Document:

EX-10.15

 Exhibit 10.15 

RETIREMENT AND RETENTION AGREEMENT 

AGREEMENT, dated as of July 28, 2016, by and between Air Products and Chemicals, Inc., a Delaware corporation (the “Company”),
and John D. Stanley (“Executive”). 
 WHEREAS, the parties intend that this Agreement shall set forth certain terms regarding
Executive’s retirement from the Company and ensure the retention of Executive through the Retirement Date as defined below; 
 NOW,
THEREFORE, in consideration of the mutual agreements set forth in this Agreement, the parties agree as follows: 
  

	 	1.	Retirement 

  

	 	(a)	Executive will retire from his employment by the Company as of close of business on September 30, 2016, (such date, or any other date on which Executive terminates employment, the “Retirement Date”) and,
except as provided in Section 1(b), will resign from any position held by him as an officer or director of any subsidiary or affiliate of the Company. On or before the Retirement Date, Executive shall execute and deliver to the Company (or any
subsidiary or affiliate thereof as the Company may direct) any documentation or written evidence of such resignations as may be reasonably requested by the Company. Unless the parties otherwise agree, Executive’s last day of service will be
September 30, 2016 and he will cease to be an Executive Officer of the Company as of the close of business of such date. 

  

	 	(b)	Executive will serve as the Chairman of the Air Products Foundation. Such service may be terminated by Executive or the Company at any time. 

 

	 	2.	Effect of Retirement 

  

	 	(a)	Subject to the conditions of Section 3 below, Executive will become entitled to the following benefits upon his retirement in good standing from the Company on the Retirement Date, unless Executive is terminated
for Cause, as defined in the Air Products and Chemicals, Inc. Long Term Incentive Plan, prior to the Retirement Date: 

  

	 	(i)	 Executive will receive a lump sum cash payment, payable no later than December 31, 2016, equal to the
difference between (A) the actuarial present value of Executive’s accrued vested pension benefits under the Air Products and Chemicals, Inc. Pension Plan for Salaried Employees and Supplementary Pension Plan as of

	 	
the Retirement Date (the “Plans”), and (B) the actuarial present value of Executive’s accrued vested pension benefits under such Plans as of December 31, 2016, assuming
that he retired from employment on December 31, 2016, such amount determined utilizing the discount rate applicable under such Plans for any employee retiring as of the Retirement Date. 

 

	 	(ii)	Executive’s outstanding Restricted Stock Units and Restricted Stock will be treated in accordance with the terms thereof as if Executive had retired on December 31, 2016. 

 

	 	(iii)	Executive’s outstanding Performance Shares Units will be treated in accordance with the terms thereof based on Executive’s retirement on the Retirement Date (including terms related to satisfaction of
performance metrics and pro-ration). 

  

	 	(iv)	Executive will receive a cash payment of $98,238, payable no later than October 31, 2016 to compensate Executive for any potential loss in value related to the Performance Shares that Executive may have received
had Executive retired on December 31, 2016. 

  

	 	(v)	Executive will receive a payment no later than October 31, 2016 in respect of his unused vacation days for calendar year 2016 (with such number of unused vacation days to be calculated as if Executive had retired
on December 31, 2016). 

  

	 	(vi)	In lieu of a payment under any other compensation or benefit plan, program, policy or practice established or maintained by the Company that is intended to replace an annual incentive award for the current fiscal year
upon separation from employment, Executive will receive an award under the Annual Incentive Plan for fiscal year 2016 equal to his target award under such plan multiplied by the payout factor determined by the Company’s board of directors to
apply generally to the other named executive officers of the Company for fiscal year 2016, and such award shall be included as applicable for purposes of determining Executive’s benefits under the Plans (including the cash payment to be made
under Section 2(i) hereof). 

  

	 	(b)	The compensation and benefits described above will be subject to withholding of all amounts required by law, including all applicable federal, state and local withholding taxes. 

	 	3.	Conditions to Compensation and Benefits Described Above 

Executive’s entitlement to the benefits provided by this Agreement shall be subject to the following conditions: 

 

	 	(a)	Executive will continue to perform such duties for the Company as the Chairman, President and Chief Executive Officer shall direct, including assisting in the transition of his responsibilities to the interim general
counsel. 

  

	 	(b)	Executive agrees, beginning on the date hereof and for a period of two (2) years hereafter, not to disparage the name, business reputation, or business practices of the Company or its subsidiaries or affiliates, or
any of the officers or directors of the Company or its subsidiaries or affiliates. The Company agrees, beginning on the date hereof and for a period of two (2) years hereafter, not to disparage the name or business reputation of Executive.
Nothing in this Agreement or otherwise shall prohibit or restrict Executive from: (i) making any disclosure of information or statement required by law, or to make or enforce any claim that he may have against Company, other than claims
released by Executive; (ii) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law enforcement agency or legislative body, any self-regulatory organization, or
the Company’s designated legal, compliance or human resources officers; or (iii) filing, testifying, participating in or otherwise assisting in a proceeding relating to an alleged violation of any federal, state or municipal law relating
to fraud, or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization. 

