EX-4.2




 Exhibit 4.2 

AIR PRODUCTS AND CHEMICALS, INC. 

$550,000,000 aggregate principal amount of 1.500% Notes due 2025 

$650,000,000 aggregate principal amount of 1.850% Notes due 2027 

$900,000,000 aggregate principal amount of 2.050% Notes due 2030 

$750,000,000 aggregate principal amount of 2.700% Notes due 2040 

$950,000,000 aggregate principal amount of 2.800% Notes due 2050 

Officer’s Certificate to the Trustee 

The undersigned, M. Scott Crocco, Executive Vice President and Chief Financial Officer of Air Products and Chemicals, Inc. (the
“Company”), a Delaware corporation, hereby certifies on behalf of the Company pursuant to Sections 2.1, 2.3 and 11.5 of the Indenture (the “Indenture”) dated as of April 30, 2020, between the Company and The
Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”), in connection with the issuance of $550,000,000 aggregate principal amount of the Company’s 1.500% Notes due 2025 (the “2025 Notes”),
$650,000,000 aggregate principal amount of the Company’s 1.850% Notes due 2027 (the “2027 Notes”), $900,000,000 aggregate principal amount of the Company’s 2.050% Notes due 2030 (the “2030
Notes”), $750,000,000 aggregate principal amount of the Company’s 2.700% Notes due 2040 (the “2040 Notes”) and $950,000,000 aggregate principal amount of the Company’s 2.800% Notes due 2050
(the “2050 Notes,” and, together with the 2025 Notes, the 2027 Notes, the 2030 Notes and the 2040 Notes, the “Notes”), as follows: 
  

	 	1.	 The Indenture has been duly and validly authorized, executed and delivered by the Company.



  

	 	2.	 Attached hereto as Exhibit A is a true, correct and complete specimen of the 2025 Notes, which complies
with the resolutions of the Board of Directors referred to below and which establishes the form and terms of the 2025 Notes as required by Sections 2.1 and 2.3 of the Indenture. 



 

	 	3.	 Attached hereto as Exhibit B is a true, correct and complete specimen of the 2027 Notes, which complies
with the resolutions of the Board of Directors referred to below and which establishes the form and terms of the 2027 Notes as required by Sections 2.1 and 2.3 of the Indenture. 



 

	 	4.	 Attached hereto as Exhibit C is a true, correct and complete specimen of the 2030 Notes, which complies
with the resolutions of the Board of Directors referred to below and which establishes the form and terms of the 2030 Notes as required by Sections 2.1 and 2.3 of the Indenture. 



 

	 	5.	 Attached hereto as Exhibit D is a true, correct and complete specimen of the 2040 Notes, which complies
with the resolutions of the Board of Directors referred to below and which establishes the form and terms of the 2040 Notes as required by Sections 2.1 and 2.3 of the Indenture. 



  
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	 	6.	 Attached hereto as Exhibit E is a true, correct and complete specimen of the 2050 Notes, which complies
with the resolutions of the Board of Directors referred to below and which establishes the form and terms of the 2050 Notes as required by Sections 2.1 and 2.3 of the Indenture. 



 

	 	7.	 The Notes shall be issuable upon original issuance each in the form of Global Securities and in the name of
Cede & Co., as nominee of The Depository Trust Company. 


  

	 	8.	 The Trustee shall initially be appointed as the Paying Agent and Registrar with respect to the Notes.



  

	 	9.	 I have read and reviewed (i) the relevant provisions of the Indenture including, but not limited to
Sections 2.1, 2.3 and 11.5 of the Indenture and the definitions set forth in the Indenture as to terms used in those sections, setting forth the conditions relating to the authentication and delivery by the Trustee of the Notes; (ii) the
resolutions of the Board of Directors relating to issuance and establishing the form of the Notes and the manner in which the terms thereof are to be determined, (iii) the forms of the Notes attached hereto as Exhibit A, Exhibit
B, Exhibit C, Exhibit D and Exhibit E, respectively, and (iv) such agreements, certificates of public officials and officers or other representatives of the Company and such other documents, certificates and corporate
or other records as I have deemed necessary or appropriate as the basis of the opinion herein expressed. In my opinion, I have made such examination or investigation as is necessary for me to express an informed opinion as to whether the covenants
and conditions precedent to the execution and authentication by the Trustee of the Notes have been satisfied. In my opinion, all such covenants and conditions precedent to the issuance by the Company and the authentication and delivery by the
Trustee of the Notes, as requested in the Company Order, dated as of the date hereof, pursuant to which the Company has requested that the Trustee authenticate and deliver the Notes, have been complied with in accordance with the terms of the
Indenture. 


 Capitalized terms used herein without definition shall have the respective meanings ascribed to such terms
in the Indenture. 
 [Signature page follows] 

  
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	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	  

	Name:	 	M. Scott Crocco
	Title:	 	Executive Vice President and
		 	Chief Financial Officer


 Dated: April 30, 2020 

[Signature Page] 











 EXHIBIT A 

Form of 

1.500% Note due 2025 











 [UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC” OR THE “DEPOSITARY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [*] OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [*] OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [*], HAS AN INTEREST HEREIN.] 
 [UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR CERTIFICATES IN DEFINITIVE REGISTERED FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY,
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 
 [THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 

AIR PRODUCTS AND CHEMICALS, INC. 

1.500% Note due 2025 
 CUSIP [*]

 ISIN [*] 
 Certificate No. [*] 

Interest Payment Dates: April 15 and October 15 of each year, commencing [*] 

Record Dates: The April 1 and October 1 preceding each Interest Payment Date 

Interest Rate: 1.500% per annum 
  

			
	Original Issue Date: April 30, 2020	  	Maturity Date: October 15, 2025

 AIR PRODUCTS AND CHEMICALS, INC., a Delaware corporation (the “Issuer”), for value received,
hereby promises to pay to [*] (the “Depositary”), as nominee of [*], or registered assigns, the principal sum of [*] ($[*]) on the Maturity Date specified above or upon earlier 

  
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redemption or repayment at [*] (the “Paying Agent”), as Paying Agent, currently located at [*], or such other location or locations as may be provided for pursuant to the Indenture
referred to herein, in such coin, currency or currency unit specified above as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest semi-annually on the Interest Payment Date in each year and
on the Maturity Date or upon earlier redemption or repayment; commencing with the first Interest Payment Date following the Original Issue Date specified above on said principal sum at the Interest Rate specified above from the most recent date to
which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from the Original Issue Date, until the principal hereof becomes due and payable; provided, however, that any payment of
principal, interest or premium, if any, to be made on an Interest Payment Date, on the Maturity Date or on a date fixed for redemption or repayment which is not a Business Day (as hereinafter defined) shall be made on the next succeeding Business
Day with the same force and effect as if made on the Interest Payment Date, on the Maturity Date or on the date fixed for redemption or repayment, as the case may be, and no additional interest shall accrue as a result of such delayed payment. For
purposes of this Note, “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New
York. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose
name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date (whether or not a Business Day) immediately preceding such Interest Payment Date and interest payable on the Maturity Date or upon earlier
redemption or repayment will be payable to the person to whom principal is payable, except that, if this Note is issued between a Record Date and the initial Interest Payment Date relating to such Record Date, interest for the period beginning on
the Original Issue Date and ending on such initial Interest Payment Date shall be paid to the person to whom this Note shall have been originally issued. Payment of principal, interest and premium, if any, on this Note will be made, if at maturity
or upon earlier redemption or repayment, on the Maturity Date or the date fixed for redemption or repayment, as applicable, upon surrender of this Note at the office of the Paying Agent. All such payments shall be made in immediately available
funds, provided that this Note is presented to the Paying Agent in time for the Trustee to make such payments in such funds in accordance with its normal procedures. Payment of interest on this Note (other than interest paid on the Maturity Date or
upon earlier redemption or repayment) will be made by wire transfer to the person entitled thereto appearing on the register for the Notes on the applicable Record Date; provided that such holder shall have designated such account by written notice
to the Trustee no later than the Record Date preceding the applicable Interest Payment Date. Notwithstanding the foregoing, payments of principal, interest and premium, if any, on Global Securities shall be made in accordance with the
Depositary’s procedures. Any interest not punctually paid or duly provided for shall be payable as provided in the Indenture referred to on the reverse hereof. 

Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE
REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 

  
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 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by or on behalf of the Trustee under the Indenture referred to on the reverse hereof. 
 AGENCY
FOR TRANSFER, EXCHANGE AND PAYMENT: THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

  
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 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed in its name by its
duly authorized officers. 
 Dated: 
  

			
	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	
                     
                   

	Name:	 	













 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	  

		 	                        Authorized Signatory


 Date of authentication: 











 REVERSE OF NOTE 

This Note is one of a duly authorized issue of a series of notes of the Issuer (hereinafter called the “Securities”) of the
series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of April 30, 2020 (the “Indenture”), duly executed and delivered by the Issuer to The Bank of New York Mellon Trust Company,
N.A., as trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the holders (the words “holders” or “holder” meaning the registered holders or registered holder of the Securities). The Securities may be issued in one or more series, which different series
(and which securities issued within each series) may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption or repayment provisions (if
any), may be subject to different sinking fund or analogous provisions (if any), may be subject to different Events of Default (as defined in the Indenture) and may otherwise vary as in the Indenture provided. This Note is one of a series designated
as “1.500% Notes due 2025” (the “Notes”) of the Issuer, initially limited in aggregate principal amount to $550,000,000, subject to the right of the Issuer to issue unlimited additional Securities under the Indenture
having the same term as the Notes, without the consent of the holders of any Securities; provided that no additional Notes having such similar terms may be issued if an Event of Default has occurred and is continuing with respect to the Notes or if
such additional Notes will not be fungible with the previously issued Notes for federal income tax purposes. 
 This Note will constitute
part of the senior debt of the Issuer and will rank pari passu with all other unsecured and unsubordinated indebtedness of the Issuer. This Note will be issuable in fully registered form in denominations of $2,000 and additional multiples of
$1,000. 
 In case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

Optional Redemption 
 At the
Issuer’s option, the Notes may be redeemed, in whole or in part, upon mailing a notice of such redemption not less than 15 days nor more than 60 days prior to the date fixed for redemption to the holders of the Notes at their last registered
addresses, all as provided in the Indenture. 
 If the Issuer redeems all or any part of the Notes prior to the applicable Par Call Date (as
defined below), it will pay a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes being redeemed; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest of the
Notes being redeemed, that would be due if such series of Notes matured on the applicable Par Call Date (in each case, not including the amount, if any, of accrued and unpaid interest to, but excluding, the redemption date) discounted to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points; plus, in each case,
any accrued and unpaid 

  
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interest to, but excluding, the redemption date. If the Issuer redeems all or any part of the Notes on or after the applicable Par Call Date, the Issuer will pay a redemption price equal to 100%
of the principal amount of such series of Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term of the Notes to be redeemed (assuming that the Notes to be redeemed matured on the applicable Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes (assuming that the Notes to be redeemed matured on the applicable Par Call Date). 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of four Reference Treasury
Dealer Quotations for that redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average
of all such quotations. 
 “Independent Investment Banker” means one of Barclays Capital Inc., BofA Securities, Inc.,
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as selected by the Issuer, and their respective successors, or if each of such firms is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Issuer. 
 “Par Call Date” means September 15, 2025. 

“Reference Treasury Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets
Inc. and J.P. Morgan Securities LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer
will substitute for such firm another Primary Treasury Dealer and (ii) up to two additional Primary Treasury Dealers appointed by the Issuer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at
5:00 p.m. (New York City time) on the third business day preceding that redemption date. 
 “Treasury Rate” means, with
respect to any redemption date: (i) the yield, under the heading that represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor
publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the applicable Par Call Date, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue 

  
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will be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if that release (or any
successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date. The Treasury Rate will be calculated on the third business day preceding the redemption date. 

Change of Control Offer 
 Upon the
occurrence of a Change of Control Triggering Event, the Issuer will be required to make an offer (a “Change of Control Offer”) to each holder of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000
thereof) of such holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of repurchase (the “Change of Control Payment”). Within
30 days following any Change of Control Triggering Event, the Issuer will be required to mail (or otherwise transmit in accordance with DTC procedures) a notice to each holder stating: 

 

	 	(1)	 that the Change of Control Offer is being made pursuant to the covenant entitled “Change of Control and
Ratings Decline”; 


  

	 	(2)	 the purchase price and the purchase date, which shall be no earlier than 30 days nor later than 45 days after
the date such notice is mailed (the “Change of Control Payment Date”);  


  

	 	(3)	 that any Notes not tendered will continue to accrue interest in accordance with the terms of the Indenture and
this Note; 


  

	 	(4)	 that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for
payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 


  

	 	(5)	 that holders will be entitled to withdraw their election if the paying agent receives, not later than the close
of business on the fifth business day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the holder, the principal amount of Notes delivered for purchase, and a statement that such holder is
unconditionally withdrawing its election to have such Notes purchased; 


  

	 	(6)	 that holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to
the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof; and 



 

	 	(7)	 any other information material to such holder’s decision to tender Notes. 



  
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 The Issuer will not be required to make a Change of Control Offer following a Change of
Control Triggering Event if a third party makes a Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Notes applicable to a Change of Control Offer made by the Issuer and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditional upon such Change
of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. 

“Capital Stock” means any and all shares, interests, participations, rights or other equivalents, however designated, of
corporate stock or partnership or membership interests, whether common or preferred. 
 “Change of Control” means the
occurrence of any one of the following: 
  

	 	(1)	 the consummation of any transaction (including without limitation, any merger or consolidation) the result of
which is that any person (including any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) other than the Issuer or one of its subsidiaries) becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Issuer’s outstanding
Voting Stock, measured by voting power rather than number of shares; or 


  

	 	(2)	 the adoption of a plan relating to the liquidation or dissolution of the Issuer. 



Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Issuer becomes a direct or
indirect wholly owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Issuer’s Voting
Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of
the Voting Stock of such holding company. 
 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Ratings Decline. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent
under any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P). In the event that the Issuer shall select any
other Rating Agency, the equivalent of such ratings by such Rating Agency shall be used. 
 “Moody’s” means
Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 
 “Rating Agency”
means each of Moody’s and S&P and any other Rating Agency appointed by the Issuer. 

  
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 “Ratings Decline” means within 60 days after the earlier of, (i) the
occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Issuer to effect a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly
announced consideration for a possible downgrade by any of the Rating Agencies) (the “Trigger Period”), (a) if two or more Rating Agencies are providing a rating for the Notes at the commencement of any Trigger Period, the rating of
the Notes shall be reduced by at least two Rating Agencies and the Notes shall be rated below Investment Grade by each of such Rating Agencies or (b) if only one Rating Agency is providing a rating for the Notes at the commencement of any
Trigger Period, the rating of the Notes shall be reduced by such Rating Agency and the Notes shall be rated below Investment Grade by such Rating Agency. Neither the Trustee nor the Paying Agent shall be responsible for monitoring the Issuer’s
Investment Grade status or determining whether a Ratings Decline has occurred. 
 “S&P” means S&P Global Ratings, a
division of S&P Global Inc., and its successors. 
 “Voting Stock” with respect to any person, means securities of any
class of Capital Stock of such person entitling the holders thereof (whether at all times or only so long as no senior class of stock or other relevant equity interest has voting power by reason of any contingency) to vote in the election of members
of the board of directors of such person. 
 The Issuer shall comply in all material respects with the requirements of Regulation 14E under
the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that
the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Issuer shall comply with those securities laws and regulations and shall not be deemed to have breached the
Issuer’s obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 
 Miscellaneous 

The Notes are subject to the defeasance provisions set forth in Section 10.2 of the Indenture. 

Upon due presentment for registration of transfer of this Note at the office of the Paying Agent or at such other office or agency as is
designated by the Issuer, a new Note or Notes of authorized denominations for an equal aggregate principal amount and like tenor will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without
charge except for any tax or other governmental charge imposed in connection therewith; provided, however, that this Note is exchangeable only if (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as
Depositary for this Note or if at any time the Depositary ceases to be eligible or in good standing under the Exchange Act, or other applicable statutes or regulations, and the Issuer does not appoint a successor Depositary within 90 days after the
Issuer received such notice or becomes aware of such ineligibility or lack of good standing or (ii) the Issuer in its sole discretion determines that this Note shall be exchanged for certificated Notes in definitive form, provided that the
definitive Notes so issued in exchange for this Note shall be in authorized denominations and be of like aggregate principal amount and tenor and terms as the portion of this Note to be exchanged. 

  
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 The Issuer will pay any administrative costs imposed by banks in connection with making
payments on this Note by wire transfer, but any tax, assessment or governmental charge imposed upon payments will be borne by the holder hereof. 

The Issuer, the Trustee and any agent of the Issuer or the Trustee shall deem and treat the registered holder hereof as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and subject to the
provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. 

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in any Note, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, stockholder, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

Undefined terms used herein which are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
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 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
 TEN COM — as tenants in common 

TEN ENT — as tenants by the entireties 

JT TEN — as joint tenants with right of survivorship and not as tenants in common 

UNIF GIFT MIN ACT — Custodian 

                     
                      (Cust)    (Minor) 

                     
                      under Uniform Gifts to Minors Act 

                     
                                         
                                      (State) 

Additional abbreviations may also be used though not in the above list 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

  
  

the within Note of AIR PRODUCTS AND CHEMICALS, INC. and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer the said Note on the books of the within-named Issuer, with full power of substitution in the premises. 

 

			
	Dated	  	 

 NOTICE: The signature to this 

assignment must correspond with the 

name as written upon the face of the 

certificate in every particular, 

without alteration or enlargement or 

any change whatever. 

  
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 EXHIBIT B 

Form of 

1.850% Note due 2027 











 [UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC” OR THE “DEPOSITARY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [*] OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [*] OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [*], HAS AN INTEREST HEREIN.] 
 [UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR CERTIFICATES IN DEFINITIVE REGISTERED FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY,
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 
 [THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 

AIR PRODUCTS AND CHEMICALS, INC. 

