EX-4.5





 Exhibit 4.5 

UPSTREAM GUARANTEE 
 (the
“Upstream Guarantee”) 
 of 

Praxair, Inc. 

(incorporated under the laws of Delaware) 

(“Praxair”) 
 to

 Linde plc 
 (a
public limited company incorporated under the laws of Ireland with registered number 602527) 
 (“Linde plc”) 

relating to 
 notes issued by
Linde plc (the “Linde plc Notes”) 
 and 

the guarantee (the “Programme Guarantee”) of Linde plc for the benefit of the holders (the “Noteholders”) of
notes (the “Linde Finance Notes”) issued by 
 Linde Finance B.V. 

(incorporated as a private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) under the laws of The
Netherlands) 
 (“Linde Finance”), 

in each case under the EUR 10,000,000,000 Debt Issuance Programme of Linde plc and Linde Finance dated 11 May 2020 (as amended,
supplemented or restated from time to time) (the “Programme”). 
 WHEREAS: 

 

	(A)	 Linde plc intends to issue Linde plc Notes under the Programme from time to time. 



 

	(B)	 Linde Finance intends to issue Linde Finance Notes under the Programme from time to time. By way of the
Programme Guarantee, Linde plc will guarantee unconditionally and irrevocably the payment of principal and interest as well as any other amounts payable in respect of the Linde Finance Notes that may be issued by Linde Finance under the Programme.



  

	(C)	 Substantially concurrently with the execution and delivery of this Upstream Guarantee, Linde GmbH, a limited
liability company (Gesellschaft mit beschränkter Haftung) under the laws of the Federal Republic of Germany (“Linde GmbH”), will agree to fully and unconditionally guarantee Linde plc’s obligations under
the Linde plc Notes and under the Programme Guarantee (the “Concurrent Upstream Guarantee”). 


  

	(D)	 Praxair wishes to provide this Upstream Guarantee for the benefit of Linde plc. 



IN CONSIDERATION OF THE FOREGOING, IT IS AGREED AS FOLLOWS: 
  

	(1) (a)	 Praxair hereby fully and unconditionally guarantees to Linde plc all obligations of Linde plc under the Linde
plc Notes and under the Programme Guarantee. Failing payment when due by Linde plc of any amount under the Linde plc Notes or the Programme Guarantee, as the case may be, for whatever
















	 	
reason, Praxair shall be obligated to pay the same immediately to Linde plc. Praxair agrees that the Noteholders will not be required to claim payment from the Parent or proceed against the
Parent or any other person before being obligated to fulfill its obligations to Linde plc under this Upstream Guarantee. The Holders of Notes issued by Linde plc or Linde Finance B.V. under the Programme will not have any direct enforcement rights
under this Upstream Guarantee against Praxair. 

  

	 	   (b)	 The Upstream Guarantee constitutes unconditional, unsecured and unsubordinated obligations of Praxair and ranks
pari passu with all other unsecured and unsubordinated obligations of Praxair outstanding from time to time (save for any other mandatory provisions of law). 



 

	 	   (c)	 All amounts payable in respect of the Upstream Guarantee shall be payable without deduction or withholding for
or on account of any present or future taxes, duties or governmental charges of any nature whatsoever imposed, levied or collected by or in or on behalf of the Netherlands or the United States of America or by or on behalf of any political
subdivision or authority therein having power to tax, unless such deduction or withholding is required by law. In such event, Praxair will not be obliged to make any additional payments to Linde plc in respect of such withholding or deduction.



  

	 	   (d)	 The obligations of Praxair under the Upstream Guarantee (i) shall be separate and independent from the
obligations of Linde plc under the Linde plc Notes and the obligations of Linde Finance under the Linde Finance Notes, as the case may be, (ii) shall exist irrespective of the legality, validity and binding effect or enforceability of the Linde
plc Notes or the Linde Finance Notes, as the case may be, and (iii) shall not be affected by any event, condition or circumstance of whatever nature, whether factual or legal, save the full, definitive and irrevocable satisfaction of any and
all payment obligations expressed to be assumed under the Linde plc Notes or the Linde Finance Notes, as the case may be. 


  

	(2) (a)	 The Upstream Guarantee is given for an indefinite period. 



 

	 	   (b)	 The Upstream Guarantee expires in full if 



 

	 	(i)	 the Linde plc Notes and the Linde Finance Notes have been fully and irrevocably repaid; or



  

	 	(ii)	 all obligations under the Programme Guarantee have been fully and irrevocably fulfilled; or



  

	 	(ii)	 all obligations under the Upstream Guarantee have been fully and irrevocably fulfilled. 



 

	(3)	 Praxair will be automatically released from all of its obligations under this Upstream Guarantee if and when
(i) (x) it has been, is or will be, substantially concurrently released from all of its guarantee obligations (including guarantees of guarantees) with respect to Funded Debt of Linde plc and Linde Finance and (y) the aggregate outstanding
principal amount of Funded Debt of Praxair is not greater than $100,000,000 or (ii) Praxair is no longer a subsidiary of the Linde plc. “Funded Debt” means any obligation for the payment of borrowed money with an initial term
longer than one year. 


  

	(4)	 Praxair hereby confirms that it is its intention that the Upstream Guarantee does not constitute a fraudulent
transfer or conveyance for the purposes of US Bankruptcy Law, the US Uniform Fraudulent Conveyance Act, the US Uniform Fraudulent Transfer Act or any similar US federal, US state or foreign law to the extent applicable to the Upstream Guarantee. To
effectuate the foregoing intention, Praxair hereby irrevocably agrees that the obligations of Praxair under the Upstream Guarantee shall be limited to the extent necessary so that it shall not constitute a fraudulent transfer or conveyance.



  

	(5)	 Linde plc agrees to only consent to amendments to the Linde plc Notes or the Programme Guarantee, as the case
may be, with the prior written consent of Praxair. 


  

	(6)	 This Upstream Guarantee shall be governed by, and construed in accordance with, German law.




  
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	(7)	 Non-exclusive place of jurisdiction for all legal proceedings
arising out of or in connection with the Upstream Guarantee shall be Frankfurt am Main, Germany. 


  

	
	Danbury, CT, USA, 11 May 2020
	
	Praxair Inc.
	
	 /s/ Matthew White

	By: Matthew White, CFO
	
	Guildford, UK, 11th May 2020
	
	Linde plc
	
	 /s/ Christopher Cossins

	By: Christopher Cossins


  
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