Document:

exv10w1

 

Exhibit 10.1

SEPARATION AGREEMENT AND

GENERAL RELEASE OF ALL CLAIMS

     This Separation Agreement and General Release of all Claims (hereinafter “Agreement”) is
entered into by and between Glenn M. Fischer (“Executive”) and Airgas, Inc., on behalf of itself
and each of its related entities, affiliates and subsidiaries (collectively referred to as
“Airgas” or the “Company”).

RECITALS

     WHEREAS, Executive and Airgas are parties to an Executive Employment Agreement dated
September 29, 2000 (the “Employment Agreement”); and

     WHEREAS, the parties have agreed that Executive’s employment with Airgas shall terminate
effective January 14, 2005 (the “Termination Effective Date”); and

     WHEREAS, Executive and Airgas wish to terminate the Employment Agreement for all purposes and
provide in this Agreement for their respective rights and obligations; and

     WHEREAS, concurrently herewith, Executive has submitted his resignation as an officer of
Airgas and as a director of National Welders Supply Company, Inc.;

     NOW, THEREFORE, the parties hereto, intending to be legally bound hereby and for good and
valuable consideration, the receipt and sufficiency of which are acknowledged, agree as follows:

I.

     (a) Executive’s employment with Airgas shall terminate on the Termination Effective Date.

     (b) The Employment Agreement shall terminate for all purposes and be of no further force or effect
on the later of (i) the date Airgas receives an executed copy of this Agreement from

 

 

Executive which has been sent to the address identified in Section VIII hereof, and (ii) the date
that the Revocation Period defined in Section VIII hereof terminates (such later date the “Release
Effective Date”).

     (c) Within ten (10) business days after the Release Effective Date, Airgas shall pay Executive
compensation in the amount of $1,374,046 plus $29,947.20 representing unused vacation pay for
calendar year 2005, less such deductions and amounts to be withheld by reason of the compensation
and other benefits provided for herein as is required by applicable laws and regulations.

     (d) Airgas agrees that the Stock Option (originally for 60,000 shares) granted to Executive on or
about May 7, 2001 shall be deemed fully vested on the Release Effective Date. Airgas further
agrees to waive as to all Stock Options previously granted to Executive and as to all shares of
common stock issued or issuable upon the exercise of such Stock Options (i) its right to cause the
forfeiture of the right to exercise such Stock Options or to require the return of shares of common
stock previously issued upon the exercise of such Stock Options as provided for in Section 6(g) of
the 1997 Stock Option Plan and (ii) its right to withhold delivery of shares pending the resolution
of an inquiry as provided in any instrument evidencing the grant of such Stock Options.

     (e) Within ten (10) business days after the Release Effective Date, Airgas shall pay to Executive
the sum of $10,000 to reimburse him for expenses incurred or to be incurred in connection with the
employment separation provided for herein.

     (f) Airgas will provide Executive with separate notice of right to elect continued benefits
coverage under the Airgas group health plan pursuant to the Consolidated Omnibus Budget
Reconciliation Act (COBRA) and the Employee Retirement Income Security Act (ERISA), both as
amended.

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     (g) The parties hereby agree to the language set forth in Exhibit II to be used in any press
release relating to Executive’s separation of employment.

II.

     Except for the obligations of the parties as expressly described in this Agreement:

     (a) Executive hereby fully and forever releases, discharges, cancels, waives, and acquits for
Executive, his heirs, executors, administrators and assigns, Airgas and each and all of its Boards
of Directors, agents, officers, owners, employees, attorneys, successors and assigns (the “Airgas
Released Parties”), of and from any and all rights, claims, demands, causes of action, obligations,
damages, penalties, fees, costs, expenses, and liability of any nature whatsoever, including
personal injury claims, which Executive has, had or may have had against any of the Airgas Released
Parties, arising out of, or by reason of any cause, matter, or thing whatsoever existing as of the
later of the Termination Effective Date and the date of the execution of this Agreement by
Executive, WHETHER KNOWN TO THE PARTIES AT THE TIME OF EXECUTION OF THIS AGREEMENT OR NOT.

