Document:

To:       Bonus Eligible Associates
From:     Bill Rice
Date:     May 23, 2000
Subject:  Fiscal Year 2001 Bonus Plan

Executive Summary

I am pleased to announce the Airgas Fiscal Year 2001 Bonus Plan.  The
plan is similar to the Fiscal Year 2000 plan, but with some
modifications.

The changes to the plan have resulted in a plan that better aligns the
bonus program with our strategic plans and the emphasis placed on the
need to grow sales in general and sales of Radnor brand products in
particular.

After reviewing the plan, please sign the last page, the "Associate
Acknowledgment," and return it to your Human Resources Department.
This acknowledgment is required for your participation in the plan.

What's Different

1.   What We Are Eliminating:

     O Cap on bonus plan payouts - this now means that your bonus plan
       payout is only limited by your achievements and that of your
       company and Airgas as a whole.
     O Requirement that FY '01 EPS exceed that of FY '00 before a payout
       can be made.
     O The 120% achievement cap placed on debt repayment.

2.   What We Are Changing:

     O Increasing the emphasis placed on achieving your company's
       business plan financial goals and reducing the emphasis placed on
       Airgas consolidated results.
     O Airgas Consolidated Financial Factor is being changed to one
       measurement, Earnings Per Share (EPS).  This is being done to simplify
       the bonus plan and to focus on one critical measurement.
     O How debt repayment achievement is calculated.
<PAGE>
     O Weightings for Company Financial Factors.  They will now be
       EBITDA - 55% (PBT had been 60%), Debt Repayment - 25% (had been 30%)
       and Sales Growth - 20% (Gross Profit Dollar Growth had been 10%).
     O The "One Airgas" factors to those that are critical to our
       success in FY '01.  These factors will now be incorporated into
       Accountabilities and will no longer be a separate portion of the Plan.
       Therefore, the weightings for the Accountabilities portion of the Plan
       have increased.
     O The bonus payout schedule.  It only applies to region company
       performance.  Additionally, we have changed the schedule to smooth out
       the curve.  The minimum payout will now be at 70% achievement rather
       than 71%.
     O Participation criteria.  You must be an active associate at time
       of payment to be eligible for a bonus.  For this past year, the
       participation criteria was to be an active associate as of the end of
       the fiscal year.
     O Sales associates who participate in the Management Bonus Plan
       will no longer participate in this Plan.  They will have a separate
       plan that places more emphasis on sales growth.

See the applicable section of the Bonus Plan for details about these changes.

The Plan
--------

How much can I earn?  How does the plan actually work?

Based on your position, a bonus eligible associate has the opportunity
to earn a percentage of his or her annual base salary (called your
"targeted bonus opportunity").  This bonus is based upon the extent to
which you, your company and Airgas achieve certain results by the end
of the fiscal year.  Depending on the combined performance of these
three, your bonus can be more or less than your targeted bonus
opportunity.  Any bonus earned is paid annually and is paid no later
than 75 days following the end of the fiscal year.

Financial calculations are done using year-end data and taking into
account acquisitions, divestitures and other unusual non-recurring
events that occur during the fiscal year.

The following sections explain the three bonus categories (Airgas
Consolidated Financials, Company Financials and Accountabilities). See
Exhibit I for additional administration information about the plan.
If you have questions after reading about the plan, please talk to
your Manager.
<PAGE>

Airgas Consolidated Financials
Overall Weighting - 30% of Your Bonus Opportunity

The weighting of this portion of the Plan has been reduced from 40% in
FY '00 to 30% in FY '01.  This was done to better reward you in those
areas where your efforts have the biggest direct impact, your company.
We changed this factor to one measurement, Earnings Per Share (EPS).
This was done so that all our efforts are focused on the measurement
that has the greatest impact on our stock price. Additionally, it
simplifies this portion of the plan since we now have only one
measurement whereas in the past we had three.

