Document:

EX-10.2

 Exhibit 10.2 

FORM OF 
 TAX MATTERS AGREEMENT

 by and between 
 AIR PRODUCTS
AND CHEMICALS, INC. 
 and 

VERSUM MATERIALS, INC. 
 Dated as
of [•], 2016 
  

 TABLE OF CONTENTS 

 

							
	ARTICLE I	  
	
	DEFINITIONS	  
			
	 Section 1.1
	 	General	  	 	2	  
	
	ARTICLE II	  
	
	PAYMENTS AND TAX REFUNDS	  
			
	 Section 2.1
	 	General Rule	  	 	8	  
	 Section 2.2
	 	U.S. Federal Income Tax Relating to Joint Returns	  	 	9	  
	 Section 2.3
	 	U.S. Federal Income Tax Relating to Separate Returns	  	 	9	  
	 Section 2.4
	 	U.S. State Tax Relating to Joint Returns	  	 	9	  
	 Section 2.5
	 	U.S. State Tax Relating to Separate Returns	  	 	9	  
	 Section 2.6
	 	Non-U.S. Tax Relating to Joint Returns	  	 	10	  
	 Section 2.7
	 	Non-U.S. Tax Relating to Separate Returns	  	 	10	  
	 Section 2.8
	 	Non-Income Taxes	  	 	10	  
	 Section 2.9
	 	Separation Taxes	  	 	11	  
	 Section 2.10
	 	Determination of Tax Attributable to a Particular Entity	  	 	11	  
	 Section 2.11
	 	Allocation of Employment Taxes	  	 	11	  
	 Section 2.12
	 	Certain Transaction Taxes and Breaches of Covenants	  	 	12	  
	 Section 2.13
	 	Straddle Periods	  	 	12	  
	 Section 2.14
	 	Tax Refunds	  	 	12	  
	 Section 2.15
	 	Prior Agreements	  	 	12	  
	
	ARTICLE III	  
	
	PREPARATION AND FILING OF TAX RETURNS	  
			
	 Section 3.1
	 	Air Products’ Responsibility	  	 	13	  
	 Section 3.2
	 	Versum’s Responsibility	  	 	13	  
	 Section 3.3
	 	Right To Review Tax Returns	  	 	13	  
	 Section 3.4
	 	Cooperation	  	 	13	  
	 Section 3.5
	 	Tax Reporting Practices	  	 	13	  
	 Section 3.6
	 	Reporting of Transactions	  	 	14	  
	 Section 3.7
	 	Payment of Taxes	  	 	14	  
	 Section 3.8
	 	Amended Returns and Carrybacks	  	 	14	  
	 Section 3.9
	 	Tax Attributes	  	 	15	  

  
 i 

							
	ARTICLE IV	  
	
	TAX-FREE STATUS OF THE DISTRIBUTION	  
			
	 Section 4.1
	 	Representations and Warranties	  	 	15	  
	 Section 4.2
	 	Restrictions on Air Products	  	 	16	  
	 Section 4.3
	 	Restrictions on Versum	  	 	16	  
	
	ARTICLE V	  
	
	INDEMNITY OBLIGATIONS	  
			
	 Section 5.1
	 	Indemnity Obligations	  	 	18	  
	 Section 5.2
	 	Indemnification Payments	  	 	19	  
	 Section 5.3
	 	Payment Mechanics	  	 	19	  
	 Section 5.4
	 	Treatment of Payments	  	 	20	  
	
	ARTICLE VI	  
	
	TAX CONTESTS	  
			
	 Section 6.1
	 	Notice	  	 	20	  
	 Section 6.2
	 	Separate Returns	  	 	20	  
	 Section 6.3
	 	Joint Return	  	 	20	  
	 Section 6.4
	 	Obligation of Continued Notice	  	 	20	  
	 Section 6.5
	 	Settlement Rights	  	 	21	  
	
	ARTICLE VII	  
	
	COOPERATION	  
			
	 Section 7.1
	 	General	  	 	21	  
	 Section 7.2
	 	Consistent Treatment	  	 	22	  
	
	ARTICLE VIII	  
	
	RETENTION OF RECORDS; ACCESS	  
			
	 Section 8.1
	 	Retention of Records	  	 	22	  
	 Section 8.2
	 	Access to Tax Records	  	 	23	  

  
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	ARTICLE IX	  
	
	DISPUTE RESOLUTION	  
	
	ARTICLE X	  
	
	MISCELLANEOUS PROVISIONS	  
			
	 Section 10.1
	 	Conflicting Agreements	  	 	23	  
	 Section 10.2
	 	Termination	  	 	23	  
	 Section 10.3
	 	Interest on Late Payments	  	 	24	  
	 Section 10.4
	 	Specific Performance	  	 	24	  
	 Section 10.5
	 	Successors	  	 	24	  
	 Section 10.6
	 	Application to Present and Future Subsidiaries	  	 	24	  
	 Section 10.7
	 	Assignability	  	 	24	  
	 Section 10.8
	 	No Fiduciary Relationship	  	 	24	  
	 Section 10.9
	 	Further Assurances	  	 	25	  
	 Section 10.10
	 	Survival	  	 	25	  
	 Section 10.11
	 	Notices	  	 	25	  
	 Section 10.12
	 	Effective Date	  	 	26	  

  
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 TAX MATTERS AGREEMENT 

This TAX MATTERS AGREEMENT (this “Agreement”), is entered into as of
[            ], between Air Products and Chemicals, Inc. (“Air Products”), a Delaware corporation, and Versum Materials, Inc. (“Versum” and, together with
Air Products, the “Parties”), a Delaware corporation and a wholly owned subsidiary of Air Products. Capitalized terms used in this Agreement and not otherwise defined herein shall have the meanings ascribed to such terms in the
Separation Agreement, dated as of the date hereof, between the Parties (the “Separation Agreement”). 
 R E C I T A L S 

WHEREAS, the board of directors of Air Products (the “Board”) has determined that it is in the best interests of Air Products
and its stockholders to separate Air Products into two separate, publicly traded companies, one for each of (i) the Air Products Retained Business, which shall be owned and conducted, directly or indirectly, by Air Products and its Subsidiaries
and (ii) the Versum Business, which shall be owned and conducted, directly or indirectly, by Versum and its Subsidiaries; 
 WHEREAS,
in order to effect such separation, the Board has determined that it is appropriate, desirable and in the best interests of Air Products and its stockholders for Air Products to undertake the Internal Reorganization and, in connection therewith,
effect the Contribution to Versum which, in exchange therefor, Versum shall: (i) issue to Air Products shares of Versum Common Stock and Versum Securities and (ii) agree to pay Air Products the Versum Financing Cash Distribution; 

WHEREAS, following the completion of the Internal Reorganization and the Versum Financing Cash Distribution, Air Products shall cause the
Distribution Agent to issue pro rata to the Record Holders, all of the issued and outstanding shares of Versum Common Stock (such issuance, the “Distribution” and, together with the Internal Reorganization, the Debt-for-Debt
Exchange and the Contribution, the “Transactions”); 
 WHEREAS, Versum has been formed for these purposes and has not
engaged in activities except those incidental to its formation and in preparation for the Transactions; 
 WHEREAS, as of the date hereof,
Air Products is the common parent of an affiliated group of domestic corporations that has elected to file consolidated U.S. federal income Tax Returns and, as a result of the Distribution, neither Versum nor any of its Affiliates will be a member
of such group after the close of the Distribution Date; 
 WHEREAS, for U.S. federal income tax purposes, it is the intention of the Parties
that the Contribution and the Distribution, taken together, will qualify as a transaction that will qualify under Section 355 and Section 368(a)(1)(D) of the Internal Revenue Code of 1986, as amended (the “Code”); 

WHEREAS, the Parties will undertake the Debt-for-Debt Exchange, as described in the Separation Agreement; and 

 WHEREAS, the Parties desire to (a) provide for the payment of Tax liabilities and
entitlement to refunds thereof, allocate responsibility for, and cooperation in, the filing of Tax Returns, and provide for certain other matters relating to Taxes and (b) set forth certain covenants and indemnities relating to the preservation
of the Intended Tax Treatment of the Transactions. 
 NOW, THEREFORE, in consideration of the mutual agreements, provisions and covenants
contained in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows: 

ARTICLE I 

DEFINITIONS 

Section 1.1 General. As used in this Agreement, the following terms shall have the following meanings: 

“Accounting Firm” shall have the meaning set forth in Article IX. 

“Adjustment” shall mean an adjustment of any item of income, gain, loss, deduction, credit or any other item affecting Taxes
of a taxpayer pursuant to a Final Determination. 
 “Affiliate” shall mean, with respect to a Person, any other Person that
directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, the specified Person. For this purpose, “control” of a Person means the possession, directly or indirectly, of the
power to direct or cause the direction of the management or policies of such Person, whether through ownership of voting securities, by contract or otherwise. 

“Agreement” shall have the meaning set forth in the preamble hereto. 

“Air Products” shall have the meaning set forth in the preamble hereto. 

“Air Products Group” shall have the meaning set forth in the Separation Agreement. 

“Air Products Retained Business” shall have the meaning set forth in the Separation Agreement. 

“Air Products Separate Return” shall mean any Tax Return of or including any member of the Air Products Group (including any
consolidated, combined or unitary return) that does not include any member of the Versum Group. 
 “Assume”, and the
correlative term “Assumption”, shall have the meaning set forth in the Separation Agreement. 
 “Board”
shall have the meaning set forth in the recitals. 

  
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 “Business Day” shall have the meaning set forth in the Separation Agreement.

 “Controlling Party” shall mean, with respect to a Tax Contest, the Party entitled to control such Tax Contest pursuant
to Section 6.2 and Section 6.3 of this Agreement. 
 “Conveyance and Assumption Instruments” shall
have the meaning set forth in the Separation Agreement. 
 “Code” shall have the meaning set forth in the recitals. 

“Contribution” shall mean the (i) Transfer, directly or indirectly, of all of the Versum Assets from Air Products to
Versum and (ii) the Assumption of the Versum Liabilities, directly or indirectly, by Versum, in each case, relating to, arising out of or resulting from the transactions contemplated by the Separation Agreement, together with the conversion of
Versum from a limited liability company to a Delaware corporation. 
 “Debt-for-Debt Exchange” shall have the meaning set
forth in the Separation Agreement. 
 “Distribution” shall have the meaning set forth in the recitals. 

“Distribution Agent” shall have the meaning set forth in the Separation Agreement. 

“Distribution Date” shall have the meaning set forth in the Separation Agreement. 

“Employee Matters Agreement” shall have the meaning set forth in the Separation Agreement. 

“Employment Tax” shall mean those Liabilities (as defined in the Separation Agreement) for Taxes which are allocable pursuant
to the provisions of the Employee Matters Agreement. 
 “Federal Income Tax” shall mean any Tax imposed by Subtitle A of
the Code other than an Employment Tax. 
 “Final Determination” shall mean the final resolution of liability for any Tax
for any taxable period, by or as a result of (a) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer be appealed, (b) a final settlement with the IRS, a closing agreement or accepted
offer in compromise under Sections 7121 or 7122 of the Code, or a comparable agreement under the Laws of other jurisdictions, which resolves the entire Tax liability for any taxable period, (c) any allowance of a refund or credit in respect of
an overpayment of Tax, but only after the expiration of all periods during which such refund or credit may be recovered by the jurisdiction imposing the Tax, or (d) any other final resolution, including by reason of the expiration of the
applicable statute of limitations or the execution of a pre-filing agreement with the IRS or other Taxing Authority. 

  
 3 

 “Group” shall mean either the Versum Group or the Air Products Group, as the
context requires. 
 “Income Tax” shall mean any Federal Income Tax and any state or local or Non-U.S. Tax determined by
reference to income, gains, net worth, gross receipts, or any Taxes imposed in lieu of such a Tax, including without limitation, the Korean excess retained earnings tax. 

“Indemnifying Party” shall have the meaning set forth in Section 5.2(a). 

“Indemnitee” shall have the meaning set forth in Section 5.2(a). 

“Intended Tax Treatment” shall mean the qualification of the Transactions for the intended tax treatment, including as set
forth in any Tax Opinion or the Separation Plan. 
 “Internal Reorganization” shall have the meaning set forth in the
Separation Agreement. 
 “IRS” shall mean the United States Internal Revenue Service or any successor thereto, including,
but not limited to its agents, representatives, and attorneys. 
 “Joint Return” shall mean (i) any Tax Return that
actually includes, by election or otherwise, one or more members of the Air Products Group together with one or more members of the Versum Group or (ii) any Tax Return that includes Tax Items attributable to both the Air Products Retained
Business and the Versum Business. 
 “Law” shall have the meaning set forth in the Separation Agreement. 

“Non-Controlling Party” shall mean, with respect to a Tax Contest, the Party that is not entitled to control such Tax Contest
pursuant to Section 6.2 and Section 6.3 of this Agreement. 
 “Non-Income Tax” shall mean any Tax
that is not an Income Tax. 
 “Non-U.S. Tax” shall mean any Tax imposed by any foreign country or any possession of the
United States, or by any political subdivision of any foreign country or United States possession. 
 “Parties” shall have
the meaning set forth in the preamble hereto. 
 “Past Practices” shall have the meaning set forth in
Section 3.5. 
 “Person” shall have the meaning set forth in the Separation Agreement. 

“Post-Distribution Period” shall mean any taxable period (or portion thereof) beginning after the Distribution Date,
including for the avoidance of doubt, the portion of any Straddle Period beginning after the Distribution Date. 

  
 4 

 “Pre-Distribution Period” shall mean any taxable period (or portion thereof)
ending on or before the Distribution Date, including for the avoidance of doubt, the portion of any Straddle Period ending at the end of the day on the Distribution Date. 

“Preparing Party” shall mean, with respect to a Tax Return, the Party that is required to prepare and file any such Tax
Return pursuant to Section 3.1 or 3.2, as applicable. 
 “Proposed Acquisition Transaction” shall mean a
transaction or series of transactions (or any agreement, understanding or arrangement, within the meaning of Section 355(e) of the Code and Treasury Regulation Section 1.355-7, or any other Treasury Regulations promulgated thereunder, to
enter into a transaction or series of transactions), whether such transaction is supported by Versum management or shareholders, is a hostile acquisition, or otherwise, as a result of which Versum (or any successor thereto) would merge or
consolidate with any other Person or as a result of which one or more Persons would (directly or indirectly) acquire, or have the right to acquire, from Versum (or any successor thereto) and/or one or more holders of Versum Common Stock,
respectively, any amount of stock of Versum, that would, when combined with any other direct or indirect changes in ownership of the stock of Versum pertinent for purposes of Section 355(e) of the Code and the Treasury Regulations promulgated
thereunder, comprise forty percent (40%) or more of (i) the value of all outstanding shares of Versum as of the date of such transaction, or in the case of a series of transactions, the date of the last transaction of such series, or
(ii) the total combined voting power of all outstanding shares of voting stock of Versum as of the date of the such transaction, or in the case of a series of transactions, the date of the last transaction of such series. Notwithstanding the
foregoing, a Proposed Acquisition Transaction shall not include (i) the adoption by Versum of a shareholder rights plan or (ii) issuances by Versum that satisfy Safe Harbor VIII (relating to acquisitions in connection with a person’s
performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an employer) of Treasury Regulation Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect acquisition, any
recapitalization resulting in a shift of voting power or any redemption of shares of stock shall be treated as an indirect acquisition of shares of stock by the non-exchanging shareholders. This definition and the application thereof is intended to
monitor compliance with Section 355(e) of the Code and the Treasury Regulations promulgated thereunder and shall be interpreted accordingly. Any clarification of, or change in, the statute or Treasury Regulations promulgated under
Section 355(e) of the Code shall be incorporated in this definition and its interpretation. 
 “Reasonable Basis”
shall mean reasonable basis within the meaning of Section 6662(d)(2)(B)(ii)(II) of the Code and the Treasury Regulations promulgated thereunder (or such other level of confidence required by the Code at that time to avoid the imposition of
penalties). 
 “Record Holders” shall have the meaning set forth in the Separation Agreement. 

“Refund” shall mean any refund, reimbursement, offset, credit, or other similar benefit in respect of Taxes (including any
overpayment of Taxes that can be refunded or, alternatively, applied against other Taxes payable), including any interest paid on or with respect to such refund of Taxes; provided, however, that the amount of any refund of Taxes shall
be net of any Taxes imposed by any Taxing Authority on, related to, or attributable to, the receipt of or accrual of such refund, including any Taxes imposed by way of withholding or offset. 

  
 5 

 “Restricted Period” shall mean the period which begins with the Distribution
Date and ends two (2) years thereafter. 
 “Reviewing Party” shall mean, with respect to a Tax Return, the Party that
is not the Preparing Party. 
 “Separate Return” shall mean an Air Products Separate Return or an Versum Separate Return,
as the case may be. 
 “Separation Agreement” shall have the meaning set forth in the preamble hereto. 

“Separation Plan” shall mean the Air Products Global Step Plan, dated [     ], attached hereto as Exhibit
A. 
 “Separation Taxes” shall mean those Taxes triggered by, or arising or otherwise incurred as a result of, the
Transactions, except for (i) any Tax resulting from a breach by any Party of any covenant in this Agreement, and (ii) any Tax attributable to any action set out in Section 4.2 or Section 4.3. 

“Straddle Period” shall mean any taxable year or other taxable period that begins on or before the Distribution Date and ends
after the Distribution Date. 
 “State Tax” means any Tax imposed by any state of the United States or by any political
subdivision of any such state, and any interest, penalties, additions to tax, or additional amounts in respect of the foregoing. 

“Subsidiary” shall have the meaning set forth in the Separation Agreement. 

