Document:

exv10w4

 

Exhibit 10.4

2007 MULTI-YEAR EQUITY INCENTIVE PLAN

Performance Period

     January 1, 2007 – December 31, 2009 (the “Performance Period”).

Participants

     On the adoption date of the Plan (as defined below), the participants of the Plan shall be
each individual who is employed by American Financial Realty Trust (the “Trust”) in one the
following positions: Chief Executive Officer (“CEO”), Executive Vice President
(“EVP”), Senior Vice President (“SVP”), Vice President (“VP”), and
Assistant Vice President (“AVP”), as of such date. After the adoption date of the Plan,
the Compensation and Human Resources Committee (the “Committee”) of the Board of Trustees
of the Trust (the “Board”) may designate, in its sole discretion, any other officer or
employee of the Trust, First States Group, L.P. (the “Company”) or any subsidiary or
affiliate of the Trust (a “participating employer”) as eligible to participate in the Plan.
Any such officer or employee subsequently designated as eligible to participate in the Plan shall
be deemed a participant in the Plan on the date determined by the Committee. All individuals
participating in the Plan shall herein be referred to collectively as the “Participants”
and individually as a “Participant”.

Plan Description

     Under the 2007 Multi-Year Equity Incentive Plan (the “Plan”), designated employees
shall be granted an initial equity award of performance units (the “Units”) at the
beginning of the Performance Period, or such later date on which the Committee determines that such
employee is eligible to participate in the Plan, (the “Performance Award”). The total
number of Units that the Participant shall be granted will be equivalent to the Maximum Award
Opportunity (as defined below) that the Participant will be entitled to receive at the end of the
Performance Period if the performance metrics (as described below) are each attained at the
maximum/high level. The Units subject to the Performance Award are phantom rights and will be
converted at the end of the Performance Period to an equivalent number of common shares of
beneficial ownership, par value $0.001 per share, of the Trust (“Common Shares”), subject
to certain restrictions, based on the level of achievement of the performance metrics on a
cumulative basis and provided that the level of achievement of the performance metrics is no less
than the minimum/threshold level of achievement. In connection with the grant of a Performance
Award, the Trust will establish and maintain a Unit account (the “Account”), as a
bookkeeping account on its records, for each Participant and will record in such Account the total
number of Units granted to the Participant pursuant to the Performance Award under the Plan. No
Participant will have any interest in any fund or specific assets of the Trust, the Company or any
participating employer by reason of the grant of the Units.

 

 

     As soon as administratively practicable following the conclusion of the Performance Period,
the Committee, together with the other independent trustees of the Board, shall determine
achievement (on a cumulative basis) under the Plan of the applicable performance metrics; provided
that, if the performance metrics are not achieved at the minimum/threshold level at the
end of the Performance Period, the Committee may, in its discretion, extend the Performance Period
(and the cumulative performance targets required to be achieved) by one additional year. Once the
Committee has certified the achievement of the performance metrics for the Performance Period, each
Participant’s Units will be converted into a combination of Common Shares and restricted Common
Shares (“Restricted Common Shares”), as described below; provided, that if the
minimum/threshold requirements for the performance metrics are not achieved at the end of the
Performance Period, plus any extended period, if any, each Participant will forfeit all of the
Units covered by their Performance Award and no Units will be converted into any Common Shares or
Restricted Common Shares. If the performance metrics achieved are between the minimum/threshold
and the maximum/high performance metric levels, then a linear interpolation will determine the
percentage of achievement, which will then be used to determine the number of Units to be
converted, and any Units not converted will be forfeited. Units will be converted into Common
Shares and Restricted Common Shares, as applicable, on or after the January 1 that follows the
conclusion of the Performance Period (or the extended Performance Period, as applicable), but not
later than the fifteenth day of the third month following the conclusion of the Performance Period
(or the extended Performance Period, as applicable).

     Dividend equivalents will accrue on the Units covered by the Performance Award from January 1,
2007 (or the date of grant of the Performance Award for individuals who become Participants in the
Plan after the adoption of the Plan) through the Conversion Date (as defined below), if any, of the
Units, and shall be paid, in cash, to the Participant on the date the Units are converted into
Common Shares or the date the Restricted Common Shares vest, as applicable. No dividend
equivalents will be paid in cash for any Units that are forfeited prior to Conversion Date or, with
respect to any dividend equivalents that correspond to Restricted Common Shares, if the Restricted
Common Shares are forfeited prior to the applicable vesting date. For purposes of the Plan, the
dividend equivalents that shall accrue shall be equivalent to the value of the dividends that would
have been distributed if the Units credited to the Participant’s Account at the time of the
declaration of the dividend were Common Shares.

