Document:

EX-10.1

EMPLOYMENT AGREEMENT

This Employment Agreement (the “AGREEMENT”), dated as of December 18, 2007 and effective as of
December 3, 2007 (the “Effective Date”), is made and entered into by Paul Noack (“EXECUTIVE”) and
HERBALIFE INTERNATIONAL OF AMERICA, INC. (“COMPANY”). The parties to this Agreement agree as
follows:

	1.	 	Employment At-Will. Subject to each party’s respective compliance with those
obligations required hereunder upon termination of this Agreement, the Company and Executive
acknowledge and agree that each can terminate the employment relationship hereunder at any
time upon written notice to the other, with or without prior notice, for any reason or for no
reason. Executive has received no promise of continued employment or employment for any
specific period of time, and no employee of the Company, including without limitation the
Company’s officers, has the authority to alter the at-will nature of the employment
relationship except in a written employment contract signed by an authorized Company executive
and by Executive.

Executive is currently employed by the Company at the Company’s primary office location in
metropolitan Los Angeles, California (the “Home Location”). It is intended that Executive
shall hereafter (i) relocate his primary place of employment to Hong Kong (the “Host
Location”) at such time as Executive and the Company mutually determine and agree (the
occurrence and continuation of such event being herein referred to as the “Relocation”) and
(ii) at such time as the period of the Relocation shall end, Executive shall return to the
Home Location (the occurrence of such event being herein referred to as the “Return”).
Executive’s Relocation shall in all events be subject to the proper and timely processing of
passport, visa, work permit and other related documents, as well as medical and Hong Kong
government clearances, required of the Executive in connection with this international
assignment.

Notwithstanding anything to the contrary in this Section, during any period that Executive is
seconded by the Company to another entity, Executive shall not have any authority to negotiate
on behalf of the Company, or to modify or accept contracts on behalf of the Company or to
otherwise bind the Company to any contract with any third party or to conduct any business in
the name of or on behalf of the Company. Further, any contract presented to Executive that is
intended to bind the Company must be entered into by a duly authorized officer of the Company
located in the principal business offices of the Company in the United States.

	2.	 	Duties. Executive shall serve as the Managing Director, Asia-Pacific Region, with
all of the authority, duties and responsibilities commensurate with such position and such
other duties commensurate with such position as are assigned to Executive from time to time.
Executive shall report to the office of the President and Chief Operating Officer of Company
(currently Greg Probert). From and after and during the continuation of the Relocation,
Executive shall be based at the Host Location.

	3.	 	Compensation, Benefits and Related Matters.

Base Salary. Executive shall receive a Base Salary at the per annum rate of Five
Hundred Fifty Thousand US Dollars (US$550,000), payable bi-weekly to Executive’s U.S. bank
account in accordance with the Company’s payroll procedures. Additionally, Executive shall
receive 20,000 stock appreciation rights (“SAR”) and 10,000 restricted stock units (“RSU”)
under the Herbalife Ltd. 2005 Stock Incentive Plan (the “2005 Plan”), which shall vest and
otherwise be governed according to the terms of the 2005 Plan and the underlying SAR and RSU
Unit Award Agreements provided separately to Executive.

Cost of Living Allowance. Once Executive’s family relocates to the Host Location (the
“Family Relocation”), Company shall pay Executive a monthly cost of living allowance equal to
$1,333 USD/month. Such allowance together with certain other benefits provided to Executive
hereunder is herein referred to as a “HK Perquisite.”

Housing. The Company shall pay the housing rental of Executive, including the housing
deposits, utilities, and telephone charges as follows: From and after Executive’s Relocation
and until the Family Relocation, the Company will provide housing to Executive in the form of
a two-bedroom, furnished apartment at the Four Seasons located in Hong Kong. Upon the Family
Relocation, the Company will provide housing in the form of a 4-bedroom unfurnished apartment
having total monthly expense, including utilities and phone charges, in such reasonable and
customary amount as conditions in Hong Kong require and as shall be mutually agreed and
approved by the Company and Executive. In each such case, the underlying lease, utilities and
phone charges shall be in the Company name and the Company shall pay the utilities, phone and
landlord directly. All amounts advanced for deposits shall be returned to Company at the
conclusion of the rental. Such payments and provisions for housing together with certain
other benefits provided to Executive hereunder are also herein referred to as a “HK
Perquisite.”

While Executive is residing in the two-bedroom apartment (i.e., before the Family Relocation),
he shall receive a $500 monthly differential payment for food, daily expenses and other
incidentals. Such monthly payment together with certain other benefits provided to Executive
hereunder is also herein referred to as a “HK Perquisite.”

Dependent Education Reimbursement. Upon the Family Relocation and Executive’s
children’s enrollment in school, the Company shall reimburse Executive the reasonable cost of
tuition fees for each child under age 18; provided, however, that such schooling reimbursement
shall be only for the equivalent of kindergarten through 12th grade. Additionally,
Company shall reimburse Executive for the cost of ancillary fees for books, local
transportation (such transportation to be only by school bus or mass transit (i.e., subway,
public bus)) and, if required, uniforms. Such reimbursement payments and provisions for
educational needs together with certain other benefits provided to Executive hereunder are
also herein referred to as a “HK Perquisite.”

Transport Expenses. From and after the Family Relocation, Company shall provide
Executive a car for use in the performance of his duties. The car will be the customary
vehicle for locals of Executive’s position with lease payments not to exceed $1,750 USD/month.
Such provision of said auto allowance together with certain other benefits provided to
Executive hereunder is also herein referred to as a “HK Perquisite.”

Bonus. Executive is eligible to participate in the Company’s Senior Management Bonus
Incentive Plan. Payouts are discretionary, but if made, are based against specific objectives
set through Company’s Performance Management Program (Management By Objectives) for both
Executive and Company. The bonus payment is at the discretion of the senior executives of
Company. The payout target for your position shall not be less than 50% of your calendar year
ending Base Salary.

Long Term Incentive Plan. Executive shall be eligible and entitled to participate in
the Company’s long term incentive plan for senior executive employees, if any. The size, form
and timing of grants, if any, shall be consistent with competitive practice, internal
positions responsibilities, and subject to the joint approval of the Chief Executive Officer
of the Company as well as the Company’s Compensation Committee serving under its Board of
Directors.

Vacation. Executive shall receive all Hong Kong public holidays and shall also be
entitled to four (4) weeks vacation leave per year to be taken at a mutually convenient time
or times. If not so taken, Executive shall be entitled to accrue and carry over any unused
vacation to future years up to a maximum of ten (10) weeks of paid vacation; it being intended
that once such maximum amount of vacation time is so accrued, no additional vacation will
accrue to Executive until such time as Executive’s vacation accrual drops below an aggregate
of ten (10) weeks. In no event will Executive’s vacation accrual exceed ten (10) weeks.
Additionally, the Company will provide business class travel for one home leave trip per year
for Executive and accompanying immediate family dependents (five tickets total) to visit
Executive’s point of origin Los Angeles, California in the United States (“Home Location”).
If possible, Executive should schedule his trip to the Home Location to coincide with a
business trip. Such provision of such travel accommodations together with certain other
benefits provided to Executive hereunder is also herein referred to as a “HK Perquisite.”

Health Benefits and Insurance Coverage. Executive and Executive’s qualified
dependents shall be entitled to participate in or receive benefits under each benefit plan or
arrangement made available by the Company to its most senor executives (including its
President and Chief Operating Officer) but specifically excluding its Chief Executive Officer)
including without limitation, those relating to group medical, dental, vision, long-term
disability, Directors and Officers liability insurance, accidental death and dismemberment
insurance, and life insurance, subject to and on a basis consistent with the terms, conditions
and overall administration of such plans and subject to the Company’s right to modify, amend
or terminate any such plan or arrangement with or without prior notice. Executive shall be
entitled to participate in the Company’s 401K program and the Company’s Deferred Compensation
program. To the extent that any such benefit plan is not available in the Host Location, the
Company shall provide Executive and qualified immediate dependents with a reasonable
alternative coverage plan for benefits similar to that provided to US-based employees at
Executive’s level.