The factor measured under this portion of the plan and its weightings
is:

Factor                   Weighting
------                   ---------

EPS                      100%

How do I calculate my bonus under this portion of the plan?

Achievement of this portion of the plan will be based on EPS (after
bonus accruals).  The following chart shows the percentage of your
bonus you earn based on different EPS amounts achieved.

EPS                          % Payout

less than $0.53                  0%
$0.53 - $0.54                   10%
$0.55 - $0.56                   15%
$0.57 - $0.58                   25%
$0.59                           50%
$0.60                          100%
$0.61                          105%
$0.62                          110%
$0.63                          120%
$0.64                          130%
$0.65                          140%
$0.66                          150%

For each penny of EPS above $0.66, the bonus payout will increase 10%.

Assume the associate has a targeted bonus opportunity of $5,000 and
EPS at the end of the fiscal year is $0.60, then

$0.60 EPS = 100% Achievement Percentage
30% x $5,000 x 100% = $1,500 (Bonus payment for this factor)
<PAGE>

Company Financials
Overall Weighting - 30% of Your Bonus Opportunity

The weighting under this portion of the Plan have increased from 25%
in FY '00 to 30% in FY '01.  This was done to better reward you where
your efforts have the greatest impact.  The factors measured under
this portion of the plan and their weightings are:

Factor                                       Weighting
------                                       ---------

Earnings Before Interest ,                     55%
     Taxes, Depreciation and
     Amortization (EBITDA)
Debt Repayment                                 25%
Sales     Growth                               20%

How do I calculate my bonus under this portion of the plan?

Your company's actual EBITDA is taken as a percentage of planned
EBITDA as stated in your company's Fiscal Year 2001 Business Plan.
This percentage is then multiplied by its weighting of 55%.

For debt repayment, actual debt repayment is taken as a percentage of
planned debt repayment until achievement reaches 100%.  For
incremental achievement over 100%, achievement will be measured by the
difference between actual and planned debt repayment divided by
beginning debt plus total shareholder's equity ("equity").  This
achievement percentage is then multiplied by its weighting of 25%.

For sales growth, we will be looking at the improvement in sales from
Fiscal Year 2000 to Fiscal Year 2001 as compared to Plan.  This
achievement is then multiplied by its weighting of 20%.

All calculations are done using a same-store sales basis.

The following shows how the calculations are done:

For EBITDA, assume:

Actual FY '01 EBITDA = $2.1 million
Planned FY '01 EBITDA = $2 million
<PAGE>

  Actual EBITDA             2.1
--------------------- = ------------- = 105% achievement
  Planned EBITDA             2

105% achievement x 55% weighting = 58%

For Debt Repayment:

If achievement is less than 100% of plan, assume:

Actual FY '01 Debt Repayment = $7 million
Planned FY '01 Debt Repayment = $8 million

 Actual Debt Repayment         7
------------------------ = ------------ = 88% achievement
 Planned Debt Repayment        8

88% achievement x 25% weighting = 22%

Alternatively, if achievement is greater than 100% of plan, assume:

Actual FY '01 Debt Repayment = $10 million
Planned FY '01 Debt Repayment = $8 million
Beginning Debt + Equity = $200 million

      Actual - Planned Debt Repayment        10 - 8
1 +  -------------------------------- = 1 +  ------    = 101% achievement
       Beginning Debt + Equity                 200

101% achievement x 25% weighting = 25%

For sales growth, assume:

Actual FY '00 Sales = 80 million
Actual FY '01 Sales = $84.3 million
Planned FY '01 Sales = $84 million

  Actual Sales Growth     (84.3 - 80)
 --------------------- = ------------- = 108% achievement
  Planned Sales Growth     (84 - 80)

108% achievement x 20% weighting = 22%
<PAGE>

After doing the calculations, the result from each of the factors is
added together.  This sum (Achievement Percentage) is then compared
against the Bonus Potential as shown on Exhibit II.  The Bonus
Potential (from Exhibit II) that corresponds to the Achievement
Percentage is multiplied by 30% (weighting for this category) of your
targeted bonus opportunity to determine the bonus to be paid.