Performance Metrics

     The performance metrics that will be measured to determine the conversion of the Units subject
to the Performance Award to Common Shares and Restricted Common Shares, as applicable, shall be
determined based on the Trust’s achievement of the following performance metrics on a cumulative
basis during the Performance Period (plus any extension) with the percentage weighting of each
performance metric as provided: (i) Absolute Shareholder Return (25% weighting) – achievement of
specified compound annual shareholder returns; (ii) Strategic Metric #1 — maintenance of dividend

2

 

coverage at the end of 2009 through earnings from core operations; (iii) Strategic Metric #2 (25%
weighting) – maintenance of industry normative debt to market capitalization ratios measured as of
the fourth quarter 2009; and (iv) Strategic Metric #4 (25% weighting) – maintaining industry
normative cash fixed charge and cash interest coverage ratios measured as of the fourth quarter
2009. The relevant performance criteria measurements for the foregoing are set forth in the
attached Exhibit A. The conversion of the performance metrics to the relevant weighting percentage
shall be determined separately based on the achievement of the individual metrics, with achievement
at the high/maximum level equal
to 25% and achievement at the threshold/minimum level equal to threshold/minimum Units, with
achievement (i) between the threshold/minimum and high/maximum performance metric levels, then a
linear interpolation will determine the percentage of achievement, (ii) below the threshold/minimum
level, then no percentage achievement and (iii) above the high/maximum level, then percentage
achievement will be deemed at the high/maximum level.

Multi-Year Equity Incentive Opportunities

     The conversion of the Units to Restricted Common Shares and Common Shares following the
conclusion of the Performance Period shall be determined based on the achievement of the
performance metrics described above, and the actual amount of such award shall be based on a
percentage of the Participant’s base salary as compared to the Maximum Bonus Opportunity and
Minimum Bonus Opportunity.

     Each Participant shall have a “Maximum Award Opportunity”, which shall be the
high/maximum opportunity for each Participant if the performance metrics attained at the end of the
Performance Period (or the extended Performance Period, as applicable) were achieved at the
high/maximum level. The Maximum Award Opportunity for each Participant shall be determined by
dividing such Participant’s Maximum Dollar Value (as defined below) into the average of the Trust’s
closing share price for the 20 trading day period ending on the date of the adoption of the Plan.
The “Maximum Dollar Value” for the CEO and each EVP and SVP upon adoption of the Plan will
be based on the following percentages of such Participant’s designated base salary at the beginning
of the Performance Period (or such other percentage if such individual becomes eligible to
participate in the Plan after the adoption of the Plan): (i) CEO, 600%; (ii) EVPs, 450%; and (iii)
SVPs, 382.5%. The “Maximum Dollar Value” that each VP and AVP, as well as each other
Participant in the Plan who is not the CEO, or an EVP or SVP at the time that the Plan is adopted,
shall be eligible to receive will be determined by the CEO and approved by the Committee, in its
sole discretion, and need not be uniform as among Participants.

     In addition to a Maximum Award Opportunity, each Participant shall have a “Minimum Award
Opportunity”, which shall be the threshold/minimum opportunity for each Participant if the
performance metrics attained at the end of the Performance Period were achieved at the
threshold/minimum level. The Minimum Award Opportunity for each Participant shall be determined by
dividing such Participant’s Minimum Dollar Value (as defined below) into the average of the Trust’s
closing share price for the 20

3

 

trading day period ending on the date of the adoption of the Plan.
The “Minimum Dollar Value” for the CEO and each EVP and SVP upon initial participation in
the Plan will be based on the following percentages of such Participant’s designated base salary at
the beginning of the Performance Period (or such other percentage if such individual becomes
eligible to participate in the Plan after the adoption of the Plan): (i) CEO, 300%; (ii) EVPs,
150%; and (iii) SVPs, 127.5%. The “Minimum Dollar Value” that each VP and AVP, as well as
each other Participant in the Plan who is not the CEO, or an EVP or SVP at the time that the Plan
is adopted, shall be eligible to receive will be determined by the CEO and approved by the
Committee, in its sole discretion, and need not be uniform as among Participants.

