Document:

EX-10.10

 Exhibit 10.10 

SUPPLEMENTARY PENSION PLAN 

OF 
 AIR PRODUCTS AND
CHEMICALS, INC. 
 AS AMENDED AND RESTATED 

EFFECTIVE AUGUST 1, 2014 

 TABLE OF CONTENTS 

 

							
	 ARTICLE 1 PURPOSE OF THE PLAN
	  	 	2	  
	 Section 1.1
	    		  	 	2	  
	 ARTICLE 2 DEFINITIONS
	  	 	2	  
	 Section 2.1
	    		  	 	2	  
	 Section 2.3
	    		  	 	7	  
	 ARTICLE 3 BENEFITS
	  	 	7	  
	 Section 3.1
	    	 Eligibility and Vesting
	  	 	7	  
	 Section 3.2
	    	 Amount of Benefits
	  	 	7	  
	 Section 3.3
	    	 Employee Compensation
	  	 	8	  
	 Section 3.4
	    	 Allocation of Incentive Compensation
	  	 	8	  
	 Section 3.5
	    	 Payment of Benefits
	  	 	9	  
	 Section 3.6
	    	 Optional Forms of Retirement Benefit
	  	 	11	  
	 Section 3.6A
	    	 Election of Benefit Form Prior to 1 October 2006
	  	 	13	  
	 Section 3.7
	    	 Election of Benefit Form On or After 1 October 2006
	  	 	14	  
	 Section 3.8
	    	 Pre-Retirement Spousal Benefits
	  	 	15	  
	 Section 3.9
	    	 Small Benefit Payment Procedures
	  	 	16	  
	 Section 3.10
	    	 Change in Control
	  	 	17	  
	 ARTICLE 3A SPECIAL SUPPLEMENTAL BENEFITS
	  	 	17	  
	 ARTICLE 4 ADMINISTRATION
	  	 	18	  
	 Section 4.1
	    	 Plan Administration and Interpretation
	  	 	18	  
	 Section 4.2
	    	 Claim and Appeal Procedure
	  	 	19	  
	 ARTICLE 5 FUNDING
	  	 	20	  
	 Section 5.1
	    	 Benefits Unfunded
	  	 	20	  
	 Section 5.2
	    	 Non-Qualified Plan
	  	 	21	  
	 Section 5.3
	    	 ERISA
	  	 	21	  
	 ARTICLE 6 AMENDMENT AND TERMINATION
	  	 	21	  
	 Section 6.1
	    	 Amendment and Termination
	  	 	21	  
	 Section 6.2
	    	 Contractual Obligations
	  	 	22	  
	 Section 6.3
	    	 No Employment Rights
	  	 	23	  
	 ARTICLE 7 GENERAL PROVISIONS
	  	 	23	  
	 Section 7.1
	    	 Non-alienation of Benefits
	  	 	23	  
	 Section 7.2
	    	 Minor or Incompetent
	  	 	23	  
	 Section 7.3
	    	 Payee Unknown
	  	 	24	  
	 Section 7.4
	    	 Illegal or Invalid Provision
	  	 	24	  
	 Section 7.5
	    	 Governing Law and Headings
	  	 	24	  
	 Section 7.6
	    	 Liability Limitation
	  	 	24	  
	 Section 7.7
	    	 Notices
	  	 	25	  
	 Section 7.8
	    	 Entire Agreement
	  	 	25	  
	 Section 7.9
	    	 Binding Effect
	  	 	25	  

  
 ii 

 SUPPLEMENTARY PENSION PLAN 

OF 
 AIR PRODUCTS AND
CHEMICALS, INC. 
 Amended and Restated Effective August 1, 2014 

WHEREAS, Air Products and Chemicals, Inc. did, effective October 1, 1978, establish a Supplementary Retirement Plan for those of
its employees eligible to participate therein, which Plan was thereafter amended from time to time, and was amended, restated and renamed the Supplementary Pension Plan of Air Products and Chemicals, Inc. as of October 1, 1988, and was
thereafter amended, inter alia, as of 20 September 1995, 1 October 1995, 1 January 1996, 16 September 1999, 20 September 2000 and 1 May 2003 and amended and restated as of 1 January 2005 and 1 January
2008; 
 WHEREAS, Air Products and Chemicals, Inc. now wishes to make certain revisions in the Plan since its restatement of
1 January 2008, and to restate said Plan in its entirety; 
 NOW, THEREFORE, the Supplementary Pension Plan of Air Products and
Chemicals, Inc. is hereby amended and restated in its entirety and the said Supplementary Pension Plan, as so revised and restated, shall apply only to an Employee whose Separation from Service occurs on or after 1 August 2014. The rights and
benefits, if any, of a former employee shall be determined in accordance with the provisions of the Plan in effect on the date his Separation from Service occurred, except as otherwise provided. 

 ARTICLE 1 

PURPOSE OF THE PLAN 

Section 1.1 This Plan is established to provide supplementary retirement income benefits to a certain select group of management
or highly compensated persons in the employ of Air Products and Chemicals, Inc. and its participating subsidiaries who met the eligibility requirements for participation before August 1, 2014. It hereby supplements the benefits payable to such
persons under the Air Products and Chemicals, Inc. Pension Plan for Salaried Employees. 
 ARTICLE 2 

DEFINITIONS 

Section 2.1 As used herein, the following terms shall have the following meanings, unless the context clearly indicates otherwise.

 “Accrued Benefit” shall mean, in the case of an Employee, a monthly retirement benefit for the life of the Employee that
such Employee would receive, commencing at his Normal Retirement Date, in an amount determined under Section 3.2 hereof based on his Credited Service, Average Compensation and benefit payable under the Salaried Pension Plan as of the date such
Accrued Benefit is being determined. 
 “Annual Incentive Plan” shall mean the Air Products and Chemicals, Inc. 2001 Annual
Incentive Plan adopted by the Company’s stockholders, as it may be amended from time to time. 
 “Annuity Starting
Date” shall mean the first day of the first period for which a benefit under Section 3.1 will be paid; provided that, in the case of a 

  
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former Key Employee described in Section 3.5(b), the Annuity Starting Date shall be determined as if the Employee’s benefit distribution was not delayed in accordance with
Section 3.5. 
 “Average Compensation” shall have the meaning set forth in Section 3.3 hereof. 

“Board” shall mean the board of directors of the Company or any Committee thereof acting on behalf of the Board pursuant to
its Charter or other delegation of power from the Board or the Chairman of the Board acting pursuant to a delegation of authority from the Board. 

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

 

	 	(1)	Change in Ownership. The date any one person, or more than one person acting as a group (as determined under 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Company that, together with stock held by such
person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company. However, if any one person, or more than one person acting as a group, is considered to own more than 50% of the total fair
market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons is not considered to cause a change in the ownership of the Company. An increase in the percentage of stock owned by
any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this section. 

  
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	 	(2)	Change in Effective Control. The date any one person, or more than one person acting as a group (as determined under 1.409A-3(i)(5)(v)(B)), acquires (or has acquired during the 12-month period ending on the date of the
most recent acquisition by such person or persons) ownership of stock of the Company possessing 30% or more of the total voting power of the stock of the Company. 

 

	 	(3)	Change in Board. The date a majority of members of the Company’s Board of Directors is replaced during any 12-month period by directors whose appointment or election is not endorsed by a majority of the members of
the Company’s Board of Directors before the date of the appointment or election. 

 “Committee” shall
mean the Company’s Benefits Committee or other Committee designated to hear appeals under the Plan in accordance with the provisions of Article 4 hereof. 

“Company” shall mean Air Products and Chemicals, Inc. and any successor thereto by merger, purchase or otherwise. 

“Compensation” shall have the meaning set forth in Section 3.3 hereof. 

“Disability” shall mean any medically determinable physical or mental impairment that can be expected to result in death or
can be expected to last for a continuous period of not less than six months, where such impairment causes the Employee to be unable to perform the duties of his or her position of employment or any substantially similar position of employment. 

“Effective Date” shall mean, as to the Company, October 1, 1978, and as to any other Employer, the date as of which the
Salaried Pension Plan initially becomes effective for Employees of the Employer. 

  
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 “Employee shall mean any person who is employed by an Employer on a regular salaried
basis on or after the Effective Date of the Plan applicable to such Employer, who participates or participated in the Salaried Pension Plan as an “Employee” as defined therein, and who before August 1, 2014 was classified as an
Executive Officer for purposes of the U.S. Securities Laws or was in the salary grade 118 or above or the equivalent grade in any future grade structure of the Company for and in respect of any fiscal year of the Company or part thereof during such
person’s most recent 120 months of employment or such Employee’s period of employment by an Employer, if less than 120 months. 

“Employer” shall mean the Company and/or any Participating Employer either collectively or separately as the context
requires. 
 “Incentive Compensation” shall mean a bonus award of stock and/or cash paid on a current basis by an Employer
pursuant to the Annual Incentive Plan upon or following the conclusion of the Company’s fiscal year to which such award relates and/or a bonus award of stock and/or cash awarded under the Annual Incentive Plan, the payment of which was deferred
under the terms of the Air Products and Chemicals, Inc. Deferred Compensation Plan. 
 “Key Employee” shall mean any
Employee or former Employee (not including a beneficiary of either in the event that such Employee or former Employee is deceased) who, on the first day of a Plan Year or any prior Plan Year for which benefits are accrued under this Plan, is
classified as an Executive Officer for purposes of U.S. Securities Laws or is in salary grade 217 or above or the equivalent grade in any future grade structure of the Company where such grade indicates status as an officer; provided, the term Key
Employee shall not include more than the highest paid 200 employees who otherwise meet this definition. 

  
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 “Participating Employer” shall mean each Affiliated Company, some or all of
whose employees are participating in the Salaried Pension Plan as “Employees” as defined therein, and have also received awards under the Annual Incentive Plan. 

“Plan” shall mean the “Supplementary Pension Plan of Air Products and Chemicals, Inc.” as set forth herein and as
amended from time to time. 
 “Plan Administrator” shall mean the Company’s Director of Compensation and Benefits
prior to February 1, 2006 and, thereafter, the Vice President – Human Resources, or such other person or entity as the Vice President – Human Resources shall appoint to fill such role. 

“Plan Year” shall mean the annual period beginning on October 1 and ending on September 30. A Plan Year shall be
designated according to the calendar year in which such Plan Year ends (e.g., the 2006 Plan Year refers to the Plan Year beginning on October 1, 2005 and ending on September 30, 2006). 