Tax

Tax Service. While on assignment to the Host Location, Executive will pay the same
U.S. income (federal, state and local) and social security taxes that Executive would have
paid had Executive remained in the Home Location. To accomplish this, there will be an
amount deducted from Executive’s pay corresponding to the U.S. federal and state and local
(if applicable) income tax, as well as U.S. Social Security tax, medicare tax, and any other
tax applicable to Executive’s Home Location, that Executive would have paid on all
compensation and benefits received hereunder (other than the HK Perquisites) and had
Executive lived and worked in the United States (“retained hypothetical tax”). This
retained hypothetical tax will be calculated and deducted from Executive’s compensation and
will replace actual withholdings. After Executive’s tax returns are prepared, Executive’s
retained hypothetical tax will be recomputed to reflect the actual facts (including
Executive’s receipt of all compensation and benefits, including the HK Perquisites and all
tax gross up or similar payments required hereunder) for the year (the “final actual tax”)
and the difference between the retained hypothetical tax and the final actual tax will be
settled promptly thereafter and paid by the Company (either to Executive or to all
applicable taxing authorities). Executive will be required to comply with all U.S., state
and local and foreign laws regarding personal income and social taxes. The Company will be
responsible for the payment of all U.S., state and local and foreign income and social taxes
to which Executive is liable related to the period of Executive’s assignment. It is fully
intended that Executive be made whole on an after tax basis such that after taking into
account all payments, compensation, reimbursements, and benefits (including HK Perquisites)
hereunder, Executive shall have borne the burden of solely the amount of the retained
hypothetical tax with the burden for all other taxes, assessments or payments in excess
thereof remitted to any applicable governmental or taxing authority being borne and paid by
the Company (including those attributable to any such payments so made by the Company on
Executive’s behalf hereunder).

Executive will be responsible and liable for the submission of Host and Home Location tax
returns. To assist Executive in this regard, the Company will designate a tax return
preparer and pay for the preparation of required tax returns and tax equalization settlement
calculations for Executive for all tax years affected by the expatriate assignment. For
purposes of the Company’s tax equalization policy, Executive agrees to either personally
provide the Company with a copy of Executive’s completed tax returns applicable to the years
affected by Executive’s expatriate assignment or allow the tax return preparer to provide
this information directly to the Company for Executive. The Company recommends that
Executive consult such tax return preparer prior to his departure to discuss the provision
of tax equalization services and to confirm his understanding of such provision. Such
payments and provisions for Executive’s tax return preparation together with certain other
benefits provided to Executive hereunder is also herein referred to as a “HK Perquisite.”

Tax Equalization. The Company believes that an employee accepting an expatriate
assignment should neither gain nor lose economically (tax equalization) from an income or
social security taxation standpoint.  It is the Company’s intention that an expatriate
assignment be tax neutral to the employee.  Therefore, except for those tax gross-up
payments required to be made by the Company to or for the benefit of Executive hereunder,
Executive will generally be held responsible, during the expatriate assignment, for no more
and no less than total income and social security taxes that he would have incurred
(exclusive of his receipt of the HK Perquisites) had he not accepted an expatriate
assignment and remained working in the Home Location.  Thus Executive shall receive all
assignment allowances such as housing, transportation, cost of living, education, tax
reimbursement and other expatriate allowances on a tax-free basis.

The terms, conditions, allowances, and other expatriate policies and procedures of the
Company will apply to you and those dependents who will reside with you in the Host
Location.  A copy of Herbalife’s “Policies and Procedures for Expatriate Assignments” along
with the “Tax Equalization Policy” has been provided to you for your review.

Tax Gross Up Payments. In the event that either (i) any HK Perquisite that is or
may be paid or provided to or in respect of Executive by the Company or any affiliated
Company pursuant to this Agreement (“Covered Payments”), results in any income or other tax
liability or obligation imposed upon Executive (each a “Reimbursable Tax”) or (ii) any
amount or benefit that may be paid or provided to or in respect of Executive by the Company
or any affiliated company, whether pursuant to this Agreement or otherwise (also
collectively “Covered Payments”), is or may become subject to the tax imposed under Section
4999 of the Internal Revenue Code of 1986, as amended (or any successor provision) (“Excise
Tax”), the Company shall pay to Executive a “Reimbursement Amount” defined as an amount
which, when added to the Covered Payments and after taking into account any federal, state
or local tax resulting from the Covered Payment and the Reimbursement Amount, will provide
Executive with after tax receipts equal to the amount that Executive would have earned and
received had no Reimbursable Tax or Excise Tax been imposed on the applicable Covered
Payments.

All payments made under this Agreement will be made in compliance with Section 409A (“Section
“409A”) of the Internal Revenue Code of 1986, as amended (or any successor provision), and the
parties hereto agree that this Agreement will be amended prior to December 31, 2008, such that
it will be in compliance with Section 409A. To the extent that the Company enters into any
agreement with the Company’s Chief Financial Officer and General Counsel (the “Comparable
Executives”) prior to December 31, 2008, pursuant to which the Company agrees to provide such
Comparable Executives indemnification under Section 409A, the Company shall provide Executive
similar indemnification.

A guide to what will be tax equalized and what will be grossed up is attached hereto as Annex
A.

Club Use. Company shall reimburse Executive up to $13,200 USD/ year for one family
club membership for Executive and his family members upon proper substantiation.
Additionally, Company shall reimburse Executive for any customary and reasonable business
expenses related to entertaining at such club in keeping with Company policy. Such payments
or reimbursements pertaining to such club membership together with certain other benefits
provided to Executive hereunder is also herein referred to as a “HK Perquisite.”

One-Time Relocation, Family Relocation and Return Expenses. The Company shall provide
and pay for the following expenses and/or services as they relate to and are used in
connection with each of (i) the Relocation of each of Executive and Executive’s family members
and (ii) the Return of each of Executive and Executive’s family members:

	 	•	 	A local relocation service to assist Executive and his family members with
settling in Hong Kong upon the Family Relocation. This service shall include
assistance with applicable visas, transportation, apartment or house hunting, school
enrollment for Executive’s children, and other required services to ease the
transition.

	 	•	 	Business class airfare for each of the Relocation and the Family Relocation, as
well as the Return of each of Executive and his family members to the Home Location.

	 	•	 	Transportation of household goods upon the Family Relocation and the Return of
each of Executive’s family members to the Home Location.

	 	•	 	One-time settling allowance of $10,000 USD for repurchase of local appliances,
daily use items to set up household upon the Family Relocation which amount shall be
payable within 30 days of Executive’s family’s Relocation. Such provision shall not
apply for and with respect to the Return of Executive and his dependent family
members to the Home Location.

	 	•	 	Storage of household goods if required throughout the period of Executive’s family
member’s Relocation to Hong Kong.

Other Benefits. Additionally, Executive shall receive all other benefits that those
Company executives that are similarly situated to Executive (i.e., Band 3 executives)
currently receive.

	4.	 	Termination Payment. Although nothing in this Section 4 shall be construed to alter
the at-will nature of employment as set forth in Section 1 above, if Executive’s employment is
terminated either (i) by the Company without “Cause” (as hereinafter defined) at any time,
(ii) by the Company or by Executive within three (3) months prior to or within six (6) months
following a “Change of Control” (as hereinafter defined), or (iii) by Executive for “Good
Reason” (as hereinafter defined), Executive will be paid a lump sum amount equal to two times
Executive’s then-current annual salary (the “Salary Severance”), in addition to all other
accrued entitlements such as unpaid salary up to the date of termination and accrued vacation,
if any. If Executive is terminated by the Company without Cause or due to a Change in Control
or Executive’s death, disability or retirement or resigns for Good Reason, the Company will
relocate Executive and his family members to the Home Location in the manner contemplated
under Section 3 of this Agreement and provide Executive with outplacement services for up to
six months by a provider selected and paid for by the Company in an amount not to exceed
$20,000; Executive shall not be entitled to cash in lieu of outplacement services. If
Executive is terminated by the Company without Cause, due to a Change in Control, resigns for
Good Reason, retires, dies or resigns as a result of a disability, Executive will be entitled
to receive a pro rata bonus payment, at such time bonuses are paid to the Company’s other
senior executives, based on the number of months worked in the applicable fiscal year of the
Company (the “Bonus Severance”). Upon any termination of Executive’s employment with the
Company hereunder, Executive shall have no duty to mitigate. As a precondition to the
Company’s obligation to pay Executive severance of two years of salary and a pro rata bonus,
Executive agrees to execute and deliver to the Company a fully effective general release in
the form attached to this Agreement as Attachment “C.” Company shall pay Executive the Salary
Severance on the date which is the later of ten days after the date on which it receives the
signed release or six months after the date of separation from service, and the Company shall
pay the Bonus Severance on the date which is the later of ten days after the date on which it
receives the signed release, the date on which Company pays bonuses to Company’s senior
executives for the applicable year, or the date that is six months after the date of
separation from service. Executive understands and agrees that Executive shall not be
entitled to any other severance benefit not set forth in this Agreement, and accordingly
Executive expressly acknowledges that the Company will not be obligated to make 401(k)
contributions following the termination of Executive’s employment.

