Document:

Corporate Executive Committee Separation Program

 Exhibit 10.20 
 AIR PRODUCTS AND CHEMICALS, INC. 
 CORPORATE EXECUTIVE COMMITTEE

 SEPARATION PROGRAM 
 As Amended Effective as of September 14, 2011 

 ARTICLE I 
 PURPOSE AND TERM OF PLAN 
 Section 1.01 Purpose. Air Products and
Chemicals, Inc. hereby establishes the Air Products and Chemicals, Inc. Corporate Executive Committee Separation Program (the “Plan”) for the purpose of facilitating the planned separations of Covered Executives (as defined below) and
providing severance benefits to a Covered Executive. 
 Section 1.02 Term of the Plan. The Plan, as set forth
herein, was originally effective July 17, 2003. This amendment and restatement of the Plan shall be effective January 1, 2008 (the “Effective Date”). The Plan will continue until such time as the Committee (as defined below)
acting in its sole discretion, elects to modify, supersede or terminate the Plan in accordance with, and subject to, the provisions of Article V. 
 ARTICLE II 
 DEFINITIONS 

Section 2.01 “Administrator” shall mean the Committee or, to the extent the Committee delegates its powers in accordance
with Section 4.01, its delegate with respect to matters so delegated. 
 Section 2.02 “Air Products” shall
mean Air Products and Chemicals, Inc. 
 Section 2.03 “Annual Incentive Plan” shall mean the Air Products and
Chemicals, Inc. Annual Incentive Plan and/or any similar, successor or substitute short-term bonus plan, program or pay practice. 
 Section 2.04 “Benefit” or “Benefits” shall mean any or all of the benefits that a Covered Executive is entitled to receive pursuant to Sections 3.02, 3.03 and 3.04 of the
Plan. 
 Section 2.05 “Board” means the Board of Directors of Air Products. 

Section 2.06 “Bonus” shall mean 100% of the target bonus for a Covered Executive, determined as of the Covered
Executive’s Employment Termination Date under the grant guidelines for the Annual Incentive Plan or similar successor or substitute annual incentive plan or program. 
 Section 2.07 “Cause” shall mean (a) the willful failure of an Executive to substantially perform his or her duties (other than any such failure due to Disability), after a demand for
substantial performance is delivered, which demand shall identify the manner in which the Company believes that the Covered Executive has not substantially performed his duties, (b) a Covered Executive’s engaging in willful and serious
misconduct that has caused or would reasonably be expected to result in material injury to the Company or any of its affiliates, (c) a Covered Executive’s conviction of, or entering a plea of nolo contendere to, a crime that
constitutes a felony, (d) a Covered Executive’s engaging (i) in repeated acts of insubordination 

  
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or (ii) an act of dishonesty, or (e) violation by the Covered Executive of any provision of Company’s Code of Conduct. 

Section 2.08 “CEO” shall mean the Chief Executive Officer of Air Products, or a former chief executive officer of Air
Products whose removal from such position constituted Good Reason. 
 Section 2.09 “Change in Control” shall be
as defined under the Company’s standard change in control agreement for senior executives or, if applicable, the change in control agreement that is in effect for a Covered Executive at the time of the Change in Control. 

Section 2.10 “Committee” shall mean the Management Development and Compensation Committee of the Air Products Board of
Directors, or such other person or persons appointed by the Board of Directors of the Company, to act on behalf of the Company with respect to the Plan as provided in the Plan. 

Section 2.11 “Company” shall mean Air Products and any of its wholly or majority owned subsidiaries and affiliates. The
term “Company” shall include any successor to Air Products such as a corporation succeeding to the business of Air Products or any subsidiary, by merger, consolidation or liquidation, or purchase of assets or stock or similar transaction.

 Section 2.12 “Covered Executive” shall mean (a) the CEO and (b) each individual who serves as a
member of the Company’s Corporate Executive Committee at the time of his or her Employment Termination Date; provided that, in the event an individual is transferred from his or her position on the Corporate Executive Committee during a planned
transition period in anticipation of the individual’s Termination of Employment, the Administrator may, in its discretion, determine that such individual is a Covered Executive. 

Section 2.13 “Disability” shall be as defined under the Company’s long-term disability plan. 

Section 2.14 “Employment Termination Date” shall mean the date on which a Covered Executive incurs a Termination of
Employment. 
 Section 2.15 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

 Section 2.16 “Good Reason” shall mean the occurrence of any of the following without a Covered
Executive’s consent: 
 (a) A material adverse change in the Covered Executive’s position or office
with the Company, or a material diminution in the Covered Executive’s duties, reporting responsibilities and authority with the Company, or an assignment to the Covered Executive of duties or responsibilities, which are materially inconsistent
with the Covered Executive’s status or position with the Company; provided that, any of the foregoing in connection with termination of a Covered Executive’s employment for Cause, Retirement or Disability shall not constitute
Good Reason. 

  
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 (b) Reduction of the Covered Executive’s Salary or failure by the
Company to pay, in substantially equal installments conforming with the Company’s normal pay practices, the Covered Executive’s Salary; provided, however, that the Company may reduce a Covered Executive’s Salary if such
reduction is no less favorable to the Covered Executive than the average annual percentage reduction during the applicable Fiscal Year for all Highly Compensated Employees; provided further that the Company may adjust its normal
payroll practices with respect to the payment of a Covered Executive’s Salary provided that such adjustment is applicable to all Highly Compensated Employees. 

(c) A material reduction in a covered Executive’s annual incentive opportunities under the Annual Incentive Plan
without a corresponding increase in other incentive compensation payable by the Company; provided, however, that the Company may reduce a Covered Executive’s annual incentive opportunities under the Annual Incentive Plan if such
reduction is on a basis no less favorable to the Covered Executive than the basis upon which the Company reduces the annual incentive opportunities payable to all Highly Compensated Employees during the applicable Fiscal Year; 

(d) A material reduction in a Covered Executive’s aggregate Company provided benefits under the Company’s
employee pension benefit, life insurance, medical, dental, health and accident, disability, severance and paid vacation plans, programs and practices; provided however that the Company may reduce or adjust the aggregate benefits
payable to a Covered Executive if such reduction is on a basis no less favorable to the Covered Executive than the basis on which the Company reduces aggregate benefits payable with respect to Highly Compensated Employees. 

(e) A requirement by the Company that a Covered Executive relocate his or her principal place of employment by more than
fifty (50) miles from the location in effect immediately prior to the Change in Control. 
 Notwithstanding anything to the
contrary contained herein, a Covered Executive’s termination of employment will not be treated as for Good Reason as the result of the occurrence of any event specified in the foregoing clauses (a) through (f) (each such event, a
“Good Reason Event”) unless, within 90 days following the occurrence of such event, the Covered Executive provides written notice to the Company of the occurrence of such event, which notice sets forth the exact nature of the event and the
conduct required to cure such event. The Company will have 30 days from the receipt of such notice within which to cure such event (such period, the “Cure Period”). If, during the Cure Period, such event is remedied, the Covered Executive
will not be permitted to terminate his or her employment for Good Reason. If, at the end of the Cure Period, the Good Reason Event has not been remedied, a Covered Executive’s voluntary termination will be treated as for Good Reason during the
90-day period that follows the end of the Cure Period. If a Covered Executive does not terminate employment during such 90-day period, the Covered Executive will not be permitted to terminate employment and receive the payments and benefits set
forth under this Agreement as a result of such Good Reason Event. 

  
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 Section 2.17 “Highly Compensated Employee” shall mean the highest paid one
percent of employees of the Company together with all corporations, partnerships, trusts, or other entities controlling, controlled by, or under common control with, the Company. 

Section 2.18 “Long-Term Incentive Plan” shall mean the Air Products and Chemicals, Inc. Long-Term Incentive Plan, approved
by Air Products’ shareholders most recently on 26 January 2006, together with all predecessor and similar successor or substitute intermediate and/or long-term incentive compensation plan or program. 

Section 2.19 “Pension Plans” shall mean, the Air Products and Chemicals, Inc. Pension Plan for Salaried Employees, as
amended from time to time together with any similar, succeeding or substitute plan, and the Supplementary Pension Plan of Air Products and Chemicals, Inc. as amended from time to time, together with any similar, succeeding or substitute plan, and
any private annuity or pension agreement between the Covered Executive and the Company. 
 Section 2.20 “Plan”
shall mean the Air Products and Chemicals, Inc. Corporate Executive Committee Separation Program, as set forth herein, and as the same may from time to time be amended. 
 Section 2.21 “Retirement Savings Plan” shall mean the Air Products and Chemicals, Inc. Retirement Savings Plan, as amended from time to time, together with any similar, succeeding or
substitute plan. 
 Section 2.22 “Plan Year” shall mean each period commencing on October 1 during which the
Plan is in effect and ending on the subsequent September 30. 
 Section 2.23 “Salary” shall mean an amount
equal to the annual rate of a Covered Executive’s base salary payable to the Covered Executive in all capacities with the Company and its Subsidiaries or affiliates for the Plan Year in which a Covered Executive’s Employment Termination
Date occurs. 
 Section 2.24 “Savings Plans” shall mean the Air Products and Chemicals, Inc. Retirement Savings
Plan, as amended from time to time, together with any similar, succeeding or substitute plan, and the Air Products and Chemicals, Inc. Deferred Compensation Plan, as amended from time to time, together with any similar, succeeding or substitute
plan. 
 Section 2.25 “Section 409A” shall mean Section 409A of the Internal Revenue Code of 1986, as
amended, and the regulations thereunder as in effect from time to time. 
 Section 2.26 “Termination of
Employment” shall mean termination of the active employment relationship between a Covered Executive and the Company (a) by the Company for reasons other than the Covered Executive’s death, Disability, retirement after attaining age
65 or Cause or (b) by the Covered Executive for Good Reason. 