Continuing with our above example (using the above-plan debt repayment
example), assume the associate has a targeted bonus opportunity of
$5,000:

58% + 25% + 22% = 105% Achievement Percentage
112.5% = Bonus Potential as shown on Exhibit II
30% x $5,000 x 112.5% = $1,688 (Bonus payment for this factor)

Accountabilities
Overall Weighting - 40% of Your Bonus Opportunity

The weighting for this portion of the Plan has increased from 25% in
FY '00 to 40% in FY `01 since the "One Airgas" portion of the plan
(introduced in FY '00) has been merged into this section.

Your manager will meet with you to develop a list of measurable
objectives that you and he or she agree are important to your personal
development needs and/or support our goal of becoming "One Airgas."

You must have the following two "One Airgas" Accountabilities included
in this portion of the plan:

O  Radnor brand product sales must be at least 10% of your company's
   total hardgood sales for fourth quarter FY `01.
O  All required vendor code and part number standardization must be
   completed and approved within the time frames specified for your
   company.

When discussing your accountabilities with your manager, you and your
manager will agree upon a weighting for each accountability.  No
accountability can be given a weighting of less than 20%.  Therefore,
the maximum number of Accountabilities you can have is five.  The
total of the weightings must equal 100%.  All accountabilities should
be clearly measurable and should represent "stretch" goals that are
attainable yet challenging.

Included as Exhibit III [not filed] is an Accountabilities template.
The template includes the worksheet used to document your
Accountabilities.

How do I calculate my bonus under this portion of the plan?
<PAGE>
Radnor brand product sales must account for at least 10% of your
company's total hardgoods sales in the fourth quarter of FY '01.  If
sales are at least 10%, then 100% achievement for this factor will be
met.  (This is an all-or-nothing component; there will be no payout
under this factor if Radnor brand product sales do not reach the 10%
threshold.)

Vendor code and part number standardization achievement will also be
an all or nothing measurement.  There will be no payout unless all
required vendor code and part number standardization is fully
completed and done on time.

For any other Accountabilities you may have under this portion of the
plan, your manager will determine the degree to which you accomplished
each of your accountabilities based on the measurement criteria
established with you at the beginning of the fiscal year.

The extent to which you achieved/completed your first Accountability
is then multiplied by its weighting.  This is repeated for the
remaining Accountabilities.  The product (results) from each
Accountability is added together.  This sum is then multiplied by 40%
of the associate's target bonus opportunity to determine the bonus
earned under this portion of the plan.

The maximum achievement percentage for your Accountabilities,
individually or as group, is 100%.

For example, assume an associate has been assigned the following
Accountabilities:

Accountability I:  All vendor codes and hardgood part numbers must be
standardized in CU and approved by December 30, 2000.

Weighting: 40%

Accountability II: Radnor brand products must be at least 10% of the
company's hardgood sales for fourth quarter FY '01.
Weighting: 40%

Accountability III: Will prominently display and sell spools of Radnor
brand solid wire as the store brand.  This will be evidenced by Radnor
brands solid wire sales accounting for at least 10% of total solid
wire sales by March 30, 2001.
Weighting: 20%

At the end of the year, assume the company and associate have
achieved:

Accountability I = 100% x 40% (weighting) = 40%
Accountability II = 100% x 40% (weighting) = 40%
Accountability III = 80% x 20% (weighting) = 16%
<PAGE>
40% + 40% + 16% = 96%

Assume that the associate has a target bonus opportunity of $5,000:

40% x $5,000 x 96% = $1,920 (Bonus payment for this factor)

What happens if the "One Airgas" factors do not apply to my position?

Your manager will then replace one or both of these factors (depending
on which factors do not apply to you) and replace them with objective,
measurable Accountabilities that apply to everyone in your department.