“Tax” or “Taxes” shall mean (i) all taxes, charges, fees, duties, levies, imposts, rates or other
assessments or governmental charges of any kind imposed by any U.S. federal, state, local or non-U.S. Taxing Authority, including, without limitation, income, gross receipts, employment, excise, severance, stamp, occupation, premium, windfall
profits, environmental, custom duties, property, sales, use, license, capital stock, transfer, franchise, registration, payroll, withholding, social security, unemployment, disability, value added, alternative or add-on minimum or other taxes,
whether disputed or not, and including any interest, penalties, charges or additions attributable thereto, (ii) liability for the payment of any amount of the type described in clause (i) above arising as a result of being (or having been)
a member of any group or being (or having been) included or required to be included in any Tax Return related thereto, and (iii) liability for the payment of any amount of the type described in clauses (i) or (ii) above as a result of
any express or implied obligation to indemnify or otherwise assume or succeed to the liability of any other Person. 
 “Tax
Attribute” shall mean net operating losses, capital losses, investment tax credit carryovers, earnings and profits, foreign tax credit carryovers, overall foreign losses, previously taxed income, separate limitation losses and any other
losses, deductions, credits or other comparable items that could affect a Tax liability for a past or future taxable period. 

  
 6 

 “Tax Certificates” shall mean any certificates of officers of Air Products and
Versum, provided to Skadden, Arps, Slate, Meagher & Flom LLP, or any other law or accounting firm in connection with any Tax Opinion. 

“Tax Contest” shall have the meaning set forth in Section 6.1. 

“Tax Item” shall mean any item of income, gain, loss, deduction, or credit. 

“Tax Materials” shall have the meaning set forth in Section 4.1(a). 

“Tax Matter” shall have the meaning set forth in Section 7.1. 

“Tax Opinion” shall mean any written opinion of Skadden, Arps, Slate, Meagher & Flom LLP or any other law or
accounting firm, regarding certain tax consequences of certain transactions executed as part of the Transactions. 
 “Tax
Records” shall have the meaning set forth in Section 8.1. 
 “Tax-Related Losses” shall mean
(i) all Taxes (including interest and penalties thereon) imposed pursuant to any settlement, Final Determination, judgment or otherwise, (ii) all accounting, legal and other professional fees, and court costs incurred in connection with
such Taxes, as well as any other out-of-pocket costs incurred in connection with such Taxes; and (iii) all costs, expenses and damages associated with stockholder litigation or controversies and any amount paid by Air Products (or any of its
Affiliates) or Versum (or any of its Affiliates) in respect of the liability of shareholders, whether paid to shareholders or to the IRS or any other Taxing Authority, in each case, resulting from the failure of any transaction to have the Intended
Tax Treatment. 
 “Tax Return” shall mean any return, report, certificate, form or similar statement or document (including
any related supporting information or schedule attached thereto and any information return, amended tax return, claim for refund or declaration of estimated tax) supplied to or filed with, or required to be supplied to or filed with, a Taxing
Authority, or any bill for or notice related to ad valorem or other similar Taxes received from a Taxing Authority, in each case, in connection with the determination, assessment or collection of any Tax or the administration of any laws,
regulations or administrative requirements relating to any Tax. 
 “Taxing Authority” shall mean any governmental authority
or any subdivision, agency, commission or entity thereof or any quasi-governmental or private body having jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS). 

“Transactions” shall have the meaning set forth in the recitals. 

“Transfer” shall have the meaning set forth in the Separation Agreement. 

“Treasury Regulations” shall mean the regulations promulgated from time to time under the Code as in effect for the relevant
taxable period. 

  
 7 

 “Unqualified Tax Opinion” shall mean a “will” opinion, without
substantive qualifications, of a nationally recognized Law or accounting firm, to the effect that a transaction will not affect the Intended Tax Treatment of the Transactions. Any such opinion must assume that the Transactions would have qualified
for the Intended Tax Treatment if the transaction in question did not occur. 
 “Versum” shall have the meaning set forth
in the preamble hereof. 
 “Versum Assets” shall have the meaning set forth in the Separation Agreement. 

“Versum Business” shall have the meaning set forth in the Separation Agreement. 

“Versum Common Stock” shall have the meaning set forth in the Separation Agreement. 

“Versum Financing Cash Distribution” shall have the meaning set forth in the Separation Agreement. 

“Versum Group” shall have the meaning set forth in the Separation Agreement. 

“Versum Liabilities” shall have the meaning set forth in the Separation Agreement. 

“Versum Securities” shall have the meaning set forth in the Separation Agreement. 

“Versum Separate Return” shall mean any Tax Return of or including any member of the Versum Group (including any
consolidated, combined or unitary return) that does not include any member of the Air Products Group. 
 ARTICLE II 

PAYMENTS AND TAX REFUNDS 

Section 2.1 General Rule. 

(a) Air Products Liability. Air Products shall be liable for, and shall indemnify and hold harmless the Versum Group from and against
any liability for, Taxes which are allocated to Air Products under this Article II. 
 (b) Versum Liability. Versum shall be
liable for, and shall indemnify and hold harmless the Air Products Group from and against any liability for, Taxes which are allocated to Versum under this Article II. 

  
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 Section 2.2 U.S. Federal Income Tax Relating to Joint Returns. 

(a) Versum shall pay and be responsible for any and all Federal Income Taxes due with respect to or required to be reported on any Joint
Return (including any increase in such Tax as a result of a Final Determination) which Taxes are attributable to the entities listed in Schedule 2.2(a) for all Pre-Distribution Periods. 

(b) Air Products shall pay and be responsible for any and all Federal Income Taxes due with respect to or required to be reported on any Joint
Return (including any increase in such Tax as a result of a Final Determination) other than those Federal Income Taxes described in Section 2.2(a) for all Pre-Distribution Periods. 

Section 2.3 U.S. Federal Income Tax Relating to Separate Returns. 

(a) Air Products shall pay and be responsible for any and all Federal Income Taxes due with respect to or required to be reported on any Air
Products Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 
 (b) Versum
shall pay and be responsible for any and all Federal Income Taxes due with respect to or required to be reported on any Versum Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 

Section 2.4 U.S. State Tax Relating to Joint Returns. 

(a) Versum shall pay and be responsible for any and all State Taxes due with respect to or required to be reported on any Joint Return
(including any increase in such Tax as a result of a Final Determination) which Taxes are attributable to the entities listed in Schedule 2.4(a) for all Pre-Distribution Periods. 

(b) Air Products shall pay and be responsible for any and all State Taxes due with respect to or required to be reported on any Joint Return
(including any increase in such Tax as a result of a Final Determination) other than those State Taxes described in Section 2.4(a) for all Pre-Distribution Periods. 

(c) Versum shall pay and be responsible for any and all State Taxes due with respect to or required to be reported on any Joint Return
(including any increase in such Tax as a result of a Final Determination) which Taxes are attributable to the entities listed in Schedule 2.4(c) for all Post-Distribution Periods. 

(d) Air Products shall pay and be responsible for any and all State Taxes due with respect to or required to be reported on any Joint Return
(including any increase in such Tax as a result of a Final Determination) other than those State Taxes described in Section 2.4(c) for all Post-Distribution Periods. 

Section 2.5 U.S. State Tax Relating to Separate Returns. 

(a) Air Products shall pay and be responsible for any and all State Taxes due with respect to or required to be reported on any Air Products
Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 

  
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 (b) Versum shall pay and be responsible for any and all State Taxes due with respect to or
required to be reported on any Versum Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 

Section 2.6 Non-U.S. Tax Relating to Joint Returns. 

(a) Versum shall pay and be responsible for any and all Non-U.S. Taxes due with respect to or required to be reported on any Joint Return
(including any increase in such Tax as a result of a Final Determination) which Taxes are attributable to the entities listed in Schedule 2.6(a) for all Pre-Distribution Periods. 

(b) Air Products shall pay and be responsible for any and all Non-U.S. Taxes due with respect to or required to be reported on any Joint
Return (including any increase in such Tax as a result of a Final Determination) other than those Non-U.S. Taxes described in Section 2.6(a) for all Pre-Distribution Periods. 

(c) Versum shall pay and be responsible for any and all Non-U.S. Taxes due with respect to or required to be reported on any Joint Return
(including any increase in such Tax as a result of a Final Determination) which Taxes are attributable to the entities listed in Schedule 2.6(c) for all Post-Distribution Periods. 

(d) Air Products shall pay and be responsible for any and all Non-U.S. Taxes due with respect to or required to be reported on any Joint
Return (including any increase in such Tax as a result of a Final Determination) other than those Non-U.S. Taxes described in Section 2.6(c) for all Post-Distribution Periods. 

Section 2.7 Non-U.S. Tax Relating to Separate Returns. 

(a) Air Products shall pay and be responsible for any and all Non-U.S. Taxes due with respect to or required to be reported on any Air
Products Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 
 (b) Versum
shall pay and be responsible for any and all Non-U.S. Taxes due with respect to or required to be reported on any Versum Separate Return (including any increase in such Tax as a result of a Final Determination) for all taxable periods. 

Section 2.8 Non-Income Taxes. 

To the extent not otherwise allocated under this Article II, Non-Income Taxes shall be allocated as follows: 

(a) Versum shall pay and be responsible for any and all Non-Income Taxes that are attributable to the entities listed in Schedule 2.8(a) for
all Pre-Distribution Periods. 
 (b) Air Products shall pay and be responsible for any and all Non-Income Taxes other than those Non-Income
Taxes described in Section 2.8(a) for all Pre-Distribution Periods. 

  
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 (c) Versum shall pay and be responsible for any and all Non-Income Taxes that are imposed on the
Versum Group for all Post-Distribution Periods. 
 (d) Air Products shall pay and be responsible for any and all Non-Income Taxes that are
imposed on the Air Products Group for all Post-Distribution Periods. 
 Section 2.9 Separation Taxes. 

Notwithstanding anything in Article II to the contrary: 

(a) Versum shall pay and be responsible for any and all Separation Taxes that are listed in Schedule 2.9(a), identified by the jurisdiction
imposing such Tax, the step in the Separation Plan with respect to which such Tax is triggered, and a description of the nature of such Tax. 

(b) Air Products shall pay and be responsible for any and all Separation Taxes other than those Separation Taxes described in
Section 2.9(a). 
 Section 2.10 Determination of Tax Attributable to a Particular Entity. 

(a) For purposes of this Article II, the amount of Taxes attributable to a particular entity shall be determined by Air Products in a
manner consistent with the past return filing practices of the Air Products Group with respect to the relevant Tax Return (including any past accounting methods, elections and conventions). Without limiting the generality of the foregoing, the
following principles shall apply for purposes of determining the amount of Tax attributable to a particular entity: 
 (i)
including only Tax Items of the relevant entity that were included in the relevant Tax Return (i.e., as though the relevant entity prepared such Tax Return on a stand-alone basis); 

(ii) except as provided in Section 2.10(a)(iv) hereof, using all elections, accounting methods and conventions
used on the relevant Tax Return for such period; 
 (iii) applying the highest statutory marginal corporate income Tax rate
in effect for such taxable period; 
 (iv) assuming that the relevant entity elects not to carry back any net operating
losses. 
 (b) In the event a Non-Income Tax is attributable or traceable to a specific asset, then such Tax shall be attributable to the
entity that owns the relevant asset. 
 Section 2.11 Allocation of Employment Taxes. Liability for Employment Taxes shall be
determined pursuant to the Employee Matters Agreement. 

  
 11 

 Section 2.12 Certain Transaction Taxes and Breaches of Covenants. 

Notwithstanding anything in Article II to the contrary: 

(a) Versum shall be responsible for (i) any and all Tax-Related Losses for which Versum is responsible pursuant to
Section 5.1(b) of this Agreement and (ii) all Tax-Related Losses arising out of, based upon, or relating or attributable to any breach of or inaccuracy in, or failure to perform, as applicable, any representation, covenant, or
obligation of any member of the Versum Group pursuant to this Agreement. 
 (b) Air Products shall be responsible for (i) any and all
Tax-Related Losses for which Air Products is responsible pursuant to Section 5.1(a) of this Agreement and (ii) all Tax-Related Losses arising out of, based upon, or relating or attributable to any breach of or inaccuracy in, or
failure to perform, as applicable, any representation, covenant, or obligation of any member of the Air Products Group pursuant to this Agreement. 

Section 2.13 Straddle Periods. If the taxable year or other taxable period of Air Products, Versum or any of their respective
Subsidiaries, does not close on the Distribution Date, then the allocation of any Tax Items attributable to the portion of the Straddle Period ending on, or beginning after, the Distribution Date shall be deemed equal to the amount that would have
been so attributable if such taxable year had closed on the Distribution Date; provided that (i) exemptions, allowances, or deductions that are calculated on an annual or periodic basis, and (ii) property Taxes or other non-Income
Taxes that are calculated on an annual or periodic basis and not assessed with respect to a transaction or series of transactions, shall be allocated between such portions in proportion to the number of days in each such portion. 

Section 2.14 Tax Refunds. 

(a) Air Products shall be entitled to all Refunds for Taxes for which Air Products is responsible pursuant to this Article II, and
Versum shall be entitled to all Refunds for Taxes for which Versum is responsible pursuant to this Article II. 
 (b) A Party
receiving a Refund to which the other Party is entitled pursuant to this Agreement shall pay the amount to which such other Party is entitled within five (5) business days after the receipt of the Refund. For purposes of this
Section 2.14(b), any Refund that arises as a result of an offset, credit, or other similar benefit in respect of Taxes other than a receipt of cash shall be deemed to be received on the earlier of (i) the date on which a Tax Return
is filed claiming such offset, credit, or other similar benefit and (ii) the date on which payment of the Tax which would have otherwise been paid absent such offset, credit, or other similar benefit is due (determined without taking into
account any applicable extensions). 
 Section 2.15 Prior Agreements. Except as set forth in this Agreement and in consideration
of the mutual indemnities and other obligations of this Agreement, any and all prior Tax sharing or allocation agreements or practices between any member of the Air Products Group and any member of the Versum Group shall be terminated with respect
to the Versum Group and the Air Products Group as of the Distribution Date. No member of either the Versum Group or the Air Products Group shall have any continuing rights or obligations under any such agreement. 

  
 12 

 ARTICLE III 

PREPARATION AND FILING OF TAX RETURNS 

Section 3.1 Air Products’ Responsibility. Air Products shall prepare and file when due (taking into account any applicable
extensions), or shall cause to be prepared and filed, all Joint Returns (other than Joint Returns required to be filed by Versum) and all Air Products Separate Returns. All Joint Returns required to be filed by Versum shall be prepared by Air
Products and delivered to Versum to be filed when due (taking into account any applicable extensions). 
 Section 3.2 Versum’s
Responsibility. Except as otherwise provided in the foregoing Section 3.1, Versum shall prepare and file when due (taking into account any applicable extensions), or shall cause to be prepared and filed, all Tax Returns required to
be filed by or with respect to members of the Versum Group. The Tax Returns required to be prepared and filed by Versum under this Section 3.2 shall include any Versum Separate Returns. 

Section 3.3 Right To Review Tax Returns. To the extent that the positions taken on any Tax Return (i) directly relate to
matters for which the Reviewing Party may have an indemnification obligation to the Preparing Party, or that may give rise to a refund to which the Reviewing Party would be entitled under this Agreement or (ii) would reasonably be expected to
materially adversely affect the Tax position of the Reviewing Party, the Preparing Party shall prepare the portions of such Tax Return that relates to the business of the Reviewing Party (the Air Products Retained Business or the Versum Business, as
the case may be), shall provide a draft of such portion of such Tax Return to the Reviewing Party for its review and comment at least fifteen (15) days prior to the due date for such Tax Return, and shall use commercially reasonable efforts to
modify such portion of such Tax Return before filing to include the Reviewing Party’s reasonable comments; provided, however, that nothing herein shall prevent the Preparing Party from timely filing any such Tax Return. The
Parties shall attempt in good faith to resolve any issues arising out of the review of any such portion of a Tax Return. 
 Section 3.4
Cooperation. The Parties shall provide, and shall cause their Affiliates to provide, assistance and cooperation to one another in accordance with Article VII with respect to the preparation and filing of Tax Returns, including
providing information required to be provided in Article VIII. 
 Section 3.5 Tax Reporting Practices. Except as provided
in the following Section 3.6, with respect to any Tax Return for any taxable period that begins on or before the second anniversary of the Distribution Date with respect to which Versum is the Preparing Party, such Tax Return shall be
prepared in a manner (i) consistent with past practices, accounting methods, elections and conventions (“Past Practices”) used by Air Products in preparing similar Tax Returns (unless there is no Reasonable Basis for the use of
such Past Practices), and to the extent any items are not covered by Past Practices (or in the event that there is no Reasonable Basis for the use of such Past Practices), in accordance with reasonable Tax accounting practices selected by Versum;
and (ii) that, to the extent consistent with the foregoing clause (i), minimizes the overall amount of Taxes due and payable on such Tax Return for all of the Parties by cooperating in making such elections or applications for group or other
relief or allowances 

  
 13 

 
available in the taxing jurisdiction in which such Tax Return is filed. Versum shall not take any action 

inconsistent with the assumptions (including items of income, gain, deduction, loss and credit) made in determining all estimated or advance payments of Taxes
on or prior to the Distribution Date. In addition, Versum shall not be permitted, and shall not permit any member of the Versum Group, to make a change in any of its methods of accounting for tax purposes until all applicable statutes of limitations
for all Pre-Distribution Periods and Straddle Periods have expired. 
 Section 3.6 Reporting of Transactions. Air Products and
Versum shall timely file any appropriate information and statements (including as required by Section 6045B of the Code and Section 1.355-5 and, to the extent applicable, Section 1.368-3 of the Treasury Regulations) to report each
step of the Transactions in accordance with the Intended Tax Treatment. The Tax treatment of any step in or portion of the Transactions shall be reported on each applicable Tax Return consistently with the treatment thereof in any Tax Opinion,
taking into account the jurisdiction in which such Tax Returns are filed, unless there is no Reasonable Basis for such Tax treatment. In the event that a Party shall determine that there is no Reasonable Basis for such Tax treatment, such Party
shall notify the other Party no later than twenty (20) Business Days prior to filing the relevant Tax Return and the Parties shall attempt in good faith to agree on the manner in which the relevant portion of the Transactions shall be reported.
If Air Products determines, in its sole and absolute discretion, that a protective election under Section 336(e) of the Code shall be made with respect to the Transactions, Versum agrees to take any such action that is necessary to effect such
election, including any corresponding election with respect to any of its Subsidiaries, as determined by Air Products. 
 Section 3.7
Payment of Taxes. 
 (a) With respect to any Tax Return required to be filed pursuant to this Agreement, the Preparing Party shall
remit or cause to be remitted to the applicable Taxing Authority in a timely manner any Taxes due in respect of any such Tax Return. The obligation to make payments pursuant to this Section 3.7(a) shall not affect a Party’s right,
if any, to receive payments under Article V or otherwise be indemnified with respect to that Tax liability. 
 (b) The Preparing
Party shall, no later than 5 business days before the due date (including extensions) of any Tax Return described in Section 3.1 or 3.2, notify the other Party of any amount (or any portion of any such amount) shown as due on that
Tax Return for which the other Party must indemnify the Preparing Party under this Agreement. The other Party shall pay such amount to the Preparing Party no later than the due date (including extensions) of the relevant Tax Return. A failure by an
Indemnitee to give notice as provided in this Section 3.7(b) shall not relieve the Indemnifying Party’s indemnification obligations under this Agreement, except to the extent that the Indemnifying Party shall have been actually
prejudiced by such failure. 
 Section 3.8 Amended Returns and Carrybacks. 