  

	 	(c)	The Executive hereby expressly acknowledges and agrees that the provisions of the Employee Patent, Copyright and Confidential Information Agreement entered into by him on June 20, 1988, shall continue to apply in
accordance with its terms. In addition to Executive’s obligations to deliver all records, data and memoranda of any nature which are in his possession or control and which relate to his employment or the activities of the Company, including,
for example, notebooks, diaries, reports, photographs, films, manuals and computer software media, Executive hereby agrees and confirms that he has returned, or by the Retirement Date will return, to the Company all of the Company’s property,
including electronic devices (including, but not limited to, any laptop computer, tablet or similar device). Executive may retain his Company provided smartphone; provided, however that Executive shall allow the Company to delete any and all Company
information from such device on or prior to his Retirement Date. 

	 	4.	Release 

 Executive, on behalf of Executive and Executive’s heirs,
executors, administrators, successors and/or assigns, hereby voluntarily, unconditionally, irrevocably and absolutely releases and discharges the Company, its parent, and each of their subsidiaries, affiliates and partnerships, and all of their past
and present employees, officers, directors, agents, owners, shareholders, representatives, members and attorneys, and all of their successors and assigns (collectively, the “Released Parties”), from all claims, charges, demands, causes of
action, and liabilities, known or unknown, suspected or unsuspected of any nature whatsoever (hereinafter, “Claims”) that Executive has or may have against the Released Parties (i) from the beginning of time through the date upon
which Executive signs this Release, including any Claims for an alleged violation of any or all federal, state and local laws or regulations and Claims for negligent or intentional infliction of emotional distress, breach of contract, fraud or any
other unlawful behavior, and/or punitive damages, liquidated damages, penalties, attorneys’ fees, costs and/or expenses or (ii) arising under any agreement between Executive and any Released Party (the “Release” and together with
the Retirement Release, the “Releases”); provided, however, that this Release does not bar and is not intended to release any Claims (A) that may not be waived by private agreement under applicable law, such as claims
for workers’ compensation or unemployment insurance benefits, (B) with respect to indemnification or coverage, it being understood that Executive shall be indemnified by the Company as to any liability, cost or expense for which Executive
would have been indemnified during employment, in accordance with the Company’s certificate of incorporation or insurance coverages in force for employees of the Company serving in executive capacities for actions taken on behalf of the Company
within the scope of employment by the Company, (C) with respect to any and all rights under the Plans or any other Company pension or welfare benefit plan or program subject to the terms of such plans or programs (including any severance or
change-in-control program or plan otherwise applicable to Executive). Nothing in this Agreement prohibits or restricts Executive’s right to file a charge with or participate in a charge by the Equal Employment Opportunity Commission, or any
other local, state, or federal administrative body or government agency that is authorized to enforce or administer laws related to employment; provided that Executive hereby waives the right to recover any monetary damages or other relief
against any Released Parties in connection with such filed charge. 
  

	 	5.	Consultation/Voluntary Agreement 

 Executive acknowledges that the
Company has advised Executive of Executive’s right to consult with an attorney prior to executing this Agreement. Executive has carefully read and fully understands all of the provisions of this Agreement. Executive is entering into this
Agreement, knowingly, freely and voluntarily in exchange for good and valuable consideration to which Executive would not be entitled in the absence of executing and not revoking the Releases. 

	 	6.	Breach 

 The Executive further acknowledges and agrees that a breach of
the restrictions in this Agreement may not be adequately compensated by monetary damages. The Executive agrees that the Company shall be entitled to seek (a) preliminary and permanent injunctive relief, without the necessity of proving actual
damages, or posting of a bond, (b) an equitable accounting of all earnings, profits and other benefits arising from any violation of this Agreement, and (c) enforce the terms, including requiring forfeitures, under other plans, programs
and agreements under which the Executive has been granted a benefit contingent on a covenant similar to those contained in this Agreement, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be
entitled. Without limiting any of its other damages or remedies at law or in equity, in the event of any breach of this Agreement by Executive, the Company shall be entitled to discontinue all benefits or amounts otherwise payable to Executive under
Section 2(a) of this Agreement and recover all such amounts previously paid, except for $1,000.00 to be retained by Executive as consideration for enforcement of the non-breached provisions of the Agreement. 

 

	 	7.	Savings Clause 

 If any term or provision of this Agreement is invalid,
illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or provision in any other jurisdiction. Upon
such determination that any term or other provision of this Agreement is invalid, illegal or unenforceable, this Agreement shall be enforceable as closely as possible to its original intent, which is to provide the Released Parties with a full
release of all legally releasable claims through the date upon which Executive signs the Releases. 
  

	 	8.	Third-Party Beneficiaries 

 Executive acknowledges and agrees that all
Released Parties are third-party beneficiaries of this Agreement and have the right to enforce this Agreement. 
  