Conversion of Unit Awards

     Following the end of the Performance Period (or the extended Performance Period, as
applicable), the Committee, together with the other independent trustees of the Board, shall
determine, in its sole discretion, whether and to what extent the separate performance metrics have
been attained and certify the results of the Performance Period for each Participant. Once
determined, the Committee shall certify the results and multiply the achievement of the relevant
metric by the corresponding weighting percentage for such metric to determine the portion of the
Units, if any, attributable to such metric. Once the separate metrics have been determined, the
Committee will take the sum of the converted metrics for each Participant to determine the
percentage of the Participant’s Units, if any, for the Performance Period (or the extended
Performance Period, as applicable) that shall be converted (the “Convertible Units”).

     Based on the level of achievement of the performance metrics as outlined above, a
Participant’s Convertible Units shall be converted as follows: 50% of the Participant’s Convertible
Units shall be converted into Common Shares on or after the January 1 that follows the conclusion
of the Performance Period (or the extended Performance Period, as applicable), but not later than
the fifteenth day of the third month following the conclusion of the Performance Period (or the
extended Performance Period, as applicable) (the “Conversion Date”), and the remaining 50%
of the Convertible Units shall be converted into Restricted Common Shares on the Conversion Date.
The Restricted Common Shares shall become fully vested on December 31, 2010, provided the
Participant is then employed by the Trust, the Company or any participating employer, as
applicable. The attached Exhibit B sets forth several examples that illustrate this calculation.

     Dividends payable on Restricted Common Shares shall be accumulated and not paid to the
Participant until the corresponding Restricted Common Shares become vested. Accrued dividend
equivalents credited to the Account on the portion of the Convertible Units that are converted into
Common Shares shall be paid to the Participant, in cash, on the Conversion Date. Accrued dividend
equivalents credited to the Account on the portion of the Convertible Units that are converted into
Restricted Common Shares shall be paid to the Participant, in cash, on December 31, 2010, provided
the Participant is then employed by the Trust, the Company or any participating employer, as
applicable.

4

 

Termination of Employment Prior to Conclusion of Performance Period

     1. Termination for Cause or Voluntary by the Participant

     If the employment of a Participant is terminated by the Trust, the Company or any
participating employer for “Cause”1 or by voluntary action of the Participant prior to the
conclusion of the Performance Period, the Participant shall forfeit all of his or her Units subject
to the Performance Award, as well as all accumulated dividend equivalents, under the Plan at the
time of such Participant’s termination of employment and shall not be entitled to any future
conversion of such Units to Common Shares or Restricted Common Shares or cash payment for the
dividend equivalents.

     2. Termination Without Cause, Death or Permanent Disability

     If the employment of a Participant is terminated by the Trust, the Company or any
participating employer without Cause or by the Trust, the Company or any participating employer
because of death or “Permanent Disability”2 prior to the conclusion of the Performance
Period, the Participant’s Units subject to the Performance Award shall be converted on a pro rata
basis, and the corresponding dividend equivalents shall be paid, as follows:

	 	 	 
	Termination Date	 	Percentage of Award Convertible
	If the termination occurs on or
before December 31, 2007

	 	Up to 33.3% of cumulative opportunity
	 
	 	 
	If the termination occurs after
December 31, 2007 and on or before
December 31, 2008

	 	Up to 66.7% of cumulative opportunity
	 
	 	 
	If the termination occurs after
December 31, 2008 and on or before
December 31, 2009

	 	Up to 100% of cumulative opportunity

The Committee, in its sole discretion, using the Participant’s termination date as the last day of
the Performance Period and measuring the Trust’s actual achievement of each of the Plan performance
metrics through the termination date on a pro rata basis (as set forth in the table above), shall
determine the number of Convertible Units, if any, for the

 

			
	1	 	“Cause” means any of the following: (i) willful refusal by the
participant to follow lawful directives of the Board; (ii) failure to
adhere to the Trust’s, the Company’s or any participating employer’s
reasonable and customary guidelines of employment or reasonable and
customary corporate governance guidelines or policies, including without
limitation the code of business ethics adopted by the Board; (iii) the
participant’s conviction of, or plea of guilty or nolo contendere to, a
felony or of any crime involving moral turpitude, fraud or embezzlement;
(iv) gross negligence or willful misconduct of the participant resulting
in material harm or loss to the Trust, the Company or any participating
employer or material damage to the reputation of the Trust, the Company or
any participating employer; (v) material breach by the participant of any
one or more of the covenants contained in the participant’s employment
agreement; or (vi) violation of the participant’s fiduciary duties to the
Trust, the Company or any participating employer.
	 