“Salaried Pension Plan” shall mean the “Air Products and Chemicals, Inc. Pension Plan for Salaried Employees” as
amended from time to time. 
 “Separation from Service” occurs when there is an expectation that the Employee has
terminated employment and is expected permanently to render services at a level that is at least 60% less than the average level of services rendered over the preceding 36 months. A Separation from Service shall be deemed to occur in the case of a
leave of absence exceeding six months (or 29 months if due to Disability) where there is no legal or contractual right for the Employee to return to work. 

Section 2.2 As used herein, the terms “Credited Service,” “ERISA,” and “Retire,”
“Retired,” or “Retirement,” and, except as specifically provided in this Article, all other capitalized terms, shall have the same meanings as in the Salaried Pension Plan, unless the context clearly indicates otherwise. 

  
 6 

 Section 2.3 The masculine pronoun whenever used herein shall include the feminine.
The singular shall include the plural and the plural shall include the singular whenever used herein, unless the context otherwise requires. 

ARTICLE 3 
 BENEFITS

 Section 3.1 Eligibility and Vesting. Subject to Sections 5.1 and 6.2, an Employee shall be entitled to receive benefits
under this Plan if such person shall be entitled to receive a benefit under the Salaried Pension Plan. Benefits under this Plan shall be calculated in accordance with Section 3.2 hereof and shall be subject to the limitations herein provided.

 Section 3.2 Amount of Benefits. The amount of the benefit to be paid to an Employee or any other person entitled to receive a
benefit hereunder shall be equal to the amount of the benefit such person would have received under the Salaried Pension Plan (without regard to the limitations under Sections 401(a)(17), and 415 of the Internal Revenue Code) if such benefit were
calculated using Average Compensation calculated pursuant to Section 3.3 hereof, and then reduced by the amount of the actual benefit payable to such person under the Salaried Pension Plan and further reduced by any amount previously paid under
this Plan. For purposes of this Section, if an Employee has a Separation from Service prior to attaining age 55 and is subsequently reemployed by the Company and such reemployment continues at the Employee’s age 55, the benefit such Employee
will be entitled to receive at age 55 based on his or her prior Separation from Service shall be calculated pursuant to the provisions of Section 3.4 of the Salaried Pension Plan. The normal form of benefit under Section 4.1 of the
Salaried Pension Plan shall be employed as the 

  
 7 

 
basis for making computations under this Section 3.2 in order to insure the attaining for such purpose of equivalency between the various forms of benefits provided by the Salaried Pension
Plan and this Plan, regardless of whether an optional form of benefit has been selected under Article V of the Salaried Pension Plan and/or under Section 3.6 of this Plan. 

Section 3.3 Employee Compensation. For purposes of computing an Employee’s benefit in accordance with Section 3.2
hereof, the Employee’s Average Compensation shall be the monthly average of the Compensation of the Employee for the 36 consecutive months (or total consecutive months if he or she was employed by an Employer for less than 36 months) calculated
to include any months while on leave of absence, if such months would be considered in the Average Compensation in the Salaried Pension Plan, in which his Compensation was the highest during the 120 months nearest preceding his Separation from
Service (or during the total period of employment if he or she was employed by an Employer less than 120 months). For this purpose, an Employee’s Compensation for any period shall be equal to the sum of (a) his “Compensation” for
such period as defined in Article I of the Salaried Pension Plan, provided that no limitation based on Code Section 401(a)(17) shall apply, (b) one hundred percent (100%) of the Employee’s Incentive Compensation allocated to such
period in accordance with Section 3.4 hereof and (c) one hundred percent (100%) of the amount of annual salary deferred by the Employee under the Air Products and Chemicals, Inc. Supplementary Savings Plan on or before
September 1, 2006 and the Air Products and Chemicals, Inc. Deferred Compensation Plan thereafter, which amount, but for such deferral election, would have been received by the Employee as annual salary during such period. 

Section 3.4 Allocation of Incentive Compensation. For the purpose of computing the Employee’s Compensation in accordance with
Section 3.3 hereof, all Incentive Compensation shall be allocated to the period for which the 

  
 8 

 
Incentive Compensation was awarded to the Employee by the Employer, notwithstanding actual distribution of the Incentive Compensation at a later time. The total dollar value of Incentive
Compensation awards shall be allocated in equal amounts to each month of the period for which the award was made. 
 Section 3.5
Payment of Benefits. 
  

	(a)	Benefits shall be payable under the Plan on the first of the month following Separation from Service; provided that, for Employees who have a Separation from Service prior to attaining age fifty-five (55) but have
not yet received benefits under this Plan, the following rules apply: 

  

	 	i.	For such Employees who have not attained age fifty-five (55) prior to 1 January 2009, benefits shall be payable on the first of the month after the Employee attains age fifty-five (55) even if such
Employee has subsequently returned to employment with the Company, except as provided for small benefits in Section 3.9. 

  

	 	ii.	For such Employees who have attained age fifty-five (55) prior to 1 January 2009, benefits will be payable on 1 January 2009 even if such Employee has subsequently returned to employment with the Company,
except as provided in (iii) below and for small benefits in Section 3.9. 

  

	 	iii.	Notwithstanding the above, for such Employees who (x) attain age fifty-five (55) during calendar year 2008 and who are eligible for a pension bridge under Article 3A of this Plan or Section 3.2 of the
Salaried Pension Plan, or (y) attain age sixty-five (65) during calendar year 2008, benefits will be payable on the date the Employee attains age 55 or 65, respectively. 

  
 9 

 Notwithstanding the above, benefits to Employees for whom the Company has purchased annuities
from Transamerica Occidental Life Insurance Company to fund their benefit under the Salaried Pension Plan shall be payable under this Plan on the first of the month after the Employee attains age sixty-five (65). Payment of benefits will commence
within 90 days of the Employee’s satisfying the conditions therefore (the first day of which shall be the Annuity Starting Date for purposes of Section 409A), and upon the Employee’s proper application therefore or the Plan
Administrator’s determination of the Employee’s eligibility to commence benefits according to elections previously filed, except for small benefits as described in Section 3.9(a). The Plan will not be responsible for any delays or the
costs or taxes associated with any delays that result from the Employee’s failure to make proper application for benefits or for delays associated with the normal processing of benefit payments. For benefit payments commencing before
1 October 2006, benefits shall be paid in the Primary Form of Benefit as determined in Section 5.2 of the Salaried Pension Plan, unless the Employee shall elect to have an optional form of benefit in accordance with the provisions of
Section 3.6A hereof. For benefit payments commencing on or after 1 October 2006, benefits shall be paid in a lump sum form of benefit described in Section 3.6(b) below unless the Employee shall elect to have benefits paid as an
annuity in accordance with the provisions of Section 3.7 hereof in which case, the Employee may elect the form of the annuity as described in Sections 5.2(a), (b) and (c) of the Salaried Pension Plan. All payments of benefits shall be
subject to Federal income and such other tax withholding as required by applicable law. 
  

	(b)	 Notwithstanding the above, a distribution to an Employee who at the time of his or her Separation from Service is a Key Employee shall not be made or
commence before the date which is six months after the occurrence of such Separation from Service (or, if earlier, the date of 

  
 10 

	 	
death of such Key Employee). If the form of benefit elected by such Key Employee is a lump sum, such lump sum shall be increased to reflect the delayed payment in accordance with the Plan
Administrator’s procedures for such adjustments, and if the form of benefit is an annuity, the Key Employee will receive, on the delayed payment date, all payments that would have been made during the period of delay, adjusted for the delay in
accordance with the Plan Administrator’s procedures for such adjustments. The discount rate as described in Section 3.6(b)(ii) as it would have applied on the Annuity Starting Date shall be used to adjust the delayed distributions to Key
Employees. 

  

	(c)	If, following a Separation from Service, the Employee continues or resumes accrual of a benefit under the Salaried Pension Plan that would increase the total benefit payable under this Plan, such additional benefit will
be paid or will commence payment in accordance with the election made under Section 3.6 of this Plan either through an increase in any annuity payment being made to the Employee or via an additional lump sum, and such increase or such
additional lump sum will be paid following subsequent Separation from Service in accordance with the provisions in this Section 3.5 or, if upon a Change in Control, in accordance with the provisions of Section 3.10. 

Section 3.6 Optional Forms of Retirement Benefit. 
  

	(a)	An Employee may elect as provided in Section 3.6A or 3.7, as applicable, to have distribution of any benefits otherwise payable in accordance with Section 3.5 hereof made in: 

 

	 	(i)	Options A, B or C as set forth in such Section 5.2 of the Salaried Pension Plan, substituting the benefit determined under Section 3.2 above for the benefit determined under Article IV of the Salaried Plan, or

  

	 	(ii)	a lump sum form of benefit described below in this Section 3.6. 

  
 11 

	(b)	Subject to satisfaction of the procedures set forth below in Section 3.6A(b) or 3.7, an Employee who so elects will have distribution of his benefit under the Plan made in the form of a single lump sum cash payment
calculated by converting the benefit determined under Section 3.2 into a single cash payment, using the following assumptions: 

  

	 	(i)	For distributions prior to 20 September 2000, the mortality assumptions to determine life expectancy shall be the mortality table or tables used by the actuary as the basis for preparing the annual actuarial
valuation for the Salaried Pension Plan for the Plan Year immediately preceding the Employee’s Retirement and, for distributions made on or after 20 September 2000, the mortality assumptions used for this purpose shall be determined from a
unisex version of the 1994 Group Annuity Mortality Table; provided that, with respect to any Employee who had an accrued benefit in the Plan as of 20 September 2000, the single cash payment shall be the greater of the amount calculated using
the pre-September 20, 2000 mortality assumptions or the September 20, 2000 or later mortality assumptions; and 

  

	 	(ii)	The discount rate used to determine the lump sum actuarial present value of the primary form of benefit shall be the yield for AAA Municipal Bonds as published periodically by Moody’s Investor Service, Inc. in
Moody’s Bond Survey, such rate to be based on the average yield of the three (3) months immediately preceding the ninety (90) day period prior to the Annuity Starting Date for the benefit. 

  
 12 

 In case the above measure is no longer in use or available, the Committee will select a
comparable alternative. 
 If the Employee elects an annuity under section3.6(a)(i) above and does not elect the form of an annuity prior to
the Annuity Starting Date, the Employee shall be deemed to have elected Option B as set forth in Section 5.2 of the Salaried Pension Plan, substituting the benefit determined under Section 3.2 above for the benefit determined under Article
IV of the Salaried Pension Plan. 
 Section 3.6A Election of Benefit Form Prior to 1 October 2006. 

For Annuity Starting Dates occurring prior to 1 October 2006, the following procedures shall apply for election of optional forms of
benefit. 
  