(a) Versum shall not, and shall not permit any member of the Versum Group to, file or allow to be filed any request for an Adjustment for any
Pre-Distribution Period or Straddle Period without the prior written consent of Air Products, such consent to be exercised in Air Products’ sole and absolute discretion. 

  
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 (b) Versum shall, and shall cause each member of the Versum Group to, make any available
elections to waive the right to carry back any Tax Attribute from a taxable period or portion thereof ending after the Distribution Date to a taxable period or portion thereof ending on or before the Distribution Date. 

(c) Versum shall not, and shall cause each member of the Versum Group not to, make any affirmative election to carry back any Tax Attribute
from a taxable period or portion thereof ending after the Distribution Date to a taxable period or portion thereof ending on or before the Distribution Date, without the prior written consent of Air Products, such consent to be exercised in Air
Products’ sole and absolute discretion. 
 (d) Receipt of consent by Versum or a member of the Versum Group from Air Products pursuant
to the provisions of this Section 3.8 shall not limit or modify Versum’s continuing indemnification obligation pursuant to Article V. 

Section 3.9 Tax Attributes. 

(a) Versum shall make its own determination as to the existence and the amount of the Tax Attributes to which it is entitled after the
Distribution Date; provided, however, that such determination shall be made in a manner that is (i) consistent with Past Practices; (ii) in accordance with the rules prescribed by applicable Law, including the Code and the
Treasury Regulations; (iii) consistent with the Tax Certificates and the Intended Tax Treatment; and (iv) reasonably determined by Versum to minimize the aggregate cash Tax liability of the Parties for all Pre-Distribution Periods and the
portion of all Straddle Periods ending on the Distribution Date. 
 (b) Upon the reasonable request of Versum, Air Products shall provide
Versum with any reasonably available Tax Records relating to the determination of Tax Attributes if and only to the extent such Tax Records exist on the Distribution Date. Nothing in this Agreement, including this Section 3.9(b), shall
require Air Products to make any determinations or otherwise create any Tax Records with respect to Tax Attributes or the determination thereof. 

ARTICLE IV 
 TAX-FREE
STATUS OF THE DISTRIBUTION 
 Section 4.1 Representations and Warranties. 

(a) Air Products, on behalf of itself and all other members of the Air Products Group, hereby represents and warrants that (i) it has
examined the Tax Opinions, the Separation Plan, the Tax Certificates and any other materials delivered or deliverable in connection with the rendering of the Tax Opinions and the creation of the Separation Plan (collectively, the “Tax
Materials”) and (ii) the facts presented and representations made therein, to the extent descriptive of or otherwise relating to Air Products or any member of the Air Products Group or the Air

  
 15 

 
Products Retained Business, were, at the time presented or represented and from such time until and including the Distribution Date, true, correct, and complete in all material respects. Air
Products, on behalf of itself and all other members of the Air Products Group, hereby confirms and agrees to comply with any and all covenants and agreements in the Tax Materials applicable to Air Products or any member of the Air Products Group or
the Air Products Retained Business. 
 (b) Versum, on behalf of itself and all other members of the Versum Group, hereby represents and
warrants that (i) it has examined the Tax Materials and (ii) the facts presented and representations made therein, to the extent descriptive of or otherwise relating to Versum or any member of the Versum Group or the Versum Business, were,
at the time presented or represented and from such time until and including the Distribution Date, true, correct, and complete in all material respects. Versum, on behalf of itself and all other members of the Versum Group, hereby confirms and
agrees to comply with any and all covenants and agreements in the Tax Materials applicable to Versum or any member of the Versum Group or the Versum Business. 

(c) Each of Air Products, on behalf of it itself and all other members of the Air Products Group, and Versum, on behalf of itself and all
other members of the Versum Group represents and warrants that it knows of no fact (after due inquiry) that may cause the Transactions not to qualify for the Intended Tax Treatment. 

(d) Each of Air Products, on behalf of it itself and all other members of the Air Products Group, and Versum, on behalf of itself and all
other members of the Versum Group represents and warrants that it has no plan or intent to take any action which is inconsistent with any statements or representations made in the Tax Materials. 

Section 4.2 Restrictions on Air Products. 

(a) Air Products, on behalf of itself and all other members of the Air Products Group, hereby covenants and agrees that no member of the Air
Products Group will take, fail to take, or to permit to be taken: (i) any action where such action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant or representation in the Tax Opinions or
the Tax Certificates, or (ii) any action which adversely affects or could reasonably be expected to adversely affect the Intended Tax Treatment of the Transactions. 

Section 4.3 Restrictions on Versum. 

(a) Versum, on behalf of itself and all other members of the Versum Group, hereby covenants and agrees that no member of the Versum Group will
take, fail to take, or to permit to be taken: (i) any action where such action or failure to act would be inconsistent with or cause to be untrue any statement, information, covenant or representation in the Tax Opinions or the Tax
Certificates, or (ii) any action which adversely affects or could reasonably be expected to adversely affect the Intended Tax Treatment of the Transactions. 

(b) Versum shall not, directly or indirectly, (i) pre-pay, pay down, redeem, retire or otherwise acquire, however effected including
pursuant to the terms thereof, any of the Versum Securities prior to their stated maturity or permit any member of the Versum 

  
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Group to take any such action, or (ii) take or permit to be taken any action at any time, including, without limitation, any modification to the terms of the Versum Securities that could
jeopardize, directly or indirectly, the qualification, in whole or part, of any of the Versum Securities as “securities” within the meaning of Section 361(a) of the Code (or permit any member of the Versum Group to take or permit to
be taken any such action). 
 (c) During the Restricted Period, Versum: 

(i) shall continue and cause to be continued the active conduct of the Versum Business for purposes of Section 355(b)(2)
of the Code, taking into account Section 355(b)(3) of the Code, as conducted immediately prior to the Distribution, 

(ii) shall not voluntarily dissolve or liquidate itself or any of its Affiliates (including any action that is a liquidation
for U.S. federal income tax purposes), 
 (iii) shall not (and shall not cause or permit any of its Affiliates to)
(1) enter into any Proposed Acquisition Transaction or, to the extent Versum has the right to prohibit any Proposed Acquisition Transaction, permit any Proposed Acquisition Transaction to occur, (2) redeem or otherwise repurchase (directly
or through an Affiliate) any Versum stock, or rights to acquire Versum stock, other than through stock purchases meeting the requirements of section 4.05(1)(b) of Revenue Procedure 96-30, 1996-1 C.B. 696, (3) amend its certificate of
incorporation (or other organizational documents), or take any other action, whether through a stockholder vote or otherwise, affecting the relative voting rights of its capital stock (including through the conversion of any capital stock into
another class of capital stock), (4) merge or consolidate with any other Person or (5) take any other action or actions (including any action or transaction that would be reasonably likely to be inconsistent with any representation made in
the Tax Certificates) which in the aggregate would, when combined with any other direct or indirect changes in ownership of Versum capital stock pertinent for purposes of Section 355(e) of the Code, have the effect of causing or permitting one
or more Persons (whether or not acting in concert) to acquire directly or indirectly stock representing a fifty-percent or greater interest in Versum or would reasonably be expected to result in a failure to preserve the Intended Tax Treatment of
the Transactions; and 
 (iv) shall not and shall not permit any member of the Versum Group, to sell, transfer, or otherwise
dispose of or agree to, sell, transfer or otherwise dispose (including in any transaction treated for federal income tax purposes as a sale, transfer or disposition) of assets (including, any shares of capital stock of a Subsidiary) that, in the
aggregate, constitute more than 20% of the consolidated gross assets of Versum or the Versum Group. The foregoing sentence shall not apply to (1) sales, transfers, or dispositions of assets in the ordinary course of business, (2) any cash
paid to acquire assets from an unrelated Person in an arm’s-length transaction, (3) any assets transferred to a Person that is 

  
 17 

 
disregarded as an entity separate from the transferor for federal income tax purposes or (4) any mandatory or optional repayment (or pre-payment) of any indebtedness of Versum or any member
of the Versum Group. The percentages of gross assets or consolidated gross assets of Versum or the Versum Group, as the case may be, sold, transferred, or otherwise disposed of, shall be based on the fair market value of the gross assets of Versum
and the members of the Versum Group as of the Distribution Date. For purposes of this Section 4.3(c)(iv), a merger of Versum or one of its Subsidiaries with and into any Person that is not a wholly owned Subsidiary of Versum shall
constitute a disposition of all of the assets of Versum or such Subsidiary. 
 (d) Notwithstanding the restrictions imposed by the foregoing
Sections 4.3(a), (b) and (c), Versum or a member of the Versum Group may take any of the actions or transactions described therein if Versum either (i) obtains an Unqualified Tax Opinion in form and substance
reasonably satisfactory to Air Products or (ii) obtains the prior written consent of Air Products waiving the requirement that Versum obtain an Unqualified Tax Opinion, such waiver to be provided in Air Products’ sole and absolute
discretion. Air Products’ evaluation of an Unqualified Tax Opinion may consider, among other factors, the appropriateness of any underlying assumptions, representations, and covenants made in connection with such opinion. Versum shall bear all
costs and expenses of securing any such Unqualified Tax Opinion and shall reimburse Air Products for all reasonable out-of-pocket expenses that Air Products or any of its Affiliates may incur in good faith in seeking to obtain or evaluate any such
Unqualified Tax Opinion. Neither the delivery of an Unqualified Tax Opinion nor Air Products’ waiver of Versum’s obligation to deliver an Unqualified Tax Opinion shall limit or modify Versum’s continuing indemnification obligation
pursuant to Article V. 
 ARTICLE V 

INDEMNITY OBLIGATIONS 

Section 5.1 Indemnity Obligations. 

(a) Air Products shall indemnify and hold harmless Versum from and against, and will reimburse Versum for, (i) all liability for Taxes
allocated to Air Products pursuant to Article II, (ii) all Tax-Related Losses arising out of, based upon, or relating or attributable to any breach of or inaccuracy in, or failure to perform, as applicable, any representation, covenant,
or obligation of any member of the Air Products Group pursuant to this Agreement, and (iii) any other Tax-Related Loss resulting (for the absence of doubt, in whole or in part) from an acquisition after the Distribution of any stock or assets
of Air Products (or any Air Products Affiliate) by any means whatsoever by any Person. 
 (b) Without regard to whether an Unqualified Tax
Opinion may have been provided or whether any action is permitted or consented to hereunder and notwithstanding anything else to the contrary contained herein, Versum shall indemnify and hold harmless Air Products from and against, and will
reimburse Air Products for, (i) all liability for Taxes allocated to Versum pursuant to Article II, (ii) all Tax-Related Losses arising out of, based upon, or relating or attributable to any breach of or inaccuracy in, or failure to
perform, as applicable, 

  
 18 

 
any representation, covenant, or obligation of any member of the Versum Group pursuant to this Agreement, (iii) any other Tax-Related Loss resulting (for the absence of doubt, in whole or in
part) from an acquisition after the Distribution of any stock or assets of Versum (or any Versum Affiliate) by any means whatsoever by any Person and (iv) the amount of any Refund received by any member of the Versum Group that is allocated to
Air Products pursuant to Section 2.14(a). 
 (c) To the extent that any Tax-Related Loss is subject to indemnity pursuant to
both Section 5.1(a) and Section 5.1(b), responsibility for such Tax-Related Loss shall be shared by Air Products and Versum according to relative fault. 

Section 5.2 Indemnification Payments. 

(a) Except as otherwise provided in this Agreement, if either Party (the “Indemnitee”) is required to pay to a Taxing
Authority a Tax or to another Person a payment in respect of a Tax that the other Party (the “Indemnifying Party”) is liable for under this Agreement, including as the result of a Final Determination, the Indemnitee shall notify the
Indemnifying Party, in writing, of its obligation to pay such Tax and, in reasonably sufficient detail, its calculation of the amount due by such Indemnifying Party to the Indemnitee, including any other Tax-Related Losses attributable thereto. The
Indemnifying Party shall pay such amount, including any other Tax-Related Losses attributable thereto, to the Indemnitee no later than the later of (i) five (5) Business Days prior to the date on which such payment is due to the applicable
Taxing Authority or (ii) fifteen (15) Business Days after the receipt of notice from the other Party. 
 (b) If, as a result of
any change or redetermination made with respect to Article II, any amount previously allocated to and borne by one Party pursuant to the provisions of Article II is thereafter allocated to the other Party, then, no later than five
(5) Business Days after such change or redetermination, such other Party shall pay to such Party the amount previously borne by such Party which is allocated to such other Party as a result of such change or redetermination. 

Section 5.3 Payment Mechanics. 

(a) Subject to Section 10.7, all payments under this Agreement shall be made by Air Products directly to Versum and by Versum
directly to Air Products; provided, however, that if the Parties mutually agree with respect to any such indemnification payment, any member of the Air Products Group, on the one hand, may make such indemnification payment to any
member of the Versum Group, on the other hand, and vice versa. All indemnification payments shall be treated in the manner described in Section 5.4. 

(b) In the case of any payment of Taxes made by a Preparing Party or Indemnitee pursuant to this Agreement for which such Preparing Party or
Indemnitee, as the case may be, has received a payment from the other Party, such Preparing Party or Indemnitee shall provide to the other Party a copy of any official government receipt received with respect to the payment of such Taxes to the
applicable Taxing Authority (or, if no such official governmental receipts are available, executed bank payment forms or other reasonable evidence of payment). 

  
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 Section 5.4 Treatment of Payments. The Parties agree that any payment made among the
Parties pursuant to this Agreement shall be treated, to the extent permitted by law, for all United States federal income Tax purposes as either (i) a non-taxable contribution by Air Products to Versum, or (ii) a distribution by Versum to
Air Products, in each case, made immediately prior to the Distribution. Any Tax indemnity payment made by a Party under this Agreement shall be increased as necessary so that after making all payments in respect to Taxes imposed on or attributable
to such indemnity payment, the recipient Party receives an amount equal to the sum it would have received had no such Taxes been imposed. 

ARTICLE VI 
 TAX
CONTESTS 
 Section 6.1 Notice. Each Party shall notify the other Party in writing within ten (10) days after
receipt by such Party or any member of its Group of a written communication from any Taxing Authority with respect to any pending or threatened audit, claim, dispute, suit, action, proposed assessment or other proceeding (a “Tax
Contest”) concerning any Taxes for which the other Party may be liable pursuant to this Agreement, and thereafter shall promptly forward or make available to such Party copies of notices and communications relating to such Tax Contest. A
failure by an Indemnitee to give notice as provided in this Section 6.1 (or to promptly forward any such notices or communications) shall not relieve the Indemnifying Party’s indemnification obligations under this Agreement, except
to the extent that the Indemnifying Party shall have been actually prejudiced by such failure. 
 Section 6.2 Separate Returns.
In the case of any Tax Contest with respect to any Separate Return, the Party having the liability for the Tax pursuant to Article II hereof shall have the sole responsibility and right to control the prosecution of such Tax Contest,
including the exclusive right to communicate with agents of the applicable Taxing Authority and to control, resolve, settle, or agree to any deficiency, claim, or adjustment proposed, asserted, or assessed in connection with or as a result of such
Tax Contest. 
 Section 6.3 Joint Return. In the case of any Tax Contest with respect to any Joint Return, Air Products shall
have the sole responsibility and right to control the prosecution of such Tax Contest, including the exclusive right to communicate with agents of the applicable Taxing Authority and to control, resolve, settle, or agree to any deficiency, claim, or
adjustment proposed, asserted, or assessed in connection with or as a result of such Tax Contest. 
 Section 6.4 Obligation of
Continued Notice. During the pendency of any Tax Contest or threatened Tax Contest, each of the Parties shall provide prompt notice to the other Party of any written communication received by it or a member of its respective Group from a Taxing
Authority regarding any Tax Contest for which it is indemnified by the other Party hereunder or for which it may be required to indemnify the other Party hereunder. Such notice shall attach copies of the pertinent portion of any written
communication from a Taxing Authority and contain factual information (to the extent known) describing any asserted Tax liability in reasonable detail and shall be accompanied by copies of any notice and other documents received from any Taxing
Authority in respect of any such matters. Such notice shall be provided in a reasonably timely fashion; provided, however, that in the event that timely notice is not provided, a Party shall be relieved of its obligation to indemnify
the other Party only to the extent that such delay results in actual increased costs or actual prejudice to such other Party. 

