Terms are consummated, subject to Section 6.22.

(g) Other than the Delivered Applications identified on Schedule DEF-E, the EPS Software licensed pursuant to Section 6.11(h) and the “LCS” Software licensed pursuant to the LCS License Agreement, there is no other Software Utilized in the Bulk Gas Business that is owned by any of the Sellers, the Companies, the Operating Company or any of their Affiliates, including any (i) management information systems Software, (ii) supply chain management Software, (iii) dispatch, logistics and production Software and (iv) any other Software.

(h) Upon the consummation of the transactions contemplated by this Agreement and by the Restructuring Terms, subject to Section 6.22, and pursuant to the terms of the Transaction Documents, except as set forth in Schedule 4.15(h), the Companies and the Operating Company will have rights to all Intellectual Property (by way of their ownership of the Bulk Intellectual Property, through the various Intellectual Property licenses described in Section 6.11 or otherwise), in each case, (x) as reasonably necessary to service the customers of the Bulk Gas Business as such customers are served by the Bulk Gas Business as of the date hereof or (y) as reasonably necessary to operate the Bulk Gas Business at not less than the rate of operation (including, but not limited to, rate of production and sales) as of the Closing Date.

4.16. Real Property. Except with respect to Environmental Laws, Environmental Permits, Environmental Liabilities and any other matters related thereto (which are covered exclusively by Section 4.22):

(a) Ownership of Premises. Upon consummation of the Restructuring, subject to Section 6.22, the Operating Company shall be the owner of good and valid fee title to the Owned Real Property, free and clear of all Liens (other than Permitted Liens). During the period in which either of the Sellers, any of the Companies or the Operating Company were the owners or conducted operations on such Owned Real Property, none of them created or permitted the creation of any Liens that would render title to said Owned Real Property unmarketable as of the Closing. Except as set forth in Schedule 4.16(a), all of the land, buildings, structures and other Improvements used in the conduct of the Bulk Gas Business are included in the Real Property. To the knowledge of the Sellers, there are no encroachments or other facts or conditions affecting any parcel of Owned Real Property that would be revealed by an accurate survey or careful physical inspection thereof other than Permitted Real Property Exceptions.

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(b) Leased Properties. The Sellers have heretofore made available to the Purchaser, true and complete copies of all Real Property Leases (including all modifications, amendments and supplements thereto). Except as set forth on Schedule 4.16(b), (i) each Real Property Lease is valid, binding and in full force and effect, and all rent and other sums and charges due and payable by the tenant thereunder are current or will be paid within the applicable notice or grace period, if any, prior to Closing, (ii) none of the Sellers, the Companies, the Operating Company or any of their respective Affiliates has received any written notice of any current default or termination under any Real Property Lease, (iii) no termination event or condition or uncured default on the part of either of the Sellers, either of the Companies, the Operating Company or any of their respective Affiliates or, to the knowledge of the Sellers, the landlord, exists under any Real Property Lease, and (iv) to the knowledge of the Sellers, no event has occurred and no condition exists which, with the giving of notice or the lapse of time or both, would constitute such a material defect or termination event or condition. None of the Sellers, the Companies, the Operating Company or any of their respective Affiliates have any ownership, financial or other interest in the landlord under any Real Property Lease. Upon consummation of the Restructuring, subject to Section 6.22, the Operating Company shall hold the leasehold estate under and interest in the Real Property Leases free and clear of all Liens other than Permitted Liens.

(c) Condition and Operation of Improvements. All components of all buildings, structures and other improvements included within the Real Property (the “Improvements”), including the roofs and structural elements thereof and the heating, ventilation, air conditioning, plumbing, electrical, mechanical, sewer, waste water, storm water, paving and parking equipment, systems and facilities included therein, are in operating condition and repair, normal wear and tear excepted, sufficient for the conduct of the Bulk Gas Business substantially as conducted as of the date hereof.

(d) No Options. Except as set forth in Schedule 4.16(d) and as set forth in the Real Property Leases, none of the Sellers, the Companies, the Operating Company or any of their respective Affiliates holds, and none of them is obligated under or a party to, any option, right of first refusal or other contractual right to purchase, acquire, sell, dispose of, or lease any of the Real Property or any portion thereof or interest therein. Except as set forth in Schedule 4.16(d), there are no leases, subleases, licenses or other agreements granting to any Person other than the Operating Company any right to the possession, use, occupancy or enjoyment of the Real Property or any portion thereof other than in the Ordinary Course of Business. None of the Sellers, the Companies, the Operating Company or any of their respective Affiliates in possession of the Real Property has vacated or abandoned any portion of the Real Property or given notice to any Third Party of its intent to do the same.

(e) Condemnation. There are no pending, and none of the Sellers, the Companies, the Operating Company or any of their respective Affiliates has received written notice of any, and, to the knowledge of the Sellers, there is no threatened or contemplated, taking or condemnation proceeding affecting any part of the Real Property or of any sale or other disposition of any part of the Real Property in lieu of condemnation.

(f) Casualty. No portion of the Real Property has suffered any material damage by fire or other casualty which has not been repaired and/or substantially restored.

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4.17. Permits. Schedule 4.17 includes a true, correct and complete list of all Permits that are necessary for the operation of the Bulk Gas Business substantially as conducted as of the date hereof or necessary for the current use of the Bulk Assets substantially as used as of the date hereof (the “Material Permits”). Except as set forth in Schedule 4.17, and except with respect to Environmental Permits (which are covered exclusively by Section 4.22), none of the Sellers, the Companies, the Operating Company or any of their respective Affiliates has received written notice that any Material Permits are not in full force and effect, and no claim of which the Sellers, the Companies, the Operating Company or any of their respective Affiliates has received written notice is pending or, to the knowledge of the Sellers, threatened in writing seeking the revocation or limitation of any such Material Permit. Each of the Sellers, each of the Companies, the Operating Company and each of their respective Affiliates, as applicable, is in compliance in all material respects with the terms of the Material Permits.

4.18. Agreements.

(a) Schedule 4.18(a) hereto lists all Bulk Contracts in effect on the date hereof of the following types:

(i) Contracts containing executory obligations in an amount reasonably expected to exceed two hundred and fifty thousand dollars ($250,000) per annum (calculated on the basis of revenues for the twelve (12)-month period ending December 31, 2005);

(ii) Contracts required to be disclosed in subclause (i) above, with customers or suppliers of the Bulk Gas Business for the sharing of fees, the rebating of charges or other similar arrangements;

(iii) Contracts containing covenants or terms that otherwise affect the Bulk Gas Business and that (A) restrict the ability of either of the Sellers, either of the Companies or the Operating Company (or after the Closing, the Purchaser) to compete in any line of business or with any Person in any geographical area or (B) restrict the ability of any other Person to compete with either of the Sellers, either of the Companies or the Operating Company (or after the Closing, the Purchaser) in any line of business or in any geographical area (excluding any restrictive covenants entered into between the Companies or the Operating Company, on the one hand, and any current or former employee of the Companies or the Operating Company, on the other hand);

(iv) Contracts required to be disclosed in subclause (i) above, containing any rights of first refusal or rights of first option, in each case, in favor of any Third Party;

(v) Contracts required to be disclosed in subclause (i) above, containing any “most favored nation” type provision;

(vi) Contracts required to be disclosed in subclause (i) above, containing any “take or pay” type provision in favor of the Third Party;

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(vii) certain specified IP Licenses to be assigned to the Purchaser, subject to the terms and conditions set forth in Schedule 4.18(a)(vii) (the “Bulk IP Licenses”); and

(viii) Contracts to which any Company is a party.

True and complete copies of the Material Contracts (redacted to remove identifying information for customers), in each case, as amended, supplemented or otherwise modified to the date hereof, have been provided to the Purchaser.

(b) Each of the Material Contracts contains the entire agreement of the parties thereto with respect to the subject matter thereof and constitutes the legal, valid and binding obligation of each of the Companies and the Operating Company that is party thereto, is in full force and effect, and is enforceable against each of the Sellers, each of the Companies and the Operating Company that is party thereto in accordance with its terms except as enforcement may be limited by (i) bankruptcy, insolvency, reorganization, fraudulent conveyance or transfer, moratorium or similar Laws affecting creditors’ rights generally and (ii) general principles of equity. Neither of the Companies or the Operating Company is in material default under any Material Contract to which it is a party, nor to the knowledge of the Sellers, does any condition exist that, with notice or lapse of time or both, would constitute a material default by either of the Companies or the Operating Company party thereto thereunder. To the knowledge of the Sellers, no other party to any Material Contract is in material default thereunder, nor does any condition exist that, with notice or lapse of time or both, would constitute a material default thereunder. Except as set forth on Schedule 4.18(b), neither of the Companies or the Operating Company has received written notice that any Person intends to terminate (whether for cause or convenience) or default under any Material Contract before its stated term, if any.

(c) Schedule 4.18(c) contains a true, complete and accurate list of each Existing Customer Contract (identified by customer number).

(d) Schedule 4.18(d) contains a true, complete and accurate list of all Existing Customer Contracts with customers (identified by customer number) who purchase products of the Bulk Gas Business for resale and are not identified as a “competitor” or as “Airgas” on Schedule 4.18(c).

4.19. Customers.

(a) Schedule 4.19(a) lists, by dollar volume paid for the twelve (12) months ended on December 31, 2005, each of the top twenty (20) customers (excluding distributors) (as identified by customer number) of the Bulk Gas Business during such period (each such customer, a “Material Customer” and, collectively, the “Material Customers”). Except as set forth on Schedule 4.19(a), no Material Customer has, within the twelve (12) months prior to the date hereof, threatened in writing to cancel or otherwise terminate the relationship between such Material Customer and the Bulk Gas Business.

(b) All of the books, records and other documents (whether on paper, computer diskette, tape, electronic or other storage media) relating to customers of the Bulk Gas Business have been maintained in the Ordinary Course of Business.

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4.20. Employees.

(a) Schedule 4.20(a) lists all Employee Benefit and Compensation Plans. Schedule 4.20(a) separately identifies each Employee Benefit and Compensation Plan that is a (i) multiemployer plan as defined in Section 3(37) of ERISA (a “MultiEmployer Plan”), (ii) defined benefit plan subject to Title IV of ERISA, (iii) a multiple employer plan as defined in Section 413(c) of the Code or (iv) provides for or makes available post-employment welfare benefits or coverage with an aggregate annual cost that could reasonably be expected to exceed $250,000, except as may be required under COBRA, at the expense of the employee or former employee. The Sellers have made available to the Purchaser, as of the date of this Agreement, the most recent estimate provided to the Operating Company by the MultiEmployer Plan set forth on Schedule 4.20(a) of the amount of contingent withdrawal liability that the Operating Company and its ERISA Affiliates would incur upon a complete withdrawal by the Operating Company and its ERISA Affiliates from such MultiEmployer Plan.

(b) Except as set forth on Schedule 4.20(b), (i) each Employee Benefit and Compensation Plan has been established and administered, in all material respects, in accordance with its terms and in compliance with the applicable provisions of ERISA, the Code and all other applicable Laws, rules and regulations, (ii) with respect to any Employee Benefit and Compensation Plan, other than routine applications for benefits, no Liens or lawsuits by any person or Governmental Body, formal complaints by any Governmental Body or material complaints by any other person have been filed or made against such Employee Benefit and Compensation Plan or the Companies or, to the knowledge of the Sellers, against any other Person or party and, to the knowledge of the Sellers, no such Liens, lawsuits or complaints are contemplated, have been threatened or are reasonably likely to occur and (iii) except as would not reasonably be expected to result in material liability, no individual who has performed services for either of the Sellers, either of the Companies, the Operating Company or any of their respective Affiliates, as applicable, with respect to the Business, has been improperly excluded from participation in any Employee Benefit and Compensation Plan.

(c) Except as set forth on Schedule 4.20(c), (i) none of the Sellers, the Companies, the Operating Company nor any of their Affiliates has terminated (or filed a notice of intent to terminate) an employee benefit pension plan (within the meaning of Section 3(2) of ERISA) or taken any other action with respect to any Employee Benefit and Compensation Plan that could reasonably be expected to result in a Lien on any of the assets of the Companies or the Operating Company, including any Bulk Assets, under Title IV of ERISA and (ii) no Action against any of the Sellers, the Companies, the Operating Company, including any Bulk Assets, or any of their Affiliates that could result in a Lien on any of the assets of the Companies or the Operating Company under Title IV of ERISA has been commenced by any Third Party or, to the knowledge of the Sellers, is threatened by any Third Party.

(d) Except as set forth on Schedule 4.20(d), the transactions contemplated by this Agreement and by the Restructuring Terms, and the Transaction Documents will not cause the Purchaser to incur any liability with respect to the PBGC or under the Code or ERISA or otherwise, including any MultiEmployer Plan withdrawal liability or with respect to benefits or compensation due to Business Employees, in each case with respect to any Employee Benefit and Compensation Plan.

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(e) With respect to the Business Employees and the Bulk Gas Business, except as set forth on Schedule 4.20(e), which may be delivered by Sellers to Purchaser within one (1) day of the execution of this Agreement:

(i) no Collective Bargaining Agreement exists or, since January 1, 2002, has existed or been in force or effect, between either of the Sellers, either of the Companies, the Operating Company or any of their respective Affiliates, as applicable, on the one hand, and any labor organization, on the other hand;

(ii) none of the Sellers, the Companies, the Operating Company or any of their respective Affiliates, as applicable, has received written notice that any representation question presently exists, and no petition concerning representation under the National Labor Relations Act, as amended, is or, since January 1, 2002, has been pending or to the knowledge of the Sellers, threatened;

(iii) no claims, charges, grievances, complaints of a formal nature or presented in writing (collectively, “Covered Claims”) and no lawsuits, trials, hearings, adjudications or proceedings brought by or on behalf of employees, unions or others who are or have been performing work or services for either of the Sellers, either of the Companies, the Operating Company or any of their respective Affiliates, as applicable (collectively, “Employment Claims”), since January 1, 2002, have been initiated, are pending, or to the knowledge of the Sellers, are threatened or have been resolved; Sellers, the Companies, the Operating Company and their respective Affiliates (collectively “Seller Entities”) make the above representations with respect to Covered Claims based on (i) information known or reasonably available to the current human resources representatives or current other management personnel associated with the Seller Entities; and (ii) written documents and records maintained by or reasonably available to current human resources representatives or current other management personnel associated with the Seller Entities; the parties agree it will not be considered a breach of this Agreement if the Seller Entities inadvertently fail to set forth in Schedule 4.20(e) any Covered Claims beyond those covered by subparts (i) and (ii) of this sentence; for the avoidance of doubt, as used in this Section 4.20(e), Employment Claims are limited to matters that are or were the subject of a formal investigation or brought before any court, agency, arbitrator, mediator, judge or Governmental Body charged, in whole or in part, with oversight over employment or labor practices;

(iv) no labor dispute, strike, picketing, public campaign or boycott, work slowdown, or work stoppage is or, since January 1, 2002, has been pending or to the knowledge of the Sellers, threatened;

(v) no Order has been rendered or issued, and no settlement or agreement has been entered into or executed, since January 1, 2002 regarding any matter set forth in this Section 4.20(e); and

(vi) the Bulk Gas Business has been operated in compliance in all material respects with all Labor Laws.

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(f) Schedule 4.20(f) contains a true and complete list of all of the Business Employees as of the date of this Agreement and will be revised at the Closing to contain a true and complete list of all the Business Employees as of the Closing. Schedule 4.20(f) shall identify each Business Employee’s date of hire, title, salary or hourly rate of pay, bonus target for the current fiscal year, bonus actually paid or payable for the two (2) most recent fiscal years, other compensation and work location and leave status, together with any vacancies. Except as set forth on Schedule 4.20(f), since December 31, 2005 and as of the date of this Agreement, no salary or wage rate changes have been implemented by either of the Sellers, either of the Companies, the Operating Company or any of their respective Affiliates with respect to the Business Employees except for annual salary increases and promotions made in the Ordinary Course of Business or as may be required by Law or Contract.

(g) Seller has complied with WARN relative to any and all “employment losses” as defined in WARN that have taken place up to the Closing Date.

(h) Prior to the date hereof, the Sellers have provided, to their knowledge, to the Purchaser a copy of each “Non-Competition Agreement” in effect for each Business Employee who works in a senior executive or sales capacity and the form of agreement that is in effect, if any, for each other Business Employee. As used here, “Non-Competition Agreement” shall mean any restrictive covenant agreement that contains confidentiality provisions, non-competition provisions or non-solicitation provisions.

4.21. Compliance with Laws. Except as set forth in Schedule 4.21, except with respect to Environmental Laws, Environmental Permits, Environmental Liabilities and any other matters related thereto (which are covered exclusively by Section 4.22) and except with respect to Business Employees, Employee Benefits and Compensation Plans and any other matters related thereto (which are covered exclusively by Section 4.20), (a) each of the Sellers, each of the Companies and the Operating Company, is, in all material respects, in compliance with all Laws pertaining to the Bulk Gas Business, the Bulk Assets and the Leased Real Property and (b) none of the Sellers, the Companies or the Operating Company has received any written notice of, nor have any of them been charged in writing with, any violation of any material Law pertaining to Bulk Gas Business, the Bulk Assets, the Leased Real Property, the Companies or the Operating Company.

4.22. Environmental. Except as set forth in Schedule 4.22:

(a) the Companies, the Operating Company, the Bulk Gas Business, the Bulk Assets and the Leased Real Property are in compliance with all Environmental Laws;

(b) each of the Sellers, each of the Companies and the Operating Company has obtained and is in compliance with all Environmental Permits necessary for the operation of the Bulk Gas Business as currently conducted by it, and there are no pending, or, to the knowledge of the Sellers, threatened Actions or Orders to revoke or limit any such Environmental Permits;

(c) there are no currently existing conditions, facts or circumstances that would reasonably be likely to cause any Environmental Permit to be revoked or adversely

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revised, other than the expiry of such Environmental Permits in due course and there are no currently existing conditions, facts or circumstances that would reasonably be likely to prevent the renewal or replacement of such Environmental Permits on reasonable terms;

(d) there are no pending Actions or Orders arising under or pursuant to any Environmental Law relating to the operation of the Bulk Gas Business, and, to the knowledge of the Sellers, no such Action or Order is threatened by any Governmental Body or private party;

(e) there is no Condition on, under or about the Owned Real Property, the Leased Real Property or the real property that is subject to the Real Property Leases for which there is a legal obligation to perform any Remediation;

(f) all material environmental investigation and/or assessment reports relating to the Owned Real Property, the Leased Real Property or real property that is subject to the Real Property Leases that have been issued after January 1, 2005 and that are in the possession or control of either of the Sellers, any of the Companies, the Operating Company or any of their respective Affiliates have been made available either to the Purchaser or its agents or representatives; and

(g) this Section 4.22 is the exclusive representation and warranty of the Sellers with respect to Environmental Laws, Environmental Liabilities, Environmental Permits and any other matters related thereto.

4.23. Taxes. Except as set forth in Schedule 4.23:

(a) Company A, Company B and the Operating Company have not “checked the box” under applicable Treasury Regulations to be treated as corporations for United States federal income tax purposes;

(b) all Tax Returns required to be filed by or with respect to each of the Companies and the Operating Company have been properly prepared and timely filed, and all such Tax Returns (including information provided therewith or with respect to thereto) are true, complete and correct in all respects;

(c) each of the Companies and the Operating Company have fully and timely paid all Taxes owed by each of them (whether or not shown on any Tax Return), and have made adequate provision for any Taxes that are not yet due and payable, for all taxable periods, or portions thereof, ending on or before the date hereof;

(d) there are no outstanding agreements extending or waiving the statutory period of limitations applicable to any claim for, or the period for the collection or assessment or reassessment of, Taxes due from either of the Companies or the Operating Company for any taxable period and no request for any such waiver or extension is currently pending;

(e) no audit or other proceeding by any Governmental Body is pending or threatened with respect to any Taxes due from or with respect to either of the Companies or the Operating Company, and no Governmental Body has given notice of any intention to assert any

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deficiency or claim for additional Taxes against either of the Companies or the Operating Company;

(f) none of the Sellers, the Companies, the Operating Company or any of their respective Affiliates has received written notice of any claim from any Governmental Body in a jurisdiction where any of Companies or the Operating Company does not file Tax Returns that such entities are or may be subject to taxation by that jurisdiction by reason of the operation of the Bulk Gas Business or otherwise;

(g) no Tax deficiencies (including penalties and interest) of any kind have been assessed against any of the Companies or the Operating Company, other than deficiencies that have been satisfied by payment or settlement, or withdrawn;

(h) there are no Liens for Taxes upon the assets or properties of any of the Companies or the Operating Company, including the Bulk Assets, except for Permitted Liens;

(i) neither of the Companies nor the Operating Company have taken any reporting position on a Tax Return, which reporting position (i) if not sustained would be reasonably likely, absent disclosure, to give rise to a penalty for substantial understatement of federal income Tax under Section 6662 of the Code (or any similar provision of state, local, or foreign Tax law), and (ii) has not adequately been disclosed on such Tax Return in accordance with Section 6662(d)(2)(B) of the Code (or any similar provision of state, local, or foreign Tax law);

(j) none of the Companies or the Operating Company is a party to any agreement relating to the sharing, allocation or indemnification of Taxes, or any similar agreement, contract or arrangement, (collectively, “Tax Sharing Agreements”) or has any liability for Taxes of any Person under Treasury Regulation § 1.1502-6, Treasury Regulation § 1.1502-78 or similar provision of state, local or foreign law, as a transferee or successor, by contract, or otherwise;

(k) each of the Companies and the Operating Company has withheld (or will withhold) from their respective employees, independent contractors, creditors, stockholders and Third Parties and timely paid to the appropriate Governmental Body proper and accurate amounts in all respects for all periods ending on or before the Closing Date in compliance with all Tax withholding and remitting provisions of applicable Laws and each has complied in all respects with all Tax information reporting provisions of all applicable Laws;

(l) none of the Companies or the Operating Company has agreed, or is required to make, any adjustment under Section 481(a) of the Code, and no Governmental Body has proposed any such adjustment or change in accounting method;

(m) any adjustment of Taxes of any of the Companies or the Operating Company made by the Internal Revenue Service (the “IRS”), which adjustment is required to be reported to the appropriate state, local, or foreign Governmental Bodies, has been so reported;

(n) none of the Companies or the Operating Company has executed or entered into a closing agreement pursuant to Section 7121 of the Code or any similar provision of state,

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local or foreign law, and none of the Companies or the Operating Company is subject to any private letter ruling of the IRS or comparable ruling of any other Governmental Body;

(o) none of the Bulk Assets constitute “tax exempt use property” within the meaning of Section 168(h)(1) of the Code; and

(p) none of the Bulk Assets is property required to be treated as being owned by another person pursuant to the provisions of Section 168(f)(8) of the Internal Revenue Code of 1954, as amended, and in effect immediately prior to the enactment of the Tax Reform Act of 1986.

4.24. Transactions with Affiliates and Related Parties. Except as disclosed in Schedule 4.24, there are no existing Contracts, transactions or other arrangements (“Affiliate Arrangements”), between either of the Companies or the Operating Company, on the one hand, and the Sellers or any of their Affiliates (other than the Companies or the Operating Company), on the other hand. Except as set forth on Schedule 4.24 or as contemplated by the Restructuring, and subject to the Transaction Documents, prior to the Closing, all such Affiliate Arrangements shall be terminated without any liability or obligation to the applicable Company or the Operating Company.