	(a)	Except as otherwise provided in subsection (b) below as to the lump sum form of benefit, the same election of form of benefit procedures and terms and conditions as are in effect under the Salaried Pension Plan
shall be in effect under the Plan including that, if the Employee is married on the Annuity Starting Date, the Primary Form of Benefit shall take the form of Option A as provided in Section 5.2 of the Salaried Pension Plan, notwithstanding that
a different form of benefit may be selected by such Employee for the distribution of benefits under the Salaried Pension Plan and under this Plan 

  

	(b)	An Employee may elect a lump sum form of benefit subject to the following rules. 

  

	 	(i)	Employee Statement. To elect a lump sum, the Employee will be required to furnish a written statement that he forgoes any future ad hoc or other increases in benefits paid under the Plan. 

  
 13 

	 	(ii)	Spousal Consent. The Employee may elect a lump sum, a single life benefit or may specify a beneficiary other than a spouse without spousal consent. 

 

	 	(iii)	Committee Approval. The Committee, through the Plan Administrator, will have the right to disapprove and suspend any and all elections of a lump sum form of benefit if payment of the Employee’s Plan benefit
in such form would adversely affect the Company. 

  

	 	(iv)	Further Administrative Procedures. The Plan Administrator shall from time to time adopt such additional procedures as he, in his discretion, shall determine to be necessary or appropriate for the proper
administration of elections, approvals and payment of Plan benefits in lump sum form, including procedures as to the timing of payment thereof, taking into consideration when information as to the Employee’s final Incentive Compensation for
services rendered to the date of his Retirement is first available. Such procedures shall be binding on Employees and the Company for all purposes of the Plan. 

Section 3.7 Election of Benefit Form On or After 1 October 2006 

For Annuity Starting Dates occurring on or after 1 October 2006, the following procedures shall apply for election of optional forms of
benefit. 
  

	(a)	 Employees participating in the Plan as of 30 September 2006 who do not have their Annuity Starting Date prior to 1 October 2006 must elect
the form of distribution of their Plan benefit prior to 1 October 2006. Such Employees will be given the opportunity to elect an annuity form of benefit or a lump sum form of benefit described in Section 3.6(b) in the manner determined by
the Plan Administrator. Such distribution election shall be 

  
 14 

	 	
with respect to an Employee’s entire Plan benefit, whether accrued prior to or after 1 October 2006. Such distribution election shall become irrevocable when accepted by the Plan
Administrator. 

  

	(b)	An Employee who first becomes an Employee on or after October 1, 2006 shall make an irrevocable election as to the form of distribution of their benefit within 30 days of becoming an Employee in a manner determined
by the Plan Administrator. If no distribution election is made by the Employee within 30 days of becoming eligible, benefits under the Plan shall be payable in a lump sum form of benefit described in Section 3.6(b). 

 

	(c)	Notwithstanding the above, effective 28 April 2008 through 30 May 2008, Employees will be given an opportunity, in the manner determined by the Plan Administrator, to make a change to a previous election to
receive an annuity form of benefit or a lump sum form of benefit described in Section 3.6(a). However, this opportunity does not apply to the following Employees: 

(i) An Employee who first becomes an Employee on or after 1 January 2008; 

(ii) An Employee whose benefits commence prior to 1 January 2009; and 

(iii) An Employee for whom the Company has purchased annuities from Transamerica Occidental Life Insurance Company to fund
their benefit under the Salaried Pension Plan. 
 Section 3.8 Pre-Retirement Spousal Benefits. If an Employee dies prior to his or her Annuity
Starting Date, a pre-Retirement spousal benefit shall be payable to the Employee’s surviving spouse, if any, in the same form as that elected by the Employee, commencing the first of the month following the later of the Employee’s death or
the date the Employee would have attained (i) age 50, if the Employee was actively employed by the Company at time of death or if the 

  
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Employee died while performing qualified military service if the Employee is entitled to early retirement benefits under Section 3.2(c), (d), (e) or (f) of the Salaried Pension
Plan or Article 3A of this Plan, or (ii) age 55. The amount of the benefit shall be calculated in the same manner as provided in Section 5.7 or 5.10 of the Salaried Pension Plan except substituting the benefit determined under
Section 3.2 above for the benefit determined under Article IV of the Salaried Pension Plan. 
 If a former Key Employee dies after his or her Annuity
Starting Date but prior to the delayed payment date of his or her benefit described in Section 3.5(b) above, the Employee’s spouse shall receive a distribution within 90 days of the Employee’s death of the benefit payments that would
have been payable to the Employee on and after the Annuity Starting Date had the payment not been delayed, adjusted for the delayed payment. 

Section 3.9 Small Benefit Payment Procedures. 
  

	(a)	Notwithstanding Sections 3.5, 3.6, 3.6A and 3.7 above, if an Employee’s benefit has an aggregate actuarial present value of less than $10,000 at the time of the Employee’s Separation from Service, or the
monthly amount payable if the benefit were distributed in a single life annuity commencing on the Normal Retirement Date would be less than $100 per month, the payment of such benefit shall be made by payment of a single lump sum within 90 days of
the Employee’s Separation from Service, in which case the lump sum amount so paid shall be the actuarial present value of the monthly benefit. 

  

	(b)	 For purposes of this Section 3.9, if an Employee Separates from Service prior to his or her Early Retirement Date, the same actuarial present
value of any benefit will be calculated using the mortality table set forth in Revenue Ruling 2001-62 (2001-53 IRB 1) and the rate of interest on 30-year 

  
 16 

	 	
Treasury securities as specified by the Commissioner of the Internal Revenue Service for June of the prior Plan Year. If an Employee Separates from Service on or after his or her Early Retirement
Date, the same actuarial factors and assumptions as are employed under Section 3.6(b) of the Plan shall be used to calculate the actuarial present value of any benefit for purposes of this Section 3.9. 

Section 3.10 Change in Control. Notwithstanding the above provisions of this Article 3, upon a Change in Control, an Employee
shall have an immediate, nonforfeitable right to his or her Accrued Benefit under the Plan and shall receive an immediate lump sum payment of such. This payment shall not affect his or her continued eligibility under the Plan; however, his or her
Accrued Benefit under the Plan shall be reduced by the amount paid out. 
 ARTICLE 3A 

SPECIAL SUPPLEMENTAL BENEFITS 

Notwithstanding any provision of the Plan to the contrary, certain employees of the Employer shall be entitled to receive a special
supplemental benefit under the Plan in accordance with the following provisions: 
  

	(a)	Any Participant in the Salaried Pension Plan who: 

  

	 	(i)	Would be described in Section 3.2(c) of the Salaried Pension Plan text except that such Participant was a Highly Compensated Employee at the time of his or her Separation from Service; or 

 

	 	(ii)	Would be described in Section 3.2(d) of the Salaried Pension Plan text except that such Participant was a Highly Compensated Employee Separated from Service after 1 January 2001 and notified of such Separation
from Service prior to 1 July 2002 shall be entitled to a benefit under this Plan as follows: 

  

	(b)	 The amount of the benefit shall be the difference between the monthly retirement benefit the Participant receives under Section 3.4 of the

  
 17 

	 	
Salaried Pension Plan and the benefit the Participant would have received under Section 3.2 of the Salaried Pension Plan had he or she Separated from Service on or after his or her Early
Retirement Date. 

  

	(c)	If such a Participant is not an Employee for purposes of this Plan, such a Participant shall be treated as an Employee for purposes of this Plan except for purposes of Sections 3.1-3.4; provided that such a Participant
whose Separation from Service occurred prior to 1 January 2000 shall not be treated as an Employee for purposes of Subsections 3.6(a)(ii), 3.6(b), or 3.6A(b). 

ARTICLE 4 

ADMINISTRATION 

Section 4.1 Plan Administration and Interpretation. The Plan shall be administered by the Plan Administrator. The Plan
Administrator shall have full power and authority to administer the Plan and interpret the Plan in a manner which is as consistent with the interpretations of similar provisions in the Salaried Pension Plan as the context reasonably permits. The
Plan Administrator’s powers shall include, by way of illustration and not limitation, the discretionary authority and power to construe and interpret the Plan provisions, decide all questions of eligibility for benefits, and determine the
amount, time, and manner of payments of any benefits and to authorize the payment of benefits hereunder, except to the extent such powers have been given to the Committee pursuant to Section 4.2 below or otherwise. The Plan Administrator may
appoint one or more individuals or committees to assist him in carrying out his duties and responsibilities under the Plan and may adopt rules and regulations for the administration of the Plan and alter, amend, or revoke any rules or regulations so
adopted. The decisions of the Plan Administrator or his delegates shall be final and binding on the Company, the Employers, the Employees, and their beneficiaries. 

  
 18 

 Section 4.2 Claim and Appeal Procedure. 

 

	(a)	Claim Procedure. In the event of a claim by an Employee or an Employee’s beneficiary for or in respect of any benefit under the Plan or the method of payment thereof, such Employee or beneficiary shall
present the reason for his claim in writing to the Plan Administrator. The Plan Administrator shall, within ninety (90) days after the receipt of such written claim, send written notification to the Employee or beneficiary as to its
disposition, unless special circumstances require an extension of time for processing the claim. If such an extension of time for processing is required, written notice of the extension shall be furnished to the claimant prior to the termination of
the initial ninety (90) day period. In no event, however, shall such extension exceed a period of ninety (90) days from the end of such initial period. The extension notice shall indicate the special circumstances requiring an extension of
time and the date by which the Plan Administrator expects to render the final decision. 

 In the event the claim is wholly or
partially denied, the Plan Administrator’s written notification shall state the specific reason or reasons for the denial, include specific references to pertinent Plan provisions on which the denial is based, provide an explanation of any
additional material or information necessary for the Employee or beneficiary to perfect the claim and a statement of why such material or information is necessary, and set forth the procedure by which the Employee or beneficiary may appeal the
denial of the claim. If the claim has not been granted and notice is not furnished within the time period specified in the preceding paragraph, the claim shall be deemed denied for the purpose of proceeding to appeal in accordance with paragraph
(b) below. 
  

	(b)	 Appeal Procedure. In the event an Employee or beneficiary wishes to appeal the denial of his claim, he may request a review of such denial by
the Committee by making written application to the Plan Administrator 

  
 19 

	 	
within sixty (60) days after receipt of the written notice of denial (or the date on which such claim is deemed denied if written notice is not received within the applicable time period
specified in paragraph (a) above). Such Employee or beneficiary (or his duly authorized representative) may, upon written request to the Committee, review documents which are pertinent to such claim, and submit in writing issues and comments in
support of his position. Within sixty (60) days after receipt of the written appeal (unless an extension of time is necessary due to special circumstances or is agreed to by the parties, but in no event more than one hundred and twenty
(120) days after such receipt), the Committee shall notify the Employee or beneficiary of its final decision. If such an extension of time for review is required because of special circumstances, written notice of the extension shall be
furnished to the claimant prior to the commencement of the extension. The final decision shall be in writing and shall include: (i) specific reasons for the decision, written in a manner calculated to be understood by the claimant, and
(ii) specific references to the pertinent Plan provisions on which the decision is based. 