How It All Works

If you have any questions about the Plan, please talk to your Manager.
He or she will be happy to answer your questions.
<PAGE>
                               EXHIBIT I

                            Administration

O An associate must be hired by December 31 of the current fiscal
  year (i.e., December 31, 2000) to be eligible to participate in this
  plan for the current fiscal year.  A new hire's bonus opportunity will
  be pro-rated to reflect the number of months he or she was an
  associate of Airgas during the current fiscal year.

O An associate must be an active employee at time of payment to be
  eligible for a bonus.  This payment will be made no later than 75 days
  following the end of the fiscal year.

O If an associate transfers from one Airgas company to another, his
  or her bonus calculation is based on the pro-rated time spent with
  each company.  All calculations are done using year-end financial
  data.  Accountabilities must be established by each company and
  performance measured against each group of accountabilities
  separately.

O If an associate is promoted during the fiscal year, new
  Accountabilities must be established to reflect the new position.

O If an associate is moved from a bonus eligible position to a non-
  bonus eligible position (or vice versa), the bonus calculation is pro-
  rated to represent the time worked by the associate as a bonus
  eligible employee.  All calculations are done using year-end financial
  data.

O Bonus calculations are based on an associate's annual salary as
  of the last day of the fiscal year.  However, if the associate is
  promoted (or demoted and the associate has had a reduction in salary)
  during the fiscal year, the calculation is done to reflect the pro-
  rated time spent in each position.  All calculations are done using
  year-end financial data.

O If an associate is on a leave of absence at the end of the fiscal
  year, he or she will be eligible for a bonus provided that he or she
  returns to work as an active employee for at least one month within 13
  weeks of the end of the fiscal year.   Any bonus paid will be pro-
  rated based upon the length of time an associate was an active
  employee during the fiscal year.  The calculation will be made using
  year-end financial data.  The bonus payment will be made in the next
  regularly scheduled payroll cycle at the end of the associate's first
  month of employment following his or her leave of absence.
<PAGE>

O If an associate is on a leave of absence during the fiscal year
  and returns to active status during the year, he or she will be
  eligible for a bonus.  Any bonus paid will be pro-rated based upon the
  length of time an associate was an active employee during the fiscal
  year.  The calculation will be made using year-end financial data.

O Accountabilities (individually or as a group) cannot have an
  achievement greater than 100%.

O Those eligible for participation are listed below.  However, for
  those below the level of Company President (or the equivalent), actual
  participation is determined by the associate's Company President; the
  Vice President, Gas Operations; the Vice President, Hardgoods; or the
  Vice President, Marketing, as applicable.  (Sales management
  associates are not eligible to participate in this Plan.  They are
  eligible to participate in the Sales Management Bonus Plan.)

          O    Company Presidents and their direct reports,
          O    Those designated by their Company President for participation,
          O    The Vice President, Gas Operations and his or her direct
               reports,
          O    The direct reports of those reporting to Vice President, Gas
               Operations,
          O    President, Eastern and Western Divisions,
          O    Eastern and Western Division staff,
          O    Vice President, Marketing and his or her direct reports and
          O    Those designated by the Vice President, Gas Operations; and
               Vice President, Marketing.

O Participants may be given the opportunity to elect to receive
  their bonus in stock, in lieu of cash.  (If this option is made
  available at a later date, participants will receive additional
  information.)

O Nothing in this bonus plan changes an associate's at-will
  employment status.

O The Company reserves the right to modify or terminate this bonus
  plan or any of its components at its discretion.

O The Nominating and Compensation Committee, or its designate, is
  responsible for the administration of this plan.
<PAGE>

                              EXHIBIT II

                         Bonus Payout Schedule

This chart is used for the Company Financials portion of the bonus
plan.  The bonus potential is multiplied by the weighting for each
factor.   Note:  For each 1% achievement over 120%, the payout will be
an additional 2.5%.