	2	 	“Permanent Disability” shall have the same meaning as under the
Trust’s, the Company’s or a participating employer’s long-term disability plan,
in which the participant is participating at the time of such Permanent
Disability.

5

 

Participant using the same formula as if
the determination was done at the end of the Performance Period, except making adjustments to
reflect the pro ration. Fractional Units will be rounded up to the next whole Unit. The
Participant’s Convertible Units shall be converted entirely to Common Shares, and dividend
equivalents converted to cash, within 60 days following the Participant’s termination of employment
without Cause, or due to death or Permanent Disability, as applicable. Any Units not converted to
Convertible Units, and corresponding dividend equivalents, shall be forfeited and the Participant
(or the Participant’s beneficiary) shall not be eligible for any future Convertible Units or
payment of the corresponding dividend equivalents.

Termination of Employment After Conclusion of the Performance Period

     1. Termination for Cause or Voluntary by the Participant

     If the employment of a Participant is terminated by the Trust, the Company or any
participating employer for Cause or by voluntary action of the Participant after the conclusion of
the Performance Period, all unvested Restricted Common Shares and credited dividend equivalents and
accrued dividends thereon shall be forfeited.

     2. Termination Without Cause, Death or Permanent Disability

     If the employment of a Participant is terminated by the Trust, the Company or any
participating employer without Cause or by the Trust, the Company or any participating employer
because of death or Permanent Disability after the conclusion of the Performance Period, all earned
but unvested Restricted Common Shares and the credited dividend equivalents and accrued dividends
thereon shall become vested and paid, respectively, at the time of the Participant’s termination of
employment.

Change of Control of Trust

     If a “Change of Control”3 of the Trust occurs before the conclusion of the Performance
Period, the Participants’ Units shall be converted to Convertible Units on a pro rata basis up to
the amounts set forth in the table below using the same formula as if the determination was done at
the end of the Performance Period, except making adjustments to reflect the pro ration. Such
Units, if any, to be converted as determined by the Committee in its discretion using the Change of
Control date as the last day of the Performance Period and measuring (i) the Trust’s actual
achievement of absolute shareholder return through such date and (ii) an assumed “high/maximum”
level of achievement for each of the strategic metrics, shall be converted to Common Shares as of

 

			
	3	 	For purposes of the Plan, “Change of Control” will be deemed to
have taken place upon the occurrence of any of the following events: (i) any
person, entity or affiliated group, excluding the Trust or any employee benefit
plan of the Trust, acquiring more than 50% of the then outstanding voting
shares of the Trust; (ii) the consummation of any merger or consolidation of
the Trust into another company, such that the holders of the voting shares of
the Trust immediately prior to such merger or consolidation is less than 50% of
the voting power of the securities of the surviving company or the parent of
such surviving company; (iii) the complete liquidation of the Trust or the sale
or disposition of all or substantially all of the Trust’s assets, such that
after the transaction, the holders of the voting shares of the Trust
immediately prior to the transaction is less than 50% of the voting securities
of the acquiror or the parent of the acquiror; or (iv) a majority of the Board
votes in favor of a decision that a Change of Control has occurred.

6

 

the date of the Change of Control and shall be fully vested upon such conversion and the
corresponding dividend equivalents shall be paid in cash as of the date of the Change of Control.
Fractional Units will be rounded up to the next whole Unit.

	 	 	 
	Change of Control Date	 	Percentage of Award Convertible
	If the Change of Control occurs on or
before March 31, 2008

	 	Up to 40% of cumulative opportunity
	 
	 	 
	If the Change of Control occurs after
March 31, 2008 and on or before
December 31, 2008

	 	Up to 70% of cumulative opportunity
	 
	 	 
	If the Change of Control occurs after
December 31, 2008 and on or before
December 31, 2009

	 	Up to 100% of cumulative opportunity

     If a Change of Control of the Trust occurs after the conclusion of the Performance Period, any
earned but unvested Restricted Common Shares shall vest and all credited dividend equivalents and
accrued dividends thereon shall be paid.