In the event that Executive and/or his dependent family members is or are qualified for and
elect COBRA coverage under the Company’s health plans after a termination without Cause, or
due to a Change in Control or a resignation for Good Reason, the Company will continue to pay
its share of the cost of premiums under such plans until Executive is reemployed, or for a
period of two years, whichever occurs first. Upon a termination for Cause or Executive’s
resignation without Good Reason (other than due to death, disability or retirement, except as
set forth in this Section 4 and/or one or more separate written agreements between Company and
Executive, all unearned compensation, benefits and unvested options shall be forfeited.

If Executive is terminated by the Company without Cause or due to a Change in Control or
resigns for Good Reason and on the effective date of such termination, Executive is subject to
a “trading blackout” or “quiet period” with respect to the Company’s common shares or if the
Company determines, upon the advice of legal counsel, that on the effective date of such
termination Executive may not to trade in the Company’s common shares due to Executive’s
possession of material non-public information, in each case, which restriction or prohibition
continues for a period of at least twenty consecutive calendar days, Executive will be paid an
additional lump sum amount equal to $125,000 (the “Blackout Period Severance”). Company shall
pay Executive the Blackout Period Severance on the same date that the Salary Severance is
paid.

For purposes of this Agreement, the Company shall have “Cause” to terminate the Executive’s
services in the event of any of the following acts or circumstances: (i) Executive’s
conviction of a felony or entering a plea of guilty or nolo contendere to any crime
constituting a felony (other than a traffic violation or by reason of vicarious liability);
(ii) Executive’s substantial and repeated failure to attempt to perform Executive’s lawful
duties as contemplated in Section 2 of this Agreement, except during periods of physical or
mental incapacity; (iii) Executive’s gross negligence or willful misconduct with respect to
any material aspect of the business of the Company or any of its affiliates, which gross
negligence or willful misconduct has a material and demonstrable adverse effect on the
Company; (iv) Executive’s material violation of a Company policy resulting in a material and
demonstrable adverse effect to the Company or an affiliate, including but not limited to a
violation of the Company’s Code of Business Conduct and Ethics; or (v) Executive’s material
breach of this Agreement or material breach of any other written agreement between Executive
and the Company’s affiliates governing Executive’s equity compensation arrangements (i.e., any
agreement with respect to Executive’s stock and/or stock options of any of the Company’s
affiliates); provided, however, that Executive shall not be deemed to have been terminated for
Cause in the case of clause (ii), (iii), (iv) or (v) above, unless any such breach is not
fully corrected prior to the expiration of the thirty (30) calendar day period following
delivery to Executive of the Company’s written notice of its intention to terminate his
employment for Cause describing the basis therefore in reasonable detail.

Executive will be deemed to have “Good Reason” to resign his employment with the Company
hereunder if Executive terminates his employment because of (i) a material diminution of
Executive’s duties as Managing Director, Asia-Pacific Region, (ii) a change in Executive’s
primary business location from either the Home Location or the Host Location, (iii) the
failure by any successor of the Company to assume in writing the Company’s obligations under
this Agreement, (iv) the breach by the Company in any respect of any of its obligations under
this Agreement, and, in any such case (but only if correction or cure is possible), the
failure by the Company to correct or cure the circumstance or breach on which such resignation
is based within 30 days after receiving notice from Executive describing such circumstance or
breach in reasonable detail, or (v) the imposition by the Company of a requirement that
Executive report to a person other than the President and Chief Operating Officer of the
Company. Executive shall not have a Good Reason to resign if the Company suspends Executive
due to an indictment of Executive on felony charges, provided that the Company continues to
pay Executive’s salary and benefits.

For purposes of this Agreement, a “Change in Control” shall mean the occurrence of any of the
following events: (i) any “person” or “group” (as such term is used in Sections 13(d) and
14(d) of the Securities Exchange Act of 1934, as amended (the “Securities Exchange Act”))
becomes the “beneficial owner” (as defined in Rules 13d-3 or 13d-5 of the Securities Exchange
Act), directly or indirectly, of either the voting securities or total securities of any one
or more of the Company or any direct or indirect parent company of the Company (each a “Target
Company”), representing more than fifty percent (50%) or more of either the voting power or
total equity represented by the Company’s or such Target Company’s then outstanding voting or
other securities; (ii) the consummation of the sale, transfer, lease, or other disposition by
the Company or any Target Company of all or substantially all of its assets in a single
transaction or in a series of related transactions; or (iii) the consummation of a merger,
liquidation, joint venture, combination, consolidation, recapitalization, or other
reorganization transaction involving the Company or any Target Company, other than any such
transaction which would result in the voting securities of the Company or such Target Company
outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving entity or its parent) more than
fifty percent (50%) of the total voting power represented by the voting securities of the
Company, such Target Company or such surviving entity or joint venture outstanding immediately
after such transaction.

	5.	 	Confidential and Proprietary Information.

	 	(a)	 	The parties agree and acknowledge that during the course of Executive’s employment,
Executive will be given and will have access to and be exposed to trade secrets and
confidential information in written, oral, electronic and other forms regarding the
Company and its affiliates (which includes but is not limited to all of its business
units, divisions and affiliates) and their business, equipment, products and employees,
including, without limitation: the identities of the Company’s and its affiliates’
distributors and customers and potential distributors and customers (hereinafter referred
to collectively as “DISTRIBUTORS”), including, without limitation, the identity of
Distributors that Executive cultivates or maintains while providing services at the
Company or any of its affiliates using the Company’s or any of its affiliates’ products,
name and infrastructure, and the identities of contact persons with respect to those
Distributors; the particular preferences, likes, dislikes and needs of those Distributors
and contact persons with respect to product types, pricing, sales calls, timing, sales
terms, rental terms, lease terms, service plans, and other marketing terms and
techniques; the Company’s and its affiliates’ business methods, practices, strategies,
forecasts, pricing, and marketing techniques; the identities of the Company’s and its
affiliates’ licensors, vendors and other suppliers and the identities of the Company’s
and its affiliates’ contact persons at such licensors, vendors and other suppliers; the
identities of the Company’s and its affiliates’ key sales representatives and personnel
and other employees; advertising and sales materials; research, computer software and
related materials; and other facts and financial and other business information
concerning or relating to the Company or any of its affiliates and their business,
operations, financial condition, results of operations and prospects. Executive
expressly agrees to use such trade secrets and confidential information only for purposes
of carrying out his duties for the Company and its affiliates as he deems appropriate in
his good faith judgment, and not for any other purpose, including, without limitation,
not in any way or for any purpose detrimental to the Company or any of its affiliates.
Executive shall not at any time, either during the course of his employment hereunder or
after the termination of such employment, use for himself or others, directly or
indirectly, any such trade secrets or confidential information, and, except either as
required by law, Executive shall not disclose such trade secrets or confidential
information, directly or indirectly, to any other person or entity. Information will not
be deemed confidential under this Agreement to the extent that it is (x) known publicly
or in the industry generally or (ii) is obtained (or can be obtained) from a public
source or any source other than the Company and its affiliates that is not known to be
under any obligation of confidentiality to the Company.

	 	(b)	 	All physical property and all notes, memoranda, files, records, writings, documents
and other materials of any and every nature, written or electronic, which Executive shall
prepare or receive in the course of his employment with the Company and which relate to
or are useful in any manner to the business now or hereafter conducted by the Company or
any of its affiliates are and shall remain the sole and exclusive property of the Company
and its affiliates, as applicable. Executive shall not remove from the Company’s
premises any such physical property, the original or any reproduction of any such
materials nor the information contained therein except for the purposes of carrying out
his duties to the Company or any of its affiliates and all such property (except for any
items of personal property not owned by the Company or any of its affiliates), materials
and information in his possession or under his custody or control upon the termination of
his employment (other than such materials received by Executive solely in his capacity as
a shareholder) or at any other time upon request by the Company shall be immediately
turned over to the Company and its affiliates, as applicable.

