Document:

EX-10.11.A

 

Exhibit 10.11
(a)

			
	MANAGEMENT DEVELOPMENT AND	 	 
	COMPENSATION COMMITTEE
	 	18 MAY 2006

RESOLUTIONS AMENDING

ANNUAL INCENTIVE PLAN 

     WHEREAS, Section 9 of the Air Products and Chemicals, Inc. Annual Incentive Plan authorizes
the Committee to amend the Plan; and

     WHEREAS, it has been recommended that the Committee adopt amendments to the Plan to ensure
compliance with new federal tax rules applicable to deferred compensation (“Code Section 409A”) and
in connection with the Company’s outsourcing of plan administration functions; including
specifically an amendment to provide that deferred payment awards granted under the plan will be
accounted for and paid under the terms of the Air Products and Chemicals, Inc. Deferred
Compensation Plan.

     NOW, THEREFORE, BE IT RESOLVED, that Section 5 of the Plan is amended, effective for awards
made on or after 1 October 2006 and for deferred payment awards outstanding as of 1 October 2006,
to read as follows:

5. FORM AND PAYMENT OF AWARDS

(a) Subject to the provisions of this paragraph 5 relating to deferred payment
awards, awards for a particular Fiscal Year shall be distributed as soon as feasible
in cash or shares of Common Stock or both and, once announced by or for the
Committee to the Participant, shall not be subject to forfeiture for any reason,
whether or not payable immediately or as a deferred payment award; provided,
however, that any award for a Fiscal Year will be paid to the Participant only if
the Participant is employed by the Company or a Participating Subsidiary on the last
day of the Fiscal Year, except as otherwise permitted by paragraph 3.

(b) At the discretion of the Committee, or the election of the Participant as
permitted by paragraph 5(c), payment of all or a portion of an award to any
Participant may be deferred until termination of the Participant’s employment
with the Company or a Subsidiary. Such deferral shall, in the case of a U.S.

 

 

			
	MANAGEMENT DEVELOPMENT AND	 	 
	COMPENSATION COMMITTEE
	 	18 MAY 2006

employee, be made under the Air Products and Chemicals Inc Deferred Compensation
Plan (the “Deferred Compensation Plan”).

(c) Any U.S. employee eligible to participate in the Plan may elect prior to the
beginning of any Fiscal Year as to which an award may be granted to such employee,
that all or a part of an amount to be awarded to him or her for such Fiscal Year
shall be in the form of a deferred payment award. Once an employee elects a
deferred payment award for the Fiscal Year, this election will be binding on both
the employee and the Company with respect to any award the employee is granted for
the Fiscal Year, except that, if the amount that can be deferred as designated by
the Committee under paragraph 4(a) is not sufficient to fund all of the deferrals
elected, a pro rata reduction shall be made in each electing Participant’s deferred
award and any excess shall be paid out currently.

(d) Deferred payment awards shall be credited on the books of the Company, shall
accrue earnings, and shall be paid out in accordance with, and otherwise subject to
the terms of the Deferred Compensation Plan.

(e) Any deferred compensation award of a Participant that is outstanding as of

1 October 2006 and all earnings accrued thereon shall be transferred, as of such
date, to a Deferred Compensation Account maintained on behalf of such Participant
under the Deferred Compensation Plan;

and, it is,

     RESOLVED FURTHER, that the Vice-President-Human Resources of the Company shall be authorized
and empowered to make such additional changes or amendments to the Plan as shall be required to the
conform the Plan to the requirements of Code Section 409A or to facilitate the outsourcing of the
Plan administration; and it is,

     RESOLVED FURTHER, that the proper officers of the Company be, and they each hereby are,
authorized and empowered, in the name and on behalf of the Company, to make, execute, and deliver
such instruments, documents, and certificates and to do and perform such other acts and things as
may be necessary or appropriate to carry out the intent and accomplish the purposes of these

 

 

			
	MANAGEMENT DEVELOPMENT AND	 	 
	COMPENSATION COMMITTEE
	 	18 MAY 2006

Resolutions, including without limitation, making such additional revisions, if any, to the Plan as
may be required, in their discretion and upon advice of counsel to the Company, for compliance with
applicable law.