  
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 ARTICLE III 
 ENTITLEMENT TO AND DESCRIPTION OF BENEFITS 
 Section 3.01 Earned Salary;
Accrued Vacation. Upon a Covered Executive’s Termination of Employment, the Company shall pay to the Covered Executive, as soon as practicable but no later than 30 days after the Covered Executive’s Employment Termination Date,
the Covered Executive’s (i) Salary, to the extent earned but unpaid as of the Employment Termination Date, and (ii) vacation pay accrued through the Employment Termination Date. The Covered Executive shall also be entitled to business
expenses incurred but unreimbursed as of the Employment Termination Date, earned but unpaid bonuses, and other benefits accrued under the Company’s benefit plans as of the Employment Termination Date; provided that such amounts
shall be paid to the Covered Executive in accordance with the applicable Company plan, program or policy. 
 Section 3.02
Cash Benefits. Upon a Covered Executive’s Termination of Employment and the Covered Executive’s satisfaction of the conditions specified in Section 3.05 of the Plan, the Covered Executive shall be entitled to receive the
following Benefits, as well as the Benefits specified in Sections 3.03 and 3.04: 
 (a) A lump sum cash
severance payment equal to one times (in the case of the CEO, two times) the sum of: (I) the Covered Executive’s Salary and (II) the average of the Annual Incentive Plan awards received by the
Covered Executive for the three fiscal years (or, if less, the number of fiscal years for which the Covered Executive has received Annual Incentive Plan awards) for which his or her Annual Incentive Plan awards were the highest of the last five
fiscal years. 
 (b) A lump sum cash payment which shall be equal to the product of: (I) the average of the
Annual Incentive Plan awards received by the Covered Executive for the three fiscal years (or, if less, the number of fiscal years for which the Covered Executive has received Annual Incentive Plan awards) for which his or her Annual Incentive Plan
awards were the highest of the last five fiscal years and (II) a fraction, the numerator of which is the number of days in the current Plan Year through the Covered Executive’s Employment Termination Date, and the denominator of which is
365. 
 (c) (i) If the Covered Executive is a participant in the Pension Plans and is not a Core Contribution Participant under
the Retirement Savings Plan, a lump sum cash payment equal to the difference between the actuarial present values as of the Employment Termination Date of: 
 (A) The Covered Executive’s accrued vested pension benefits under the Pension Plans, calculated assuming that payment of the benefits will commence in the form of a straight life annuity on the
earliest date on which the Covered Executive could commence payment if he or she is eligible for an early retirement subsidy on any portion of his or her accrued benefits on the 

  
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Employment Termination Date, or on the first day of the month after the Covered Executive attains age 65 if he or she is not; and 

(B) The Covered Executive’s accrued vested pension benefits under the Pension Plans calculated by adding one year
(in the case of the CEO, two years) of service to the actual service credited under such plans for benefit accrual and vesting purposes and including any early retirement subsidy available under the Pension Plans for which the Covered Executive is
not eligible due to termination before satisfying age and service requirements for such subsidy, and assuming that the Covered Executive’s benefit will commence in the form of a straight life annuity on the earliest date on which he or she
could retire and commence a benefit under the Pension Plans. 
 For purposes of calculating the actuarial present values of
(A) and (B) above, the interest rate shall be the average of the average monthly yields for municipal bonds published monthly by Moody’s Investors’ Service Inc. for the three months immediately preceding the Employment
Termination Date and the life expectancy assumptions shall be those most frequently used by the Pension Plans’ actuaries for other purposes. The calculation of the pension payment described in this subparagraph shall be made by a nationally
recognized firm of enrolled actuaries acceptable to the Covered Executive and the Company. The Company shall pay the reasonable fees and expenses of such actuarial firm. The calculation made by such actuarial firm shall be binding on the Covered
Executive and the Company. 
 (ii) If the Covered Executive is a Core Contribution Participant in the Retirement
Savings Plan, a lump sum cash payment (in lieu of the payment described in clause (i) above) equal to the sum of: (A) the Company Core Contributions and Core Credits (as defined in the Savings Plans) that the Covered Executive would have
received under the Savings Plans during the one-year period (in the case of the CEO, two-year period) following the Employment Termination Date assuming that (I) the Covered Executive remained actively employed by the Company during such
period, (II) the Covered Executive’s Salary continued at the higher of the rate in effect on the Employment Termination Date or the rate in effect immediately prior to any purported reduction in the Covered Executive’s Salary constituting
Good Reason and (III) the Covered Executive’s Annual Incentive Plan awards were equal in amount to the higher of the most recent award received prior to the Employment Termination Date and the average of the awards available to the Covered
Executive under the Annual Incentive Plan during and/or for each of the three immediately preceding Fiscal Years; provided that the amount payable to the Covered Executive under this clause (c) shall in no event include any Company matching
contributions or credits on such Company Core Contributions or Core Credits; and (B) any early retirement subsidy available under the Pension Plans (as in effect immediately prior to the beginning of the Contract Period) for which the Covered
Executive is not eligible solely due to termination before satisfying 

  
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age and service requirements for such subsidy and assuming that his or her benefit under the Pension Plans will commence in the form of a straight life annuity on the later of the Employment
Termination Date or the date on which he or she could retire and commence a benefit and otherwise calculated on the basis of the assumptions describe in clause (i) above. 
 Section 3.03 Non-Cash Benefits. In addition to the Benefits provided under Section 3.02, a Covered Executive shall receive and, subject to the Covered Executive’s satisfaction of the
conditions specified in Section 3.05 of the Plan, shall be permitted to retain, the following additional benefits: 
 (a) Following a Covered Executive’s Employment Termination Date, the Company will provide to the Covered Executive and the Covered Executive’s dependents for one year (in the case of the CEO,
two years) following the Covered Executive’s Employment Termination Date, benefits equivalent to those provided by the Company under all life insurance, medical, dental, health and accident, long-term disability, long-term care plans or
programs in which the Covered Executive was participating on the Covered Executive’s Termination Date or, in the event of a reduction in such benefits constituting Good Reason, equivalent to those provided immediately before such reduction;
provided that such benefits will not be provided beyond the period of time during which they would have been provided to the Covered Executive under such plans or programs, as in effect on the Covered Executive’s Employment Termination Date or
immediately before a reduction constituting Good Reason, had the Covered Executive not had a Termination of Employment and such benefits will be provided for at least the period during which they would have been provided to Covered Executive had
this Plan not been in effect. In the event of the Covered Executive’s death during such one-year period (in the case of the CEO, two-year period), benefits in respect of the Covered Executive or to the Covered Executive’s beneficiaries
will be provided in accordance with the terms of such plans or programs as if the Covered Executive were actively employed by the Company on the date of death of the Company. Any continuation of benefits pursuant to this subparagraph shall not run
concurrent with any continuation rights provided pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”), and for purposes of applying COBRA with respect to the Covered Executive’s coverage under
any group health plan, the end of coverage under this subparagraph shall be deemed to be the date of a qualifying event resulting from the termination of a Covered Executive. Except as specifically permitted by Section 409A, the coverage
provided to a Covered Executive during any calendar year will not (i) affect the coverage to be provided to the Covered Executive in any other calendar year or (ii) be subject to liquidation or exchange for another benefit. Notwithstanding
anything herein to the contrary, the cost of continued coverage pursuant to this Section 3.03(a) shall be shared by the Covered Executive and the Company in the same proportion and on the same terms as such costs were shared by the Covered
Executive and the Company prior to the Employment Termination Date or the proportion and terms in effect immediately prior to any purported change constituting Good Reason. 

  
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 (b) Outplacement assistance at times and locations that are convenient to
the Covered Executive; provided that such outplacement services will be provided for a period of no more than 12 months following the Employment Termination Date. 
 Section 3.04 Long-Term Incentive Plan Benefits. In addition to the Benefits payable under Sections 3.02 and 3.03, a Covered Executive’s Long-Term Incentive Plan awards shall, subject
to the Covered Executive's satisfaction of the conditions specified in Section 3.05 of the Plan, be treated in accordance with this Section 3.04. 
 (a) The following rules shall apply only with respect to awards granted prior to the Effective Date to an individual who was a Covered Executive on September 30, 2007: 

(i) All stock options and stock appreciation rights which have been outstanding for at least one year prior to the Covered
Executive’s Employment Termination Date shall continue to vest in accordance with their normal vesting schedule (if not fully vested as of the Employment Termination Date) and shall remain in effect for the remainder of their stated term, as
set forth in the agreements governing such awards, in each case as if the Covered Executive had continued in employment following the Employment Termination Date. All other stock options and stock appreciation rights shall terminate and be forfeited
on the Covered Executive’s Employment Termination Date. 
 (ii) All unvested performance shares or other
awards with performance-based vesting shall vest consistent with the decision made by or on behalf of the Company for other senior executives for the relevant cycle and payments in respect thereof shall be made within 30 days of vesting.

 (iii) All awards, including career shares, deferred performance shares and restricted stock, that are subject
to time-based vesting or other non-performance-based conditions, shall become fully vested and payments in respect thereof shall be made on the day after the Release Effective Date (as defined below). 

(b) The following rules shall apply with respect to awards granted prior to the Effective Date to an individual who
becomes a Covered Executive after September 30, 2007 and with respect to all awards granted to any Covered Executive on or after the Effective Date: 
 (i) All stock options and stock appreciation rights that are exercisable as of the Covered Executive’s Employment Termination Date shall continue to be exercisable following such Employment
Termination Date and shall remain exercisable for the remainder of the term applicable to the stock option or stock appreciation right. All stock options and stock appreciation rights that are not exercisable as of the Covered Executive’s
Employment Termination Date shall automatically terminate as of the Employment Termination Date. 

  
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 (ii) All unearned performance shares and other awards with performance-based
vesting shall vest as of the Covered Executive’s Employment Termination Date in an amount to be determined by multiplying (A) the number of shares or units that would have been earned by the Covered Executive under each such award at the
level of performance determined by the Committee at the end of the applicable performance cycle for other senior executives of the Company by (B) a fraction, the numerator of which is the number of full months that have elapsed between
the beginning of the applicable performance period and he Covered Executive’s Employment Termination Date and the denominator of which is the number of full months in such performance period. Payments in respect of such vested awards shall be
made within 30 days of the Committee’s decision. 
 (iii) All other awards, including deferred stock
units (other than deferred stock units that vest under the Long-Term Incentive Plan or the applicable award agreement upon a Covered Executive’s death, disability or retirement) and restricted stock, that are subject to time-based vesting or
other non-performance based conditions shall vest as of the Covered Executive’s Employment Termination Date in an amount determined by multiplying (A) the number of shares or units that are subject to the award by (B) a fraction, the
numerator of which is the number of full months that shall have elapsed since the beginning of the applicable vesting period and the denominator of which is the number of full months in the vesting period. Deferred stock units and restricted stock
that become vested under the Long-Term Incentive Plan or applicable award agreement upon a Covered Executive’s death, disability or retirement shall become fully vested on the Covered Executive’s Employment Termination Date. Payments in
respect of such vested awards shall be made on the day after the Release Effective Date (as defined below). 

(c) For purposes of this Section 3.04, fractional shares of Common Stock shall be rounded up to the next highest
whole share of stock. 
 (d) Notwithstanding anything herein to the contrary, the treatment of Long-Term
Incentive Plan awards held by a Covered Executive whose Termination of Employment is a Retirement (as defined in the Long-Term Incentive Plan) shall be determined under the Long-Term Incentive Plan and applicable award agreement (and not under this
Section 3.04) to the extent determined by the Committee on the Covered Executive’s Employment Termination Date to be more favorable to the Covered Executive. 
 Section 3.05 Conditions to Entitlement to Benefit. To be eligible to receive (or, in the case of benefits provided under Section 3.03, retain the value of) any Benefits under the Plan
after the Covered Executive’s Employment Termination Date has been set, a Covered Executive must (a) continue in his then current office and perform such duties for the Company as are typically related to the Covered Executive’s
position (or such other position as the Board reasonably requests) including identifying, recruiting and/or transitioning the Covered Executive’s successor, in all events performing all assigned duties in the manner reasonably

  
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directed by the CEO in his sole discretion, or if the CEO is the Covered Officer, by the Board in its sole discretion, and cease his employment on the Employment Termination Date; (b) prior
to the 60th day following the Employment Termination Date,
execute a release and discharge of the Company, in substantially the form attached hereto as Appendix A, from any and all claims, demands or causes of action (other than as provided in said Appendix A) and such release must become
effective and irrevocable prior to the 60th day following
the Employment Termination Date (such 60th day, the
“Release Effective Date”); and (c) prior to the Release Effective Date, execute a noncompetition, nonsolicitation, and nondisparagement agreement that extends for the two-year period following the Covered Executive’s Employment
Termination Date in substantially the form attached hereto as Appendix B, with such changes therein as the Administrator shall determine, in his discretion, acting on behalf of the Company. No Benefits due hereunder shall be paid to a Covered
Executive who has not complied in all respects with the requirements of this Section 3.05. 
 Section 3.06 Method
of Payment. Benefits under the Plan shall be paid as follows: 
 (a) The cash Benefits determined pursuant to
Section 3.02 hereof shall be paid in a lump sum, subject to all employment and withholding taxes applicable to the type of payments made. Such payments shall be made on the day after the Covered Executive’s Release Effective Date.