  

	(c)	Change in Control. Notwithstanding the above, upon a Change in Control, for the three-year period commencing on the date of the Change in Control, the Plan Administrator shall notify the Employee of the
disposition of a claim under paragraph (a) above, and the Committee shall notify the Employee of the decision on an appeal under paragraph (b) above, within ten (10) days of receipt of the claim or appeal, respectively.

 ARTICLE 5 

FUNDING 

Section 5.1 Benefits Unfunded. The Plan shall be unfunded. Neither an Employer, the Board, nor the Plan Administrator shall be
required by the 

  
 20 

 
terms of the Plan to segregate any assets in connection with the Plan. Neither an Employer, the Board nor the Plan Administrator shall be deemed to be a trustee of any amounts to be paid under
the Plan. Any liability to any person with respect to benefits payable under the Plan shall be only a claim against the general assets of the Employer. No such liability shall be deemed to be secured by any pledge or any other encumbrance on any
specific property of the Employer. 
 Section 5.2 Non-Qualified Plan. The Plan will not be qualified under the Code and the
Company and the Employers shall not be required to qualify the Plan. 
 Section 5.3 ERISA. The Plan is intended to constitute an
unfunded plan maintained primarily for the purpose of providing deferred compensation to a select group of management or highly compensated employees of the Employer which qualifies for the exclusion provided for in Sections 201(2), 301(a)(3) and
401(a)(1) of ERISA. In the event that any regulatory body should determine that the Plan does not qualify for such exclusion, then the Company may retroactively revise the eligibility criteria under the Plan so that this Plan may qualify for the
exclusion or take such other action as is deemed necessary, and the Company and the Employers shall have no liability to those individuals who had been eligible for benefits under the Plan prior to such revision or action except to the extent of the
individual’s Accrued Benefit as of the effective date of such action. 
 ARTICLE 6 

AMENDMENT AND TERMINATION 

Section 6.1 Amendment and Termination. While the Company intends to maintain this Plan in conjunction with the Salaried Pension
Plan for so 

  
 21 

 
long as necessary or desirable, the Company reserves the right at any time to amend, suspend, and/or terminate this Plan, in whole or part. Action to terminate the Plan may be taken on behalf of
the Company only by the Board, by its resolutions duly adopted. Any other action referred to in this subsection and not determined by the Company’s general counsel to be in contravention of law may be taken on behalf of the Company by the Board
or the Chairman of the Board or his delegate by a resolution, certificate, new or revised Plan text, or other writing; provided that, only the Board may approve a Plan amendment which (A) would materially increase aggregate accrued benefits
under, materially change the benefit formula provided by, or materially increase the cost of the Plan so long as persons designated by the Board as “Executive Officers” for purposes of the U.S. Securities laws participate in the Plan; or
(B) would freeze benefit accruals, materially reduce benefit accruals, or otherwise materially change the benefits under the Plan; or (C) would constitute the exercise of power or function assigned to the Finance Committee of the Board,
the Plan Administrator, or the Committee. The Chairman may delegate the authority described in the preceding sentence in writing. Notwithstanding the above no such amendment, termination or suspension shall reduce the benefits payable to or accrued
by an Employee as of the date of such amendment, suspension or termination, except as provided in Section 5.3. If this Plan is terminated, no new benefits shall be accrued hereunder; and all benefits previously accrued shall be payable at such
times as otherwise provided herein. 
 Section 6.2 Contractual Obligations. Notwithstanding Section 5.1 hereof, each
Employer hereby makes a contractual commitment to pay the benefits theretofore accrued in respect of each Employee of such Employer under the Plan to the extent it is financially capable of meeting such obligations from its general assets, and at
such times as such benefits are payable under the terms hereof. 

  
 22 

 Section 6.3 No Employment Rights. Nothing contained in the Plan shall be construed as
a contract of employment between an Employer and any Employee, or as a right of any Employee to be continued in the employment of an Employer, or as a limitation on the right of an Employer to discharge any of its Employees, with or without cause.
Specifically, no rights are created under the Plan with respect to continued employment. It is understood that each Employee is employed at the will of the respective Employer and the Employee and in accord with all statutory provisions. 

ARTICLE 7 
 GENERAL
PROVISIONS 
 Section 7.1 Non-alienation of Benefits. Except as may be required by law, no benefit payable under the Plan is
subject in any manner to anticipation, alienation, sale, transfer, assignment, garnishment, pledge, encumbrance, or charge whether voluntary or involuntary, including in respect of liability of an Employee or his beneficiary for alimony or other
payments for the support of a spouse, former spouse, child, or other dependent, prior to actually being received by the Employee or beneficiary under the Plan, and any attempt to anticipate, alienate, sell, transfer, assign, garnish, pledge,
encumber, or charge the same shall be void. No such benefits will in any manner be liable for or subject to the debts, liabilities, engagements, or torts of any Employee or other person entitled to receive the same and if such person is adjudicated
bankrupt or attempts to anticipate, assign, or pledge any benefits, the Plan Administrator shall have the authority to cause the same or any part thereof then payable to be held or applied to or for the benefit of such Employee, his spouse, children
or other dependents, or any of them, in such manner and in such proportion as the Plan Administrator may deem proper. 
 Section 7.2
Minor or Incompetent. If the Plan Administrator determines that any Employee or beneficiary entitled to payments under the Plan 

  
 23 

 
is a minor or incompetent by reason of physical or mental disability, it may, in its sole discretion, cause all payments thereafter becoming due to such person to be made to any other person for
his benefit, without responsibility to follow application of amounts so paid. Payments made pursuant to this provision shall completely discharge the Company, the Employers, the Plan, the Board, and the Plan Administrator from all further
obligations with respect to benefits under the Plan. 
 Section 7.3 Payee Unknown. If the Plan Administrator has any doubt as to
the proper beneficiary to receive payments hereunder, the Plan Administrator shall have the right to withhold such payments until the matter is finally adjudicated. However, any payment made in good faith shall fully discharge the Plan
Administrator, the Company, the Employers, and the Board from all further obligations with respect to that payment. 
 Section 7.4
Illegal or Invalid Provision. In case any provision of the Plan shall be held illegal or invalid for any reason, such illegal or invalid provision shall not affect the remaining parts of the Plan, but the Plan shall be construed and enforced
without regard to such illegal or invalid provision. 
 Section 7.5 Governing Law and Headings. The provisions of the Plan shall
be construed, administered, and governed in accordance with the laws of the Commonwealth of Pennsylvania, including its statute of limitation provisions, to the extent such laws are not preempted by ERISA or other applicable Federal law. Titles of
Articles and Sections of the Plan are for convenience of reference only and are not to be taken into account when construing and interpreting the provisions of the Plan. 

Section 7.6 Liability Limitation. No liability shall attach to or be incurred by the Plan Administrator or any officer or director
of the Company or an Employer under or by reason of the terms, conditions, and provisions contained 

  
 24 

 
in the Plan, or for the acts or decisions taken or made thereunder or in connection therewith; and as a condition precedent to the receipt of benefits hereunder, such liability, if any, is
expressly waived and released by the Employee and by any and all persons claiming under or through the Employee or any other person. Such waiver and release shall be conclusively evidenced by any act of participation in or the acceptance of benefits
under the Plan. 
 Section 7.7 Notices. Except as otherwise specified, any notice to the Plan Administrator, the Company, or an
Employer which shall be or may be given under the Plan shall be in writing and shall be sent by registered or certified mail to the Plan Administrator. Notice to an Employee shall be sent to the address shown on the Company’s or the
Employer’s records. Any party may, from time to time, change the address to which notices shall be mailed by giving written notice of such new address. 

Section 7.8 Entire Agreement. Except as may be provided in an individual severance agreement between the Company or other Employer
and an Employee, this Plan document shall constitute the entire agreement between the Company or other Employer and the Employee with respect to the benefits promised hereunder and no other agreements or representations with respect to such
benefits, oral or otherwise, express or implied, shall be binding on the Company or other Employer. 
 Section 7.9 Binding
Effect. All obligations for amounts not yet paid under the Plan shall survive any merger, consolidation, or sale of substantially all of the Company’s or an Employer’s assets to any entity, and be the liability of the successor to the
merger or consolidation or purchaser of assets, unless otherwise agreed to in writing by the parties thereto. 

  
 25 

 IN WITNESS WHEREOF, the Company, intending to be legally bound hereby, has caused the Plan to be
adopted and approved by the execution of its duly authorized officers as of the      day of              2014. 

 

			
	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	  

		 	Senior Vice President, General Counsel and Chief Administrative Officer

  
 26EX-10.11

 Exhibit 10.11 

AIR PRODUCTS AND CHEMICALS, INC. 

DEFERRED COMPENSATION PLAN 

AS AMENDED AND RESTATED 

EFFECTIVE AUGUST 1, 2014 

 TABLE OF CONTENTS 

 

							
	 Preamble
	  	 	1	  
	 Article 1 Purpose of the Plan
	  	 	1	  
	 Section 1.1
	 	 Purpose
	  	 	1	  
	 Article 2 Definitions
	  	 	2	  
	 Section 2.1
	 	 Definitions
	  	 	2	  
	 Section 2.2
	 	 Gender and Number
	  	 	9	  
	 Article 3 Deferral Elections
	  	 	10	  
	 Section 3.1
	 	 Deferral Elections
	  	 	10	  
	 Article 4 Accounting and Valuation
	  	 	11	  
	 Section 4.1
	 	 Accounting for Elective Deferrals, Core Credits, Matching Credits, Bonus Deferrals, Deferred Special Bonus and Earnings
	  	 	11	  
	 Section 4.2
	 	 Deferred Company Stock Account
	  	 	14	  
	 Section 4.3
	 	 Statements to Participants
	  	 	16	  
	 Article 5 Vesting and Distribution
	  	 	16	  
	 Section 5.1
	 	 Vesting
	  	 	16	  
	 Section 5.2
	 	 Eligibility for Distribution
	  	 	17	  
	 Section 5.3
	 	 Form of Payment and Commencement of Distribution to Participants
	  	 	18	  
	 Section 5.4
	 	 Change in Control
	  	 	21	  
	 Article 6 Administration
	  	 	22	  
	 Section 6.1
	 	 Plan Administration and Interpretation
	  	 	22	  
	 Section 6.2
	 	 Claim and Appeal Procedure
	  	 	22	  
	 Article 7 Funding
	  	 	24	  
	 Section 7.1
	 	 Benefits Unfunded
	  	 	24	  
	 Section 7.2
	 	 Non-qualified Plan
	  	 	25	  
	 Section 7.3
	 	 ERISA
	  	 	25	  
	 Article 8 Amendment and Termination
	  	 	25	  
	 Section 8.1
	 	 Amendment and Termination
	  	 	25	  
	 Article 9 General Provisions
	  	 	26	  
	 Section 9.1
	 	 Non-alienation of Benefits
	  	 	26	  
	 Section 9.2
	 	 Contractual Obligations
	  	 	27	  
	 Section 9.3
	 	 No Employment Rights
	  	 	27	  
	 Section 9.4
	 	 Minor or Incompetent
	  	 	27	  
	 Section 9.5
	 	 Unclaimed Amounts
	  	 	28	  
	 Section 9.6
	 	 Payee Unknown
	  	 	28	  
	 Section 9.7
	 	 Illegal or Invalid Provision
	  	 	28	  
	 Section 9.8
	 	 Governing Law and Headings
	  	 	28	  
	 Section 9.9
	 	 Liability Limitation
	  	 	29	  
	 Section 9.10
	 	 Notices
	  	 	29	  
	 Section 9.11
	 	 Entire Agreement
	  	 	29	  
	 Section 9.12
	 	 Binding Effect
	  	 	29	  

  
 ii 

 AIR PRODUCTS AND CHEMICALS, INC. 