  
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 Section 6.5 Settlement Rights. Unless waived by the Parties in writing, in connection
with any potential adjustment in a Tax Contest as a result of which adjustment the Non-Controlling Party may reasonably be expected to become liable to make any indemnification payment to the Controlling Party under this Agreement: (i) the
Controlling Party shall keep the Non-Controlling Party informed in a timely manner of all actions taken or proposed to be taken by the Controlling Party with respect to such potential adjustment in such Tax Contest; (ii) the Controlling Party
shall timely provide the Non-Controlling Party with copies of any correspondence or filings submitted to any Taxing Authority or judicial authority in connection with such potential adjustment in such Tax Contest; and (iii) the Controlling
Party shall defend such Tax Contest diligently and in good faith. The failure of the Controlling Party to take any action specified in the preceding sentence with respect to the Non-Controlling Party shall not relieve the Non-Controlling Party of
any liability and/or obligation which it may have to the Controlling Party under this Agreement, and in no event shall such failure relieve the Non-Controlling Party from any other liability or obligation which it may have to the Controlling Party.

 ARTICLE VII 

COOPERATION 

Section 7.1 General. 

(a) Each Party shall fully cooperate, and shall cause all members of such Party’s Group to fully cooperate, with all reasonable requests
in writing from the other Party, or from an agent, representative or advisor to such Party, in connection with the preparation and filing of any Tax Return, claims for Refunds, the conduct of any Tax Contest, and calculations of amounts required to
be paid pursuant to this Agreement, in each case, related or attributable to or arising in connection with Taxes of either Party or any member of either Party’s Group covered by this Agreement and the establishment of any reserve required in
connection with any financial reporting (a “Tax Matter”). Such cooperation shall include the provision of any information reasonably necessary or helpful in connection with a Tax Matter and shall include, without limitation, at each
Party’s own cost: 
 (i) the provision of any Tax Returns of either Party or any member of either Party’s Group,
books, records (including information regarding ownership and Tax basis of property), documentation and other information relating to such Tax Returns, including accompanying schedules, related work papers, and documents relating to rulings or other
determinations by Taxing Authorities; 
 (ii) the execution of any document (including any power of attorney) in connection
with any Tax Contest of either Party or any member of either Party’s Group, or the filing of a Tax Return or a Refund claim of either Party or any member of either Party’s Group; 

  
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 (iii) the use of the Party’s reasonable best efforts to obtain any
documentation in connection with a Tax Matter; 
 (iv) the use of the Party’s reasonable best efforts to obtain any Tax
Returns (including accompanying schedules, related work papers, and documents), documents, books, records or other information in connection with the filing of any Tax Returns of any of either Party or any member of either Party’s Group; and

 (v) the provision of all information necessary for Air Products to be able to calculate and claim Tax Attributes or the
benefits thereof, including research and development credits, for any Tax Return of Air Products or any member of the Air Products Group. 

Each Party shall make its employees and facilities available, without charge, on a mutually convenient basis to facilitate such cooperation.

 Section 7.2 Consistent Treatment. Unless and until there has been a Final Determination to the contrary, each Party agrees
not to take any position on any Tax Return, in connection with any Tax Contest or otherwise, that is inconsistent with (a) the treatment of payments between the Air Products Group and the Versum Group as set forth in Section 5.4, or
(b) the Intended Tax Treatment. 
 ARTICLE VIII 

RETENTION OF RECORDS; ACCESS 

Section 8.1 Retention of Records. For so long as the contents thereof may become material in the administration of any matter
under applicable Tax law, but in any event until the later of (i) sixty (60) days after the expiration of any applicable statutes of limitation (including any waivers or extensions thereof) and (ii) seven years after the Distribution
Date, the Parties shall retain records, documents, accounting data and other information (including computer data) necessary for the preparation and filing of all Tax Returns (collectively, “Tax Records”) in respect of Taxes of any
member of either the Air Products Group or the Versum Group for any Pre-Distribution Period, Straddle Period, or Post-Distribution Period or for any Tax Contests relating to such Tax Returns. At any time after the Distribution Date that the Air
Products Group proposes to destroy such records or documents, it shall first notify the Versum Group in writing and the Versum Group shall be entitled to receive such records or documents proposed to be destroyed. At any time after the Distribution
Date that the Versum Group proposes to destroy such records or documents, it shall first notify the Air Products Group in writing and the Air Products Group shall be entitled to receive such records or documents proposed to be destroyed. The Parties
will notify each other in writing of any waivers or extensions of the applicable statute of limitations that may affect the period for which the foregoing records or other documents must be retained. 

  
 22 

 Section 8.2 Access to Tax Records. The Parties and their respective Affiliates shall
make available to each other for inspection and copying during normal business hours upon reasonable notice all Tax Records (and, for the avoidance of doubt, any pertinent underlying data accessed or stored on any computer program or information
technology system) in their possession and shall permit the other Party and its Affiliates, authorized agents and representatives and any representative of a Taxing Authority or other Tax auditor direct access, during normal business hours upon
reasonable notice, to any computer program or information technology system used to access or store any Tax Records, in each case to the extent reasonably required by the other Party in connection with the preparation of Tax Returns or financial
accounting statements, audits, litigation, or the resolution of items pursuant to this Agreement. The Party seeking access to the records of the other Party shall bear all costs and expenses associated with such access, including any professional
fees. 
 ARTICLE IX 

DISPUTE RESOLUTION 

In the event of any dispute between the Parties as to any matter covered by this Agreement, the Parties shall appoint a nationally recognized
independent public accounting firm (the “Accounting Firm”) to resolve such dispute. In this regard, the Accounting Firm shall make determinations with respect to the disputed items based solely on representations made by Air
Products and Versum and their respective representatives, and not by independent review, and shall function only as an expert and not as an arbitrator and shall be required to make a determination in favor of one Party only. The Parties shall
require the Accounting Firm to resolve all disputes no later than thirty (30) days after the submission of such dispute to the Accounting Firm, but in no event later than the due date for the payment of Taxes or the filing of the applicable Tax
Return, if applicable, and agree that all decisions by the Accounting Firm with respect thereto shall be final and conclusive and binding on the Parties. The Accounting Firm shall resolve all disputes in a manner consistent with this Agreement and,
to the extent not inconsistent with this Agreement, in a manner consistent with the Past Practices of Air Products and its Subsidiaries, except as otherwise required by applicable Law. The Parties shall require the Accounting Firm to render all
determinations in writing and to set forth, in reasonable detail, the basis for such determination. The fees and expenses of the Accounting Firm shall be borne equally by the Parties. 

ARTICLE X 

MISCELLANEOUS PROVISIONS 

Section 10.1 Conflicting Agreements. In the event and to the extent that there shall be a conflict between the provisions of this
Agreement and the provisions of the Separation Agreement, this Agreement shall control with respect to the subject matter thereof. In the event and to the extent that there shall be a conflict between the provisions of this Agreement and the
provisions of any of the Conveyance and Assumption Instruments, this Agreement shall control. 
 Section 10.2 Termination. This
Agreement will terminate without further action at any time before the Distribution upon termination of the Separation Agreement. If terminated, no Party will have any liability of any kind to the other Party or any other Person on account of this
Agreement, except as provided in the Separation Agreement. 

  
 23 

 Section 10.3 Interest on Late Payments. With respect to any payment between the
Parties pursuant to this Agreement not made by the due date set forth in this Agreement for such payment, the outstanding amount will accrue interest at a rate per annum equal to the rate in effect for underpayments under Section 6621 of the
Code from such due date to and including the payment date. 
 Section 10.4 Specific Performance. In the event of any actual or
threatened default in, or breach of, any of the terms, conditions and provisions of this Agreement, Air Products shall have the right to specific performance and injunctive or other equitable relief of its rights under this Agreement, in addition to
any and all other rights and remedies at law or in equity, and all such rights and remedies shall be cumulative. Versum shall not oppose the granting of such relief on the basis that money damages are an adequate remedy. The Parties agree that the
remedies at law for any breach or threatened breach hereof, including monetary damages, are inadequate compensation for any loss and that any defense in any action for specific performance that a remedy at law would be adequate is waived. Any
requirements for the securing or posting of any bond with such remedy are waived. The Parties acknowledge and agree that the right of specific enforcement is an integral part of this Agreement and without that right, neither Air Products nor Versum
would have entered into this Agreement. 
 Section 10.5 Successors. This Agreement shall be binding on and inure to the benefit
of any successor by merger, acquisition of assets, or otherwise, to any of the parties hereto, to the same extent as if such successor had been an original party to this Agreement. 

Section 10.6 Application to Present and Future Subsidiaries. This Agreement is being entered into by Air Products and Versum on
behalf of themselves and the members of their respective Group. This Agreement shall constitute a direct obligation of each such Party and shall be deemed to have been readopted and affirmed on behalf of any entity that becomes a Subsidiary of Air
Products or Versum in the future. 
 Section 10.7 Assignability. This Agreement shall not be assignable, in whole or in part,
directly or indirectly, by any party hereto without the prior written consent of the other Party (not to be unreasonably withheld or delayed), and any attempt to assign any rights or obligations arising under this Agreement without such consent
shall be void. Notwithstanding the foregoing, this Agreement shall be assignable to (i) with respect to Air Products, an Affiliate of Air Products, or (ii) a bona fide third party in connection with a merger, reorganization, consolidation
or the sale of all or substantially all the assets of a Party hereto so long as the resulting, surviving or transferee entity assumes all the obligations of the relevant Party hereto by operation of law or pursuant to an agreement in form and
substance reasonably satisfactory to the other Party to this Agreement. No assignment permitted by this Section 10.7 shall release the assigning Party from liability for the full performance of its obligations under this Agreement. 

Section 10.8 No Fiduciary Relationship. The duties and obligations of the Parties, and their respective successors and permitted
assigns, contained herein are the extent of the duties and obligations contemplated by this Agreement; nothing in this Agreement is intended to create a fiduciary relationship between the Parties hereto, or any of their successors and permitted
assigns, or create any relationship or obligations other than those explicitly described. 

  
 24 

 Section 10.9 Further Assurances. Subject to the provisions hereof, the Parties hereto
shall make, execute, acknowledge and deliver such other instruments and documents, and take all such other actions, as may be reasonably required in order to effectuate the purposes of this Agreement and to consummate the transactions contemplated
hereby. 
 Section 10.10 Survival. Notwithstanding any other provision of this Agreement to the contrary, all representations,
covenants and obligations contained in this Agreement shall survive until the expiration of the applicable statute of limitations with respect to any such matter (including extensions thereof). 

Section 10.11 Notices. All notices, requests, claims, demands or other communications under this Agreement shall be in writing and
shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, by facsimile or electronic transmission with receipt confirmed (followed by delivery of an original via
overnight courier service) or by registered or certified mail (postage prepaid, return receipt requested) to the respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in
accordance with this Section 10.11): 
 If to Air Products, to: 

[ • ] 

[ • ] 

[ • ] 

Attn: [ • ] 

Facsimile: [ • ] 

with a copy to: 

Skadden, Arps, Slate, Meagher & Flom LLP 

4 Times Square 

New York, NY 10036 

Attn: David M. Rievman 

Attn: Steven J. Matays 

Facsimile: (917) 777-2372 

If to Versum, to: 

[ • ] 

[ • ] 

[ • ] 

Attn: [ • ] 

Facsimile: [ • ] 

  
 25 

 with a copy to: 

[ • ] 

[ • ] 

[ • ] 

Attn: [ • ] 

Facsimile: [ • ] 

Any Party may, by notice to the other Party, change the address to which such notices are to be given. 

Section 10.12 Effective Date. This Agreement shall become effective only upon the occurrence of the Distribution. 

*        *        * 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 26 

 IN WITNESS WHEREOF, the Parties hereto have duly executed this Agreement as of the day and year
first above written. 
  

			
	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	VERSUM MATERIALS, INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 27EX-10.3

 Exhibit 10.3 

FORM OF 
 EMPLOYEE
MATTERS AGREEMENT 
 This EMPLOYEE MATTERS AGREEMENT (this “Agreement”) dated as of [●], 2016, is by and between
AIR PRODUCTS AND CHEMICALS, INC., a Delaware corporation (“Air Products”) and VERSUM MATERIALS, a Delaware corporation (“Versum”). “Party” or “Parties” means Air Products or Versum,
individually or collectively, as the case may be. 
 RECITALS: 

WHEREAS, the Board of Directors of Air Products (the “Air Products Board”) has determined that it is appropriate, desirable
and in the best interests of Air Products and its stockholders to separate the Versum Business from the other businesses conducted by Air Products and its Subsidiaries; 

WHEREAS, in order to effect such separation, the Air Products Board has determined that it is appropriate, desirable and in the best interests
of Air Products and its stockholders for Air Products to undertake the Internal Reorganization and, in connection therewith, effect the Contribution to Versum and that, in exchange therefor, Versum shall pay Air Products the Versum Financing Cash
Distribution; 
 WHEREAS, following the completion of the Internal Reorganization and the Versum Financing Cash Distribution, Air Products
will complete the Distribution; 
 WHEREAS, the Separation Agreement sets forth the terms and conditions applicable to the Distribution; and

 WHEREAS, in furtherance of the foregoing, the Parties have entered into this Agreement, which is an Ancillary Agreement to the Separation
Agreement, to govern the rights and obligations of the Parties with respect to employment, compensation, employee benefits and related matters in connection with the Transactions, and to ratify actions previously taken in connection with the
Contribution, as set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set forth below,
the parties hereto agree as follows: 
 ARTICLE I  

SCOPE OF AGREEMENT; DEFINITIONS 

Capitalized terms used but not defined herein shall have the meaning ascribed to them in the Separation Agreement entered into between the
Parties, dated as of the date hereof (the “Separation Agreement”). For purposes of this Agreement the terms set forth below shall have the following meanings: 

1.1 Air Products Deferred Compensation Program for Directors means the Air Products Deferred Compensation Program for Directors, as
amended from time to time, offered as a program under the Air Products Stock Plan. 
 1.2 Air Products Defined Benefit Retirement Plans
means the Air Products Pension Plan for Salaried Employees, the Pension Plan for Hourly-Rated Employees of Air Products and each other defined benefit pension plan maintained, sponsored, or contributed to by the Air Products Group. 

1.3 Air Products Employee means an employee other than a Versum Employee who, on the Employee Transfer Date, is either actively
employed by, or on leave of absence from, any member of the Air Products Group. 
 1.4 Air Products Flexible Benefits Plans means the
Air Products Flexible Spending Account Plan. 

 1.5 Air Products Group means Air Products, each other Subsidiary of Air Products involved
in the Transactions and each other Person that either (x) is controlled directly or indirectly by Air Products immediately after the Distribution or (y) becomes controlled by Air Products following the Distribution; provided, however, that neither
Versum nor any other member of Versum Group shall be members of the Air Products Group. 
 1.6 Air Products Post-Distribution Stock
Price shall have the meaning determined by the Management Development and Compensation Committee of the Air Products Board prior to the Separation Time for purposes of making the adjustments set forth in Article 11. 

1.7 Air Products Pre-Distribution Stock Price shall have the meaning determined by the Management Development and Compensation
Committee of the Air Products Board prior to the Separation Time for purposes of making the adjustments set forth in Article 11. 
 1.8
Air Products Stock Plan means the Air Products Long Term Incentive Plan, as amended from time to time, and any other plan, program or arrangement, pursuant to which employees and other service providers hold Options, Restricted Stock Units,
Performance Shares, Restricted Shares, Director Deferred Stock Units or other Air Products equity incentives. 
 1.9 COBRA means the
continuation coverage requirements for “group health plans” under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended from time to time, and as codified in Code Section 4980B and ERISA Sections 601
through 608. 
 1.10 Director Deferred Stock Unit means, when immediately preceded by “Air Products,” a contractual right
to receive shares of Air Products common stock issued pursuant to the Air Products Deferred Compensation Program for Directors and the Air Products Stock Plan, and when immediately preceded by “Versum,” means a contractual right to receive
shares of Versum common stock or the cash value thereof, which right is granted pursuant to the Versum Deferred Compensation Program for Directors and the Versum Stock Plan as set forth in Section 11.6. 

1.11 DOL means the United States Department of Labor. 

1.12 Employee Transfer Date means the latest of (i) the Distribution Date, (ii) the date on which the relevant employee is transferred
to or accepts an offer of employment from a member of the Versum Group and (iii) the date on which the relevant employee’s employment automatically transfers to a member of the Versum Group pursuant to TUPE or other automatic transfer
regulation. 
 1.13 ERISA means the Employee Retirement Income Security Act of 1974, as amended from time to time. 

1.14 Final Determination means the final resolution of liability for any tax, which resolution may be for a specific issue or
adjustment or for a taxable period, (i) by IRS Form 870 or 870-AD (or any successor forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form under the laws of a state, local, or foreign taxing
jurisdiction, except that a Form 870 or 870-AD or comparable form shall not constitute a Final Determination to the extent that it reserves (whether by its terms or by operation of law) the right of the taxpayer to file a claim for refund or
the right of the tax authority to assert a further deficiency in respect of such issue or adjustment or for such taxable period (as the case may be); (ii) by a decision, judgment, decree, or other order by a court of competent jurisdiction, which
has become final and unappealable; (iii) by a closing agreement or accepted offer in compromise under Sections 7121 or 7122 of the Internal Revenue Code, or a comparable agreement under the laws of a state, local, or foreign taxing jurisdiction.

 1.15 FMLA means the Family and Medical Leave Act of 1993, as amended from time to time. 

1.16 Former Versum Employee means (i) any individual whose employment with Air Products and its Subsidiaries terminated prior to the
Employee Transfer Date and who was, immediately prior to such termination, primarily devoting his or her working time to the Versum Business and (ii) those individuals set forth on Schedule 1.16. 

  
 2 

 1.17 Fringe Benefits means, when immediately preceded by “Air Products,” the Air
Products fringe benefits, plans, programs and arrangements sponsored and maintained by Air Products and, when immediately preceded by “Versum,” any fringe benefits, plans, programs and arrangements to be established by Versum. 

1.18 Health and Welfare Plans means, when immediately preceded by “Air Products,” the Air Products Health Plans, the Air
Products Flexible Benefits Plans, and the other health and welfare plans established and maintained by Air Products or a Subsidiary and, when immediately preceded by “Versum,” the Versum Health Plans, the Versum Flexible Benefits Plans,
and the other health and welfare plans to be established by Versum pursuant to Section 3.2. 
 1.19 Health Plans means, when
immediately preceded by “Air Products,” the group health plans and such other health plans or programs, including medical, prescription drug, dental and vision plans and programs established and maintained by Air Products or a Subsidiary
and, when immediately preceded by “Versum,” the group health plans and such other health plans or programs, including medical, prescription drug, dental and vision plans and programs to be established by Versum pursuant to
Section 3.2. 
 1.20 Inactive Versum Employee means any Versum Employee who is not actively at work on the Employee Transfer
Date because he or she is on approved short-term disability or other approved leave (other than vacation, bereavement or sick leave). 