	 	9.	Complete Agreement; Governing Law 

 This Agreement constitutes the entire
agreement between Executive and the Company pertaining to the subjects contained in them and supersedes any and all prior and/or contemporaneous agreements, representations, or understandings, written or oral, applicable to Executive’s
employment. Nothing in this Agreement or any other agreement between the Company and Executive shall restrict Executive’s right to practice law. It is expressly understood and agreed that this Agreement may not be altered, amended, modified or
otherwise changed in any respect whatsoever except in writing duly executed by Executive 

 
and a duly authorized representative of the Company. This Agreement shall be governed by, and construed in accordance with, the laws of the Commonwealth of Pennsylvania, without regard to the
application of any choice-of-law rules that would result in the application of another state’s laws. 
 If this letter correctly sets
forth our agreement on the subject matter hereof, kindly sign and return to the Company the enclosed copy of this letter which will then constitute our agreement on this subject. 

 

			
	Sincerely,
	
	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	              

	Title: Chairman, President and Chief Executive Officer

 AGREED TO THIS         DAY OF
                , 2016 
  

	
	  

	John D. StanleyEX-10.16

 Exhibit 10.16 

AIR PRODUCTS AND CHEMICALS, INC. 

SENIOR MANAGEMENT SEVERANCE PLAN AND SUMMARY PLAN 

DESCRIPTION 
 Effective
April 1, 2016 

  
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 AIR PRODUCTS AND CHEMICALS, INC. 

SENIOR MANAGEMENT SEVERANCE PLAN AND SUMMARY PLAN 

DESCRIPTION 
 Air Products and Chemicals,
Inc. (the “Company”) adopted this Plan effective April 1, 2016 to provide severance benefits for eligible employees of the Company whose employment is terminated under certain circumstances. The Plan shall be known as the Air Products
and Chemicals, Inc. Senior Management Severance Plan. This document shall constitute both the Plan Document and the Summary Plan Description. 

ARTICLE I 
 DEFINITIONS

 Whenever the following terms are used in this Plan, they shall have the meaning specified below unless the context clearly indicates to the contrary:

 1.1 “Annual Incentive Plan” shall mean the Air Products and Chemicals, Inc. Annual Incentive Plan, or any successor short term bonus
plan. 
 1.2 “Board” shall mean the Board of Directors of the Company or the Management Development and Compensation Committee of the Board
of Directors of the Company or another Committee thereof appointed by the Board of Directors of the Company to carry out its authority under the Plan. 

1.3 “Change in Control” shall mean the first to occur of any one of the events described below: 

(a) Stock Acquisition. Any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange Act of
1934 as amended from time to time [the “Act”]), other than the Company or a corporation, a majority of whose outstanding stock entitled to vote is owned, directly or indirectly, by the Company, or a trustee of an employee benefit plan
sponsored solely by the Company and/or such a corporation, is or becomes, other than by purchase from the Company or such a corporation, the “beneficial owner” (as such term is defined in Rule 13d-3 under the Act), directly or indirectly,
of securities of the Company representing 20% or more of the combined voting power of the Company’s then outstanding voting securities. Such a Change in Control shall be deemed to have occurred on the first to occur of the date securities are
first purchased by a tender or exchange offer, the date on which the Company first learns of acquisition of 20% of such securities, or the later of the effective date of an agreement for the merger, consolidation or other reorganization of the
Company or the date of approval thereof by a majority of the Company’s shareholders, as the case may be. 
 (b) Change in Board.
During any period of two consecutive years, individuals who at the beginning of such period were members of the Board of Directors of the Company, cease for any reason to constitute at least a majority of the Board of Directors, unless the election
or nomination for election by the Company’s shareholders of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of the period. Such a Change in Control shall,
be deemed to have occurred on the date upon which the requisite majority of directors fails to be elected by the shareholders of the Company. 

  
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 (c) Other Events. Any other event or series of events which, notwithstanding any other
provision of this definition, is determined, by a majority of the outside members of the Board of Directors of the Company serving in office at the time such event or events occur, to constitute a Change in Control of the Company for purposes of
this Plan. Such a Change in Control shall be deemed to have occurred on the date of such determination or on such other date as such majority of outside members of the Board of Directors of the Company shall specify. 

1.4 “Company” shall mean Air Products and Chemicals, Inc. or any successor thereto. 

1.5 “Covered Employee” shall mean an individual who, on the Date of Termination is a classified on the Employer’s books and records as a
full-time Employee in a position graded level 122 and above whose primary work location is in the United States or who is a United States citizen or resident on a temporary assignment to a work location in a foreign country. Individuals in the
following categories shall not be Covered Employees: 
  

	 	(a)	an Employee who is a party to an individual employment agreement with the Employer approved by the Board of Directors of the Company or a Committee thereof; 

 

	 	(b)	an Employee who is eligible to receive a benefit under the Air Products and Chemicals, Inc. Executive Separation Program, or the Air Products and Chemicals, Inc. Severance Plan; or 

 

	 	(c)	an Employee who is entitled to receive a benefit under the Air Products and Chemicals, Inc. Special Severance Plan. 

