Document:

Exhibit 10.4(b)

 

The
State Bank and Trust Company

2017
Split Dollar Agreement and Endorsement

 

This 2017
Split Dollar Agreement and Endorsement (this “Agreement”) is entered into as of this 22nd day of January,
2018 by and between The State Bank and Trust Company, an Ohio-chartered bank (the “Bank”), and Anthony V. Cosentino,
Chief Financial Officer of the Bank (the “Executive”). This Agreement shall append the Split Dollar Policy Endorsement
entered into on even date herewith or as subsequently amended, by and between the aforementioned parties. 

 

Whereas,
to encourage the Executive to remain a Bank employee, the Bank is willing to divide the death proceeds of a life insurance policy
on the Executive’s life,

 

Whereas,
the Bank will pay life insurance premiums from its general assets, and

 

Now
Therefore, in consideration of the foregoing
premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

 

Article
1

Definitions

 

Capitalized
terms not otherwise defined in this Agreement are used herein as defined in the Amended Supplemental Executive Retirement Plan
Agreement between SB Financial Group, Inc. and the Executive. The following terms shall have the meanings specified.

 

1.1 Administrator
means the administrator described in Article 7.

 

1.2 Executive’s
Interest means the benefit set forth in section 2.2.

 

1.3 Insured
means the Executive.

 

1.4 Insurer
means each life insurance carrier for which there is a Split Dollar Policy Endorsement attached to this Agreement.

 

1.5
Net Death Proceeds means the total death proceeds of the Policy minus the cash surrender value. 

 

1.6 Policy
means the specific life insurance policy or policies issued by the Insurer(s).

 

1.7 Separation
from Service means separation from service as defined in Internal Revenue Code section 409A and rules, regulations, and guidance
of general application thereunder issued by the Department of the Treasury, including termination for any reason of the Executive’s
service as an executive and independent contractor to the Bank and any member of a controlled group, as defined in Code section
414, other than because of a leave of absence approved by the Bank or the Executive’s death.

 

1.8 Split
Dollar Policy Endorsement means the form required by the Administrator or the Insurer to indicate the Executive’s interest,
if any, in a Policy on such Executive’s life.

 

1.9 Amended
Supplemental Executive Retirement Plan Agreement means the Supplemental Executive Retirement Plan Agreement between SB Financial
Group, Inc. and the Executive, as the same may hereafter be amended.

 

    
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Cosentino split dollar agreement October 11, 2017

     

    

 

Article
2

Policy
Ownership/Interests

 

2.1 Bank
Ownership. The Bank is the sole owner of the Policy and shall have the right to exercise all incidents of ownership. The Bank
shall be the beneficiary of the remaining death proceeds of the Policy after the Executive’s interest is paid according
to section 2.2 below.

 

2.2 Death Benefit.
Provided the Executive’s death occurs before the Executive’s Separation from Service, at the Executive’s
death the Executive’s beneficiaries designated in accordance with the Split Dollar Policy Endorsement(s) shall collectively
be entitled to Policy proceeds in an amount equal to $649,790 but not to exceed 100% of the Net Death Proceeds (the “Executive’s
Interest”). The Executive’s Interest shall be extinguished on the date of the Executive’s Separation from Service,
and the Executive’s beneficiaries shall be entitled to no benefits under this Agreement for the Executive’s death
occurring thereafter. The Executive shall have the right to designate the beneficiaries of the Executive’s Interest. 

 

2.3 Option
to Purchase. The Bank shall not sell, surrender, or transfer ownership of the Policy without first giving the Executive
or the Executive’s transferee the option to purchase the Policy for a period of 60 days from written notice of such intention.
The purchase price shall be an amount equal to the cash surrender value of the Policy.

 

2.4 Comparable
Coverage. The Bank may replace the Policy with a comparable insurance policy to cover the benefit provided under this Agreement,
in which case the Bank and the Executive shall execute a new Split Dollar Policy Endorsement for the comparable insurance policy.

 

2.5 Internal
Revenue Code Section 1035 Exchanges. The Executive recognizes and agrees that the Bank may after this Agreement is adopted
wish to exchange the Policy of life insurance on the Executive’s life for another contract of life insurance insuring the
Executive’s life. Provided that the Policy is replaced (or intended to be replaced) with a comparable policy of life insurance,
the Executive agrees to provide medical information and cooperate with medical insurance-related testing required by a prospective
insurer for implementing the Policy or, if necessary, for modifying or updating to a comparable insurer.

 

Article
3

Premiums

 

3.1 Premium
Payment. The Bank shall pay any premiums due on the Policy.

 

3.2 Economic
Benefit. The Administrator shall annually determine the economic benefit attributable to the Executive based on the life insurance
premium factor for the Executive’s age multiplied by the aggregate death benefit payable to the Executive’s beneficiary.
The “life insurance premium factor” is the minimum factor applicable under guidance published pursuant to Treasury
Reg. section 1.61-22(d)(3)(ii) or any subsequent authority.

 

3.3 Imputed
Income. The Bank shall impute the economic benefit to the Executive on an annual basis by adding the economic benefit to the
Executive’s W-2, or if applicable, Form 1099.