1.21 Leave of Absence Program means, when immediately preceded by “Air Products,” the personal, medical, military and FMLA
leave and other leaves of absence required by applicable Law or offered from time to time under the personnel policies and practices of Air Products and when immediately preceded by “Versum,” the leave of absence programs to be established
by Versum pursuant to Section 3.2 that correspond to the respective Air Products Leave of Absence Program. 
 1.22 Life Insurance
Plan means, when immediately preceded by “Air Products,” the life insurance plan of Air Products, and when immediately preceded by “Versum,” the life insurance plan to be established by Versum pursuant to Section 3.2
that corresponds to the respective Air Products Life Insurance Plan. 
 1.23 Long-Term Disability Plan means, when immediately
preceded by “Air Products,” the Air Products Long-Term Disability Plan and when immediately preceded by “Versum,” the long-term disability plan to be established by Versum pursuant to Section 3.2. 

1.24 Nonqualified Plans means, when immediately preceded by “Air Products,” the Air Products Deferred Compensation Plan and
the Supplementary Pension Plan of Air Products, each as may be amended from time to time, and, when immediately preceded by “Versum,” the Versum Deferred Compensation Plan to be established by Versum pursuant to Sections 3.2 and 7.1. 

1.25 Option, when immediately preceded by “Air Products,” means an option to purchase Air Products common stock pursuant to
the Air Products Stock Plan, and when immediately preceded by “Versum,” means an option to purchase shares of Versum common stock, which Option is granted pursuant to the Versum Stock Plan as set forth in Section 11.2. 

1.26 Participating Company means, with respect to any Plan: (i) any Person (other than an individual) that Air Products has approved
for participation in, has accepted participation in, and which is participating in, a Plan sponsored by Air Products; or (ii) any Person (other than an individual) which, by the terms of such Plan, participates in such Plan or any employees of
which, by the terms of such Plan, participate in or are covered by such Plan. 

  
 3 

 1.27 Performance Share means, when immediately preceded by “Air Products,” a
contractual right to receive shares of Air Products common stock or the cash value thereof, which right is subject to transfer restrictions or to employment and/or performance vesting conditions, issued pursuant to the Air Products Stock Plan, and
when immediately preceded by “Versum 2014,” “Versum 2015” or “Versum 2016,” means a contractual right to receive shares of Versum common stock or the cash value thereof, which right is subject to transfer restrictions
or to employment and/or performance vesting conditions and is issued pursuant to the Versum Stock Plan as set forth in Section 11.4. 

1.28 Plan means any written or unwritten plan, policy, program, payroll practice, arrangement, contract, trust, insurance policy, or
any agreement or funding vehicle providing compensation or benefits to employees, former employees or directors of a member of the Air Products Group or Versum Group; when immediately preceded by “Air Products,” the Air Products Plans and
when immediately preceded by “Versum,” the plans to be established by Versum. 
 1.29 Plan Transition Date means the latest
of (i) the Distribution Date, (ii) such date as agreed upon by the Parties and (iii) with respect to an individual Versum Employee, the Employee Transfer Date. 

1.30 QDRO means a domestic relations order which qualifies under Section 414(p) of the Code and ERISA Section 206(d) and
which creates or recognizes an alternate payee’s right to, or assigns to an alternate payee, all or a portion of the benefits payable to a participant under a plan qualified under Section 401(a) of the Code. 

1.31 QMCSO means a medical child support order which qualifies under ERISA Section 609(a) and which creates or recognizes the
existence of an alternate recipient’s right to, or assigns to an alternate recipient the right to, receive benefits for which a participant or beneficiary is eligible under any of the Health Plans. 

1.32 Restricted Share means a share of Air Products common stock that possess voting and dividend rights but is subject to transfer
restrictions or to employment and/or performance vesting conditions, issued pursuant to the Air Products Stock Plan. 
 1.33 Restricted
Stock Unit means, when immediately preceded by “Air Products,” a contractual right to receive shares of Air Products common stock or the cash value thereof, which right is subject to transfer restrictions or to employment vesting
conditions, issued pursuant to the Air Products Stock Plan, and when immediately preceded by “Versum,” means a contractual right to receive shares of Versum common stock or the cash value thereof, which right is subject to transfer
restrictions or to employment vesting conditions and is granted pursuant to the Versum Stock Plan as set forth in Section 11.3.
 1.34
Retiree Programs means the Air Products Medical Plan. 
 1.35 Retirement Eligible Versum Employee means those Versum Employees
who are treated as separating from service with Air Products on the Distribution Date on or after reaching (i) the customary retirement age for such employee’s location (with a fully vested right to begin receiving immediate benefits under an
employer sponsored retirement plan) or (ii) in the absence of an employer sponsored plan for such employee’s location, the customary retirement age under the applicable statutory plan. Retirement Eligible Versum Employees are set forth on
Schedule 1.35. 
 1.36 Return Date means the date on which an Inactive Versum Employee returns to active employment. 

1.37 Savings Plans means, when immediately preceded by “Air Products,” the Air Products Retirement Savings Plan and the Air
Products 401(k) Plan, each a defined contribution plan, and when immediately preceded by “Versum,” means the defined contribution plan funded by a trust that is qualified under Code Section 401(a) and exempt from taxation under Code
Section 501(a), to be established by Versum pursuant to Section 3.2 and Article 6. 
 1.38 Separation Agreement has the
meaning set forth in the recitals. 
 1.39 Short-Term Disability Plan means, when immediately preceded by “Air Products,”
the Air Products Salary Continuation policy (or, where an employee works in a state that offers a statutory state short-term disability plan, then “Short-Term Disability Plan” refers to the alternative voluntary state disability plan
offered under the Short-Term Disability Plan) and when immediately preceded by “Versum,” means the short-term disability plan to be established by Versum pursuant to Section 3.2. 

  
 4 

 1.40 Transitional Employee means those Versum Employees set forth on Schedule 1.40. 

1.41 TUPE means in any relevant European jurisdiction the relevant statutory provision or law which implements the EU Acquired Rights
Directive (No. 77/187). 
 1.42 Versum Deferred Compensation Plan shall have the meaning set forth in Subsection 7.1(b)(ii).

 1.43 Versum Deferred Compensation Program for Directors means the Deferred Compensation Program for Directors adopted by Versum
prior to the Separation Time and offered as a program under the Versum Stock Plan. 
 1.44 Versum Defined Benefit Retirement Plans
shall have the meaning set forth in Section 5.1(c). 
 1.45 Versum Employee means (i) any individual who is employed by a member
of the Versum Group immediately prior to the Separation Time (including any individual who becomes employed by a member of the Versum Group prior to the Separation Time as a result of such individual’s transfer to or acceptance of an offer of
employment from a member of the Versum Group or the automatic transfer of such individual’s employment to a member of the Versum Group pursuant to TUPE or other automatic transfer regulation), (ii) any individual who automatically becomes
employed by a member of the Versum Group as a result of TUPE or other automatic transfer regulation simultaneously with the Separation Time and (iii) any individual who accepts an offer of employment from a member of the Versum Group as of the
applicable Employee Transfer Date. 
 1.46 Versum Flexible Benefits Plans means the Versum Flexible Spending Account Plan to be
established by Versum pursuant to Section 3.2. 
 1.47 Versum Group means Versum, each Transferred Entity, each other Subsidiary
of Versum and each other Person that either (i) is controlled directly or indirectly by Versum immediately after the Distribution or (ii) becomes controlled by Versum following the Distribution. 

1.48 Versum Stock Plan means the Versum Materials, Inc. Long-Term Incentive Plan adopted by Versum prior to the Separation Time. 

1.49 Versum Stock Price shall have the meaning determined by the Management Development and Compensation Committee of the Air Products
Board prior to the Separation Time for purposes of making the adjustments set forth in Article 11. 
 1.50 Versum WC Claims shall
have the meaning set forth in Subsection 8.6(b)(i). 
 ARTICLE II 

GLOBAL PROVISION; GENERAL ALLOCATION OF LIABILITIES 

2.1 In General. All provisions herein shall be subject to the requirements of all applicable Law and any collective bargaining, works
council or similar agreement or arrangement with any labor union. In the event that any provision herein sets forth the treatment of a plan and no Versum Employees in a particular jurisdiction participate in such plan, such provision shall not apply
with respect to such jurisdiction. 
 2.2 Employee Liabilities. On the applicable Employee Transfer Date, Versum or another member of
the Versum Group shall assume and thereafter shall pay, perform, fulfill, and discharge, except as expressly provided in this Agreement (including, without limitation, Section 2.3), (i) all employment or service-related Liabilities with respect
to all Versum Employees (and their dependents and beneficiaries) accrued and arising before, on and after the applicable Employee Transfer Date, and (ii) any Liabilities expressly transferred to Versum or a Versum Group

  
 5 

 
member under this Agreement or the Transition Services Agreement. On the applicable Employee Transfer Date, Air Products or another member of the Air Products Group shall assume and
thereafter shall pay, perform, fulfill, and discharge, except as expressly provided in this Agreement, (i) all employment or service-related Liabilities with respect to all Air Products Employees (and their dependents and beneficiaries) accrued and
arising before, on and after the applicable Employee Transfer Date, and (ii) any Liabilities expressly retained by Air Products or an Air Products Group member under this Agreement or the Transition Services Agreement. Air Products shall
indemnify Versum for any Liabilities assumed by Versum or another member of the Versum Group pursuant to this Section 2.2 with respect to any Transitional Employees (and their respective dependents and beneficiaries). 

2.3 Plan Liabilities. Air Products and Versum intend that Air Products and/or the applicable Air Products Plan shall retain and be
responsible for any Liabilities incurred with respect to Versum Employees under all Air Products Plans prior to the applicable Plan Transition Date, except (i) as set forth in Articles V or VI of this Agreement, (ii) where such Liability is
reflected in the financial statements of the Versum Group and (iii) as set forth on Schedule 2.3. An allocation of Versum costs incurred prior to the Plan Transition Date (calculated as set forth in the Transition Services Agreement) shall be
charged back to Versum. 
 ARTICLE III  

GENERAL PLAN MATTERS 
 3.1
Air Products Plans. 
 (a) Employee Participation. Effective as of the applicable Plan Transition Date, all Versum Employees
shall cease participating in any Air Products Plans and shall cease accruing benefits in respect of such plans. 
 (b) Versum
Participation in Air Products Plans. Until the applicable Plan Transition Date, Versum shall continue to be a Participating Company in the Air Products Health and Welfare Plans, the Air Products Savings Plans, the Air Products Fringe Benefits,
the Air Products Life Insurance Plan, the Air Products Long-Term Disability Plan and such other Air Products Plans in which Versum Employees participate, subject to the terms and conditions provided herein and in said Plans. 

(c) Air Products’ General Obligations as Plan Sponsor. Air Products shall continue to administer, or cause to be administered,
the Air Products Plans, and shall have the sole and absolute discretion and authority to interpret the Air Products Plans, as set forth therein, subject to the specific arrangements provided in this Agreement. Air Products shall administer all
claims incurred under the Air Products Plans. Any determination made or settlements entered into by Air Products with respect to such claims shall be final and binding. 

(d) Versum’s General Obligations as Participating Company. With respect to any Air Products Plan that provides benefits to a
Versum Employee, whether by virtue of Section 3.1(b) above or by virtue of such Versum Employee having accrued benefits in any Air Products Plan while an employee of the Air Products Group, Versum will cooperate, before and after the Plan
Transition Date, with Air Products on a timely basis with respect to such Plans, and Versum shall comply with the terms as set forth in such Plans or any procedures adopted pursuant thereto, including (without limitation): (i) assisting in the
administration of claims, to the extent requested by the claims administrator of said Air Products Plan; (ii) cooperating fully with Air Products Plan auditors; (iii) the provision of payroll processing support; (iv) the qualification and
administration of QDROs; (v) preserving the confidentiality of all financial arrangements Air Products has or may have with any entity or individual with whom Air Products has entered into an agreement relating to said Air Products Plan; and (vi)
preserving the confidentiality of participant information to the extent not specified otherwise in this Agreement. In addition, Versum shall provide, or cause to be provided, all participant information that is necessary or appropriate for the
efficient and accurate administration of each Air Products Plan or program that provides or has provided benefits to a Versum Employee during the respective period applicable to such Plan (including, without limitation, information related to the
employment status of Versum Employees required to administer the Air Products Nonqualified Plans). Air Products and its respective authorized agents shall, subject to applicable laws of confidentiality and data protection, be given reasonable
and timely access to, and may make copies of, all information relating to the subjects of this Agreement in the custody of the other party or its agents, to the extent necessary or appropriate for the administration of said Plans or programs. 

  
 6 

 (e) Reporting and Disclosing Communications to Participants. While Versum is a
Participating Company in any of the Air Products Plans (which, for the avoidance of doubt, shall not include, expressly or by implication, participation in any of the Air Products Defined Benefit Retirements Plans subject to UK laws), Air Products
shall take, or cause to be taken, all actions necessary or appropriate to facilitate the distribution of all Air Products Plan-related communications and materials to participating Versum Employees and their beneficiaries, including (without
limitation) notices and enrollment material for the Air Products Plans. To the extent that Air Products fails to take such action which results in the failure of a distribution of required disclosure materials in connection with an Air Products Plan
which results in any Liability to Versum, Air Products shall indemnify Versum for such Liability. Versum shall provide all information needed by Air Products to facilitate such Air Products Plan-related communications. Versum shall take, or cause to
be taken, all actions necessary or appropriate to facilitate the distribution of all Air Products Plan-related communications and materials to participating Versum Employees and their beneficiaries. To the extent that Versum fails to take such
action which results in the failure of a distribution of required disclosure materials in connection with an Air Products Plan which results in any Liability to Air Products, Versum shall indemnify Air Products for such Liability. 

(f) Air Products Under No Obligation to Maintain Plans. Nothing in this Agreement shall preclude Air Products, at any time, from
amending, merging, modifying, terminating, eliminating, reducing, or otherwise altering in any respect any Air Products Plan, any benefit under any Air Products Plan or any trust, insurance policy or funding vehicle related to any Air Products Plan.
To the extent that any such amendment, modification, termination or elimination of an Air Products Plan results in any Liability to Versum, Air Products shall indemnify Versum for such Liability. 

3.2 Versum Plans. 
 (a)
Establishment of Versum Plans. Effective as of the applicable Plan Transition Date, the Parties shall cause Versum to cease being a Participating Company in the Air Products Plans (which, for the avoidance of doubt, shall not include,
expressly or by implication, participation in any of the Air Products Defined Benefit Retirement Plans subject to UK laws) and Versum, or another member of Versum Group, shall adopt the Versum Health and Welfare Plans, the Versum Savings Plan, the
Versum Fringe Benefits, the Versum Life Insurance Plan, the Versum Long-Term Disability Plan, the Versum Short-Term Disability Plan, the Versum Nonqualified Plans and such other Versum Plans as may be determined to be appropriate by the Parties.

 (b) Cooperation in Establishment of Versum Plans. Prior to the applicable Plan Transition Date, Air Products and Versum shall
cooperate to establish Versum Plans and the related insurance contracts, third party service provider agreements and other related agreements and arrangements. 

(c) Versum Under No Obligation to Maintain Plans. Nothing in this Agreement shall preclude Versum from amending, merging, modifying,
terminating, eliminating, reducing, or otherwise altering in any respect any Versum Plan, any benefit under any Versum Plan or any trust, insurance policy or funding vehicle related to any Versum Plan. To the extent that any such amendment,
modification, termination or elimination of a Versum Plan results in any Liability to any member of the Air Products Group, Versum shall indemnify such Air Products Group member for such Liability. 

(d) Transfers of Plan Assets. Except as otherwise specified in Articles V and VI, nothing in this Agreement shall require Air Products
to transfer any Assets of any member of the Air Products Group or any Air Products Plan. 
 3.3 Terms of Participation by Versum
Employees in Versum Plans. 
 (a) Non-Duplication of Benefits. The Versum Plans shall be, with respect to Versum Employees, in
all respects the successors in interest to, and shall not provide benefits that duplicate benefits provided by, the corresponding Air Products Plans. Air Products and Versum shall agree on methods and procedures, including amending the respective
Plan documents, to prevent Versum Employees from receiving duplicate benefits from the Air Products Plans and Versum Plans. 