Notwithstanding the above, the Plan Administrator may, in his sole discretion, prescribe that individuals who do not meet the above requirements will be
treated as “Covered Employees”. 
 1.6 “Date of Termination” shall mean the date an Employee’s relevant employment with the
Employer terminates as reflected in the Employer’s records. 
 1.7 “Effective Date” the original effective date of this Plan is
April 1, 2016. 
 1.8 “Employee” shall mean a regular, active, employee of an Employer. Employee shall not include any individuals who
are interns, cooperative employees, employees working in the Supplemental Employment Program, leased employees within the meaning of Section 414(n) of the Internal Revenue Code, contract employees or individuals who are treated as independent
contractors under an agreement with an Employer. 
 1.9 “Employer” shall mean the Company and any wholly-owned domestic Subsidiary which is
designated as a participating employer in the Plan by the Vice President, Human Resources of the Company. 

  
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 1.10 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended. 

 

	1.11	“Normal Severance Benefit” shall mean the severance benefit described in Section 3.1 hereof. 

1.12 “Plan” shall mean the Air Products and Chemicals, Inc. Senior Management Severance Plan, as set forth herein and as amended from time to
time. 
 1.13 “Plan Administrator” shall mean the Vice President, Human Resources of the Company or any other individual whom the Vice
President, Human Resources delegates to perform such function. 
 1.14 “Plan Year” shall mean the annual period beginning on October 1
and ending September 30 of the following calendar year. The first Plan Year shall begin on April 1, 2016 and end on September 30, 2016. 

1.15 “Subsidiary” shall mean any domestic or foreign corporation, partnership, association, joint stock company, trust or unincorporated
organization affiliated with the Company that is, directly or indirectly, through one or more intermediates, controlling, controlled by, or under common control with, the Company. “Control” for this purpose means the possession, direct or
indirect, of the exclusive power to direct or cause the direction of the management and policies of such person, whether through the ownership of voting securities, contract or otherwise. 

1.16 “Weekly Pay” shall mean the Employee’s annual base salary on his Date of Termination, plus if applicable, the average of the Annual
Incentive Plan awards received by the Employee for the last three fiscal years, divided by fifty-two (52) weeks. Such average shall be of fewer than three awards if the Employee is eligible for the Annual Incentive Plan at the Date of
Termination and became eligible for the Annual Incentive Plan during the last three fiscal years. 
 For purposes of the Plan, “annual base
salary,” shall exclude: 
 (i) Discretionary bonuses and grants, including, without limitation, income howsoever derived from the
granting of any stock options or other stock awards, scholastic aid, or payments and awards for suggestions and patentable inventions, variable pay, other merit awards, expense allowances and noncash compensation (including imputed income); 

(ii) “Company Matching Contributions” and “Company Core Contributions” as defined in, earnings allocated to accounts
under, and distributions from the Air Products and Chemicals, Inc. Retirement Savings Plan or payments, accruals or distributions under the Air Products and Chemicals, Inc. Pension Plan for Salaried Employees or under any other severance or
incentive plan or retirement, pension or profit sharing plan of an Employer; 
 (iii) Overtime, commissions, mileage, shift premiums, and
payments in lieu of vacation; and 

  
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 (iv) All supplemental compensation for domestic or overseas assignments, including, without
limitation, premium pay, cost of living and relocation allowances and forgiveness, mortgage interest allowances, tax equalization payments and other emoluments of such service. 

Weekly Pay used to calculate Plan benefits shall be determined from the Employer’s records in the absolute discretion of the Plan
Administrator. Weekly Pay may also include such other forms of compensation not described above as the Plan Administrator determines in his absolute discretion. 

1.17 “Years of Service” shall mean the number of continuous years a Covered Employee worked for the Company or a Subsidiary of the Company,
while such Subsidiary was a Subsidiary of the Company, from his most recent date of hire to his Date of Termination. If an Employee’s Years of Service includes a fractional Year of Service, his Years of Service shall be rounded up to the next
whole number. Years of Service shall be determined from the Employer’s records in the absolute discretion of the Plan Administrator. Years of Service may also include such other periods of employment as the Plan Administrator determines in his
absolute discretion. 
 ARTICLE II 

ENTITLEMENT TO BENEFITS 
 2.1
Eligibility. A Covered Employee who meets the other requirements of this Article II shall be entitled to benefits under Article III if his employment with the Employer and all Subsidiaries is involuntarily terminated on or after the Effective
Date for a reason other than “cause” or documented substandard work performance. For purposes of this Section, “cause” shall include, without limitation, the Employee’s insubordination, dishonesty, illegal act, or violation
of an Employer policy or an obligation to the Employer. 
 No benefits shall be payable under Article III if the Employee voluntarily takes a leave of
absence, resigns, retires, or otherwise voluntarily terminates his employment. The Plan Administrator shall have sole discretion to determine whether any particular termination meets the requirements of this Article II and may specify other
conditions for determining whether a termination qualifies for benefits under Article III. 
 Notwithstanding the above, the Plan Administrator may, in his
sole discretion, prescribe circumstances other than those described in the preceding paragraphs of this Section 2.1 for which benefits under Article III will be paid, provided the other requirements of this Article II are met. 