New Plan Participants

     At the discretion of the Committee, new participants may be added to the Plan from time to
time with such pro rata awards as the CEO shall recommend and the Committee shall approve.

Common Shares Subject to the Equity Incentive Plan

     All Units issued under the Plan, and the Common Shares and Restricted Common Shares for which
such Units are converted, as well as dividend equivalents, shall be issued from the American
Financial Realty Trust 2002 Equity Incentive Plan, as amended from time to time or such other
equity incentive plan as determined by the Committee, in its sole discretion (the “Equity
Incentive Plan”). The provisions of the Equity Incentive Plan are hereby incorporated by
reference as set forth herein with respect to the Units, Common Shares, Restricted Common Shares,
and dividend equivalents issued under the Plan.

Administration

     The Board or the Committee may terminate or amend the Plan at any time; provided, that no
termination of the Plan may impact outstanding awards and no amendment may be made to the Plan or
an outstanding award which would be have a materially adverse effect to the Participant without the
Participant’s consent, except as necessary to comply with applicable law.

     All decisions and determinations by the Committee shall be final, conclusive and binding on
the Trust, the Participants, and any other persons having or claiming an interest hereunder. All
awards under the Plan shall be granted conditional upon the Participant’s acknowledgement, by
continuing in employment with the Trust, the

7

 

Company or such participating employer, as applicable,
that all decisions and determinations of the Committee shall be final and binding on the
Participant, his or her beneficiaries and any other person having or claiming an interest in such
awards.

8exv10w1

 

Exhibit 10.1

SEPARATION AGREEMENT AND

GENERAL RELEASE OF ALL CLAIMS

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

RECITALS

     WHEREAS, Executive was hired by Airgas on December 10, 2001; and

     WHEREAS, Executive has notified Airgas of his intent to resign and the Company has accepted
his resignation effective September 30, 2007 (the “Termination Effective Date”); and

     WHEREAS, Airgas desires to provide Executive with certain payments in exchange for entering
into this Agreement, which contains a general release of all claims,

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

I.

The Company’s Obligations to Executive.

     (a) In consideration of Executive’s release of claims and covenants set forth in this
Agreement including, but not limited to, Executive’s release of all claims for compensation,
personal injury, mental and emotional distress and attorneys’ fees, and without creating any
precedent in the administration of its policies and benefits, Airgas agrees to pay Executive the
sum of Two Hundred and Seventy-Three Thousand, One-Hundred and Fifty Dollars ($273,150), less taxes
and other deductions required by law to be withheld (the “Separation Payment”). The Separation
Payment shall be paid promptly following the later of the Termination Effective Date and receipt by
Airgas of an executed form of this Agreement delivered to Dwight T. Wilson, Senior Vice President,
Human Resources, at Radnor Court, Suite 100, 259 N. Radnor-Chester Road, Radnor, PA 19087-5283

     (b) Executive shall be reimbursed for any business expenses incurred through the Termination
Effective Date in accordance with the Company’s applicable policies and procedures.

     (c) The Company’s senior management shall refrain from activity harmful to Executive and shall
further not make any disparaging statements concerning Executive, either publicly or privately.
The term “disparaging” as used herein includes, without limitation, comments or statements to the
press or any individual or entity which could adversely affect the personal or professional conduct
or reputation of Executive. For the purpose of this paragraph,

“senior management” shall mean Airgas’ Chief Executive Officer, Chief Operating Officer, Chief
Financial Officer, Chief Information Officer, General Counsel, Senior
Vice President —

 Page 1

 

Human Resources, Senior Vice President — Corporate Development, and Vice President –
Communications. Nothing in this paragraph shall preclude Airgas or its representatives or agents
from honestly answering inquiries posed in connection with a legal, adjudicatory or administrative
proceeding or a government investigation.

     (d) Executive understands and agrees that he would not and will not receive the consideration
set forth in subparagraphs (a) and (c) above, except for his execution of this Agreement and
fulfillment of the promises, obligations and waivers contained herein. Once this Agreement is
properly executed, the parties agree that they shall have no further obligations to each other
except as provided herein, as required by law, and/or as required by Executive’s professional
responsibilities and obligations.

II.

Executive’s Release of Claims and Post-Employment Restrictions.