1.850% Note due 2027 
 CUSIP [*]

 ISIN [*] 
 Certificate No. [*] 

Interest Payment Dates: May 15 and November 15 of each year, commencing [*] 

Record Dates: The May 1 and November 1 preceding each Interest Payment Date 

Interest Rate: 1.850% per annum 
  

			
	Original Issue Date: April 30, 2020	  	Maturity Date: May 15, 2027

 AIR PRODUCTS AND CHEMICALS, INC., a Delaware corporation (the “Issuer”), for value received,
hereby promises to pay to [*] (the “Depositary”), as nominee of [*], or registered assigns, the principal sum of [*] ($[*]) on the Maturity Date specified above or upon earlier 

  
 1 












 
redemption or repayment at [*] (the “Paying Agent”), as Paying Agent, currently located at [*], or such other location or locations as may be provided for pursuant to the Indenture
referred to herein, in such coin, currency or currency unit specified above as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest semi-annually on the Interest Payment Date in each year and
on the Maturity Date or upon earlier redemption or repayment; commencing with the first Interest Payment Date following the Original Issue Date specified above on said principal sum at the Interest Rate specified above from the most recent date to
which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from the Original Issue Date, until the principal hereof becomes due and payable; provided, however, that any payment of
principal, interest or premium, if any, to be made on an Interest Payment Date, on the Maturity Date or on a date fixed for redemption or repayment which is not a Business Day (as hereinafter defined) shall be made on the next succeeding Business
Day with the same force and effect as if made on the Interest Payment Date, on the Maturity Date or on the date fixed for redemption or repayment, as the case may be, and no additional interest shall accrue as a result of such delayed payment. For
purposes of this Note, “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New
York. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose
name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date (whether or not a Business Day) immediately preceding such Interest Payment Date and interest payable on the Maturity Date or upon earlier
redemption or repayment will be payable to the person to whom principal is payable, except that, if this Note is issued between a Record Date and the initial Interest Payment Date relating to such Record Date, interest for the period beginning on
the Original Issue Date and ending on such initial Interest Payment Date shall be paid to the person to whom this Note shall have been originally issued. Payment of principal, interest and premium, if any, on this Note will be made, if at maturity
or upon earlier redemption or repayment, on the Maturity Date or the date fixed for redemption or repayment, as applicable, upon surrender of this Note at the office of the Paying Agent. All such payments shall be made in immediately available
funds, provided that this Note is presented to the Paying Agent in time for the Trustee to make such payments in such funds in accordance with its normal procedures. Payment of interest on this Note (other than interest paid on the Maturity Date or
upon earlier redemption or repayment) will be made by wire transfer to the person entitled thereto appearing on the register for the Notes on the applicable Record Date; provided that such holder shall have designated such account by written notice
to the Trustee no later than the Record Date preceding the applicable Interest Payment Date. Notwithstanding the foregoing, payments of principal, interest and premium, if any, on Global Securities shall be made in accordance with the
Depositary’s procedures. Any interest not punctually paid or duly provided for shall be payable as provided in the Indenture referred to on the reverse hereof. 

Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE
REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 

  
 2 












 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by or on behalf of the Trustee under the Indenture referred to on the reverse hereof. 
 AGENCY
FOR TRANSFER, EXCHANGE AND PAYMENT: THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

  
 3 












 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed in its name by its
duly authorized officers. 
 Dated: 
  

			
	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	
                     
                                       

	Name:	 	













 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	
                     
                   

		 	Authorized Signatory


 Date of authentication: 











 REVERSE OF NOTE 

This Note is one of a duly authorized issue of a series of notes of the Issuer (hereinafter called the “Securities”) of the
series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of April 30, 2020 (the “Indenture”), duly executed and delivered by the Issuer to The Bank of New York Mellon Trust Company,
N.A., as trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the holders (the words “holders” or “holder” meaning the registered holders or registered holder of the Securities). The Securities may be issued in one or more series, which different series
(and which securities issued within each series) may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption or repayment provisions (if
any), may be subject to different sinking fund or analogous provisions (if any), may be subject to different Events of Default (as defined in the Indenture) and may otherwise vary as in the Indenture provided. This Note is one of a series designated
as “1.850% Notes due 2027” (the “Notes”) of the Issuer, initially limited in aggregate principal amount to $650,000,000, subject to the right of the Issuer to issue unlimited additional Securities under the Indenture
having the same term as the Notes, without the consent of the holders of any Securities; provided that no additional Notes having such similar terms may be issued if an Event of Default has occurred and is continuing with respect to the Notes or if
such additional Notes will not be fungible with the previously issued Notes for federal income tax purposes. 
 This Note will constitute
part of the senior debt of the Issuer and will rank pari passu with all other unsecured and unsubordinated indebtedness of the Issuer. This Note will be issuable in fully registered form in denominations of $2,000 and additional multiples of
$1,000. 
 In case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

Optional Redemption 
 At the
Issuer’s option, the Notes may be redeemed, in whole or in part, upon mailing a notice of such redemption not less than 15 days nor more than 60 days prior to the date fixed for redemption to the holders of the Notes at their last registered
addresses, all as provided in the Indenture. 
 If the Issuer redeems all or any part of the Notes prior to the applicable Par Call Date (as
defined below), it will pay a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes being redeemed; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest of the
Notes being redeemed, that would be due if such series of Notes matured on the applicable Par Call Date (in each case, not including the amount, if any, of accrued and unpaid interest to, but excluding, the redemption date) discounted to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 20 basis points; plus, in each case,
any accrued and unpaid 

  
 R-1 












 
interest to, but excluding, the redemption date. If the Issuer redeems all or any part of the Notes on or after the applicable Par Call Date, the Issuer will pay a redemption price equal to 100%
of the principal amount of such series of Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term of the Notes to be redeemed (assuming that the Notes to be redeemed matured on the applicable Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes (assuming that the Notes to be redeemed matured on the applicable Par Call Date). 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of four Reference Treasury
Dealer Quotations for that redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average
of all such quotations. 
 “Independent Investment Banker” means one of Barclays Capital Inc., BofA Securities, Inc.,
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as selected by the Issuer, and their respective successors, or if each of such firms is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Issuer. 
 “Par Call Date” means March 15, 2027. 

“Reference Treasury Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets
Inc. and J.P. Morgan Securities LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer
will substitute for such firm another Primary Treasury Dealer and (ii) up to two additional Primary Treasury Dealers appointed by the Issuer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at
5:00 p.m. (New York City time) on the third business day preceding that redemption date. 
 “Treasury Rate” means, with
respect to any redemption date: (i) the yield, under the heading that represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor
publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the applicable Par Call Date, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue 

  
 R-2 












 
will be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if that release (or any
successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date. The Treasury Rate will be calculated on the third business day preceding the redemption date. 

Change of Control Offer 
 Upon the
occurrence of a Change of Control Triggering Event, the Issuer will be required to make an offer (a “Change of Control Offer”) to each holder of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000
thereof) of such holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of repurchase (the “Change of Control Payment”). Within
30 days following any Change of Control Triggering Event, the Issuer will be required to mail (or otherwise transmit in accordance with DTC procedures) a notice to each holder stating: 

 

	 	(1)	 that the Change of Control Offer is being made pursuant to the covenant entitled “Change of Control and
Ratings Decline”; 


  

	 	(2)	 the purchase price and the purchase date, which shall be no earlier than 30 days nor later than 45 days after
the date such notice is mailed (the “Change of Control Payment Date”);  


  

	 	(3)	 that any Notes not tendered will continue to accrue interest in accordance with the terms of the Indenture and
this Note; 


  

	 	(4)	 that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for
payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 


  

	 	(5)	 that holders will be entitled to withdraw their election if the paying agent receives, not later than the close
of business on the fifth business day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the holder, the principal amount of Notes delivered for purchase, and a statement that such holder is
unconditionally withdrawing its election to have such Notes purchased; 


  

	 	(6)	 that holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to
the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof; and 



 

	 	(7)	 any other information material to such holder’s decision to tender Notes. 



  
 R-3 












 The Issuer will not be required to make a Change of Control Offer following a Change of
Control Triggering Event if a third party makes a Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Notes applicable to a Change of Control Offer made by the Issuer and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditional upon such Change
of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. 

“Capital Stock” means any and all shares, interests, participations, rights or other equivalents, however designated, of
corporate stock or partnership or membership interests, whether common or preferred. 
 “Change of Control” means the
occurrence of any one of the following: 
  

	 	(1)	 the consummation of any transaction (including without limitation, any merger or consolidation) the result of
which is that any person (including any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) other than the Issuer or one of its subsidiaries) becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Issuer’s outstanding
Voting Stock, measured by voting power rather than number of shares; or 


  

	 	(2)	 the adoption of a plan relating to the liquidation or dissolution of the Issuer. 



Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Issuer becomes a direct or
indirect wholly owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Issuer’s Voting
Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of
the Voting Stock of such holding company. 
 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Ratings Decline. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent
under any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P). In the event that the Issuer shall select any
other Rating Agency, the equivalent of such ratings by such Rating Agency shall be used. 
 “Moody’s” means
Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 
 “Rating Agency”
means each of Moody’s and S&P and any other Rating Agency appointed by the Issuer. 