 (b) The non-cash Benefits described in Section 3.03 shall be provided after the Employment Termination
Date in accordance with the applicable Company plan, program or policy; provided that if the Covered Executive fails to comply with all of the conditions set forth in Section 3.05, the Covered Executive shall be required to repay
to the Company in cash within five (5) business days after written demand is made therefor by the Company, an amount equal to the value of any Benefit received under Section 3.03. 

(c) Long-Term Incentive Plan awards referred to in Section 3.04 will be paid on the later of the date contemplated
under the applicable award agreement and the date (if any) provided for under Section 3.04; provided that payment shall be made in accordance with the applicable award agreement to the extent required to avoid taxes or penalties
under Section 409A. 
 Section 3.07 Death or Disability. If a Covered Executive incurs Disability or dies
before the Employment Termination Date has been set, no Plan payments or other benefits will be due and owing to the Covered Executive or, in the case of his death, to his estate or beneficiary. 

If a Covered Executive incurs Disability or dies after his Employment Termination Date has been set but not attained, the Administrator
shall cause any Benefits due under the Plan to be paid to the Covered Executive or, in the case of his death, to the Covered Executive’s Designated Beneficiary as defined in the Long-Term Incentive Plan; provided, however, that if the Covered
Executive dies after he has retired prior to attaining the Employment Termination Date, no Benefits shall be due and owing under the Plan to the Covered Executive’s designated beneficiary, his estate, or any other person. For this purpose,
“retire” means to have separated 

  
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from employment and begun to receive an immediate pension benefit under a Company-sponsored defined benefit pension plan. 
 Section 3.08 Change in Control. In the event of a Change in Control of the Company, the change in control agreement applicable to the Covered Executive shall continue in full force and effect
and the Plan shall be null and void; and, if the Change in Control occurs after the Employment Termination Date has been set but before the Employment Termination Date, the change in control agreement applicable to the Covered Executive shall
continue in full force and effect and the Employment Termination Date under the Plan shall be treated under the change in control agreement as the Covered Executive’s “Termination Date” for other than death, “Disability” or
“Cause”, as such terms appearing in quotations are defined in the change in control agreement, and the Plan shall be null and void. 
 ARTICLE IV 
 ADMINISTRATION 

Section 4.01 Authority and Duties. It shall be the duty of the Administrator, on the basis of information supplied by the
Company, to determine the entitlement of each Covered Executive to Benefits under the Plan and to approve the amount of the cash Benefits payable to each such Covered Executive. The Company shall make such payments as the Administrator determines to
be due to Covered Executives. The Administrator shall have the full power and authority to (a) determine whether a Covered Executive’s termination of employment with the Company constitutes a Termination of Employment for purposes of the
Plan and (b) construe, interpret and administer the Plan, to correct deficiencies therein, and to supply omissions. All decisions, actions, and interpretations of the Administrator shall be final, binding, and conclusive upon the parties. The
Committee may delegate to appropriate Company officers its authority and its duties as it shall deem appropriate in its sole discretion, and the actions of such person or persons shall have the same force and effect as any action of the Committee in
respect of the Plan (other than any action by such person or persons to delegate the Committee’s duties or authority hereunder); provided, however, that the Committee shall retain authority to approve any payments to persons who are treated as
executive officers of the Company for U.S. securities law purposes. 
 Section 4.02 Expenses of the Administrator.
All reasonable expenses of the Administrator shall be paid or reimbursed by the Company upon proper documentation. The Company shall indemnify and defend the Administrator against personal liability for actions taken in good faith in the discharge
of its duties hereunder. 
 Section 4.03 Actions of the Administrator. Whenever a determination is required of the
Administrator under the Plan, such determination shall be made solely at the discretion of the Administrator. In addition, the exercise of discretion by the Administrator need not be uniformly applied to similarly situated Covered Executives and
shall be final and binding on each Covered Executive or beneficiary(ies) to whom the determination is directed. 

  
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 ARTICLE V 
 AMENDMENT AND TERMINATION 
 The Company, acting through the Committee, retains the
right, at any time and from time to time, to amend, suspend, or terminate the Plan in whole or in part, for any reason, and, except as provided below, without either the consent of or the prior notification to any Covered Executive. Notwithstanding
the foregoing and except as specifically provided under Section 7.12(d), no such amendment, suspension or termination shall (a) give the Company the right to recover any amount paid to a Covered Executive prior to the date of such action,
(b) cause the cessation and discontinuance of payments of Benefits to any person or persons under the Plan already receiving Benefits, or (c) be effective to terminate or reduce the Benefits or prospective Benefits of any Covered Executive
whose Employment Termination Date has been set as of the date of such amendment, suspension or termination (unless the express written consent of the Covered Executive has been obtained with respect thereto). 

ARTICLE VI 

DUTIES OF THE COMPANY 
 Section 6.01 Records. The Company shall supply to the Administrator all records and information necessary to the performance of the Administrator’s duties. 

Section 6.02 Discretion. Any decisions, actions or interpretations to be made under the Plan by the Board, the Committee, the
Company, or the Administrator, acting on behalf of the Company, shall be made in its or their respective sole discretion, not in any fiduciary capacity and need not be uniformly applied to similarly situated individuals and shall be final, binding
and conclusive upon all parties. 
 ARTICLE VII 
 MISCELLANEOUS 
 Section 7.01 Nonalienation of Benefits. None of the
payments, Benefits or rights of any Covered Executive shall be subject to any claim of any creditor, and, in particular, to the fullest extent permitted by law, all such payments, Benefits and rights shall be free from attachment, garnishment,
trustee’s process, or any other legal or equitable process available to any creditor of such Covered Executive. No Covered Executive shall have the right to alienate, anticipate, commute, pledge, encumber or assign any of the Benefits or
payments which he may expect to receive, contingently or otherwise, under the Plan. 
 Section 7.02 No Contract of
Employment. Neither the establishment of the Plan, nor any modification thereof, nor the creation of any fund, trust or account, nor the payment of any Benefits shall be construed as giving any Covered Executive, or any person whosoever, the
right to be retained in the service of the Company, and all Covered Executives shall remain subject to discharge to the same extent as if the Plan had never been adopted. 

  
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 Section 7.03 Entire Agreement. Except as may be provided in a change in control
agreement that is in effect for a Covered Executive at the time of a Change in Control between the Company and a Covered Executive, this Plan document, as it may be amended by the Committee, and the documents specifically referenced herein, or in
such amendment, shall constitute the entire agreement between the Company and the Covered Executive with respect to the Benefits promised hereunder and no other agreements, representations, oral or otherwise, express or implied, with respect to such
Benefits or any severance benefits shall be binding on the Company. 
 Section 7.04 Severability of Provisions. If
any provision of the Plan shall be held invalid or unenforceable, such invalidity or unenforceability shall not affect any other provisions hereof, and the Plan shall be construed and enforced as if such provisions had not been included. 

Section 7.05 Successors, Heirs, Assigns, and Personal Representatives. The Plan shall be binding upon the heirs, executors,
administrators, successors and assigns of the parties, including each Covered Executive, present and future. 

Section 7.06 Headings and Captions. The headings and captions herein are provided for reference and convenience only, shall
not be considered part of the Plan, and shall not be employed in the construction of the Plan. 
 Section 7.07 Gender
and Number. Except where otherwise clearly indicated by context, the masculine and the neuter shall include the feminine and the neuter; the singular shall include the plural, and vice-versa. 

Section 7.08 Unfunded Plan. The Plan shall not be funded. The Company may, but shall not be required to, set aside or earmark
an amount necessary to provide the Benefits specified herein (including the establishment of trusts). In any event, no Covered Executive shall have any right to, or interest in, any assets of the Company. 

Section 7.09 Payments to Incompetent Persons, Etc. Any Benefit payable to or for the Benefit of a minor, an incompetent
person or other person incapable of receipting therefor shall be deemed paid when paid to such person’s guardian or to the party providing or reasonably appearing to provide for the care of such person, and such payment shall fully discharge
the Company, the Administrator and all other parties with respect thereto. 
 Section 7.10 Lost Payees. A Benefit
shall be deemed forfeited if the Administrator is unable to locate a Covered Executive to whom a Benefit is due. Such Benefit shall be reinstated if application is made by the Covered Executive for the forfeited Benefit while the Plan is in
operation. 
 Section 7.11 Controlling Law and Nature of Plan. The Plan shall be construed and enforced according to
the laws of the Commonwealth of Pennsylvania to the extent not preempted by Federal law. The Plan is not intended to be included in the definitions of “employee pension benefit plan” and “pension plan” set forth under
Section 3(2) of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). Rather, the Plan is intended to meet the descriptive requirements of a plan constituting a “severance pay plan”

  
 -13-

 
within the meaning of regulations published by the Secretary of Labor at Title 29, Code of Federal Regulations, Section 2510.3-2(b). 

Section 7.12 Section 409A. 
 (a) It is intended that the provisions of this Plan comply with Section 409A, and all provisions of this Plan shall be construed and interpreted in a manner consistent with the requirements for
avoiding taxes or penalties under Section 409A. 
 (b) Neither the Covered Executive nor any of the Covered
Executive’s creditors or beneficiaries shall have the right to subject any deferred compensation (within the meaning of Section 409A) payable under this Plan or under any other plan, policy, arrangement or agreement of or with the Company
or any of its affiliates (this Plan and such other plans, policies, arrangements and agreements, the “Company Plans”) to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, attachment or garnishment. Except as
permitted under Section 409A, any deferred compensation (within the meaning of Section 409A) payable to the Covered Executive or for the Covered Executive’s benefit under any Company Plan may not be reduced by, or offset against, any
amount owing by the Covered Executive to the Company or any of its affiliates. 
 (c) If, at the time of the
Covered Executive’s separation from service (within the meaning of Section 409A), (i) the Covered Executive shall be a specified employee (within the meaning of Section 409A and using the indemnification methodology selected by
the Company from time to time) and (ii) the Company shall make a good faith determination that an amount payable under a Company Plan constitutes deferred compensation (within the meaning of Section 409A) the payment of which is required
to be delayed pursuant to the six-month delay rule as set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then the Company shall not pay such amount on the otherwise scheduled payment date but shall instead
accumulate such amount and pay it, without interest, on the first business day after such six-month period. 