Achievement   Bonus
Percentage   Potential
        70%      20%
        71%      22%
        72%      24%
        73%      26%
        74%      28%
        75%      30%
        76%      32%
        77%      34%
        78%      36%
        79%      38%
        80%      40%
        81%      42%
        82%      44%
        83%      46%
        84%      48%
        85%      50%
        86%      54%
        87%      58%
        88%      62%
        89%      66%
        90%      70%
        91%      74%
        92%      78%
        93%      82%
<PAGE>
Achievement   Bonus
Percentage   Potential
        94%      86%
        95%      90%
        96%      92%
        97%      94%
        98%      96%
        99%      98%
       100%     100%
       101%   102.5%
       102%     105%
       103%   107.5%
       104%     110%
       105%   112.5%
       106%     117%
       107%   119.5%
       108%     121%
       109%   123.5%
       110%     126%
       111%   128.5%
       112%     131%
       113%   133.5%
       114%     136%
       115%   138.5%
       116%     141%
       117%   143.5%
       118%     147%
       119%   148.5%
       120%     150%
<PAGE>

Exhibit III - Accountabilities template [not filed]

<PAGE>

ASSOCIATE ACKNOWLEDGMENT

I acknowledge that I have received a copy of the Fiscal Year 2001
Bonus Plan.  I further acknowledge that I understand that any Fiscal
Year 2001 bonus I may be eligible for will be determined by the provisions
of this bonus plan.

______________________                            _______________
Associate Printed Name                            Date

______________________                            _______________
Associate Signature                               Airgas CompanyFiscal Year 2001 Bonus Plan

Executive Summary

I am pleased to announce the Airgas Fiscal Year 2001 Bonus Plan.
The plan is similar to the Fiscal Year 2000 plan, but with some
modifications.

The changes to the plan have resulted in a plan that better aligns
the bonus program with our strategic plans and the emphasis placed
on the need to grow sales in general and sales of Radnor brand
products in particular.

After reviewing the plan, please sign the last page, the "Associate
Acknowledgment," and return it to your Human Resources Department.
This acknowledgment is required for your participation in the plan.

What's Different From Last Year's Plan

3.   What We Are Eliminating:

     O Cap on bonus plan payouts - this now means that your bonus plan
       payout is only limited by your achievements and that of Airgas.
     O Requirement that FY '01 EPS exceed that of FY '00 before a
       payout can be made.
     O The 120% achievement cap placed on debt repayment.

4.   What We Are Changing:

     O Airgas Consolidated Financial Factor to one measurement,
       Earnings Per Share (EPS).  This is being done to simplify the bonus
       plan and to focus on one critical measurement.
     O The "One Airgas" factors to those that are critical to our
       success in FY '01.  These factors will now be incorporated into
       Accountabilities and will no longer be a separate portion of the
       Plan. This also means that the Accountabilities portion of the bonus
       plan will have a weighting of 45% (it had been 35% during FY `00).
<PAGE>
     O Participation criteria.  You must be an active associate at
       time of payment to be eligible for a bonus.  For this past year, the
       participation criteria was to be an active associate as of the end
       of the fiscal year.

See the applicable section of the Bonus Plan for details about these
changes.

The Plan
--------

How much can I earn?  How does the plan actually work?

Based on your position, a bonus eligible associate has the
opportunity to earn a percentage of his or her annual base salary
(called your "targeted bonus opportunity").  This bonus is based
upon the extent to which you and Airgas achieve certain results by
the end of the fiscal year.  Depending on the combined performance
of these two, your bonus can be more or less than your targeted
bonus opportunity.  Any bonus earned is paid annually and is paid no
later than 75 days following the end of the fiscal year.

Financial calculations are done using year-end data and taking into
account acquisitions, divestitures and other unusual non-recurring
events that occur during the fiscal year.

The following sections explain the two bonus categories (Airgas
Consolidated Financials and Accountabilities). See Exhibit I for
additional administration information about the plan.  If you have
questions after reading about the plan, please talk to your Manager.