  
 R-4 












 “Ratings Decline” means within 60 days after the earlier of, (i) the
occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Issuer to effect a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly
announced consideration for a possible downgrade by any of the Rating Agencies) (the “Trigger Period”), (a) if two or more Rating Agencies are providing a rating for the Notes at the commencement of any Trigger Period, the rating of
the Notes shall be reduced by at least two Rating Agencies and the Notes shall be rated below Investment Grade by each of such Rating Agencies or (b) if only one Rating Agency is providing a rating for the Notes at the commencement of any
Trigger Period, the rating of the Notes shall be reduced by such Rating Agency and the Notes shall be rated below Investment Grade by such Rating Agency. Neither the Trustee nor the Paying Agent shall be responsible for monitoring the Issuer’s
Investment Grade status or determining whether a Ratings Decline has occurred. 
 “S&P” means S&P Global Ratings, a
division of S&P Global Inc., and its successors. 
 “Voting Stock” with respect to any person, means securities of any
class of Capital Stock of such person entitling the holders thereof (whether at all times or only so long as no senior class of stock or other relevant equity interest has voting power by reason of any contingency) to vote in the election of members
of the board of directors of such person. 
 The Issuer shall comply in all material respects with the requirements of Regulation 14E under
the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that
the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Issuer shall comply with those securities laws and regulations and shall not be deemed to have breached the
Issuer’s obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 
 Miscellaneous 

The Notes are subject to the defeasance provisions set forth in Section 10.2 of the Indenture. 

Upon due presentment for registration of transfer of this Note at the office of the Paying Agent or at such other office or agency as is
designated by the Issuer, a new Note or Notes of authorized denominations for an equal aggregate principal amount and like tenor will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without
charge except for any tax or other governmental charge imposed in connection therewith; provided, however, that this Note is exchangeable only if (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as
Depositary for this Note or if at any time the Depositary ceases to be eligible or in good standing under the Exchange Act, or other applicable statutes or regulations, and the Issuer does not appoint a successor Depositary within 90 days after the
Issuer received such notice or becomes aware of such ineligibility or lack of good standing or (ii) the Issuer in its sole discretion determines that this Note shall be exchanged for certificated Notes in definitive form, provided that the
definitive Notes so issued in exchange for this Note shall be in authorized denominations and be of like aggregate principal amount and tenor and terms as the portion of this Note to be exchanged. 

  
 R-5 












 The Issuer will pay any administrative costs imposed by banks in connection with making
payments on this Note by wire transfer, but any tax, assessment or governmental charge imposed upon payments will be borne by the holder hereof. 

The Issuer, the Trustee and any agent of the Issuer or the Trustee shall deem and treat the registered holder hereof as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and subject to the
provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. 

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in any Note, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, stockholder, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

Undefined terms used herein which are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 R-6 












 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
 TEN COM — as tenants in common 

TEN ENT — as tenants by the entireties 

JT TEN — as joint tenants with right of survivorship and not as tenants in common 

UNIF GIFT MIN ACT — Custodian 

                     
                      (Cust)    (Minor) 

                     
                      under Uniform Gifts to Minors Act 

                     
                                         
                                      (State) 

Additional abbreviations may also be used though not in the above list 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF
ASSIGNEE 
  
  

the within Note of AIR PRODUCTS AND CHEMICALS, INC. and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer the said Note on the books of the within-named Issuer, with full power of substitution in the premises. 

 

			
	Dated	  	 

 NOTICE: The signature to this 

assignment must correspond with the 

name as written upon the face of the 

certificate in every particular, 

without alteration or enlargement or 

any change whatever. 

  
 R-7 












 EXHIBIT C 

Form of 

2.050% Note due 2030 











 [UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC” OR THE “DEPOSITARY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [*] OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [*] OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [*], HAS AN INTEREST HEREIN.] 
 [UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR CERTIFICATES IN DEFINITIVE REGISTERED FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY,
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 
 [THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 

AIR PRODUCTS AND CHEMICALS, INC. 

2.050% Note due 2030 
 CUSIP [*]

 ISIN [*] 
 Certificate No. [*] 

Interest Payment Dates: May 15 and November 15 of each year, commencing [*] 

Record Dates: The May 1 and November 1 preceding each Interest Payment Date 

Interest Rate: 2.050% per annum 
  

			
	Original Issue Date: April 30, 2020	  	Maturity Date: May 15, 2030

 AIR PRODUCTS AND CHEMICALS, INC., a Delaware corporation (the “Issuer”), for value received,
hereby promises to pay to [*] (the “Depositary”), as nominee of [*], or registered assigns, the principal sum of [*] ($[*]) on the Maturity Date specified above or upon earlier 

  
 1 












 
redemption or repayment at [*] (the “Paying Agent”), as Paying Agent, currently located at [*], or such other location or locations as may be provided for pursuant to the Indenture
referred to herein, in such coin, currency or currency unit specified above as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest semi-annually on the Interest Payment Date in each year and
on the Maturity Date or upon earlier redemption or repayment; commencing with the first Interest Payment Date following the Original Issue Date specified above on said principal sum at the Interest Rate specified above from the most recent date to
which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from the Original Issue Date, until the principal hereof becomes due and payable; provided, however, that any payment of
principal, interest or premium, if any, to be made on an Interest Payment Date, on the Maturity Date or on a date fixed for redemption or repayment which is not a Business Day (as hereinafter defined) shall be made on the next succeeding Business
Day with the same force and effect as if made on the Interest Payment Date, on the Maturity Date or on the date fixed for redemption or repayment, as the case may be, and no additional interest shall accrue as a result of such delayed payment. For
purposes of this Note, “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New
York. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose
name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date (whether or not a Business Day) immediately preceding such Interest Payment Date and interest payable on the Maturity Date or upon earlier
redemption or repayment will be payable to the person to whom principal is payable, except that, if this Note is issued between a Record Date and the initial Interest Payment Date relating to such Record Date, interest for the period beginning on
the Original Issue Date and ending on such initial Interest Payment Date shall be paid to the person to whom this Note shall have been originally issued. Payment of principal, interest and premium, if any, on this Note will be made, if at maturity
or upon earlier redemption or repayment, on the Maturity Date or the date fixed for redemption or repayment, as applicable, upon surrender of this Note at the office of the Paying Agent. All such payments shall be made in immediately available
funds, provided that this Note is presented to the Paying Agent in time for the Trustee to make such payments in such funds in accordance with its normal procedures. Payment of interest on this Note (other than interest paid on the Maturity Date or
upon earlier redemption or repayment) will be made by wire transfer to the person entitled thereto appearing on the register for the Notes on the applicable Record Date; provided that such holder shall have designated such account by written notice
to the Trustee no later than the Record Date preceding the applicable Interest Payment Date. Notwithstanding the foregoing, payments of principal, interest and premium, if any, on Global Securities shall be made in accordance with the
Depositary’s procedures. Any interest not punctually paid or duly provided for shall be payable as provided in the Indenture referred to on the reverse hereof. 

Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE
REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 

  
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 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by or on behalf of the Trustee under the Indenture referred to on the reverse hereof. 
 AGENCY
FOR TRANSFER, EXCHANGE AND PAYMENT: THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

  
 3 












 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed in its name by its
duly authorized officers. 
 Dated: 
  

			
	AIR PRODUCTS AND CHEMICALS, INC.


 
			
		
	 By:
	 	  

	 Name:














 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee


 
			
		
	 By:
	 	  

		 	Authorized Signatory


 Date of authentication: 











 REVERSE OF NOTE 

This Note is one of a duly authorized issue of a series of notes of the Issuer (hereinafter called the “Securities”) of the
series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of April 30, 2020 (the “Indenture”), duly executed and delivered by the Issuer to The Bank of New York Mellon Trust Company,
N.A., as trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the holders (the words “holders” or “holder” meaning the registered holders or registered holder of the Securities). The Securities may be issued in one or more series, which different series
(and which securities issued within each series) may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption or repayment provisions (if
any), may be subject to different sinking fund or analogous provisions (if any), may be subject to different Events of Default (as defined in the Indenture) and may otherwise vary as in the Indenture provided. This Note is one of a series designated
as “2.050% Notes due 2030” (the “Notes”) of the Issuer, initially limited in aggregate principal amount to $900,000,000, subject to the right of the Issuer to issue unlimited additional Securities under the Indenture
having the same term as the Notes, without the consent of the holders of any Securities; provided that no additional Notes having such similar terms may be issued if an Event of Default has occurred and is continuing with respect to the Notes or if
such additional Notes will not be fungible with the previously issued Notes for federal income tax purposes. 
 This Note will constitute
part of the senior debt of the Issuer and will rank pari passu with all other unsecured and unsubordinated indebtedness of the Issuer. This Note will be issuable in fully registered form in denominations of $2,000 and additional multiples of
$1,000. 
 In case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

Optional Redemption 
 At the
Issuer’s option, the Notes may be redeemed, in whole or in part, upon mailing a notice of such redemption not less than 15 days nor more than 60 days prior to the date fixed for redemption to the holders of the Notes at their last registered
addresses, all as provided in the Indenture. 
 If the Issuer redeems all or any part of the Notes prior to the applicable Par Call Date (as
defined below), it will pay a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes being redeemed; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest of the
Notes being redeemed, that would be due if such series of Notes matured on the applicable Par Call Date (in each case, not including the amount, if any, of accrued and unpaid interest to, but excluding, the redemption date) discounted to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points; plus, in each case,
any accrued and unpaid 

  
 R-1 












 
interest to, but excluding, the redemption date. If the Issuer redeems all or any part of the Notes on or after the applicable Par Call Date, the Issuer will pay a redemption price equal to 100%
of the principal amount of such series of Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term of the Notes to be redeemed (assuming that the Notes to be redeemed matured on the applicable Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes (assuming that the Notes to be redeemed matured on the applicable Par Call Date). 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of four Reference Treasury
Dealer Quotations for that redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average
of all such quotations. 
 “Independent Investment Banker” means one of Barclays Capital Inc., BofA Securities, Inc.,
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as selected by the Issuer, and their respective successors, or if each of such firms is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Issuer. 
 “Par Call Date” means February 15, 2030. 