     In exchange for the promises set forth in Section I, above, Executive covenants and agrees to:

     (a) Fully and forever release, discharge, cancel, waive, and acquit for Executive, his heirs,
executors, administrators and assigns, Airgas and each and all of its Boards of Directors, agents,
officers, trustees, owners, employee benefit plans and their respective fiduciaries, trustees and
administrators, employees, attorneys, successors and assigns (the “Airgas Released Parties”), of
and from any and all rights, claims, demands, causes of action, obligations, damages, penalties,
fees, costs, expenses, and liability of any nature whatsoever, including personal injury claims,
which Executive has, had or may have had against any of the Airgas Released Parties, arising out
of, or by reason of any cause, matter, or thing whatsoever existing as of the date of execution of
this Agreement, WHETHER KNOWN TO EITHER OF THE PARTIES AT THE TIME OF EXECUTION OF THIS AGREEMENT
OR NOT.

     This FULL WAIVER OF ALL CLAIMS includes, without limitation and to the maximum extent
permitted by law, claims for attorneys’ fees, costs, any claims, demands, or causes of action
arising out of, or relating in any manner whatsoever to, the employment and/or cessation of that
employment, such as, BUT NOT LIMITED TO, any claim, lawsuit or other proceeding arising under the
Older Worker’s Benefit Protection Act (OWBPA), the Age Discrimination in Employment Act (ADEA), the
Civil Rights Act of 1866 (Section 1981), Title VII of the Civil Rights Act of 1991, the Americans
with Disabilities Act (ADA), the Labor Management Relations Act (LMRA), the National Labor
Relations Act (NLRA), ERISA, COBRA, the Fair Labor Standards Act (FLSA), the Family and Medical
Leave Act of 1993 (FMLA), the Fair Credit Reporting Act, the Pennsylvania Human Relations Act, all
as amended, as well as any claims arising under any other federal, state, or local statutes,
regulations or ordinances, and common law claims of any nature including, but not limited to,
claims for wrongful termination, discrimination, breach of contract or misrepresentation,
violation of public policy, or tort claims. Executive agrees that, except as otherwise provided in
this Agreement, Executive will not seek any further damages, reimbursement, indemnity,
compensation, fees, costs, wages or money of any kind from the Airgas Released Parties.

 Page 2

 

Nothing contained in this Agreement, however, shall constitute a release by Executive of any
workers’ compensation claims, any claims that may arise after the date this Agreement is executed
and/or for any vested benefit or stock option benefits to which Executive may otherwise be
entitled.

     Notwithstanding the foregoing, nothing in this release shall relinquish or reduce, or be
construed or interpreted as relinquishing or reducing, any rights, title or interest that Executive
may have to, in or under any applicable director’s and officer’s or other liability insurance, and
such insurers expressly are not third party beneficiaries under this Agreement or this Release.
Airgas makes no representations with respect to any rights Executive might have under any such
insurance policies. Further, Airgas agrees to defend and/or indemnify Executive and hold him
harmless from any claims made against him arising out of his activities as an employee or officer
of Airgas, or trustee of any employee benefit plan, to the same extent as Airgas is or may be
obligated to or in the normal course of business undertakes in fact to defend and/or indemnify and
hold harmless any current employee, officer or trustee of any employee benefit plan.

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

     (b) Waive all right, title and interest in any benefit plan of Airgas and waive and release
all claims based on or related to such benefit plans or programs other than those benefits or
rights for which Executive is vested as of the Termination Effective Date.

     (c) Refrain from activity harmful to or make any disparaging statements concerning
Airgas, its respective officers, Boards of Directors, attorneys, agents, employees, successors or
assigns, either publicly or privately. The term “disparaging” as used herein includes, without
limitation, comments or statements to the press or any individual or entity which could adversely
affect the conduct of Airgas’ business or the reputation or interests of Airgas. Nothing in this
paragraph shall preclude Executive from honestly answering inquiries posed in connection with a
legal, adjudicatory or administrative proceeding or a government investigation, except in doing so
Executive may not disclose privileged information.

III.

The Parties’ Obligations Regarding Confidentiality.

     (a) Executive and the Company agree that except as and only to the extent required by law to
be publicly filed, the terms and conditions of this Agreement shall be held in the strictest
confidence. Except in connection with any such public filing, Executive and the Company covenant
and agree that neither will, directly or through any other person, agent or representative, discuss
or disclose either publicly or privately, the existence or content of this Agreement, except to
Executive’s spouse, or the parties’ respective accountants or attorneys, any

 Page 3

 

state tax department or the Internal Revenue Service, or any other state or federal official in
response to legitimate inquiry.