(d) Notwithstanding any provision of this Plan or any Company Plan to the contrary, in light of the uncertainty with
respect to the proper application of Section 409A, the Company reserves the right to make amendments to this Plan and any Company Plan as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under
Section 409A. In any case, the Covered Executive is solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on the Covered Executive for the Covered Executive’s account in connection with any
Company Plan (including any taxes and penalties under Section 409A), and neither the Company nor any affiliate shall have any obligation to indemnify or otherwise hold the Covered Executive harmless from any or all of such taxes or penalties.

  
 -14-

 APPENDIX A 
 GENERAL RELEASE 
 1. I,
                                         (the
“Executive”), for and in consideration of (a) certain severance benefits to be paid and provided to me by Air Products and Chemicals, Inc. (the “Company”) under the Air Products and Chemicals, Inc. Corporate Executive
Committee Separation Program (the “Plan”) and (b) the Company’s execution of a release in favor of the Executive, on the date this General Release becomes irrevocable, substantially in the form attached hereto as Annex 1,
and conditioned upon such payments and provisions, do hereby REMISE, RELEASE, AND FOREVER DISCHARGE Air Products and Chemicals, Inc. (the “Company”) and each of its past or present subsidiaries and affiliates, its and their past or
present officers, directors, shareholders, employees and agents, their respective successors and assigns, heirs, executors and administrators, the pension and employee benefit plans of the Company, or of its past or present subsidiaries or
affiliates, and the past or present trustees, administrators, agents, or employees of the pension and employee benefit plans (hereinafter collectively included within the term the “Company”), acting in any capacity whatsoever, of and from
any and all manner of actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity, which I ever had, now have, or hereafter may have, or which my heirs, executors or administrators hereafter may have, by reason of
any matter, cause or thing whatsoever from the beginning of my employment with the Company to the date of these presents and particularly, but without limitation of the foregoing general terms, any claims arising from or relating in any way to my
employment relationship and the termination of my employment relationship with the Company, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future under any federal,
state or local laws, including any claims under the Pennsylvania Human Relations Act, 43 PA. C.S.A. §§ 951 et seq., as amended, the Rehabilitation Act of 1973, 29 USC §§ 701 et seq., as amended,
Title VII of the Civil Rights Act of 1964, 42 USC §§ 2000e et seq., as amended, the Civil Rights Act of 1991, 2 USC §§ 60/ et seq., as applicable, the Age Discrimination in Employment Act of 1967,
29 USC §§ 621 et seq., as amended (“ADEA”), the Americans with Disabilities Act, 29 USC §§ 706 et seq., and the Employee Retirement Income Security Act of 1974, 29 USC §§ 301 et
seq., as amended, any contracts between the Company and me and any common law claims now or hereafter recognized and all claims for counsel fees and costs; provided, however, that this Release shall not apply to any entitlements under the terms of
the Plan or under any other plans or programs of the Company in which I participated and under which I have accrued and become entitled to a benefit other than under any Company separation or severance plan or programs. Notwithstanding the
foregoing, I understand that I shall be indemnified by the Company as to any liability, cost or expense for which I would have been indemnified during employment, in accordance with the Company’s certificate of incorporation or insurance
coverages in force for employees of the Company serving in executive capacities for actions taken on behalf of the Company within the scope of my employment by the Company. 
 2. Subject to the limitations of paragraph 1 above, I expressly waive all rights afforded by any statute which expressly limits the effect of a release with respect to unknown claims. I understand the
significance of this release of unknown claims and the waiver of statutory protection against a release of unknown claims. 

  
 -15-

 3. I hereby agree and recognize that my employment by the Company was/will be permanently
and irrevocably severed on                 , 20     and the Company has no obligation, contractual or otherwise to me to hire, rehire or reemploy me
in the future. I acknowledge that the terms of the Plan provide me with payments and benefits which are in addition to any amounts to which I otherwise would have been entitled. 

4. I hereby agree and acknowledge that the payments and benefits provided by the Company are to bring about an amicable resolution of my
employment arrangements and are not to be construed as an admission of any violation of any federal, state or local statute or regulation, or of any duty owed by the Company and that the Plan was, and this Release is, executed voluntarily to provide
an amicable resolution of my employment relationship with the Company. 
 5. I hereby acknowledge that nothing in this Release
shall prohibit or restrict me from: (a) making any disclosure of information required by law; (b) providing information to, or testifying or otherwise assisting in any investigation or proceeding brought by, any federal regulatory or law
enforcement agency or legislative body, any self-regulatory organization, or the Company’s designated legal, compliance or human resources officers; or (c) filing, testifying, participating in or otherwise assisting in a proceeding
relating to an alleged violation of any federal, state or municipal law relating to fraud, or any rule or regulation of the Securities and Exchange Commission or any self-regulatory organization. 

6. I hereby certify that I have read the terms of this Release, that I have been advised by the Company to discuss it with my attorney,
that I have received the advice of counsel and that I understand its terms and effects. I acknowledge, further, that I am executing this Release of my own volition with a full understanding of its terms and effects and with the intention of
releasing all claims recited herein in exchange for the consideration described in the Agreement, which I acknowledge is adequate and satisfactory to me. None of the above named persons, nor their agents, representatives or attorneys have made any
representations to me concerning the terms or effects of this Release other than those contained herein. 
 7. I hereby
acknowledge that I have been informed that I have the right to consider this Release for a period of 21 days prior to execution. I also understand that I have the right to revoke this Release for a period of seven days following execution by
giving written notice to the Company at 7201 Hamilton Boulevard, Allentown Pennsylvania 18195-1501, Attention: General Counsel. 
 8. I hereby further acknowledge that the terms of Appendix B of the Plan continue to apply for the balance of the time periods provided therein and that I will abide by and fully perform such
obligations. 

  
 -16-

 Intending to be legally bound hereby, I execute the foregoing Release this
     day of                 , 20     . 
  

					
	  
	 		 	  

	Witness	 		 	Executive

  
 -17-

 ANNEX 1 
 GENERAL RELEASE 
 1. Air Products and Chemicals, Inc. (the
“Company”) on its behalf and on behalf of its subsidiaries and affiliates, their officers, directors, partners, employees and agents, their respective successors and assigns, heirs, executors and administrators (hereinafter collectively
included within the term “Company”), for and in consideration of
                                         (the
“Executive”) executing the general release of claims against the Company dated                      (the “Executive’s Release of
the Company”), and other good and valuable consideration, does hereby REMISE, RELEASE, AND FOREVER DISCHARGE the Executive, his assigns, heirs, executors and administrators (hereinafter collectively included within the term
“Executive”), acting in any capacity whatsoever, of and from any and all manner of actions and causes of actions, suits, debts, claims and demands whatsoever in law or in equity, which it ever had, now have, or hereafter may have, by
reason of any matter, cause or thing whatsoever from the beginning of the Executive’s employment with the Company to the date of this Release arising from or relating in any way to the Executive’s employment relationship and the
termination of his employment relationship with the Company, including but not limited to, any claims which have been asserted, could have been asserted, or could be asserted now or in the future under any federal, state or local laws, any contracts
between the Company and the Executive, other than the Executive’s Release of the Company, the Executive’s Noncompetition, Nonsolicitation, and Nondisparagement Agreement with the Company, and the Employee Patent and Confidential
Information Agreement entered into by the Executive on                     , and any common law claims now or hereafter recognized and all claims for
counsel fees and costs, but in no event shall this release apply to any action attributable to a criminal act or to an action outside the scope of the Executive’s employment. 

2. Subject to the limitations of paragraph 1 above, the Company expressly waives all rights afforded by any statute which expressly
limits the effect of a release with respect to unknown claims. The Company understands the significance of this release of unknown claims and the waiver of statutory protection against a release of unknown claims. 

3. The Company hereby certifies that it has been advised by counsel in the preparation and review of this Release. 

Intending to be legally bound hereby, Air Products and Chemicals, Inc. executes the foregoing Release this      day
of                 , 20    . 
  

							
	  
	 		 	By:	 	  

	 Witness
	 		 		 	

  
 -18-

 APPENDIX B 

NONCOMPETITION, NONSOLICITATION, AND 
 NONDISPARAGEMENT AGREEMENT 
 I,
                                         (the
“Executive”), for and in consideration of (a) certain severance benefits to be paid and provided to me by Air Products and Chemicals, Inc. (the “Company”) under the Air Products and Chemicals, Inc. Corporate Executive
Committee Separation Program (the “Plan”), and (b) the Company’s execution of a release in favor of the Executive, I, the Executive, hereby covenant and agree as follows: 

1. The Executive acknowledges that the Company is generally engaged in business throughout the world. During the Executive’s
employment by the Company and for two years after the Executive’s Employment Termination Date (as defined in the Plan), the Executive agrees that he will not, unless acting with the prior written consent of the Company, directly or indirectly,
own, manage, control, or participate in the ownership, management or control of, or be employed or engaged by, or otherwise affiliated or associated with, as an officer, director, employee, consultant, independent contractor or otherwise, any other
corporation, partnership, proprietorship, firm, association, or other business entity, or otherwise engage in any business which is engaged in any manner anywhere in any business which, as of the Employment Termination Date, is engaged in by the
Company, has been reviewed with the Board for development to be owned or managed by the Company, and/or has been divested by the Company but as to which the Company has an obligation to refrain from involvement, but only for so long as such
restriction applies to the Company; provided, however, that the ownership of not more than 5% of the equity of a publicly traded entity shall not be deemed to be a violation of this paragraph. 

2. The Executive also agrees that he will not, directly or indirectly, during the period described in paragraph (1), induce any
person who is an employee, officer, director, or agent of the Company, to terminate such relationship, or employ, assist in employing or otherwise be associated in business with any present or former employee or officer of the Company, including
without limitation those who commence such positions with the Company after the Employment Termination Date. 
 3. For the
purposes of this Agreement, the term “Company” shall be deemed to include Air Products and the subsidiaries and affiliates of Air Products. 
 4. The Executive acknowledges and agrees that the restrictions contained in this Agreement are reasonable and necessary to protect and preserve the legitimate interests, properties, goodwill and business
of the Company, that the Company would not have entered into this Agreement in the absence of such restrictions and that irreparable injury will be suffered by the Company should the Executive breach the provisions of this Section. The Executive
represents and acknowledges that (a) the Executive has been advised by the Company to consult the Executive’s own legal counsel in respect of this Agreement, (b) the Executive has consulted with and been advised by his own counsel in
respect of this Agreement, and (c) the Executive 

  
 -19-

 
has had full opportunity, prior to execution of this Agreement, to review thoroughly this Agreement with the Executive’s counsel. 

5. The Executive further acknowledges and agrees that a breach of the restrictions in this Agreement will not be adequately compensated
by monetary damages. The Executive agrees that the Company shall be entitled to (a) preliminary and permanent injunctive relief, without the necessity of proving actual damages, or posting of a bond, (b) an equitable accounting of all
earnings, profits and other benefits arising from any violation of this Agreement, and (c) enforce the terms, including requiring forfeitures, under other plans, programs and agreements under which the Executive has been granted a benefit
contingent on a covenant similar to those contained in this Agreement, which rights shall be cumulative and in addition to any other rights or remedies to which the Company may be entitled. In the event that the provisions of this Agreement should
ever be adjudicated to exceed the limitations permitted by applicable law in any jurisdiction, it is the intention of the parties that the provision shall be amended to the extent of the maximum limitations permitted by applicable law, that such
amendment shall apply only within the jurisdiction of the court that made such adjudication and that the provision otherwise be enforced to the maximum extent permitted by law. 