4.25. Jefferson Capital Improvement. Prior to the date hereof the Jefferson Capital Improvement has been substantially completed and all expenditures incurred in connection with the Jefferson Capital Improvement do not in the aggregate exceed an amount equal to eleven million fifty thousand dollars ($11,050,000), of which $9,088,438 has been paid as of November 20, 2006.

4.26. No Other Representations and Warranties. Except for the representations and warranties contained in this Agreement (as modified by the Schedules hereto and as supplemented and amended in accordance with the terms of this Agreement), none of the Sellers, the Companies, the Operating Company or any of their Affiliates or any other Person makes any other express or implied representation or warranty with respect to the Bulk Gas Business, the Companies, the Operating Company, the Purchased Equity Interest, the transactions contemplated by this Agreement, or with respect to any financial information or other information provided to the Purchaser, whether on behalf of the Sellers, the Companies, the Operating Company or any of their Affiliates or such other Persons, including as to (a) merchantability or fitness of any assets or properties for any particular use or purpose, (b) the use of the assets of the Bulk Gas Business and the operation of the Bulk Gas Business by the Purchaser after the Closing or (c) the probable success or profitability of the ownership, use or operation of the Companies, the Operating Company or the Bulk Gas Business by the Purchaser after the Closing, and each of the Sellers, the Companies and the Operating Company disclaims any representations or warranties not contained in this Agreement, whether made by the Sellers, the Companies, the Operating Company or any of their Affiliates, officers, directors, employees, agents or representatives. Except for the representations and warranties contained in this Agreement (as modified by the Schedules, as supplemented in accordance with the terms of this Agreement), each of the Sellers, the Companies and the Operating Company hereby disclaims all liability and responsibility for any representation, warranty, projection, forecast, statement, or information made, communicated, or furnished (orally or in writing) to the Purchaser or its

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Affiliates or representatives (including any opinion, information, projection, or advice that may have been or may be provided to the Purchaser by any director, officer, employee, agent, consultant, or representative of the Sellers, the Companies, the Operating Company or any of their Affiliates).

SECTION 5
REPRESENTATIONS AND WARRANTIES OF THE PURCHASER

The Purchaser represents and warrants to the Sellers as follows:

5.1. Corporate Organization. The Purchaser is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. It has all requisite corporate power to own, lease and operate its properties and to carry on its business as now being conducted.

5.2. Corporate Authority. The Purchaser has all requisite corporate power and authority (a) to enter into, execute and deliver each applicable Transaction Document, (b) to consummate the transactions contemplated by each applicable Transaction Document, and (c) to perform fully its obligations under each applicable Transaction Document. All corporate acts and other proceedings required to be taken by or on the part of the Purchaser and its stockholders to authorize it to execute, deliver and perform the Transaction Documents and the transactions contemplated thereby have been duly and properly taken, and no other corporate action by the Purchaser or its stockholders is required for the due execution, delivery or performance of this Agreement or the other Transaction Documents. This Agreement has been duly authorized, executed and delivered by the Purchaser and constitutes, and each of the other Transaction Documents has been duly authorized by the Purchaser and when duly executed and delivered by the Purchaser will constitute, valid and binding obligations of the Purchaser, enforceable against the Purchaser in accordance with their respective terms, assuming due execution and delivery hereof and thereof by the Sellers and except as limited by applicable bankruptcy, insolvency, reorganization, moratorium or other similar Laws, now or hereafter in effect, relating to, or affecting the rights of creditors or creditors’ rights generally or by general principles of equity (regardless of whether such enforcement is considered in a proceeding at law or in equity).

5.3. No Violation. Except for the Consents to be obtained under Section 4.6 and the making of all filings and notifications set forth in Schedule 5.4, the execution and delivery by the Purchaser of the Transaction Documents and its consummation of the transactions contemplated thereby will not (a) violate the certificate of incorporation or bylaws of the Purchaser, (b) violate any Law by which the Purchaser is bound or subject, (c) result in the creation of a Lien on the assets of the Purchaser or (d) violate, conflict with or result in any breach of any provision of, or constitute, whether after the giving of notice or lapse of time or both, a default under any Contract to which the Purchaser is a party, excluding, in the case of the foregoing clauses (b), (c) and (d), violations, breaches and defaults which, either individually or in the aggregate, would not reasonably be expected to have a material adverse effect on the Purchaser’s ability to consummate the transactions contemplated by the Transaction Documents.

5.4. Governmental Approvals. No Consent of any Governmental Body is required in connection with the execution and delivery by the Purchaser of the Transaction Documents or its

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consummation of the transactions contemplated thereby or its performance of any of the provisions thereof on or after the Closing Date, except (a) the approval of this Agreement by the FTC, (b) where the failure to obtain such Consent would not have a material adverse effect on the Purchaser’s ability to consummate the transactions contemplated by the Transaction Documents to which it is or shall be a party and (c) those set forth in Schedule 5.4.

5.5. Financing. Concurrently with the execution of this Agreement, the Purchaser has delivered a true, correct and complete copy of the $1.6 billion senior unsecured credit facility, effective as of July 25, 2006 (the “Credit Agreement”) among the Purchaser and Bank of America, N.A., as U.S. Agent, The Bank of Nova Scotia, as Canadian Agent, JPMorgan Chase Bank, N.A., as Syndication Agent, and certain other lenders, to provide the Purchaser with debt financing of up to $1.6 billion (the “Financing”). Subject to its terms and conditions, the Financing when funded, together with the Purchaser’s cash on hand, will provide the Purchaser financing sufficient to pay the Purchase Price and to consummate the transactions contemplated hereby.

5.6. Employee Benefits. Prior to the date of this Agreement, the Purchaser has provided to the Sellers a true and complete summary of the material benefits that it currently offers to employees who are similarly situated to the Transferred Employees.

5.7. Independent Investigation; Sellers’ Representations.

Except for the representations and warranties contained in this Agreement (as modified by the Schedules hereto and as supplemented and amended in accordance with the terms of this Agreement), the Purchaser acknowledges and agrees that neither of the Sellers, the Companies, the Operating Company or any of their Affiliates or any other Person makes any other express or implied representation or warranty with respect to the Companies, the Operating Company, the Purchased Equity Interests, the Bulk Gas Business or the transactions contemplated by this Agreement, or with respect to any financial information or other information provided to the Purchaser, whether on behalf of the Sellers, the Companies, the Operating Company or any of their Affiliates or such other Persons, including as to (a) merchantability or fitness of any assets or properties for any particular use or purpose, (b) the use of the assets of the Bulk Gas Business and the operation of the Bulk Gas Business by the Purchaser after the Closing or (c) the probable success or profitability of the ownership, use or operation of the Companies, the Operating Company or the Bulk Gas Business by the Purchaser after the Closing, and each of the Sellers, the Companies and the Operating Company disclaims any representations or warranties not contained in this Agreement, whether made by the Sellers, the Companies, the Operating Company or any of their Affiliates, officers, directors, employees, agents or representatives. The Purchaser acknowledges and agrees that, except for such representations and warranties contained therein, the Companies, the Operating Company, their assets and properties and the Bulk Gas Business are being transferred on a “where is” and, as to condition, “as is” basis. Any claims Purchaser may have for breach of representation or warranty shall be based solely on the representations and warranties set forth in this Agreement (as modified by the Schedules hereto and as supplemented and amended in accordance herewith). Except as set forth in this Agreement, none of the Sellers, the Companies, the Operating Company or any of their Affiliates or any other Person will have or be subject to any liability or indemnification obligation to the Purchaser or any other person resulting from the

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distribution to the Purchaser, or the Purchaser’s use of, any such information, document, or material made available to the Purchaser in the data room, management presentations or in any other form in expectation of the transactions contemplated by this Agreement. Accordingly, Purchaser represents and warrants that it is relying on no representations, warranties or disclosures by the Sellers, the Companies, the Operating Company or any of their Affiliates or any other Person as an inducement to enter into this Agreement or to consummate the transactions contemplated herein, other than as set forth in this Agreement.

SECTION 6
FURTHER COVENANTS

The parties hereto hereby further covenant and agree as follows:

6.1. Access to Information and Documents; Pre-Closing Cooperation.

(a) From and after the date hereof until the Closing Date, to the extent permitted by the FTC Orders, the Sellers shall, and shall cause the Companies and the Operating Company to, give the officers, employees, representatives, financing sources, accountants and other designees of the Purchaser (collectively, the “Purchaser Parties”) reasonable access, during reasonable business hours following reasonable prior notice, to the Real Property, properties, written Contracts (redacted to remove identifying information for customers with unredacted copies being provided at least ten (10) days prior to the Closing Date and other assets, books and records and officers and employees of the Companies and the Operating Company related to the Bulk Gas Business and the Bulk Assets and to reasonably furnish to the Purchaser and its aforesaid representatives such financial, technical, operating and other information of the Companies and the Operating Company pertaining to the Bulk Gas Business and the Bulk Assets as shall exist and as the Purchaser shall from time to time reasonably request and shall provide such assistance as is reasonably requested by the Purchaser in connection with third-party appraisers determining fair market valuations relating to tangible and intangible assets; provided, however, that each such outside representative, financing source, accountant or other designee of the Purchaser shall first execute an instrument reasonably satisfactory to the Sellers to agree to be subject to a duty to maintain the confidentiality of any information so received in accordance with the terms of the Confidentiality Agreement. Such reasonable access shall not include access for the preparation of either Phase I or Phase II environmental assessments. No investigation by the Purchaser or the Purchaser Parties shall diminish or obviate any of the representations or warranties of the Sellers contained in this Agreement. All requests for access to the Real Property, properties, written Contracts and other assets, books and records, and officers and employees of the Bulk Gas Business, the Companies or the Operating Company shall be made to such representatives of the Sellers as the Sellers shall designate, who shall respond promptly to any reasonable requests by the Purchaser and shall be solely responsible for coordinating all such requests and all access permitted hereunder, and no such access or such request for access shall be made through or by any other person. Sellers shall be entitled to have a representative attend any meetings between the Purchaser or its representatives and any employee of the Companies or the Operating Company.

(b) Without limiting the generality of the foregoing, from and after the date hereof until the Closing Date, to the extent permitted by the FTC Orders, the Sellers, on the one

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hand, and the Purchaser, on the other hand, shall use commercially reasonable efforts to cause their respective Affiliates, representatives, suppliers and service providers to cooperate in good faith with the other party to enable the orderly transition of the Bulk Gas Business. The Sellers shall use commercially reasonable efforts to assist the Purchaser in transitioning the functions of the Bulk Gas Business, including (i) conducting demonstrations of business processes and systems, (ii) assisting in the transfer and implementation of the information technology applications and databases used in the Bulk Gas Business, (iii) cooperating with the Purchaser to communicate with customers and Business Employees notifying them of the transaction and resultant change in ownership of the Bulk Gas Business and other particulars associated with the transition to the Purchaser, (iv) developing a plan for termination or transition of benefit plans and (v) providing information necessary to migrate payroll and benefits information. Promptly following the date hereof, the parties shall designate appropriate personnel and cooperate to develop processes to implement the activities contemplated by this Section 6.1. Notwithstanding anything in this Section 6.1 to the contrary, the access, cooperation and assistance to be provided hereunder shall not unreasonably interfere with the Sellers’ and their Affiliates’ business or any of their employees’ duties to the Sellers or their Affiliates. The parties agree that the integration of the Bulk Gas Business with the Purchaser’s business and operations is the Purchaser’s responsibility and shall be at the risk of the Purchaser, and without diminishing their obligations under this Section 6.1, the Sellers make no representation or warranty or other assurance of the success of the Purchaser’s integration activities.

(c) Each Party shall cause to be preserved and kept all records retained by it relating to the Companies and the Operating Company for such period from and after the Closing as may be required by or needed for compliance with applicable Law. Notwithstanding the foregoing, following the Closing, the Purchaser shall, and shall cause the Companies and the Operating Company to, retain all Books and Records and other documents or written information pertaining to the Bulk Gas Business, the Bulk Gas Assets, the Companies or the Operating Company in accordance with Laws and standard industry practice.

6.2. Assistance Relating to Warranty Rights. Each of the parties shall use its commercially reasonable efforts to cooperate with the other party as such other party may reasonably request in connection with any claim that such other party may desire to make against a Third Party under any warranty or other right relating to the Bulk Gas Business or the Bulk Assets.

6.3. Confidentiality Agreements.

(a) For a period of two (2) years from the Closing Date, the Sellers shall keep, and shall cause their Affiliates and their respective employees to keep, any and all confidential and proprietary information, know-how, technical information, formulae or trade secrets to the extent relating primarily to the Bulk Gas Business, the Bulk Assets (including customer lists and related information), the Companies or the Operating Company, excluding know-how, technical information, formulae, trade secrets or similar information to the extent it is not solely related to the Bulk Gas Business, the Bulk Assets, the Companies or the Operating Company or that is applicable to the industries in which the Bulk Gas Business operates generally (collectively, “BGB Information”), confidential and shall not disclose any BGB Information to any Person and shall not use any BGB Information for their own purposes or advantages unless and until such

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information (i) is or becomes a matter of public knowledge through no breach by the Sellers or any of their Affiliates of any obligation to the Purchaser or its Affiliates, (ii) is lawfully acquired from a Third Party without restrictions of confidentiality, (iii) is independently developed by the Sellers or their Affiliates without reliance on other BGB Information, or (iv) is required to be disclosed by applicable Law, subpoena or other legal process; provided; that in case of any potential disclosure under this subclause (iv), the Sellers shall provide the Purchaser with prompt notice of such requirement, including copies of subpoenas or Orders requesting or ordering such BGB Information, cooperate reasonably with the Purchaser in resisting the disclosure of such BGB Information via a protective Order or other appropriate legal action. The parties acknowledge and agree that, following the consummation of the transactions contemplated hereby, the Sellers and their Affiliates will continue to own and operate air separation units, bulk gas businesses and other businesses that are similar to the Bulk Gas Business. Accordingly, this Section 6.3(a) is not intended to restrict the Sellers or their Affiliates from retaining, Utilizing and disclosing any know-how, technical information, formulae or trade secrets or other information which relates to the operation of such air separation units or the producing, refining, distributing, marketing, selling, supplying, manufacturing, purchasing, preparing, purifying, transfilling, storing or packaging of industrial gases and providing related services generally, whether or not such information was Utilized or developed in connection with the Bulk Gas Business, and provided that such retention, use or disclosure does not otherwise violate the Sellers’ obligations hereunder. All of the Purchaser’s rights hereunder to prevent the Sellers or their Affiliates from soliciting, contracting with or otherwise dealing with customers are set forth in Section 6.4, and this Section 6.3(a) is not intended to supersede, conflict with or otherwise expand such rights. This Section 6.3 is not intended to increase or reduce the Purchaser’s rights to Intellectual Property hereunder. The parties expressly acknowledge that there shall be no restriction on the use by any party or its Affiliates of any information with respect to potential customers who are not Covered Customers.

(b) For a period of two (2) years from the date hereof, to the extent permitted by the FTC Orders, the Sellers shall not, and shall cause their Affiliates and their respective employees not to, use for its or their own purposes or advantages (other than in preparation for the orderly transition of operational control of the Bulk Gas Business, the Bulk Assets, the Companies or the Operating Company to the Purchaser during the transition period contemplated by the Transition Services Agreement) or publish or disclose to any Third Party (other than legal and financial consultants of the Sellers who are subject to a duty to the Purchaser or any of its Affiliates to maintain the confidentiality of the information) any confidential or proprietary information, know-how, technology information, analysis, compilations, studies, formulae, trade secret or other documents prepared by or obtained from the Purchaser (including legal and other professional advisors, accountants, consultants and financial advisors) in connection with the negotiation and consummation of the transactions contemplated by this Agreement and the Transaction Documents, including business and financial information, no matter how obtained (orally, in writing or observed), or any analysis, compilations, studies and other records and documents prepared by the Sellers, the Companies, the Operating Company or any of their respective Affiliates (including legal and other professional advisors, accountants, consultants and financial advisors) which contain or otherwise reflect such information (collectively, “Purchaser Information”), unless and until such Purchaser Information (i) is or becomes a matter of public knowledge through no breach by the Sellers, their Affiliates or their respective employees of any obligation to the Purchaser or its Affiliates, (ii) is lawfully acquired from a

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Third Party without restrictions of confidentiality, (iii) is independently developed by the Sellers or their Affiliates without reliance on other Purchaser Information, or (iv) is required to be disclosed by applicable Law, subpoena or other legal process; provided, that in case of any potential disclosure under this subclause (iv), the Sellers shall provide the Purchaser with prompt notice of such requirement, including copies of subpoenas or Orders requesting or requiring such Purchaser Information, cooperate reasonably with the Purchaser in resisting the disclosure of such Information via a protective Order or other appropriate legal action. Upon (x) the termination of this Agreement in accordance with its terms or (y) the later of the Closing and the expiration of any transition period provided under the Transition Services Agreement, if the Closing shall have occurred, the Sellers shall not keep or take, and shall promptly return or destroy, any and all Purchaser Information, and shall not keep or take, and shall promptly return or destroy, any document or other thing embodying any such Purchaser Information; provided that the Sellers shall not be obligated to return any Purchaser Information that may be stored on computer back-up tapes or other electronic storage system that is commercially impracticable to access in order to facilitate the return of any such Purchaser Information in accordance with this Section 6.3(b); provided, further, that unless any such Purchaser Information retained on computer back-up tapes and other electronic storage system is subject to eventual irretrievable destruction or deletion (in which case, the obligations of the Sellers under the first sentence of this Section 6.3(b) shall apply to such Purchaser Information until the time such information is so destroyed or deleted), such obligation shall apply to such Purchaser Information indefinitely. With respect to any Purchaser Information that the Sellers destroy pursuant to the foregoing sentence, the Sellers shall promptly provide the Purchaser with a certificate, signed by an appropriate officer of the Sellers, certifying the destruction of any such document or other thing embodying any such Purchaser Information.

(c) For a period of two (2) years from the date hereof, the Purchaser shall not, and shall cause its Affiliates and their respective employees not to, use for its or their own purposes or advantages (other than in preparation for the orderly transition of operational control of the Bulk Gas Business, the Bulk Assets, the Companies or the Operating Company to the Purchaser during the transition period contemplated by the Transition Services Agreement) or publish or disclose to any Third Party (other than legal and financial consultants of the Purchaser who are subject to a duty to the Sellers and their Affiliates to maintain the confidentiality of the information) any confidential or proprietary information, know-how, technology information, analysis, compilations, studies, formulae, trade secret or other documents that is not BGB Information prepared by or obtained from the Sellers or BOC (including legal and other professional advisors, accountants, consultants and financial advisors) in connection with the negotiation and consummation of the transactions contemplated by this Agreement and the Transaction Documents, including business and financial information, no matter how obtained (orally, in writing or observed), or any analysis, compilations, studies and other records and documents prepared by the Sellers (including legal and other professional advisors, accountants, consultants and financial advisors) which contain or otherwise reflect such information (collectively, “Seller Information”), unless and until such Seller Information (i) is or becomes a matter of public knowledge through no breach by the Purchaser, its Affiliates or their respective employees of any obligation to the Sellers or their Affiliates, (ii) is lawfully acquired from a Third Party without restrictions of confidentiality, (iii) is independently developed by the Purchaser or its Affiliates without reliance on other Seller Information, or (iv) is required to be disclosed by applicable Law, subpoena or other legal process; provided, that in case of any

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potential disclosure under this subclause (iv), the Purchaser shall provide the Sellers with prompt notice of such requirement, including copies of subpoenas or Orders requesting or requiring such Seller Information, cooperate reasonably with the Sellers in resisting the disclosure of such Information via a protective Order or other appropriate legal action, and shall not make disclosure pursuant thereto until the Sellers have had a reasonable opportunity to resist such disclosure. Upon (x) the termination of this Agreement in accordance with its terms or (y) the later of the Closing and the expiration of any transition period provided under the Transition Services Agreement, if the Closing shall have occurred, the Purchaser shall not keep or take, and shall promptly return or destroy, any and all Seller Information, and shall not keep or take, and shall promptly return or destroy, any document or other thing embodying any such Seller Information; provided that the Purchaser shall not be obligated to return any Seller Information that may be stored on computer back-up tapes or other electronic storage system that is commercially impracticable to access in order to facilitate the return of any such Seller Information in accordance with this Section 6.3(c); provided, further, that unless any such Seller Information retained on computer back-up tapes and other electronic storage system is subject to eventual irretrievable destruction or deletion (in which case, the obligations of the Purchaser under the first sentence of this Section 6.3(c) shall apply to such Seller Information until the time such information is so destroyed or deleted), such obligations shall apply to Seller Information indefinitely. With respect to any Seller Information that the Purchaser destroys pursuant to the foregoing sentence, the Purchaser shall promptly provide the Purchaser with a certificate, signed by an appropriate officer of the Purchaser, certifying the destruction of any such document or other thing embodying any such Seller Information.

(d) Upon the termination of this Agreement in accordance with its terms prior to the Closing, the Purchaser shall not keep or take, and shall promptly return or destroy, any and all BGB Information, and shall not keep or take, and shall promptly return or destroy, any document or other thing embodying any such BGB Information; provided that the Purchaser shall not be obligated to return any BGB Information that may be stored on computer back-up tapes or other electronic storage system that is commercially impracticable to access in order to facilitate the return of any such BGB Information in accordance with this Section 6.3(d); provided, further, that unless any such BGB Information retained on computer back-up tapes and other electronic storage system is subject to eventual irretrievable destruction or deletion (in which case, the obligations of the Purchaser under the first sentence of Section 6.3(c) in connection with Seller Information shall apply indefinitely to such BGB Information until the time such information is so destroyed or deleted), such obligations shall apply to BGB Information indefinitely. With respect to any BGB Information that the Purchaser destroys pursuant to the foregoing, the Purchaser shall promptly provide the Sellers with a certificate, signed by an appropriate officer of the Purchaser, certifying the destruction of any such document or other thing embodying any such BGB Information.

6.4. Non-Solicitation of Customers.

(a) Non-Solicitation of Customers. In order that the Purchaser may have and enjoy the full benefit of the Bulk Gas Business, the Companies and the Operating Company and as an inducement to the Purchaser to enter into this Agreement (without which inducement the Purchaser would not have entered into this Agreement), the Guarantor hereby agrees that the Guarantor shall not, and the Guarantor shall cause its Affiliates (including the Sellers) not to,

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directly or indirectly, for a period of two (2) years from the Closing Date (such two-year period, the “Non-Solicitation Period”), (x) sell to any Person who is or was a party to a Customer Contract or who otherwise purchased or received (or contracted or committed to purchase or receive) products (or related services or equipment) of the Bulk Gas Business (the “Purchased Product”), in each case, during the period between January 1, 2005 and the Closing Date (each a “Covered Customer”), or (y) otherwise solicit the sale to any Covered Customer of such Covered Customer’s Purchased Product from (i) the location at which such Person purchased or received (or contracted or committed to purchase or receive) any such products (or related services or equipment) and (ii) if such Person relocates its place of business at any time during the Non-Solicitation Period to a location within a one hundred (100) mile radius of the location described in clause (i) of this Section 6.4(a), then such new location (such locations (i) and (ii), the “Purchase Location”). For purposes of this Section 6.4: (1) “Covered Customer” shall exclude those customers identified on Schedule 4.18(c) as spot sales customers; (2) for Covered Customers who are parties to Existing Customer Contracts, “Purchased Product” means the product or products set forth on Schedule 4.18(c) for such customer; and (3) for Covered Customers party to Existing Customer Contracts, the “Purchase Location” described in the foregoing clause (i) means the location set forth on Schedule 4.18(c) for such customer.