DEFERRED COMPENSATION PLAN 

As Restated Effective August 1, 2014 

Preamble 
 WHEREAS,
Air Products and Chemicals, Inc. (the “Company”) established, effective October 1, 1983, a nonqualified savings plan named the Supplementary Savings Plan (the “Plan”) for employees whose participation in the Air Products and
Chemicals, Inc. Retirement Savings Plan (formerly the “Retirement Savings and Stock Ownership Plan,” hereinafter referred to as “the Savings Plan”) and effective August 1, 2014 certain employees in the Air Products and
Chemicals, Inc. Pension Plan for Salaried Employees whose participation is limited due to certain provisions of the Internal Revenue Code (the “Code”), which Plan was thereafter amended and restated effective as of January 1,
1987, October 1, 1989, April 1, 1998, January 1, 2005, January 1, 2008 and January 1, 2009; and 

WHEREAS, the Company wishes to restate the Plan. 

NOW, THEREFORE, the Plan is hereby restated effective August 1, 2014, as set forth herein. The rights and benefits, if any, of a former
employee shall be determined in accordance with the provisions of the Plan in effect on the date of his or her Separation from Service with the Company and all Employers except as required to comply in practice with the requirements of Code
Section 409A. 
 Article 1 

Purpose of the Plan 

Section 1.1 Purpose. This Plan is a non-qualified, unfunded employee benefit plan established to provide supplementary and excess
retirement savings benefits to a certain select group of management or highly compensated persons in the employ of Air Products and Chemicals, Inc. and participating subsidiaries. 

  
 1 

 Article 2 

Definitions 

Section 2.1 Definitions. Except as specifically provided herein, all capitalized terms shall have the meaning provided in the
Savings Plan. As used herein, the following terms shall have the following meanings, unless the context clearly indicates otherwise: 
  

	 	(a)	“Annual Incentive Plan” shall mean the Air Products and Chemicals, Inc. 2001 Annual Incentive Plan, as amended from time to time. 

 

	 	(b)	“Annual Salary” shall mean the total annual salary of an Employee which would be payable by the Company or an Employer if the Employee made no Deferral Election under the Plan or any similar deferral
election under the Savings Plan or other deferred compensation or cafeteria plan, excluding: 

  

	 	(1)	Except as expressly provided herein, discretionary bonuses or awards, including, without limitation, Annual Incentive Plan awards, stock options, or other stock awards, scholastic aid, or payments and awards for
suggestions and patentable inventions, other merit awards, expense allowances, and noncash compensation (including imputed income). 

  

	 	(2)	Core Credits and Matching Credits under this Plan and Company Core Contributions and Company Matching Contributions under the Savings Plan; accruals or distributions under the Savings Plan and this Plan; and payments,
accruals, and distributions under any severance or incentive plan or other retirement, pension, or profit-sharing plan of the Company or an Employer; 

  
 2 

	 	(3)	Overtime payments, shift premium payments, commissions, mileage, and payments in lieu of vacation by the Company or an Employer; and 

 

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

  

	 	(c)	“Beneficiary” shall mean the person or persons, if any, designated by the Participant on a form provided by the Plan Administrator, or, in the event no such designation is made or the person or persons
designated do not survive the Participant, shall mean the person(s), trust(s), or other recipient(s) who would be entitled to receive the balance of a Participant’s accounts, if any, under the Savings Plan following the Participant’s
death. Any designation of a Beneficiary may be revoked or changed by the Participant at any time and from time to time prior to death without the consent of the Beneficiary. 

 

	 	(d)	“Board” shall mean the board of directors of the Company or any Committee thereof acting on behalf of the Board pursuant to its charter or other delegation of power from the Board, or the Chairman of
the Board acting pursuant to a delegation of authority from the Board. 

  

	 	(e)	“Bonus Deferrals” shall mean deferred payment awards described in Section 5 of the Annual Incentive Plan or any predecessor provision thereof that are deferred pursuant to a Participant’s
Deferred Bonus Election described therein. 

  
 3 

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

	 	(1)	Change in Ownership. The date any one person, or more than one person acting as a group (as determined under 1.409A-3(i)(5)(v)(B)), acquires ownership of stock of the Company that, together with stock held by such
person or group, constitutes more than 50% of the total fair market value or total voting power of the stock of the Company. However, if any one person, or more than one person acting as a group, is considered to own more than 50% of the total fair
market value or total voting power of the stock of the Company, the acquisition of additional stock by the same person or persons is not considered to cause a change in the ownership of the Company. An increase in the percentage of stock owned by
any one person, or persons acting as a group, as a result of a transaction in which the Company acquires its stock in exchange for property will be treated as an acquisition of stock for purposes of this section. 

 

	 	(2)	Change in Effective Control. The date any one person, or more than one person acting as a group (as determined under 1.409A-3(i)(5)(v)(B)), acquires (or has acquired during the 12-month period ending on the date of the
most recent acquisition by such person or persons) ownership of stock of the Company possessing 30% or more of the total voting power of the stock of the Company. 

 

	 	(3)	 Change in Board. The date a majority of members of the Company’s Board of Directors is replaced during any
12-month 

  
 4 

	 	
period by directors whose appointment or election is not endorsed by a majority of the members of the Company’s Board of Directors before the date of the appointment or election.

  

	 	(g)	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 

  

	 	(h)	“Claims Committee” shall mean the committee appointed by the Senior Vice President, General Counsel and Chief Administrative Officer to review and determine appeals of claims arising under the Plan in
accordance with Section 6.2. 

  

	 	(i)	“Common Stock” shall mean common stock of the Company. 

  

	 	(j)	“Company” shall mean Air Products and Chemicals, Inc. and any successor thereto by merger, purchase, or otherwise. 

  

	 	(k)	“Company Core Contributions” shall mean Company Core Contributions made on behalf of a Participant under, and as defined in, the Savings Plan. 

 

	 	(l)	“Company Matching Contributions” shall mean Company Matching Contributions made on behalf of a Participant under, and as defined in, the Savings Plan. 

 

	 	(m)	“Core Credits” shall mean the amounts credited to a Participant’s Deferred Cash Account under Section 4.1(c) and (d). 

 

	 	(n)	“Deferral Election” shall mean an election to defer Annual Salary made by an Employee as described in Section 3.1, including deemed elections. 

  
 5 

	 	(o)	“Deferred Bonus Election” shall mean an election to defer all or a portion of an award under the Annual Incentive Plan made by an Employee in accordance with Section 5 of the Annual Incentive Plan
or any successor provision thereto. 

  

	 	(p)	“Deferred Cash Account” shall mean a Participant’s sub-account to which dollar denominated amounts attributable to Elective Deferrals, Matching Credits, Bonus Deferrals, Core Credits, deferred
Special Bonus and related earnings are credited as described in Section 4.1 below. 

  

	 	(q)	“Deferred Company Stock Account” shall mean a Participant’s sub-account to which company stock units are credited as described in Section 4.2 below. 

 

	 	(r)	“Deferred Compensation Account” shall mean the account established for a Participant pursuant to Section 4.1 which consists of the Deferred Cash Account and the Deferred Company Stock Account.

  

	 	(s)	“Disability” shall mean any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six months,
where such impairment causes the Employee to be unable to perform the duties of his or her position of employment or any substantially similar position of employment. 

 

	 	(t)	“Elective Deferrals” shall mean the deferrals under the Plan of all or a portion of each periodic installment of a Participant’s Annual Salary pursuant to the Participant’s Deferral Election.

  
 6 

	 	(u)	“Employee” shall mean any United States employee of the Company or an Employer who is eligible to participate in the Annual Incentive Plan. 

 

	 	(v)	“Employee Contributions” shall mean Before-Tax Contributions and (should they become available to Employees) After-Tax Contributions to the Savings Plan. 

 

	 	(w)	“Employer” shall mean each subsidiary or other affiliate of the Company, some or all of whose United States employees are participants in the Savings Plan or the Annual Incentive Plan, either
collectively, or separately as to its Employees, as the context requires. 

  

	 	(x)	“ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended and in effect from time to time. 

 

	 	(y)	“Key Employee” shall mean any Employee or former Employee (not including a beneficiary of either in the event that such Employee or former Employee is deceased) who, on the first day of a Plan Year or
any prior Plan Year for which benefits are accrued under this Plan, is classified as an Executive Officer for purposes of U.S. Securities Laws or is in salary grade 217 or above or the equivalent grade in any future grade structure of the Company
where such grade indicates status as an officer; provided, the term Key Employee shall not include more than the highest paid 200 employees who otherwise meet this definition. 

 

	 	(z)	 “Matching Credits” shall mean the amounts credited to a Participant’s Deferred Compensation Account as of the last day of each
pay period, or as soon as administratively feasible thereafter, pursuant to Section 4.1(b) representing Company Matching 

  
 7 

	 	
Contributions that would have been made to the Savings Plan on a Participant’s behalf if the Participant’s participation in the Savings Plan were not limited. 

 

	 	(aa)	“Participant” shall mean an Employee or former Employee who (i) is making Elective Deferrals and/or Bonus Deferrals under the Plan, (ii) is receiving Matching Credits or Core Credits under the
Plan, or (iii) otherwise has a Deferred Compensation Account. 

  

	 	(bb)	“Plan” shall mean the Air Products and Chemicals, Inc. Deferred Compensation Plan, as set forth herein and as amended and in effect from time to time hereafter. 