     This FULL WAIVER OF ALL CLAIMS includes, without limitation and to the maximum extent
permitted by law, claims for attorneys’ fees, costs, any claims, demands, or causes of action
arising out of, or relating in any manner whatsoever to, the employment and/or cessation of that
employment, the Employment Agreement and/or the termination of such Employment Agreement, such as,
BUT NOT LIMITED TO, any claim, lawsuit or other proceeding arising under the Older Worker’s Benefit
Protection Act (OWBPA), the Age Discrimination in Employment Act (ADEA), the Civil Rights Act of
1866 (Section 1981), Title VII of the Civil Rights Act of 1991, the Americans with Disabilities Act
(ADA), the Labor Management Relations Act (LMRA), the National Labor Relations Act (NLRA), ERISA,
COBRA, the Fair Labor Standards Act (FLSA), the Family and

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Medical Leave Act of 1993 (FMLA),
all as amended, as well as any claims arising under any other federal, state, or local statutes and
common law claims of any nature including, but not limited to, claims for wrongful termination,
harassment, discrimination, breach of contract or misrepresentation. Nothing contained in this
Agreement, however, shall constitute a release by Executive of any vested benefit or stock option
benefits to which Executive may otherwise be entitled and/or any claims for workers’ compensation
or unemployment compensation.

     Executive further agrees that, while this release does not prevent Executive from filing a
charge with or participating in proceedings before the Equal Employment Opportunity Commission
(“EEOC”) and/or from challenging the knowing and voluntary nature of this Agreement under the ADEA,
Executive acknowledges that Executive has not filed any claims or commenced any action with an
administrative agency or court regarding any claims released in this Agreement.

     (b) Anything in this Agreement to the contrary notwithstanding, Executive shall continue to enjoy
the benefit of any indemnification rights currently provided for under the Company’s By-Laws or the
General Corporation Law of the State of Delaware, for acts and omissions of Executive occurring
prior to the Termination Effective Date as well as the benefit of any insurance policies currently
maintained by Airgas and covering acts and omissions of Executive occurring prior to the
Termination Effective Date.

     (c) Executive hereby waives all right, title and interest in any benefit plan of Airgas and waives
and releases all claims based on or related to such benefit plans or programs other than for which
Executive is vested as of the Termination Effective Date.

     (d) Executive shall resign from his position as President of the Compressed Gas Association
effective within ten (10) business days after the Release Effective Date.

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     (e) Within five (5) business days after the Release Effective Date, Executive shall deliver to the
Chief Executive Officer of Airgas or his designee:

          (i) a memorandum describing in reasonable detail the key issues that he feels should be addressed
by Airgas and his strategy and progress to date in addressing such issues; and

          (ii) a list of the names, addresses and telephone numbers of his key contacts at suppliers and
distributors with whom he has dealt during the past 24 months along with any information that he
feels may be valuable in dealing effectively with those contacts.

     Airgas hereby fully and forever releases, discharges, cancels, waives, and acquits for Airgas,
its successors and assigns, Executive and each of his heirs, executors and administrators (the
“Executive Released Parties”), of and from any and all rights, claims, demands, causes of action,
obligations, damages, penalties, fees, costs, expenses, and liability of any nature whatsoever,
which Airgas has, had or may have had against any of the Executive Released Parties, arising out
of, or by reason of any cause, matter, or thing whatsoever existing as of the later of the
Termination Effective Date and the date of the execution of this Agreement by Airgas, WHETHER KNOWN
TO THE PARTIES AT THE TIME OF EXECUTION OF THIS AGREEMENT OR NOT.

     This FULL WAIVER OF ALL CLAIMS includes, without limitation and to the maximum extent
permitted by law, claims for attorneys’ fees, costs, any claims, demands, or causes of action
arising out of, or relating in any manner whatsoever to, the employment and/or cessation of that
employment, the Employment Agreement and/or the termination of such Employment Agreement, such as,
claims arising under any other federal, state, or local statutes
and common law claims of any nature including, but not limited to, claims for breach of
contract or misrepresentation.

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III.

     (a) Executive agrees:

          (i) To at all times keep secret and retain in the strictest confidence all Confidential
Information and Trade Secrets of the Company and not to use or disclose them at any time to anyone
outside of the Company, except with the Company’s express written consent; and

          (ii) To deliver promptly to the Company all memoranda, notes, records, reports, manuals, drawings
and other documents in all media (and all copies thereof) relating to the Company’s business and
all property associated therewith, which Executive possesses or has under his control.