6. If the Executive breaches his obligations under this Agreement, he agrees that suit may be brought, and that he consents to personal
jurisdiction, in the United States District Court for the Eastern District of Pennsylvania, or if such court does not have jurisdiction or will not accept jurisdiction, in any court of general jurisdiction in Allentown, Pennsylvania; consents to the
non-exclusive jurisdiction of any such court in any such suit, action or proceeding; and waives any objection which he may have to the laying of venue of any such suit, action or proceeding in any such court. The Executive also irrevocably and
unconditionally consents to the service of any process, pleadings, notices or other papers. 
 7. Executive further agrees,
covenants, and promises that he will not in any way communicate the terms of this Agreement to any person other than his immediate family and his attorney and financial consultant or when necessary to advise a third party of his obligations under
this Agreement. Notwithstanding the foregoing, the Company and Executive also agree that for a period of two years following the Employment Termination Date, Executive will provide and that at all times after the date hereof the Company may
similarly provide, with prior written notice to Executive, a copy of this Agreement to any business or enterprise (a) which Executive may directly or indirectly own, manage, operate, finance, join, control or of which he may participate in the
ownership, management, operation, financing, or control, or (b) with which Executive may be connected as an officer, director, employee, partner, principal, agent, representative, consultant, or otherwise, or in connection with which Executive
may use or permit to be used Executive’s name. Executive agrees not to disparage the name, business reputation, or business practices of the Company or its subsidiaries or affiliates, or its or their officers, employees, or directors, and the
Company agrees not to disparage the name or business reputation of Executive. 
 8. The Executive hereby expressly acknowledges
and agrees that (a) the provisions of the Employee Patent and Confidential Information Agreement entered into by him on                     ,
shall continue to apply in accordance with its terms, and (b) the provisions of the Executive’s outstanding incentive award agreements granted under the Company’s Long-Term 

  
 -20-

 
Incentive Plan, as defined in the Plan, shall continue to apply in accordance with their terms except as otherwise provided in Section 3.04 of the Plan and except that, for purposes of
interpreting the provisions of the first indented clause of Section 2 of the “Conditions”(as defined in, and as set forth in Exhibit A to, each of the Executive’s award agreements under the Long-Term Incentive Plan),
“in Competition with the Company” shall be construed as provided in this Agreement. 
 9. No failure or delay on the
part of the Company in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power preclude any further or other exercise thereof or the exercise of any other right
or power hereunder. No modification or waiver of any provision of this Agreement or consent to any departure by any party therefrom shall in any event be effective until the same shall be in writing and then such waiver or consent shall be effective
only in the specific instance and for the purpose for which given. No notice to or demand on any party in any case shall entitle such party to any other or further notice or demand in similar or other circumstances. 

10. This Agreement shall be construed in accordance with the laws of the Commonwealth of Pennsylvania without giving effect to its
conflict of law’s provisions. This Agreement shall extend to and enure to the benefit of the respective successors and assigns of the Company. 
 Intending to be legally bound hereby, I execute the Noncompetition, Nonsolicitation, and Nondisparagement Agreement this      day of
                , 20     . 
  

					
	  
	 		 	  

	Witness	 		 	Executive

  
 -21-Management Development and Compensation Committee Rules

 Exhibit 10.21 

11 August
2011                     
 : 

Air Products and Chemicals, Inc. (“Air Products”) considers a sound and vital management to be essential to protecting and
enhancing its best interests and those of its shareholders. In this connection, Air Products recognizes that, as is the case with any publicly held corporation, the possibility of a change in control of Air Products may develop, although no such
change is now expected or contemplated. 
 The Management Development and Compensation Committee of the Air Products Board of
Directors and the Board believe it imperative that the Company and the Board be able to rely upon key members of the Company’s management to continue in their positions and to act in the best financial interests of Air Products shareholders in
the event of a bid, offer or proposal to take control of Air Products and following any change in control of Air Products. Therefore, the Committee and the Board have determined that appropriate steps should be taken to protect key members of the
Company’s management against significant negative personal financial consequences that might result from a change in control, and to reinforce and encourage the continued attention and dedication of such key members of management to their
duties without distraction should the possibility of a change in control of Air Products ever arise. 
 In order to induce you
to remain in the employ of the Company and to assure your continued dedication and the availability of your advice and counsel during the possibility and pendency of, and following, a change in the control of Air Products, Air Products agrees that
it will provide you, or cause you to be provided the severance benefits set forth in this change in control agreement (“the Agreement”) in the event your employment with the Company is terminated subsequent to a Change in Control under the
circumstances described herein. 
  

	 	1.	DEFINITIONS 

“Act” means the Securities Exchange Act of 1934. 
 “Annual Incentive Plan” shall mean the Air Products and Chemicals, Inc. Annual Incentive Plan and/or any similar, successor or substitute short-term bonus plan, program or pay practice.

 “Base Salary” shall mean your total annual salary payable by the Company in accordance with its normal compensation
practices, including any amounts deferred pursuant to the Savings Plans or Code Section 125. 
 “Benefit Plans”
shall have the meaning set forth in clause (F) under the definition of Good Reason. 
 “Board” shall mean the
Board of Directors of Air Products. 

  
 1 

 “Bonus Plans” shall have the meaning set forth in clause (C) under the
definition Good Reason. 
 “Cause” shall mean either of the following: 

 

	 	(A)	The willful and continued failure by you to substantially perform your duties with the Company (other than any such failure resulting from your incapacity due to
physical or mental illness or injury or any such actual or anticipated failure after the issuance by you of a Termination Notice for Good Reason), over a period of not less than forty-five days after a demand for substantial performance is delivered
to you by the Board which specifically identifies the manner in which the Board believes that you have not substantially performed your duties; or 

  

	 	(B)	The willful engaging by you in gross misconduct materially and demonstrably injurious to the Company; provided that no act or failure to act on your part will be
considered willful if done, or omitted to be done, by you in good faith and with reasonable belief that your action or omission was in the best interest of the Company, or if any member of the Board who was not a party to such act or omission had
actual knowledge of it for at least twelve months. 

 “Change in Control” shall mean the first to occur
of: 
  

	 	A.	Stock Acquisition. Any “person”, as such term is used in Sections 13(d) and 14(d)(2) of the Act, other than Air Products, or any corporation a majority
of whose outstanding stock entitled to vote is owned, directly or indirectly, by Air Products (a “Subsidiary”), or a trustee of an employee benefit plan sponsored solely by Air Products and/or such a Subsidiary, is or becomes, other than
by purchase from Air Products or such a Subsidiary, the “beneficial owner”, as such term is defined in Rule 13d-3 under the Act, directly or indirectly, of securities of Air Products representing 30% or more of the combined voting power of
Air Products’ then outstanding voting securities. Such a Change in Control will be deemed to have occurred on the first to occur of the date securities are first purchased by a tender or exchange offer or, the date upon which Air Products first
learns of the acquisition of 30% or more of such securities, or the later of the effective date of an agreement for the merger, consolidation or other reorganization of Air Products and the date of approval thereof by a majority of Air
Products’ shareholders. 

  

	 	B.	Change in Board. During any period of two consecutive years, individuals who at the beginning of such period were members of the Board cease for any reason to
constitute at least a majority thereof, unless the election or nomination for election by Air Products’ shareholders of each new director was approved by a vote of at least two-thirds of the directors then still in office who were directors at
the beginning of the period. Such a Change in Control will be deemed to have occurred on the date upon which the requisite majority of directors fails to be elected by the shareholders of Air Products. 

 

	 	C.	 Other Events. Any other event or series of events which, notwithstanding any other provision of this definition to the contrary, is determined,
by a majority of the outside members of the Board serving in office at the time such event or events occur, to constitute a Change in Control of Air Products for purposes of this

  
 2 

	 	
Agreement. Such a Change in Control will be deemed to have occurred on the date of such determination or on such other date as said majority of outside members of the Board shall specify.

 “Change in Control Price” shall mean the highest tender or exchange offer price paid or to be paid
for Common Stock pursuant to the offer associated with the Change in Control (such price to be determined by the administrator of the Long Term Incentive Plan from such source or sources of information as it shall determine including, without
limitation, the Schedule 13D or an amendment thereto filed by the offeror pursuant to Rule 13d-1 under the Act), or the price paid or to be paid for Common Stock under an agreement associated with the Change in Control. 

“Code” means the Internal Revenue Code of 1986, as amended from time to time. 

“Committee” means the Management Development and Compensation Committee of the Board or a successor Committee of the Board.

 “Common Stock” means the common stock, $1 par value, of Air Products. 

“Company” means Air Products and any successor in interest thereto, and any affiliate of Air Products in which it holds,
directly or indirectly, a controlling interest and to whom your employment has been transferred with your consent. 

“Contract Period” shall mean the period commencing on a Change in Control and ending two years following the Change in Control.

 “Disability” shall exist where, as a result of your incapacity due to physical or mental illness or injury you have
been absent from the performance of your duties with the Company for at least six consecutive months. 
 “Fair Market
Value” shall have the meaning set forth in the Long-Term Incentive Plan. 
 “Fiscal Year” shall mean the fiscal
year of the Company which commences on October 1 of each calendar year and ends on September 30 of the following calendar year, or such other fiscal year as the Company may adopt for keeping its financial records. 

“Good Reason” shall mean the occurrence of any of the following without your consent: 

 

	 	A.	A material adverse change, during the Contract Period, in your position or office with the Company, or a material diminution in the duties, reporting responsibilities
and authority with the Company which you held and performed during the ninety-day period immediately preceding the beginning of the Contract Period, or an assignment to you of duties or responsibilities, which are materially inconsistent with your
status or position with the Company immediately prior to the Change in Control; provided that, any of the foregoing in connection with termination of your employment for Cause, Retirement or Disability shall not constitute Good Reason. Your
determination that any of the foregoing has occurred shall be presumed to be correct, unless refuted by the Company by clear and convincing evidence. 

  

	 	B.	 The failure by the Company to pay you a Base Salary, in substantially equal installments conforming with the Company’s normal pay practices, at a
rate at 

  
 3 

	 	
least equal to your Base Salary rate in effect immediately before the beginning of the Contract Period or a failure to increase such Base Salary each year, beginning one year after the last
increase in your Base Salary occurring before the beginning of the Contract Period, by an amount which at least equals, on a percentage basis, the average annual percentage increase in your Base Salary during the three full Fiscal Years immediately
preceding the beginning of the Contract Period; provided, however, that the Company may reduce your Base Salary or adjust your Base Salary on a smaller percentage basis if such reduction or adjustment is no less favorable to you on a
percentage basis than the average annual percentage reduction or adjustment during the applicable Fiscal Year for all Highly Compensated Employees. 