 

	 	(cc)	“Plan Administrator” shall mean the Company’s Director of Compensation and Benefits prior to February 1, 2006 and, thereafter, the Vice President – Human Resources, or such other
person or entity to whom he delegates any of his responsibilities hereunder with respect to such delegated responsibilities. 

  

	 	(dd)	“Plan Year” shall mean the twelve-month period beginning on October 1 of each calendar year and ending on September 30 of the following calendar year. A Plan Year shall be designated according
to the calendar year in which such Plan Year ends (e.g., the 2006 Plan Year refers to the Plan Year beginning on October 1, 2005 and ending on September 30, 2006). 

 

	 	(ee)	“Savings Plan” shall mean the Air Products and Chemicals, Inc. Retirement Savings Plan, as amended from time to time. 

 

	 	(ff)	 “Separation from Service” occurs when there is an expectation that the Employee has terminated employment and is expected

  
 8 

	 	
permanently to render services at a level that is at least 60% less than the average level of services rendered over the preceding 36 months. A Separation from Service shall be deemed to occur in
the case of a leave of absence exceeding six months (or 29 months if due to Disability) where there is no legal or contractual right for the Employee to return to work. 

 

	 	(gg)	“Special Bonus” shall mean a discretionary award granted to an Employee outside of the Annual Incentive Plan which is designated as eligible (or required) to be deferred by the Vice
President – Human Resources. Only those Employees who would be eligible to participate in this Plan without regard to a Special Bonus shall be able to defer a Special Bonus under this Plan. 

 

	 	(hh)	“Tax Limitations” shall mean Code sections 401(a), 415, 402(g), or 401(a)(17) to the extent such Code sections limit the benefits that may be provided to certain Participants under the Savings Plan and
the Savings Plan provisions and administrative procedures adopted by the Plan Administrator to ensure compliance of the Savings Plan with such Code sections. 

  

	 	(ii)	“Vice President-Human Resources” shall mean the Vice President-Human Resources of the Company. 

Section 2.2 Gender and Number. Whenever used herein, the masculine pronoun shall include the feminine and vice versa. The singular
shall include the plural and the plural shall include the singular whenever used herein, unless the context requires otherwise. 

  
 9 

 Article 3 

Deferral Elections 

Section 3.1 Deferral Elections. 
  

	 	(a)	Except as provided in subsection (b), any Employee who is making Employee Contributions to the Savings Plan, will be deemed to have made a Deferral Election to defer a portion of his or her Annual Salary under the Plan
equal to the percentage of Annual Salary, not to exceed 16%, that the Employee elected to make as Employee Contributions to the Savings Plan as of December 31 of the prior calendar year, less the amount the Employee is eligible to contribute to
the Savings Plan under the current Tax Limitations. Employee Contributions shall first be made to the Savings Plan in a given calendar year and then to the extent Employee Contributions exceed or would exceed Tax Limitations, Elective Deferrals
shall be made to this Plan. The amount and timing of Elective Deferrals is determined based upon the percentage referred to above as it exists on December 31 of the prior calendar year and will be unaffected by any change in such election under
the Savings Plan during the calendar year. 

  

	 	(b)	Within 30 days of becoming an Employee, an Employee may elect not to make a Deferral Election for the remainder of the year or may affirmatively elect to defer a portion, not to exceed 16%, of his or her Annual Salary
for the remainder of the year under the Plan, to the extent such portion cannot be contributed to the Savings Plan due to the Tax Limitations. Such an election shall be made in the time and manner determined by the Plan Administrator and may not be
changed or terminated during the remainder of the calendar year In order to be effective, such deferral election must also be accompanied by a payout election which complies with section 5.3(c). 

  
 10 

	 	(c)	An Employee may make a Deferred Bonus Election in accordance with Section 5 of the Annual Incentive Plan and, effective 1 September 2006, such Deferred Bonus shall be accounted for under this plan as provided
in Article 4. 

  

	 	(d)	Effective January 1, 2006, an Employee may elect to defer all or a portion of a Special Bonus granted to the Employee. Such election shall be made in the form and manner determined by the Plan Administrator which
complies with Section 409A of the Code as to form and timing. An Employee’s election to defer all or a portion of a Special Bonus may not be changed or terminated once such election is accepted by the Plan Administrator. 

Article 4 

Accounting and Valuation 
  

	 	Section 4.1	Accounting for Elective Deferrals, Core Credits, Matching Credits, Bonus Deferrals, Deferred Special Bonus and Earnings. 

  

	 	(a)	A Deferred Compensation Account will be established and maintained for each Participant on the financial books and records of the Company or the Employer with respect to its Employees who are Participants, as a
liability to the Participant. Each Participant’s Deferred Compensation Account shall consist of two sub-accounts; a Deferred Cash Account and a Deferred Company Stock Account. Within each sub-account, the Plan Administrator shall separately
account for amounts which are vested and unvested pursuant to Section 5.1. 

  

	 	(b)	 As of the last day of each pay period, or as soon as administratively feasible thereafter, a Participant’s Deferred Cash Account will be credited
with the amount of the Participant’s Elective Deferrals for such 

  
 11 

	 	
period and a Matching Credit equal to the Company Matching Contribution that would have been made under the Savings Plan on account of the Participant’s Elective Deferrals for the period if
the Elective Deferrals had been Employee Contributions made under the Savings Plan. 

  

	 	(c)	In the case of an Employee who is a Company Core Contribution Participant under the Savings Plan, as of the last day of each pay period, or as soon as administratively feasible thereafter, the Employee’s Deferred
Cash Account will be credited with a Core Credit equal to the difference, if any, between the Company Core Contribution made to the Savings Plan for the period on behalf of the Participant and the Company Core Contribution that would have been made
under the Savings Plan for the period on behalf of the Participant if the Company Core Contribution had not been limited by Tax Limitations. In the case of an Employee who is a participant in the Air Products and Chemicals, Inc. Pension Plan for
Salaried Employees (the “Salaried Defined Benefit Plan”) and who is not eligible to participate in the Supplementary Pension Plan for Employees of Air Products and Chemicals, Inc. (the “Supplementary Pension Plan”), as of the
last day of each pay period, or as soon as administratively feasible thereafter, the Employee’s Deferred Cash Account will be credited with a Core Credit equal to a Company Core Contribution that would have been made under the Savings Plan as
though the Employee was a Company Core Contribution Participant for the period on behalf of the Participant in excess of the Tax Limitations. 

  

	 	(d)	 In the case of an Employee who is a Company Core Contribution Participant under the Savings Plan or an Employee who is a participant in the Salaried
Defined Benefit Plan and who is not eligible to participate in the Supplementary Pension Plan, as of the end of the 

  
 12 

	 	
first quarter of the Plan Year following a Plan Year for which an award under the Annual Incentive Plan is granted to the Employee (whether received all in cash or deferred in whole or part), or
as soon as administratively feasible thereafter, the Employee’s Deferred Cash Account will be credited with a Company Core Contribution Core Credit equal to the percentage of the Annual Incentive Plan award indicated in the following table:

  

			
	 Employee’s Years of Service

Under the Savings Plan
	 	 Percentage of Annual

Incentive Award Credited

		
	 Less than 10
	 	4
	 10-19
	 	5
	 20 or more
	 	6

  

	 	(e)	As of the end of the first quarter of the Plan Year following the Plan Year for which an award under the Annual Incentive Plan is granted to an Employee, or as soon as administratively feasible thereafter, the
Employee’s Deferred Cash Account will be credited with any Bonus Deferral deferred pursuant to the Employee’s Deferred Bonus Election, if any. 

  

	 	(f)	As of September 1, 2006, an Employee or former Employee who has a Deferred Cash Account under the Annual Incentive Plan shall have the balance in such Account transferred to a Deferred Cash Account under the Plan.

  

	 	(g)	As of the end of the vesting period described in Section 5.1, or as soon as administratively feasible thereafter, a Participant’s Deferred Cash Account will be credited with the portion of a Special Bonus
deferred by the Participant under Section 3.1(d) and earnings thereon. 

  
 13 

	 	(h)	A Participant’s Deferred Cash Account and Core Account will be credited with interest on the balance no less frequently than quarterly at the Moody’s A-rated long-term industrial bond average rate; unless the
Board determines that a different interest rate shall be used. In the event a different interest rate is determined to be used, it shall begin to apply as of a date on or following the date of such determination. 

Section 4.2 Deferred Company Stock Account. 
  

	 	(a)	While he is employed by the Company or an Employer, a Participant may elect, at the times and in the manner determined by the Plan Administrator, to have all or a portion of the amount credited to his Deferred Cash
Account transferred to a Deferred Company Stock Account which is a sub-account deemed to be invested in Common Stock. The Participant’s Deferred Company Stock Account shall be credited with the number of whole and fractional units obtained by
dividing the amount he elects to transfer from his Deferred Cash Account by the fair market value of a share of Common Stock on the date credited (with the units thus calculated herein referred to as “company stock units”). Prior to
1 October 2006, it may have been administratively impossible to credit fractional units so that only whole units were credited and any excess remained credited to the Participant’s Deferred Cash Account. For purposes of the Plan, the fair
market value of a share of Common Stock on any date shall be equal to the closing sales price on the New York Stock Exchange, as reported on the composite transaction tape, for such date, or, if no sales were quoted on such date, on the next
following date on which sales are quoted. Amounts credited to the Deferred Company Stock Account may not be converted back to the Deferred Cash Account. In the case of the deferral of a Special Bonus, the ability to invest unvested amounts in the
Deferred Company Stock Fund may be limited prior to vesting by the term of the award. 

  
 14 

	 	(b)	As of September 1, 2006, an Employee or former Employee who has Deferred Company Stock Account under the Annual Incentive Plan shall have the balance under such Account transferred to a Deferred Company Stock
Account under the Plan. 

  

	 	(c)	Following the declaration of a cash dividend on the Common Stock, each Participant who has a Deferred Company Stock Account shall be credited with an amount equal to the cash dividends (“Dividend Equivalents”)
which would have been paid if the company stock units credited to such Account on the record date for such dividend had been issued and outstanding shares of Common Stock. Such Dividend Equivalents shall be credited to such Participant’s
Deferred Cash Account effective the payment date for such dividend occurred and shall therein accumulate interest as provided in paragraph 4.1(h) above. 

  

	 	(d)	Following the declaration of a dividend payable in Common Stock, a Participant’s Deferred Company Stock Account shall be credited with additional company stock units equivalent to the number of shares of Common
Stock which would have been delivered if the company stock units credited to such Account on the record date for such dividend had been issued and outstanding shares of Common Stock. Such additional company stock units shall be credited to each
Deferred Company Stock Account effective the payment date for such dividend occurred. 