     (b) For purposes of this Agreement, “Confidential Information” shall mean information disclosed to
Executive or known by Executive as a consequence of or through his employment by the Company, not
generally known in the industry in which the Company is or may become engaged or otherwise
generally available or ascertainable, about the Company’s products, processes, and services,
including, but not limited to, information relating to research, development, inventions,
manufacture, purchasing, business methods, accounting, engineering, marketing, information systems,
business strategies, merchandising, and selling. For purposes of this Agreement, “Trade Secret”
means the whole or any portion or phase of any scientific or technical information, design,
process, formula, or improvement which is secret and is not generally available to the public, and
which gives one who uses it an advantage over competitors who do not know of or use it.

     (c) In addition to his obligations under paragraph (a) above, Executive agrees to return promptly
any and all customer lists to the Company and agrees that he shall not at any time, directly or
indirectly, use the Company’s customer list for his own benefit or the benefit of any third party
or disclose the Company’s customer list to any person, firm or corporation. Executive agrees that
for a

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period of two (2) years after the Termination Effective Date, (i) he shall not solicit any
individual to terminate his or her employment with the Company and/or any subsidiary of the Company
and (ii) he shall not directly or indirectly employ or retain as an independent contractor or
consultant or utilize the business related services of any individual who was employed by the
Company or any of its subsidiaries at any time within one (1) year prior to their being hired by
Executive; provided, however, that the restrictions set forth in clause (ii) above shall only apply
to any individual who, during the time of employment by the Company or any of its subsidiaries, had
management responsibilities or sales responsibilities, or who was an officer of the Company or any
of its subsidiaries.

     (d) If Executive violates any of the provisions of paragraphs (a) or (c) of this Section III, the
Company shall have the following rights and remedies:

          (i) The right and remedy to have the provisions of paragraphs (a) and (c) of this Section III
specifically enforced by any court having equity jurisdiction, it being acknowledged and agreed
that any such violation will cause irreparable injury to the Company and that money damages will
not provide an adequate remedy to the Company; and

          (ii) The right and remedy to recover damages.

     (e) Each of the rights and remedies enumerated above shall be independent of the other, and shall
be severally enforceable, and all of such rights and remedies shall be in addition to, and not in
lieu of, any other rights and remedies available to the Company at law or in equity. If any of
the covenants contained in paragraphs (a) or (c) of this Section III or any part thereof, is
hereafter construed to be invalid or unenforceable, the same shall not affect the remainder of the
covenant or covenants, which shall be given full effect, without regard to the invalid portions.
If any of the covenants contained in paragraphs (a) or (c) of this Section III, or any part
thereof, is held to be

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unenforceable because of the duration of such provision or the scope of the
subject matter thereof or the area covered thereby, the parties agree that the court making such
determination shall have the power to reduce the duration, scope and/or area of such provision and,
in its reduced form, said provision shall then be enforceable.

     (f) The Company is the sole owner of all the products and proceeds of Executive’s services under
the Employment Agreement, including, but not limited to, all materials, ideas, concepts, formats,
suggestions, developments, arrangements, packages, business methods, computer programs and other
intellectual properties that Executive may have acquired, obtained, developed or created in
connection with Executive’s employment under the Employment Agreement, free and clear of any claims
by Executive (or anyone claiming under Executive) of any kind or character whatsoever. Executive
shall, at the request of the Company, execute such assignments, certificates or other instruments
as the Company may from time to time deem necessary or desirable to evidence, establish, maintain,
perfect, protect, enforce or defend its right, title and interest in or to any such properties.

IV.