2.2 Employment with Successor Employer. If any subsidiary, unit, division, business, or facility of the Employer, or segment thereof, is divested, sold
and otherwise transferred so that it ceases to be an entity or part of an entity controlled by or under common control with the 

  
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Company within the meaning of Section 414(b) or (c) of the Internal Revenue Code of 1986, as amended, including, but not limited to, through sale of assets or stock, formation of a
joint venture, corporate spinoff resulting from distribution of securities to shareholders, or any other form of business transaction, and the Covered Employee is offered employment with such divested or transferred subsidiary, unit, division or
business (whether or not he accepts such offer), he shall not be entitled to benefits under Article III. 
 2.3 Separation Agreement. To receive Plan
benefits a Covered Employee must sign a Separation Agreement (as described in subsection (a)) within the time provided under section (b) and must not revoke the Agreement under subsection (c). 

(a) Purpose. The Separation Agreement is an agreement between a Covered Employee and the Employer, whereby in exchange for benefits
under the Plan, the Covered Employee releases any and all claims he may have against, and covenants not to sue, the Employer. The Separation Agreement shall be in the form prescribed by the Plan Administrator and shall advise the Covered Employee to
consult with an attorney before signing the Agreement. 
 (b) Time for Consideration. The Covered Employee shall be given a
reasonable period of time not to exceed 30 days in which to review the Agreement and consult with an attorney and other advisors prior to signing the Agreement. 

(c) Revocation Period. A Covered Employee shall be entitled to revoke the Agreement within seven (7) days after signing the
Agreement. In order to revoke the Agreement, the Covered Employee must give the Plan Administrator written notice of revocation within such seven (7) day period of time. 

2.4 Actively at Work. To receive Plan benefits a Covered Employee must be actively at work when he receives notice of the termination of his
employment. A Covered Employee who is on any kind of paid or unpaid leave of absence shall not be entitled to benefits under Article III. 
 2.5 Return
of Employer Property. To receive Plan benefits a Covered Employee whose employment is terminated is required immediately to return to the Employer his keys, identification card and any other property of the Employer which is in his possession.

 2.6 Notice Period. In addition to meeting the other requirements of Article II, the Employer may require a Covered Employee to remain actively at
work through a certain date (which may be subsequently revised by the Employer) to be entitled to benefits under Article III. 

  
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 ARTICLE III 

BENEFITS 
 3.1 Normal Severance
Benefit. A Covered Employee who meets the requirements of Article II shall receive a lump sum payment equal to the greater of 26 times his Weekly Pay or his Years of Service multiplied by two times his Weekly pay, not to exceed 52 times his
Weekly Pay. Such benefit shall be payable as soon as administratively practical after the later of the Date of Termination or the date the Employer receives a Separation Agreement signed by the Covered Employee (provided that payment shall in no
event be made before the expiration of the period described in Section 2.3(c)). In the event the period described in Sections 2.3(b) and (c) spans two taxable years, such payment will be made in second taxable year. If the Covered Employee
is covered under any of the Company’s group medical and dental plans as of the Date of Termination and is eligible for and timely elects continuation coverage under any such plan pursuant to the Consolidated Omnibus Budget Reconciliation Act of
1985 (“COBRA”), the Company will pay the cost of such COBRA coverage on behalf of the Covered Employee, and each of his dependents who were covered under such medical and dental plan as of the Employment Termination Date and who are
qualified beneficiaries under COBRA, for six months following the Date of Termination. Notwithstanding the preceding sentence, to the extent that any Covered Employee is eligible to commence retiree medical benefits under the Company’s group
medical plan on the Date of Termination, the preceding sentence shall not apply to such Covered Employee with respect to such plan and shall not affect the Covered Employee’s entitlement to retiree medical benefits under the terms and
conditions of such plan. 
 3.2 Limitation on Benefits. Payments to a Covered Employee under the Plan shall in no event exceed the lesser of
(1) two (2) times the Internal Revenue Code Section 401(a)(17) limitation as in effect at the time of termination or two (2) times the Covered Employee’s annual compensation during the year immediately preceding his Date of
Termination; (2) shall not be contingent, directly or indirectly upon retirement; and (3) shall not be made to any Covered Employee after twenty-four (24) months have elapsed since the Covered Employee’s Date of Termination. In
the event a benefit earned pursuant to Section 3.1 above exceeds two (2) times the Code Section 401(a)(17) limitation, any amount in excess of two (2) times the Code Section 401(a)(17) limitation shall be deemed a separate
payment and shall be paid no later than two and one half (2  1⁄2) months after the end of the year in which the Covered Employee satisfies the requirements of
Article II. 
 ARTICLE IV 

FUNDING 
 4.1 Plan Unfunded. All
payments under this Plan shall be made from the general assets of the Employer. The Plan shall be unfunded except to the extent that the Company, solely for the Company’s convenience and, at the Company’s sole discretion, makes
contributions with respect to Plan benefits to a trust under Section 501(c) (9) of the Internal Revenue Code. Accordingly, in the absence of any such trust, it is not expected that the Plan will ever accumulate any assets. The Company
shall not be required to fund or maintain any such trust or to establish any special or separate fund or to make any other segregation of assets to assure the payment of any Plan benefits. 