For the avoidance of doubt, this Section 6.4(a) shall not restrict the Sellers, Guarantor or their Affiliates from soliciting the sale or license of or selling or licensing (x) any product, service, equipment or asset or right (including Intellectual Property) to any Covered Customer other than such Covered Customer’s Purchased Product and any product, service or equipment of any Excluded Business, (y) any Purchased Product to any Covered Customer at any location other than such Covered Customer’s Purchase Location or (z) products (or related services or equipment) of the Bulk Gas Business to Third Party Distributors which may re-package and/or resell such products to Persons who are parties to Customer Contracts; provided, that the Guarantor or any of its Affiliates do not direct such Third Party Distributor to such Covered Customer, direct such Covered Customer to such Third Party Distributor or engage in joint marketing efforts targeted specifically at such Covered Customer or take any other action that is intended to circumvent the protections provided by this Section 6.4(a).

(b) Notwithstanding the foregoing, the Guarantor and its Affiliates shall have the right at any time to (i) solicit sales of or sell any products (and related services or equipment), individually or together with any Third Party Partner or Third Party Distributor, to any customer (or potential customer) who desires to purchase such products (or services or equipment) from one or a group of coordinated suppliers and receive such product (or services or equipment) at multiple locations (a “Multi Location Customer”), so long as (x) the customer or potential customer is not as of the Closing, and since January 1, 2005 has not been, a Multi Location Customer of the Bulk Gas Business such that it received such product at each such location from the Bulk Gas Business and (y) the Guarantor or such Affiliate offers the Purchaser the opportunity to sell to the Guarantor or such Affiliate during any remaining portion of the Non-Solicitation Period the volume of Purchased Product to be delivered to such Multi Location Customer at the location from which such Multi Location Customer received the Purchased Product from the Bulk Gas Business; provided that the price at which such product is sold by the Purchaser to the Guarantor or such Affiliate is the last prevailing price for such product under the Product Supply Agreement; and provided further, that if the Purchaser delivers the Purchased Product to the Multi Location Customer, then the Guarantor or such Affiliate shall remit all

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payments received from such Multi Location Customer for such Purchased Product to the Purchaser, (ii) acquire or sell any bulk gas product from or to a competitor of the Purchaser for use in any Excluded Businesses, including those parties noted on Schedule 4.18(c) as competitors, or (iii) actively participate in any trade organizations of which the Sellers or their Affiliates are a member that advocate single sourcing of bulk and packaged gas products, so long as such activities are not designed primarily as a circumvention of the Guarantor’s obligations under this Section 6.4. Purchaser acknowledges that BOC and its subsidiaries shall have the right to sell products and otherwise perform under contracts that BOC or such subsidiaries have with any other Person that are in existence on the date hereof (or to possibly be entered into with respect to the product(s) and with the Person identified on Schedule 6.4(b)) with respect to products subject to such contract and to renew or replace such contracts with respect to the products covered by such original contracts. The Purchaser hereby acknowledges that none of the Sellers or any of their Affiliates has any right or obligation to prevent any Third Party Partner or Third Party Distributor from offering on its own behalf and for its own account bulk gases and related products and services to any Person.

(c) Restrictive Covenants. In the event of a breach of any of the provisions of this Section 6.4 (the “Restrictive Covenants”), the Purchaser shall have the right and remedy without regard to any other available remedy to (i) have the Restrictive Covenants specifically enforced by any court of competent jurisdiction and (ii) have issued an injunction restraining any such breach without posting of a bond; it being agreed that any breach of any of the Restrictive Covenants would cause irreparable and material loss and damage to the Purchaser, the amount of which cannot be readily determined and as to which it will not have an adequate remedy at law or in damages. In the event of a willful and material breach of any of the Restrictive Covenants by any of the Guarantor, the Sellers and/or any of their Affiliates and with respect to which the Purchaser has provided written notice to the Sellers prior to expiration of the Non-Solicitation Period, the Non-Solicitation Period shall be extended by a period equal to the duration of such breach (but in no event for a period greater than twelve (12) months from the last day of the Non-Solicitation Period).

(d) Blue-Penciling. It is the desire and intent of the parties that the Restrictive Covenants will be enforced to the fullest extent permissible under the laws and public policies applied in each jurisdiction in which enforcement is sought. Accordingly, if any Restrictive Covenant shall be adjudicated to be invalid or unenforceable, such Restrictive Covenant shall be deemed amended to the extent necessary in order that such provision be valid and enforceable, such amendment to apply only with respect to the operation of such Restrictive Covenant in the particular jurisdiction in which such adjudication is made.

(e) Severability of Restrictive Covenants. The parties acknowledge and agree that the Restrictive Covenants are necessary for the protection and preservation of the value and the goodwill of each party’s business, and are reasonable and valid in geographical and temporal scope and in all other respects. If any court of competent jurisdiction determines that any of the Restrictive Covenants, or any part thereof, is invalid or unenforceable, the remainder of the Restrictive Covenants shall not thereby be affected and shall be given full effect without regard to the invalid portions.

6.5. Non-Solicitation of Employees.

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(a) Subject to the provisions of Section 6.5(b), the Guarantor hereby covenants and agrees on behalf of itself and its Affiliates (including the Sellers) that (x) from and after the Closing Date until eighteen (18) months thereafter, neither it nor any of its Affiliates (including the Sellers) shall directly or indirectly hire for employment (or make offers of employment to) any Transferred Employee that is primarily responsible for procurement of sales of the products and services of the Bulk Gas Business (“BGB Sales Representatives”) and (y) from and after the Closing Date until twelve (12) months thereafter, neither it nor any of its Affiliates (including the Sellers) shall directly or indirectly hire for employment (or make offers of employment to) any Transferred Employee that is not a BGB Sales Representative.

(b) Section 6.5(a) shall not apply if any Transferred Employee has been terminated by the Purchaser or its Affiliates for any reason; provided, however, that if any Transferred Employee is terminated and is paid severance by the Purchaser or its Affiliates, then Section 6.5(a) shall apply to such employee for a period equal to the shorter of (x) twelve (12) months following the Closing and (y) the period following such termination equal to the amount of time over which such employee receives severance; provided, further, however, that the Seller or its Affiliates shall have the right to cause Section 6.5(a) to cease to apply to any terminated Transferred Employee receiving severance from the Purchaser by paying to the Purchaser in cash an amount equal to the remaining severance due the employee for the period from the hiring of such employee until the end of the severance period (if the employee is entitled to continue receiving severance after being rehired).

6.6. Consents and Approvals, etc.

(a) Subject to Section 6.6(b) and to the extent permitted by the FTC Orders, the Sellers and the Purchaser agree to use their commercially reasonable efforts to obtain all Consents of all Governmental Bodies and other Persons required in connection with the transactions contemplated hereby and by the Restructuring, including for the execution, delivery and performance of this Agreement and transfer of the Bulk Gas Business, the Bulk Assets, the Companies, the Operating Company and the Purchased Equity Interests to be acquired hereunder by the Purchaser.

(b) Notwithstanding Section 6.6(a), in connection with the Restructuring, the Sellers agree to use their commercially reasonable efforts to (i) obtain any and all necessary Consents of all Governmental Bodies and other Persons; provided, that to the extent any such Permit (including any Environmental Permit) is not transferable to the Operating Company, the Sellers agree to use their commercially reasonable efforts to cooperate with the Operating Company, at the Purchaser’s reasonable request and expense, to assist the Operating Company in its efforts to obtain substantially equivalent permits to such Permits used in the Bulk Gas Business, and (ii) obtain the Consent of any Third Party to any Bulk Contract or Real Property Lease to facilitate the transfer, assignment or license thereof to the Operating Company, in all cases in which such Consent is required for the assignment or license, as the case may be.

(c) The Guarantor shall promptly file a petition with the FTC for approval of this Agreement and of the Purchaser as the buyer of the Bulk Gas Business, the Bulk Assets and Purchased Equity Interests, and the parties shall promptly submit any additional information necessary or requested by the FTC in connection with such submission and the FTC’s

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consideration of the transactions contemplated by this Agreement and by the Restructuring Terms. Each party shall promptly inform the other party of any material communication made by such party to, or received by such party from, the FTC and any requests for additional information from any Governmental Body with respect to the transactions contemplated by this Agreement and by the Restructuring Terms or any Transaction Document. Each party shall use its reasonable best efforts to take any and all steps necessary to obtain the FTC’s approval of the Purchaser as the buyer of the Bulk Gas Business, the Bulk Assets and Purchased Equity Interests so as to enable the Closing to occur as soon as reasonably possible. In the event the FTC requests any changes to this Agreement or the transactions contemplated hereby, the parties agree to negotiate in good faith to reach a mutually acceptable amendment which reflects such requested changes and preserves the economic benefits intended to be obtained by each party from the transactions contemplated hereby and by the Restructuring Terms. Notwithstanding anything to the contrary contained herein, (i) nothing in this Agreement shall require, or be construed to require, the Purchaser, in connection with the receipt of any regulatory approval, to proffer or agree to (A) sell or hold separate or agree to sell or divest before or after the Closing Date, any material amount of assets, businesses or interests in any assets (including the Bulk Assets) or businesses of the Purchaser, the Companies, the Operating Company or the Bulk Gas Business (or to consent to any sale, or agreement to sell, by the Purchaser of any material amount of its assets (including the Bulk Assets) or businesses or the Bulk Gas Business) or (B) any conditions relating to, or changes or restriction in, the operation of any such assets or businesses that would impose a material condition, change or restriction on the Purchaser’s operation of any such assets or businesses (under either clause (A) or (B), each a “Material Restriction”) and (ii) neither the Guarantor nor the Sellers shall, in connection with the receipt of any regulatory approval, proffer or agree to any Material Restriction; provided, however, that if the FTC requests any Material Restriction, then, unless the Purchaser indicates in writing its acceptance of such Material Restriction within ten (10) days of such FTC request, Section 6.9(a) shall automatically terminate and the Sellers shall be entitled to terminate this Agreement upon written notice to such effect to the Purchaser.

6.7. Rebates and Discounts. The Purchaser agrees that it shall promptly transfer or deliver or cause to be promptly transferred or delivered, to the Sellers that portion of all rebates, discounts or similar amounts that the Purchaser, the Companies or the Operating Company or any of their respective Affiliates may receive on or after the Closing Date, if any, that relate to the operation of the Bulk Gas Business or the purchase of goods and services, in each case, by the Sellers, the Companies or the Operating Company prior to the Closing Date The Sellers shall promptly transfer or deliver, or cause to be promptly transferred or delivered, to the Purchaser that portion of all rebates, discounts or similar amounts that the Sellers may receive on or after the Closing Date that relate to the purchase of goods and services by the Purchaser, the Companies or the Operating Company or any of their respective Affiliates on or after the Closing Date.

6.8. Conduct of the Bulk Gas Business Prior to the Closing Date. During the period from the date hereof to the Closing Date, except as (A) set forth on Schedule 6.8, (B) otherwise expressly contemplated by the Transaction Documents, (C) consented to in writing by the Purchaser (which consent shall not be unreasonably withheld or delayed), (D) required by applicable Law or (E) contemplated by the Restructuring Terms, to the extent permitted by the FTC Orders, the Sellers shall, or shall cause the Companies, the Operating Company or any of

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their respective Affiliates to, conduct the Bulk Gas Business in the Ordinary Course of Business and not in a manner inconsistent with how the Bulk Gas Business would be conducted if the Sellers were not selling the Purchased Equity Interests and shall use their commercially reasonable efforts to (i) preserve the goodwill of the Bulk Gas Business, (ii) preserve relationships with customers, suppliers, licensors, distributors, landlords, employees, agents and other Persons in connection with the Bulk Gas Business, and (iii) maintain sales force activities. Without limiting the generality of the foregoing and except for the Restructuring, during the period from the date hereof to the Closing Date, to the extent permitted by the FTC Orders, the Sellers shall not, and shall cause the Companies, the Operating Company and their Affiliates, not to:

(a) (i) sell, convey, assign, subject to any Lien or otherwise transfer any securities of any of the Companies or the Operating Company or (ii) issue or sell any subscriptions, options, warrants, calls, preemptive rights or other rights of any kind to purchase or otherwise acquire any securities of any of the Companies or the Operating Company, or securities convertible into or exchangeable for, or which otherwise confer on the holder thereof any right to acquire, any securities of any of the Companies or the Operating Company;

(b) with respect to the Companies and the Operating Company only, loan money to, or make any debt or equity investment in, any other Person;

(c) cause or permit any of the Companies or the Operating Company to alter or amend any of the rights, preferences or privileges of, or to redeem, purchase or otherwise acquire, any equity securities of any of the Companies or the Operating Company;

(d) amend, supplement or restate any certificate of incorporation, certificate of formation, bylaws, operating agreement, limited liability company agreement, limited partnership agreement or any other constitutive document of any of the Companies or the Operating Company;

(e) cause or permit any of the Companies or the Operating Company to purchase, lease or otherwise acquire the right to own, use or lease any property or assets for an amount in excess of one hundred thousand dollars ($100,000) individually or five hundred thousand dollars ($500,000) in the aggregate, except for purchases of Bulk Assets in the Ordinary Course of Business;

(f) sell, lease, license, transfer, pledge, mortgage, encumber, grant, abandon, allocate to any other business unit, or otherwise dispose of any Real Property or Bulk Asset with a value in excess of fifty thousand dollars ($50,000), except dispositions, in the Ordinary Course of Business, of Bulk Inventory and Bulk Equipment that is obsolete or in unusable condition and not necessary for the operation of the Bulk Gas Business;

(g) cause or permit any of the Companies or the Operating Company to engage in any hiring, employment termination or lay-off practices other than in the Ordinary Course of Business and in compliance with applicable Labor Laws;

(h) cause or permit any of the Companies or the Operating Company to grant any severance or termination pay to any Business Employee other than as required by a

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preexisting Employee Benefit or Compensation Plan or, except with respect to the Vice President of Bulk Sales for the Operating Company, to the extent the costs therefor are paid by the Companies or the Operating Company prior to the Closing or otherwise payable solely by the Sellers;

(i) cause or permit any of the Companies or the Operating Company to enter into, establish, adopt or amend any (x) Collective Bargaining Agreement without reasonable advance notice by Sellers to Purchaser and good faith consultation concerning the terms, the status of negotiations and Sellers’ proposals with respect to any such Collective Bargaining Agreement, with the final decision as to the terms to be made by the Vice President of Bulk Sales for the Operating Company or (y) other agreement, Contract or enforceable understanding of any kind covering, involving or entered into with employees, contractors, consultants or others who are or have been performing work or services for any of the Companies or the Operating Company (collectively, “New Employment Contracts”) without reasonable advance notice by Sellers to Purchaser and the prior written consent of Purchaser to the terms of any such New Employment Contracts, which consent shall not be withheld unreasonably;

(j) except as otherwise provided in Section 9, increase the rate of compensation of, or pay or agree to pay or increase any benefit or incentive to, any of the Business Employees, except (i) in the Ordinary Course of Business, (ii) as required by Law or an existing Bulk Contract, Collective Bargaining Agreement or Employee Benefit and Compensation Plan and (iii) the Company may, following reasonable advance notice to the Purchaser and, subject to applicable Law, an opportunity to consult with respect thereto, enter into stay bonuses or other retention bonus arrangements with no more than twenty (20) Business Employees in an amount per individual Business Employee not to exceed ten thousand dollars ($10,000) so long as all amounts thereunder are payable by the Companies or the Operating Company prior to the Closing (the “Special One-Time Retention Arrangements”));

(k) alter the procedures or policies of the Bulk Gas Business regarding the collection of Accounts Receivable or the payment of Trade Payables;

(l) take any action, other than in the Ordinary Course of Business, to modify or change the accounting policies or procedures reflected in the Carve-Out Principles;

(m) terminate or materially amend or modify, or assign any material rights relating to, any Real Property Lease or any Material Contract, or enter into any new Material Contract, other than in the Ordinary Course of Business;

(n) other than as set forth in Schedule 6.8(n) and other than with respect to the Jefferson Capital Improvement and the replacement of the air compressor at the Dayton, Ohio plant, make any capital expenditure or commitment pertaining to the Bulk Gas Business in excess of (x) one hundred thousand dollars ($100,000) individually or (y) one million dollars ($1,000,000) in the aggregate;

(o) abandon or fail to renew any Real Property Leases that should be renewed in the Ordinary Course of Business;

(p) fail to maintain any Bulk Intellectual Property;

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(q) make any changes to the information technology infrastructure of the Bulk Gas Business that would materially adversely impact the Purchaser or the transition of the Bulk Gas Business (including the Purchaser’s ability to extract, download or convert data); or

(r) agree, directly or indirectly, whether in writing or otherwise, to do any of the foregoing.

6.9. Exclusivity.

(a) As an inducement to the Purchaser to enter into this Agreement, and in consideration of the time and expense which it has devoted and will devote to the transactions contemplated hereby during such period, except as between the Sellers and the Purchaser pursuant to this Agreement, until the earlier of (i) the Closing Date and (ii) termination of this Agreement in accordance with Section 14.1 hereof, each of the Sellers and the Guarantor shall not, and, to the extent permitted by the FTC Orders, shall cause the Companies and the Operating Company and their respective Affiliates, officers, directors, employees, agents and representatives (including any investment banker, attorney or accountant retained or acting on behalf of such party or any shareholder, director, officer or employee of such party) not to, directly or indirectly (x) initiate, solicit, encourage or entertain proposals, inquiries, indications of interest, or offers to purchase any portion of the Purchased Equity Interests or all or substantially all of the Bulk Assets or the Bulk Gas Business (an “Acquisition Proposal”), or (y) enter into any discussions, negotiations, agreements, arrangements or commitments with respect an Acquisition Proposal with any Person who has made an Acquisition Proposal; provided, however, that the foregoing shall not restrict the Sellers, the Companies, the Operating Company or the Guarantor from dispositions in the Ordinary Course of Business of Bulk Inventory and of Bulk Equipment that is obsolete or in unusable condition and not necessary for the operation of the Bulk Gas Business substantially as currently conducted.

(b) Except as otherwise agreed between the Purchaser and the Sellers, until the earlier of (i) the Closing Date and (ii) termination of this Agreement in accordance with Section 14.1 hereof, the Purchaser shall not, and the Purchaser shall cause its Affiliates, officers, directors, employees, agents and representatives (including any investment banker, attorney or accountant retained or acting on behalf of the Purchaser or any shareholder, director, officer or employee of the Purchaser) not to directly or indirectly initiate, solicit, encourage or entertain any opportunity to acquire any assets or any business which compete with the Bulk Gas Business or the purchase of which by the Purchaser could reasonably be expected to materially impair the Purchaser’s ability to (A) consummate the transactions contemplated hereby under applicable antitrust Law and the FTC Orders, or (B) obtain the Financing.

(c) This Section 6.9 supersedes the exclusivity covenant to which each party is subject contained in Section A.3 of the Framework Agreement and each party shall have no further obligation to the other party in connection with such exclusivity covenant; provided, however, if this Agreement is terminated by the Purchaser (x) as a result of a material breach of this Agreement by either party or (y) under Section 14.1(d) or Section 14.1(e), then any claims either party may have for any breach of such exclusivity covenant shall not be waived and shall be retained.

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6.10. Agreements. From the date hereof through the Closing Date, the Sellers shall notify the Purchaser of the receipt by any of the Sellers, any of the Companies, the Operating Company or any of their respective Affiliates, of any written notice that a party to any Material Contract has terminated or declined to renew or intends to terminate or decline to renew any such Contract or that any party has asserted or intends to assert any material claim under any such Contract.

6.11. Intellectual Property Licenses

(a) Effective on the Closing Date, the Guarantor grants to the Companies and the Operating Company (the “Licensees”), subject to the terms and conditions herein, a perpetual, fully paid-up, royalty-free, non-exclusive right and license under all (subject to subsection (iii) in the next sentence) Intellectual Property that is both (A) owned by Guarantor or its Subsidiaries as of the Closing Date and (B) used by the Licensees in connection with the Bulk Gas Business as of the Closing Date, for use by the Licensees in connection with the operation of (x) the Bulk Gas Business in effect as of the Closing Date (and as such business may be expanded by the Licensees after the Closing Date) and (y) any other businesses of the Licensees as may be conducted from time to time (the “Licensed Business”). The territory for the foregoing license shall be (x) solely within the United States (excluding Puerto Rico) with respect to such Intellectual Property relating to the use of products at customer sites and other customer application technology, and (y) throughout the world, with respect to such Intellectual Property otherwise relating to the operation of the Bulk Gas Business. For the avoidance of doubt, the foregoing license shall not include (i) any Intellectual Property created, invented or acquired by the Guarantor or its Subsidiaries after the Closing, including any post-Closing improvements to pre-Closing Intellectual Property or Intellectual Property created by Third Parties prior to Closing that is acquired by the Guarantor or its Subsidiaries post-Closing; (ii) any activities or business of the Licensees other than the Licensed Business; or (iii) any (x) issued patents (which are governed solely by Section 6.11(b)), (y) Trademarks (which are governed solely by Sections 6.11(d) and (e)), or (z) Software (which is governed solely by Section 6.11(h)).

(b) Effective on the Closing Date, the Guarantor grants to the Licensees, subject to the terms and conditions herein, a fully paid-up, royalty-free, non-exclusive right and license under all U.S. issued patents (including those patents set forth on Schedule 6.11(b)) that are both (x) owned by the Guarantor or its Subsidiaries as of the Closing Date and (y) used by the Companies and the Operating Company in the United States (excluding Puerto Rico) in connection with the Bulk Gas Business as of the Closing Date, for use by the Licensees solely in the United States (excluding Puerto Rico) in connection with the Licensed Business, for the life of such patents. For the avoidance of doubt, the foregoing license shall not include (i) any foreign issued patents, (ii) any U.S. or foreign issued patents (including divisionals, continuations, continuations-in-part, reissues or re-examinations) obtained or acquired by the Guarantor or its Subsidiaries after the Closing Date, including any post-Closing improvements to pre-Closing patents, or patents acquired by Third Parties prior to Closing that are acquired by the Guarantor or its Subsidiaries post-Closing (provided that, if the Guarantor or its Subsidiaries obtain a U.S. Patent after Closing with respect to any inventions, processes or technology that are reduced to practice prior to Closing and are used by any of them in connection with the operation of the Bulk Gas Business in effect as of the Closing Date, such U.S. Patent shall be included

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within the scope of the license in this Section 6.11(b), solely with respect to any claims (or portions thereof) embodying such pre-Closing inventions, processes or technology, but such license shall exclude any claims (or portions thereof) embodying any post-Closing inventions, processes or technology); or (iii) any activities or business of the Licensees other than the operation of the Licensed Business in the United States (excluding Puerto Rico). If the Licensees wish to license (x) any other patents of the Guarantor or its Subsidiaries or (y) the above patents for any purposes not covered by the above license, the Purchaser may request in writing that the Guarantor grant (or cause its Subsidiaries to grant) such license to the Licensees, and the Guarantor may grant or deny such request in its sole discretion.