	 	(c)	 	All inventions, improvements, trade secrets, reports, manuals, computer programs,
tapes and other ideas and materials developed or invented by Executive during the period
of his employment, either solely or in collaboration with others, which relate to the
actual or anticipated business or research of the Company or any of its affiliates which
result from or are suggested by any work Executive may do for the Company or any of its
affiliates or which result from use of the Company’s or any of its affiliates’ premises
or property (collectively, the “DEVELOPMENTS”) shall be the sole and exclusive property
of the Company and its affiliates, as applicable. Executive assigns and transfers to the
Company his entire right and interest in any such Development, and Executive shall
execute and deliver any and all documents and shall do and perform any and all other acts
and things necessary or desirable in connection therewith that the Company or any of its
affiliates may reasonably request, it being agreed that the preparation of any such
documents shall be at the Company’s expense.

	 	(d)	 	Following the termination of Executive’s employment, Executive will reasonably
cooperate with the Company (at the Company’s expense, if Executive reasonably incurs any
out-of-pocket costs with respect thereto) in any defense of any legal, administrative or
other action in which the Company or any of its affiliates or any of their Distributors
or other business relations are a party or are otherwise involved, so long as any such
matter was related to Executive’s duties and activities conducted on behalf of the
Company or its Subsidiaries.

	 	(e)	 	The provisions of this Section 5 and Section 6 shall survive any termination of
this Agreement and termination of Executive’s employment with the Company and shall
continue in effect during Executive’s employment and for a period of twenty-four (24)
months immediately thereafter.

	6.	 	Non-Solicitation. Executive acknowledges that in the course of his employment with
the Company he will become familiar with the Company’s and its affiliates’ trade secrets and
other confidential information concerning the Company and its affiliates. Accordingly,
Executive agrees that, during the Executive’s employment and for a period of twenty-four (24)
months immediately thereafter (the “NONSOLICITATION PERIOD”), he will not directly or
indirectly or through another entity (i) induce or attempt to induce any employee or
Distributor of the Company or any of its affiliates to leave the employment of, or cease to
maintain its distributor relationship with, the Company or such affiliate, or in any way
interfere with the relationship between the Company or any such affiliate and any employee or
Distributor thereof, (ii) hire any person who was an employee of the Company or any of its
affiliates at any time within six months prior to the date of any solicitation by Executive or
enter into a distributor relationship with any person or entity who was a Distributor of the
Company or any of its affiliates at any time during the Nonsolicitation Period, (iii) induce
or attempt to induce any Distributor, supplier, licensor, licensee or other business relation
of the Company or any of its affiliates to cease doing business with the Company or such
affiliate, or in any way interfere with the relationship between such Distributor, supplier,
licensor, licensee or business relation and the Company or any of its affiliates or (iv) use
any trade secrets or other confidential information of the Company or any of its affiliates to
directly or indirectly participate in any means or manner in any competitive business,
wherever located.

	7.	 	Injunctive Relief. Executive and the Company (a) intend that the provisions of
Sections 5 and 6 be and become valid and enforceable, (b) acknowledge and agree that the
provisions of Sections 5 and 6 are reasonable and necessary to protect the legitimate
interests of the business of the Company and its affiliates and (c) agree that any violation
of Section 5 or 6 will result in irreparable injury to the Company and its affiliates, the
exact amount of which will be difficult to ascertain and the remedies at law for which will
not be reasonable or adequate compensation to the Company and its affiliates for such a
violation. Accordingly, Executive agrees that if Executive violates or threatens to violate
the provisions of Section 5 or 6, in addition to any other remedy which may be available at
law or in equity, the Company shall be entitled to seek specific performance and injunctive
relief, without posting bond or other security, and without the necessity of proving actual
damages. In addition, in the event of a violation by Executive of Section 5 or 6 of this
Agreement, the Nonsolicitation Period will be tolled until such violation has been duly cured.
If, at the time of enforcement of Sections 5 or 6 of this Agreement, a court holds that the
restrictions stated therein are unreasonable under circumstances then existing, the parties
hereto agree that the maximum period, scope or geographical area reasonable under such
circumstances shall be substituted for the stated period, scope or area.

	8.	 	Assignment; Successors and Assigns. Executive agrees that he shall not assign, sell,
transfer, delegate or otherwise dispose of, whether voluntarily or involuntarily, any rights
or obligations under this Agreement, nor shall Executive’s rights hereunder be subject to
encumbrance of the claims of creditors. This Agreement may be assigned by the Company without
the consent of Executive to (a) any entity succeeding to all or substantially all of the
assets or business of the Company, whether by merger, consolidation, acquisition or otherwise
(upon which entity this Agreement shall be binding) or (b) any affiliate of the Company;
provided, however, that in neither case shall the Company be released form its obligations
hereunder, nor shall any assignment to any affiliate lessen the Executive’s rights with
respect to his position, duties, responsibilities, or authority with respect to the Company.

	9.	 	Governing Law; Jurisdiction and Venue. This Agreement shall be governed, construed,
interpreted and enforced in accordance with the laws of the State of California without regard
to the conflicts of law principles thereof. Suit to enforce this Agreement or any provision
or portion thereof may be brought in the federal or state courts located in California.

	10.	 	Severability of Provisions. In the event that any provision of this Agreement should
ever be adjudicated by a court of competent jurisdiction to be unenforceable, then such
provision shall be deemed reformed to the maximum extent permitted by applicable law, and the
invalidity or unenforceability of any provision shall not affect the validity or
enforceability of any other provision of this Agreement.

	11.	 	Warranty. As an inducement to the Company to enter into this Agreement, Executive
represents and warrants that he is not a party to any other agreement or obligation for
personal services, and that there exists no impediment or restraint, contractual or otherwise,
on his power, right or ability to enter into this Agreement and to perform his duties and
obligations hereunder.

	12.	 	Entire Agreement. The terms of this Agreement and any other agreement, document or
plan expressly referenced herein are intended by the parties to be the final expression of
their agreement with respect to the subject matter hereof and this Agreement supersedes (and
may not be contradicted by, modified or supplemented by) any prior or contemporaneous
agreement, written or oral, with respect thereto. The parties further intend that this
Agreement shall constitute the complete and exclusive statement of its terms and that no
extrinsic evidence whatsoever may be introduced in any judicial, administrative or other legal
proceeding to vary the terms of this Agreement.

	13.	 	Amendments; Waivers. This Agreement may not be modified, amended, or terminated
except by an instrument in writing, signed by Executive and a duly authorized representative
of the Company. No waiver of any of the provisions of this Agreement, whether by conduct or
otherwise, in any one or more instances, shall be deemed to be construed as a further,
continuing or subsequent waiver of any such provision or as a waiver of any other provision of
this Agreement. No failure to exercise and no delay in exercising any right, remedy or power
hereunder shall preclude any other or further exercise of any other right, remedy or power
provided herein or by law or in equity.

	14.	 	Indemnity. The Company shall indemnify Executive to the fullest extent permitted by
applicable law as more fully described in the Indemnification Agreement currently existing
between the Company and Executive; in the event that California law is deemed to apply and to
permit the Company to provide more indemnification to Executive for the matters described in
the Indemnification Agreement, the Company agrees to provide such indemnification to the
fullest extent permitted under California law.

	15.	 	Notices. All notices and other communications hereunder will be in writing and will
be given by hand delivery to the other party or by registered or certified mail, return
receipt requested, postage prepaid, addressed as follows:

If to Executive:

Paul Noack

2816 Sandhurst Avenue

Thousand Oaks, CA 91362

With a copy to:

Greenberg Traurig. LLP

3290 Northside Parkway

Suite 400

Atlanta, Georgia 30327

Attention: Joel A. Katz

If to the Company:

Herbalife International of America, Inc.

1800 Century Park East

Los Angeles, California 90067

Attention: General Counsel

or to such other address as either party will have furnished to the other in writing. All notices
and communications shall be deemed to have been duly given and received: (a) on the date of
receipt, if delivered by hand; (b) five (5) business days after being sent by first class certified
mail, return receipt requested, postage prepaid (and if applicable, by required international US
mail service); or (c) two (2) business day after sending by an internationally recognized next-day
delivery service designated for priority overnight delivery with all delivery fees prepaid and with
confirmation of receipt. As used herein, the term “business day” means any day that is not
Saturday, Sunday or legal holiday in the State of California.

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

EXECUTIVE,

By: /s/ Paul Noack

Name: PAUL NOACK

Date: December 18, 2007

HERBALIFE INTERNATIONAL OF AMERICA, INC.

By: /s/Greg Probert

Name: GREG PROBERT

Title: PRESIDENT, CHIEF OPERATING OFFICER

Date:

1

ATTACHMENT “A”

Tax Equalization and Gross Up Chart

2

ATTACHMENT “B”

Agreement and General Release

Agreement and General Release (“AGREEMENT”), by and among PAUL NOACK (“EXECUTIVE” and
referred to herein as “you”) and HERBALIFE INTERNATIONAL OF AMERICA, INC., a California corporation
(the “COMPANY”).