“Reference Treasury Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets
Inc. and J.P. Morgan Securities LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer
will substitute for such firm another Primary Treasury Dealer and (ii) up to two additional Primary Treasury Dealers appointed by the Issuer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at
5:00 p.m. (New York City time) on the third business day preceding that redemption date. 
 “Treasury Rate” means, with
respect to any redemption date: (i) the yield, under the heading that represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor
publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the applicable Par Call Date, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue 

  
 R-2 












 
will be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if that release (or any
successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date. The Treasury Rate will be calculated on the third business day preceding the redemption date. 

Change of Control Offer 
 Upon the
occurrence of a Change of Control Triggering Event, the Issuer will be required to make an offer (a “Change of Control Offer”) to each holder of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000
thereof) of such holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of repurchase (the “Change of Control Payment”). Within
30 days following any Change of Control Triggering Event, the Issuer will be required to mail (or otherwise transmit in accordance with DTC procedures) a notice to each holder stating: 

 

	 	(1)	 that the Change of Control Offer is being made pursuant to the covenant entitled “Change of Control and
Ratings Decline”; 


  

	 	(2)	 the purchase price and the purchase date, which shall be no earlier than 30 days nor later than 45 days after
the date such notice is mailed (the “Change of Control Payment Date”);  


  

	 	(3)	 that any Notes not tendered will continue to accrue interest in accordance with the terms of the Indenture and
this Note; 


  

	 	(4)	 that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for
payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 


  

	 	(5)	 that holders will be entitled to withdraw their election if the paying agent receives, not later than the close
of business on the fifth business day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the holder, the principal amount of Notes delivered for purchase, and a statement that such holder is
unconditionally withdrawing its election to have such Notes purchased; 


  

	 	(6)	 that holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to
the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof; and 



 

	 	(7)	 any other information material to such holder’s decision to tender Notes. 



  
 R-3 












 The Issuer will not be required to make a Change of Control Offer following a Change of
Control Triggering Event if a third party makes a Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Notes applicable to a Change of Control Offer made by the Issuer and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditional upon such Change
of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. 

“Capital Stock” means any and all shares, interests, participations, rights or other equivalents, however designated, of
corporate stock or partnership or membership interests, whether common or preferred. 
 “Change of Control” means the
occurrence of any one of the following: 
  

	 	(1)	 the consummation of any transaction (including without limitation, any merger or consolidation) the result of
which is that any person (including any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) other than the Issuer or one of its subsidiaries) becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Issuer’s outstanding
Voting Stock, measured by voting power rather than number of shares; or 


  

	 	(2)	 the adoption of a plan relating to the liquidation or dissolution of the Issuer. 



Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Issuer becomes a direct or
indirect wholly owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Issuer’s Voting
Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of
the Voting Stock of such holding company. 
 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Ratings Decline. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent
under any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P). In the event that the Issuer shall select any
other Rating Agency, the equivalent of such ratings by such Rating Agency shall be used. 
 “Moody’s” means
Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 
 “Rating Agency”
means each of Moody’s and S&P and any other Rating Agency appointed by the Issuer. 

  
 R-4 












 “Ratings Decline” means within 60 days after the earlier of, (i) the
occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Issuer to effect a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly
announced consideration for a possible downgrade by any of the Rating Agencies) (the “Trigger Period”), (a) if two or more Rating Agencies are providing a rating for the Notes at the commencement of any Trigger Period, the rating of
the Notes shall be reduced by at least two Rating Agencies and the Notes shall be rated below Investment Grade by each of such Rating Agencies or (b) if only one Rating Agency is providing a rating for the Notes at the commencement of any
Trigger Period, the rating of the Notes shall be reduced by such Rating Agency and the Notes shall be rated below Investment Grade by such Rating Agency. Neither the Trustee nor the Paying Agent shall be responsible for monitoring the Issuer’s
Investment Grade status or determining whether a Ratings Decline has occurred. 
 “S&P” means S&P Global Ratings, a
division of S&P Global Inc., and its successors. 
 “Voting Stock” with respect to any person, means securities of any
class of Capital Stock of such person entitling the holders thereof (whether at all times or only so long as no senior class of stock or other relevant equity interest has voting power by reason of any contingency) to vote in the election of members
of the board of directors of such person. 
 The Issuer shall comply in all material respects with the requirements of Regulation 14E under
the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that
the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Issuer shall comply with those securities laws and regulations and shall not be deemed to have breached the
Issuer’s obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 
 Miscellaneous 

The Notes are subject to the defeasance provisions set forth in Section 10.2 of the Indenture. 

Upon due presentment for registration of transfer of this Note at the office of the Paying Agent or at such other office or agency as is
designated by the Issuer, a new Note or Notes of authorized denominations for an equal aggregate principal amount and like tenor will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without
charge except for any tax or other governmental charge imposed in connection therewith; provided, however, that this Note is exchangeable only if (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as
Depositary for this Note or if at any time the Depositary ceases to be eligible or in good standing under the Exchange Act, or other applicable statutes or regulations, and the Issuer does not appoint a successor Depositary within 90 days after the
Issuer received such notice or becomes aware of such ineligibility or lack of good standing or (ii) the Issuer in its sole discretion determines that this Note shall be exchanged for certificated Notes in definitive form, provided that the
definitive Notes so issued in exchange for this Note shall be in authorized denominations and be of like aggregate principal amount and tenor and terms as the portion of this Note to be exchanged. 

  
 R-5 












 The Issuer will pay any administrative costs imposed by banks in connection with making
payments on this Note by wire transfer, but any tax, assessment or governmental charge imposed upon payments will be borne by the holder hereof. 

The Issuer, the Trustee and any agent of the Issuer or the Trustee shall deem and treat the registered holder hereof as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and subject to the
provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. 

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in any Note, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, stockholder, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

Undefined terms used herein which are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 R-6 












 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
 TEN COM — as tenants in common 

TEN ENT — as tenants by the entireties 

JT TEN — as joint tenants with right of survivorship and not as tenants in common 

UNIF GIFT MIN ACT — Custodian 

                     
                      (Cust)    (Minor) 

                     
                      under Uniform Gifts to Minors Act 

                     
                                         
                                      (State) 

Additional abbreviations may also be used though not in the above list 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

  
  

the within Note of AIR PRODUCTS AND CHEMICALS, INC. and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer the said Note on the books of the within-named Issuer, with full power of substitution in the premises. 

Dated                         
                                         
                                         
                                         
                                         
                                         
                 
 NOTICE: The signature to this 

assignment must correspond with the 

name as written upon the face of the 

certificate in every particular, 

without alteration or enlargement or 

any change whatever. 

  
 R-7 












 EXHIBIT D 

Form of 

2.700% Note due 2040 











 [UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC” OR THE “DEPOSITARY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [*] OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [*] OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [*], HAS AN INTEREST HEREIN.] 
 [UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR CERTIFICATES IN DEFINITIVE REGISTERED FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY,
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 
 [THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 

AIR PRODUCTS AND CHEMICALS, INC. 

2.700% Note due 2040 
 CUSIP [*]

 ISIN [*] 
 Certificate No. [*] 

Interest Payment Dates: May 15 and November 15 of each year, commencing [*] 

Record Dates: The May 1 and November 1 preceding each Interest Payment Date 

Interest Rate: 2.700% per annum 
  

	 Original Issue Date: April 30, 2020     
	 Maturity Date: May 15, 2040 



AIR PRODUCTS AND CHEMICALS, INC., a Delaware corporation (the “Issuer”), for value received, hereby promises to pay to [*]
(the “Depositary”), as nominee of [*], or registered assigns, the principal sum of [*] ($[*]) on the Maturity Date specified above or upon earlier 

  
 1 












 
redemption or repayment at [*] (the “Paying Agent”), as Paying Agent, currently located at [*], or such other location or locations as may be provided for pursuant to the Indenture
referred to herein, in such coin, currency or currency unit specified above as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest semi-annually on the Interest Payment Date in each year and
on the Maturity Date or upon earlier redemption or repayment; commencing with the first Interest Payment Date following the Original Issue Date specified above on said principal sum at the Interest Rate specified above from the most recent date to
which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from the Original Issue Date, until the principal hereof becomes due and payable; provided, however, that any payment of
principal, interest or premium, if any, to be made on an Interest Payment Date, on the Maturity Date or on a date fixed for redemption or repayment which is not a Business Day (as hereinafter defined) shall be made on the next succeeding Business
Day with the same force and effect as if made on the Interest Payment Date, on the Maturity Date or on the date fixed for redemption or repayment, as the case may be, and no additional interest shall accrue as a result of such delayed payment. For
purposes of this Note, “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New
York. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose
name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date (whether or not a Business Day) immediately preceding such Interest Payment Date and interest payable on the Maturity Date or upon earlier
redemption or repayment will be payable to the person to whom principal is payable, except that, if this Note is issued between a Record Date and the initial Interest Payment Date relating to such Record Date, interest for the period beginning on
the Original Issue Date and ending on such initial Interest Payment Date shall be paid to the person to whom this Note shall have been originally issued. Payment of principal, interest and premium, if any, on this Note will be made, if at maturity
or upon earlier redemption or repayment, on the Maturity Date or the date fixed for redemption or repayment, as applicable, upon surrender of this Note at the office of the Paying Agent. All such payments shall be made in immediately available
funds, provided that this Note is presented to the Paying Agent in time for the Trustee to make such payments in such funds in accordance with its normal procedures. Payment of interest on this Note (other than interest paid on the Maturity Date or
upon earlier redemption or repayment) will be made by wire transfer to the person entitled thereto appearing on the register for the Notes on the applicable Record Date; provided that such holder shall have designated such account by written notice
to the Trustee no later than the Record Date preceding the applicable Interest Payment Date. Notwithstanding the foregoing, payments of principal, interest and premium, if any, on Global Securities shall be made in accordance with the
Depositary’s procedures. Any interest not punctually paid or duly provided for shall be payable as provided in the Indenture referred to on the reverse hereof. 

Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE
REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 

  
 2 












 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by or on behalf of the Trustee under the Indenture referred to on the reverse hereof. 
 AGENCY
FOR TRANSFER, EXCHANGE AND PAYMENT: THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

  
 3 












 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed in its name by its
duly authorized officers. 
 Dated: 
  

			
	AIR PRODUCTS AND CHEMICALS, INC.


 
			
		
	 By:
	 	  

	 Name:
	 	













 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	 The Bank of New York Mellon Trust Company, N.A.,

as Trustee

		
	By:	 	  

		 	Authorized Signatory


 Date of authentication: 











 REVERSE OF NOTE 

This Note is one of a duly authorized issue of a series of notes of the Issuer (hereinafter called the “Securities”) of the
series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of April 30, 2020 (the “Indenture”), duly executed and delivered by the Issuer to The Bank of New York Mellon Trust Company,
N.A., as trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the holders (the words “holders” or “holder” meaning the registered holders or registered holder of the Securities). The Securities may be issued in one or more series, which different series
(and which securities issued within each series) may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption or repayment provisions (if
any), may be subject to different sinking fund or analogous provisions (if any), may be subject to different Events of Default (as defined in the Indenture) and may otherwise vary as in the Indenture provided. This Note is one of a series designated
as “2.700% Notes due 2040” (the “Notes”) of the Issuer, initially limited in aggregate principal amount to $750,000,000, subject to the right of the Issuer to issue unlimited additional Securities under the Indenture
having the same term as the Notes, without the consent of the holders of any Securities; provided that no additional Notes having such similar terms may be issued if an Event of Default has occurred and is continuing with respect to the Notes or if
such additional Notes will not be fungible with the previously issued Notes for federal income tax purposes. 
 This Note will constitute
part of the senior debt of the Issuer and will rank pari passu with all other unsecured and unsubordinated indebtedness of the Issuer. This Note will be issuable in fully registered form in denominations of $2,000 and additional multiples of
$1,000. 
 In case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

Optional Redemption 
 At the
Issuer’s option, the Notes may be redeemed, in whole or in part, upon mailing a notice of such redemption not less than 15 days nor more than 60 days prior to the date fixed for redemption to the holders of the Notes at their last registered
addresses, all as provided in the Indenture. 
 If the Issuer redeems all or any part of the Notes prior to the applicable Par Call Date (as
defined below), it will pay a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes being redeemed; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest of the
Notes being redeemed, that would be due if such series of Notes matured on the applicable Par Call Date (in each case, not including the amount, if any, of accrued and unpaid interest to, but excluding, the redemption date) discounted to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points; plus, in each case,
any accrued and unpaid 

  
 R-1 












 
interest to, but excluding, the redemption date. If the Issuer redeems all or any part of the Notes on or after the applicable Par Call Date, the Issuer will pay a redemption price equal to 100%
of the principal amount of such series of Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term of the Notes to be redeemed (assuming that the Notes to be redeemed matured on the applicable Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes (assuming that the Notes to be redeemed matured on the applicable Par Call Date). 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of four Reference Treasury
Dealer Quotations for that redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average
of all such quotations. 
 “Independent Investment Banker” means one of Barclays Capital Inc., BofA Securities, Inc.,
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as selected by the Issuer, and their respective successors, or if each of such firms is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Issuer. 
 “Par Call Date” means November 15, 2039. 

“Reference Treasury Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets
Inc. and J.P. Morgan Securities LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer
will substitute for such firm another Primary Treasury Dealer and (ii) up to two additional Primary Treasury Dealers appointed by the Issuer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at
5:00 p.m. (New York City time) on the third business day preceding that redemption date. 
 “Treasury Rate” means, with
respect to any redemption date: (i) the yield, under the heading that represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor
publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the applicable Par Call Date, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue 

  
 R-2 












 
will be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if that release (or any
successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date. The Treasury Rate will be calculated on the third business day preceding the redemption date. 

Change of Control Offer 
 Upon the
occurrence of a Change of Control Triggering Event, the Issuer will be required to make an offer (a “Change of Control Offer”) to each holder of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000
thereof) of such holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of repurchase (the “Change of Control Payment”). Within
30 days following any Change of Control Triggering Event, the Issuer will be required to mail (or otherwise transmit in accordance with DTC procedures) a notice to each holder stating: 

 

	 	(1)	 that the Change of Control Offer is being made pursuant to the covenant entitled “Change of Control and
Ratings Decline”; 


  

	 	(2)	 the purchase price and the purchase date, which shall be no earlier than 30 days nor later than 45 days after
the date such notice is mailed (the “Change of Control Payment Date”);  


  

	 	(3)	 that any Notes not tendered will continue to accrue interest in accordance with the terms of the Indenture and
this Note; 


  

	 	(4)	 that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for
payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 


  

	 	(5)	 that holders will be entitled to withdraw their election if the paying agent receives, not later than the close
of business on the fifth business day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the holder, the principal amount of Notes delivered for purchase, and a statement that such holder is
unconditionally withdrawing its election to have such Notes purchased; 


  

	 	(6)	 that holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to
the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof; and 



 

	 	(7)	 any other information material to such holder’s decision to tender Notes. 



  
 R-3 












 The Issuer will not be required to make a Change of Control Offer following a Change of
Control Triggering Event if a third party makes a Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Notes applicable to a Change of Control Offer made by the Issuer and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditional upon such Change
of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. 

“Capital Stock” means any and all shares, interests, participations, rights or other equivalents, however designated, of
corporate stock or partnership or membership interests, whether common or preferred. 
 “Change of Control” means the
occurrence of any one of the following: 
  

	 	(1)	 the consummation of any transaction (including without limitation, any merger or consolidation) the result of
which is that any person (including any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) other than the Issuer or one of its subsidiaries) becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Issuer’s outstanding
Voting Stock, measured by voting power rather than number of shares; or 


  

	 	(2)	 the adoption of a plan relating to the liquidation or dissolution of the Issuer. 



Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Issuer becomes a direct or
indirect wholly owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Issuer’s Voting
Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of
the Voting Stock of such holding company. 
 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Ratings Decline. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent
under any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P). In the event that the Issuer shall select any
other Rating Agency, the equivalent of such ratings by such Rating Agency shall be used. 
 “Moody’s” means
Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 
 “Rating Agency”
means each of Moody’s and S&P and any other Rating Agency appointed by the Issuer. 

  
 R-4 












 “Ratings Decline” means within 60 days after the earlier of, (i) the
occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Issuer to effect a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly
announced consideration for a possible downgrade by any of the Rating Agencies) (the “Trigger Period”), (a) if two or more Rating Agencies are providing a rating for the Notes at the commencement of any Trigger Period, the rating of
the Notes shall be reduced by at least two Rating Agencies and the Notes shall be rated below Investment Grade by each of such Rating Agencies or (b) if only one Rating Agency is providing a rating for the Notes at the commencement of any
Trigger Period, the rating of the Notes shall be reduced by such Rating Agency and the Notes shall be rated below Investment Grade by such Rating Agency. Neither the Trustee nor the Paying Agent shall be responsible for monitoring the Issuer’s
Investment Grade status or determining whether a Ratings Decline has occurred. 
 “S&P” means S&P Global Ratings, a
division of S&P Global Inc., and its successors. 
 “Voting Stock” with respect to any person, means securities of any
class of Capital Stock of such person entitling the holders thereof (whether at all times or only so long as no senior class of stock or other relevant equity interest has voting power by reason of any contingency) to vote in the election of members
of the board of directors of such person. 
 The Issuer shall comply in all material respects with the requirements of Regulation 14E under
the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that
the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Issuer shall comply with those securities laws and regulations and shall not be deemed to have breached the
Issuer’s obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 
 Miscellaneous 

The Notes are subject to the defeasance provisions set forth in Section 10.2 of the Indenture. 

Upon due presentment for registration of transfer of this Note at the office of the Paying Agent or at such other office or agency as is
designated by the Issuer, a new Note or Notes of authorized denominations for an equal aggregate principal amount and like tenor will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without
charge except for any tax or other governmental charge imposed in connection therewith; provided, however, that this Note is exchangeable only if (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as
Depositary for this Note or if at any time the Depositary ceases to be eligible or in good standing under the Exchange Act, or other applicable statutes or regulations, and the Issuer does not appoint a successor Depositary within 90 days after the
Issuer received such notice or becomes aware of such ineligibility or lack of good standing or (ii) the Issuer in its sole discretion determines that this Note shall be exchanged for certificated Notes in definitive form, provided that the
definitive Notes so issued in exchange for this Note shall be in authorized denominations and be of like aggregate principal amount and tenor and terms as the portion of this Note to be exchanged. 