(c) The Licensees may sublicense their licenses in Section 6.11(a), (b) and (h) solely to (i) Purchaser and its controlled Affiliates, (ii) their authorized customers, (iii) any other third parties in the United States (excluding Puerto Rico) in connection with the current and future operation of the Bulk Gas Business, but not for the independent use of any third party, and (iv) a purchaser of all or substantially all of the Bulk Gas Business or one or more of the Bulk ASUs (provided that the scope of such sublicenses shall be consistent with the scope of the licenses described in Sections 6.11(a), (b) and (h) as applicable, and such sublicense shall not extend to any unrelated businesses or activities of the acquiring person). In each case, the Licensees will be responsible for the compliance of all sublicensees with the terms and conditions of this license, and all such sublicenses must include the same restriction on future sublicensing. Except as specifically set forth herein, the Licensees shall not directly or indirectly sublicense, provide access to or make available any of such licensed Intellectual Property (including patents) to Third Parties, including by way of secondments, service bureaus or any other such arrangement. The Licensees may assign such licenses solely in connection with a change of control, merger, reorganization, sale of all or substantially all of the Bulk Gas Business or similar extraordinary transaction; provided that the scope of such assignment shall be consistent with the scope of the licenses described in Sections 6.11(a), (b) and (h) as applicable, and such assignment shall not extend to any unrelated businesses or activities of the acquiring person). All other assignments or sublicenses shall require the prior written consent of the Sellers in their sole discretion. Any purported assignment or sublicense in violation of this Section 6.11(c) shall be null and void ab initio and of no force or effect.

(d) The Purchaser agrees that the Licensees shall have no right after the Closing Date to use any Trademarks that are owned or licensed by the Sellers or Guarantor (such Trademarks, the “Seller Marks”) after the Closing Date, except as expressly provided herein. The Sellers and the Purchaser acknowledge that certain gas containers that are included in the Purchased Assets are stamped permanently with certain Seller Marks (such containers, the “Imprinted Containers”). Effective on the Closing Date, the Guarantor shall grant to the Licensees a non-exclusive, royalty-free, non-sub licensable, non-transferable right and license to use the Seller Marks for eighteen (18) months, solely on Imprinted Containers bearing such Seller Marks as of the Closing Date, and solely in connection with their operation of the Bulk Gas Business in the ordinary course of business and in a manner consistent with past practice.

(e) Effective upon the Closing Date, the Guarantor grants to the Licensees a non-exclusive, royalty-free, non-sublicensable, non-transferable right and license to use for one hundred eighty (180) days all Seller Marks that are used by the Licensees in connection with the Bulk Assets as of the Closing Date but are not permanently stamped into Imprinted Containers,

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including those Seller Marks listed on Schedule 6.11(e), in each case, solely in connection with their operation of the Bulk Gas Business in the ordinary course of business and in a manner consistent with past practice; provided that the Purchaser shall take all necessary and appropriate actions (including use of a sticker, decal or name plate displaying the Purchaser’s Trademarks) to comply with all applicable Laws and to ensure that customers and other Third Parties are not confused that the Purchased Assets are being operated during such time by the Purchaser, and not by the Sellers.

(f) The Purchaser agrees that the Licensees shall use the Seller Marks only in connection with services maintaining substantially the same quality levels in effect as of the Closing Date and shall comply with all reasonable instructions by the Sellers or Guarantor in this regard. The Guarantor may terminate the licenses in Section 6.11(d) and (e) if the Purchaser materially breaches its obligations in this Section 6.11(f) and fails to cure such breach within thirty (30) days after notice thereof.

(g) The Licensees shall not have any right to use the Seller Marks other than as specifically set forth in Section 6.11(d) and (e) above and, among other things, the Purchaser shall not (and shall not allow the Licensees to) (i) claim any right, title or interest in or to any Seller Xxxx by registration or otherwise; (ii) use any Seller Xxxx in any marketing activity; (iii) apply any Seller Xxxx to any product, package or container other than as provided herein; or (iv) except to the extent expressly permitted in Section 6.11(d) or 6.11(e), use any Seller Xxxx as a Trademark in whole or in part. Promptly after the Closing, and in no event more than sixty (60) days thereafter, Purchaser shall use its reasonable best efforts to change all applicable corporate, trade, d/b/a and similar names and registrations of the Licensees to names and registrations that do not contain any Seller Marks. The Purchaser (on behalf of itself and the Licensees) hereby assigns to the Sellers any rights it or they might acquire in or to each Seller Xxxx after the Closing Date, through use or otherwise, including any goodwill symbolized thereby or associated therewith. Nothing in this Section 6.11(g) shall restrict the ability of the Purchaser to transfer to a Third Party or otherwise dispose of any Imprinted Containers; provided, however, that any subsequent acquirer of any Imprinted Container shall have only such rights with respect to the Seller Marks as granted to the Purchaser pursuant to this Section 6.11 and shall be subject to all limitations imposed hereunder on the Purchaser with respect to the use or transfer of the Seller Marks.

(h) On the Closing Date, the Guarantor and the Purchaser shall execute the LCS License Agreement in accordance with Sections 3.2(i) and 3.3(g). Effective on the Closing Date, the Guarantor grants to the Licensees, subject to the terms and conditions herein, a worldwide, perpetual, non-exclusive, royalty-free right to (i) the Guarantor’s proprietary rights, if any, in the Eagles and Panthers model for the bulk sales process, margin and ROCE estimator/control Software; (ii) the plant loading models Visual Basic programs and (iii) Guarantor’s proprietary rights, if any, in any customized modules created using third-party spreadsheet software programs (collectively, the “EPSoftware”) for use by their employees in connection with the Licensed Business. The Guarantor has no obligation to support, maintain, update or provide improvements to any EPSoftware. For the avoidance of doubt, the Guarantor does not own rights to the source code to the third-party programs included in the EPSoftware (and has created no source code with respect thereto), and the above license does not give the Purchaser the right to access, use or modify such source code. Except as set forth in Section 4.15

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or Section 6.8(q) of this Agreement, Guarantor disclaims all express and implied warranties and all covenants with respect to the EPSoftware, including any implied warranties of title, non-infringement, merchantability, value, reliability, accuracy or fitness for a particular purpose, or freedom from errors, bugs, defects, viruses or other corruptants. The Purchaser shall be responsible for all risks of loss and/or damage to the EPSoftware at all times after Closing. Either party may terminate this license if the other party commits a material breach and does not cure same within thirty (30) days after written notice from the non-breaching party. After termination, the Purchaser shall, at Guarantor’s option, promptly return to Guarantor or destroy all of its copies of the EPSoftware and shall certify same to Guarantor in writing.

(i) The Guarantor shall, and shall cause any of its Affiliates (including the Sellers) to reasonably cooperate with the Licensees or the Purchaser, or any of their respective Affiliates in order to (i) (except as set forth on Schedule 4.18(a)(vii)) transfer the Bulk IP Licenses pursuant to this Agreement (at the cost and expense of the Sellers, if any) and (ii) enable such parties to obtain their own licenses (or equivalents thereof) at their own expense for the IP Licenses set forth on Schedule 4.15(b) that are not included in the Bulk IP Licenses.

(j) The Purchaser acknowledges that (i) as between the Purchaser and the Licensees on the one hand, and the Guarantor and its Affiliates on the other hand, the Guarantor and its Affiliates own the Intellectual Property licensed to the Licensees in this Section 6.11, and the Purchaser will not (and will not allow the Licensees to) contest such ownership, (ii) the representations and warranties in Section 4.15 are the only representations and warranties with respect to such Intellectual Property and there are no representations and warranties, either express or implied, with respect to the licenses in this Section 6.11 and all Intellectual Property licensed to the Licensees therein is otherwise licensed on an “as is” basis, and (iii) the Guarantor and its Affiliates have no obligation to maintain or enforce any of such Intellectual Property. Further, for the avoidance of doubt, the Purchaser acknowledges that, except as set forth in the Transition Services Agreement and LCS License Agreement, Guarantor and its Affiliates have no obligation to provide to Purchaser or the Licensees any (x) assistance, training, advice, maintenance or services of any kind with respect to the Intellectual Property licensed in this Section 6.11 or (y) physical or tangible materials in any form or media containing or embodying any of the Intellectual Property licensed in this Section 6.11 (except for Bulk Assets (including the Imprinted Containers) physically bearing the Seller Marks referenced in Section 6.11, subject to the terms and conditions of Section 6.11).

(k) If an IP License has been inadvertently omitted from Schedule 4.15(b) and the Sellers discover such omission at any time, whether before or after Closing, Sellers will promptly notify Purchaser, in which event, the parties shall cooperate in good faith to treat such IP License in the same manner as other similar IP Licenses under this Agreement and will amend all applicable schedules accordingly in a mutually-agreed manner.

6.12. Financing. The Purchaser shall comply with the terms of the Credit Agreement and shall use its reasonable best efforts to cause the Financing contemplated by the Credit Agreement to be available at or prior to Closing. In the event any portion of the Financing becomes unavailable on the terms and conditions contemplated in the Credit Agreement, the Purchaser shall use its reasonable best efforts to arrange to obtain alternative financing, including from alternative sources, as promptly as practicable following the occurrence of such event.

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6.13. Access and Cooperation. From and after the Closing Date, the parties shall take the following measures in order to facilitate the timely and cost-effective performance of the Sellers’ obligations pursuant to Section 13.2 with respect to any Sellers’ Remediation, in each case concerning any particular Real Property that is either Owned Real Property or Leased Real Property (“Subject Property”):

(a) The Sellers, and those Persons acting at the direction of the Sellers, may enter upon and use the Subject Property, at reasonable times and with reasonable prior notice, including use of roads and driveways, for the purpose of performing Sellers’ Remediation;

(b) The Sellers shall perform all Sellers’ Remediation at the Subject Property in material compliance with all applicable Laws, including Environmental Laws, and in such a manner as to minimize, to the extent reasonably practicable, damage to the Subject Property (including to the Improvements, fixtures and appurtenances thereon) and the disruption of or interference with the Purchaser’s use of the Subject Property (including the Improvements, fixtures and appurtenances thereon);

(c) The Sellers shall be responsible for the reasonable cost of any repairs, replacements or damages to the Purchaser’s Improvements, fixtures and appurtenances within the Subject Property and for any other Losses to the extent caused by the act or wrongful omission of the Sellers in connection with any Sellers’ Remediation. The Purchaser shall be responsible for the reasonable cost of any repairs, replacements or damages to the Sellers’ Improvements, fixtures and appurtenances within the Subject Property and for any other Losses to the extent caused by the act or wrongful omission of the Purchaser; and

(d) The Sellers may connect to any utility lines that serve the Subject Property, in order to provide water, electric, telephone, sanitary sewer, storm sewer and other utility services to the Sellers in connection with the Sellers’ Remediation; provided, that the Sellers shall, with the Purchaser’s reasonable cooperation, obtain all necessary utility approvals and permits prior to making any connections; and that further, the Sellers shall reimburse the Purchaser for all reasonable costs that the Purchaser incurs as a result of the Sellers’ use of such utilities.

6.14. Tax Matters. During the period from the date hereof to the Closing Date, the Companies and the Operating Company shall (and Sellers shall cause the Companies and the Operating Company to):

(a) prepare, in the Ordinary Course of Business and consistent with past practice (except as otherwise required by Law), and timely file all Tax Returns required to be filed by it (or them) on or before the Closing Date (“Post-Signing Returns”);

(b) fully and timely pay all Taxes due and payable in respect of such Post-Signing Returns that are so filed;

(c) properly reserve (and reflect such reserve in its books and records and financial statements), in accordance with past practice and in the Ordinary Course of Business, for all Taxes payable by it (or them) for which no Post-Signing Return is due prior to the Closing Date;

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(d) promptly notify Purchaser of any federal, state, local or foreign income or franchise and any other suit, claim, action, investigation, proceeding or audit pending against or with respect to the Companies or the Operating Company in respect of any Tax matter (collectively, “Tax Actions”);

(e) not make or revoke any material election with regard to Taxes or file any material amended Tax Returns;

(f) not make any change in any Tax or accounting methods or systems of internal accounting controls (including procedures with respect to the payment of Trade Payable and collection of Accounts Receivable), except as may be appropriate to conform to changes in Tax laws or regulatory accounting requirements or GAAP;

(g) terminate all Tax Sharing Agreements to which any of the Companies or the Operating Company is a party such that there is no further liability thereunder; and

(h) join the Purchaser to the extent required in making elections under Section 754 of the Code (and corresponding elections under state and local law) with respect to Company A, Company B and the Operating Company.

6.15. Litigation; Insurance.

(a) From the date hereof until the Closing Date, the Sellers shall promptly notify the Purchaser of any Actions of the type described in Section 4.12 that in each case from and after the date hereof are commenced or, to the knowledge of the Sellers, threatened, against the Companies, the Operating Company and, with respect to the Companies, the Operating Company and the Bulk Gas Business, the Sellers. From the date hereof to the Closing Date, each party shall promptly notify the other party of any Actions commenced or, to the knowledge of such party, threatened that, if adversely determined, would reasonably be expected to materially impair the ability of such party to consummate the transactions contemplated hereby. In the event an Action is commenced against one of the parties or any of such party’s Affiliates and such Action relates to this Agreement or the transactions contemplated thereby or any matter subject to indemnification hereunder, each party agrees to provide such reasonable cooperation to the other in connection with such Action to the extent reasonably requested.

(b) The parties acknowledge that the Company Insurance Policies (as defined below) are in the name of the Operating Company and will be retained by the Operating Company upon consummation of the transactions contemplated hereby, but, subject to the other provisions of this Section 6.15, are intended to be maintained and available for the benefit of the Sellers and their Affiliates, including for their obligations under this Agreement, at the sole risk and expense of the Sellers and their Affiliates, and the Sellers shall fully reimburse the Purchaser the Operating Company and their Affiliates for, and hold them harmless from, all losses, costs and expenses arising from or relating to the provisions of Section 6.15(b) through (g) (other than normal internal costs, any material breach by the Purchaser of this Section 6.15 and any bad faith or material willful misconduct of the Purchaser). Accordingly, the parties have agreed to the provisions of this Section 6.15(b) through (g). From and after the Closing Date, the Purchaser shall, and shall cause the Companies and the Operating Company to, use commercially

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reasonable efforts to, and the Sellers shall provide such information and cooperation as is necessary for the Purchaser to, (i) keep, or cause to be kept, in full force and effect (whether by prompt payment of all premiums due, by delivery of any required notices, or otherwise), all insurance policies and insurance contracts with third-party insurers that are owned or maintained by the Companies, the Operating Company or their Affiliates as of the Closing Date that cover periods prior to the Closing Date and that cover the assets, employees, operations or businesses of the Guarantor, the Sellers, the Companies, the Operating Company or their Affiliates (collectively, “Company Insurance Policies”), (ii) not terminate, cancel, amend or modify any such Company Insurance Policies or waive any rights thereunder without the prior written consent of the Sellers, which consent shall not be unreasonably withheld or delayed, (iii) not dissolve or restructure the Operating Company in any manner that would impair, terminate, cancel, modify or otherwise adversely affect any of the Company Insurance Policies or the Sellers’ and their Affiliates’ ability to make any claims or seek recovery under any Company Insurance Policies with respect to the Excluded Liabilities, and (iv) not take any action which would adversely affect the ability of the Sellers and their Affiliates from making any claims or seeking recovery under any Company Insurance Policies, without the prior written consent of the Sellers, which consents shall not be unreasonably withheld or delayed. Prior to the Closing Date, the Purchaser shall use its commercially reasonable efforts to cooperate with the Sellers, at the Sellers’ reasonable request and expense, to assist the Sellers in notifying the carriers under the Company Insurance Policies and taking such steps that are reasonably required by the carriers under the Company Insurance Policies to maintain such policies in full force and effect and to carry out the intent of this Section 6.15. For the avoidance of doubt, once the Purchaser has used its commercially reasonable efforts to cooperate with and to provide such assistance to the Sellers is as required by this Section 6.15(b), the Purchaser’s obligations in connection therewith shall be considered for all purposes to have been fully discharged and satisfied.

(c) From and after the Closing Date, the Sellers and their Affiliates will have the right to assert, prosecute and recover proceeds in respect of claims under the Company Insurance Policies. As of the Closing Date, the Purchaser shall cause the Companies and the Operating Company, as applicable, to appoint one or more Sellers (or Affiliates thereof to be designated by the Sellers) as agents and attorneys for each of the insureds (the “Designated Agents”) under each of the Company Insurance Policies. The Purchaser shall cause the Companies and the Operating Company to authorize, direct and empower the Designated Agents to act for and in the name of the Companies and the Operating Company, as applicable, as their respective agent and attorney in fact in connection with the Company Insurance Policies and under the other related instruments and agreements, with power to assert and prosecute any claims or Actions to recover proceeds under the Company Insurance Policies. Notwithstanding the foregoing, the Purchaser shall, and shall cause the Companies and the Operating Company to, use commercially reasonable efforts to assist the Sellers and their Affiliates in asserting or prosecuting claims and obtaining proceeds, including using commercially reasonable efforts in assisting the Sellers and their Affiliates to establish its right to coverage. The Sellers shall promptly reimburse the Purchaser for all out-of-pocket costs and expenses incurred in complying with this Section 6.15. None of the Purchaser or its Affiliates (including the Companies and the Operating Company) assumes any liability for the failure of an insurer to pay any claim under any Company Insurance Policy. The Purchaser agrees to promptly pay over to the Sellers or any of their Affiliates, as applicable, any insurance recoveries received by the Purchaser, the Companies, the Operating Companies or any of their Affiliates in respect of insurance claims

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with respect to the Company Insurance Policies, without setoff or reduction. The Purchaser shall promptly present any invoices received with respect to the Company Insurance Policies to the Sellers and the Sellers agree to pay the amounts set forth therein within ten (10) Business Days of receipt thereof.

(d) The Purchaser shall not, and shall cause the Companies and the Operating Company not to, and each of them shall not have the right to, assert, prosecute and recover proceeds in respect of claims under the Company Insurance Policies, or to make, administer, compromise and settle claims thereunder, except to the extent required to assist the Sellers and their Affiliates in accordance with this Section 6.15.

(e) Notwithstanding any provisions of this Agreement to the contrary, the Sellers shall retain all original copies of the Company Insurance Policies. The Sellers shall give the Purchaser Parties copies of the Company Insurance Policies and shall provide the Purchaser Parties reasonable access, during reasonable business hours upon reasonable notice, to such original copies of the Company Insurance Policies.

(f) Neither this Section 6.15 nor any provision hereof shall be read in a manner that violates or conflicts with any provision of any applicable insurance policy or Contract. To the extent that this Section 6.15 or any provision hereof violates or conflicts with any provision of any applicable insurance policy or contract or would cause a cancellation or loss of rights under any applicable insurance policy or Contract, (i) the parties agree that this Section 6.15 shall be amended or construed with respect only to such applicable insurance policy or contract and to the minimum extent necessary to cure or avoid such conflict, inconsistency, violation, cancellation or loss of rights and (ii) the parties agree to reasonably cooperate in any reasonable and lawful arrangements designed to provide to the Sellers and their Affiliates, the same or similar benefits and liabilities under any such insurance policy or Contract, including the subcontracting thereof to the Sellers and their Affiliates and enforcement for the benefit of the Sellers and their Affiliates, at the Sellers’ expense and reasonable request, of any and all rights under such insurance policy or Contract.

(g) Notwithstanding anything under this Section 6.15, unless the Purchaser is indemnified in accordance with and subject to Section 6.15(b), neither the Purchaser nor any of its Affiliates shall be obligated to take any action whatsoever under this Section 6.15, whether in connection with the Company Insurance Policies or other insurance policy or Contract implicated by Section 6.15 or otherwise, that would (or would reasonably be expected to) adversely affect or materially inconvenience the Purchaser’s ownership or operation the Bulk Gas Business, the Bulk Assets, either of the Companies or the Operating Company or any other business or operations of the Purchaser or its Affiliates after the Closing Date. To the extent either of the Sellers or any of their Affiliates desires to take any action in connection with the Company Insurance Policies or other insurance policy or Contract implicated by Section 6.15, whether in accordance with Section 6.15(c) or otherwise, that would (or would reasonably be expected to) adversely affect or materially inconvenience the Purchaser’s ownership or operation the Bulk Gas Business, the Bulk Assets, either of the Companies or the Operating Company or any other business or operations of the Purchaser or its Affiliates after the Closing Date, unless the Purchaser is indemnified in accordance with and subject to Section 6.15(b), the right of either

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of the Sellers or any of their Affiliates to take such action shall be subject to the consent of the Purchaser, which consent shall not be unreasonably withheld or delayed.

6.16. Acquisition Agreements. In the event that, from time to time, the Purchaser has suffered losses in connection with any matter with respect to which the Purchaser is not entitled to indemnification by the Sellers hereunder, at the written request of the Purchaser, the Sellers shall cooperate with the Purchaser to enforce for the benefit of the Purchaser, at the Purchaser’s expense and sole liability, any indemnification rights the Sellers may have under any Contract pursuant to which the Sellers or any of their Affiliates (including any of the Companies or the Operating Company) acquired, directly or indirectly, any of the Bulk Assets, to the extent indemnification with respect to such matter is available under such Contract or, at the Sellers’ option, assign, or cause the assignment of, such rights to the Purchaser to the extent of the applicable claim.

6.17. Closing Conditions. Subject to Section 6.6(b) and to the extent permitted by the FTC Orders, each of the Sellers and the Purchaser agree to use its reasonable best efforts to cause all of the conditions to each of their obligations to consummate the transactions contemplated hereby to be satisfied, which shall include, in the case of the Sellers, consummation of the transactions contemplated by the Restructuring Terms, as soon as practicable after the date of this Agreement. To the extent that, as of the Closing Date, any obligation of either party remains unsatisfied but the Closing nonetheless occurs, then each party agrees to use their reasonable best efforts to complete such obligation as promptly as practicable after the Closing Date.

6.18. Auditor’s Consents; Audit Expenses

(a) The Sellers shall cause to be prepared and delivered to the Purchaser as soon as reasonably practicable after January 1, 2007 (i) audited “carve-out” balance sheets of the Bulk Gas Business, as of December 31, 2006 and (ii) the related audited “carve-out” statements of operations, cash flows and changes in stockholder’s investment for the Bulk Gas Business, for the twelve (12) month period ended December 31, 2006 (collectively, the “Year-End 2006 Audited Financial Statements”). The Purchaser may, by written notice to the Sellers, cease the preparation of the Year-End 2006 Audited Financial Statements, but shall pay all costs and expenses incurred for which it is obligated to reimburse the Sellers pursuant to Section 6.18(d).