     By execution of this Agreement, Executive avows that the following statements are true:

     (a) Executive has been given the opportunity and has, in fact, read this entire Agreement,
and has had all questions regarding its meaning answered to his satisfaction;

     (b) Executive is hereby and has previously been advised to, and has been given the full
opportunity to, have this Agreement reviewed by legal counsel;

     (c) Certain of the payments and benefits that the Company has agreed to provide in Section I of
this Agreement are payments and benefits to which Executive would not otherwise be entitled in the
absence of this Agreement;

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     (d) The content of this Agreement is written in plain language, is fully understood, and it is
also understood that it is a FULL WAIVER OF ALL CLAIMS;

     (e) This FULL WAIVER OF ALL CLAIMS is given in return for valuable consideration as provided under
the terms of this Agreement, including, but not limited to the payments described in Section I
above;

     (f) This Agreement is knowingly and voluntarily entered into and no representations have been made
to induce or influence execution of this Agreement other than those contained herein;

     (g) Executive acknowledges having been given twenty-one (21) days to consider this Agreement
before signing;

     (h) Executive has not heretofore assigned or transferred or purported to assign or transfer to any
person or entity any claim or portion thereof or interest therein which is released, acquitted or
discharged in this Agreement;

     (i) Airgas is not obligated to provide and Executive shall not receive any money or consideration
from Airgas other than the money and consideration referenced in Section I of this Agreement or
elsewhere herein;

     (j) Executive acknowledges that he shall have until 5:00 EST on March 1, 2005 in which to submit
to Dwight Wilson at Airgas, Inc., 259 N. Radnor-Chester Road, Suite 100, Radnor, PA 19087, any and
all requests for business expenses incurred through the Termination Effective Date. Airgas shall
process any such requests in accordance with its current applicable policies
and procedures. Executive further acknowledges that, after March 1, 2005, Airgas shall have no
obligation to receive or process additional requests for reimbursement;

     (k) Executive has not relied upon any advice whatsoever from Airgas or its attorneys as to the
taxability, whether pursuant to federal, state or local tax statutes, regulations or otherwise, of

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the payments or considerations promised hereunder and Executive is solely responsible and liable
for any amount of tax obligations arising from the payment of the sums specified in Section I and
all tax obligations, if any, will be paid in full by Executive. Executive agrees to indemnify and
hold Airgas harmless from and against any and all liabilities arising out of failure to comply with
this paragraph;

     (l) Executive acknowledges that, effective on the Termination Effective Date, Executive will not
be entitled to further participate in any benefits made available to employees of the Company nor
to any benefits under the Change of Control Agreement to which Executive and Airgas are parties;
and

     (m) Executive has no pending workers’ compensation claim(s) against Airgas and knows of no
situations that might give rise to any such claim.

V.

     This Agreement shall be governed in all respects, whether as to validity, construction,
capacity, performance, or otherwise, by the laws of the Commonwealth of Pennsylvania and any action
involving this Agreement may be brought in the Court of Common Pleas of Montgomery County or the
District Court for the Eastern District of Pennsylvania. Each party agrees to the jurisdiction and
proper venue of such courts and agrees that neither such court is an inconvenient forum.

VI.

     If any provision of this Separation Agreement and General Release of all Claims, or the
application thereof, is held to be invalid, void or unenforceable for whatever reason, the
remaining provisions not so declared shall nevertheless continue in full force and effect without
being impaired in any manner whatsoever.

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VII.

     This Agreement shall be deemed drafted by the parties hereto. The language of all parts of
this Agreement shall be construed as a whole, according to their fair meaning and any presumption
or other principles that language herein is to be construed against any party shall not apply.

VIII.

     Executive understands and acknowledges that he has been given twenty-one (21) days from the
date hereof to consider this Agreement. Executive also understands and acknowledges that Executive
has seven (7) days after signing this Agreement to revoke Executive’s consent (the “Revocation
Period”). The parties further agree that any changes to this Agreement, whether material or not,
shall not cause the twenty-one (21) days to re-start. If Executive elects to revoke this
Agreement, Executive must send Executive’s written notice of revocation to Dwight Wilson, Senior
Vice President — Human Resources, at Airgas, Inc., Radnor Court, Suite 100, 259 N. Radnor-Chester
Road, Radnor, PA 19087-5283 by a recognized overnight courier providing proof of delivery.
Executive acknowledges that, except for Section I(a) hereof, which is effective immediately, this
Agreement is not effective unless and until an executed form of this Agreement has been delivered
in the manner described in this Section VIII and the Revocation Period has expired.

IX.

     This Agreement constitutes the sole and entire Agreement between the parties hereto with
respect to the subject matter hereof. There are no collateral understandings, representations or
agreements other than those contained herein. It is understood and agreed that the execution of
this Agreement by Airgas is not an admission of liability on its part to Executive, and execution
of this Agreement by Executive is not an admission of liability on his part to Airgas.