  

	 	C.	The failure by the Company to continue the Annual Incentive Plan or initiate and maintain other similar plans, programs or practices (collectively, the “Bonus
Plans”), in each case on terms that provide to you, beginning no later than the beginning of the first Fiscal Year after the beginning of the Contract Period, annual incentive opportunities (i) at least equal in amount to your “Target
Annual Bonus” under the Annual Incentive Plan for the Fiscal Year immediately preceding the beginning of the Contract Period, and (ii) payable upon the attainment of performance targets that are comparable (both in type and level of
difficulty) to those established under the Annual Incentive Plan during the three Fiscal Years immediately preceding the beginning of the Contract Period; provided, however, that the Company may reduce or adjust your annual incentive
opportunities to a lower amount if such reduction or adjustment is on a basis no less favorable to you than the basis upon which it reduces or adjusts annual incentive opportunities under the Bonus Plans or comparable plans for all Highly
Compensated Employees during the applicable Fiscal Year; 

  

	 	D.	The failure by the Company to continue the Long-Term Incentive Plan or initiate and maintain other plans, programs or practices (collectively, the “Incentive
Plans”), in each case on terms that grant to you, beginning no later than the beginning of the first Fiscal Year after the beginning of the Contract Period, annual awards that are at least equal in the aggregate to the average value, determined
based on valuation models normatively used by publicly held corporations of similar size to the Company in setting long term incentive compensation levels, of your aggregate annual awards granted each year for the last three Fiscal Years preceding
the beginning of the Contract Period; provided, however, that if the Company provides the Incentive Plans or comparable plans for Highly Compensated Employees, the Company may maintain the level of awards granted to you each year under
the Incentive Plans at a lower value if such benefits are determined on a basis no less favorable to you than for all Highly Compensated Employees during the applicable Fiscal Year. 

 

	 	E.	The material breach by the Company of any of its obligations under this Agreement, any other agreement entered into by you and the Company, or a continued arbitrary
refusal by the Company to pay you your accrued benefits under any benefit plan, program or arrangement maintained by the Company and in which you are a participant; 

 

	 	F.	 A material reduction in your aggregate benefits under, or a failure by the Company to continue in effect, any employee pension benefit or welfare
benefit plan, 

  
 4 

	 	
program or practice in which you are eligible to participate immediately before the beginning of the Contract Period, including but not limited to, the Pension Plans, the Savings Plans, and the
Company’s life insurance, medical, dental, health and accident, disability, severance and paid vacation plans, programs and practices (such plans, programs and practices herein together referred to as the “APCI Benefit Plans”), or, in
lieu thereof, to initiate and maintain other plans, programs or practices providing you with benefits substantially similar in type and amount to those under the APCI Benefit Plans, with your aggregate benefits under the APCI Benefit Plans and such
similar benefit plans (together, the “Benefit Plans”) being comparable in type and amount to your benefits under the APCI Benefit Plans immediately before the beginning of the Contract Period, or the Company’s failure to maintain for
you any other material fringe benefit or perquisite enjoyed by you immediately before the beginning of the Contract Period; provided however that the Company may reduce or adjust the aggregate benefits payable to you if such reduction
is on a basis no less favorable to you than the basis on which the Company reduces or adjusts aggregate benefits payable with respect to Highly Compensated Employees. 

 

	 	G.	Any purported termination of your employment for Disability or for Cause which is effected in breach of the procedures required in Section 3.

  

	 	H.	The breach by the Company of its obligations to obtain the written assumption of this Agreement by any successor of the Company prior to the effectiveness of any such
succession. 

  

	 	I.	A requirement by the Company that you relocate your principal place of employment by more than fifty (50) miles from the location in effect immediately prior to
the Change in Control. 

 Notwithstanding anything to the contrary contained herein, your termination of employment will not be
treated as for Good Reason as the result of the occurrence of any event specified in the foregoing clauses A through I (each such event, a “Good Reason Event”) unless, within 90 days following the occurrence of such event, you
provide written notice to the Company of the occurrence of such event, which notice sets forth the exact nature of the event and the conduct required to cure such event. The Company will have 30 days from the receipt of such notice within which to
cure such event (such period, the “Cure Period”). If, during the Cure Period, such event is remedied, you will not be permitted to terminate your employment for Good Reason. If, at the end of the Cure Period, the Good Reason Event has not
been remedied, your voluntary termination of employment will be treated as for Good Reason during the 90-day period that follows the end of the Cure Period. If you terminate employment during such 90-day period, so long as you have delivered the
written notice to the Company of the occurrence of the Good Reason Event at any time prior to the expiration of this Agreement, for purposes of the payments, benefits and other entitlements under this Agreement, the termination of your employment
pursuant thereto shall be deemed to be a termination before the expiration of this Agreement. If you do not terminate employment during such 90-day period, you will not be permitted to terminate employment and receive the payments and benefits set
forth under this Agreement as a result of such Good Reason Event. 
 “Highly Compensated Employees” shall mean the
highest paid one percent of employees of the Company together with all corporations, partnerships, trusts, or other entities controlling, controlled by, or under common control with, the Company. 

  
 5 

 “Incentive Plans” shall have the meaning set forth in clause (D) under the
definition of Good Reason. 
 “Long Term Incentive Plan” shall mean the Air Products and Chemicals, Inc. Long
Term Incentive Plan and/or any similar, successor or substitute long-term incentive compensation plan or program. 

“Notice Date” shall mean the date a Termination Notice prepared by the Company or you is received by you or the Company,
respectively. 
 “Pension Plans” shall mean, the Air Products and Chemicals, Inc. Pension Plan for Salaried Employees,
as amended from time to time together with any similar, succeeding or substitute plan, and the Supplementary Pension Plan of Air Products and Chemicals, Inc. as amended from time to time, together with any similar, succeeding or substitute plan, and
any private annuity or pension agreement between you and the Company. 
 “Retirement” shall mean (1) your
voluntary retirement with an immediate non-actuarially reduced pension under the Pension Plans, provided that Termination for Good Reason before attaining normal retirement age under the Pension Plans shall not be deemed a Retirement for
purposes of this Agreement even though you are eligible for and elect to receive, an immediate non-actuarially reduced pension under the Pension Plans, or (2) Termination of Employment in accordance with any retirement arrangement other than
under the Pension Plans which is established with your consent with respect to you, provided that Termination for Good Reason shall not be deemed a Retirement for purposes of this Agreement even though you are eligible to retire, and
receive benefits under, any such retirement arrangement, or (3) mandatory retirement as set forth under a policy of the Company as it existed prior to the Change in Control or as agreed to by you following a Change in Control. 

“Retirement Savings Plan” shall mean the Air Products and Chemicals, Inc. Retirement Savings Plan, as amended from time to
time, together with any similar, succeeding or substitute plan. 
 “Savings Plans” shall mean the Air Products and
Chemicals, Inc. Retirement Savings Plan, as amended from time to time, together with any similar, succeeding or substitute plan, and the Air Products and Chemicals, Inc. Deferred Compensation Plan, as amended from time to time, together with any
similar, succeeding or substitute plan. 
 “Section 409A” shall mean Section 409A of the Code and the
regulations thereunder as in effect from time to time. 
 “Target Annual Bonus” shall mean your target bonus under the
Annual Incentive Plan which is approved by the Committee for the applicable Fiscal Year or, if no such target bonus has been determined for such Fiscal Year, such target bonus for the most recent Fiscal Year for which one was determined; 

“Termination Date” means the effective date of a Termination of Employment for any reason, including death, Disability, or
Retirement, whether by the Company or you, subject to subsection 3B. 

  
 6 

 “Termination”, “Termination of Employment” or “Termination of your
Employment” shall mean the termination of your employment with the Company, whether by you or the Company. 

“Termination Notice” shall mean the notice required by Subsection 3A. 

 

	 	2.	TERM OF AGREEMENT 

 This
Agreement will commence on the date of your signing hereof and will continue while you are in the active employment of the Company until 30 September 2012 and, beginning on 1 October 2012 and each one year anniversary thereof, the
term of this Agreement will automatically be extended for one additional year unless, at least (90) ninety days prior to such date, either party gives written notice to the other that it does not wish to extend this Agreement. Notwithstanding
any such written notice, if a Change in Control shall have occurred prior to receipt of the notice or does occur within (90) ninety days of receipt of the notice, the attempted termination of the Agreement by the Company shall be ineffective
and the Agreement shall continue until the end of the Contract Period. If a Change in Control otherwise occurs during the term of this Agreement, this Agreement will continue in effect until the end of the Contract Period. 

 

	 	3.	TERMINATION PROCEDURES  

A. Termination Notice. During the Contract Period, any Termination of Employment by the Company or by you must be communicated by a
written Termination Notice to the other party hereto. The “Termination Notice” must (i) specify the Termination Date; (ii) indicate the specific provisions in this Agreement, if any, applicable to the Termination and set forth in
reasonable detail the facts and circumstances, if any, claimed to provide a basis for application of the provision so indicated; and (iii) if given by the Company to you for other than Disability or Cause, specify, with supporting calculations,
the amount the Company believes to be payable to you under this Agreement as a result of such Termination. 
 B. Termination
Date. “Termination Date” shall be: (i) if your employment is terminated due to your death, the date of your death, (ii) if your employment is terminated for Disability, at least forty-five days after the Termination Notice is
given (provided that you have not returned to the full-time performance of your duties during such period), and (iii) if your employment is terminated for any other reason, the date specified in the Termination Notice by the party giving the
Notice, which date must be at least forty-five days after the Termination Notice if given by the Company for any reason other than Cause. 
  

	 	4.	COMPENSATION UPON TERMINATION OF EMPLOYMENT. 

 A. Termination for Cause, Death, Disability, or Retirement. If during the Contract Period the Company terminates your employment for Cause, or your employment terminates due to death, Disability or
Retirement, the Company shall pay to you as soon as practicable but no later than 30 days after the Termination Date (i) your Base Salary to the extent earned but unpaid as of the Termination Date and vacation pay accrued through the
Termination Date, plus (ii) any benefits or awards which have been earned by you or become payable to you under any policy or employee compensation or benefit plan of the Company. The benefits payable to you due to your death, Disability,
Retirement or other Termination of Employment under all Benefit Plans, Bonus Plans and Incentive Plans in which you are participating before such Termination of Employment, will be paid as provided under such plans and the Company will have no
further obligation. 