  
 7 

 (b) Service Credit. Versum shall credit service accrued by Versum Employees with, or
otherwise recognized for purposes of benefit plans, programs, policies or arrangements by Air Products as of the applicable Plan Transition Date under Versum Group severance programs, vacation programs, Versum Defined Benefit Retirement Plans
maintained outside of the United States, and as otherwise required by Law. 
 ARTICLE IV  

EMPLOYMENT MATTERS FOR TRANSFERRED EMPLOYEES 

4.1 Liabilities Related to Transfers of Employment. 

(a) No Acceleration of Entitlements; No Severance. Except as otherwise required by applicable Law in any jurisdiction, no provision of
this Agreement, the Separation Agreement, or any Ancillary Agreement shall be construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever on the part of any Versum Employee, Versum Employee or other future,
present or former employee of Air Products or Versum under any Air Products Plan or Versum Plan, applicable Law or otherwise. 
 (b)
Assumption of Liability. Air Products shall retain and be solely responsible for the administration of severance, indemnity or other termination pay or other similar benefits in accordance with the terms and conditions of the applicable Air
Products severance plan or policy in effect as of the date of the applicable termination of employment (“Severance Liabilities”) (i) relating to or resulting from Versum Group’s failure to offer employment to any Versum
Employee or any employee set forth on Schedule 4.1(b) (or failure to continue the employment of any Versum Employee prior to the Plan Transition Date) or failure to offer or continue employment on terms and conditions which would preclude any claims
of constructive dismissal or similar claims under any applicable Law or other failure to comply with the terms of this Agreement prior to the Plan Transition Date or (ii) where such severance, indemnity or termination pay or other benefits are
required to be paid under applicable Law or an Air Products Plan upon the Employee Transfer Date without regard to such terms and conditions or such continuation of employment. To the extent that any such Severance Liabilities are incurred by
any member of the Air Products Group, Versum shall indemnify such Air Products Group member for such Liability. 
 4.2 Assumption of
Employment Agreements; Certain Other Terms of Employment. As of the applicable Employee Transfer Date, Versum or another member of Versum Group shall have used reasonable efforts to assume, whether by agreement or, if applicable, mandatory law,
all employment agreements and other individual agreements entered into between a Versum Employee and a member of the Air Products Group (except where a Versum Employee has entered into an agreement with the Versum Group superseding agreements in
effect prior to the Employee Transfer Date), and Versum shall indemnify and hold harmless Air Products and each member of the Air Products Group against any Liabilities pursuant to any such agreement. Each Versum Employee shall be required at the
request of Versum to execute a new agreement regarding confidential information and proprietary developments in a form approved by Versum. In addition, nothing in the Separation Agreement, this Agreement or any Ancillary Agreement should be
construed to change the at-will status of any of the employees of the Air Products Group or Versum Group. For the avoidance of doubt, nothing in this Agreement is intended to create an “at-will” employment status in respect of any of the
employees of the Air Products Group where such “at-will” status does not already apply during their employment within the Air Products Group. 

4.3 Consultation with Unions; Collective Bargaining Agreements. The Parties shall cooperate to inform and consult with any union
representatives to the extent required by Law or an applicable collective bargaining, works council or similar agreement or arrangement with any labor union or works council or which covers Versum Employees as of the Separation Time. As of the
Separation Time, Versum, or another member of Versum Group, shall have assumed any collective bargaining agreements, works council or similar agreement or arrangement in effect as of the Separation Time with respect to any Versum Employee, and
Versum shall indemnify and hold harmless Air Products and each member of the Air Products Group against any Liabilities pursuant to any such agreement. 

  
 8 

 4.4 Employees with Work Visas or Permits; License to Do Business. Notwithstanding anything
to the contrary in Section 4.1, Versum Employees who, at the Separation Time, are employed pursuant to a work or training visa or permit which authorizes employment only by a member of the Air Products Group shall, to the extent required by
applicable Law, remain employed by such member of the Air Products Group (providing services to Versum by secondment agreement to be entered into between the Parties) until the visa or permit is amended or a new visa or permit is granted to
authorize employment by a member of Versum Group. At the time such amended or new visa is issued, such Versum Employees shall become Versum Employees. 

4.5 Tax Equalization. Notwithstanding anything to the contrary in Section 4.1, with respect to any Versum Employee entitled to
receive tax equalization benefits under a tax equalization program in connection with any assignment outside such employee’s home country, Air Products shall be solely responsible for or receive the benefits of any taxes payable or amounts
refunded prior to the Separation Time with respect to such employee pursuant to such tax equalization program, and Versum or another member of Versum Group shall assume responsibility for or receive the benefits of any taxes payable or amounts
refunded following the Separation Time with respect to such employee pursuant to such tax equalization program. 
 4.6 Warn Act and Other
Notices. Versum shall provide any required notice under the Worker Adjustment and Retraining Notification Act (“WARN”) and any similar foreign, state, local or other applicable Law and otherwise to comply with any such
requirement with respect to any “plant closing” or “mass layoff” (as defined in WARN) or similar event occurring on or after the Separation Time and affecting Versum Employees. Versum shall indemnify and hold harmless the members
of the Air Products Group against any such Liabilities relating to WARN and any similar state or other applicable Law with respect to the Distribution and any events occurring on or after the Separation Time. 

ARTICLE V  
 DEFINED
BENEFIT PLANS 
 5.1 Defined Benefit Plans Generally. 

(a) Participation. From and after the Plan Transition Date, no Versum Employee shall accrue any additional benefits under the Air
Products Defined Benefit Retirement Plans. 
 (b) Assumption of Liabilities. Except as set forth on Schedule 5.1(b), no member
of the Versum Group shall assume any Liability with respect to the Air Products Defined Benefit Retirement Plans; provided, however, that, to the extent that (i) any act or omission of Versum directly results in the inability of Air Products to
administer the Air Products Defined Benefit Retirement Plans in compliance with the respective plan terms with respect to any Versum Employee who participated under the Air Products Defined Benefit Retirement Plans and (ii) any related Liability is
imposed on any member of the Air Products Group, Versum shall indemnify such Air Products Group member for such Liability. To the extent that (i) any act or omission of Air Products directly results in the inability of Air Products to administer the
Air Products Defined Benefit Retirement Plans in compliance with the respective plan terms with respect to any Versum Employee who participated under the Air Products Defined Benefit Retirement Plans and (ii) any related Liability is imposed on
any member of Versum Group, Air Products shall indemnify such Versum Group member for such Liability. 
 (c) Versum Defined Benefit
Retirement Plans. Versum shall establish a defined benefit retirement plans in each jurisdiction set forth on Schedule 5.1(c) (the “Versum Defined Benefit Retirement Plans”), effective as of the Plan Transition Date. Versum
shall be responsible for taking all necessary, reasonable and appropriate action to establish, maintain and administer the Versum Defined Benefit Retirement Plans so that they comply with applicable laws. Upon the Employee Transfer Date, Versum
Employees set forth on Schedule 5.1(c) shall be eligible to commence participation in the Versum Defined Benefit Retirement Plans. Any minimum age or service requirements contained in the Versum Defined Benefit Retirement Plans with respect to
eligibility to participate generally or eligibility to share in any employer contributions under such plan shall be waived or deemed satisfied for Versum Employees to the extent waived or satisfied under the Air Products Defined Benefit Retirement
Plans immediately prior to the Employee Transfer Date. 

  
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 (d) Transfer of Air Products Defined Benefit Retirement Plans Assets. Not later than
thirty (30) days following the Plan Transition Date (or such later time as mutually agreed by the Parties), Air Products shall cause the accounts in the Air Products Defined Benefit Retirement Plans set forth on Schedule 5.1(d) attributable, in each
case, to Versum Employees set forth on Schedule 5.1(d) as of the Plan Transition Date and all of the Assets in the Air Products Defined Benefit Retirement Plans related thereto to be transferred in-kind to the Versum Defined Benefit Retirement
Plans, and Versum shall cause the Versum Defined Benefit Retirement Plans to accept such transfer of accounts and underlying Assets and, effective as of the date of such transfer, to assume and to fully perform, pay and discharge, all obligations of
the Air Products Defined Benefit Retirement Plans relating to the accounts of Versum Employees (to the extent the Assets related to those accounts are actually transferred from the Air Products Defined Benefit Retirement Plans to the Versum Defined
Benefit Retirement Plans). 
 5.2 Separation from Service; Vesting; Grow-in. Air Products or another member of the Air Products Group
shall amend the Air Products Defined Benefit Retirement Plans to provide that Versum Employees shall be vested in their accrued benefits under the Air Products Defined Benefit Retirement Plans as of the Employee Transfer Date. 

ARTICLE VI  
 DEFINED
CONTRIBUTION PLANS 
 6.1 United States Defined Contribution Plan. 

(a) Air Products Savings Plans. Air Products or another member of the Air Products Group shall amend (or cause to be amended)
the Air Products Savings Plans to provide that: (i) Versum Employees shall be 100% vested in their account balances under the Air Products Savings Plans as of the Plan Transition Date; and (ii) effective as of the Plan Transition Date, Versum
Employees shall cease participation in, and no longer be eligible for employer contributions under, the Air Products Savings Plans, except that any employer contributions with respect to benefits earned for services rendered prior to the
Plan Transition Date that have not been deposited and allocated to the Air Product Savings Plan accounts of Versum Employees as of the Plan Transition Date shall be deposited and allocated to such accounts as soon as reasonably practicable following
the Plan Transition Date. 
 (b) Versum Savings Plan. Versum shall establish a qualified defined contribution plan (the
“Versum Savings Plan”), effective as of the Plan Transition Date. Versum shall be responsible for taking all necessary, reasonable and appropriate actions to establish, maintain and administer the Versum Savings Plan so that it is
qualified under Section 401(a) of the Code and that the related trust thereunder is exempt from tax under Section 501(a) of the Code, and as soon as reasonably practicable following the Plan Transition Date, Versum shall take all steps
reasonably necessary to obtain a favorable determination or opinion from the IRS as to such qualification. Effective as of the Plan Transition Date, Versum Employees shall be eligible to commence participation in Versum Savings Plan. Except as
provided on Schedule 6.1(b), Versum shall cause the Versum Savings Plan to credit prior service accrued with Air Products or a member of the Air Products Group prior to the Plan Transition Date for purposes of satisfying any minimum service
requirements contained in the Versum Savings Plan with respect to eligibility to participate generally, eligibility to share in any employer contributions and vesting under such plan with respect to Versum Employees. 

(c) Transfer of Air Products Savings Plan Assets. Not later than thirty (30) days following the Plan Transition Date (or such
later time as mutually agreed by the Parties), Air Products shall cause the accounts (including any outstanding participant loan balances) in the Air Products Savings Plans attributable, in each case, to Versum Employees as of the Plan Transition
Date and all of the Assets in the Air Products Savings Plans related thereto (including any outstanding loans) to be transferred in-kind to the Versum Savings Plan, and Versum shall cause the Versum Savings Plan to accept such transfer of accounts
and underlying such Assets and, effective as of the date of such transfer, to assume and to fully perform, pay and discharge, all obligations of the Air Products Savings Plans relating to the accounts of Versum Employees (to the extent the Assets
related to those accounts are actually transferred from the Air Products Savings Plans to the Versum Savings Plan). The transfer of Assets shall be conducted in accordance with Section 414(1) of the Code, Treasury Regulation Section 1.414(1)-1 and Section 208 of ERISA. During the period after the Plan Transition Date and before such transfer of Assets has been completed, with respect to any Versum Employee who has an
outstanding participant loan balance under the Air Products Savings Plans, Versum shall withhold, or cause to be withheld, from each such Versum Employee’s pay such amounts as are required to make payments on such

  
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outstanding loan in accordance with its terms and timely remitted such amounts, as directed by the administrator of the Air Products Savings Plans, for crediting under the Air Products Savings
Plans in respect of such loan, and Air Products shall cause such administrator to apply such amounts in satisfaction of such loan. 

(d) Form 5310-A. No later than thirty (30) days prior to the Plan Transition Date, Air Products and Versum
shall, to the extent necessary, cooperate to file, or cause to be filed, IRS Form 5310-A regarding the transfer of Assets and Liabilities from the Air Products Savings Plans to the Versum Savings Plan as provided in this Article 6. 

(e) Employer Securities. Air Products and Versum each presently intend to preserve the right, for a period of time, of Versum
Employees and Air Products Employees to receive distributions in kind from, respectively, the Versum Savings Plan and the Air Products Savings Plans, if, and to the extent, investments under such plans are comprised of Versum common stock or Air
Products common stock. Each of Versum and Air Products shall determine the extent to which and when Air Products common stock (in the case of the Versum Savings Plan) and Versum common stock (in the case of the Air Products Savings Plans) shall
cease to be investment alternatives thereunder. 
 6.2 Defined Contribution Plans Outside of the United States.

(a) Versum Non-US Savings Plan. Versum shall establish defined contribution plans for the benefit of Versum Employees primarily
providing services outside of the United States in each of the jurisdictions set forth on Schedule 6.2(a) (the “Versum Non-US Savings Plans”), effective as of the Plan Transition Date. Versum shall be responsible for taking all
necessary, reasonable and appropriate action to establish, maintain and administer the Versum Non-US Savings Plan so that it complies with local laws. Upon the Plan Transition Date, Versum Employees primarily providing services outside of the United
States shall be eligible to commence participation in the Versum Non-US Savings Plan. Any minimum age or service requirements contained in the Versum Non-US Savings Plan with respect to eligibility to participate generally or eligibility to share in
any employer contributions under such plan shall be waived or deemed satisfied for participating Versum Employees to the extent waived or satisfied under the applicable Air Products defined contribution plan (the “Air Products Non-US Savings
Plans”) immediately prior to the Plan Transition Date. 
 (b) Transfer of Air Products Non-US Savings Plan Assets. Not
later than thirty (30) days following the Plan Transition Date (or such later time as mutually agreed by the Parties), Air Products shall cause the accounts in the Air Products Non-US Savings Plans set forth on Schedule 6.2(b) attributable, in each
case, to Versum Employees primarily providing services outside of the United States as of the Plan Transition Date and all of the Assets in the Air Products Non-US Savings Plans related thereto to be transferred in-kind to the Versum Non-US Savings
Plans, and Versum shall cause the Versum Non-US Savings Plans to accept such transfer of accounts and underlying Assets and, effective as of the date of such transfer, to assume and to fully perform, pay and discharge, all obligations of the Air
Products Non-US Savings Plans relating to the accounts of participating Versum Employees (to the extent the Assets related to those accounts are actually transferred from the Air Products Non-US Savings Plans to the Versum Non-US Savings
Plans). 
 ARTICLE VII 

NON-QUALIFIED PLANS 
 7.1
Air Products Nonqualified Plans. 
 (a) In General. Except as set forth in Section 7.1(b), no member of the Versum Group
shall assume any Liability with respect to any Air Products Nonqualified Plan. The treatment of benefits under any Nonqualified Plan shall comply with Section 409A of the Code, to the extent subject thereto, and shall be paid in accordance with
such plan. 
 (b) Deferred Compensation Plan and Supplementary Pension Plan. 

(i) Air Products or another member of the Air Products Group shall amend the Air Products Deferred Compensation Plan and the Supplementary
Pension Plan of Air Products to provide that Versum Employees shall be 100% vested in their account balances under the Air Products Deferred Compensation Plan and the Supplementary Pension Plan of Air Products as of the Plan Transition Date.
Effective as of the Plan Transition Date, Versum Employees shall not be eligible to continue actively participating in the Supplementary Pension Plan of Air Products. 

  
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 (ii) Effective as of the Plan Transitions Date, (i) Versum shall adopt a deferred
compensation plan to benefit eligible Versum Employees who were participants in, or were eligible to accrue benefits under, the Air Products Deferred Compensation Plan (the “Versum Deferred Compensation Plan”) and (ii) Versum
Employees shall not be eligible to continue actively participating in the Air Products Deferred Compensation Plan. Air Products shall cause the Air Products Deferred Compensation Plan to recognize and maintain all deferral elections with
respect to Versum Employees who participate in the Air Products Deferred Compensation Plan prior to the Plan Transition Date. 
 (iii) No
Versum Group member shall assume any Liability allocable to Versum Employees under the Air Products Deferred Compensation Plan or the Supplementary Pension Plan; provided, however, that, to the extent that (i) any act or omission of Versum directly
results in the inability of Air Products to administer the Air Products Deferred Compensation Plan or the Supplementary Pension Plan in compliance with Section 409A of the Code or any other Law or regulation and the terms of the respective Plan
with respect to any Versum Employee who participated under the Air Products Deferred Compensation Plan or the Supplementary Pension Plan and (ii) any related Liability is imposed on any member of the Air Products Group, Versum shall indemnify such
Air Products Group member for such Liability. To the extent that (i) any act or omission of Air Products directly results in the inability of Air Products to administer the Air Products Deferred Compensation Plan or the Supplementary Pension Plan in
compliance with Section 409A of the Code or any other Law or regulation and the terms of the respective Plan with respect to any Versum Employee who participated under the Air Products Deferred Compensation Plan or the Supplementary Pension
Plan and (ii) any related Liability is imposed on any member of Versum Group, Air Products shall indemnify such Versum Group member for such Liability. 

ARTICLE VIII 
 HEALTH AND
WELFARE PLANS 
 8.1 Allocation of Life Insurance Liabilities. Each Air Products Life Insurance Plan shall retain all Liabilities
with respect to covered life insurance claims incurred prior to the Plan Transition Date by Versum Employees and their dependents. The applicable Versum Life Insurance Plan shall be responsible for all Liabilities with respect to life insurance
claims incurred after the Plan Transition Date by Versum Employees and their dependents, it being understood that the provisions of this Section 8.1 shall not require any member of Versum Group to maintain a plan providing life insurance
benefits (except to the extent required by law). For these purposes, a claim shall be deemed to have occurred on the date of the death of the insured person. 

8.2 Health and Welfare Plan Liabilities. The Air Products Health and Welfare Plans shall retain all Liabilities with respect to covered
claims incurred prior to the Plan Transition Date by Versum Employees and their dependents. The Versum Health and Welfare Plans shall assume all Liabilities with respect to covered claims incurred on or after the Plan Transition Date by all Versum
Employees and their dependents. For these purposes, a claim shall be deemed to have occurred at the time professional services, equipment or prescription drugs covered by the applicable plan are obtained by the insured person. 

8.3 Coverage and Contribution Elections. As of the Plan Transition Date, Versum shall cause Versum Health and Welfare Plans to
recognize and maintain all coverage and contribution elections made by Versum Employees under the corresponding Air Products Health and Welfare Plans and apply such elections under the Versum Health and Welfare Plans for the remainder of the period
or periods for which such elections are by their terms applicable. All waiting periods and pre-existing condition exclusions and actively-at-work requirements shall be waived with respect to Versum Employees who were not subject to any such waiting
periods, exclusions or requirements under the corresponding Air Products Health and Welfare Plan in which such employees participate immediately prior to the Plan Transition Date. For the avoidance of doubt, nothing herein shall prevent Versum from
conducting open enrollment and accepting elections under the Versum Health and Welfare Plans during any open enrollment period occurring after the Plan Transition Date. 