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     IN WITNESS WHEREOF, the undersigned parties have signed this Agreement on the dates indicated
herein.

	 
	AIRGAS, INC.

	 

	By: /s/Dwight T. Wilson

Print Name: Dwight T. Wilson

	Title: Senior Vice President – Human Resources

Date: 1/14/05

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I declare that the terms of this Separation Agreement and General Release of all Claims have been
completely read, that I have had the opportunity to consult with an attorney and was advised to do
so, and that the terms of the legal release are fully understood and are voluntarily accepted
knowing that I am waiving legal rights.

By: /s/Glenn M. Fischer

Date: 1/14/05

Witness: /s/Dean A. Bertolino

Printed Name Dean A. Bertolino            Date 1/14/05

 

 

EXHIBIT I

ACKNOWLEDGEMENT OF RIGHTS UNDER

OLDER WORKERS BENEFIT PROTECTION ACT

     I, Glenn M. Fischer, acknowledge that I have read and understand the attached Separation
Agreement and General Release of Claims (“Agreement”). I further understand that the Agreement is
revocable by me for a period of seven (7) days following execution thereof, and that except for
Section I(a) thereof, which is effective immediately, the Agreement shall not become effective or

enforceable until this seven-day revocation period has ended.

     I further agree that, while this release does not prevent me from filing a charge with,
participating in proceedings before the Equal Employment Opportunity Commission (“EEOC”) and/or
from challenging the knowing and voluntary nature of this Agreement under the ADEA, I acknowledge
that I have not filed any claims or commenced any action with an administrative agency or court
regarding any claims released in this Agreement.

     I acknowledge that I have been encouraged to discuss the release language in the Agreement
with an attorney prior to executing the Agreement and that I have thoroughly reviewed and
understand the effect of the release. I further acknowledge that I have been given twenty-one (21)
days in which to consider the Agreement and that, if I sign the Agreement before the end of the
twenty-one (21) day period, I am doing so freely, voluntarily and after having had full and fair
opportunity to consult with my retained counsel.

	 	 	 
	/s/Glenn M. Fischer

	 	           Date: 1/14/05

 

 

EXHIBIT II

Airgas President and COO Glenn M. Fischer Resigns;

Michael L. Molinini Named Executive Vice President and COO

RADNOR, PA – DATE  — Airgas, Inc., (NYSE: ARG), the largest U.S. distributor of industrial,
medical and specialty gases, welding, safety and related products, today announced that Glenn M.
Fischer resigned on Friday, January 14, 2005. The company has appointed Michael L. Molinini
executive vice president and chief operating officer.

“Glenn made valuable contributions to our organizational structure, discipline and performance,”
said Peter McCausland, Airgas chairman and chief executive officer. “He contributed to the team
effort which has put Airgas in a position to continue to grow and successfully execute its
strategy. I wish him continued success.”exv10w2

 

EXECUTIVE EMPLOYMENT AGREEMENT

BY AND BETWEEN

GLENN FISCHER

AND

AIRGAS, INC.

Dated: September 29, 2000

 

 

TABLE OF CONTENTS

	 	 	 	 	 	 	 
	 	 	 	 	Page	 
	1.
	 	Employment, Duties and Acceptance	 	 	1	 
	2.
	 	Term of Employment	 	 	1	 
	3.
	 	Compensation	 	 	2	 
	4.
	 	Termination	 	 	3	 
	5.
	 	Protection of Confidential Information; Covenant not to Compete	 	 	4	 
	6.
	 	Intellectual Property	 	 	6	 
	7.
	 	Employee Representation	 	 	7	 
	8.
	 	Notices	 	 	7	 
	9.
	 	General	 	 	7	 

 

 

EXECUTIVE EMPLOYMENT AGREEMENT

     EXECUTIVE EMPLOYMENT AGREEMENT (“Agreement”) made as of September 29, 2000 between AIRGAS,
INC, a Delaware corporation (the “Company”), and GLENN FISCHER (“Executive”).