(b) After the Closing for a period of up to one (1) year, upon the request and at the expense of the Purchaser, the Sellers shall make a request of their independent auditors of the Bulk Gas Business to provide any auditor’s consent that is required to be included in any filing with the Securities and Exchange Commission (the “SEC’) that includes or incorporates by reference the Financial Statements or, if applicable, the Year-End 2006 Audited Financial Statements within the time period reasonably requested by the Purchaser or any of its Affiliates (each, an “Auditor’s Consent”). In addition, in connection with any SEC filing required to be made by the Purchaser or any of its Affiliates (or any SEC review of such filing) containing the Financial Statements or, if applicable, the Year-End 2006 Audited Financial Statements, the Sellers shall use commercially reasonable efforts to cause its independent auditors to provide such reasonable assistance as may be required by the Purchaser in connection with meeting the requirements of Rule 3-05 and Article 11 of Regulation S-X and Form 8-K of the SEC and shall permit the Purchaser and its authorized representatives to have reasonable access, during normal

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business hours and upon reasonable advance notice, to the properties, books and records of the Sellers, and to the extent permitted by the FTC Orders, the Companies, the Operating Company and their Affiliates relating to the Bulk Gas Business and the Bulk Assets solely for, and only as shall be necessary for, the purpose of preparing any such SEC filing or responding to SEC questions, comments or requests relating to such SEC filing; provided, however, that prior to providing any such access or information, the Purchaser shall enter into a confidentiality agreement relating thereto with the Guarantor on terms reasonably satisfactory to the Guarantor. For the avoidance of doubt, the Sellers shall not have any obligation to commence any Action or pay any consideration, fees or expenses or to provide any financial inducements in connection with their performance of their obligations under this Section 6.18. This Section 6.18(c) shall terminate and be of no further force or effect on the third (3^rd) anniversary of the Closing.

(c) The Sellers shall keep the Purchaser reasonably informed as to the progress of preparing the Year-End 2006 Audited Financial Statements referred to in this Section 6.18 and shall consult with and cause its accountants to consult with the Purchaser and the Purchaser’s accountants from time to time as reasonably requested by the Purchaser on the content and timing of the delivery of such financial statements. The Purchaser shall reimburse the Seller for the fees and expenses of the independent auditor incurred in connection with the preparation and audit of the Year-End 2006 Audited Financial Statements and all other fees and expenses of third parties otherwise incurred in complying with this Section 6.18 within ten (10) Business Days of receipt of an invoice from the Seller therefor. The Seller shall provide a copy of the engagement letter between them or their Affiliate and the independent auditors of the Bulk Gas Business relating to such preparation and audit.

6.19. Customer Contracts. Upon satisfaction or waiver of all of the conditions to Closing set forth in Section 8 hereof (other than those which by their nature are to be satisfied at the Closing) and no later than five (5) Business Days prior to the Closing Date the Sellers shall provide to the Purchaser an updated version of Schedule 4.18(c) with the actual names of each customer set forth on such Schedule.

6.20. Canton, Ohio Cleanup. Prior to the Closing Date, the Sellers shall reasonably remediate in material compliance with applicable Environmental Laws the existing oil staining from the two transformers located to the south of the production building in the southwest corner of the facility located at 0000 Xxxxxxx Xxxxxx Xxxxxx XX, Xxxxxx, Xxxx as described in the Phase I Environmental Assessment for 0000 Xxxxxxx Xxxxxx Xxx XX, Xxxxxx, XX prepared by URS and dated June 21, 2006.

6.21. [Intentionally Omitted].

6.22. Restructuring.

(a) Prior to the Closing, the Sellers shall use reasonable best efforts to cause the transactions described in the Restructuring Terms (the “Restructuring”) not yet completed as of the date of this Agreement to be consummated. In furtherance of the foregoing, promptly after the date hereof, the parties will initiate discussion on, and cooperate to develop, a process for implementing the Restructuring as it relates to the Bulk Gas Business in a manner that is reasonably acceptable to both parties; provided that the Sellers shall not be required to disclose

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any non-Bulk Gas related information to the Purchaser except to the extent that such information is reasonably required by the Purchaser with respect to the Bulk Assets (including mixed assets) or its rights hereunder to determine that the Restructuring is being completed in a reasonably satisfactory manner, subject to appropriate safeguards to protect confidential or competitively sensitive information.

(b) Notwithstanding Section 6.22(a), from and after the Closing Date, upon the reasonable request of the Purchaser, the Sellers shall execute, acknowledge and deliver any instruments of assignment, transfer and conveyance and other instruments as the Purchaser shall reasonably request and as shall be necessary to assign, transfer and convey to and vest in the Operating Company all rights, title and interests of the Sellers or any of its Affiliates in the Bulk Assets that were not otherwise so transferred or conveyed to, or held by, the Operating Company prior to the Closing Date. After the Closing, each party hereto shall take all actions reasonably necessary to convey, transfer, sell and assign to the Operating Company, and to vest in the Operating Company good and valid title to, any Bulk Assets that the Operating Company does not own, lease, license or otherwise have the right to possess and use as of the Closing, and to convey, transfer, sell and assign to the Sellers or their Affiliates, and to vest in the Sellers and their Affiliates good and valid title to, assets that are Excluded Assets that were owned by either of the Companies or the Operating Company as of the Closing, and to execute and deliver such instruments of conveyance and transfer and take such other actions in order to effectively consummate the transactions contemplated by the Restructuring.

(c) With respect to the transactions contemplated by the Restructuring, to the extent that any rights, obligations, liabilities, assets or Contracts (including any leases or subleases) are not assignable without the Consent of another Person, neither this Agreement nor any instrument shall constitute an assignment or an attempted assignment of such right, obligation, liability, asset or Contract if such assignment or attempted assignment would constitute a breach thereof. If, after the Sellers use their reasonable best efforts to obtain any such Consent, such Consent is not obtained, the applicable party (the “Retaining Party”) shall retain the right, obligation, liability, asset or Contract; provided that this Section 6.22(c) shall not limit the Sellers’ obligations under Section 13.2.

(d) To the extent any right, obligation, liability, asset or Contract that is not transferred, assigned or licensed as of the Closing due to a failure to obtain the necessary Consent, lack of sufficient time to complete such action or otherwise, the parties agree to cooperate in any reasonable and lawful arrangements designed to provide to the Sellers or their Affiliates, on the one hand, or to the Purchaser or the Operating Company, on the other hand, as applicable (such party, the “Benefiting Party”), the same or similar benefits and liabilities under any such right, obligation, liability, asset or Contract that is not transferred, assigned or licensed as of the Closing as would have been obtained by such party if such right, obligation, liability, asset or Contract had been assigned or licensed, as the case may be, to the Benefiting Party, including the subcontracting thereof to the Benefiting Party and enforcement for the benefit of the Benefiting Party, at the Sellers’ expense and reasonable request, of any and all rights of the Retaining Party against the other party thereto arising out of the breach or cancellation thereof by such other party or otherwise.

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(e) The Purchaser shall promptly transfer or deliver, or cause to be promptly transferred or delivered, to the Sellers any Accounts Receivable, monies and other payments that the Purchaser, the Companies or the Operating Company or any of their respective Affiliates may receive on or after the Closing Date that relate to (i) the Excluded Businesses, the Excluded Assets, Contracts that are not Bulk Contracts and other Contracts not assigned by the Operating Company and administered in accordance with this Section 6.22, or (ii) the operation of the Bulk Gas Business (including with respect to any Bulk Assets or Bulk Contracts) prior to the Closing Date (to the extent such amounts were not included as a current asset in Net Working Capital as calculated for the Final Closing NWC Amount). The Sellers shall promptly transfer or deliver, or cause to be promptly transferred or delivered, to the Purchaser any Accounts Receivable, monies and other payments that the Sellers or any of their Affiliates may receive on or after the Closing Date that relate to (i) the Bulk Gas Businesses, the Bulk Assets, the Bulk Contracts and other Contracts not assigned to the Operating Company and administered in accordance with this Section 6.22, or (ii) the operation of the Bulk Gas Business (including with respect to any Bulk Assets or Bulk Contracts) after the Closing Date.

(f) Prior to the Closing, the Sellers and the Guarantor shall transfer to the Sellers and/or their respective Affiliates (other than the Companies or the Operating Company) the sponsorship, and related obligations, assets, liabilities or expenses, whether actual or contingent, prior to, on or after the Closing Date, of any (i) Employee Benefit and Compensation Plan (excluding in respect of any MultiEmployer Plan related to Collective Bargaining Agreement which is set forth on Schedule DEF-A) and (ii) any similar plan, program, arrangement or agreement that would be an Employee Benefit and Compensation Plan but for the fact that such plan, program, arrangement or agreement has been terminated. The Sellers shall provide the Purchaser reasonable evidence of such transfer, including, copies of all documents necessary to effectuate such transfer of sponsorship and related obligation.

SECTION 7
CONDITIONS PRECEDENT TO OBLIGATIONS OF THE PURCHASER

The obligation of the Purchaser to proceed with the Closing hereunder is subject to the satisfaction of the following conditions on the Closing Date, any of which may be waived by the Purchaser by executing a written instrument at or prior to the Closing:

7.1. Representations and Warranties. The representations and warranties of the Sellers set forth in this Agreement shall be true and correct (without giving effect to any materiality, Business Material Adverse Effect or similar qualifiers set forth therein, other than in the first sentence of Section 4.10), as of the date of this Agreement and as of the Closing Date with the same force and effect as if made as of the Closing Date (other than such representations and warranties that are made as of another date, which representations and warranties shall be true and correct as of such date), except where the failure of such representations and warranties to be true and correct, taken in the aggregate, has not had and would not reasonably be expected to have, individually or in the aggregate, a Business Material Adverse Effect.

7.2. Covenants and Agreements. All the covenants and agreements contained in this Agreement to be complied with and performed by the Sellers on or before the Closing Date shall have been complied with and performed in all material respects.

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7.3. No Business Material Adverse Effect. Since June 30, 2006, there shall not have occurred a Business Material Adverse Effect.

7.4. Officer’s Certificate. The Purchaser shall have received certificates of an appropriate officer of the Sellers to the effect of Sections 7.1, 7.2 and 7.3 hereof.

7.5. Litigation.

(a) No Action by or before any Governmental Body of competent jurisdiction shall have been instituted that has a reasonable likelihood of success and (i) that would have a material adverse effect on the Purchaser’s or Sellers’ ability to consummate the transactions contemplated by this Agreement or (ii) that seeks to prohibit or materially limit the ownership or operation by the Purchaser of the Bulk Gas Business or the Bulk Assets.

(b) No Action by any Person shall have been instituted that has a reasonable likelihood of success and would be reasonably likely to have a Business Material Adverse Effect.

(c) There shall not be any Law in effect that restrains or prohibits the consummation of the transactions contemplated by this Agreement and the other Transaction Documents.

7.6. Regulatory Consents.

(a) There shall have been received all Consents of Governmental Bodies as set forth in Schedule 7.6, and all material Consents necessary for the consummation of the transactions contemplated by the Restructuring Terms, and all conditions contained in any such Consents required to have been satisfied prior to consummation by the Purchaser of the transactions contemplated by this Agreement and the other Transaction Documents shall have been satisfied.

(b) The FTC shall have approved the transactions contemplated by this Agreement.

7.7. Intentionally Omitted.

7.8. Contract Consents. There shall have been received all Consents that are required in connection with the consummation of the transactions contemplated by this Agreement for the Contracts set forth on Schedule 7.8.

7.9. Restructuring. The Restructuring transactions shall have been consummated, other than (x) the failure to obtain by Closing consents to the assignment of no more than five percent (5%) of Contracts that are not Bulk Contracts that are to be assigned out the Operating Company pursuant to the Restructuring; provided that such Contracts shall be subject to Section 6.22, or (y) the failure of transfers contemplated thereby to have occurred that, in the aggregate, do not have a material impact on the Purchaser and its Affiliates or on the ownership or operation of the Bulk Gas Business, the Companies or the Operating Company.

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7.10. Environmental Transfer Laws. To the extent required as of or prior to the Closing, the Sellers shall have materially fulfilled their obligations under, if applicable, the Connecticut Property Transfer Act, Conn. Gen. Stat. §§ 22a-134, et seq.

SECTION 8
CONDITIONS PRECEDENT TO OBLIGATIONS OF THE SELLERS

The obligation of the Sellers to proceed with the Closing hereunder is subject to the satisfaction of the following conditions on the Closing Date (except as set forth below), any of which may be waived by the Sellers by executing a written instrument at or prior to the Closing:

8.1. Representations and Warranties. The representations and warranties of the Purchaser set forth in this Agreement shall be true and correct (without giving effect to any materiality or similar qualifiers set forth therein), as of the date of this Agreement and as of the Closing Date with the same force and effect as if made as of the Closing Date (other than such representations and warranties that are made as of another date, which representations and warranties shall be true and correct as of such date), except where the failure of such representations and warranties to be true and correct taken in the aggregate has not had and would not reasonably be expected to have the effect of materially impairing or delaying the Purchaser’s obligations under this Agreement or the other Transaction Documents or the consummation of the transactions contemplated by this Agreement and by the other Transaction Documents.

8.2. Covenants and Agreements. All the covenants and agreements contained in this Agreement to be complied with and performed by the Purchaser on or before the Closing Date shall have been complied with and performed in all material respects.

8.3. Officer’s Certificate. The Sellers shall have received certificates of an appropriate officer of the Purchaser to the effect of Sections 8.1 and 8.2 hereof.

8.4. Regulatory Consents. The FTC shall have approved the transactions contemplated by this Agreement.

8.5. Restructuring. The Restructuring transactions shall have been consummated, other than (x) the failure to obtain by Closing consents to the assignment of no more than five percent (5%) of Contracts that are not Bulk Contracts that are to be assigned out the Operating Company pursuant to the Restructuring; provided that such Contracts shall be subject to Section 6.22, and (y) the failure of transfers contemplated thereby to have occurred that, in the aggregate, do not have a material impact on the Sellers and their Affiliates; provided, however, that the requirement that the condition in this Section 8.5 shall be satisfied shall expire upon the day that is ninety (90) days after the date hereof.

SECTION 9
EMPLOYEES

9.1. Employees at Closing; Notice. As of the Closing Date, the Companies and the Operating Company will not have any employment, consulting or similar arrangement with any

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employee other than the Transferred Employees. The Purchaser shall notify the Sellers in writing (by email or telecopy to the Linde Gas LLC’s Director of Human Resources) as to each Business Employee whose employment with any of the Companies or the Operating Company is terminated (whether initiated by a Company or the Operating Company or by the Business Employee) within one (1) year following the Closing Date.

9.2. Treatment of Annual Bonuses. With respect to annual bonuses or sales commissions, as applicable, that are unpaid as of the Closing Date but that would otherwise be payable to Transferred Employees under the applicable Employee Benefit and Compensation Plans in respect of (x) calendar year 2006 (each, a “2006 Bonus”) and (y) in respect of the portion of calendar year 2007 through the Closing Date (each a “2007 Bonus”), in each case, to Transferred Employees who would have been eligible to receive any such bonus or commission assuming such Transferred Employees had remained employed by an Affiliate of the Sellers through December 31, 2006 or 2007, as applicable, or such other applicable duration as required under the terms of the applicable Employee Benefit and Compensation Plan: (a) on the Closing Date, the Sellers shall provide the Purchaser with Schedule 9.2, which schedule shall set forth the name of each Transferred Employee who is entitled to receive a 2006 Bonus payment and/or 2007 Bonus payment and the target amount thereof; (b) as soon as reasonably practicable following the Closing, the Sellers shall pay to the applicable Company or the Operating Company an amount equal to all such 2006 Bonuses and the pro rated portion of the 2007 Bonuses, which will be calculated by multiplying the total amount of the 2007 Bonuses (based on annualized performance through the Closing Date, if necessary or appropriate to determine such amount) that would be payable under the Sellers’ applicable bonus and commission plans by a fraction, the numerator of which is equal to the number of days between and including January 1, 2007 and the Closing Date, and the denominator of which is equal to 365; and (c) promptly following such payments, the Purchaser shall cause the applicable Company or the Operating Company to pay to each Transferred Employee an amount equal to such Transferred Employee’s 2006 Bonus and the pro rated portion of the 2007 Bonuses, which will be calculated by multiplying the total amount of such Transferred Employee’s 2007 Bonus (as determined above) under the Sellers’ applicable bonus and commission plans by a fraction, the numerator of which is equal to the number of days between and including January 1, 2007 and the Closing Date, and the denominator of which is equal to 365. The foregoing provisions shall not apply in respect of the 2006 Bonus payments to the extent 2006 Bonus payments are made prior to Closing.

9.3. Stay Bonus Arrangement. The Sellers have caused, and will continue to cause, the applicable Company or the Operating Company to enter into agreements (the “Stay Bonus Letter”), the form of which has been provided to the Purchaser, providing stay bonuses (the “Stay Bonuses”) to the Key Atmospheric Gases Employees (as defined in the FTC Orders) and those Business Employees who, in the Sellers’ sole discretion, have been deemed to receive such a bonus for the continued operation of the Bulk Gas Business prior to the Closing, and the Purchaser shall cause the applicable Company or the Operating Company to honor such Stay Bonus Letter and pay such Stay Bonuses; provided, however, that in the event any such employees’ employment terminates, Sellers shall be permitted to provide the same Stay Bonus Letters to their replacements so long as such replacement employees obtained their positions through internal promotions or transfers (from the Companies, the Operating Company or any respective Affiliates). The amount of the Stay Bonus that will be provided to each Selected

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Employee will be no less than ten percent (10%) of the Selected Employee’s base salary and the aggregate amount of all Stay Bonuses shall not exceed $834,000. Each Selected Employee will receive payment of his or her respective stay bonus from the applicable Company or the Operating Company one (1) year after the Closing Date pursuant to the Stay Bonus Letter. For any Selected Employee whose employment is terminated prior to the Closing Date without cause, the Seller shall incur the costs of paying the applicable Stay Bonus (to the extent the Stay Bonus is not forfeited pursuant to the terms of the applicable Stay Bonus Letter). For any Selected Employee whose employment is terminated within one (1) year following the Closing Date without cause (a “Purchaser Terminated Employee”), the Purchaser shall incur the costs of paying the applicable Stay Bonus (to the extent the Stay Bonus is not forfeited pursuant to the terms of the applicable Stay Bonus Letter). For all other Selected Employees not described in the previous two sentences, the Purchaser shall cause the applicable Company or Operating Company to pay the applicable Stay Bonus (to the extent the Stay Bonus is not forfeited pursuant to the terms of the applicable Stay Bonus Letter), and the Sellers shall reimburse the Purchaser for 50% of all such Stay Bonuses promptly following payment thereof.

9.4. Other Employee Matters.

(a) Pre-Closing Employee Benefits. The Sellers shall cause the Operating Company to continue employee benefits to all Business Employees from the date hereof until the Closing Date.

(b) Offers of Employment.

(i) As soon as reasonably practicable after the date hereof, but not later than forty-five (45) days prior to the Closing, the Sellers shall deliver to the Purchaser a true and complete list of all Business Employees and Atmospheric Gases Employees, and shall allow the Purchaser to inspect the personnel files and other documentation relating to the Business Employees and Atmospheric Gases Employees.

(ii) After the date hereof, but not later than forty-five (45) Business Days prior to the Closing, the Sellers will make the Business Employees and Atmospheric Gases Employees available for interview by the Purchaser during reasonable business hours following reasonable prior notice (and outside the presence of the Sellers). The Purchaser may make offers of employment to any one or more of the Atmospheric Gases Employees. The Atmospheric Gases Employees shall be free to accept or reject such offers (if any) in their sole discretion. The offers of employment (if any) shall have no effect on the terms or conditions of this Agreement.

(iii) From the date of execution hereof until the Closing, the Sellers and their Affiliates shall not make any offer to any Business Employees or Atmospheric Gases Employees to induce or otherwise encourage such Business Employees or Atmospheric Gases Employees to become employed by the Sellers or their Affiliates (other than the Operating Company) after the Closing.

(c) Employee Information. Subject to applicable Law, the Sellers shall provide, on the Closing Date, complete personnel files for each Transferred Employee.

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(d) Shared Services Employees; Transferred Employees. (i) The parties acknowledge that in addition to the employees set forth on Schedule 4.20(f), the Business Employees are to include twelve (12) employees who perform the functions set forth on Schedule 9.4(d)(i) for both the Bulk Gas Business and the Excluded Businesses. Schedule 9.4(d)(i) sets forth for each such position (x) the function or functions performed and (y) the number of employees in such category to become Business Employees. Within thirty (30) days following the date hereof, the Seller shall give the Purchaser an updated Schedule 9.4(d)(i) which sets forth for each such position, (A) the function or functions performed, (B) the number of employees in such category to become Business Employees and (C) names of employees of the Operating Company who perform such functions as of the date hereof (which shall include at least one half of the Operating Company’s employees currently performing such function or functions) and access to relevant information concerning such employees and an opportunity to interview such employees and the Purchaser shall select the employees from subclause (C) to fill the positions set forth in subclause (B), and such employees shall become Business Employees. To the extent the number of employees listed under subclause (C) above is equal to the number of positions listed under subclause (B) above, then all such employees shall become Business Employees.

(ii) Business Employees who are employed by the Operating Company (or on approved leave) immediately prior the Closing shall be referred to as “Transferred Employees”. To the extent permitted by applicable law and the FTC Orders, a list of Business Employees on an approved leave, the date such approved leave is expected to end (if available) and the reason for such approved leave will be provided on the updated Schedule 9.4(d)(ii), such list to be updated by the Sellers at the Closing as of the most recent practicable date (but no earlier than seven (7) days prior to Closing).

(e) Employee Benefits.

(i) The Purchaser or its Subsidiaries shall extend, on the Closing Date, the Purchaser’s then-existing employee welfare benefit plans (including severance and long- and short-term disability insurance coverage) and employee pension benefit plans, both as defined in Section 3 of ERISA, to the Transferred Employees employed by any Company or the Operating Company on reasonably comparable terms on which similarly situated employees of the Purchaser participate in such plans, provided, that Transferred Employees who were not eligible to participate in a comparable plan of the Sellers as of the Closing Date shall be subject to each applicable Purchaser’s plans’ eligibility waiting period (but will nonetheless receive credit for all service periods with the Companies and the Operating Company as described in the following sentence). For all purposes of such employee benefit plans (including severance), programs and arrangements, including eligibility, participation, vesting and benefit accrual (other than for benefit accrual for any defined benefit pension plan), the Purchaser shall credit Transferred Employees for prior service with the Sellers and their Affiliates and to the extent the Sellers and their Affiliates recognized such service, except to the extent such credit would result in duplication of benefits for the same period of service. For the period commencing on the Closing Date and ending one year following the Closing Date (the “Covered Period”), the Purchaser shall cause each Transferred Employee to receive the same annual base salary or hourly wage (it being understood that policies regarding pay rates for, and availability of, shift premiums, overtime pay, differential pay may vary so long as Transferred Employees are not

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treated differently than other similarly situated employees of the Purchaser) and substantially comparable aggregate incentive compensation opportunity (excluding equity-based compensation) as was applicable immediately prior to the Closing.