  
 7 

 B. Termination other than for Cause, Death, Retirement or Disability or for Good
Reason. If during the Contract Period the Company terminates your employment other than for death, Retirement, Disability or Cause (it being understood that a purported termination for Disability or Cause which is disputed and finally determined
not to have been proper or which is not effected in accordance with the procedures required in Section 3 will be a Termination other than for Cause or Disability), or you terminate your employment for Good Reason, then Air Products will provide
you or cause you to be provided the payments and benefits described below in this Subsection 4B. 
 (i) Cash Payment.
The Company will pay to you on or before the tenth day following your Termination Date, a lump sum cash payment equal to the sum of the following amounts: 
 (a) Your earned but unpaid Base Salary through your Termination Date at the higher of the rate in effect on the Termination Date or the rate in effect immediately before any purported reduction in your
Base Salary constituting Good Reason and the vacation pay that you accrued through the Termination Date. 
 (b) The product of
(I) the amount of the Target Annual Bonus for which you would have been eligible if you had been employed by the Company on the last day of the Fiscal Year (or other bonus performance cycle that includes your Termination Date), multiplied by
(II) a fraction of which the numerator is the number of days which have elapsed through the Termination Date in such Fiscal Year (or, if applicable, such other bonus performance cycle that includes your Termination Date) and the denominator is 365
(or, if applicable, the number of days in such other performance cycle that includes your Termination Date). 
 (c) Two times
the sum of (I) your Base Salary at the rate required by subparagraph (i)(a) above and (II) the Company matching contributions made and/or accrued in respect of your contributions to or deferrals under the Savings Plans during and/or for the
last full Fiscal Year of the Company preceding your Termination Date. 
 (d) Two times the Target Annual Bonus for the Fiscal
Year or other bonus performance cycle in which your Termination Date occurs. 
 (e) (I) If you are a participant in the
Pension Plans and are not a Core Contribution Participant under the Retirement Savings Plan, a pension payment equal to the difference between the actuarial present values as of the Termination Date of: 

(A) your accrued vested pension benefits under the Pension Plans, calculated assuming that payment of the benefits will commence in the
form of a straight life annuity on the earliest date on which you could commence payment if you are eligible for an early retirement subsidy on any portion of your accrued benefits on the Termination Date, or on the first day of the month after you
attain age 65 if you are not; and 
 (B) your accrued vested pension benefits under the Pension Plans calculated by adding
two years of service to the actual service credited under such plans for benefit accrual and vesting purposes and including any early retirement subsidy available under the Pension Plans (as in effect immediately prior to the beginning of the
Contract Period) for which you are not eligible due to termination before 

  
 8 

 
satisfying age and service requirements for such subsidy, and assuming that your benefit will commence in the form of a straight life annuity on the earliest date on which you could retire and
commence a benefit under the Pension Plans. 
 For purposes of calculating the actuarial present values of (A) and (B) above, the
interest rate shall be the average of the average monthly yields for municipal bonds published monthly by Moody’s Investors’ Service Inc. for the three months immediately preceding your Termination Date and the life expectancy assumptions
shall be those most frequently used by the Pension Plans’ actuaries for other purposes. The calculation of the pension payment described in this subparagraph shall be made by a nationally recognized firm of enrolled actuaries acceptable to you
and the Company. The Company shall pay the reasonable fees and expenses of such actuarial firm. The calculation made by such actuarial firm shall be binding on you and the Company; or 

(II) If you are a Core Contribution Participant in the Retirement Savings Plan, a payment (in lieu of the payment described in
clause (I) above) equal to the Company Core Contributions and Core Credits (as defined in the Savings Plans) that you would have received under the Savings Plans during the two-year period following the Termination Date assuming that
(i) you remained actively employed by the Company during such two-year period, (ii) your Base Salary continued at the higher of the rate in effect on the Termination Date or the rate in effect immediately prior to any purported reduction
in your Base Salary constituting Good Reason and (iii) your Annual Incentive Plan awards were equal in amount to the higher of the most recent award received prior to the Termination Date and the average of the awards available to you under the
Annual Incentive Plan during and/or for each of the three full Fiscal Years immediately preceding the beginning of the Contract Period. 
 (f) For purposes of subparagraphs (i)(c), (i)(d) and (i)(e) of this Subsection 4B, in the event you have attained age 63 on or before your Termination Date, the amounts payable shall be reduced to an
amount which bears the same proportion to the unreduced amount as the number of months preceding your sixty-fifth birthday bears to twenty-four. 
 (g) The amount of the payment described in (a)-(f) shall be reduced to the extent of any severance or redundancy benefit or payment sponsored by the Company and/or provided or required by applicable
law or regulation, which is received by you on account of your Termination of Employment. 
 (h) If the amount of the payment
described in (a)-(g) above, including a reduced amount calculated pursuant to paragraph 4(b)(vi) below, cannot be finally determined on or before the tenth day following the Termination Date, the Company will pay to you on such day an estimate,
as determined in good faith by the Company, of the minimum amount of such payment and will pay the remainder of such payment as soon as the amount thereof can be determined but in no event later than the thirtieth day after your Termination Date.

 (ii) Insurance and Welfare Benefit Plans. The Company will provide for you and your dependents for two years
following your Termination Date, benefits equivalent to those provided by the Company under all life insurance, medical, dental, health and accident, long term disability, long term care plans or programs in which you were participating on your
Termination Date or, in the event of a reduction in such benefits constituting Good Reason, equivalent to those provided immediately before such reduction; provided that, such benefits 

  
 9 

 
will not be provided beyond the period of time during which they would have been provided to you under such plans or programs, as in effect on your Termination Date or immediately before a
reduction constituting Good Reason, had you not been Terminated other than for death, Retirement, Disability or Cause or Terminated for Good Reason, and such benefits will be provided for at least the period during which they would have been
provided to you were this Agreement not in effect. In the event of your death during such two-year period, benefits in respect of you or to your beneficiaries will be provided in accordance with the terms of such plans or programs as if you were
actively employed by the Company on the date of your death. Any continuation of benefits pursuant to this subparagraph shall not run concurrent with any continuation rights provided pursuant to the Consolidated Omnibus Budget Reconciliation Act of
1985, as amended (“COBRA”), and for purposes of applying COBRA with respect to your coverage under any group health plan, the end of coverage under this subparagraph shall be deemed to be the date of a qualifying event resulting from the
termination of a covered employee. Except as specifically permitted by Section 409A, the coverage provided to you during any calendar year will not (A) affect the coverage to be provided to you in any other calendar year and (B) be
subject to liquidation or exchange for another benefit. Notwithstanding anything herein to the contrary, the cost of continued benefits provided pursuant to this clause (ii) shall be shared by you and the Company in the same proportion and on
the same terms as such costs were shared by you and the Company prior to your Termination Date or the proportion and terms in effect immediately prior to any purported change constituting Good Reason. 

(iii) Legal Fees and Expenses. The Company will reimburse you for all legal and other fees and expenses incurred by you as a
result of Termination of Employment, including without limitation all such fees and expenses, if any, reasonably incurred in verifying the amount of the benefits owed by the Company under this Agreement, in contesting or disputing the fact or nature
of any such Termination, in seeking to obtain or enforce any right or benefit provided by this Agreement and/or in connection with any tax audit or proceeding with respect to payments made or to be made hereunder. The Company will pay, to the
fullest extent permitted by law, all legal fees and expenses which you may reasonably incur as a result of any contest (regardless of the outcome thereof) by the Company of the validity or enforceability of, or liability under or as a result of, any
provision of this Agreement or any guarantee of performance thereof. Any payment to you by the Company under this clause (iii) shall be limited to expenses incurred by you prior to the tenth anniversary of the expiration of this Agreement. All
reimbursable expenses shall be reimbursed to you as promptly as practicable and in any event not later than the last day of the calendar year after the calendar year in which the expenses are incurred. The amount of expenses eligible for
reimbursement during any calendar year will not (A) affect the amount of expenses eligible for reimbursement in any other calendar year or(B) be subject to liquidation or exchange for another benefit. 

(iv) Outplacement Counseling. The Company shall, within 30 days of the Termination Date, make available to you at the
Company’s expense, outplacement counseling at times and locations that are convenient to you, with a nationally recognized outplacement counseling firm. You may select the organizations that will provide the outplacement counseling. The
outplacement services will be provided for a period of 12 months following the Termination Date. 
 (v) Interest on
Unpaid Amounts. The Company shall pay you interest, compounded quarterly, on any unpaid amount determined to be payable by the Company to you under this Agreement from the date such amount would first have been payable to you during the Contract
Period in accordance with the provisions of this Agreement until paid, such 

  
 10 

 
interest to be calculated on the basis of 120% of the applicable federal funds rate, as provided for in Section 1274(c) of the Code, in effect from time to time during the period of such
nonpayment. 
 (vi) Potential Limit on Payments. Notwithstanding any other provision in this Subsection 4B, in the
event that an excise tax under Code Section 4999 would be assessed on payments or other benefits to be received by you upon a Change in Control, you will be entitled to receive whichever of the following amounts would result in the largest
aggregate amount being retained by you after the application of all applicable federal, state, and local taxes: 
 (a) All
payments and other benefits described under paragraphs (i) through (v) of this Subsection 4B; or 
 (b) Reduced
payments and other benefits described under paragraphs (i) through (v) of this Subsection 4B which have an aggregate value equal to the highest amount that, together with all other payments and benefits to be received by you which are
parachute payments within the meaning of Code Section 4999, does not exceed three times your “base amount” (within the meaning of Code Section 280G). 
 The determination of whether (a) or (b) above would result in the largest aggregate amount being retained by you after taxes and the calculation of the amount described in (b) shall be
made, at the Company’s expense, by a nationally recognized public accounting firm acceptable to you. If a reduced amount is to be paid under clause (b) above, you will be notified no later than the fifth day following the Termination Date
and will be entitled to choose which payments and benefits you will receive and which will be reduced or eliminated in order for the total payments and benefits to be received by you to equal the value described in (b). 

(vii) Mitigation. You shall not be obligated to seek other employment or take any other action to mitigate the amounts payable to
you under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any compensation earned as result of your employment by another employer, except that any continued insurance and welfare benefits
provided for by paragraph (ii) shall not duplicate any benefits that are provided to you and your family by such other employer and shall be secondary to any coverage provided by such other employer. 

C. Tax Withholding: Survival of Obligations. Any payments provided for under this Agreement shall be paid net of any applicable
withholding required under federal, state or local law. The obligations of the Company set forth in this Section 4 shall survive your Termination of Employment and the end of the Contract Period to the extent not previously performed in full.

  

	 	5.	LONG-TERM INCENTIVE PLAN BENEFITS. 

 Any awards granted to you under the Long-Term Incentive Plan after the date hereof shall be treated in connection with a Change in Control as follows: 

A. All stock options and stock appreciation rights that have been outstanding as of the Change in Control for a period of at least 6
months will become immediately exercisable in full for the period of their remaining stated term; provided that the acceleration of the exercisability of any stock option or stock appreciation right that has not been outstanding for a period of at
least six months shall occur on the first day following the end of such six-month period. Notwithstanding the foregoing provisions of this Subsection 4(A), all or a portion of 

  
 11 

 
your outstanding stock options and stock appreciation rights may, at the discretion of the Committee, be required to be surrendered by you upon consummation of the Change in Control for
cancellation in exchange for a cash payment for each such stock option. The cash payment received for each share subject to such stock option shall be 100% of the amount, if any, by which (i) the Change in Control Price exceeds (ii) the
Fair Market Value of a share of Common Stock on the date of grant of such stock option or stock appreciation right. Such payments shall be made as soon as practicable but no later than 30 days after the Change in Control. 