MANAGEMENT DEVELOPMENT

AND COMPENSATION COMMITTEE

19 JULY 2006EX-10.22.A

 

Exhibit 10.22 (a)

RESOLUTIONS AMENDING

LONG-TERM INCENTIVE PLAN AND OUTSTANDING AWARDS

     WHEREAS, Section 15 of the Air Products and Chemicals, Inc. Long-Term Incentive Plan
authorizes the Board of Directors to amend the Plan and, with the consent of affected Participants,
to amend outstanding award agreements under the Plan; and

     WHEREAS, it has been recommended that the Plans and Agreements be amended to remove certain
cash out provisions operable upon a Change in Control as defined by the Plan;

     NOW, THEREFORE, BE IT RESOLVED, that Section 11 of the Plan is amended to read as follows:

     11. Change in Control

     Following or in connection with the occurrence of a Change in Control, the following
shall or may occur as specified below, notwithstanding any other provisions of this Plan to
the contrary:

     (a) Acceleration and Exercisability of Stock Options and Stock Appreciation Rights;
Amount of Cash and/or Number of Shares for Stock Appreciation Rights. All Stock Options and
Stock Appreciation Rights shall become immediately exercisable in full for the period of
their remaining terms automatically and without any action by the Administrator; provided,
however, that the acceleration of the exercisability of any Stock Option or Stock
Appreciation Right that has not been outstanding for a period of at least six months from
its respective date of grant shall occur on the first day following the end of such
six-month period. The amount of the payment to be made upon the exercise of a Stock
Appreciation Right following a Change in Control shall be determined by multiplying (i) the
number of Stock Appreciation Rights which the Participant exercises, by (ii) 100% of the
amount by which

     (A) the greater of (1) the highest tender or exchange offer price paid or to
be paid for Common Stock pursuant to the offer associated

 

 

with the Change in Control (such price to be determined by the Administrator from
such source or sources of information as it shall determine including, without
limitation, the Schedule 13D or an amendment thereto filed by the offeror pursuant
to Rule 13d-1 under the Act), or the price paid or to be paid for Common Stock under
an agreement associated with the Change in Control, as the case may be, and (2) the
highest Fair Market Value of a share of Common Stock on any day during the sixty-day
period immediately preceding the Exercise Date of the Stock Appreciation Rights,
exceeds

     (B) the Fair Market Value of a share of Common Stock on the date of grant of
the Stock Appreciation Rights.

     For purposes of determining the price paid or to be paid for Common Stock under clause
(1) of paragraph (A) of the preceding formula, consideration other than cash forming part or
all of the consideration for Common Stock paid or to be paid pursuant to the exchange offer
or agreement associated with the Change in Control shall be valued at the higher of the
valuation placed thereon by the Board of Directors or by the person making the offer or
entering into the agreement with the Company.

     (b) Cash Surrender of Stock Options. All or certain outstanding Stock Options may, at
the discretion of the Board or Committee, be required to be surrendered by the holder
thereof for cancellation in exchange for a cash payment for each such Stock Option. The
cash payment received for each share subject to the Stock Option shall be 100% of the
amount, if any, by which the amount described in paragraph (A) of Section 11(a) exceeds the
Fair Market Value of a share of Common Stock on the date of grant of the Stock Option. Such
payments shall be due and payable immediately upon surrender to the Administrator for
cancellation of appropriate Award agreements or other evidence in writing of the
Participant’s relinquishment of his or her rights to such Award or at such earlier date as
the Administrator shall determine (but in no event earlier than the occurrence of a Change
in Control) and shall be valued as if the Exercise Date were the date of receipt of said
materials or such earlier date as the Administrator shall determine.