1. In exchange for your waiver of claims against the Company Entities (as defined
below) and compliance with other terms and conditions of this Agreement, upon the effectiveness of
this Agreement, the Company agrees to provide you with the payments and benefits provided in
Section 4 of your Employment Agreement with the Company.

2. (a) In consideration for the payments and benefits to be provided to you pursuant
to paragraph 1 above, you, for yourself and for your heirs, executors, administrators, trustees,
legal representatives, and assigns (hereinafter referred to collectively as “EXECUTIVE RELEASORS”),
FOREVER RELEASE AND DISCHARGE the Company and its past, present and future parent entities,
subsidiaries, divisions, affiliates and related business entities, successors and assigns, assets,
employee benefit plans or funds, and any of its or their respective past, present and/or future
directors, officers, fiduciaries, agents, trustees, administrators, employees and assigns, whether
acting on behalf of the Company or in their individual capacities (collectively the “COMPANY
ENTITIES”) from any and all claims, suits, demands, causes of action, covenants, obligations,
debts, costs, expenses, fees and liabilities of any kind whatsoever in law or equity, by statute or
otherwise, whether known or unknown, vested or contingent, suspected or unsuspected and whether or
not concealed or hidden (collectively, the “CLAIMS”), which you ever had, now have, or may have
against any of the Company Entities by reason of any act, omission, transaction, practice, plan,
policy, procedure, conduct, occurrence, or other matter related in any way to your employment by
(including, but not limited to, termination thereof) the Company Entities up to and including the
date on which you sign this Agreement, except as provided in subsection 2(c) below.

(b) Without limiting the generality of the foregoing, this Agreement is intended to and shall
release the Company Entities from any and all claims, whether known or unknown, which Releasors
ever had, now have, or may have against the Companies Entities arising out of your employment or
termination thereof, including, but not limited to: (i) any claim under the Age Discrimination in
Employment Act, Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, the
Employee Retirement Income Security Act of 1974,(excluding claims for accrued, vested benefits
under any employee benefit or pension plan of the Company Entities subject to the terms and
conditions of such plan and applicable law), the Family and Medical Leave Act, the Worker
Adjustment and Retraining Notification Act of 1988, or the Fair Labor Standards Act of 1938, in
each case as amended; (ii) any claim under the California Fair Employment and Housing Act, the
California Labor Code, the California Family Rights Act, or the California pregnancy Disability
Leave Law; (iii) any other claim (whether based on federal, state, or local law (statutory or
decisional), rule, regulation or ordinance) relating to or arising out of your employment, the
terms and conditions of such employment, the termination of such employment, including, but not
limited to, breach of contract (express or implied), wrongful discharge, detrimental reliance,
defamation, emotional distress or compensatory or punitive damages; and (iv) any claim for
attorneys’ fees, costs, disbursements and/or the like.

(c) Notwithstanding the foregoing, nothing in this Agreement shall be a waiver of claims: (1)
that may arise after the date on which you sign this Agreement; (2) with respect to your right to
enforce your rights that survive termination under the Employment Agreement or any other written
agreement entered into between you and the Company (including, without limitation, any agreements
granting you any stock units, stock appreciation rights, stock options or any other equity grants
or equivalents); (3) regarding rights of indemnification, receipt of legal fees and directors and
officers liability insurance to which you are entitled under the Employment Agreement, the
Company’s Certificate of Incorporation or By-laws, pursuant to any separate writing between you and
the Company or pursuant to applicable law; (4) relating to any claims for accrued, vested benefits
under any employee benefit plan or pension plan of the Company Entities subject to the terms and
conditions of such plan and applicable law; or (5) as a stockholder or optionholder of the Company.

(d) In signing this Agreement, you acknowledge that you intend that this Agreement shall be
effective as a bar to each and every one of the Claims hereinabove mentioned or implied. You
expressly consent that this Agreement shall be given full force and effect according to each and
all of its express terms and provisions, including those relating to unknown, unsuspected or
unanticipated Claims (notwithstanding any state statute that expressly limits the effectiveness of
a general release of unknown, unsuspected or unanticipated Claims), if any, as well as those
relating to any other claims hereinabove mentioned or implied. You acknowledge and agree that this
waiver is an essential and material term of this Agreement, and if you bring your own Claim in
which you seek damages against any Company Entity, or if you seek to recover against any Company
Entity in any Claim brought by a governmental agency on your behalf, the release set forth in this
Agreement shall serve as a complete defense to such Claims, and you shall reimburse each Company
entity for any attorneys’ fees or expense or other fees and expense incurred in defending such
Claim; provided, however, if a class action claim or governmental claim is brought on your behalf,
your obligations will be limited to (i) opting out of such action or other proceedings received in
connection therewith to the Company, it being agreed that you shall not be liable to the Company
for any attorneys’ fees or expense or other fees or expenses in the case of any such class action
claim or governmental claim.

(f) Without limiting the generality of the foregoing, you waive all rights under California
Civil Code Section 1542, which provides:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO
EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER
MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR.

3. (a) This Agreement is not intended, and shall not be construed, as an admission that any of the
Company Entities has violated any federal, state or local law (statutory or decisional), ordinance
or regulation, breached any contract or committed any wrong whatsoever against you.

(b) Should any provision of this Agreement require interpretation or construction, it is
agreed by the parties that the entity interpreting or constructing this Agreement shall not apply a
presumption against one party by reason of the rule of construction that a document is to be
construed more strictly against the party who prepared the document.

4. For two years from and after the date of your employment termination, you agree not to make any
derogatory, negative or disparaging public statement about any Company Entity, or to make any
public statement (or any statement likely to become public) that could reasonably be expected to
adversely affect or disparage the reputation, or, to the extent applicable, business or goodwill of
any Company Entity, it being agreed and understood that nothing herein shall prohibit you (a) from
disclosing that you are no longer employed by the Company, (b) from responding truthfully to any
governmental investigation or inquiry related thereto, whether by the Securities and Exchange
Commission or other governmental entity or any other law, subpoena, court order or other compulsory
legal process or any disclosure requirement of the Securities and Exchange Commission, or (c) from
making traditional competitive statements in the course of promoting a competing business, so long
as any statements made by you described in this clause (c) are not based on confidential
information obtained during the course of your employment with the Company. The Company agrees
that it will not make any derogatory, negative or disparaging public statement about you in an
authorized press release or authorized public announcement.

5. This Agreement is binding upon, and shall inure to the benefit of, the parties and their
respective heirs, executors, administrators, successors and assigns.

6. This Agreement shall be construed and enforced in accordance with the laws of the State of
California applicable to agreements made and to be performed entirely within such State.

7. You acknowledge that your obligations pursuant to Sections 5, 6 and 7 of the Employment
Agreement survive the termination of your employment in accordance with the terms thereof. The
Company acknowledges that its obligations under Sections 3, 4, 8 and 14 of the Employment Agreement
survive the termination of your employment in accordance with the terms thereof.

8. You acknowledge that you: (a) have carefully read this Agreement in its entirety; (b) have had
an opportunity to consider for at least twenty-one (21) days the terms of this Agreement; (c) are
hereby advised by the Company in writing to consult with an attorney of your choice in connection
with this Agreement; (d) fully understand the significance of all of the terms and conditions of
this Agreement and have discussed them with your independent legal counsel, or have had a
reasonable opportunity to do so; (e) have had answered to your satisfaction by your independent
legal counsel any questions you have asked with regard to the meaning and significance of any of
the provisions of this Agreement; and (f) are signing this Agreement voluntarily and of your own
free will and agree to abide by all the terms and conditions contained herein.

9. You understand that you will have at least twenty-one (21) days from the date of receipt of this
Agreement to consider the terms and conditions of this Agreement. You may accept this Agreement by
signing it and returning it to the Company’s President and Chief Operating Officer at the address
specified pursuant to Section 15 of the Employment Agreement. After executing this Agreement, you
shall have seven (7) days (the “REVOCATION PERIOD”) to revoke this Agreement by indicating your
desire to do so in writing delivered to the President and Chief Operating Officer at the address
above by no later than 5:00 p.m. on the seventh (7th) day after the date you sign this Agreement.
The effective date of this Agreement shall be the eighth (8th) day after you sign the Agreement
(the “AGREEMENT EFFECTIVE DATE”). If the last day of the Revocation Period falls on a Saturday,
Sunday or holiday, the last day of the Revocation Period will be deemed to be the next business
day. In the event you do not accept this Agreement as set forth above, or in the event you revoke
this Agreement during the Revocation Period, this Agreement, including but not limited to the
obligation of the Company to provide the payments and benefits provided in paragraph 1 above, shall
be deemed automatically null and void.