  
 R-5 












 The Issuer will pay any administrative costs imposed by banks in connection with making
payments on this Note by wire transfer, but any tax, assessment or governmental charge imposed upon payments will be borne by the holder hereof. 

The Issuer, the Trustee and any agent of the Issuer or the Trustee shall deem and treat the registered holder hereof as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and subject to the
provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. 

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in any Note, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, stockholder, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

Undefined terms used herein which are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
 R-6 












 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
 TEN COM — as tenants in common 

TEN ENT — as tenants by the entireties 

JT TEN — as joint tenants with right of survivorship and not as tenants in common 

UNIF GIFT MIN ACT — Custodian 

                     
                      (Cust)    (Minor) 

                     
                      under Uniform Gifts to Minors Act 

                     
                                         
                                      (State) 

Additional abbreviations may also be used though not in the above list 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

  
  

the within Note of AIR PRODUCTS AND CHEMICALS, INC. and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer the said Note on the books of the within-named Issuer, with full power of substitution in the premises. 

Dated                         
                                         
                                         
                                         
                                         
                                         
                 
 NOTICE: The signature to this 

assignment must correspond with the 

name as written upon the face of the 

certificate in every particular, 

without alteration or enlargement or 

any change whatever. 

  
 R-7 












 EXHIBIT E 

Form of 

2.800% Note due 2050 











 [UNLESS THIS GLOBAL SECURITY IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC” OR THE “DEPOSITARY”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF [*] OR IN SUCH OTHER NAME AS
IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO [*] OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, [*], HAS AN INTEREST HEREIN.] 
 [UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART
FOR CERTIFICATES IN DEFINITIVE REGISTERED FORM, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY,
OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR TO A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.] 
 [THIS SECURITY IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS
SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE.] 

AIR PRODUCTS AND CHEMICALS, INC. 

2.800% Note due 2050 
 CUSIP [*]

 ISIN [*] 
 Certificate No. [*] 

Interest Payment Dates: May 15 and November 15 of each year, commencing [*] 

Record Dates: The May 1 and November 1 preceding each Interest Payment Date 

Interest Rate: 2.800% per annum 
  

	 Original Issue Date: April 30, 2020     
	 Maturity Date: May 15, 2050 



AIR PRODUCTS AND CHEMICALS, INC., a Delaware corporation (the “Issuer”), for value received, hereby promises to pay to [*]
(the “Depositary”), as nominee of [*], or registered assigns, the principal sum of [*] ($[*]) on the Maturity Date specified above or upon earlier 

  
 1 












 
redemption or repayment at [*] (the “Paying Agent”), as Paying Agent, currently located at [*], or such other location or locations as may be provided for pursuant to the Indenture
referred to herein, in such coin, currency or currency unit specified above as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest semi-annually on the Interest Payment Date in each year and
on the Maturity Date or upon earlier redemption or repayment; commencing with the first Interest Payment Date following the Original Issue Date specified above on said principal sum at the Interest Rate specified above from the most recent date to
which interest has been paid or duly provided for, or, if no interest has been paid or duly provided for, from the Original Issue Date, until the principal hereof becomes due and payable; provided, however, that any payment of
principal, interest or premium, if any, to be made on an Interest Payment Date, on the Maturity Date or on a date fixed for redemption or repayment which is not a Business Day (as hereinafter defined) shall be made on the next succeeding Business
Day with the same force and effect as if made on the Interest Payment Date, on the Maturity Date or on the date fixed for redemption or repayment, as the case may be, and no additional interest shall accrue as a result of such delayed payment. For
purposes of this Note, “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are authorized or required by law or regulation to close in New York, New
York. 
 The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose
name this Note (or one or more predecessor Notes) is registered at the close of business on the Record Date (whether or not a Business Day) immediately preceding such Interest Payment Date and interest payable on the Maturity Date or upon earlier
redemption or repayment will be payable to the person to whom principal is payable, except that, if this Note is issued between a Record Date and the initial Interest Payment Date relating to such Record Date, interest for the period beginning on
the Original Issue Date and ending on such initial Interest Payment Date shall be paid to the person to whom this Note shall have been originally issued. Payment of principal, interest and premium, if any, on this Note will be made, if at maturity
or upon earlier redemption or repayment, on the Maturity Date or the date fixed for redemption or repayment, as applicable, upon surrender of this Note at the office of the Paying Agent. All such payments shall be made in immediately available
funds, provided that this Note is presented to the Paying Agent in time for the Trustee to make such payments in such funds in accordance with its normal procedures. Payment of interest on this Note (other than interest paid on the Maturity Date or
upon earlier redemption or repayment) will be made by wire transfer to the person entitled thereto appearing on the register for the Notes on the applicable Record Date; provided that such holder shall have designated such account by written notice
to the Trustee no later than the Record Date preceding the applicable Interest Payment Date. Notwithstanding the foregoing, payments of principal, interest and premium, if any, on Global Securities shall be made in accordance with the
Depositary’s procedures. Any interest not punctually paid or duly provided for shall be payable as provided in the Indenture referred to on the reverse hereof. 

Interest will be computed on the basis of a 360-day year of twelve
30-day months. 
 REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS NOTE SET FORTH ON THE
REVERSE HEREOF, WHICH FURTHER PROVISIONS SHALL HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 

  
 2 












 This Note shall not be valid or become obligatory for any purpose until the certificate of
authentication hereon shall have been signed by or on behalf of the Trustee under the Indenture referred to on the reverse hereof. 
 AGENCY
FOR TRANSFER, EXCHANGE AND PAYMENT: THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A. 

  
 3 












 IN WITNESS WHEREOF, the Issuer has caused this instrument to be signed in its name by its
duly authorized officers. 
 Dated: 
  

			
	AIR PRODUCTS AND CHEMICALS, INC.


 
			
		
	By:	 	  

	Name:	 	













 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

			
	The Bank of New York Mellon Trust Company, N.A., as Trustee
		
	By:	 	  

		 	Authorized Signatory


 Date of authentication: 











 REVERSE OF NOTE 

This Note is one of a duly authorized issue of a series of notes of the Issuer (hereinafter called the “Securities”) of the
series hereinafter specified, all issued or to be issued under and pursuant to an indenture dated as of April 30, 2020 (the “Indenture”), duly executed and delivered by the Issuer to The Bank of New York Mellon Trust Company,
N.A., as trustee (the “Trustee”), to which Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights, limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Issuer and the holders (the words “holders” or “holder” meaning the registered holders or registered holder of the Securities). The Securities may be issued in one or more series, which different series
(and which securities issued within each series) may be issued in various aggregate principal amounts, may mature at different times, may bear interest (if any) at different rates, may be subject to different redemption or repayment provisions (if
any), may be subject to different sinking fund or analogous provisions (if any), may be subject to different Events of Default (as defined in the Indenture) and may otherwise vary as in the Indenture provided. This Note is one of a series designated
as “2.800% Notes due 2050” (the “Notes”) of the Issuer, initially limited in aggregate principal amount to $950,000,000, subject to the right of the Issuer to issue unlimited additional Securities under the Indenture
having the same term as the Notes, without the consent of the holders of any Securities; provided that no additional Notes having such similar terms may be issued if an Event of Default has occurred and is continuing with respect to the Notes or if
such additional Notes will not be fungible with the previously issued Notes for federal income tax purposes. 
 This Note will constitute
part of the senior debt of the Issuer and will rank pari passu with all other unsecured and unsubordinated indebtedness of the Issuer. This Note will be issuable in fully registered form in denominations of $2,000 and additional multiples of
$1,000. 
 In case an Event of Default with respect to the Notes shall have occurred and be continuing, the principal hereof may be
declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

Optional Redemption 
 At the
Issuer’s option, the Notes may be redeemed, in whole or in part, upon mailing a notice of such redemption not less than 15 days nor more than 60 days prior to the date fixed for redemption to the holders of the Notes at their last registered
addresses, all as provided in the Indenture. 
 If the Issuer redeems all or any part of the Notes prior to the applicable Par Call Date (as
defined below), it will pay a redemption price equal to the greater of: (i) 100% of the principal amount of the Notes being redeemed; or (ii) the sum of the present values of the remaining scheduled payments of principal and interest of the
Notes being redeemed, that would be due if such series of Notes matured on the applicable Par Call Date (in each case, not including the amount, if any, of accrued and unpaid interest to, but excluding, the redemption date) discounted to the
redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 25 basis points; plus, in each case,
any accrued and unpaid 

  
 R-1 












 
interest to, but excluding, the redemption date. If the Issuer redeems all or any part of the Notes on or after the applicable Par Call Date, the Issuer will pay a redemption price equal to 100%
of the principal amount of such series of Notes being redeemed plus accrued and unpaid interest to, but excluding, the redemption date. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term of the Notes to be redeemed (assuming that the Notes to be redeemed matured on the applicable Par Call Date) that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes (assuming that the Notes to be redeemed matured on the applicable Par Call Date). 

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of four Reference Treasury
Dealer Quotations for that redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (ii) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average
of all such quotations. 
 “Independent Investment Banker” means one of Barclays Capital Inc., BofA Securities, Inc.,
Citigroup Global Markets Inc. and J.P. Morgan Securities LLC, as selected by the Issuer, and their respective successors, or if each of such firms is unwilling or unable to select the Comparable Treasury Issue, an independent investment banking
institution of national standing appointed by the Issuer. 
 “Par Call Date” means November 15, 2049. 