Airgas Consolidated Financials
Overall Weighting - 55% of Your Bonus Opportunity

The factor measured under this portion of the plan and its
weightings is:

Factor                   Weighting
------                   ---------

EPS                      100%

How do I calculate my bonus under this portion of the bonus plan?

Achievement of this portion of the plan will be based on EPS (after
bonus accruals). The following chart shows the percentage of your
bonus you earn based on different EPS amounts achieved.

We changed this factor to one measurement, Earnings Per Share (EPS).
This was done so that all of our efforts are focused on the
measurement that has the greatest impact on our stock price.
Additionally, it simplifies this portion of the plan since we now
have only one measurement whereas in the past we had three.
<PAGE>

EPS                        % Payout

less than $0.53                  0%
$0.53 - $0.54                   10%
$0.55 - $0.56                   15%
$0.57 - $0.58                   25%
$0.59                           50%
$0.60                          100%
$0.61                          105%
$0.62                          110%
$0.63                          120%
$0.64                          130%
$0.65                          140%
$0.66                          150%

For each penny of EPS above $0.66, the bonus payout will increase
10%.

Assume the associate has a targeted bonus opportunity of $5,000 and
EPS at the end of the fiscal year is $0.60, then

$0.60 EPS = 100% Achievement Percentage
55% x $5,000 x 100% = $2,750 (Bonus payment for this factor)

Accountabilities
Overall Weighting - 45% of Your Bonus Opportunity

The weighting for this portion of the Plan has increased from 35% in
FY '00 to 45% in FY `01 since the "One Airgas" category has been
merged into this section.

Your manager will meet with you to develop a list of measurable
objectives that you and he or she agree are important to your
personal development needs and/or support our goal of becoming "One
Airgas."

All participants in this plan who can effect (either directly or
indirectly) the achievement of the following "One Airgas"
initiatives must have them included as part of their
Accountabilities:

O Radnor brand product sales must be at least 10% of the
  Company's total hardgood sales for fourth quarter FY `01.
O All required vendor code and part number standardization must
  be completed and approved within the time frames specified.

When discussing your accountabilities with your manager, you and
your manager will agree upon a weighting for each Accountability.
<PAGE>
Each Accountability must be given a weighting of at least 20%.
Therefore, you can have no more than five Accountabilities.  The
total of all weightings must equal 100%.  All accountabilities
should be clearly measurable and should represent "stretch" goals
that are attainable yet challenging.

Included as Exhibit II is an Accountabilities template [not filed].
The template includes the worksheet used to document your
Accountabilities.

What happens if the "One Airgas" factors do not apply to my
position?

Your manager will then replace one or both of these factors
(depending on which factors do not apply to you) and replace them
with objective, measurable Accountabilities that will apply to
everyone in your department.

How do I calculate my bonus under this portion of the plan?

Your manager will determine the degree to which you accomplished
each of your Accountabilities based on the measurement criteria
established with you at the beginning of the fiscal year.  For the
"One Airgas" factors, achievement will be based on whether or not
Radnor brand sales are at least 10% of Airgas' hardgood sales for
the fourth quarter in FY `01.

The maximum achievement percentage for any Accountability, either
individually or as a group, is 100%.  The extent to which you
achieved/completed your first Accountability is then multiplied by
its weighting.  This is repeated for the remaining Accountabilities.
The product (results) from each Accountability is added together.
This sum is then multiplied by 45% of your target bonus opportunity
to determine the bonus earned under this portion of the plan.

For example, assume an associate has been assigned the following
Accountabilities:

Accountability I: All required vendor code and part number
standardization must be completed and approved within the time
frames specified.

Weighting: 40%

Accountability II: Radnor brand products must be at least 10% of the
company's hardgood sales for fourth quarter FY '01.