	1.  	Employment, Duties and Acceptance.

     1.1 The Company hereby agrees to employ Executive from the date set forth in Section 2.1
below, to render exclusive and full time services to the Company. Effective November 1, 2000, and
continuing until Executive’s employment terminates in accordance with this Agreement, Executive
shall hold the office of President and Chief Operating Officer of the Company. Executive shall
perform such duties as Executive shall reasonably be directed to perform by the Board of Directors
or the Chief Executive Officer of the Company. Executive agrees to abide by the rules and policies
of the Company as they are adopted and changed from time to time.

     1.2 Executive hereby accepts such employment and agrees to render the services described
above.

     1.3 Executive shall report directly to the Company’s Chief Executive officer.

     1.4 Executive shall promote the Company’s business and affairs and shall perform his duties
hereunder in a professional manner.

	2.  	Term of Employment.

     2.1 Executive’s employment under this Agreement shall commence on October 10, 2000 (the
“Commencement Date”).

     2.2 Executive’s employment shall continue until terminated pursuant to Section 4.1, 4.2, 4.3,
4.4 or 4.5 of this Agreement.

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	3.  	Compensation and Benefits.

     As full consideration for Executive’s services, Executive shall receive the following
compensation and benefits during the term of his employment hereunder:

     3.1 The Company agrees to pay Executive, an annual base salary of $385,000. Executive’s
salary shall be payable in equal semi-monthly installments, less such deductions or amounts to be
withheld as shall be required by applicable law and benefit plan elections.

     3.2 Executive shall be eligible to receive an annual bonus equal to up to 50% of his annual
base salary, calculated and payable in accordance with the Company’s bonus plan for senior managers
and senior executives, less such deductions or amounts to be withheld as shall be required by
applicable law. In addition, if the Company and Executive significantly exceed the objectives upon
which the above bonus is based, Executive shall be eligible to receive an additional discretionary
bonus as determined by the Company’s Chief Executive Officer and Board of Directors.

     3.3 In consideration of the covenants of Executive set forth herein, on or about October 10,
2000, the Company shall pay Executive a one-time signing and relocation bonus of $140,000, less
such deductions or amounts to be withheld as shall be required by applicable law.

     3.4 The Company agrees to award Executive 150,000 options under the Company’s 1997 Stock
Option Plan on October 10, 2000. In addition, commencing May 1, 2001, and continuing throughout
the term or Executive’s employment hereunder, the Company agrees to award Executive no fewer than
50,000 options per year in accordance with the Company’s 1997 Stock Option Plan or such replacement
stock option plan as may then be in effect.

     3.5 To assist Executive during the period of his search for new permanent housing in the
Philadelphia metropolitan area, the Company agrees to reimburse Executive the cost of rent
(including any related charges imposed by landlord such as utilities, taxes, etc. for a short-term
apartment at Radnor Crossing or other comparable apartment complex.

     3.6 Concurrently with the parties’ execution of this Agreement, the Company and Executive are
executing a Change of Control Agreement.

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     3.7 The Company shall pay or reimburse Executive for all reasonable expenses actually incurred
or paid by Executive in the performance of his services under this Agreement, upon presentation of
expense statements or vouchers or such other supporting information as it may require under
established Company policy.

     3.8 Executive shall be entitled to four (4) weeks paid vacation per annum, provided that the
time when vacation is taken shall be subject to Company approval. Executive shall be entitled to
all rights and benefits for which he shall be eligible under any “fringe” benefits which the
Company may, in its sole discretion, provide for similarly situated employees.

	4.  	Termination.

     4.1 If Executive shall die during the Term, this Agreement shall terminate, except that
Executive’s legal representatives shall be entitled to receive the compensation provided for
hereunder prorated to the last day of the month in which his death occurs.

     4.2 If Executive shall become physically or mentally disabled as defined by the Company’s
disability plans, whether totally or partially, so that he is unable substantially to perform his
services hereunder for a period of six (6) consecutive months, the Company may, by written notice
to Executive, terminate Executive’s employment hereunder. Notwithstanding such disability, the
Company shall continue to pay Executive his full salary up to and including the date of such
termination.

     4.3 The Company may, by written notice to Executive, terminate Executive’s employment hereunder
upon the occurrence of any of the following events: (a) Executive’s willful misconduct or gross
negligence in the performance of Executive’s duties; (b) Executive’s commission of any act of fraud
or embezzlement against the Company or Executive’s commission of a felony or any other offense
involving moral turpitude; or (c) Executive’s unauthorized dissemination of confidential
information, observations, and data concerning the business plans, financial data, customer lists,
trade secrets and acquisitions strategies of the

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Company and its subsidiaries which has a material adverse effect on the Company or its
subsidiaries.