  

	 	(e)	 In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, merger,
consolidation, combination or exchange of shares, a rights offering to purchase Common Stock at a price substantially below fair market 

  
 15 

	 	
value, or other similar corporate change, an equitable adjustment shall be made so as to preserve, without increasing or decreasing, the value of a Participant’s Deferred Company Stock
Account. Equitable adjustments will be made so as to treat Participants in a similar manner as they would have been treated had their Deferred Company Stock Account held actual shares of stock. Such adjustments shall be made as determined by the
Plan Administrator and shall be conclusive and binding for all purposes of the Plan. 

 Section 4.3 Statements to
Participants. The Plan Administrator shall maintain such books and records as he deems necessary to administer the Plan and shall be responsible for determining the balance in the Participants’ Deferred Compensation Account from time to
time. Participants shall receive a statement at least once during each Plan Year which shows the balance in their Deferred Compensation Account. The Plan Administrator may, in such statements, elect to use sub-account designations in addition to or
in lieu of Deferred Cash Account and Deferred Stock Account. The Plan Administrator may elect to satisfy the requirements of this paragraph by making statements available to participants via a website or other electronic means. 

Article 5 

Vesting and Distribution 

Section 5.1 Vesting. Subject to Sections 7.1 and 9.2, a Participant’s Elective Deferrals, Matching Credits, Bonus Deferrals
and earnings attributable thereto are 100% vested at all times; provided that a Participant’s Bonus Deferrals shall be subject to the repayment and rescission provisions of paragraph 8(h) of the Annual Incentive Plan. A Participant’s Core
Credits and earnings attributable thereto shall become vested and nonforfeitable at the same time as the Participant’s Company Core Contributions and related investment earnings and losses under the Savings Plan become vested, as determined
under the terms of the Savings Plan. 

  
 16 

 
A Participant’s Special Bonus, to the extent deferred under Section 3.2(d), and earnings attributable thereto shall become vested and nonforfeitable under the terms as awarded to the
Participant by the Company or an Employer and shall only be accounted for under this Plan once vested unless the terms of such award specifically allow for such amounts to be accounted for under this Plan while unvested. 

Section 5.2 Eligibility for Distribution. No distributions will be made prior to a Participant’s Separation from Service or
death. 
  

	 	(a)	Separation from Service. In the event of a Participant’s Separation from Service, his Deferred Compensation Account shall be valued and distributed as provided in Section 5.3. 

 

	 	(b)	Death. In the event of a Participant’s death prior to a Separation from Service, his Deferred Compensation Account shall be valued and distributed to the Participant’s Beneficiary as soon as practical
thereafter. In the event of the Participant’s death after a Separation from Service but before the Participant’s entire Deferred Compensation Account has been distributed, the remaining amount due to the Participant shall be valued and
distributed to the Participant’s Beneficiary in a lump sum as soon as practicable thereafter. 

  

	 	(c)	Tax Withholding. All distributions from the Plan shall be subject to U.S. Federal income and other tax withholding as required by applicable law. 

  
 17 

 Section 5.3 Form of Payment and Commencement of Distribution to Participants. 

 

	 	(a)	Form and Manner of Payment to a Participant. Vested amounts credited to a Participant’s Deferred Cash Account shall be distributed in cash. Vested amounts credited to a Participant’s Deferred Company
Stock Account shall be distributed in shares of Common Stock equal to the number of company stock units credited thereto. Distribution of a Participant’s Deferred Compensation Account to the Participant shall be in such of the following forms
of payment as the Participant shall elect pursuant to subsection (c) below: 

  

	 	(1)	Lump Sum. A single lump sum payment commencing in such year following Separation from Service as is elected by the Participant pursuant to subsection (c) below, provided that such year shall not be greater
than the 10th year following separation from service. 

  

	 	(2)	Installments. Substantially equal annual installments not to exceed ten (10), commencing in such year following Separation from Service as is elected by the Participant pursuant to subsection (c) below,
provided, however, that no payment shall be made more than ten (10) calendar years after the calendar year in which occurs such Separation from Service. Installment distributions shall be comprised of amounts from a Participant’s Deferred
Cash Account and Deferred Company Stock Account in the proportion that the value of each such Account bears to the total value of the Participant’s Deferred Compensation Account at the time of the distribution. 

 

	 	(b)	 Distribution to a Participant. For Participants who did not make an election as provided in (c) (2) of this Section 5.3,
distribution will be made or begin in January following the first anniversary of the occurrence of the Separation from Service with respect to the 

  
 18 

	 	
Participant, or in January following any subsequent anniversary as elected by the Participant. For all other Participants, distribution will be made or begin in the month following the month
which contains the first anniversary of the occurrence of a Separation from Service with respect to the Participant, or in such month in any subsequent year as elected by the Participant. Distribution will be made in accordance with the
Participant’s election as to form and time of payout pursuant to subsection (c) below, which is effective as of the date of the Separation from Service, or which becomes effective prior to the first scheduled payment under the election in
effect at the time of the Separation from Service. In the event no effective or potentially effective election exists as of the first anniversary of the occurrence of a Separation from Service, the Participant’s entire Deferred Compensation
Account shall be distributed in a single distribution as soon as administratively feasible in the month following the month of such first anniversary. A Participant’s Deferred Compensation Account will continue to be adjusted as provided in
Article 4 until it is completely distributed. Except as otherwise provided herein, the amount of any distribution shall be determined based on the value of the Participant’s Deferred Compensation Account at the time the distribution is made.
Notwithstanding the above, should this Plan ever allow distribution earlier than the first anniversary of a Separation from Service, including a distribution under Section 5.3(e), a Participant who, at the time of this Separation from Service,
is a Key Employee shall not receive a distribution any earlier than six months after the Employee’s Separation from Service. 

  

	 	(c)	Electing the Form or Time of Commencement. 

  

	 	(1)	 Effective May 13, 2006, an Employee shall make an election with respect to form and time of payout of his or her Deferred

  
 19 

	 	
Compensation Account as described in subsection (a) at the time of his or her initial Deferral Election or Deferred Bonus Election (or such time as a Participant elects to defer a Special
Bonus), whichever is earlier, and such election shall be immediately effective. 

  

	 	(2)	Employees participating in the Plan as of April 3, 2006 or who made a Deferred Bonus Deferral Election prior to such date, were required to elect a single form and time of payout under the Plan in the form or
manner determined by the Plan Administrator prior to May 13, 2006. This election applied to existing Supplementary Savings Plan Account balances and Bonus Deferrals as of such date and was treated as an initial distribution election under the
Plan pursuant to transition relief granted under Proposed Treasury Regulations Section 1.409A-1. 

  

	 	(3)	Notwithstanding paragraph (2) above, a Participant who incurred a Separation from Service during calendar year 2006, and whose election as to form and payout on file with the Plan Administrator at the time of such
Separation from Service provided that payments will commence in the year immediately following the Separation from Service, was not eligible to make the election provided in paragraph (2). 

 

	 	(d)	Changing the Form or Time of Commencement.  

  

	 	(1)	 While actively employed by the Company or one of its subsidiaries, a Participant may change his or her election of the form and time of commencement
of distributions from his or her Deferred Compensation Account, provided that such election is 

  
 20 

	 	
made in a form and manner satisfactory to the Plan Administrator. Such a change in election will be effective on the one-year anniversary of the date it is received by the Plan Administrator.

  

	 	(2)	Any modification or revocation of an election made pursuant to paragraph (1) must delay commencement of the distribution by at least five years from the date the payment would otherwise have been made. A change in
election, when effective, shall supersede all prior elections and shall apply to the Participant’s entire Deferred Compensation Account, including all prior and future amounts credited thereto, until a later election becomes effective. The Plan
will treat installments as a single payment for purposes of Section 409A regarding subsequent distribution elections. 

  

	 	(e)	Cash Out of Small Accounts. Notwithstanding the above, if the value of a Participant’s Deferred Compensation Account is $5,000 or less as of the end of the month in which a Separation from Service occurs,
his or her Deferred Compensation Account shall be distributed in its entirety as soon as administratively feasible thereafter. 

Section 5.4 Change in Control. Notwithstanding the above provisions of this Article 5, upon a Change in Control, a Participant
(including a Key Employee) shall receive an immediate lump sum payment of the total value of his or her Deferred Compensation Account on the date of the Change in Control. This shall not affect his or her continued eligibility under the Plan;
however, his or her Deferred Compensation Account shall be reduced by the amount paid out. No payment shall be made under this paragraph at any time which would cause the Plan to violate the provisions of Section 409A. 

  
 21 

 Article 6 

Administration 

Section 6.1 Plan Administration and Interpretation. The Plan shall be administered by the Plan Administrator who shall have full
power and authority to administer the Plan and interpret the provisions of the Plan in a manner consistent with the interpretations of similar provisions in the Savings Plan as the context reasonably permits. The Plan Administrator’s powers
shall include, by way of illustration and not limitation, the discretionary authority and power to construe and interpret the Plan provisions, decide all questions of eligibility for benefits, and determine the amount, time, and manner of payments
of any benefits and to authorize the payment of benefits hereunder, except to the extent such powers have not been given to the Plan Administrator pursuant to Section 6.2 below or otherwise herein. The Plan Administrator may delegate, or
appoint one or more individuals or committees, to assist in carrying out his or her duties and responsibilities under the Plan and may adopt rules and regulations for the administration of the Plan and alter, amend, or revoke any rules or
regulations so adopted. The decisions of the Plan Administrator or his or her delegates shall be final and binding on the Company, the Employers, the Employees, Participants, and Beneficiaries. 

Section 6.2 Claim and Appeal Procedure. 
  

	 	(a)	 Claim Procedure. In the event of a claim by a Participant or a Participant’s Beneficiary for or in respect of any benefit under the Plan
or the method of payment thereof, such Participant or Beneficiary shall present the reason for his claim in writing to the Plan Administrator. The Plan Administrator shall, within ninety (90) days after the receipt of such written claim, send
written notification to the Participant or Beneficiary as to its disposition, unless special circumstances require an extension of time for processing the claim. If such an extension of time for processing is required, written notice of the
extension shall be furnished to the claimant prior to the termination of the initial ninety (90) 

  
 22 

	 	
day period. In no event, however, shall such extension exceed a period of ninety (90) days from the end of such initial period. The extension notice shall indicate the special circumstances
requiring an extension of time and the date by which the Plan Administrator expects to render the final decision. 

 In the
event the claim is wholly or partially denied, the Plan Administrator’s written notification shall state the specific reason or reasons for the denial, include specific references to pertinent Plan provisions on which the denial is based,
provide an explanation of any additional material or information necessary for the Participant or Beneficiary to perfect the claim and a statement of why such material or information is necessary, and set forth the procedure by which the Participant
or Beneficiary may appeal the denial of the claim. If the claim has not been granted and notice is not furnished within the time period specified in the preceding paragraph, the claim shall be deemed denied for the purpose of proceeding to appeal in
accordance with subsection (b) below. 
  