B. All restrictions applicable to an outstanding award of restricted stock shall lapse immediately upon the occurrence of a Change in
Control regardless of the scheduled lapse of such restrictions. Notwithstanding the foregoing provisions of this Subsection 4(C), all or a portion of your outstanding shares of restricted stock may, at the discretion of the Committee, be
required to be surrendered by you upon consummation of the Change in Control in exchange for a cash payment for each share of restricted stock equal to the Change in Control Price. Any such payment shall be made as soon as practicable but no later
than 30 days after the Change in Control. 
 C. All outstanding deferred stock units that are not subject to performance vesting
conditions shall, as of the Change in Control, become fully vested and nonforfeitable (to the extent not already vested and nonforfeitable) and all such deferred stock units (together with any dividend equivalents for the period for which such
deferred stock units have been outstanding) shall be paid in full notwithstanding that the deferral periods as to such deferred stock units have not been completed. Such payment shall be in shares of Common Stock (or, at the discretion of the
Committee, in cash equal to the Change in Control Price multiplied by the number of deferred stock units in respect of which the payment is being made) and shall be made as soon as practicable but no later than 30 days after the occurrence of a
Change in Control; provided that payments in respect of deferred stock units that are subject to the requirements under Section 409A will be made in accordance with the applicable Award Agreement. Dividend equivalent rights in respect of
deferred stock units shall be converted to Common Stock by dividing (i) the value of such dividend equivalent rights as of the Change in Control by (ii) the Change in Control Price. 

D. As of the Change in Control, the Board or committee thereof shall waive the performance conditions applicable to each deferred stock
unit award that is subject to performance vesting conditions, but only with respect to the number of deferred stock units determined by multiplying (i) the number of deferred stock units under the award that would have became vested and
nonforfeitable if you or the Company (as applicable) had attained the target level of performance with respect to the award by (ii) a fraction, the numerator of which is the number of days that shall have elapsed since the beginning of the
applicable performance period and the denominator of which is the total number of days in such performance period. Such vested deferred stock units, together with any dividends equivalent in respect of such deferred stock units, shall be payable in
Common Stock (or, at the discretion of the Committee, in cash equal to the Change in Control Price multiplied by the number of deferred stock units in respect of which the payment is being made) and such payment shall be made as soon as practicable
but no later than 30 days after the Change in Control; provided that payments in respect of deferred stock units that are subject to the requirements under Section 409A will be made in accordance with the applicable Award Agreement. Dividend
equivalent rights in respect of deferred stock units, shall be converted to Common Stock by dividing (i) the value of such dividend equivalent rights as of the Change in Control by (ii) the Change in Control Price. 

  
 12 

 E. For purposes of this Section 5, fractional shares of Common Stock shall be rounded up to the next
highest whole share of stock. 
  

	 	6.	INDEMNIFICATION 

 If you
are made a party or threatened to be made a party to or are otherwise involved at any time before or during the Contract Period in any action, suit or proceeding, other than one instituted by you or by the Internal Revenue Service, whether civil,
criminal, administrative or investigative (hereinafter a “proceeding”) by reason of the fact that you are a party to this Agreement, you will be indemnified and held harmless by the Company, to the fullest extent permitted by applicable
law (regardless of the outcome of the proceeding), against all expense, liability and loss (including attorney’s fees, judgments, fines and amounts paid in settlement) reasonably incurred or suffered by you in connection therewith. You will
notify the Company in the event of the commencement or threat of commencement of any proceeding in respect of which indemnity may be sought under this Section. 
 The Company will at its expense participate in and assume the defense of any such proceeding, including the employment of counsel chosen by it (and as to whom you have no reasonable objection) and the
payment of the fees and disbursements of such counsel. You will cooperate with the Company in respect of such defense and may retain separate counsel at your expense to participate in such defense. In the event that, in the opinion of your counsel,
you and the Company or any other executive represented by the Company’s counsel in such proceeding have a conflict of interest in respect of the proceeding, then you may employ counsel as separate counsel to represent or defend you in the
proceeding and the Company will pay for the reasonable fees and disbursements of such counsel. The provisions of this paragraph shall be inapplicable to any proceeding instituted by the Company during the Contract Period which shall, as to your
defense and fees and expenses thereof, be governed by paragraph (iii) of Subsection 4B hereof. 
 Your rights under this
Section 6 are not exclusive of any other right which you may have or hereafter acquire under any statute, certificate of incorporation, by-law, agreement, insurance policy or otherwise, and shall survive your Termination of Employment and the
end of the Contract Period. 
  

	 	7.	SUCCESSORS; BINDING AGREEMENT 

 Air Products will require any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of Air Products, to
expressly, by written agreement in form and substance satisfactory to you, assume and agree to perform this Agreement in the same manner and to the same extent that Air Products would be required to perform it if no such succession had taken place.
As used in this Agreement, during the Contract Period “Air Products” means Air Products as herein before defined and any successor to its business and/or assets as aforesaid which executes and delivers the agreement provided for in this
Section 6 or which becomes bound by all the terms and provisions of this Agreement by operation of law or otherwise. 

This Agreement will inure to the benefit of and be enforceable by your personal or legal representatives, executors, administrators,
successors, heirs, distributees, devises and legatees, but neither this Agreement nor any of your rights or obligations hereunder may be assigned or pledged by you. If you should die while any amounts would still be payable to you

  
 13 

 
under Subsection 4B hereof if you had continued to live, all such amounts, unless otherwise provided herein, will be paid in accordance with the terms of this Agreement to your devisee, legatee
or other designee or, if there be no such designee, to your estate. 
  

	 	8.	NOTICE 

 For purposes of
this Agreement, notices and all other communications provided for in this Agreement must be in writing and will be deemed to have been duly given when delivered or mailed by United States certified mail, return receipt requested, postage prepaid, as
to you, addressed to your address set forth on the first page of this Agreement, and as to Air Products, addressed to the address printed on the first page of this Agreement or such other location as you know to be the chief executive offices of Air
Products directed to the attention of the chief executive officer of Air Products with a copy to the secretary of Air Products. You and Air Products may change your respective notice addresses hereunder by furnishing such new address to the other in
writing in accordance herewith, except that notices of change of address will be effective only upon receipt. 
  

	 	9.	MISCELLANEOUS 

 A.
Amendment; Waiver. Except as specifically provided in clause 9(G)(iv), no provisions of this Agreement may be modified, waived or discharged unless such waiver, modification or discharge is agreed to in writing signed by you and the
Company’s chief executive officer or another officer of the Company specifically designated by the Board. No waiver by either party hereto at any time of any breach by the other party hereto of, or compliance with, any condition or provision of
this Agreement to be performed by such other party will be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any prior or subsequent time. 
 Notwithstanding the foregoing, prior to a Change in Control the Company may unilaterally amend this Agreement as may from time to time be required to assure that this Agreement does not violate or cause
the Company to be in violation of applicable law or that any payment provided for hereunder would not be prohibited by applicable law; provided that all other employment or other agreements between the Company and other key members of its management
substantially similar to this Agreement are similarly amended at such time. 
 B. Nondisclosure. You hereby ratify and
affirm, and agree to be bound by, the terms and provisions of your Employee Patent, Copyright and Confidential Information Agreement with the Company dated 30 July 1984 (your “Employee Agreement”) during the Contract Period and
thereafter in accordance with the terms of your Employee Agreement, which Agreement is incorporated by reference herein and made a part hereof as if set forth in full herein. 
 C. Exclusive Agreement. Except for your Employee Agreement and any similar, succeeding or substitute agreement between you and the Company, no agreements or representations, oral or otherwise,
express or implied, with respect to the subject matter hereof have been made by either party which are not set forth expressly in this Agreement. Notwithstanding any other provision of this Agreement, this Agreement does not affect the
Company’s right to terminate your employment or to alter your compensation, benefits, position or other terms and conditions of employment with the Company prior to a Change in Control, or your right to resign from employment with the Company
prior to a Change in Control, and any such termination, resignation or other action with respect to your terms and 

  
 14 

 
conditions of employment prior to a Change in Control will give rise to no rights or obligations in either of the parties hereto under this Agreement. 

D. Other Plans and Programs. Nothing in this Agreement shall prevent or limit your continuing or future participation in any
benefit, bonus, incentive or other plan or program provided by the Company and for which you may qualify, nor shall anything herein limit or otherwise affect such rights as you may have under any such plan or program. Except as expressly provided
herein, amounts which are vested benefits or which you are otherwise entitled to receive under any plan or program of the Company at or subsequent to your Termination Date shall be payable in accordance with such plan or program, unless you should
expressly waive your rights thereto in writing. 
 E. Governing Law; Validity; References to Law. The validity,
interpretation, construction and performance of this Agreement shall be governed by the laws of the Commonwealth of Pennsylvania. The invalidity or unenforceability of any provision of this Agreement shall not affect the validity or enforceability
of any other provision or provisions of this Agreement, which shall remain in full force and effect. All references herein to sections of the Act or the Code shall be deemed also to refer to any successor provisions to such sections. 

F. Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but
all of which together will constitute one and the same instrument. 
 G. Section 409A. 

(i) It is intended that the provisions of this Agreement comply with Section 409A, and all provisions of this Agreement shall be
construed and interpreted in a manner consistent with the requirements for avoiding taxes or penalties under Section 409A. 
 (ii) Neither you nor any of your creditors or beneficiaries shall have the right to subject any deferred compensation (within the meaning of Section 409A) payable under this Agreement or under any
other plan, policy, arrangement or agreement of or with the Company or any of its affiliates (this Agreement and such other plans, policies, arrangements and agreements, the “Company Plans”) to any anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance, attachment or garnishment. Except as permitted under Section 409A, any deferred compensation (within the meaning of Section 409A) payable to you or for your benefit under any Company Plan may not be reduced
by, or offset against, any amount owed by you to the Company or any of its affiliates. 
 (iii) If, at the time of your
separation from service (within the meaning of Section 409A), (i) you shall be a specified employee (within the meaning of Section 409A and using the identification methodology selected by the Company from time to time) and
(ii) the Company shall make a good faith determination that an amount payable under a Company Plan constitutes deferred compensation (within the meaning of Section 409A) the payment of which is required to be delayed pursuant to the
six-month delay rule set forth in Section 409A in order to avoid taxes or penalties under Section 409A, then the Company shall not pay such amount on the otherwise scheduled payment date but shall instead accumulate such amount and pay it,
without interest, on the first business day after such six-month period. 
 (iv) Notwithstanding any provision of this
Agreement or any Company Plan to the contrary, in light of the uncertainty with respect to the proper application of Section 409A, 

  
 15 

 
the Company reserves the right to make amendments to this Agreement and any Company Plan as the Company deems necessary or desirable to avoid the imposition of taxes or penalties under
Section 409A. In any case, you are solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on you or for your account in connection with any Company Plan (including any taxes and penalties under
Section 409A), and neither the Company nor any affiliate shall have any obligation to indemnify or otherwise hold you harmless from any or all of such taxes or penalties. 
 If this letter correctly sets forth our agreement on the subject matter hereof, kindly sign and return to the Company the enclosed copy of this letter which will then constitute our agreement on this
subject. 
  

			
	SincereIy,
	
	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	  

		
	Title:	 	Chairman, President, and Chief Executive Officer

 AGREED TO THIS      DAY OF
                 2011 
  

	
	  

 Enclosure 

  
 16

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