     4.4 The Company may terminate Executive’s employment hereunder at any time without cause upon
written notice to Executive. If the Company terminates Executive’s employment under this Section
4.4 and provided Executive executes and delivers a release in form and substance reasonably
satisfactory to the Company, the Company shall continue to pay Executive his base salary for a
period of two years after the effective date of such termination (such 2-year period the “Severance
Period”) together with the bonus which Executive would have been entitled to receive during the
Severance Period but for his termination. Executive shall not be entitled to any other
compensation or benefits during or after the Severance Period.

     4.5 Executive may terminate his employment upon no less than 60 days written notice to the
Company.

	5.  	Protection of Confidential Information; Covenant not to Compete.

     5.1 In view of the fact that Executive’s work for the Company will bring Executive into close
contact with many confidential affairs of the Company not readily available to the public,
Executive agrees:

          5.1.1 To keep secret and retain in the strictest confidence all Confidential Information and
Trade Secrets of the Company learned by Executive heretofore or hereafter, and not to disclose them
to anyone outside of the Company, either during or after his employment with the Company, except in
the course of performing his duties hereunder or with the Company’s express written consent; and

          5.1.2 To deliver promptly to the Company on termination of employment, or at any time the Company
may so request, all memoranda, notes, records, reports, manuals, drawings and other documents in
all media (and all copies thereof) relating to the Company’s

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business and all property associated therewith, which Executive may then possess or have under
Executive’s control.

          5.1.3 For purposes of this Agreement, “Confidential Information” shall mean information
disclosed to Executive or known by Executive as a consequence of or through his employment by the
Company, not generally known in the industry in which the Company is or may become engaged, about
the Company’s products, processes, and services, including, but not limited to, information
relating to research, development, inventions, manufacture, purchasing, business methods,
accounting, engineering, marketing, information systems, business strategies, merchandising, and
selling. For purposes of this Agreement, “Trade Secret” means the whole or any portion or phase of
any scientific or technical information, design, process, formula, or improvement which is secret
and is not generally available to the public, and which gives one who uses it an advantage over
competitors who do not know of or use it.

     5.2 In addition to his obligations under Sections 5.1, Executive agrees that upon termination
of his employment, Executive shall return any and all customer lists to the Company and shall not,
during or at any time after his employment with the Company, directly or indirectly, use the
Company’s customer list for his own benefit or disclose the Company’s customer list to any person,
firm or corporation. Executive agrees that during his employment with the Company and for a period
of one (1) year thereafter, he shall not solicit any individual to terminate his or her employment
with the Company and/or any subsidiary of the Company and that he shall not directly or indirectly
employ or retain as an independent contractor any individual who was employed by the Company or any
of its subsidiaries at any time within one (1) year prior to their being hired by Executive.

     5.3 If Executive violates any of the provisions of Section 5.1 or 5.2 hereof, the Company
shall have the following rights and remedies:

          5.3.1 The right and remedy to have the provisions of such sections of this Agreement
specifically enforced by any court having equity jurisdiction, it being acknowledged

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and agreed that any such violation will cause irreparable injury to the Company and that money
damages will not provide an adequate remedy to the Company; and

          5.3.2 The right and remedy to recover damages for all actual losses, and the right to require
Executive to account for and pay over to the Company all profits or other benefits (collectively
“Benefits”) derived or received by Executive as the result of any transactions constituting such a
violation, and Executive hereby agrees to account for and pay over such Benefits to the Company.

     5.4 Each of the rights and remedies enumerated above shall be independent of the other, and
shall be severally enforceable, and all of such rights and remedies shall be in addition to, and
not in lieu of, any other rights and remedies available to the Company at law or in equity.
If any of the covenants contained in Section 5.1 or 5.2 or any part thereof, is hereafter construed
to be invalid or unenforceable, the same shall not affect the remainder of the covenant or
covenants, which shall be given full effect, without regard to the invalid portions. If any of the
covenants contained in Section 5.1 or 5.2, or any part thereof, is held to be unenforceable because
of the duration of such provision or the scope of the subject matter thereof or the area covered
thereby, the parties agree that the court making such determination shall have the power to reduce
the duration, scope and/or area of such provision and, in its reduced form, said provision shall
then be enforceable.