  
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 8.4 COBRA. The Air Products Group shall be responsible for compliance with the health care
continuation coverage requirements of COBRA and the Air Products Health and Welfare Plans with respect to Former Versum Employees and qualified beneficiaries (as such term is defined under COBRA) who become eligible and elect to receive continuation
health care coverage prior to the Plan Transition Date. Versum or another member of Versum Group shall provide Air Products with all necessary employee change notices and related information for covered dependents, spouses, qualified beneficiaries,
and alternate recipients pursuant to any QMCSOs, in accordance with applicable Air Products COBRA policies and procedures. Effective as of the Plan Transition Date, the Versum Group shall be solely responsible for compliance with the health care
continuation coverage requirements of COBRA under the Versum Health and Welfare Plans for Versum Employees and their qualified beneficiaries who become eligible or elect to receive continuation health care coverage on or following the Plan
Transition Date. 
 8.5 Leave of Absence Programs and FMLA. Effective as of the Plan Transition Date, (i) the Versum Group shall
honor all terms and conditions of leaves of absence that have been granted by Air Products to any Versum Employee under an Air Products Leave of Absence Program or FMLA or other applicable Law regarding leave of absence before the Plan Transition
Date, including such leaves that are to commence after the Plan Transition Date; (ii) the Versum Group shall be solely responsible for administering any such leave of absence and complying with FMLA and other applicable laws regarding leave of
absence with respect to Versum Employees; and (iii) the Versum Group shall recognize all periods of service of Versum Employees with the members or the Air Products Group, as applicable, to the extent such service is recognized by the members of the
Air Products Group for the purpose of eligibility for leave entitlement under the Air Products Leave of Absence Programs and FMLA and other applicable Laws; provided, however, that no duplication of benefits shall be required by the foregoing. 

8.6 Air Products Workers’ Compensation Program. 

(a) Assumption of Liabilities. Versum shall procure workers’ compensation insurance policies on behalf of Versum Employees,
to be effective as of the Plan Transition Date. Versum or another member of the Versum Group shall assume all Liabilities with respect to workers’ compensation claims made before, on or after the Plan Transition Date by all Versum Employees.
For these purposes, a claim shall be deemed to have been made at the time the covered person applies for benefits. 
 (b)
Administration of Claims. 
 (i) Through the Plan Transition Date, the Air Products Group shall continue to be responsible for the
administration of all workers’ compensation claims that are, or have been, made before the Plan Transition Date by Versum Employees (the “Versum WC Claims”) and have been historically administered by Air Products or its third
party administrator. The Versum Group shall promptly reimburse the Air Products Group for any and all direct and indirect costs and expenses related to any such administration. 

(ii) Effective as of the Plan Transition Date, the Versum Group shall, to the extent legally permissible under the applicable state’s
workers’ compensation Laws, be responsible for the administration of all Versum WC Claims, and if not legally permissible, the Air Products Group shall be responsible for the administration of all Versum WC Claims not administered by Versum
pursuant to this Subsection 8.6(b)(ii). Any determination made, or settlement entered into, by or on behalf of either party or its insurance company with respect to Versum WC Claims for which it is administratively responsible shall be final and
binding upon the other party. The Versum Group shall promptly reimburse the Air Products Group for any and all direct and indirect costs and expenses related to any such settlement. 

ARTICLE IX 
 RETIREE
PROGRAMS 
 9.1 Retiree Programs. No member of the Versum Group shall assume any Liability with respect to any Retiree Programs.
Following the Plan Transition Date, no Versum Employee shall accrue any additional benefits under the Retiree Programs. Air Products shall provide or cause to be provided to each Versum Employee (and his or her eligible dependents) who was eligible
to retire on or immediately prior to the Plan Transition Date and, upon such retirement, would have satisfied the eligibility requirements for retiree welfare coverage set forth in the applicable Retiree Program, with retiree welfare benefits and
coverage following such Versum Employee’s retirement from Versum Group, with such benefits to be provided under the Retiree Program that was applicable to such Versum Employee immediately prior to the Plan Transition Date, as such applicable
Retiree Program may be amended from time to time following the Plan Transition Date as if such Versum Employee had remained employed with Air Products through the applicable retirement date. The provisions of this Section 9.1 shall not be
construed 

  
 13 

 
to require any member of the Air Products Group to maintain a Retiree Program or to prevent the amendment in any manner of any Retiree Program. The participation by any Versum Employee in a
Retiree Program shall be subject to such right of amendment or termination. 
 ARTICLE X 

CASH BONUS PLANS 
 10.1
Cash-Based Incentive Plans. Effective as of the Separation Time, Versum shall establish an annual bonus or other cash-based incentive compensation plan for the benefit of eligible Versum Employees. Versum shall be responsible for the
annual bonus and other cash-based incentive compensation payable to Versum Employees in respect of each performance period for which such incentive compensation has not been paid, whether completed prior to or following the Separation Time. 

ARTICLE XI 
 EQUITY
COMPENSATION 
 11.1 General. Except as provided in Schedule 11.1, each award granted under the Air Products Stock Plan that is
outstanding immediately prior to the Separation Time and that is held by Versum Employee or Inactive Versum Employee shall be treated in accordance with this Article 11. 

11.2 Options. 
 (a)
Adjusted Air Products Options. Each Air Products Option that is outstanding immediately prior to the Separation Time and that is held by an Inactive Versum Employee, a Retirement Eligible Versum Employee or a Transitional Employee shall
be adjusted as of the Separation Time (and shall thereafter be referred to as an “Adjusted Air Products Option”) in a manner that complies with the requirements of Sections 424 and 409A of the Code as follows: 

(i) The number of shares of Air Products common stock subject to each Adjusted Air Products Option shall be equal to the product (rounded
down to the nearest whole share on an aggregated basis) of (A) the number of shares of Air Products common stock subject to the corresponding Air Products Option immediately prior to the Separation Time and (B) a fraction, the numerator of which is
the Air Products Pre-Distribution Stock Price and the denominator of which is the Air Products Post-Distribution Stock Price (such fraction, the “Air Products Ratio”). 

(ii) The exercise price per share for each Adjusted Air Products Option shall be equal to (rounded up to the nearest whole cent) (A) the
exercise price per share of the corresponding Air Products Option immediately prior to the Separation Time divided by (B) the Air Products Ratio. 

(iii) Each Adjusted Air Products Option shall otherwise be subject to the same terms, vesting conditions, exercise procedures, expiration
dates and termination provisions and other terms and conditions as were in effect immediately prior to the Separation Time for the corresponding Air Products Option, provided that: (A) for purposes of the vesting conditions of each Adjusted Air
Products Option held by a Retirement Eligible Versum Employee or Transitional Employee that is unvested as of the Separation Time, continued service with Versum or another member of the Versum Group, as the case may be, shall be considered continued
service with Air Products and (B) each Adjusted Air Products Option held by a Retirement Eligible Versum Employee that is vested as of the Separation Time or that becomes vested after the Separation Time shall remain exercisable through the
expiration of the original term of the corresponding Air Products Option. 

  
 14 

 (b) Versum Options. Each Air Products Option that is outstanding immediately prior to the
Separation Time and that is held by a Versum Employee (other than a Retirement Eligible Versum Employee or Transitional Employee) shall, as of the Separation Time, be cancelled and immediately replaced with a Versum Option in a manner that complies
with the requirements of Sections 424 and 409A of the Code as follows: 
 (i) The number of shares of Versum common stock subject to each
Versum Option shall be equal to the product (rounded down to the nearest whole share on an aggregated basis) of (A) the number of shares of Air Products common stock subject to the corresponding Air Products Option immediately prior to the
Separation Time and (B) a fraction, the numerator of which is the Air Products Pre-Distribution Stock Price and the denominator of which is the Versum Stock Price (such fraction, the “Versum Ratio”). 

(ii) The exercise price per share for each Versum Option shall be equal to (rounded up to the nearest whole cent) (A) the exercise price of
the corresponding Air Products Option immediately prior to the Separation Time divided by (B) the Versum Ratio. 
 (iii) Each Versum Option
shall otherwise be subject to the same terms, vesting conditions, exercise procedures, expiration dates and termination provisions and other terms and conditions as were in effect immediately prior to the Separation Time for the corresponding Air
Products Option, provided that, for purposes of the vesting conditions of each Versum Option that is unvested as of the Separation Time, any requirement for continued service by the holder of such Versum Option shall be satisfied by continued
service with Versum or another member of the Versum Group, as the case may be. 
 11.3 Restricted Stock Units. 

(a) Adjusted Air Products Restricted Stock Units. Each Air Products Restricted Stock Unit that is outstanding immediately prior to the
Separation Time and that is held by an Inactive Versum Employee or a Transitional Employee shall be adjusted as of the Separation Time (and shall thereafter be referred to as an “Adjusted Air Products Restricted Stock Unit”) as
follows: 
 (i) The number of shares of Air Products common stock subject to each Adjusted Air Products Restricted Stock Unit shall be
equal to the product (rounded up to the nearest whole share on an aggregated basis) of (A) the number of shares of Air Products common stock subject to the corresponding Air Products Restricted Stock Unit immediately prior to the Separation Time and
(B) the Air Products Ratio.
 (ii) Each Adjusted Air Products Restricted Stock Unit shall be subject to the same terms, vesting conditions,
issuance dates and method of distribution and other terms and conditions as were in effect immediately prior to the Separation Time for the corresponding Air Products Restricted Stock Unit, provided that, for purposes of the vesting conditions of
each Adjusted Air Products Restricted Stock Unit held by a Transitional Employee that is unvested as of the Separation Time, continued service with Versum or another member of the Versum Group, as the case may be, shall be considered continued
service with Air Products. 
 (b) Versum Restricted Stock Units. Each Air Products Restricted Stock Unit that is outstanding
immediately prior to the Separation Time and that is held by a Versum Employee (other than a Transitional Employee) shall, as of the Separation Time, be cancelled and immediately replaced with a Versum Restricted Stock Unit, as follows: 

(i) The number of shares of Versum common stock subject to each Versum Restricted Stock Unit shall be equal to the product (rounded up to the
nearest whole share on an aggregated basis) of (A) the number of shares of Air Products common stock subject to the corresponding Air Products Restricted Stock Unit immediately prior to the Separation Time and (B) the Versum Ratio.

(ii) Each Versum Restricted Stock Unit shall otherwise be subject to the same terms, vesting conditions, exercise procedures, expiration
dates and termination provisions and other terms and conditions as were in effect immediately prior to the Separation Time for the corresponding Air 

  
 15 

 
Products Restricted Stock Unit, provided that, for purposes of the vesting conditions of each Versum Restricted Stock Unit that is unvested as of the Separation Time, any requirement for
continued service by the holder of such Versum Restricted Stock Unit shall be satisfied by continued service with Versum or another member of the Versum Group, as the case may be. 

11.4 Performance Shares. 

(a) Adjusted Air Products 2014 Performance Shares. Each Air Products Performance Share subject to a three fiscal year performance
period ending September 30, 2016 that is outstanding immediately prior to the Separation Time and that is held by an Inactive Versum Employee or a Transitional Employee shall be adjusted as of the Separation Time (and shall thereafter be
referred to as an “Adjusted Air Products 2014 Performance Share”) as follows: 
 (i) The target number of shares of Air
Products common stock subject to each Adjusted Air Products 2014 Performance Share shall be equal to the product (rounded up to the nearest whole share on an aggregated basis) of (A) the target number of shares of Air Products common stock subject
to the corresponding Air Products 2014 Performance Share immediately prior to the Separation Time and (B) the Air Products Ratio. 
 (ii)
Each Adjusted Air Products 2014 Performance Share shall be subject to the same terms, vesting conditions, earn out schedule, issuance dates and method of distribution and other terms and conditions as were in effect immediately prior to the
Separation Time for the corresponding Air Products 2014 Performance Share, provided that, for purposes of the vesting conditions of each Adjusted Air Products 2014 Performance Share held by a Transitional Employee that is unvested as of the
Separation Time, continued service with Versum or another member of the Versum Group, as the case may be, shall be considered continued service with Air Products. The total number of Adjusted Air 2014 Performance Shares earned shall be based on
actual achievement of the applicable payout factor (based on Air Products performance metrics) with respect to such shares, as determined by the Management Development and Compensation Committee of the Air Products Board in accordance with the terms
and conditions of such shares.
 (b) Adjusted Air Products 2015 Performance Shares. Each Air Products Performance Share subject to a
three fiscal year performance period ending September 30, 2017 that is outstanding immediately prior to the Separation Time and that is held by an Inactive Versum Employee or a Transitional Employee shall be adjusted as of the Separation Time
(and shall thereafter be referred to as an “Adjusted Air Products 2015 Performance Share”) as follows: 
 (i) The target
number of shares of Air Products common stock subject to each Adjusted Air Products 2015 Performance Share shall be equal to the product (rounded up to the nearest whole share on an aggregated basis) of (A) the target number of shares of Air
Products common stock subject to the corresponding Air Products 2015 Performance Share immediately prior to the Separation Time and (B) the Air Products Ratio. 

(ii) Each Adjusted Air Products 2015 Performance Share shall be subject to the same terms, vesting conditions, earn out schedule, issuance
dates and method of distribution and other terms and conditions as were in effect immediately prior to the Separation Time for the corresponding Air Products 2015 Performance Share, provided that, for purposes of the vesting conditions of each
Adjusted Air Products 2015 Performance Share held by a Transitional Employee that is unvested as of the Separation Time, continued service with Versum or another member of the Versum Group, as the case may be, shall be considered continued service
with Air Products. The total number of Adjusted Air Products 2015 Performance Shares earned shall be based on actual achievement of the applicable payout factor with respect to such shares, as determined by the Management Development and
Compensation Committee of the Air Products Board in accordance with the terms and conditions of such shares, provided that for purposes of calculating the Air Products relative total shareholder return for the applicable performance period, the
Distribution shall be treated as a dividend that is reinvested in additional shares of Air Products common stock at the Versum Stock Price. 

  
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 (c) Adjusted Air Products 2016 Performance Shares. Each Air Products Performance Share
subject to a three fiscal year performance period ending September 30, 2018 that is outstanding immediately prior to the Separation Time and that is held by an Inactive Versum Employee or a Transitional Employee shall be adjusted as of the
Separation Time (and shall thereafter be referred to as an “Adjusted Air Products 2016 Performance Share”) as follows: 

(i) The target number of shares of Air Products common stock subject to each Adjusted Air Products 2016 Performance Share shall be equal to
the product (rounded up to the nearest whole share on an aggregated basis) of (A) the target number of shares of Air Products common stock subject to the corresponding Air Products 2016 Performance Share immediately prior to the Separation Time and
(B) the Air Products Ratio. 
 (ii) Each Adjusted Air Products 2016 Performance Share shall be subject to the same terms, vesting
conditions, earn out schedule, issuance dates and method of distribution and other terms and conditions as were in effect immediately prior to the Separation Time for the corresponding Air Products 2016 Performance Share, provided that, for purposes
of the vesting conditions of each Adjusted Air Products 2016 Performance Share held by a Transitional Employee that is unvested as of the Separation Time, continued service with Versum or another member of the Versum Group, as the case may be, shall
be considered continued service with Air Products. The total number of Adjusted Air 2016 Performance Share earned shall be based on actual achievement of the applicable payout factor with respect to such shares, as determined by the Management
Development and Compensation Committee of the Air Products Board in accordance with the terms and conditions of such shares, provided that for purposes of calculating the Air Products relative total shareholder return for the applicable performance
period, the Distribution shall be treated as a dividend that is reinvested in additional shares of Air Products common stock at the Versum Stock Price. 

(d) Versum 2014 Performance Shares. Each Air Products Performance Share subject to a three fiscal year performance period ending
September 30, 2016 that is outstanding immediately prior to the Separation Time and that is held by a Versum Employee (other than a Transitional Employee) shall, as of the Separation Time, be cancelled and immediately replaced with a Versum
2014 Performance Share, as follows: 
 (i) The target number of shares of Versum common stock subject to each Versum 2014 Performance Share
shall be equal to the product (rounded up to the nearest whole share on an aggregated basis) of (A) the target number of shares of Air Products common stock subject to the corresponding Air Products 2014 Performance Share immediately prior to
the Separation Time and (B) the Versum Ratio. 
 (ii) Each Versum 2014 Performance Share shall otherwise be subject to the same terms,
vesting conditions, earn out schedule, issuance dates and method of distribution and other terms and conditions as were in effect immediately prior to the Separation Time for the corresponding Air Products 2014 Performance Share, provided that, for
purposes of the vesting conditions of each Versum 2014 Performance Share that is unvested as of the Separation Time, any requirement for continued service by the holder of such Versum 2014 Performance Share shall be satisfied by continued service
with Versum or another member of the Versum Group, as the case may be. The total number of Versum 2014 Performance Shares earned shall be based on actual achievement of the applicable payout factor (based on Air Products performance metrics) with
respect to such shares, as determined by the Management Development and Compensation Committee of the Air Products Board in accordance with the terms and conditions of such shares and communicated to Versum as soon as practicable following such
determination. 
 (e) Versum 2015 Performance Shares. Each Air Products Performance Share subject to a three fiscal year performance
period ending September 30, 2017 that is outstanding immediately prior to the Separation Time and that is held by a Versum Employee (other than a Transitional Employee) shall, as of the Separation Time, be cancelled and immediately replaced
with a Versum 2015 Performance Share, as follows: 
 (i) The target number of shares of Versum common stock subject to each Versum 2015
Performance Share shall be equal to the product (rounded down to the nearest whole share on an aggregated basis) of (A) the target number of shares of Air Products common stock subject to the corresponding Air Products 2015 Performance
Share immediately prior to the Separation Time and (B) the Versum Ratio. 

  
 17 

 (ii) Each Versum 2015 Performance Share shall otherwise be subject to the same terms, vesting
conditions, earn out schedule, issuance dates and method of distribution and other terms and conditions as were in effect immediately prior to the Separation Time for the corresponding Air Products 2015 Performance Share, provided that, for purposes
of the vesting conditions of each Versum 2015 Performance Share that is unvested as of the Separation Time, any requirement for continued service by the holder of such Versum 2015 Performance Share shall be satisfied by continued service with Versum
or another member of the Versum Group, as the case may be, and provided further that achievement of the applicable payout factor with respect to such shares shall be calculated based on the achievement of metrics to be determined by the Compensation
Committee of the Versum Board, with due consideration given to Air Product’s relative total shareholder return performance from the beginning of the applicable performance period through the date immediately preceding the Distribution Date.