Weighting: 30%
<PAGE>
Accountability III: Will develop a model to improve the pricing and
profitability analysis on potential new business by December 30,
2000.

Weighting: 30%

At the end of the year, assume the associate has achieved:

Accountability I = 100% x 40% (weighting) = 40%
Accountability II = 80% x 30% (weighting) = 24%
Accountability III = 100% x 30% (weighting) = 30%

40% + 24% + 30% = 94%

Assume that the associate has a target bonus opportunity of $5,000:

45% x $5,000 x 94% = $2,115 (Bonus payment for this factor)

How It All Works

If you have any questions about the Plan, please talk to your
Manager.  He or she will be happy to answer your questions.
<PAGE>
                              EXHIBIT I

                           Administration

O An associate must be hired by December 31 of the current fiscal
  year (i.e., December 31, 2000) to be eligible to participate in this
  plan for the current fiscal year.  A new hire's bonus opportunity
  will be pro-rated to reflect the number of months he or she was an
  associate of Airgas during the current fiscal year.

O An associate must be an active employee at time of payment to
  be eligible for a bonus. Payments will be made no later than 75 days
  following the end of the fiscal year.

O If an associate transfers from one Airgas company to another,
  his or her bonus calculation is based on the pro-rated time spent
  with each company.  All calculations are done using year-end
  financial data.  Accountabilities must be established by each
  company and performance will be measured against each group of
  accountabilities separately.

O If an associate is promoted during the fiscal year, new
  Accountabilities must be established to reflect the new position.

O If an associate is moved from a bonus eligible position to a
  non-bonus eligible position (or vice versa), the bonus calculation
  is pro-rated to represent the time worked by the associate as a
  bonus eligible employee.  All calculations are done using year-end
  financial data.

O Bonus calculations are based on an associate's annual salary as
  of the last day of the fiscal year.  However, if the associate is
  promoted (or demoted and the associate has had a reduction in
  salary) during the fiscal year, the calculation is done to reflect
  the pro-rated time spent in each position.  All calculations are
  done using year-end financial data.

O If an associate is on a leave of absence at the end of the
  fiscal year, he or she will be eligible for a bonus provided that he
  or she returns to work as an active employee for at least one month
  within 13 weeks of the end of the fiscal year.   Any bonus paid will
  be pro-rated based upon the length of time an associate was an
  active employee during the fiscal year.  The calculation will be
  made using year-end financial data.  The bonus payment will be made
  in the next regularly scheduled payroll cycle at the end of the
  associate's first month of employment following his or her leave of
  absence.
<PAGE>

O If an associate is on a leave of absence during the fiscal year
  and returns to active status during the year, he or she will be
  eligible for a bonus.  Any bonus paid will be pro-rated based upon
  the length of time an associate was an active employee during the
  fiscal year.  The calculation will be made using year-end financial
  data.

O Accountabilities (individually or as a group) cannot have an
  achievement greater than 100%.

O Eligibility for participation is determined by the function
  manager (e.g., CFO; CIO; Senior Vice President, Legal and Corporate
  Development).

O Participants may be given the opportunity to elect to receive
  their bonus in stock, in lieu of cash.  (If this option is made
  available at a later date, participants will receive additional
  information.)

O Nothing in this bonus plan changes an associate's at-will
  employment status.

O The Company reserves the right to modify or terminate this
  bonus plan or any of its components at its discretion.

O The Nominating and Compensation Committee, or its designate, is
  responsible for the administration of this plan.
<PAGE>

Exhibit II -- Accountabilities template [not filed]

<PAGE>
ASSOCIATE ACKNOWLEDGMENT

I acknowledge that I have received a copy of the Fiscal Year 2001 Bonus
Plan.  I further acknowledge that I understand that any Fiscal Year 2001
bonus I may be eligible for will be determined by the provisions of this
bonus plan.

_______________________                           ______________________
Associate Printed Name                            Date

_______________________                           ______________________
Associate Signature                               Airgas Company

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