     (b) Executive acknowledges that all documents and electronic information related to the
business of the Company that Executive acquired or generated during the period of Executive’s
employment with the Company, and all copies thereof including, but not limited to, handwritten
notes, memoranda, computer programs, software, and electronic information, are and shall be the
property of the Company, and that all such property of the Company shall be returned to the Company
upon execution of this Agreement. By execution of this Agreement, Executive certifies that all
copies thereof have been returned. Executive shall delete all computer programs, software and
electronic information of the Company to the extent that it may have been retained on any personal
computer system, hard drives or computer disks. All Company-owned property including laptop
computers, peripheral software and hardware, security and/or entry cards, credit cards and any
other property shall be returned to the Company no later than the Termination Effective Date.

     (c) In addition to his continuing obligation to maintain the confidentiality of all
attorney-client privileged information, Executive further acknowledges that any confidential
information including, but not limited to, trade secrets, know-how, customer lists and/or
preferences, truck delivery routes and schedules, marketing strategies, customer and vendor
addresses and telephone numbers and contact names, pricing policies, operational methods, technical
processes, and other business, financial and personnel information of the Company, including any
such information retained in Executive’s memory, that has not previously been released to the
public by an authorized representative of the Company (“Confidential Information”) cannot be used
by Executive in any way or disclosed to any third party outside of the Company. By execution of
this Agreement, Executive further agrees not to use any such Confidential Information in any way or
disclose any such Confidential Information to any third party outside of the Company. Executive
agrees that he may only divulge such Confidential Information as may be required by law, regulation
or ethical obligation, i.e., when providing honest answers, without disclosure of
privileged information, to inquiries posed in connection with a legal, adjudicatory or
administrative proceeding or a governmental investigation, consistent with Executive’s fiduciary
responsibilities to Airgas and his professional obligations and limitations as counsel to Airgas;
provided that Executive shall (i) notify Airgas if disclosure of information and/or testimony is
sought, whether by subpoena, discovery in legal, adjudicatory or administrative proceedings, or by
request of a third party, promptly upon receipt of Executive’s notice of the request or demand for
such information, (ii) provide a copy of the subpoena, discovery or other request to Airgas and
(iii) meet with Airgas representatives prior to any such disclosure; and provided further that no
disclosure shall be made until Airgas has had an opportunity to review and take appropriate action,
including seeking a protective order with regard to such subpoena, discovery or other request. If
Airgas elects to seek such protective order, it shall do so prior to the return date of any
subpoena, discovery or other request.

 Page 4

 

IV.

Harm to the Parties Caused by Breach.

     Executive and the Company agree that the breach or threatened breach of Section III of this
Agreement shall cause the non-offending party to suffer irreparable harm. In addition to all other
remedies that the parties may have at law or in equity for breach of this Agreement, the parties
shall have the right to injunctive relief. The parties shall further have the right to rescind this
Agreement, including, in the event of Executive’s breach, the Company shall be entitled to recover
all monies paid to Executive pursuant to the terms set forth in Section I of this Agreement
including, but not limited to those amounts paid for damages and/or separation. The provisions in
this Section shall apply only to breaches or threatened breaches of Section III of this Agreement
and any such rescission shall not apply to the release set forth in Section II(a) hereof, which
shall remain in full force and effect.

V.

Executive’s Agreement to Assist the Company.

     To the extent reasonably requested by Airgas, Executive covenants and agrees to perform normal
transition duties, and to assist Airgas in any governmental or similar investigation and to
promptly notify Airgas of any such investigation of which Executive may become aware. To the
extent this assistance occurs after the Termination Effective Date, Executive shall be compensated
for any time spent providing such assistance at an hourly rate to be mutually agreed upon by the
parties at the time such assistance is requested. Executive shall be reimbursed or advanced all
out-of-pocket costs associated with such assistance. Upon Executive’s request, and only to the
extent necessary, Airgas shall pay the cost of independent counsel to represent Executive in
connection with Executive’s cooperation. To the extent possible, Airgas shall schedule Executive’s
assistance at such times as shall not unreasonably interfere with Executive’s other obligations,
and to that end, shall consult with Executive prior to scheduling Executive’s participation in such
activities.