3

EXECUTIVE

By:      

Paul Noack

HERBALIFE INTERNATIONAL OF AMERICA, INC.

     

By:      

Name:      

Title:      

4EX-10.1

Exhibit 10.1

Date

Name and Address of Officer

Dear Name of Officer:

Air Products and Chemicals, Inc. (“Air Products”) considers a sound and vital management to be
essential to protecting and enhancing its best interests and those of its shareholders. In this
connection, Air Products recognizes that, as is the case with any publicly held corporation, the
possibility of a change in control of Air Products may develop, although no such change is now
expected or contemplated.

The Management Development and Compensation Committee of the Air Products Board of Directors
and the Board believe it imperative that the Company and the Board be able to rely upon key members
of the Company’s management to continue in their positions and to act in the best financial
interests of Air Products shareholders in the event of a bid, offer or proposal to take control of
Air Products and following any change in control of Air Products. Therefore, the Committee and the
Board have determined that appropriate steps should be taken to protect key members of the
Company’s management against significant negative personal financial consequences that might result
from a change in control, and to reinforce and encourage the continued attention and dedication of
such key members of management to their duties without distraction should the possibility of a
change in control of Air Products ever arise.

In order to induce you to remain in the employ of the Company and to assure your continued
dedication and the availability of your advice and counsel during the possibility and pendency of,
and following, a change in the control of Air Products, Air Products agrees that it will provide
you, or cause you to be provided the severance benefits set forth in this change in control
agreement (“the Agreement”) in the event your employment with the Company is terminated subsequent
to a Change in Control under the circumstances described herein.

	 	1.	 	DEFINITIONS

“Act” means the Securities Exchange Act of 1934.

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

“Base Salary” shall mean your total annual salary payable by the Company in accordance with
its normal compensation practices, including any amounts deferred pursuant to the Savings Plans or
Code Section 125.

“Benefit Plans” shall have the meaning set forth in clause (F) under the definition of Good
Reason.

“Board” shall mean the Board of Directors of Air Products.

“Bonus Plans” shall have the meaning set forth in clause (C) under the definition Good Reason.

“Cause” shall mean either of the following:

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

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

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

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

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

	 	C.	 	Other Events. Any other event or series of events which,
notwithstanding any other provision of this definition to the contrary, is determined,
by a majority of the outside members of the Board serving in office at the time such
event or events occur, to constitute a Change in Control of Air Products for purposes
of this Agreement. Such a Change in Control will be deemed to have occurred on the
date of such determination or on such other date as said majority of outside members of
the Board shall specify.

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

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

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

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

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

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

“Disability” shall exist where, as a result of your incapacity due to physical or mental
illness or injury you have been absent from the performance of your duties with the Company for at
least six consecutive months.

“Fair Market Value” shall have the meaning set forth in the Long-Term Incentive Plan.

“Fiscal Year” shall mean the fiscal year of the Company which commences on October 1 of each
calendar year and ends on September 30 of the following calendar year, or such other fiscal year as
the Company may adopt for keeping its financial records.

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

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

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

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

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

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

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

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

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

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

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

“Gross-Up Payment” shall have the meaning set forth in clause 4(B)(v).

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

“Incentive Plans” shall have the meaning set forth in clause (D) under the definition of Good
Reason.

“Long Term Incentive Plan” shall mean the Air Products and Chemicals, Inc. Long Term Incentive
Plan and/or any similar, successor or substitute long-term incentive compensation plan or program.

“Notice Date” shall mean the date a Termination Notice prepared by the Company or you is
received by you or the Company, respectively.

“Payments” shall have the meaning set forth in clause 4(B)(v).

“Pension Plans” shall mean, the Air Products and Chemicals, Inc. Pension Plan for Salaried
Employees, as amended from time to time together with any similar, succeeding or substitute plan,
and the Supplementary Pension Plan of Air Products and Chemicals, Inc. as amended from time to
time, together with any similar, succeeding or substitute plan, and any private annuity or pension
agreement between you and the Company.

“Retirement” shall mean (1) your voluntary retirement before with an immediate non-actuarially
reduced pension under the Pension Plans, provided that Termination for Good Reason before
attaining normal retirement age under the Pension Plans shall not be deemed a Retirement for
purposes of this Agreement even though you are eligible for and elect to receive, an immediate
non-actuarially reduced pension under the Pension Plans, or (2) Termination of Employment in
accordance with any retirement arrangement other than under the Pension Plans which is established
with your consent with respect to you, provided that Termination for Good Reason shall not
be deemed a Retirement for purposes of this Agreement even though you are eligible to retire, and
receive benefits under, any such retirement arrangement, or (3) mandatory retirement as set forth
under a policy of the Company as it existed prior to the Change in Control or as agreed to by you
following a Change in Control.

“Retirement Savings Plan” shall mean the Air Products and Chemicals, Inc. Retirement Savings
Plan, as amended from time to time, together with any similar, succeeding or substitute plan.

“Safe Harbor Amount” shall have the meaning set forth in clause 4(B)(v).

“Savings Plans” shall mean the Air Products and Chemicals, Inc. Retirement Savings Plan, as
amended from time to time, together with any similar, succeeding or substitute plan, and the Air
Products and Chemicals, Inc. Deferred Compensation Plan, as amended from time to time, together
with any similar, succeeding or substitute plan.

“Section 409A” shall mean Section 409A of the Code and the regulations thereunder as in effect
from time to time.

“Target Annual Bonus” shall mean your target bonus under the Annual Incentive Plan which is
approved by the Committee for the applicable Fiscal Year or, if no such target bonus has been
determined for such Fiscal Year, such target bonus for the most recent Fiscal Year for which one
was determined;

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

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

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

2. TERM OF AGREEMENT

This Agreement will commence on the date of your signing hereof and will continue while you
are in the active employment of the Company until 30 September 2008 and, beginning on
1 October 2008 and each one year anniversary thereof, the term of this Agreement will automatically
be extended for one additional year unless, at least (90) ninety days prior to such date, either
party gives written notice to the other that it does not wish to extend this Agreement.
Notwithstanding any such written notice, if a Change in Control shall have occurred prior to
receipt of the notice or does occur within (90) ninety days of receipt of the notice, the attempted
termination of the Agreement by the Company shall be ineffective and the Agreement shall continue
until the end of the Contract Period. If a Change in Control otherwise occurs during the term of
this Agreement, this Agreement will continue in effect until the end of the Contract Period.

3. TERMINATION PROCEDURES

A. Termination Notice. During the Contract Period, any Termination of Employment by
the Company or by you must be communicated by a written Termination Notice to the other party
hereto. The “Termination Notice” must (i) specify the Termination Date; (ii) indicate the specific
provisions in this Agreement, if any, applicable to the Termination and set forth in reasonable
detail the facts and circumstances, if any, claimed to provide a basis for application of the
provision so indicated; and (iii) if given by the Company to you for other than Disability or
Cause, specify, with supporting calculations, the amount the Company believes to be payable to you
under this Agreement as a result of such Termination.

B. Termination Date. “Termination Date” shall be: (i) if your employment is
terminated due to your death, the date of your death, (ii) if your employment is terminated for
Disability, at least forty-five days after the Termination Notice is given (provided that you have
not returned to the full-time performance of your duties during such period), and (iii) if your
employment is terminated for any other reason, the date specified in the Termination Notice by the
party giving the Notice, which date must be at least forty-five days after the Termination Notice
if given by the Company for any reason other than Cause.

4. COMPENSATION UPON TERMINATION OF EMPLOYMENT.

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

B. Termination other than for Cause, Death, Retirement or Disability or for Good
Reason. If during the Contract Period the Company terminates your employment other than for
death, Retirement, Disability or Cause (it being understood that a purported termination for
Disability or Cause which is disputed and finally determined not to have been proper or which is
not effected in accordance with the procedures required in Section 3 will be a Termination other
than for Cause or Disability), or you terminate your employment for Good Reason, then Air Products
will provide you or cause you to be provided the payments and benefits described below in this
Subsection 4B.