  
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 4.2 Payment of Expenses. The Employer shall pay all expenses incurred in the administration of this Plan.

 ARTICLE V 
 PLAN
ADMINISTRATION 
 5.1 Authority and Duties. It shall be the duty of the Plan Administrator, on the basis of information supplied by the Company,
to determine the entitlement of each Covered Employee to Benefits under the Plan and to approve the amount of the cash benefits payable to each such Covered Employee. The Company shall make such payments as the Plan Administrator determines to be
due to Covered Employees. The Plan Administrator shall have the full power and authority to (a) determine whether a Covered Employee’s termination of employment with the Company constitutes an involuntary termination for purposes of the
Plan and (b) construe, interpret and administer the Plan, to correct deficiencies therein, and to supply omissions. All decisions, actions, and interpretations of the Administrator shall be final, binding, and conclusive upon the parties. 

5.2 Expenses of the Administrator. All reasonable expenses of the Plan Administrator shall be paid or reimbursed by the Company upon proper
documentation. The Company shall indemnify and defend the Plan Administrator against personal liability for actions taken in good faith in the discharge of its duties hereunder. 

5.3 Actions of the Administrator. Whenever a determination is required of the Plan Administrator under the Plan, such determination shall be made
solely at the discretion of the Plan Administrator. In addition, the exercise of discretion by the Administrator need not be uniformly applied to similarly situated Covered Employees and shall be final and binding on each Covered Employee or
beneficiary(ies) to whom the determination is directed. 
 ARTICLE VI 

AMENDMENT AND TERMINATION 
 6.1
Amendment and Termination. The Company intends and expects to continue the Plan indefinitely. Nevertheless, the Company reserves the right to terminate the Plan or amend or modify it from time to time. Actions referred to in this subsection
may be taken on behalf of the Company by its Vice President, Human Resources and evidenced by a resolution, amendment, new or revised Plan document or other writing. 

  
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 ARTICLE VII 

MISCELLANEOUS 
 7.1 No Assignment.
None of the payments, benefits or rights of any Covered Employee shall be subject to any claim of any creditor, and, in particular, to the fullest extent permitted by law, all such payments, benefits and rights shall be free from attachment,
garnishment, trustee’s process, or any other legal or equitable process available to any creditor of such Covered Employee. No Covered Employee shall have the right to alienate, anticipate, commute, pledge, encumber or assign any of the
benefits or payments which he may expect to receive, contingently or otherwise, under the Plan. 
 7.2 Other Plans. The Plan, the Air Products and
Chemicals, Inc. Severance Plan and the Air Products and Chemicals, Inc. Special Severance Plan, and the Air Products and Chemicals, Inc. Executive Separation Program are the only plans of the Employers that provide separation benefits to Covered
Employees. The Plan, The Air Products and Chemicals Severance Plan and the Air Products and Chemicals, Inc. Special Severance Plan, and the Air Products and Chemicals, Inc. Executive Separation Program supersede and replace in their entirety any
previous plans, policies, practices or procedures of the Employer which provided separation benefits to Covered Employees. 
 7.3 No Right to
Employment. Nothing contained in this Plan shall be deemed to give an Employee the right to be retained in the employ of the Employer, and the Employer reserves the right to terminate the employment of any Employee whenever, in its sole
discretion, the Employer deems such action necessary. 
 7.4 Controlling Law. The Plan shall be construed and enforced according to the laws of the
Commonwealth of Pennsylvania to the extent not preempted by Federal law. The Plan is not intended to be included in the definitions of “employee pension benefit plan” and “pension plan” set forth under Section 3(2) of the
Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Rather, the Plan is intended to meet the descriptive requirements of a plan constituting a “severance pay plan” within the meaning of regulations published by
the Secretary of Labor at Title 29, Code of Federal Regulations, Section 2510.3-2(b). 
 7.5 Right to Withhold. The Employer shall have the
right to withhold from all distributions from the Plan any federal, state, or local taxes required by law to be withheld with respect to such distributions. 

7.6 Incapacitated Covered Employee. If the Plan Administrator deems any Covered Employee incapable of receiving any benefit to which he is entitled
under the Plan by reason of illness, infirmity or other incapacity, the Plan Administrator may direct that payment be made to such person’s legally appointed guardian, or if none has been appointed, to the holder of a legally valid power of
attorney from such person, or otherwise, to any other person for the Covered Employee’s benefit, without responsibility for the application of amounts so paid. Such payments shall, to the extent thereof, discharge the liability of the Employer
under the Plan. 
 7.7 Headings. The headings of the Articles and Sections of the Plan are for reference only. In the event of a conflict between a
heading and the contents of an Article or Section, the contents of the Article or Section shall control. 