	 	(b)	 Appeal Procedure. In the event a Participant or Beneficiary wishes to appeal the denial of his claim, he may request a review of such denial by
making written application to the Claims Committee within sixty (60) days after receipt of the written notice of denial (or the date on which such claim is deemed denied if written notice is not received within the applicable time period
specified in subsection (a) above). Such Participant or Beneficiary (or his duly authorized representative) may, upon written request to the Claims Committee, review documents which are pertinent to such claim, and submit in writing issues and
comments in support of his position. Within sixty (60) days after receipt of the written appeal (unless an extension of time is necessary due to special circumstances or is agreed to by the parties, but in no

  
 23 

	 	
event more than one hundred and twenty (120) days after such receipt), the Claims Committee shall notify the Participant or Beneficiary of its final decision. If an extension of time for
review is required because of special circumstances, written notice of the extension shall be furnished to the claimant prior to the commencement of the extension. The final decision shall be in writing and shall include: (i) specific reasons
for the decision, written in a manner calculated to be understood by the claimant, and (ii) specific references to the pertinent Plan provisions on which the decision is based. 

 

	 	(c)	Change in Control. Notwithstanding the above, upon a Change in Control, for the three-year period commencing on the date of the Change in Control, the Plan Administrator shall notify the Participant of the
disposition of a claim under subsection (a) above, and the Claims Committee shall notify the Participant of the decision on an appeal under subsection (b) above, within ten (10) days of receipt of the claim or appeal, respectively.

 Article 7 

Funding 

Section 7.1 Benefits Unfunded. The Plan shall be unfunded. None of the Company, an Employer, the Board, and the Plan Administrator
shall be required by the terms of the Plan to segregate any assets in connection with the Plan. None of the Company, an Employer, the Board, and the Plan Administrator shall be deemed to be a trustee of any amounts to be paid under the Plan. Any
liability to any person with respect to benefits payable under the Plan shall be only a claim against the general assets of the Company or the Employer, whichever maintains the Participant’s Deferred Compensation Account. No such liability
shall be deemed to be secured by any pledge or any other encumbrance on any specific property of the Company or an Employer. 

  
 24 

 Section 7.2 Non-qualified Plan. The Plan will not be qualified under the Code, and
the Company and the Employers shall not be required to qualify the Plan. 
 Section 7.3 ERISA. The Plan is intended to
constitute an unfunded plan maintained primarily for the purpose of providing deferred compensation for a select group of management or highly compensated employees of the Company and the other Employers which qualifies for the exclusions from Title
I of ERISA provided for in Sections 201(2), 301(a)(3), and 401(a)(1) of ERISA. In the event that any regulatory or other body should determine that the Plan does not qualify for any such exclusion, then the Company may retroactively revise the
eligibility criteria under the Plan so that it may qualify for the exclusion or take such other action it deems appropriate, and the Company and the Employers shall have no liability to those individuals who had been eligible for benefits under the
Plan prior to such revision or action in excess of any amount credited to the individual’s Deferred Compensation Account as of the effective date of any such action. 

Article 8 

Amendment and Termination 

Section 8.1 Amendment and Termination. While the Company intends to maintain the Plan, the Company specifically reserves the
right, at any time, to amend in whole or part any or all of the provisions of the Plan and to suspend and/or terminate the Plan for whatever reason it may deem appropriate; provided, however, that no such amendment, suspension, or termination shall
reduce the benefits payable to or accrued by a Participant as of the date of such amendment, suspension, or termination, or eliminate the requirement to credit interest or Dividend Equivalents on the Participant’s Deferred Compensation Account,
except as provided in Section 7.3. Action to terminate the Plan may be taken only by the 

  
 25 

 
Board of Directors of the Company, by its resolutions duly adopted. Any other action referred to in this subsection and not determined by the Company’s general counsel to be in contravention
of law may be taken by the Board or the Chairman of the Board and evidenced by a resolution, certificate, amendment, new or revised Plan text, or other writing; provided that only the Board may take any action that (A) materially increases
aggregate accrued benefits under the Plan, materially changes the benefit formula under the Plan, or materially increases the cost of the Plan so long as persons designated by the Board as “Executive Officer” for purposes of U.S.
Securities laws participate in the Plan; or (B) would freeze benefit accruals, materially reduce benefit accruals, or otherwise materially change the benefits under the Plan; or (C) would constitute the exercise of power or function
assigned to the Finance Committee of the Board, the Plan Administrator, or the Claims Committee. The Chairman may delegate the authority described in the preceding sentence in writing. If the Plan is terminated, all Deferral Elections shall
terminate automatically and all benefits previously accrued shall be payable at such times as otherwise provided herein. 
 Article 9

 General Provisions 

Section 9.1 Non-alienation of Benefits. Except as may be required by law, no benefit payable under the Plan is subject in any
manner to anticipation, alienation, sale, transfer, assignment, garnishment, pledge, encumbrance, or charge whether voluntary or involuntary, including in respect of liability of a Participant or Beneficiary for alimony or other payments for the
support of a spouse, former spouse, child, or other dependent, prior to actually being received by the Participant or Beneficiary under the Plan, and any attempt to anticipate, alienate, sell, transfer, assign, garnish, pledge, encumber, or charge
the same shall be void. No such benefits will in any manner be liable for or subject to the debts, contracts, liabilities, engagements, or torts of any Participant or Beneficiary. If any Participant or Beneficiary is adjudicated bankrupt or attempts
or purports to anticipate, alienate, 

  
 26 

 
sell, transfer, assign, garnish, pledge, encumber, or charge any benefit or payment under the Plan voluntarily or involuntarily, the Plan Administrator, in his or her sole discretion, shall have
the authority to cause the same or any part thereof then payable to be held or applied to or for the benefit of such Participant, Beneficiary, spouse, children, or other dependents, or any of them, in such manner and in such proportion as the Plan
Administrator shall determine. 
 Section 9.2 Contractual Obligations. Notwithstanding Section 7.1 hereof, the Company and
each Employer hereby makes a contractual commitment to pay the benefits theretofore accrued in respect of each Participant who is an Employee or former Employee of the Company or such Employer, respectively, under the Plan at such times as such
benefits are payable under the terms of the Plan. However, neither the Company nor any Employer nor the Plan gives the Participant or any Beneficiary any beneficial ownership interest in any assets of the Company or any Employer. A
Participant’s rights under the Plan are limited to the right to receive a distribution of the value of his Deferred Compensation Account in accordance with Article 5, which right is that of an unsecured general creditor of the Company or the
Employer, as applicable. 
 Section 9.3 No Employment Rights. Nothing contained in the Plan shall be construed as a contract of
employment between the Company or an Employer and any Employee, or as a guarantee or right of any Employee to future or continued employment with the Company or an Employer, or as a limitation on the right of the Company or an Employer to discharge
any of its Employees with or without cause. Specifically, designation as an Employee does not create any rights, and no rights are created under the Plan, with respect to continued or future employment or conditions of employment. 

Section 9.4 Minor or Incompetent. If the Plan Administrator determines that any Participant or Beneficiary entitled to payments
under the Plan is a minor or incompetent by reason of physical or mental disability, he may, in his sole discretion, 

  
 27 

 
cause all payments thereafter becoming due to such person to be made to any other person for such person’s benefit, without responsibility to follow application of amounts so paid. Payments
made pursuant to this provision shall completely discharge the Company, the Employers, the Plan, the Board, and the Plan Administrator from all further obligations with respect to benefits under the Plan. 

Section 9.5 Unclaimed Amounts. If any distribution to be made hereunder remains unclaimed for a period of two (2) years, no
further interest shall accrue to or for the account of a Participant or Beneficiary on the amount of such distribution. 

Section 9.6 Payee Unknown. If the Plan Administrator has any doubt as to the proper Beneficiary to receive payments hereunder, the
Plan Administrator shall have the right to withhold such payments until the matter is finally adjudicated. However, any payment made in good faith shall fully discharge the Plan Administrator, the Company, the Employers, and the Board from all
further obligations with respect to that payment. 
 Section 9.7 Illegal or Invalid Provision. In case any provision of the Plan
shall be held illegal or invalid for any reason, such illegal or invalid provision shall not affect the remaining parts of the Plan, but the Plan shall be construed and enforced without regard to such illegal or invalid provision. 

Section 9.8 Governing Law and Headings. The provisions of the Plan shall be construed, administered, and governed in accordance
with the laws of the Commonwealth of Pennsylvania, including its statute of limitations provisions; to the extent such laws are not preempted by ERISA or other applicable Federal law. Titles of Articles and Sections of the Plan are for convenience
of reference only and are not to be taken into account when construing and interpreting the provisions of the Plan. 

  
 28 

 Section 9.9 Liability Limitation. No liability shall attach to or be incurred by the
Plan Administrator, any member of the Claims Committee or any other officer of director of the Company or an Employer under or by reason of the terms, conditions, and provisions contained in the Plan, or for the acts or decisions taken or made
thereunder or in connection therewith; and as a condition precedent to the receipt of benefits hereunder, such liability, if any, is expressly waived and released by the Participant and by any and all persons claiming under or through the
Participant or any other person. Such waiver and release shall be conclusively evidenced by any act of participation in or the acceptance of benefits under the Plan. 

Section 9.10 Notices. Any notice to the Plan Administrator, the Claims Committee, the Company, or an Employer which shall be or
may be given under the Plan shall be in writing and shall be sent by registered or certified mail to the Plan Administrator. Notice to a Participant shall be sent to the address shown on the Company’s or the Employer’s records. Any party
may, from time to time, change the address to which notices shall be mailed by giving written notice of such new address. 

Section 9.11 Entire Agreement. Except as may be provided in an individual severance agreement between the Company or other
Employer and a Participant, this Plan document shall constitute the entire agreement between the Company or other Employer and the Participant with respect to the benefits promised hereunder and no other agreements, representations, oral or
otherwise, express or implied, with respect to such benefits shall be binding on the Company or other Employer. 
 Section 9.12
Binding Effect. All obligations for amounts not yet paid under the Plan shall survive any merger, consolidation, or sale of substantially all of the Company’s or an Employer’s assets to any entity, and be the liability of the successor
to the merger or consolidation or purchaser of assets. 

  
 29 

 IN WITNESS WHEREOF, the Company, intending to be legally bound hereby, has caused the Plan to be
adopted and approved by the execution of its duly authorized officer as of the      day of             , 2014. 

 

			
	AIR PRODUCTS AND CHEMICALS, INC.
		
	By:	 	  

	Senior Vice President, General Counsel and Chief Administrative Officer

  
 30

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