 (f) Versum 2016 Performance Shares. Each Air Products Performance Share subject to a three fiscal year performance period ending
September 30, 2018 that is outstanding immediately prior to the Separation Time and that is held by a Versum Employee (other than a Transitional Employee) shall, as of the Separation Time, be cancelled and immediately replaced with a
Versum 2016 Performance Share, as follows: 
 (i) The number of shares of Versum common stock subject to each Versum 2016 Performance Share
shall be equal to the product (rounded up to the nearest whole share on an aggregated basis) of (A) the target number of shares of Air Products common stock that could be earned subject to the corresponding Air Products 2016 Performance Shares
immediately prior to the Separation Time and (B) the Versum Ratio. 
 (ii) Each Versum 2016 Performance Share shall otherwise be subject to
the same terms, vesting conditions, earn out schedule and method of distribution and other terms and conditions as were in effect immediately prior to the Separation Time for the corresponding Air Products 2016 Performance Share, provided that, for
purposes of the vesting conditions of each Versum 2016 Performance Share that is unvested as of the Separation Time, any requirement for continued service by the holder of such Versum 2016 Performance Share shall be satisfied by continued service
with Versum or another member of the Versum Group, as the case may be, and provided further that achievement of the applicable payout factor with respect to such shares shall be calculated based on the achievement of metrics to be determined by the
Compensation Committee of the Versum Board.
 11.5 Restricted Shares. Each holder of an Air Products Restricted Share that is
outstanding immediately prior to the Separation Time shall receive the appropriate number of unrestricted shares of Versum common stock in the Distribution in accordance with Article 4 of the Separation Agreement as if the holder of such Air
Products Restricted Share was a Record Holder. Following the Distribution, each Air Products Restricted Share shall remain subject to the same terms, vesting conditions, termination provisions and other terms and conditions as were in effect
immediately prior to the Separation Time, provided that for purposes of the vesting conditions of each Air Products Restricted Share held by a Versum Employee that is unvested as of the Separation Time, continued service with Versum or another
member of the Versum Group, as the case may be, shall be considered continued service with Air Products. 
 11.6 Director Deferred Stock
Units. Each holder of an Air Products Director Deferred Stock Unit that is outstanding immediately prior to the Separation Time shall receive a number of Versum Director Deferred Stock Units (rounded up to the nearest whole share on an
aggregated basis) equal to the quotient obtained by dividing (A) the number of Air Products Director Deferred Stock Units held by such holder immediately prior to the Separation Time by (B) 2. Each Versum Director Deferred Stock Unit shall otherwise
be subject to the same terms, payment schedules, dividend reinvestment provisions and other terms and conditions as were in effect immediately prior to the Separation Time for the corresponding Air Products Director Deferred Stock Unit. 

  
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 11.7 Approval of Plans. Prior to the Separation Time, Air Products shall cause Versum to
adopt the Versum Stock Plan and the Versum Deferred Compensation Program for Directors. 
 11.8 Registration. The Parties shall
use commercially reasonable efforts to maintain effective registration statements with respect to the awards described in this Article 11 to the extent that any such registration statement is required by applicable Law. 

11.9 Equity-Related Tax Matters. Air Products shall be entitled to claim any compensation deduction associated with the exercise by a
holder of an Air Products Option, the vesting of an Air Products Restricted Share or the settlement of an Air Products Restricted Stock Unit, Performance Share or Director Deferred Stock Unit, as the case maybe, on any duly filed US federal, state
or local income tax return for the year of exercise, vesting or settlement, as the case may be, and neither Versum nor any of its Affiliates shall take any inconsistent position in connection therewith. If, notwithstanding the foregoing, a Final
Determination shall provide that the benefit of a tax deduction related to the payment of such compensation shall not belong to Air Products but to Versum, then with respect to any such compensation deduction claimed during the taxable year or years
covered by such Final Determination as well as any such compensation deduction claimed during subsequent taxable years on any previously filed income tax return, Versum (i) shall be entitled to claim the benefit of the deduction on any applicable
income tax return (including any amended income tax return) and (ii) shall, in any event, pay to Air Products within 30 days from the date of such Final Determination an amount equal to the incremental income tax payable by Air Products as a result
of the loss of such deduction, as well as any interest payable by Air Products with respect to such incremental income tax, each as determined by Air Products in its reasonable judgment. To the extent that any Air Products Option that is subject to
this Agreement has not yet been exercised, any Air Products Restricted Share that is subject to this Agreement has not vested, or any Air Products Restricted Stock Unit, Performance Shares or Director Deferred Stock Unit that is subject to this
Agreement has not yet been settled, in each case at the time such Final Determination occurs, then to the extent that such Final Determination would be inconsistent with Air Products receiving the benefit of any tax deduction related to the payment
of such compensation upon such exercise, vesting or settlement, (i) Air Products shall not claim the benefit of any associated deduction on its tax return for the year of exercise, vesting or settlement, as applicable, (ii) Versum shall be entitled
to claim the benefit of the deduction on any applicable income tax return for the year of exercise, vesting or settlement and (iii) in any event, Versum shall pay to Air Products within 30 days of the such exercise, vesting or settlement an
amount equal to the product of (x) the tax deduction resulting from such compensation and (y) the combined federal, state and local tax rates applicable to Air Products for the year of such exercise, vesting or settlement, in each case as determined
by Air Products in its reasonable judgment. 
 ARTICLE XII 

SEPARATION PAY; VACATION; UNEMPLOYMENT INSURANCE 

12.1 Separation Pay. Versum shall assume and be solely responsible for all Liabilities with respect to severance benefits attributable
to the termination of employment after the Employee Transfer Date of Versum Employees (other than Transitional Employees), to the extent such individual is eligible for severance pursuant to the terms of the Versum severance pay plan or policy as in
effect as of the date of the employee’s termination of employment. 
 12.2 Vacation Benefits. Versum or another member of Versum
Group shall assume and honor all vacation time accrued but not yet taken by Versum Employees as of the Employee Transfer Date (including banked vacation). 

12.3 Unemployment Insurance Program; Other Arrangements. No later than the Plan Transition Date, Versum shall use its commercially
reasonable best efforts to procure an agreement with an unemployment insurance vendor to provide unemployment insurance for Versum Employees where such coverage was maintained by Air Products for the Versum Employees immediately prior to the Plan
Transition Date. No later than the Plan Transition Date, Versum or another member of Versum Group shall undertake the negotiations specified in Schedule 12.3. 

  
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 ARTICLE XIII 

OTHER EMPLOYMENT-RELATED MATTERS 

13.1 Confidentiality and Proprietary Information. No provision of the Separation Agreement or any Ancillary Agreement shall be deemed
to release any individual, and the Versum Group shall not have the ability to release any individual, for any violation of the Air Products non-competition guidelines or any agreement or policy pertaining to confidential or proprietary information
of any member of the Air Products Group, or otherwise relieve any individual of his or her obligations under such non-competition guidelines, agreement or policy, provided that service with the Versum Group shall not constitute a violation of any
such non-competition guidelines. 
 ARTICLE XIV 

CERTAIN PAYROLL AND TAX MATTERS 

14.1 Payroll and Withholding. 

(a) Accrued Payroll. Air Products shall retain all Liabilities related to payroll with respect to Versum Employees, to the extent such
Liabilities relate to service prior to the Employee Transfer Date, and shall pay such amounts on or after the Employee Transfer Date in accordance with its standard payroll practices. Effective as of the Separation Time, Versum Group shall establish
its own payroll system for Versum Employees. 
 (b) Income Reporting, Withholding. Air Products and Versum shall, to the extent
practicable, (i) treat Versum (or a member of Versum Group designated by Versum) as a “successor employer” and Air Products (or the appropriate Air Products Group member) as a “predecessor,” within the meaning of Sections
3121(a)(1) and 3306(b)(1) of the Code, with respect to Versum Employees for purposes of taxes imposed under the United States Federal Unemployment Tax Act or the United States Federal Insurance Contributions Act, and (ii) cooperate with each other
to avoid, to the extent possible, the filing of the more than one IRS Form W-2 with respect to each Versum Employee for the year in which the Distribution occurs. Without limiting in any manner the
obligations and Liabilities of the parties under the Tax Matters Agreement, Air Products, each Air Products Group member, Versum and each Versum Group member shall each bear its responsibility for payroll tax obligations and for the proper reporting
to the appropriate governmental authorities of compensation earned by their respective employees after the Employee Transfer Date, including compensation related to the exercise of options or the vesting, settlement or exercise of other equity
awards, subject to Section 11.9 hereof. 
 (c) Delivery of, and Access to, Documents and Other Information. Concurrently with
the Employee Transfer Date, Air Products shall cause to be delivered to Versum the employee information set forth on all withholding certificates executed by Versum Employees as of the Employee Transfer Date. For such period as Air Products and
Versum may mutually agree in writing, Air Products shall make reasonably available to Versum all forms, documents or information, no matter in what format stored, relating to compensation or payments made to any Versum Employee. Such information may
include, but is not limited to, information concerning employee payroll deductions, payroll adjustments, records of time worked, tax records (e.g., Forms W-2, 1099, W-4,
940 and 941 and applicable counterparts in other jurisdictions), and information concerning garnishment of wages or other payments. 
 (d)
Consistency of Tax Positions; Duplication. Air Products and Versum shall individually and collectively make commercially reasonable best efforts to avoid unnecessarily duplicated federal, state or local payroll taxes, insurance or
workers’ compensation contributions, or unemployment contributions arising on or after the Employee Transfer Date. Air Products and Versum shall cooperate with a view toward taking consistent reporting and withholding positions with respect to
any such taxes or contributions. 
 14.2 Personnel and Pay Records. Notwithstanding anything to the contrary in the Separation
Agreement, to the extent permitted by applicable Law, the original of all records created prior to the Employee Transfer Date set forth in the personnel files of Versum Employees (including, but not limited to, information regarding such
employee’s ranking or promotions, the existence and nature of garnishment orders or other judicial or administrative actions or orders affecting the employee’s compensation, and performance evaluations) shall be transferred to the

  
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applicable member of Versum Group as of the Employee Transfer Date. The originals of all personnel records of all Former Versum Employees shall remain with the applicable member of the Air
Products Group; provided that Air Products shall permit Versum or its Affiliates or successors or their authorized representatives to have full access to all such personnel records to the extent reasonably necessary in order for the members of
Versum Group or its successors to respond to a subpoena, court order, audit, investigation or otherwise as required by applicable Law or in connection with any pending or threatened lawsuits, actions, arbitrations, claims, complaints, investigations
or other proceedings. Versum or its Affiliates (or their respective successors) shall retain the personnel records for a period of at least ten (10) years following the Distribution. The members of Versum Group shall permit Air Products and its
authorized representatives to have full access upon reasonable notice during normal business hours to all the personnel records during the ten (10) year retention period in order for the members of the Air Products Group to respond to a subpoena,
court order, audit or investigation, to obtain data for pension or other benefits, or otherwise as required by applicable Law, and the members of Versum Group shall provide Air Products, upon the reasonable request of Air Products and at the expense
of Air Products, with copies of such personnel records. 
 ARTICLE XV 

ADMINISTRATIVE PROVISIONS 

15.1 Sharing of Participant Information. In addition to the responsibilities and obligations of Air Products and Versum specified in
the Separation Agreement and the schedules thereto, Air Products and Versum shall share, or cause to be shared, all participant information that is necessary or appropriate for the efficient and accurate administration of each of the Air Products
Plans and Versum Plans during the respective periods applicable to such Plans as Versum and Air Products may mutually agree, subject to applicable Laws (including those with respect to privacy, confidentiality and data protection). Subject to such
Laws, Air Products and Versum and their respective authorized agents shall be given reasonable and timely access to, and may make copies of, all information relating to the subjects of this Agreement in the custody of the other party or its agents,
to the extent necessary or appropriate for such administration. 
 15.2 Audits Regarding Vendor Contracts. From the period beginning
on the Plan Transition Date and ending on such date as Air Products and Versum may mutually agree in writing, Air Products and Versum and their duly authorized representatives shall have the right to conduct joint audits with respect to any vendor
contracts that relate to both the Air Products Health and Welfare Plans and the Versum Health and Welfare Plans. The scope of such audits shall encompass the review of all correspondence, account records, claim forms, canceled drafts (unless
retained by the bank), provider bills, medical records submitted with claims, billing corrections, vendor’s internal corrections of previous errors and any other documents or instruments relating to the services performed by the vendor under
the applicable vendor contracts. Air Products and Versum shall agree on the performance standards, audit methodology, auditing policy and quality measures, reporting requirements, and the manner in which costs incurred in connection with such audits
will be shared. 
 15.3 Regulatory Matters. Air Products and Versum shall make such filings and applications to regulatory agencies,
including the IRS and DOL, as may be necessary or appropriate in connection with the transactions contemplated by this Agreement. Versum and Air Products shall cooperate fully with one another on any issue relating to the transactions contemplated
by this Agreement for which Air Products and/or Versum elects to seek a determination letter or private letter ruling from the IRS, an advisory opinion from the DOL or other ruling from a local regulatory agency. 

15.4 Fiduciary Matters. Air Products and Versum each acknowledge that actions contemplated to be taken pursuant to this Agreement may
be subject to fiduciary duties or standards of conduct under ERISA or other applicable Law, and no party shall be deemed to be in violation of this Agreement if such party fails to comply with any provisions hereof based upon such party’s good
faith determination that to do so would violate such a fiduciary duty or standard. 
 15.5 Consent of Third Parties. If any provision
of this Agreement is dependent on the consent of any third party (such as a vendor) and such consent is withheld, Air Products and Versum shall use their commercially reasonable best efforts to implement the applicable provision. If any provision of
this Agreement cannot be implemented due to the failure of such third party to consent, Air Products and Versum shall negotiate in good faith to implement the provision in a mutually satisfactory manner. 

  
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 ARTICLE XVI  

GENERAL PROVISIONS 
 16.1
Cooperation.  
 (a) Duties of Versum. Following the Distribution, Versum shall cooperate, and shall cause the members
of the Versum Group to cooperate, fully with the members of the Air Products Group in the prosecution, defense and settlement of any claims for which any member of the Air Products Group retains Liability under this Agreement. Such cooperation shall
include (i) affording the applicable member of the Air Products Group, its counsel and its other representatives reasonable access, upon reasonable written notice during normal business hours, to all relevant personnel, properties, books, contracts,
commitments and records, (ii) furnishing promptly to the applicable member of the Air Products Group, its counsel and its other representatives such information as they reasonably requested, and (iii) providing any other assistance to the applicable
member of the Air Products Group, its counsel and its other representatives as they reasonably request. Air Products shall reimburse Versum for reasonable costs and expenses incurred in assisting Air Products pursuant to this Subsection 16.1(a).

 (b) Duties of Air Products. Following the Distribution, Air Products shall cooperate, and shall cause the members of the Air
Products Group to cooperate, fully with the members of the Versum Group in the prosecution, defense and settlement of any claims for which any member of the Versum Group assumes Liability under this Agreement. Such cooperation shall include (i)
affording the applicable member of the Versum Group, its counsel and its other representatives reasonable access, upon reasonable written notice during normal business hours, to all relevant personnel, properties, books, contracts, commitments and
records, (ii) furnishing promptly to the applicable member of the Versum Group, its counsel and its other representatives such information as they reasonably request, and (iii) providing any other assistance to the applicable member of the Versum
Group, its counsel and its other representatives as they reasonably request. Versum shall reimburse Air Products for reasonable costs and expenses incurred in assisting Versum pursuant to this Subsection 16.1(b). 

16.2 Relationship of Parties. Nothing in this Agreement shall be deemed or construed by the Parties or any third party as creating the
relationship of principal and agent, partnership or joint venture between the Parties, the understanding and agreement being that no provision contained herein, and no act of the Parties, shall be deemed to create any relationship between the
Parties other than the relationship set forth herein. 
 16.3 Affiliates. Each of Air Products and Versum shall cause to be
performed, and hereby guarantee the performance of, any and all actions of the members of the Air Products Group or Versum Group, respectively. 

16.4 No Third Party Remedies. The provisions of this Agreement are solely for the benefit of the Parties and are not intended to confer
upon any Person (including employees of the Parties hereto) except the Parties any rights or remedies hereunder, and there are no third party beneficiaries of this Agreement and this Agreement shall not provide any third person (including employees
of the Parties) with any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 

16.5 Governing Law. This Agreement and any dispute arising out of, in connection with or relating to this Agreement shall be governed
by and construed in accordance with the Laws of the State of Delaware, without giving effect to the conflicts of laws principles thereof that would compel the application of the laws of another jurisdiction. Each Party hereto agrees that the
appropriate, exclusive and convenient forum for any disputes between any of the parties hereto arising out of this Agreement or the transactions contemplated hereby shall be in any state or federal court in the State of Delaware. 

16.6 Severability. If any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court
of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof or the application of such provision to Persons or circumstances or in jurisdictions other than those 

  
 22 

 
as to which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal
substance of the transactions contemplated hereby is not affected in any manner adverse to any party. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon such a suitable and equitable provision to effect the
original intent of the Parties. 
 16.7 Amendment and Termination. This Agreement may be amended or terminated at any time prior to
the Distribution by and in the sole discretion of Air Products without the approval of Versum. This Agreement may be amended at any time on after the Distribution by mutual consent signed in writing by Air Products and Versum. 

16.8 Conflict. In the event of any conflict between the provisions of this Agreement and the Separation Agreement, any Ancillary
Agreement, or Plan, the provisions of this Agreement shall control. 
 16.9 Counterparts. This Agreement may be executed in one or
more counterparts, all of which shall be considered one and the same agreement, and shall become effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party. Execution of this Agreement or any
other documents pursuant to this Agreement by facsimile or other electronic copy of a signature shall be deemed to be, and shall have the same effect as, executed by an original signature. 

  
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