  
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 7.8 Number and Gender. Whenever any words used herein are in the singular form or in the masculine form,
they shall be construed as though they were also in the plural form or in the feminine or neuter from in all cases where they would so apply. 

ARTICLE VIII 
 BENEFIT
CLAIMS PROCEDURE. 
 8.1 The claims and appeals procedure herein provided is intended to meet the requirements of ERISA and the regulations thereunder.
By virtue of such requirement, the procedure provided in this Article VIII shall be the sole and exclusive procedure for claiming benefits or appealing any denial of a claim for benefits under the Plan. This procedure shall, in respect of all claims
arising under the Plan, supersede and preempt any and all procedures for the settlement of disputes or resolution of grievances under any other agreements or plans. 

8.2 Filing a Claim. 
 (a) Initial
Claim. In the event of a claim by any person including but not limited to any Employee (the “Claimant”) or an authorized representative as to whether he or she is entitled to any benefit under the Plan, the amount of any distribution
or its method and timing of payment, such Claimant shall present the reason for his or her claim in writing to the Plan Administrator. The claim must be filed within forty-five (45) days following the date upon which the Claimant first learns
of his or her claim. All claims shall be in writing, signed and dated and shall briefly explain the basis for the claim. The Plan Administrator shall ensure that all claim determinations are made in accordance with the terms of the Plan document,
and, where appropriate, that Plan provisions are applied consistently with respect to similarly situated claimants. 
 The Plan
Administrator shall, within ninety (90) days after receipt of such written claim, decide the claim and send written notification to the Claimant as to its disposition; provided that the Plan Administrator may elect to extend said period for an
additional ninety (90) days if special circumstances so warrant and the Claimant is so notified in writing prior to the expiration of the original ninety (90) day period. Such notification shall indicate the circumstances warranting the
extension of time and the date by which the Plan expects to decide the claim. In no event shall a decision regarding a claim be made later than 180 days after the Plan Administrator receives the claim. 

(b) Denial. In the event the claim is wholly or partially denied, the Claimant shall receive written notification of the denial, which
is written in a manner reasonably calculated to be understood by the Claimant, and includes the following information: the specific reason or reasons for the denial; specific reference to pertinent Plan provisions on which the denial is based; a
description of any additional material or information necessary for the Claimant to perfect the claim and an explanation of why such material or information is necessary; the procedure by which the Claimant may appeal the denial of his or her claim;
and a statement of the Claimant’s right to bring a civil action under Section 502(a) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), following a denial of the Claimant’s appeal. 

  
 10 

 (c) Appeal. The Claimant may request a review of a claim denial by making application in
writing to the Air Products and Chemicals, Inc. Benefits Committee (“Benefits Committee”) within sixty (60) days after receipt of such denial. The Claimant may submit written comments, documents, records, and other information in
support of his or her claim or position. Upon written request to the Benefits Committee, the Claimant shall be provided, free of charge, access to and copies of, all documents, records, and other information relevant to the claim. The Benefits
Committee, in its sole discretion, shall determine whether requested information is relevant to the claim, in accordance with the claims procedure regulations of the Department of Labor set forth in 29 CFR Section 2560.503-1 (the “Claims
Procedure Regulations”). 
 Within sixty (60) days after receipt of a written appeal, the Benefits Committee shall decide the
appeal and notify the Claimant of the final decision; provided that the Benefits Committee may elect to extend said period for an additional sixty (60) days if special circumstances so warrant and the Claimant is notified in writing prior to
the expiration of the original sixty (60) day period. Such notification shall indicate the circumstances warranting the extension of time and the date by which the Plan expects to decide the claim. In no event shall a decision regarding an
appeal be made later than one hundred and twenty (120) days after the Plan receives the appeal. 
 In the event the appeal is wholly or
partially denied, the Claimant shall receive written notification of the denial, which is written in a manner reasonably calculated to be understood by the Claimant, and includes the following information: the specific reason or reasons for the
denial; specific reference to pertinent Plan provisions on which the denial is based; a statement that the Claimant has the right to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other
information relevant to the claim for benefits. (The Benefits Committee, in its sole discretion, shall determine whether requested information is relevant to the claim, in accordance with the Claims Procedure Regulations.), and a statement of the
Claimant’s right to bring an action under Section 502(a) of ERISA. It is intended that the claims procedure of the Plan be administered in accordance with the Claims Procedure Regulations. 

  
 11 

 ARTICLE IX 

IMPORTANT PLAN INFORMATION 
 Name of
Plan 
 Air Products and Chemicals, Inc. Senior Management Severance Plan. 

Plan Sponsor and Participating Employers 
 The
name, address, and telephone number of the Plan Sponsor are as follows: 
 Air Products and Chemicals, Inc. 

7201 Hamilton Boulevard 

Allentown, PA 18195-1501 
 Phone
Number: (610) 481-6494 
 Covered Employees and their beneficiaries may receive from the Plan Administrator, upon written request, information as to
whether a particular employer has adopted the Plan and, if so, its address. 
 Type of Plan 

The Plan is designed as a severance plan, a type of welfare benefit plan under ERISA. 