(ii) At Closing, the Sellers will cease to cover Transferred Employees under the Xxxxx Xxxxxxxxx Plan. Effective at Closing, the Purchaser shall adopt an amendment to the Purchaser Severance Plan (the “Amended Purchaser Severance Plan”), which shall provide that if a Transferred Employee is terminated by the Purchaser or its Affiliates during the Covered Period, such Transferred Employee shall receive all of the benefits described under “Option 2” or “Option 3”, as applicable, of the Xxxxx Xxxxxxxxx Plan (as it exists on the date of this Agreement) if such Transferred Employee would have been eligible for such benefits under the Xxxxx Xxxxxxxxx Plan (as it exists on the date of this Agreement), provided, that there will not be any management discretion to provide severance under Option 2. The Amended Purchaser Severance Plan shall require any terminated Transferred Employee, as a condition to receipt of benefits thereunder, to execute a waiver and release of claims in favor of the Purchaser and its Affiliates and the Sellers and their respective Affiliates. All calculations of benefits under the Amended Purchaser Severance Plan in respect of Transferred Employees shall be made giving effect to all prior service of the Transferred Employee with Sellers and their respective Affiliates, as well as any service with the Purchaser and its Affiliates after Closing. At least 15 days prior to the Closing, the Purchaser shall provide to Sellers for review and comment a draft of the Amended Purchaser Severance Plan.

(iii) Effective as of the Closing Date, the Purchaser shall (a) cause its group health plans to cover all Transferred Employees and dependents of such Transferred Employees who are covered under an Employee Benefit and Compensation Plan that is a group health plan as of the Closing Date and to be responsible (in accordance with the Purchaser’s employee welfare benefit plans and employee pension benefit plans) for expenses incurred by such Transferred Employees and dependents on or after the Closing Date (b) waive proof of insurability requirements for initial extension of both basic and optional benefit coverage under its group health plans or other group insurance welfare benefit plans (c) credit deductible payments and co-insurance payments made in the year of the Closing by such Transferred Employees and their dependents under the Sellers’ group health plans for expenses incurred prior to the Closing Date towards deductibles and stop losses in effect for its group health plans for the year of the Closing (d) waive all pre-existing condition clauses in its group health plans for such Transferred Employees and their dependents, solely to the extent such preexisting conditions were waived under the Sellers’ group health plan and (e) waive eligibility waiting periods for such Transferred Employees and their dependents for any employee benefit plans maintained by the Purchaser as of the Closing Date. For purposes of the preceding sentence, “group health plan” shall have the meaning proscribed in Section 5000(b)(1) of the Code.

(iv) Immediately upon the Closing, the Transferred Employees shall cease to participate (as an active employee) in any Employee Benefit and Compensation Plans sponsored or adopted by the Sellers or their Affiliates.

(f) Vacation. On or as promptly as practicable after the Closing Date but in no event later than fifteen (15) days after the Closing Date, the Sellers shall pay to the Purchaser, in respect of all accrued and unused vacation for each Transferred Employee with respect to the

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Sellers’ fiscal year that includes the Closing Date (the “Current Fiscal Year”), an amount equal to the product of (i) the number of accrued, but unused, vacation days for such Transferred Employee, multiplied by (ii) for such Transferred Employee, the daily eight (8)-hour rate of base salary (or hourly rate of pay, as applicable) that the Sellers disclosed to the Purchaser pursuant to Section 4.20(e) (updated for any increase in base salary or hourly rate of pay) as payable to such Transferred Employee immediately prior to the Closing, (each such payment being referred to as a “Vacation Payment”) (provided that the foregoing shall not apply to the extent any liability for such accrued vacation was included in the calculation of the Final Closing NWC Amount). The Purchaser shall, on and after the Closing, cause each Company or the Operating Company to either (x) allow each Transferred Employee who has vacation accrued with respect to the Current Fiscal Year, but unused as of the Closing Date, to use such vacation during the balance of the year in which the Closing Date occurs in accordance with the Employee Benefit and Compensation Plans that are vacation policies or (y) in the event that a Transferred Employee does not use all of his or her accrued but unused vacation as provided in the foregoing clause (x) by the close of business on December 31 of the year of the Closing, the Purchaser shall pay each such Transferred Employee an amount equal to the portion of the Vacation Payment attributable to such remaining accrued but unused vacation days, in each such case to the extent that the Purchaser has received a Vacation Payment with respect to such Transferred Employee. The Sellers shall directly pay or cause to be paid to the Transferred Employees, on or as promptly as practicable after the Closing Date, but in no event later than fifteen (15) days after the applicable Business Employee becomes a Transferred Employee, any accrued vacation in respect of (i) any fiscal year prior to the Current Fiscal Year and, (ii) if required by Law, any accrued vacation in respect of the Current Fiscal Year (in which case the Sellers would not make a Vacation Payment to the Purchaser with respect to such employee) and the Purchaser would not have any obligations pursuant to the preceding sentence.

(g) COBRA. The Sellers shall be responsible for providing such continuation coverage, within the meaning of COBRA, as is required pursuant to COBRA in respect of any Business Employee or “qualified beneficiary” (as defined in COBRA) who incurs a “qualifying event” prior to the Closing. The Purchaser, the Companies and the Operating Company shall be responsible for providing such continuation coverage as is required under COBRA in respect of any Transferred Employee or qualified beneficiary of a Transferred Employee, in either case, who incurs a qualifying event after the Closing Date.

(h) U.S. Tax-Qualified Plans. The Sellers agree to permit each Transferred Employee to effect a “direct rollover” (within the meaning of Section 401(a)(31) of the Code) of his or her account balances under any Employee Benefit and Compensation Plan of the Sellers and their Affiliates (other than the Companies and the Operating Company) that is a defined contribution plan intended to qualify under Section 401(a) of the Code including a qualified cash or deferred arrangement under Section 401(k) of the Code (the “Seller 401(k) Plan”) if such rollover is elected in accordance with applicable Law by such Transferred Employee. The Purchaser agrees to cause its defined contribution plan that includes a qualified cash or deferred arrangement within the meaning of Section 401(k) of the Code (the “Purchaser 401(k) Plan”) to accept a direct rollover to the Purchaser 401(k) Plan of such Transferred Employee’s account balances under the Seller 401(k) Plan if such rollover is elected in accordance with applicable Law by such Transferred Employee, including the rollover of such Transferred Employee’s loan balances outstanding under the Seller 401(k) Plan.

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(i) Cooperation. Upon the Purchaser providing reasonable notice to the Sellers, to the extent permitted by the FTC Orders, the Sellers shall permit the Purchaser a reasonable opportunity to meet with the Business Employees during the Sellers’ and applicable Business Employee’s normal business hours. Such opportunity shall be in accordance with applicable Laws and for the sole purpose of informing such Employees about the terms and conditions of employment with the Purchaser, including information about the Purchaser’s benefit plans. All contact with such Business Employees initiated by the Purchaser will be done at the Business Employee’s principal employment location or another mutually agreed upon location and the Purchaser’s representative may, in the sole discretion of the Sellers, be accompanied by at least one Sellers representative during such contact (any costs associated with such Sellers representative to be borne by the Sellers). Any meetings held by the Purchaser with Business Employee outside of the Sellers’ and applicable Business Employee’s normal business hours shall be conducted solely on a voluntary basis, and the Sellers shall have no liability or obligation with respect thereto.

(j) WARN. The Sellers shall provide to the Purchaser, no later than five (5) calendar days prior to the Closing Date, a list of all employees or former employees of the Sellers who have suffered an “employment loss” (as defined in WARN) during the ninety (90)-calendar-day period on or preceding the Closing Date at each “single site of employment” (as defined in WARN) and the date of such employment loss and applicable site of employment for each such person. The Purchaser shall be responsible for any obligation or liability under WARN with respect to “employment losses” which take place on and after the Closing Date. The Sellers shall be responsible for any obligation under WARN with respect to “employment losses” which take place prior to the Closing Date. The Sellers agree to cause the Companies and the Operating Company to not terminate, other than for cause, more than fifteen (15) Business Employees within the ninety (90)-calendar day period on or prior to the Closing Date.

(k) Collective Bargaining Agreements. From and after the Closing, the Purchaser shall cause the Companies and the Operating Company to honor and be bound by all Collective Bargaining Agreements listed on Schedule DEF-A.

(l) Employment Requirements. (i) To the extent permitted by Law, on or after the Closing Date, the Purchaser shall be permitted to cause the Business Employees to submit to the Employment Requirements. As used herein, “Employment Requirements” means the following: (A) drug testing requirements for new employees in accordance with the Purchaser’s drug and alcohol policies, including any pre-employment medical drug and alcohol testing and other requirements established by the U.S. Department of Transportation, (B) completion of the Purchaser’s employment application, (C) background checks of the type administered by the Purchaser to similarly situated employees of the Purchaser and in accordance with its existing hiring policies and (D) strength and/or agility testing of the type administered by the Purchaser to similarly situated employees of the Purchaser (whose job duties require certain amounts of physical strength and agility) and in accordance with its existing hiring policies and practices.

(ii) To the extent any Business Employee fails to satisfy the Employment Requirements as provided in Section 9.4(l)(i) above, and any of the Companies or the Operating Company terminates the employment of such Business Employee as a result

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thereof, the applicable Company or Operating Company shall bear all of the costs and expenses related to such termination, including severance costs and Employment Claims (and indemnify Sellers for any such costs and expenses; provided, however, that the Sellers shall reimburse the applicable Company or Operating Company for fifty percent (50%) of all severance costs payable with respect to such terminations that occur within the ninety (90)-day period immediately following the Closing and represent no more than five percent (5%) of the Business Employees. The Sellers’ reimbursement obligation shall not be reduced or otherwise eliminated in the event that more than five percent (5%) of Business Employees are terminated as result of a failure to satisfy the Employment Requirements. Notwithstanding anything to the contrary in this Agreement (and subject to applicable Law), Seller and its Affiliates may employ, or offer employment to, any such terminated Business Employee to mitigate its portion of the severance-related costs so long as it also reimburses Purchaser for its portion of severance related costs and expenses.

SECTION 10
BROKERAGE

The Sellers, on the one hand, and the Purchaser, on the other hand, shall indemnify and hold harmless the other against and in respect of any liability, cost or expense resulting from any agreement, arrangement or understanding made by such party with any third party for brokerage or finders’ fees or other commissions in connection with this Agreement or the transactions contemplated hereby.

SECTION 11
EXPENSES

Except as otherwise provided herein or therein, each party hereto shall bear all expenses incurred by it in connection with this Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby, including all compensation and expenses of their respective counsel, actuaries, financial advisors and accountants, whether or not the Closing shall have occurred (except that such costs and expenses incurred by the Operating Company and the Companies prior to the Closing shall be borne by the Sellers).

SECTION 12
TRANSFER TAXES AND RECORDING EXPENSES

12.1. Transfer and Recording Taxes. The Sellers shall pay all sales, use, value added, transfer, stamp, registration, recording, documentary, excise, real property transfer or gains, or similar Taxes incurred as a result of the transactions contemplated by the Restructuring and by this Agreement (“Transfer Taxes”) and the Sellers, on the one hand, and the Purchaser, on the other hand, agree to jointly file all required change of ownership and similar statements; provided that the Purchaser shall reimburse the Seller for one half of all Transfer Taxes to the extent that such Transfer Taxes do not in the aggregate exceed one million dollars ($1,000,000), and all other Transfer Taxes will be borne solely by the Seller. At the Closing, the Sellers, on the one hand, and the Purchaser, on the other hand, shall deliver to each other such properly completed resale exemption certificates and other similar certificates or instruments, in form and

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substance reasonably acceptable to both parties, as are necessary to claim available exemptions from the payment of sales, transfer, use or other similar Taxes under applicable Law.

12.2. Real and Personal Property Taxes. In the event of any adjustment to real and personal property tax amounts applicable to any of the assets of the Companies (including payments under an Industrial District Agreement or similar agreement) as a result of an audit by any Governmental Body for any period other than the period in which the Closing occurs, shall be for the account of and paid to the Sellers and for the period in which the Closing occurs shall be prorated between the Sellers and the Purchaser based on the amount of time elapsed during such period prior to the Closing and after the Closing, respectively.

SECTION 13
SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION

13.1. Survival of Representations and Warranties. The representations, warranties, covenants and agreements contained in this Agreement and the other Transaction Documents shall survive the Closing for the periods specified in Section 13.3, but shall be subject to all limitations and other provisions relating thereto contained in this Agreement. Such representations, warranties, covenants and agreements contained herein are exclusive, and the parties hereto confirm that they have not relied upon any other representations, warranties, covenants and agreements as an inducement to enter into this Agreement or otherwise.

13.2. Indemnification of the Purchaser. From and after the Closing, subject to the provisions of this Section 13 and subject to the terms of any subsequent agreement entered into between the Guarantor and/or its Affiliates and the Purchaser, the Sellers agree to defend, indemnify and hold harmless the Purchaser and its respective Affiliates and their respective officers, directors, agents, employees and representatives and the respective successors and permitted assigns of each of the foregoing (collectively, the “Purchaser Indemnitees”), against and in respect of any costs, damages (at law or in equity), fines, penalties, settlement awards, losses, expenses, claims, obligations or other liabilities (including reasonable legal, expert witness and other expenses incurred in investigating and defending or enforcing any claims or Actions) (collectively, “Losses”), incurred or suffered by the Purchaser Indemnitees arising out of or resulting from:

(a) a breach of any of the representations or warranties made by the Sellers in Section 4 of this Agreement or in the certificate delivered pursuant to Section 7.4;

(b) a breach of any of the covenants or agreements made or to be performed by the Sellers or Guarantor pursuant to this Agreement;

(c) any Condition (including any Condition listed on Schedule 13.2(c)) on, in, under or migrating from the Owned Real Property or Leased Real Property existing prior to or as of the Closing Date for which there is an affirmative legal obligation of Sellers or Purchaser under any Environmental Law to perform Remediation or to correct a violation of Environmental Law;

(d) any violation of Environmental Law in respect of the operation of the Bulk Gas Business occurring prior to, or as of the Closing Date;

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(e) any failure to comply with the “bulk sales” laws applicable to the transactions contemplated by this Agreement or the Transaction Documents; or

(f) the Excluded Liabilities.

The obligations of the Sellers hereunder shall bind the successors and assigns of the Sellers. For all purposes of this Section 13.2, a breach of the Sellers’ representations and warranties, except with respect to the representations and warranties contained in the first sentence of Section 4.10, shall be determined without regard to any limitation or qualification as to “materiality”, “material”, “materially” or “Business Material Adverse Effect” set forth in such representation or warranty. For the avoidance of doubt, the term “Material” in the definition names of “Business Material Adverse Effect”, “Material Contracts”, “Material Customers”, “Material Permits” and “Material Restrictions” shall not be disregarded (i.e., “Material Contracts” shall not be deemed “Contracts”).

13.3. Duration of Indemnification of the Purchaser. The Sellers’ obligations to defend, indemnify and hold harmless the Purchaser Indemnitees under Section 13.2 shall apply only to any Claim Notice (as hereinafter defined) given pursuant to Section 13.8 within the following periods:


		Section 13.2(a)		Eighteen (18) months after the Closing Date, except that the Sellers’ indemnification obligation with respect to a breach of any representation or warranty contained in Section 4.22 shall survive for forty-eight (48) months after the Closing Date and the Sellers’ indemnification obligation with respect to a breach of any representation or warranty contained in Sections 4.1, 4.2, 4.3, the first sentence of Section 4.11 and 4.23 (the “Excepted Representations”) shall survive until the expiration of the applicable statute of limitations.

		Section 13.2(b)		Eighteen (18) months after the Closing Date with respect to covenants and agreements of the Sellers that by their terms are to be performed in full prior to or on the Closing Date (“Pre-Closing Covenants”). The applicable statute of limitations with respect to covenants and agreements of the Sellers that by their terms are to be performed or completed after the Closing Date.

		Section 13.2(c)		Forty-eight (48) months after the Closing Date.

		Section 13.2(d)		Forty-eight (48) months after the Closing Date.

		Section 13.2(e)-(f)		No time limit; provided that the Sellers’ indemnification obligation with respect to any claims in respect of Taxes shall only survive until the expiration of the applicable statute of limitations.

13.4. Limitations on Indemnification of the Purchaser.

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(a) (i) The Sellers’ obligations to defend, indemnify and hold harmless the Purchaser Indemnitees under Section 13.2(a) shall apply only after the Purchaser Indemnitees have suffered Losses under Sections 13.2(a) (except for those in respect of the Excepted Representations) in excess of an aggregate of five million dollars ($5,000,000), after which the Sellers shall only be obligated to indemnify for Losses in excess of such amount (the “Basket Amount”); provided that in calculating whether the Basket Amount has been obtained, only Losses in excess of seventy five thousand dollars ($75,000) (or ten million dollars ($10,000,000) in respect of the representations and warranties in Sections 4.8 and 4.9) in respect of any breach or breaches arising out of the same or a series of related facts, circumstances, events or conditions, shall be considered. The Sellers will be obligated only to indemnify and hold harmless the Purchaser Indemnitees under Sections 13.2(a) (except for those based upon, arising out of or otherwise in respect of the Excepted Representations) (A) for Losses in excess of seventy five thousand dollars ($75,000) in respect of any breach or breaches arising out of the same or a series of related facts, circumstances, events or conditions (the “Minimum Claim Amount”), (B) for losses in excess of ten million dollars ($10,000,000) in respect of any breach or breaches arising out of the same or a series of related facts, circumstances, events or conditions in respect of the representations and warranties in Sections 4.8 and 4.9 (the “Minimum Financial Claim Amount”) and (C) up to an aggregate amount not to exceed twenty percent (20%) of the Purchase Price (the “Maximum Amount”). Notwithstanding the foregoing provisions of this Section 13.4(a), with respect to Sections 13.2(b) through (f), the Purchaser shall be entitled to receive indemnification payments without regard to whether the aggregate amount of all other indemnification payments shall have exceeded, in the aggregate, the Basket Amount or shall have exceeded, in the aggregate, the Maximum Amount. Any claim which is within the description of Section 13.2(a) and which is also within the description of any of Sections 13.2(b) through 13.2(f), shall be deemed to be asserted and treated hereunder for all purposes as a claim arising out of Sections 13.2(b) through 13.2(f), as appropriate, as long as such claim has been initially asserted as such. In addition, any claim brought pursuant to Section 13.2(a) asserting a breach of Section 4.22 shall be deemed asserted and treated for all purposes hereunder pursuant to Section 13.4(a)(ii) below.

(ii) In addition to any other limitation on Sellers’ obligations under Section 13.2, notwithstanding any provision of this Agreement to the contrary, the Sellers shall have no duty to defend, indemnify or hold harmless the Purchaser Indemnitees regarding any Losses indemnified pursuant to Sections 13.2 (a) (as relating to a breach of Section 4.22), (c) or (d) (provided, that any claim that is within the description of Sections 13.2(a) (as relating to a breach of Section 4.22), (c) or (d) which is also within the description of Section 13.2(f) shall be deemed to be asserted and treated hereunder for all purposes as a claim under Section 13.2(f)) (“Environmental Losses”): (A) for which an appropriate Claim Notice has not been provided by Purchaser by the date forty-eight (48) months following the Closing, (B) which do not, in the aggregate, exceed one million dollars ($1,000,000) (the “Environmental Basket Amount”), provided, however, to the extent that Environmental Losses do exceed the Environmental Basket Amount, five hundred thousand dollars ($500,000) of Environmental Losses attributable to achieving the Environmental Basket Amount shall be subject to indemnification, (C) which relate to any specific Bulk ASU site to the extent Environmental Losses regarding each such specific Bulk ASU site do not, in the aggregate, exceed two hundred fifty thousand dollars ($250,000), or (D) which exceed, in the aggregate, forty-five million dollars ($45,000,000) (the “Environmental Cap”); provided, however, that the Environmental Basket Amount and the

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Environmental Cap shall not apply to claims brought pursuant to Section 13.2(c) with respect to the matter(s) identified on Schedule 13.2(c).

(b) For purposes of Section 13.4(a), in computing individual or aggregate amounts of such claims, the amount of each claim shall be deemed to be an amount net of any adjustments to the Purchase Price pursuant to Section 2.3 to the extent that such adjustments specifically compensate the Purchaser and its Affiliates with respect to such claims.

(c) Remediation of Particular Matters. The Sellers’ obligation to indemnify the Purchaser Indemnitees pursuant to Section 13.2 shall be subject to and limited by the following conditions:

(i) Sellers’ Remediation. The Sellers shall have the right but not the obligation to conduct and control the management of any Remediation that is subject to indemnification pursuant to this Agreement (any such Remediation for which the Sellers make such an election, a “Sellers’ Remediation”). In furtherance of this right, prior to initiating any Remediation regarding which the Purchaser may seek indemnification pursuant to Section 13.2 hereof, the Purchaser shall notify the Sellers of such Environmental Liability and its intention to undertake such Remediation. The Sellers shall, within thirty (30) days of the Sellers’ receipt of such notice (or reasonable shorter period, in the case of an emergency Remediation), indicate to the Purchaser that (i) it intends to undertake said Remediation or (ii) that more information is needed from the Purchaser before the Sellers can reasonably determine that the Purchaser’s claim would be subject to indemnification pursuant to this Agreement. The Purchaser shall promptly respond to such requests for information (to the extent such information is reasonably available to the Purchaser) and, within thirty (30) days after the Sellers’ receipt of such information, the Sellers shall notify the Purchaser as to whether it shall undertake such Remediation. Prior to a determination by the Sellers that they shall undertake such actions pursuant to this Section 13.4(c)(i), the Purchaser shall take only those actions necessary to comply with applicable Environmental Law or to address Conditions that pose an immediate and acute health risk.

(ii) Purchaser’s Remediation. Without any limitation to Section 13.4(c)(iv), in undertaking any Remediation for which the Purchaser shall seek indemnification pursuant to Section 13.2 of this Agreement, the Purchaser shall: (A) utilize only such actions which (1) are necessary to resolve and discharge the Environmental Liability in question, and (2) employ the most cost-effective means available that is consistent with good business practice and the use of the property immediately prior to the Closing Date and is acceptable to the relevant Governmental Body; (B) initiate and diligently pursue until completion all such actions in compliance with all applicable Law, including all Environmental Law; (C) not cause, through its own action or inaction, any undue delay in obtaining written notice from the appropriate Governmental Authority that no further investigation or remediation is necessary with respect to the matter in question; and (D) provide copies to the Sellers of all material correspondence and reports prior to the Purchaser undertaking any Remediation work at a Subject Property. In particular, the Purchaser shall provide to the Sellers, for the Sellers’ review and comment, the Purchaser’s proposed Remediation plan, which shall include the data, evaluations, reports and other information upon which the Purchaser relied in preparing its proposed Remediation plan. The Sellers shall provide comments to the Purchaser on the

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proposed Remediation plan, which the Purchaser shall not unreasonably reject, within sixty (60) days (or, in the event that submission of the Remediation plan is required in less than sixty (60) days under applicable Environmental Law, then within a reasonable time prior to the submission of the Remediation plan, provided that the Purchaser shall use commercially reasonable efforts to obtain an extension of time for submission of such plan) of the receipt thereof, after which the Purchaser shall provide the final Remediation plan to the Sellers for the Sellers’ approval, which approval may not be unreasonably withheld or delayed.