VI.

Executive’s Representations to the Company.

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

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

     (b) Executive is hereby advised to consult with an attorney of Executive’s choice and/or has
in fact consulted with an attorney of Executive’s choice before signing this Agreement;

     (c) The payments and benefits that Airgas has agreed to provide in Section I of this Agreement
are, in whole or in part, payments and benefits to which Executive would not be otherwise entitled
in the absence of this Agreement;

 Page 5

 

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

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

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

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

     (h) Airgas is not obligated to provide and Executive shall not receive any money or
consideration from Airgas other than the money and consideration promised in Section I of this
Agreement and any other vested benefits to which Executive may be entitled as of the Termination
Effective Date;

     (i) Executive acknowledges that, as of the execution of this Agreement, Executive has already
received all earned wages due Executive upon termination;

     (j) This Agreement shall be binding upon and inure to the benefit of the parties’ successors
and assigns, provided however that this Agreement shall not be assignable by Executive;

     (k) Executive has not relied upon any advice whatsoever from Airgas or its attorneys as to the
taxability, whether pursuant to federal, state or local tax statutes, regulations or otherwise, of
the payments or considerations promised hereunder and Executive is solely responsible and liable
for any amount of tax obligations arising from the payment of the sums specified in Section I and
all tax obligations, if any, will be paid in full by Executive. Executive agrees to indemnify and
hold Airgas harmless from and against any and all liabilities arising out of Executive’s failure to
comply with this paragraph;

     (l) Executive acknowledges that, effective on the Termination Effective Date, Executive will
not be entitled to further participate in any benefits made available to employees of Airgas; and

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

     (n) The boldface titles of paragraphs in this Agreement are for ease of reference only and
shall not be considered in interpreting this Agreement.

 Page 6

 

VII.

Choice of Law and Jurisdiction.

     This Agreement shall be governed in all respects, whether as to validity, construction,
capacity, performance, or otherwise, by the laws of the Commonwealth of Pennsylvania except to the
extent preempted by federal law, and no action involving this Agreement or any other dispute
between the parties may be brought except in either the Court of Common Pleas of Delaware County,
Pennsylvania, or the United States District Court for the Eastern District of Pennsylvania.
Executive hereby waives all objections as to the personal jurisdiction and venue in such courts,
and agrees to the exclusive jurisdiction of those courts.

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

VIII.

Interpretation of this Agreement.

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

IX.

Integration.

     This Agreement constitutes the sole and entire Agreement between the parties hereto, and
supersedes any and all understandings and agreements made prior hereto except as to those
agreements or provisions of such agreements regarding confidentiality or non-competition
obligations, which agreements or provisions of such agreements shall remain in full force and
effect. There are no collateral understandings, representations or agreements other than those
contained herein. This Agreement may not be modified, altered, or changed except in a writing
signed by both parties in which specific reference is made to this Agreement. It is understood and
agreed that the execution of this Agreement by Airgas is not an admission of liability or
wrongdoing on its part to Executive, and execution of this Agreement by Executive is not an
admission of liability or wrongdoing on Executive’s part to Airgas, but is an agreement designed to
provide Executive with pay in exchange for the releases and covenants contained herein.

 Page 7

 

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

	 	 	 
	Airgas, Inc.
	 	 
	 

By: /s/ Dwight T. Wilson

	 	 
	 
	 	 
	 
	Print Name: Dwight T. Wilson
	 	 
	 
	Title: Senior Vice President, Human Resources
	 	 
	 
	Date: September 30, 2007
	 	 

IMPORTANT NOTICE TO EMPLOYEE:

BY SIGNING THIS AGREEMENT, YOU ARE WAIVING AND RELEASING

IMPORTANT LEGAL RIGHTS. PLEASE BE SURE TO READ THIS AGREEMENT

CAREFULLY AND COMPLETELY BEFORE YOU SIGN. YOU ARE HEREBY

ADVISED TO CONSULT WITH AN ATTORNEY BEFORE SIGNING THIS

AGREEMENT.

	 	 	 	 
	 	 
	By:  	/s/ Dean A. Bertolino
 	 
	 	Dean A. Bertolino 	 
	 	 	 
	 

Date: September 30, 2007

 Page 8

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00132-of-00352.parquet"}]]