(i) Cash Payment. The Company will pay to you on or before the fifth day following
your Termination Date, a lump sum cash payment equal to the sum of the following amounts:

(a) Your earned but unpaid Base Salary through your Termination Date at the higher of the rate
in effect on the Termination Date or the rate in effect immediately before any purported reduction
in your Base Salary constituting Good Reason and the vacation pay that you accrued through the
Termination Date.

(b) The product of (I) the amount of the Target Annual Bonus for which you would have been
eligible if you had been employed by the Company on the last day of the Fiscal Year (or other bonus
performance cycle that includes your Termination Date), multiplied by (II) a fraction of which the
numerator is the number of days which have elapsed through the Termination Date in such Fiscal Year
(or, if applicable, such other bonus performance cycle that includes your Termination Date) and the
denominator is 365 (or, if applicable, the number of days in such other performance cycle that
includes your Termination Date).

(c) Two [three for Grandfathered Executives] times the sum of (I) your Base Salary at the rate
required by subparagraph (i)(a) above and (II) the Company matching contributions made and/or
accrued in respect of your contributions to or deferrals under the Savings Plans during and/or for
the last full Fiscal Year of the Company preceding your Termination Date.

(d) Two [three for Grandfathered Executives] times the Target Annual Bonus for the Fiscal Year
or other bonus performance cycle in which your Termination Date occurs.

(e) (I)  If you are a participant in the Pension Plans and are not a Core Contribution
Participant under the Retirement Savings Plan, a pension payment equal to the sum of (I) the
difference between the actuarial present values as of the Termination Date of your accrued vested
pension benefits under the Pension Plans and those pension benefits calculated by adding two [three
for Grandfathered Executives] years of service to the actual service credited under such plans for
benefit accrual and vesting purposes, and (II) the actuarial present value as of the Termination
Date of any early retirement subsidy available under the Pension Plans (as in effect immediately
prior to the beginning of the Contract Period), for which you are not eligible due to termination
before satisfying age and service requirements for such subsidy, the value of such subsidy to be
calculated on your benefit with the two [three for Grandfathered Executives] additional years
of credited service described in (I). For purposes of determining present values in
calculating the pension payment, it shall be assumed that your benefit will commence in the form of
a straight life annuity on the later of the Termination Date or the date on which you could retire
and commence a benefit under the Pension Plans without reduction for commencement before the normal
retirement date under such Pension Plans were you employed by the Company on such date. The
interest rate used for such purposes shall be the average of the average monthly yields for
municipal bonds published monthly by Moodys Investors’ Service Inc. for the three months
immediately preceding your Termination Date. For purposes of determining actuarial present values
in calculating the pension payment, life expectancy assumptions most frequently used by the Pension
Plans’ actuaries for other purposes shall be used. The calculation of the pension payment
described in this subparagraph shall be made by a nationally recognized firm of enrolled actuaries
acceptable to you and the Company. The Company shall pay the reasonable fees and expenses of such
actuarial firm. The calculation made by such actuarial firm shall be binding on you and the
Company; or

(II)  If you are a Core Contribution Participant in the Retirement Savings Plan, a payment (in
lieu of the payment described in clause (I) above) equal to the Company Core Contributions and Core
Credits (as defined in the Savings Plans) that you would have received under the Savings Plans
during the two-year period following the Termination Date assuming that (i) you remained actively
employed by the Company during such two-year period, (ii) your Base Salary continued at the higher
of the rate in effect on the Termination Date or the rate in effect immediately prior to any
purported reduction in your Base Salary constituting Good Reason and (iii) your Annual Incentive
Plan awards were equal in amount to the higher of the most recent award received prior to the
Termination Date and the average of the awards available to you under the Annual Incentive Plan
during and/or for each of the three full Fiscal Years immediately preceding the beginning of the
Contract Period.

(f) For purposes of subparagraphs (i)(c), (i)(d) and (i)(e) of this Subsection 4B, in the
event you have attained age 63 on or [62 for Grandfathered Executives] before your Termination
Date, the amounts payable shall be reduced to an amount which bears the same proportion to the
unreduced amount as the number of months preceding your sixty-fifth birthday bears to twenty four
[thirty six for Grandfathered Executives].

(g) The amount of the payment described in (a)-(f) shall be reduced to the extent of any
severance or redundancy benefit or payment sponsored by the Company and/or provided or required by
applicable law or regulation, which is received by you on account of your Termination of
Employment.

(h) If the amount of the payment described in (a) — (g) above cannot be finally determined on
or before the fifth day following the Termination Date, the Company will pay to you on such day an
estimate, as determined in good faith by the Company, of the minimum amount of such payment and
will pay the remainder of such payment as soon as the amount thereof can be determined but in no
event later than the thirtieth day after your Termination Date.

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

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

(iv) Outplacement Counseling. The Company shall, within 30 days of the Termination
Date, make available to you at the Company’s expense, outplacement counseling at times and
locations that are convenient to you, with a nationally recognized outplacement counseling firm.
You may select the organizations that will provide the outplacement counseling. The outplacement
services will be provided for a period of 12 months following the Termination Date.

(v) Excise Tax. If any payment, distribution or acceleration of benefits,
compensation or rights that is made by the Company to you or for your benefit, pursuant to this
Agreement or otherwise (collectively, “Payments”), results in a liability to you for the excise tax
imposed by Section 4999 of the Code (the “Excise Tax”) and the aggregate amount of the Payments is
not less than 110% of the maximum amount of Payments you would be able to receive without incurring
a liability for the Excise Tax (such maximum amount, the “Safe Harbor Amount”), you will be
entitled to receive an additional payment (the “Gross-Up Payment”) in an amount such that, after
payment by you of all taxes (and any interest or penalties imposed with respect to such taxes),
including, without limitation, any income and employment taxes (and any interest and penalties
imposed with respect thereto) and the Excise Tax imposed upon the Gross-Up Payment, you will retain
an amount of the Gross-Up Payment equal to the Excise Tax imposed upon the Payments. If the
aggregate amount of Payments that you receive under this Agreement is less than 110% of the Safe
Harbor Amount your Payments under the Agreement will be reduced to the Safe Harbor Amount; provided
that the Payments to be reduced will be determined by you. The amount of the Excise Tax liability
(including whether any such tax is properly applied), the Gross-Up Payment and the Safe Harbor
Amount shall be determined by a nationally recognized public accounting firm acceptable to you and
the Company, which firm shall provide you with a written opinion of the amount of the excise tax
liability, if any. The Company shall pay the reasonable fees and expenses of such accounting firm.
The determination of the firm shall be binding on you and the Company. Any Gross-Up Payment paid
to you under this clause (v) shall be paid as soon as practicable and before the underlying taxes
are due and payable.

(vi) Interest on Unpaid Amounts. The Company shall pay you interest, compounded
quarterly, on any unpaid amount determined to be payable by the Company to you under this Agreement
from the date such amount would first have been payable to you during the Contract Period in
accordance with the provisions of this Agreement until paid, such interest to be calculated on the
basis of 120% of the applicable federal funds rate, as provided for in Section 1274(c) of the Code,
in effect from time to time during the period of such nonpayment.

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

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

5. LONG-TERM INCENTIVE PLAN BENEFITS.

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

A. All stock options and stock appreciation rights that have been outstanding as of the Change
in Control for a period of at least 6 months will become immediately exercisable in full for the
period of their remaining stated term; provided that the acceleration of the exercisability of any
stock option or stock appreciation right that has not been outstanding for a period of at least six
months shall occur on the first day following the end of such six-month period. Notwithstanding
the foregoing provisions of this Subsection 4(A), all or a portion of your outstanding stock
options and stock appreciation rights may, at the discretion of the Committee, be required to be
surrendered by you upon consummation of the Change in Control for cancellation in exchange for a
cash payment for each such stock option. The cash payment received for each share subject to such
stock option shall be 100% of the amount, if any, by which (i) the Change in Control Price exceeds
(ii) the Fair Market Value of a share of Common Stock on the date of grant of such stock option or
stock appreciation right. Such payments shall be made as soon as practicable but no later than 30
days after the Change in Control.

B. All restrictions applicable to an outstanding award of restricted stock shall lapse
immediately upon the occurrence of a Change in Control regardless of the scheduled lapse of such
restrictions. Notwithstanding the foregoing provisions of this Subsection 4(C), all or a portion
of your outstanding shares of restricted stock may, at the discretion of the Committee, be required
to be surrendered by you upon consummation of the Change in Control in exchange for a cash payment
for each share of restricted stock equal to the Change in Control Price. Any such payment shall be
made as soon as practicable but no later than 30 days after the Change in Control.