Plan Identification Numbers 
 The Plan is reported
to the Department of Labor under the Company’s Employer Identification Number, 23-1274455, and under the Plan Number 702. 
 Plan Year

 The financial records for the Plan are kept according to a Plan Year that begins on October 1 and ends on September 30. 

  
 12 

 Plan Administration 

The Plan Administrator manages the Plan and resolves questions on its operation, according to the Plan document. The Plan Administrator for the Plan is the
Vice President, Human Resources of the Company or his/her designee. The Plan is administered in accordance with the terms of the definitive text of the Plan as amended from time to time by the Company. The Plan Administrator has the responsibility
of interpreting and administering the provisions of the Plan. The Plan Administrator has the power and discretionary authority to construe the terms of the Plan and to determine all questions that arise under it. Such power and authority include,
for example, the administrative discretion to resolve issues with respect to eligibility, amount of Plan benefits and to interpret any other terms contained in the Plan documents. The Plan Administrator’s interpretations and determinations are
binding on all participants, employees, former employees and their beneficiaries. 
 You may contact the Plan Administrator by writing or phoning: 

Air Products and Chemicals, Inc. 

7201 Hamilton Boulevard 

Allentown, PA 18195-1501 

Attention: Vice President, Human Resources 

Phone Number: (610) 481-6494 
 Funding
of the Plan 
 The Employers pay all costs of the Plan. 

Agent for Legal Process 
 If you want to seek legal
action about the Plan for any reason, you may direct legal process to the Plan Administrator. 
 Air Products and Chemicals, Inc. 

7201 Hamilton Boulevard 

Allentown, PA 18195-1501 

Attention: Vice President, Human Resources 

Phone Number: (610) 481-6494 
 Your
Rights Under ERISA 
 As a participant in the Plan, you are entitled to certain rights and protections under the Employee Retirement Income Security
Act of 1974, as amended (“ERISA”). ERISA provides that all Plan participants shall be entitled to: 

  
 13 

	 	•	 	Examine, without charge, at the Plan Administrator’s office and at other specified locations, all documents governing the Plan, including a copy of the latest annual report (Form 5500 Series) filed by the Plan with
the U.S. Department of Labor and available at the Public Disclosure Room of the Employee Benefits Security Administration. 

  

	 	•	 	Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan, including copies of the latest annual report (Form 5500 Series) and updated summary plan description. The
Plan Administrator may make a reasonable charge for the copies. 

  

	 	•	 	Receive a summary of the Severance Plan’s annual financial report. 

 In addition to creating rights for
Plan participants, ERISA imposes duties upon the people who are responsible for the operation of the Plan. The people who operate your Plan, called “fiduciaries”, have a duty to do so prudently and solely in your interest as well as that
of other Plan participants and beneficiaries. 
 No one, including your employer or any other person, may terminate your employment or otherwise
discriminate against you in any way to prevent you from obtaining a benefit or exercising your rights under ERISA. 
 Under ERISA there are steps you can
take to enforce the rights explained above. For instance, if you request materials about the Plan and do not receive them within 30 days, you may file suit in a federal court. In such a case, the court may require the Plan Administrator to provide
the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator. 

If you have a claim for benefits that is denied or ignored, in whole or in part, and you have exhausted the Plan’s internal appeal procedure, you may
file suit in state or federal court. If Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a federal court.
The court will decide who should pay court costs and legal fees. If you are successful, the court may order the person you have sued to pay these costs and fees. If you lose, the court may order you to pay these costs and fees, for example, if it
finds your claim is frivolous. 
 Should you have any questions about the Plan or your rights, you should contact Employee Benefits in Allentown. If you
have any questions about your rights under ERISA or if you need assistance in obtaining documents from the Plan Administrator, you should contact the nearest Area Office of the Employee Benefits Security Administration, U.S. Department of Labor
listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue, N.W. Washington, DC 20210. You may also obtain certain
publications about your rights and responsibilities under ERISA by calling the Publications Hotline of the Employee Benefits Security Administration. 

  
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 Use of Plan and Summary Plan Description 

This document is intended to constitute both the Plan and the Summary Plan Description. Neither the Plan nor the Plan description is intended to create any
rights on the part of employees, except rights to Plan benefits to which they are entitled by the express terms of the Plan. Specifically, no rights are created with respect to continued employment. It is understood that all employees to whom the
materials in this Plan apply are employed at the will of the individual and the Company or its affiliate employing them and in accord with all statutory provisions. 

IN WITNESS WHEREOF, Air Products and Chemicals, Inc. has caused this Plan to be executed on this     day of April 2016. 

 

							
	Attest:	 		 	AIR PRODUCTS AND CHEMICALS, INC.
				
	  
	 		 	By	 	  

		 		 		 	Seifollah Ghasemi
		 		 		 	President and Chief Executive Officer

  
 15

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