     (c) Reduction in Accordance with Plan. The number of shares covered by Stock Options
and Stock Appreciation Rights will be reduced on a one-for-one basis to the extent related
Stock Options or Stock Appreciation Rights are exercised, or surrendered for cancellation in
exchange for a cash payment, as the case may be, under this Section 11.

     (d) Lapse of Restrictions on Restricted Shares. Unless the applicable Award agreement
or an amendment thereto shall otherwise provide, all

 

 

restrictions applicable to an outstanding award of Restricted Shares shall lapse immediately
upon the occurrence of such Change in Control regardless of the scheduled lapse of such
restrictions.

     (e) Accelerated Payment of Deferred Stock Units. At the discretion of the Board or
the Committee, all outstanding Deferred Stock Units, together with any Dividend Equivalents
for the period for which such Units have been outstanding, may be paid in full
notwithstanding that the Deferral Periods as to such Deferred Stock Units have not been
completed. Such payment shall be in cash and shall be due and payable to Participants
immediately upon the occurrence of a Change in Control in an amount in respect of each
Deferred Stock Unit equal to the greater of (i) the highest tender or exchange offer price
paid or to be paid for Common Stock pursuant to the offer associated with the Change in
Control (such price to be determined by the Administrator from such source or sources of
information as the Administrator shall determine including, without limitation, the Schedule
13D or an amendment thereto filed by the offeror pursuant to Rule 13d-l under the Act) or
the price paid or to be paid for Common Stock under an agreement associated with the Change
in Control, as the case may be, and (ii) the highest Fair Market Value of a share of Common
Stock on any day during the sixty-day period immediately preceding the Change in Control.
For purposes of determining the price paid or to be paid for Common Stock under clause (i)
of the preceding sentence, consideration other than cash forming part or all of the
consideration for Common Stock paid or to be paid pursuant to the exchange offer or
agreement associated with the Change in Control shall be valued at the higher of the
valuation placed thereon by the Board of Directors or by the person making the offer or
entering into the agreement with the Company.

     RESOLVED FURTHER, all outstanding award agreements issued under the Plan are amended, subject
to the consent of the Participant, to remove the Participant’s right to elect a cash payment in
respect of any stock options subject to the agreement in the event of a Change in Control and to
provide that, in lieu of automatic cash payment in respect of any deferred stock units subject to
the agreement upon a Change in Control, the Management Development and Compensation Committee of
the Board may determine to make such a cash payment in respect of such units; and

 

 

     RESOLVED FURTHER, that the proper officers of the Company be, and they each hereby are,
authorized and empowered, in the name and on behalf of the Company, to make, execute, and deliver
such instruments, documents, and certificates and to do and perform such other acts and things as
may be necessary or appropriate to carry out the intent and accomplish the purposes of these
Resolutions, including without limitation, making such additional revisions, if any, to the Plan as
may be required, in their discretion and upon advice of counsel to the Company, for compliance with
applicable law.

APCI BOARD OF DIRECTORS

18 May 2006

 

 

AMENDMENT TO LONG-TERM INCENTIVE PLAN

     RESOLVED, that the definition of “Fair Market Value” in Section 14 of the Air Products and
Chemicals, Inc. Long-Term Incentive Plan shall be amended to read as follows:

“Fair Market Value” of a share of Common Stock of the Company on any date shall mean an amount
equal to the closing sale price for such date on the New York Stock Exchange, as reported on the
composite transaction tape, or on such other exchange as the Administrator may determine. If
there is no such sale price quotation for the date as of which Fair Market Value is to be
determined, the previous trading date prior to such date for which there are reported sales prices
on the composite transaction tape. If there are no such sale price quotations on or within a
reasonable period both before and after the date as of which Fair Market Value is to be determined,
then the Administrator shall in good faith determine the Fair Market Value of the Common Stock on
such date.

APCI BOARD OF DIRECTORS

21 September 2006

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