C. All outstanding deferred stock units that are not subject to performance vesting conditions
shall, as of the Change in Control, become fully vested and nonforfeitable (to the extent not
already vested and nonforfeitable) and all such deferred stock units (together with any dividend
equivalents for the period for which such deferred stock units have been outstanding) shall be paid
in full notwithstanding that the deferral periods as to such deferred stock units have not been
completed. Such payment shall be in shares of Common Stock (or, at the discretion of the
Committee, in cash equal to the Change in Control Price multiplied by the number of deferred stock
units in respect of which the payment is being made) and shall be made as soon as practicable but
no later than 30 days after the occurrence of a Change in Control; provided that payments in
respect of deferred stock units that are subject to the requirements under Section 409A will be
made in accordance with the applicable Award Agreement. Dividend equivalent rights in respect of
deferred stock units shall be converted to Common Stock by dividing (i) the value of such dividend
equivalent rights as of the Change in Control by (ii) the Change in Control Price.

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

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

6. INDEMNIFICATION

If you are made a party or threatened to be made a party to or are otherwise involved at any
time before or during the Contract Period in any action, suit or proceeding, other than one
instituted by you or by the Internal Revenue Service, whether civil, criminal, administrative or
investigative (hereinafter a “proceeding”) by reason of the fact that you are a party to this
Agreement, you will be indemnified and held harmless by the Company, to the fullest extent
permitted by applicable law (regardless of the outcome of the proceeding), against all expense,
liability and loss (including attorney’s fees, judgments, fines and amounts paid in settlement)
reasonably incurred or suffered by you in connection therewith. You will notify the Company in the
event of the commencement or threat of commencement of any proceeding in respect of which indemnity
may be sought under this Section.

The Company will at its expense participate in and assume the defense of any such proceeding,
including the employment of counsel chosen by it (and as to whom you have no reasonable objection)
and the payment of the fees and disbursements of such counsel. You will cooperate with the Company
in respect of such defense and may retain separate counsel at your expense to participate in such
defense. In the event that, in the opinion of your counsel, you and the Company or any other
executive represented by the Company’s counsel in such proceeding have a conflict of interest in
respect of the proceeding, then you may employ counsel as separate counsel to represent or defend
you in the proceeding and the Company will pay for the reasonable fees and disbursements of such
counsel. The provisions of this paragraph shall be inapplicable to any proceeding instituted by
the Company during the Contract Period which shall, as to your defense and fees and expenses
thereof, be governed by paragraph (iii) of Subsection 4B hereof.

Your rights under this Section 5 are not exclusive of any other right which you may have or
hereafter acquire under any statute, certificate of incorporation, by-law, agreement, insurance
policy or otherwise, and shall survive your Termination of Employment and the end of the Contract
Period.

7. SUCCESSORS; BINDING AGREEMENT

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

This Agreement will inure to the benefit of and be enforceable by your personal or legal
representatives, executors, administrators, successors, heirs, distributees, devises and legatees,
but neither this Agreement nor any of your rights or obligations hereunder may be assigned or
pledged by you. If you should die while any amounts would still be payable to you under Subsection
4B hereof if you had continued to live, all such amounts, unless otherwise provided herein, will be
paid in accordance with the terms of this Agreement to your devisee, legatee or other designee or,
if there be no such designee, to your estate.

8. NOTICE

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

9. MISCELLANEOUS

A. Amendment; Waiver. Except as specifically provided in clause 9(G)(iv), no
provisions of this Agreement may be modified, waived or discharged unless such waiver, modification
or discharge is agreed to in writing signed by you and the Company’s chief executive officer or
another officer of the Company specifically designated by the Board. No waiver by either party
hereto at any time of any breach by the other party hereto of, or compliance with, any condition or
provision of this Agreement to be performed by such other party will be deemed a waiver of similar
or dissimilar provisions or conditions at the same or at any prior or subsequent time.

Notwithstanding the foregoing, prior to a Change in Control the Company may unilaterally amend this
Agreement as may from time to time be required to assure that this Agreement does not violate or
cause the Company to be in violation of applicable law or that any payment provided for hereunder
would not be prohibited by applicable law; provided that all other employment or other agreements
between the Company and other key members of its management substantially similar to this Agreement
are similarly amended at such time.

B. Nondisclosure. You hereby ratify and affirm, and agree to be bound by, the terms
and provisions of your Employee Patent and Confidential Information Agreement with the Company
dated 27 May 1975 (your “Employee Agreement”) during the Contract Period and thereafter in
accordance with the terms of your Employee Agreement, which Agreement is incorporated by reference
herein and made a part hereof as if set forth in full herein.

C. Exclusive Agreement. Except for your Employee Agreement and any similar,
succeeding or substitute agreement between you and the Company, no agreements or representations,
oral or otherwise, express or implied, with respect to the subject matter hereof have been made by
either party which are not set forth expressly in this Agreement. Notwithstanding any other
provision of this Agreement, this Agreement does not affect the Company’s right to terminate your
employment or to alter your compensation, benefits, position or other terms and conditions of
employment with the Company prior to a Change in Control, or your right to resign from employment
with the Company prior to a Change in Control, and any such termination, resignation or other
action with respect to your terms and conditions of employment prior to a Change in Control will
give rise to no rights or obligations in either of the parties hereto under this Agreement.

D. Other Plans and Programs. Nothing in this Agreement shall prevent or limit your
continuing or future participation in any benefit, bonus, incentive or other plan or program
provided by the Company and for which you may qualify, nor shall anything herein limit or otherwise
affect such rights as you may have under any such plan or program. Except as expressly provided
herein, amounts which are vested benefits or which you are otherwise entitled to receive under any
plan or program of the Company at or subsequent to your Termination Date shall be payable in
accordance with such plan or program, unless you should expressly waive your rights thereto in
writing.

E. Governing Law; Validity; References to Law. The validity, interpretation,
construction and performance of this Agreement shall be governed by the laws of the Commonwealth of
Pennsylvania. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provision or provisions of this Agreement, which
shall remain in full force and effect. All references herein to sections of the Act or the Code
shall be deemed also to refer to any successor provisions to such sections.

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

G. Section 409A.

(i) It is intended that the provisions of this Agreement comply with Section 409A, and all
provisions of this Agreement shall be construed and interpreted in a manner consistent with the
requirements for avoiding taxes or penalties under Section 409A.

(ii) Neither you nor any of your creditors or beneficiaries shall have the right to subject
any deferred compensation (within the meaning of Section 409A) payable under this Agreement or
under any other plan, policy, arrangement or agreement of or with the Company or any of its
affiliates (this Agreement and such other plans, policies, arrangements and agreements, the
“Company Plans”) to any anticipation, alienation, sale, transfer, assignment, pledge, encumbrance,
attachment or garnishment. Except as permitted under Section 409A, any deferred compensation
(within the meaning of Section 409A) payable to you or for your benefit under any Company Plan may
not be reduced by, or offset against, any amount owed by you to the Company or any of its
affiliates.

(iii) If, at the time of your separation from service (within the meaning of Section 409A),
(i) you shall be a specified employee (within the meaning of Section 409A and using the
identification methodology selected by the Company from time to time) and (ii) the Company shall
make a good faith determination that an amount payable under a Company Plan constitutes deferred
compensation (within the meaning of Section 409A) the payment of which is required to be delayed
pursuant to the six-month delay rule set forth in Section 409A in order to avoid taxes or penalties
under Section 409A, then the Company shall not pay such amount on the otherwise scheduled payment
date but shall instead accumulate such amount and pay it, without interest, on the first business
day after such six-month period.

(iv) Notwithstanding any provision of this Agreement or any Company Plan to the contrary, in
light of the uncertainty with respect to the proper application of Section 409A, the Company
reserves the right to make amendments to this Agreement and any Company Plan as the Company deems
necessary or desirable to avoid the imposition of taxes or penalties under Section 409A. In any
case, except as specifically provided in clause 4(B)(v), you are solely responsible and liable for
the satisfaction of all taxes and penalties that may be imposed on you or for your account in
connection with any Company Plan (including any taxes and penalties under Section 409A), and
neither the Company nor any affiliate shall have any obligation to indemnify or otherwise hold you
harmless from any or all of such taxes or penalties.

If this letter correctly sets forth our agreement on the subject matter hereof, kindly sign
and return to the Company the enclosed copy of this letter which will then constitute our agreement
on this subject.

Sincerely,

AIR PRODUCTS AND CHEMICALS, INC.

By:

Title:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00134-of-00352.parquet"}]]