“Reference Treasury Dealer” means each of (i) Barclays Capital Inc., BofA Securities, Inc., Citigroup Global Markets
Inc. and J.P. Morgan Securities LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuer
will substitute for such firm another Primary Treasury Dealer and (ii) up to two additional Primary Treasury Dealers appointed by the Issuer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at
5:00 p.m. (New York City time) on the third business day preceding that redemption date. 
 “Treasury Rate” means, with
respect to any redemption date: (i) the yield, under the heading that represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor
publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the applicable Par Call Date, yields for the two published maturities most closely corresponding to the
Comparable Treasury Issue 

  
 R-2 












 
will be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if that release (or any
successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price
for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for that redemption date. The Treasury Rate will be calculated on the third business day preceding the redemption date. 

Change of Control Offer 
 Upon the
occurrence of a Change of Control Triggering Event, the Issuer will be required to make an offer (a “Change of Control Offer”) to each holder of Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000
thereof) of such holder’s Notes at a purchase price equal to 101% of the aggregate principal amount thereof, together with accrued and unpaid interest thereon to the date of repurchase (the “Change of Control Payment”). Within
30 days following any Change of Control Triggering Event, the Issuer will be required to mail (or otherwise transmit in accordance with DTC procedures) a notice to each holder stating: 

 

	 	(1)	 that the Change of Control Offer is being made pursuant to the covenant entitled “Change of Control and
Ratings Decline”; 


  

	 	(2)	 the purchase price and the purchase date, which shall be no earlier than 30 days nor later than 45 days after
the date such notice is mailed (the “Change of Control Payment Date”);  


  

	 	(3)	 that any Notes not tendered will continue to accrue interest in accordance with the terms of the Indenture and
this Note; 


  

	 	(4)	 that, unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for
payment pursuant to the Change of Control Offer will cease to accrue interest after the Change of Control Payment Date; 


  

	 	(5)	 that holders will be entitled to withdraw their election if the paying agent receives, not later than the close
of business on the fifth business day preceding the Change of Control Payment Date, a facsimile transmission or letter setting forth the name of the holder, the principal amount of Notes delivered for purchase, and a statement that such holder is
unconditionally withdrawing its election to have such Notes purchased; 


  

	 	(6)	 that holders whose Notes are being purchased only in part will be issued new Notes equal in principal amount to
the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in principal amount or an integral multiple of $1,000 in excess thereof; and 



 

	 	(7)	 any other information material to such holder’s decision to tender Notes. 



  
 R-3 












 The Issuer will not be required to make a Change of Control Offer following a Change of
Control Triggering Event if a third party makes a Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Notes applicable to a Change of Control Offer made by the Issuer and purchases
all Notes validly tendered and not withdrawn under such Change of Control Offer. Notwithstanding anything to the contrary herein, a Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditional upon such Change
of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. 

“Capital Stock” means any and all shares, interests, participations, rights or other equivalents, however designated, of
corporate stock or partnership or membership interests, whether common or preferred. 
 “Change of Control” means the
occurrence of any one of the following: 
  

	 	(1)	 the consummation of any transaction (including without limitation, any merger or consolidation) the result of
which is that any person (including any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) other than the Issuer or one of its subsidiaries) becomes
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the Issuer’s outstanding
Voting Stock, measured by voting power rather than number of shares; or 


  

	 	(2)	 the adoption of a plan relating to the liquidation or dissolution of the Issuer. 



Notwithstanding the foregoing, a transaction will not be deemed to involve a Change of Control if (1) the Issuer becomes a direct or
indirect wholly owned subsidiary of a holding company and (2)(A) the direct or indirect holders of the Voting Stock of such holding company immediately following that transaction are substantially the same as the holders of the Issuer’s Voting
Stock immediately prior to that transaction or (B) immediately following that transaction no person (other than a holding company satisfying the requirements of this sentence) is the beneficial owner, directly or indirectly, of more than 50% of
the Voting Stock of such holding company. 
 “Change of Control Triggering Event” means the occurrence of both a Change of
Control and a Ratings Decline. 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent
under any successor rating category of Moody’s) and a rating of BBB- or better by S&P (or its equivalent under any successor rating category of S&P). In the event that the Issuer shall select any
other Rating Agency, the equivalent of such ratings by such Rating Agency shall be used. 
 “Moody’s” means
Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 
 “Rating Agency”
means each of Moody’s and S&P and any other Rating Agency appointed by the Issuer. 

  
 R-4 












 “Ratings Decline” means within 60 days after the earlier of, (i) the
occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of Control or the intention by the Issuer to effect a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly
announced consideration for a possible downgrade by any of the Rating Agencies) (the “Trigger Period”), (a) if two or more Rating Agencies are providing a rating for the Notes at the commencement of any Trigger Period, the rating of
the Notes shall be reduced by at least two Rating Agencies and the Notes shall be rated below Investment Grade by each of such Rating Agencies or (b) if only one Rating Agency is providing a rating for the Notes at the commencement of any
Trigger Period, the rating of the Notes shall be reduced by such Rating Agency and the Notes shall be rated below Investment Grade by such Rating Agency. Neither the Trustee nor the Paying Agent shall be responsible for monitoring the Issuer’s
Investment Grade status or determining whether a Ratings Decline has occurred. 
 “S&P” means S&P Global Ratings, a
division of S&P Global Inc., and its successors. 
 “Voting Stock” with respect to any person, means securities of any
class of Capital Stock of such person entitling the holders thereof (whether at all times or only so long as no senior class of stock or other relevant equity interest has voting power by reason of any contingency) to vote in the election of members
of the board of directors of such person. 
 The Issuer shall comply in all material respects with the requirements of Regulation 14E under
the Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that
the provisions of any such securities laws or regulations conflict with the Change of Control Offer provisions of the Notes, the Issuer shall comply with those securities laws and regulations and shall not be deemed to have breached the
Issuer’s obligations under the Change of Control Offer provisions of the Notes by virtue of any such conflict. 
 Miscellaneous 

The Notes are subject to the defeasance provisions set forth in Section 10.2 of the Indenture. 

Upon due presentment for registration of transfer of this Note at the office of the Paying Agent or at such other office or agency as is
designated by the Issuer, a new Note or Notes of authorized denominations for an equal aggregate principal amount and like tenor will be issued to the transferee in exchange therefor, subject to the limitations provided in the Indenture, without
charge except for any tax or other governmental charge imposed in connection therewith; provided, however, that this Note is exchangeable only if (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as
Depositary for this Note or if at any time the Depositary ceases to be eligible or in good standing under the Exchange Act, or other applicable statutes or regulations, and the Issuer does not appoint a successor Depositary within 90 days after the
Issuer received such notice or becomes aware of such ineligibility or lack of good standing or (ii) the Issuer in its sole discretion determines that this Note shall be exchanged for certificated Notes in definitive form, provided that the
definitive Notes so issued in exchange for this Note shall be in authorized denominations and be of like aggregate principal amount and tenor and terms as the portion of this Note to be exchanged. 

  
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 The Issuer will pay any administrative costs imposed by banks in connection with making
payments on this Note by wire transfer, but any tax, assessment or governmental charge imposed upon payments will be borne by the holder hereof. 

The Issuer, the Trustee and any agent of the Issuer or the Trustee shall deem and treat the registered holder hereof as the absolute owner of
this Note (whether or not this Note shall be overdue and notwithstanding any notation of ownership or other writing hereon) for the purpose of receiving payment of or on account of the principal hereof and premium, if any, and subject to the
provisions on the face hereof, interest hereon, and for all other purposes, and neither the Issuer nor the Trustee nor any agent of the Issuer or the Trustee shall be affected by any notice to the contrary. 

No recourse under or upon any obligation, covenant or agreement contained in the Indenture or in any Note, or because of any indebtedness
evidenced thereby, shall be had against any incorporator, stockholder, officer or director, as such, of the Issuer or of any successor, either directly or through the Issuer or any successor, under any rule of law, statute or constitutional
provision or by the enforcement of any assessment or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and released by the acceptance hereof and as part of the consideration for the issue hereof. 

Undefined terms used herein which are defined in the Indenture shall have the respective meanings assigned thereto in the Indenture. 

THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

  
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 ABBREVIATIONS 

The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
 TEN COM — as tenants in common 

TEN ENT — as tenants by the entireties 

JT TEN — as joint tenants with right of survivorship and not as tenants in common 

UNIF GIFT MIN ACT — Custodian 

                     
                      (Cust)    (Minor) 

                     
                      under Uniform Gifts to Minors Act 

                     
                                         
                                      (State) 

Additional abbreviations may also be used though not in the above list 

 
  

FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto 

PLEASE INSERT TAXPAYER IDENTIFICATION NUMBER OF ASSIGNEE 
  

 
 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

  
  

the within Note of AIR PRODUCTS AND CHEMICALS, INC. and hereby does irrevocably constitute and appoint 

 
  

Attorney to transfer the said Note on the books of the within-named Issuer, with full power of substitution in the premises. 

Dated                         
                                         
                                         
                                         
                                         
                                         
                 
 NOTICE: The signature to this 

assignment must correspond with the 

name as written upon the face of the 

certificate in every particular, 

without alteration or enlargement or 

any change whatever. 

  
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