	6.  	Intellectual Property.

     The Company shall be the sole owner of all the products and proceeds of Executive’s services
hereunder, including, but not limited to, all materials, ideas, concepts, formats, suggestions,
developments, arrangements, packages, business methods, computer programs and other intellectual
properties that Executive may acquire, obtain, develop or create in connection with Executive’s
employment hereunder, free and clear of any claims by Executive (or anyone claiming under
Executive) of any kind or character whatsoever (other than Executive’s right to receive payments
hereunder). Executive shall, at the request of the Company, execute such assignments, certificates
or other instruments as the Company may from time to time deem

6

 

necessary or desirable to evidence, establish, maintain, perfect, protect, enforce or defend its
right, title and interest in or to any such properties.

	7.  	Executive Representation.

     Executive hereby represents and warrants that his employment by the Company will not cause
Executive to be in violation of any non-competition or restrictive covenant which would, if
enforceable, restrict his ability to continue as an Executive of the Company and to perform his
duties hereunder.

	8.  	Notices.

     All notices, requests, consents and other communications, required or permitted to be given
hereunder, shall be in writing and shall be deemed to have been duly given if delivered personally,
or mailed first-class, postage prepaid, by registered or certified mail or by nationally-recognized
overnight courier providing proof of delivery, (notices sent by mail or overnight courier shall be
deemed to have been given on the date sent), as follows (or to such
other address as either party shall designate by notice in writing to the other in accordance
herewith):

If to the Company:

Airgas, Inc.

Radnor Court, Suite 100

259 North Radnor-Chester Road

Radnor, PA 19087

Attention: Chief Executive Officer

If to Executive: the address provided on the signature page of this Agreement.

	9.  	General.

     9.1 This Agreement shall be governed by and construed and enforced in accordance with the laws
of the Commonwealth of Pennsylvania, without reference to principles of conflicts of law.

     9.2 The article and section headings contained herein are for reference purposes only and
shall not in any way affect the meaning or interpretation of this Agreement.

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     9.3 This Agreement sets forth the entire agreement and understanding of the parties relating
to the subject matter hereof, and supersedes all prior agreements, arrangements and understandings,
written or oral, relating to the subject matter hereof.

     9.4 This Agreement, and Executive’s rights and obligations hereunder, are personal and may not
be assigned by Executive. The Company may assign its rights, together with its obligations,
hereunder in connection with any sale, transfer or other disposition of all or substantially all of
its business or assets. In any event the obligations of the Company hereunder shall be binding on
its successors or assigns, whether by merger, consolidation or acquisition of all or substantially
all of its business or assets.

     9.5 This Agreement may be amended, modified, superseded, cancelled, renewed or extended and
the terms or covenants hereof may be waived, only by a written instrument executed by both of the
parties hereto, or in the case of a waiver, by the party waiving compliance. The failure of either
party at any time or times to require performance of any provision hereof shall in no manner affect
the right at a later time to enforce the same. No waiver by either party of the breach of any term
or covenant contained in this Agreement, whether by conduct or otherwise, in any one or more
instances, shall be deemed to be, or construed as, a further or continuing waiver of any such
breach, or a waiver of the breach of any other term or covenant contained in this Agreement.

     9.6 Executive acknowledges and agrees that he has carefully read and considered the provisions
of this Executive Employment Agreement and has had an opportunity to consult with independent legal
counsel of Executive’s own choosing prior to signing this Executive Employment Agreement and
Executive did not rely on the advice of the Company’s counsel in entering into this Executive
Employment Agreement.

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     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.

	 	 	 
	

	 	AIRGAS, INC.
	 
	 	 
	

	 	By: /s/Peter McCausland
	 
	 	 
	

	 	EXECUTIVE:
	 
	 	 
	

	 	/s/Glenn M. Fischer

Glenn M. Fischer
	 
	 	 
	

	 	EXECUTIVE’S ADDRESS:

39 Rochelle Drive
	

	 	New City, NY 10956

9

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