(iii) Remediation of Leased Real Property. In the event that an Action is commenced against the Purchaser after the Closing relating to an Environmental Liability on a Leased Real Property:

(A) If such Environmental Liability is not identified as having arisen in connection with the Sellers’ conduct of the Bulk Gas Business, the Purchaser shall first demand indemnification from the lessor of the Leased Real Property for any liability relating to the Environmental Liability. The Purchaser shall thereafter seek in good faith to obtain such indemnification from such lessor; provided, however, that if such lessor refuses or fails to assume the defense of the matter and to indemnify the Purchaser for all losses related to the matter, the Purchaser may require the Sellers to provide such indemnification as would otherwise be available under this Section 13. In such applicable circumstances, the Purchaser shall assign to the Sellers all rights it has under the lease and at Law to recover from the lessor any losses relating to the Environmental Liability in question.

(B) If such Environmental Liability is identified as having arisen in connection with the Sellers’ conduct of the Bulk Gas Business, all of the otherwise applicable obligations of the Sellers with respect to indemnification of the Purchaser for such matters under this Section 13 shall apply.

(iv) Mitigation of Indemnified Environmental Losses.

(A) (A) the Purchaser agrees to cooperate with the Sellers and to take all commercially reasonable actions to avoid and minimize Losses under or relating to Environmental Laws or Hazardous Substances that would otherwise be subject to Sellers’ obligations under this Section 13, including (1) not undertaking, or soliciting or importuning any Governmental Body to require, any Remediation or invasive environmental investigation unless affirmatively required to do so by Environmental Laws or other applicable Laws and (2) agreeing to the imposition of reasonable deed or use restrictions or institutional or engineering controls to the extent that the foregoing facilitate the cost-effective Remediation of any relevant property and do not materially interfere with the conduct of the operations at the property as conducted as of the Closing Date. Notwithstanding the foregoing, the performance of a reasonable voluntary invasive environmental investigation at a relevant Real Property that (x) is performed in good faith at the request of a bona fide and unrelated prospective purchaser of the relevant Real Property or the operations performed at the relevant

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Real Property, (y) is completed prior to the second anniversary of the Closing Date, and (z) none of Purchaser and its Affiliates urged or importuned in any way the prospective purchaser’s request for or performance of such invasive environmental investigation shall not constitute a breach of the obligations imposed under Section 13.4(c)(iv)(A)(1) of this Agreement.

(B) In addition to any other limitations on Sellers’ obligations that may apply, with respect to any claim that any of the Purchaser Indemnitees may assert under or relating to Environmental Laws or Hazardous Substances, the Sellers shall have no obligation with respect to such claim to the extent the Losses: (1) arise out of any breach of the Purchaser’s covenants under this Section 13.4(c)(iv), (2) arise out of any Remediation using a cleanup or remedial standard or method that is more stringent or costly than necessary for the continued use of any property or facility as it was last used by the Sellers prior to the Closing Date under Environmental Laws applicable as of the Closing Date, (3) are ordinary costs of any post-Closing operation, construction, demolition or renovation of any properties or facilities owned, leased or operated by any Purchaser Indemnitee, and (4) result from any change in Environmental Laws or other applicable Laws after the Closing Date.

13.5. Indemnification of the Sellers. Subject to the provisions of this Section 13 and subject to the terms of any subsequent agreement entered into between the Guarantor and/or its Affiliates and the Purchaser, the Purchaser agrees to defend, indemnify and hold harmless the Sellers and their Affiliates and their respective officers, directors, agents, employees and representatives and the respective successors and assigns of each of the foregoing (the “Seller Indemnitees”), regardless of any investigation made at any time by or on behalf of any Seller Indemnitee or any information any Seller Indemnitee may have, against and in respect of any Losses incurred by the Seller Indemnitees arising out of or resulting from:

(a) a breach of any of the representations or warranties made by the Purchaser in Section 5 of this Agreement;

(b) a breach of any of the covenants or agreements made or to be performed by the Purchaser or its successors pursuant to this Agreement;

(c) to the extent not subject to the Sellers’ duty to indemnify the Purchaser pursuant to Section 13.2, any Action brought or claim made by a Third Party resulting from the use of Seller Marks by the Purchaser, the Companies or the Operating Company after the Closing;

(d) to the extent not subject to Seller’s duty to indemnify Purchaser pursuant to Section 13.2, any liability or obligation including under or relating to Environmental Laws or Hazardous Substances (other than Excluded Liabilities) of any nature or kind, known or unknown, fixed, accrued, absolute or contingent, or any claim, demand or condition asserted with respect to the operation of the Bulk Gas Business, the Companies or the Operating Company by the Purchaser, the Companies or the Operating Company arising out of events

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occurring after the Closing Date or the Purchaser’s or any of its Affiliates’ ownership, control or operation of the Companies, the Operating Company and the Bulk Assets after the Closing;

(e) to the extent not subject to the Sellers’ duty to indemnify the Purchaser pursuant to Section 13.2, Losses arising on or after the Closing Date under the Bulk Contracts and the Real Property Leases (other than liabilities, obligations and expenses arising out of or relating to any breach or default by the Sellers, the Companies or the Operating Company prior to the Closing of any of their respective obligations under the Contracts or Real Property Leases); or

(f) to the extent not subject to the Sellers’ duty to indemnify the Purchaser pursuant to Section 13.2, Losses (including any Environmental Liabilities and any Actions) related to or arising out of the Purchaser’s, the Companies’, the Operating Company’s, or any of their Affiliates’ (or any of their successors’) conduct of the Bulk Gas Business after the Closing Date or the Purchaser’s or any of its Affiliates’ ownership, control or operation of the Companies, the Operating Company and the Bulk Assets after the Closing.

The obligations of the Purchaser hereunder shall bind the successors and assigns of the Purchaser.

For all purposes of this Section 13.5, a breach of the Purchaser’s representations and warranties shall be determined without regard to any limitation or qualification as to “materiality”, “material”, “materially” or “material adverse effect” set forth in such representation or warranty. For the avoidance of doubt, the term “Material” in the definition names of “Business Material Adverse Effect”, “Material Contracts”, “Material Customers”, “Material Permits” and “Material Restrictions” shall not be disregarded (i.e., “Material Contracts” shall not be deemed “Contracts”).

13.6. Duration of Indemnification of the Sellers. The Purchaser’s respective obligations to defend, hold harmless and indemnify the Seller Indemnitees under Section 13.5 shall apply only to any Claim Notice given pursuant to Section 13.8 within the following periods:


		Section 13.5(a)		Eighteen (18) months after the Closing Date, except that the Purchaser’s indemnification obligation with respect to a breach of any representation or warranty contained in Sections 5.1 or 5.2 shall survive until the expiration of the applicable statute of limitations.

		Section 13.5(b)		Eighteen (18) months after the Closing Date with respect to covenants and agreements of the Purchaser that by their terms are to be performed in full prior to or on the Closing Date. No time limit with respect to covenants and agreements of the Purchaser that by their terms are to be performed or completed after the Closing Date.

		Section 13.5(c)-(e)		No time limit, provided that the Purchaser’s indemnification obligation with respect to any claims in

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				respect of Taxes shall survive until the expiration of the applicable statute of limitations.

13.7. Limitation on Indemnification of the Sellers. The Purchaser’s obligation to defend, indemnify and hold harmless the Seller Indemnitees under Section 13.5(a) shall apply only after the Seller Indemnitees have suffered Losses under Section 13.5(a) in excess of the Basket Amount, after which the Purchasers shall only be obligated to indemnify Losses in excess of such amount; provided that in calculating whether the Basket Amount has been obtained, only Losses in excess of seventy five thousand dollars ($75,000) in respect of any breach or breaches arising out of the same or a series of related facts, circumstances, events or conditions shall be considered. The Purchaser will be obligated only to indemnify and hold harmless Seller Indemnitees under Sections 13.5(a) (except for those based upon, arising out of or otherwise in respect of Section 5.1 or 5.2) (a) for Losses in excess of the Minimum Claim Amount and (b) up to an aggregate amount equal to the Maximum Amount. Notwithstanding the foregoing provisions of this Section 13.7, with respect to Sections 13.5(c) through (e) only, the Sellers shall be entitled to receive indemnification payments without regard to the individual or aggregate amount thereof and without regard to whether the aggregate amount of all other indemnification payments shall have exceeded, in the aggregate, the Basket Amount or shall have exceeded, in the aggregate, the Maximum Amount. Any claim which is within the description of Section 13.5(a) which is also within the description of either of Sections 13.5(b) and 13.5(c), shall be deemed to be asserted and treated hereunder for all purposes as a claim arising out of Sections 13.5(b) and 13.5(c), as appropriate, as long as such claim has been initially asserted as such.

13.8. Procedure for Indemnification. The procedure for indemnification with respect to claims under Section 13.2 and Section 13.5 shall be as follows:

(a) The party claiming indemnification (the “Indemnified Party”) shall give written notice to the party from whom it is seeking indemnification (the “Indemnifying Party”), of any claim for indemnification or any other Action or Tax Action promptly after receiving notice or becoming aware thereof (a “Claim Notice”), and such notice shall specify in reasonable detail (i) the factual basis for such claim, (ii) the amount of the claim to the extent that it can be reasonably estimated and (iii) the provision of this Agreement under which such indemnification is claimed and a reasonable description of the basis under this Agreement for such claim; provided, however, that, without limiting Section 13.3, any delay by the Indemnified Party in giving such notice shall not reduce the Indemnified Party’s right to indemnification under this Agreement except and only to the extent that the Indemnifying Party is actually prejudiced or harmed by such delay.

(b) If such notice from the Indemnified Party pertains to a claim or demand by a Third Party, then the Indemnifying Party shall have sixty (60) days (or, if applicable, until the substantial completion of discovery in connection with the Action) following receipt of such notice (so long as the Indemnified Party has cooperated with the Indemnifying Party and complied with this Section 13.8) to (i) make such investigation of the claim or demand as the Indemnifying Party deems necessary or desirable and (ii) notify the Indemnified Party of whether or not the Indemnifying Party desires to defend the Indemnified Party against such claim or demand at its sole cost and expense (subject to the limits contained in this Section 13);

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provided, however, that the Indemnifying Party shall not have the right to defend or direct the defense of any such claim, suit or demand unless (x) such claim, suit or demand does not seek remedies in addition to monetary damages that are reasonably likely to be awarded, (y) the counsel selected by the Indemnifying Party is reasonably satisfactory to the Indemnified Party, and (z) the Indemnified Party is given the opportunity, at its option, to participate at its own cost and expense and with counsel of its own choosing. During such sixty (60)-day (or longer, if applicable) period, the Indemnified Party shall make such filings, including motions for continuance (and answers if a motion for continuance has not been granted), as may be necessary to preserve the parties’ positions and rights with respect to such claim or demand and if the Indemnifying Party desires to assume the defense of such action it shall first acknowledge that it is fully responsible for Losses incurred by the Indemnified Party relating to such Action and shall reimburse the Indemnified Party for all reasonable costs and expenses incurred prior to the date that the Indemnifying Party assumed the defense of such Action.

(c) During the sixty (60)-day (or longer, if applicable) period under Section 13.8(b) and thereafter, if the Indemnifying Party elects to defend the Indemnified Party against such third party claim or demand in accordance with Section 13.8(b), the Indemnified Party shall cooperate with the Indemnifying Party and its counsel with respect to any such claim or demand, including by making available to the Indemnifying Party, at the Indemnifying Party’s expense, all witnesses, pertinent records, materials and information in the Indemnified Party’s possession or under the Indemnified Party’s control relating thereto as is reasonably required by the Indemnifying Party. Upon confirmation by the Indemnifying Party of its desire to assume the defense of such claim or demand on the terms set forth above, the Indemnifying Party shall not be liable to the Indemnified Party for any legal fees and expenses subsequently incurred by the Indemnified Party; provided, however, that if, in the reasonable opinion of outside counsel to the Indemnified Party, there exists a conflict of interest between the Indemnifying Party and the Indemnified Party, the Indemnifying Party shall be liable for the reasonable legal fees and expenses of one separate counsel to the Indemnified Party. If the Indemnified Party desires to participate in, but not control, any such defense, it may do so at its sole cost and expense. The Indemnifying Party shall keep the Indemnified Party reasonably informed of all material developments and furnish copies to the Indemnified Party of all material papers filed with a court or sent to or from the opposing party or parties. The Indemnified Party shall not settle, compromise, discharge or otherwise admit to any liability for any claim or demand without the prior written consent of the Indemnifying Party (which consent shall not be unreasonably withheld or delayed). The Indemnifying Party shall not settle, compromise, discharge or otherwise admit to any liability for any claim or demand without the prior written consent of the Indemnified Party (which consent shall not be unreasonably withheld or delayed), unless such settlement fully and finally releases the Indemnified Party from all claims and involves only the payment of money.

(d) If the Indemnifying Party elects not to defend the Indemnified Party against such third party claim or demand, the Indemnified Party shall have the right to defend the claim or demand through appropriate proceedings and shall have the sole power to direct and control such defense. The Indemnifying Party shall have the right, at its sole cost and expense, to participate and consult in the defense thereof with counsel of their own choosing and the Indemnified Party shall consider in good faith the reasonable suggestions, comments and concerns of the Indemnifying Party. No such participation shall be deemed an admission that the

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Indemnifying Party is liable for such claim or demand or that the Indemnified Party is entitled to indemnification hereunder in connection therewith.

(e) Notwithstanding the foregoing but subject to the proviso to this sentence, the Sellers shall retain and assume the defense of all third party claims with respect to the Retained Litigation and any Action relating to any Excluded Business, at its expense and with counsel of its choice; provided that the Sellers shall not have the right to defend or direct the defense of any Retained Litigation or Action that relates to an Excluded Business unless such claim, suit or demand does not seek remedies in addition to monetary damages that are reasonably likely to be awarded. The Purchaser shall cooperate with the Sellers and their counsel with respect to any such claim or demand with respect to the Retained Litigation by providing, at the Sellers’ expense, reasonable access to the Real Property, properties, written Contracts and other assets, books and records and officers of the Companies and the Operating Company and making available to the Sellers, at the Sellers’ expense, all witnesses, pertinent records, materials and information in the possession of the Purchaser or its Affiliates or under their control relating thereto as is reasonably required by the Sellers, or to the extent that the defense of any Retained Litigation is not assumed by either of the Sellers then the Sellers shall provide such similar cooperation and access as set forth above to the Purchaser in connection with the defense of such Retained Litigation or any Action relating to any Excluded Business. The Sellers shall keep the Purchaser reasonably informed of all material developments and furnish copies to the Indemnified Party of all material papers filed with a court or sent to or from the opposing party or parties. No Indemnified Party shall pay or permit to be paid, any part of a third party claim relating to Retained Litigation or any Action relating to any Excluded Business without the prior written consent of the Sellers (which consent will not be unreasonably withheld or delayed), unless the failure to do so would be in violation of any applicable Law or Order. The Sellers shall not settle, compromise, discharge or otherwise admit to any liability for any claim or demand relating to the Retained Litigation or any Action that relates to an Excluded Business without the prior written consent of the Purchaser (which consent shall not be unreasonably withheld or delayed), unless such settlement fully and finally releases the Companies, the Operating Company and any other related Indemnified Party from all claims and involves only the payment of money by the Sellers. Without limiting the foregoing, from and after the Closing, with respect to any Third Party Claim, Retained Litigation or any Action relating to any Excluded Business, the Indemnified Party shall, and shall cause its Affiliates to, at the Indemnifying Party’s expense (i) furnish to the Indemnifying Party such information as the Indemnifying Party shall reasonably request and (ii) make available to the Indemnifying Party their employees whose assistance, testimony or presence is reasonably requested by the Indemnifying Party to assist the Indemnifying Party in evaluating, defending or prosecuting any such Claims, Litigation or Liability, including the presence and testimony of such persons as witnesses in hearings or trials for such purposes. With respect to the Retained Litigation and any Action relating to any Excluded Business, the Purchaser and its Affiliates hereby acknowledge and agree that from and after the Closing, subject to the terms hereof, the Seller shall have the right to continue prosecuting and defending such Retained Litigation or Action that relates to any Excluded Business in the name of the Operating Company and the Parties shall cooperate with each other to place the Seller as the real party in interest in such Retained Litigation or Action that relates to an Excluded Business. Without limi ting the rights of the Purchaser to be indemnified in connection with such Action, any claims or counterclaims of the Indemnified Party in connection with any Retained Litigation or Action that relates to an Excluded Business

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shall be for the benefit of, and controlled by, the Indemnifying Party, and the Indemnified Party shall turn over and make available to the Indemnifying Party any proceeds, settlement payments or other amounts recovered in connection therewith. With respect to any Third Party Claim, Retained Litigation or Action that relates to an Excluded Business, the Purchaser shall cause the Indemnified Parties (including the Companies and their subsidiaries) to act within the reasonable direction of the Indemnifying Party and to execute and deliver all such agreements, filings, pleadings, affidavits, instruments and other documents and take and do all such other actions and things as may be reasonably requested by the Indemnifying Party in order to vest, perfect, confirm maintain, preserve, protect and enforce its rights under this Section 13. The Parties agree that they have a common interest in defending against any Third Party Claims, Retained Litigation or Action that relates to an Excluded Business and further agree that communications between and among attorneys for such Parties in furtherance of such common interest shall be subject to the joint defense privilege.

13.9. Payment Limitation. Payments by any Indemnifying Party shall be limited to the amount of any loss or damage that remains after deducting therefrom any (i) Tax Benefit to the Indemnified Party, (ii) any insurance proceeds relating thereto actually received by the Indemnified Party (net of the amount of any insurance deductible or similar amounts deducted therefrom or self-insured retentions assumed by the Indemnified Party), and (iii) any indemnity, contribution or other similar payment relating thereto actually received by the Indemnified Party; provided, that in the case of subsections (ii) and (iii) above, the Indemnified Party shall use commercially reasonable efforts to pursue or otherwise seek to obtain any insurance proceeds under any insurance policy (other than self-insurance or retrospective policies) or any indemnity, contribution or other similar payment but that the Indemnified Party shall have no obligation to engage in any litigation in connection therewith); provided, however, that, except as required pursuant to Section 6.15, the Purchaser Indemnified Parties shall have no obligation to make any claim under any insurance policy or seek to obtain any indemnity or similar payment in respect of Losses related to any Excluded Liability. If an Indemnified Party receives such insurance proceeds or indemnity, contribution or other similar payments for which it has received indemnification, such party shall pay over to the Indemnifying Party the amount of such insurance proceeds or indemnity, contribution or other similar payments when received. In computing the amount of any Tax Benefit, the Indemnified Party shall be deemed to recognize all other items of income, gain, loss, deduction or credit before recognizing any item arising from the receipt of any indemnification payment hereunder or the incurrence or payment of any indemnified loss; provided that, if a Tax Benefit is not realized in the taxable period during which an Indemnifying Party makes an indemnification payment or the Indemnified Party incurs or pays any loss, the parties hereto shall thereafter make payments to one another at the end of each subsequent taxable period to reflect the net Tax Benefits realized by the parties hereto in each such subsequent taxable period.

13.10. Tax Matters.

(a) Tax Audits and Contests; Cooperation.

(i) After the Closing Date, except as provided in (ii) and (iii) below, the Purchaser shall control the conduct, through counsel of its own choosing, of any audit, claim for refund, or administrative or judicial proceeding involving any asserted Tax liability or refund

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with respect to the Companies or the Operating Company (any such audit, claim for refund, or proceeding relating to an asserted Tax liability referred to herein as a “Contest”).

(ii) In the case of a Contest after the Closing Date that relates solely to Taxes for which the Purchaser is indemnified under Section 13.2(a), the Sellers shall control the conduct of such Contest, but the Purchaser shall have the right to participate in such Contest at its own expense, and the Sellers shall not be able to settle, compromise and/or concede any portion of such Contest that is reasonably likely to affect the Tax liability of the Companies or the Operating Company for any taxable year (or portion thereof) beginning after the Closing Date without the reasonable consent of the Purchaser, which consent shall not be unreasonably withheld or delayed; provided that, that if the Sellers fail to assume control of the conduct of any such Contest within a reasonable period following the receipt by the Sellers of notice of such Contest, the Purchaser shall have the right to assume control of such Contest and shall be able to settle, compromise and/or concede such Contest in its sole discretion.

(iii) In the case of a Contest after the Closing Date that relates both to Taxes for which the Purchaser is indemnified under Section 13.2(a) and Taxes for which the Purchaser is not indemnified under Section 13.2(a), the Purchaser shall control the conduct of such Contest, but the Sellers shall have the right to participate in such Contest at its own expense, and the Purchaser shall not settle, compromise and/or concede such Contest without the consent of the Sellers, which consent shall not be unreasonably withheld or delayed.

(iv) In the case of a Tax that is contested in accordance with the provisions of this Section 13.10, payment of such contested Tax will not be considered due earlier than the date a “final determination” to such effect is made by such Governmental Body or a court. For this purpose, a “final determination” shall mean a settlement, compromise, or other agreement with the relevant Governmental Body, whether contained in an IRS Form 870 or other comparable form, or otherwise, such as a closing agreement with the relevant Governmental Body, an agreement contained in IRS Form 870-AD or other comparable form, an agreement that constitutes a “determination” under Section 1313(a)(4) of the Code, a deficiency notice with respect to which the period for filing a petition with the Tax Court or the relevant state, local or foreign tribunal has expired or a decision of any court of competent jurisdiction that is not subject to appeal or as to which the time for appeal has expired.

(v) The Sellers and the Purchaser agree to furnish or cause to be furnished to each other, upon request, as promptly as practicable, such information (including access to books and records) and assistance relating to the Companies, the Purchased Equity Interests and the Bulk Gas Business as is reasonably requested for the filing of any Tax Returns and the preparation, prosecution, defense or conduct of any Contest. The Sellers and the Purchaser shall reasonably cooperate with each other in the conduct of any Contest or other proceeding involving or otherwise relating to the Companies or the Operating Company (or their income or assets) with respect to any Tax and each shall execute and deliver such powers of attorney and other documents as are necessary to carry out the intent of this Section 13.10(a)(v). Any information obtained under this Section 13.10(a)(v) shall be kept confidential, except as may be otherwise necessary in connection with the filing of Tax Returns or in the conduct of a Contest or other Tax proceeding.

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(vi) Each of the Purchaser and the Companies, on the one hand, and the Sellers and the other hand, shall (a) use their reasonable best efforts to properly retain and maintain the tax and accounting records of the Companies and the Operating Company that relate to Pre-Closing Tax Periods for six (6) years and shall thereafter provide each other with written notice prior to any destruction, abandonment or disposition of all or any portions of such records, (b) transfer such records to each other upon written request prior to any such destruction, abandonment or disposition and (c) allow each others and their Affiliates and their respective agents and representatives, at times and dates reasonably and mutually acceptable to the parties, to from time to time inspect and review such records as they may deem necessary or appropriate; provided, however, that in all cases, such activities are to be conducted during normal business hours and at the reviewing party’s sole expense. Any information obtained under this Section 13.10(a)(vi) shall be kept confidential, except as may be otherwise necessary in connection with the filing of Tax Returns or in the conduct of a Contest or other Tax proceeding.

(b) Preparation of Tax Returns and Payment of Taxes.

(i) In the case of Tax Returns that are filed with respect to a taxable period that ends on or prior to the Closing Date, the Sellers shall prepare such Tax Return in a manner consistent with past practice, except as otherwise required by Law.

(ii) In the case of Tax Returns that are filed with respect to Straddle Periods (as defined in Section 13.10(c) below), the Purchaser shall prepare such Tax Return in a manner consistent with past practice, except as otherwise required by law. For the avoidance of doubt, the Sellers shall be responsible for any Pre-Closing Taxes due in respect of such Straddle Period Tax Returns. The Purchaser shall notify the Sellers of any amounts due from Sellers in respect of any such Tax Return no later than ten (10) Business Days prior to the date on which such Tax Return is due, and Sellers shall remit such payment to Purchaser no later than five (5) Business Days prior to the date such Tax Return is due.

(c) Straddle Periods. For purposes of this Agreement, in the case of any Taxes of the Companies or the Operating Company that are payable with respect to any Tax period that begins before and ends after the Closing Date (a “Straddle Period”), the portion of any such Taxes that constitutes Pre-Closing Taxes shall: (i) in the case of Taxes that are either (x) based upon or related to income or receipts, or (y) imposed in connection with any sale, transfer or assignment or any deemed sale, transfer or assignment of property (real or personal, tangible or intangible), be deemed equal to the amount that would be payable if the Tax year or period ended on the Closing Date; and (ii) in the case of Taxes (other than those described in clause (i) above) that are imposed on a periodic basis with respect to the business or assets of Companies or the Operating Company or otherwise measured by the level of any item, be deemed to be the amount of such Taxes for the entire Straddle Period (or, in the case of such Taxes determined on an arrears basis, the amount of such Taxes for the immediately preceding Tax period) multiplied by a fraction the numerator of which is the number of calendar days in the portion of the Straddle Period ending on the Closing Date and the denominator of which is the number of calendar days in the entire Straddle Period. For purposes of clause (i) of the preceding sentence, any exemption, deduction, credit or other item (including, without limitation, the effect of any graduated rates of tax) that is calculated on an annual basis shall be allocated to

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the portion of the Straddle Period ending on the Closing Date on a pro rata basis determined by multiplying the total amount of such item allocated to the Straddle Period times a fraction, the numerator of which is the number of calendar days in the portion of the Straddle Period ending on the Closing Date and the denominator of which is the number of calendar days in the entire Straddle Period. In the case of any Tax based upon or measured by capital (including net worth or long-term debt) or intangibles, any amount thereof required to be allocated under this Section 13.10(c) shall be computed by reference to the level of such items on the Closing Date. The parties hereto will, to the extent permitted by applicable law, elect with the relevant Governmental Body to treat a portion of any Straddle Period as a short taxable period ending as of the close of business on the Closing Date.

13.11. Exceptions.

(a) The Sellers shall have no liability under any provisions of this Agreement for any losses and damages to the extent that such losses and damages are caused by actions taken by the Purchaser and its Affiliates after the Closing Date. In connection with calculating the amount of Losses that a Purchaser Indemnitee is entitled to recover under Section 13.2 (other than a Loss arising out of or resulting from a willful breach of any of the covenants or agreements set forth in this Agreement) (a “Covered Loss”), no party shall be liable for consequential, special, indirect, incidental, punitive, lost profit or other expectancy damages (including any damages computed or determined on the basis of a diminution in value or using any multiple of any financial measure, including earnings, EBITDA, book value or any similar item that may have been used in arriving at the Purchase Price or that may be reflective of the Purchase Price), except (i) to the extent consequential, special, indirect, incidental, punitive, lost profit or other expectancy damages are awarded to a third party against an Indemnified Party in circumstances in which such Indemnified Party is entitled to indemnification hereunder or (ii) in accordance with Section 13.11(b) below.

(b) Notwithstanding the other provisions of this Section 13.11, in calculating the amount of Losses that a Purchaser Indemnitee is entitled to recover with respect to Covered Losses, the Purchaser shall be entitled to receive the amount of such Losses determined by the diminution in value of the Bulk Gas Business (“Diminution in Value Losses”), but, subject to the following:

(i) No claim under Section 13.2 for Covered Losses that are not available under Section 13.11(a) (without giving effect to clause (ii) thereof) but are available under Section 13.11(b) (a “Section 13.11(b) Claim”) shall be available, and no such Covered Losses shall be recoverable, if and to the extent the Sellers can demonstrate that the value of the Bulk Gas Business at Closing, based on, among other things, the multiples of EBITDA set forth in the Framework Agreement, are equal to or in excess of the Purchase Price paid by the Purchaser (it being understood that the Purchaser shall provide all information reasonably requested by the Sellers to establish such value);

(ii) No Section 13.11(b) Claim in connection with a claim hereunder shall be able to be made with respect to any individual claim, or series of related claims, and no such Losses relating thereto shall be recoverable, unless and until the Purchaser Indemnitees have suffered Diminution in Value Losses in respect of any individual claim or series of related

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claims in excess of seven million five hundred thousand ($7,500,000) and in excess of thirty-five million dollars ($35,000,000) in the aggregate (it being understood that in calculating whether such $35,000,000 amount has been met, only claims meeting the foregoing $7,500,000 limit shall be included), after which, subject to the other terms of this Agreement, the Sellers shall be obligated to indemnify the Purchaser Indemnitees for all of such amount (it being understood that amounts counted toward any basket contained in one provision of this Agreement may be counted toward any other applicable basket amount contained in any other provision of this Agreement);

(iii) The Purchaser and the Purchaser Indemnitees shall each (i) use its reasonable best efforts to mitigate the amount of any Diminution in Value Loss, including by making reasonable best efforts to mitigate or resolve any related claim, liability or Loss and (ii) provide the Sellers a reasonable opportunity to remedy or reduce such Losses; provided, that any failure to so mitigate shall not, in and of itself, result in a loss of the right to bring the related indemnifiable claim but shall be considered in determining the amount of indemnifiable Losses to which a party is entitled hereunder; and

(iv) In the event a Purchaser Indemnitee commences an Action to recover Diminution in Value Losses in connection with a Section 13.11(b) Claim and it is determined by a court of competent jurisdiction that such claim did not have a good faith or reasonable basis or to have been otherwise frivolous, then the Purchaser Indemnitee shall pay the Sellers an amount equal to three (3) times the reasonable costs and expenses the Sellers incurred in connection with such Action.

13.12. Exclusive Remedy. The parties hereby acknowledge and agree that, from and after the Closing, their sole and exclusive remedy with respect to any and all claims relating to the subject matter of this Agreement, including under or relating to any Environmental Laws or Hazardous Substances, shall be pursuant to the indemnification provisions set forth in this Section 13 (other than with respect to the Transaction Documents and the remedies provided for therein and other than claims of, or causes of action arising from, fraud). In furtherance of the foregoing, the parties hereby waive, to the fullest extent permitted under applicable Law, any and all rights, claims and causes of action (x) in the case of the Purchaser, that the Purchaser may have against the Sellers and the Guarantor and its Affiliates and (y) in the case of the Sellers, that the Sellers may have against the Purchaser (in both cases, other than with respect to the other Transaction Documents and the remedies provided for therein and other than claims of, or causes of action arising from, fraud) in connection with the transactions contemplated hereby other than the remedies expressly provided in this Section 13.

13.13. Mitigation. The parties shall cooperate with each other with respect to resolving any claim under this Section 13, and shall use commercially reasonable efforts to mitigate any related liability or Loss with respect to which one party is obligated to indemnify the other party hereunder, including by making commercially reasonable efforts to mitigate or resolve any such claim, liability or Loss, provided, that any failure to so mitigate shall not, in and of itself, result in a loss of the right to bring the related indemnifiable claim but shall be considered in determining the amount of indemnifiable Losses to which a party is entitled hereunder.

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SECTION 14
TERMINATION OF AGREEMENT

14.1. Events of Termination. This Agreement and the transactions contemplated hereby may be terminated or abandoned at any time prior to the Closing Date as follows:

(a) upon the written agreement of the Sellers, on the one hand, and the Purchaser, on the other hand;

(b) at the election of the Purchaser, if (i) the Sellers have breached any representation or warranty contained in this Agreement such that the condition to the Closing set forth in Section 7.1 would not be satisfied or (ii) the Sellers have breached any covenant or agreement contained in this Agreement such that the condition to the Closing set forth in Section 7.2 would not be satisfied, which breach is, in either case, not cured by the date that is thirty (30) days after written notice of such breach is given by the Purchaser to the Sellers;

(c) at the election of the Sellers, if (i) the Purchaser has breached any representation or warranty contained in this Agreement such that the condition to the Closing set forth in Section 8.1 would not be satisfied or (ii) the Purchaser has breached any covenant or agreement contained in this Agreement such that the condition to the Closing set forth in Section 8.2 would not be satisfied, which breach is, in either case, not cured by the date that is thirty (30) days after written notice of such breach is given by the Sellers to the Purchaser;

(d) upon written notice by either the Sellers, on the one hand, or the Purchaser, on the other hand, if the Closing Date shall not have occurred before February 22, 2007 (which date may be extended with the prior written consent of all the parties hereto, such consent not to be unreasonably withheld or delayed for extensions up to March 24, 2007), for any reason other than (i) the failure of the party seeking to terminate this Agreement to perform its obligations hereunder or (ii) a breach of a representation or warranty by the party seeking to terminate this Agreement, which, in either case, which would give the other party the right to terminate this Agreement;

(e) at the election of the Sellers if the Sellers have received notice from the Office of the Director of the Bureau of Competition that it will not recommend approval of this Agreement or the Purchaser as the buyer of the Bulk Gas Business, the Companies or the Purchased Equity Interests to the commissioners of the FTC or from the commissioners of the FTC that they will not approve this Agreement or the Purchaser as the buyer of the Bulk Gas Business, the Companies or the Purchased Equity Interests, in either case, without material change to this Agreement or the transactions contemplated hereby; or

(f) at the election of the Sellers, as contemplated by Section 6.6(c).

14.2. Consequences of Termination. If this Agreement shall be terminated pursuant to Section 14.1, this Agreement shall thereafter become void and no party shall have any further obligation to the other hereunder, except as set forth in Sections 10, 11 and this Section 14.2; provided, however, that (i) if the Sellers shall have the right to terminate this Agreement pursuant to Section 14.1(c), or (ii) if the Purchaser shall have the right to terminate this Agreement pursuant to Section 14.1(b), it is expressly understood and agreed that the terminating

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party’s right to pursue legal remedies for any willful breach of this Agreement occurring prior to such termination shall survive such termination unimpaired.

SECTION 15
CONSENT TO JURISDICTION; SERVICE OF PROCESS;
DISPUTE RESOLUTION; WAIVER OF JURY TRIAL

15.1. General Disputes.

(a) The Sellers, on the one hand, and the Purchaser, on the other hand, shall attempt in good faith to resolve any dispute, controversy or claim between them arising out of or relating to this Agreement, including any dispute over the breach, termination, interpretation, or validity hereof (the “Dispute”). Each party may request through written notice that the Dispute be referred to senior executives of the parties who have authority to resolve the Dispute. The executives shall attempt to resolve the Dispute by agreement within thirty (30) days of such notice. In attempting to resolve the Dispute the parties shall not be waiving and shall not be deemed to have waived any rights which they may have under this Agreement or otherwise as a result of the resolution of a Dispute pursuant to this Section 15.1.

(b) If the parties to the Dispute are unable to resolve the Dispute as provided in Section 15.1(a), then the Dispute shall be resolved in accordance with this Section 15.1(b) unless the parties otherwise agree to an alternative dispute resolution procedure. All Actions arising out of or relating to the Transaction Documents shall be heard and determined exclusively in any New York federal court sitting in the Borough of Manhattan of The City of New York; provided, however, that if such federal court does not have jurisdiction over such Action, such Action shall be heard and determined exclusively in any New York state court sitting in the Borough of Manhattan of The City of New York; provided, further that to the extent that any Action has an indispensable party that is not subject to jurisdiction in the State of New York, such Action will be heard and determined in a court with jurisdiction over such Person. Consistent with the preceding sentence, the parties hereto hereby (a) submit to the exclusive jurisdiction of any federal or state court sitting in the Borough of Manhattan of The City of New York for the purpose of any Action arising out of or relating to this Agreement brought by any party and (b) irrevocably waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated by this Agreement may not be enforced in or by any of the above-named courts.

(c) EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT. EACH OF THE PARTIES HERETO HEREBY (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF

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LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 15.1(c).

SECTION 16
ENFORCEMENT OF CERTAIN PROVISIONS AND SPECIFIC PERFORMANCE

16.1. Enforcement of Certain Provisions.

If any of the covenants contained in this Agreement or any part thereof, is hereafter construed to be invalid or unenforceable under any Law, the same shall not affect the remainder of the covenant or covenants, which shall be given full force and effect, without regard to the invalid portions. If any of the covenants contained in this Agreement or any part thereof, is held by a court of competent jurisdiction to be unenforceable because of the duration of such provision or the geographic area covered thereby or for any other reason, the parties agree that the court making such determination shall have the power to reduce the duration and/or geographic area of such provision or otherwise modify the terms of any such covenant and, in its reduced form, said provision shall then be enforceable; provided, however, that any such reduction or modification shall apply only with respect to the operation of such Section in the jurisdiction of such court.

16.2. Specific Performance. The parties hereto agree that, prior to Closing, irreparable damage would occur in the event any provision of this Agreement was not performed in accordance with the terms hereof and that the parties, prior to Closing, shall be entitled to an injunction or injunctions to prevent breaches of this Agreement and to enforce specifically the terms and provisions of this Agreement in addition to any other remedy to which they are entitled at law or in equity.

SECTION 17
GUARANTEE

17.1. Guaranty. The Guarantor absolutely, unconditionally and irrevocably guarantees to the Purchaser the full, complete and timely compliance with and performance of all agreements, covenants and obligations of the Sellers under this Agreement and the other Transaction Documents (the “Seller Obligations”) and shall take any and all action necessary to cause the Sellers to perform the Seller Obligations (collectively, the “Guaranty”). The Guaranty shall be deemed to include the Guarantor’s obligation to satisfy any and all present and future payment obligations of the Sellers arising in connection with this Agreement and the other Transaction Documents, in each case, when and to the extent that, any of the same shall become due and payable or performance of or compliance with any of the same shall be required. The Guaranty constitutes an absolute, unconditional, irrevocable and continuing guarantee of payment and performance and the Guarantor shall be liable for any breach of any of the Seller Obligations. The Guaranty shall remain in full and effect and shall be binding on the Guarantor and its successor and assigns until all Seller Obligations have been satisfied in full.

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17.2. No Impairment. The Guarantor’s obligations under the Guaranty shall not be subject to any reduction, limitation, impairment or termination for any reason (other than by indefeasible payment and performance in full of the Seller Obligations) and shall not be subject to any defense, counterclaim, set-off or deduction and, shall remain in full force and effect without regard to, and shall not be released, impaired or discharged by any circumstance or condition (whether or not the Guarantor shall have any knowledge or notice thereof) whatsoever that might constitute a legal or equitable discharge or defense in, any bankruptcy, insolvency, reorganization, arrangement, readjustment, composition, liquidation or similar proceeding with respect to Guarantor or Sellers or their respective properties or their creditors or any action taken by any trustee or receiver or by any court in any such proceeding.

17.3. Waiver. The Guarantor unconditionally waives: (a) all notices and demands that may be required by Law or otherwise to preserve any rights against the Guarantor under the Guaranty, including notice of the acceptance of this Agreement or the Guaranty and (b) right of diligence, presentment, demand, notice of dishonor, protest, filing of any claim, notice of nonpayment and all other notices and demands.

SECTION 18
BULK SALES LAW

The Purchaser hereby waives compliance by the Sellers with the provisions of the bulk sales Law of any state, including with respect to Tax.

SECTION 19
PUBLIC ANNOUNCEMENTS

Prior to the Closing Date, no press release or other public announcement, or communication with any news media, shall be made by or on behalf of any party hereto concerning this Agreement or the transactions contemplated hereby without providing prior written notice thereof to the other party, except as may be required by applicable Law or the regulations or listing rules of any securities exchange. The parties shall cooperate as to the timing and contents of any such press release, public announcement or communication.

SECTION 20
NOTICES

All notices and all other communications hereunder shall be in writing and shall be deemed given if delivered personally or sent by registered or certified mail, postage prepaid (return receipt requested), sent by facsimile (receipt of which is confirmed) or sent by a nationally recognized overnight courier to a party at the following address (or at such other address for a party as shall be specified by like notice):

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If to the Sellers or the Guarantor:

Xxxxx XX
Xxxxxxx Xxxxxxx-Xxxxxxx 00
00000 Xxxxxxxxx
Xxxxxxx
Facsimile: x00 (0) 00 0000 0000
Attention: Georg Denoke

with a copy to each of :

Linde Gas LLC
0000 Xxxxxxxx Xxxxx Xxxx.
Xxxxxxxxxxxx, Xxxx 00000
Facsimile: (000) 000-0000
Attention: Xxxx X. Xxxxxx, Esq.

Xxxxxxx Xxxxxxx & Xxxxxxxx LLP
000 Xxxxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Facsimile: (000) 000-0000
Attention: Xxxxx X. Xxxxxx, Esq.

If to the Purchaser:

Airgas, Inc.
000 Xxxxx Xxxxxx-Xxxxxxx Xxxx
Xxxxx 000
Xxxxxx, Xxxxxxxxxxxx 00000-0000
Facsimile: (000) 000-0000
Attention: Xxxx X. Xxxxxxxxx, Esq.

with a copy to:

Xxxx, Weiss, Rifkind, Xxxxxxx & Xxxxxxxx LLP
0000 Xxxxxx xx xxx Xxxxxxxx
Xxx Xxxx, Xxx Xxxx 00000-0000
Facsimile: (000) 000-0000
Attention: Xxxxxx X. Xxxxxxx, Esq.

Each such notice or other communication shall be effective at the time of receipt if delivered personally or sent by facsimile (with receipt confirmed) or nationally recognized overnight courier (with receipt confirmed), or three (3) Business Days after being mailed, registered or certified mail, postage prepaid, return receipt requested.

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SECTION 21
EXTENSIONS AND WAIVERS

This Agreement may not be amended, supplemented or otherwise modified in any respect except by an instrument in writing of even or subsequent date hereto duly executed by the parties hereto. The parties hereto may not (a) extend the time for the performance of any of the obligations or other acts of the parties hereto, (b) waive any inaccuracies in the representations and warranties contained in this Agreement or in any documents delivered pursuant to this Agreement or (c) waive compliance with or modify any of the covenants or agreements contained in this Agreement and waive or modify performance of any of the obligations of any of the parties hereto, except by an instrument in writing signed by the parties purporting to be bound thereby.

SECTION 22
ENTIRE AGREEMENT

This Agreement, including the Schedules and Exhibits attached hereto which are hereby incorporated by reference contain all the terms agreed upon among the parties with respect to the subject matter hereof and supersedes all prior agreements, arrangements and communications, whether oral or written with respect to such subject matter.

SECTION 23
GOVERNING LAW; SERVICE OF PROCESS ON GUARANTOR

THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT GIVING EFFECT TO THE CHOICE OF LAW OR CONFLICTS OF LAW PRINCIPLES THEREOF THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY OTHER JURISDICTION.

BY ITS EXECUTION AND DELIVERY OF THIS AGREEMENT, THE GUARANTOR (I) IRREVOCABLY DESIGNATES AND APPOINTS CT CORPORATION SYSTEM (THE “GUARANTOR AGENT”) AS ITS AUTHORIZED AGENT UPON WHICH PROCESS MAY BE SERVED IN ANY SUIT OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND (II) AGREES THAT SERVICE OF PROCESS UPON THE GUARANTOR AGENT SHALL BE DEEMED, IN EVERY RESPECT, EFFECTIVE SERVICE OF PROCESS UPON THE GUARANTOR IN ANY SUCH SUIT OR PROCEEDING. GUARANTOR FURTHER AGREES, AT ITS OWN EXPENSE, TO TAKE ANY AND ALL ACTION, INCLUDING THE EXECUTION AND FILING OF ANY AND ALL SUCH DOCUMENTS AND INSTRUMENTS, AS MAY BE NECESSARY TO CONTINUE SUCH DESIGNATION AND APPOINTMENT OF THE GUARANTOR AGENT IN FULL FORCE AND EFFECT. THE FOREGOING SHALL NOT LIMIT THE RIGHTS OF ANY PARTY TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW.

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SECTION 24
TRANSFERABILITY; NO THIRD PARTY BENEFICIARIES

The respective rights and obligations of each party hereto shall not be assignable by such party without the written consent of the other party, except that any party without such consent may assign its rights and obligations under this Agreement to (a) any one or more Subsidiary of such party or (b) any successor in the event of a merger, consolidation, sale of all or substantially all of its assets, liquidation or dissolution (provided any such assignee pursuant to the foregoing clause (a) executes and delivers to such other party an agreement satisfactory in form and substance to such other party under which such assignee assumes and agrees to perform and discharge all the obligations and liabilities of the assigning party), but any such permitted assignment shall not relieve the assigning party of its obligations hereunder. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assignees. Nothing herein express or implied is intended to confer upon any Person, other than the parties hereto and their respective successors and permitted assignees, any rights, remedies, obligations or liabilities under or by reason of this Agreement. Any attempted or purported assignment in violation of this Section 24 shall be null and void.

SECTION 25
SEVERABILITY

If any provision of or the application thereof to any Person or circumstance shall be invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to such Person or circumstances shall not be affected thereby, and shall be enforced to the greatest extent permitted by law.

SECTION 26
COUNTERPARTS

This Agreement may be executed in any number of counterparts with the same effect as if the signatures to each such counterpart were upon the same instrument.

[Signatures follow on next page]

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IN WITNESS WHEREOF, each party hereto has caused this Agreement to be duly executed and delivered by its duly authorized representative in its name and on its behalf as of the date first above written.


		SELLERS:

		HOLOX (USA) B.V.

		By:		/s/ DPH Huberts

		Name: DPH Huberts
		Title: General Manager Hoek Xxxx

		HOLOX INC.

		By:		/s/ Xxxxxxx Xxxxxx

		Name: Xxxxxxx Xxxxxx
		Title: President

		PURCHASER:

		AIRGAS, INC.

		By:		/s/ Xxxxxx X. Xxxxx

		Name: Xxxxxx X. Xxxxx
		Title: Senior Vice President, Corporate Development

		For purposes of Sections 6.4, 6.5, 6.6, 6.9, 6.11, 6.22, 17 and 23 of this Agreement only:

		GUARANTOR:

		LINDE AKTIENGESELLSCHAFT

		By:		/s/ Xx. Xxxx Xxxxxxx

		Name: Xx. Xxxx Xxxxxxx
		Title: Member of the Board Xxxxx XX

		By:		/s/ Georg Denoke

		Name: Georg Denoke
		Title: CFO Xxxxx XX

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BULK GAS BUSINESS EQUITY PURCHASE AGREEMENT BY AND AMONG HOLOX (USA) B.V., HOLOX INC., LINDE AG AND AIRGAS, INC. DATED AS OF NOVEMBER 22, 2006

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