 

    
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Cosentino split dollar agreement October 11, 2017

     

    

 

Article
4

Assignment

 

The
Executive may irrevocably assign without consideration all of the Executive’s interest in the Policy and in this Agreement
to any person, entity, or trust established by the Executive or the Executive’s spouse. If the Executive transfers all of
the Executive’s interest in the Policy, all of the Executive’s interest in the Policy and in the Agreement shall be
vested in the Executive’s transferee, who shall be substituted as a party hereunder and the Executive shall have no further
interest in this Agreement.

 

Article
5

Insurer

 

The
Insurer shall be bound by the terms of the Policy only. Any payments the Insurer makes or actions it takes in accordance with
the Policy shall fully discharge it from all claims, suits, and demands of all entities or persons. The Insurer shall not be bound
by or be deemed to have notice of the provisions of this Agreement.

 

Article
6

Claims
and Review Procedures

 

6.1 Claims
Procedure. The Bank will notify any person or entity that makes a claim for benefits under this Agreement (the “Claimant”)
in writing, within 90 days after receiving Claimant’s written application for benefits, of his or her eligibility or noneligibility
for benefits under the Agreement. If the Administrator determines that the Claimant is not eligible for benefits or full benefits,
the notice will state (w) the specific reasons for denial, (x) a specific reference to the provisions of the Agreement
on which the denial is based, (y) a description of any additional information or material necessary for the Claimant to
perfect his or her claim, and a description of why it is needed, and (z) an explanation of the Agreement’s claims
review procedure and other appropriate information concerning steps to be taken if the Claimant wishes to have the claim reviewed.
If the Administrator determines that there are special circumstances requiring additional time to make a decision, the Bank will
notify the Claimant of the special circumstances and the date by which a decision is expected to be made, and may extend the time
for up to an additional 90 days.

 

6.2 Review
Procedure. If the Claimant is determined by the Administrator not to be eligible for benefits, or if the Claimant believes
that he or she is entitled to greater or different benefits, the Claimant will have the opportunity to have his or her claim reviewed
by the Bank by filing a petition for review with the Bank within 60 days after receipt of the notice issued by the Bank. The Claimant’s
petition must state the specific reasons the Claimant believes entitle him or her to benefits or to greater or different benefits.
Within 60 days after receipt by the Bank of the petition, the Administrator will give the Claimant (and counsel, if any) an opportunity
to present his or her position verbally or in writing, and the Claimant (or counsel) will have the right to review the pertinent
documents. The Administrator will notify the Claimant of the Administrator’s decision in writing within the 60-day period,
stating specifically the basis of its decision, written in a manner to be understood by the Claimant, and the specific provisions
of the Agreement on which the decision is based. If, because of the need for a hearing, the 60-day period is not sufficient, the
decision may be deferred for up to another 60 days at the election of the Administrator, but notice of this deferral will be given
to the Claimant.

 

    
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Cosentino split dollar agreement October 11, 2017

     

    

 

Article
7

Administration
of Agreement

 

7.1 Administrator
Duties. This Agreement shall be administered by an Administrator, which shall consist of the Board or such committee as the
Board shall appoint. The Executive may not be a member of the Administrator. The Administrator shall have the discretion and authority
to (x) make, amend, interpret, and enforce all appropriate rules and regulations for the administration of this Agreement
and (y) decide or resolve any and all questions that may arise, including interpretations of this Agreement.

 

7.2 Agents.
In the administration of this Agreement, the Administrator may employ agents and delegate to them such administrative duties as
it sees fit (including acting through a duly appointed representative) and may from time to time consult with counsel, who may
be counsel to the Bank.

 

7.3 Binding
Effect of Decisions. The decision or action of the Administrator concerning any question arising out of the administration,
interpretation, and application of this Agreement and the rules and regulations promulgated hereunder shall be final and conclusive
and binding upon all persons having any interest in the Agreement.

 

7.4 Indemnity
of Administrator. The Bank shall indemnify and hold harmless the members of the Administrator against any and all claims,
losses, damages, expenses, or liabilities arising from any action or failure to act with respect to this Agreement, except in
the case of willful misconduct by the Administrator or any of its members.

 

7.5 Information.
To enable the Administrator to perform its functions, the Bank shall supply full and timely information to the Administrator on
all matters relating to the date and circumstances of the retirement, death, or Separation from Service of the Executive, and
such other pertinent information as the Administrator may reasonably require.

 

Article
8

Miscellaneous

 

8.1 Amendment
and Termination of Agreement. This Agreement may be amended or terminated solely by a written agreement signed by the Bank
and the Executive. However, this Agreement shall terminate upon the first to occur of (u) surrender, lapse, or other termination
of the Policy by the Bank, or (v) distribution of the death benefit proceeds in accordance with section 2.2 above, or (w)
termination of the Executive’s employment for “cause” pursuant to the Amended Supplemental Executive Retirement
Plan Agreement with SB Financial Group, Inc., or (x) the Executive’s Separation from Service.

 

8.2 Binding
Effect. This Agreement shall bind the Executive and the Bank and their beneficiaries, survivors, executors, administrators,
and transferees, and any Policy beneficiary.

 

8.3 No
Guarantee of Employment. This Agreement is not an employment policy or contract. It does not give the Executive the right
to remain an employee of the Bank nor does it interfere with the Bank’s right to discharge the Executive. It also does not
require the Executive to remain an employee or interfere with the Executive’s right to terminate employment at any time.

 

8.4 Successors;
Binding Agreement. By an assumption agreement in form and substance satisfactory to the Executive, the Bank shall require
any successor (whether direct or indirect, by purchase, merger, consolidation, or otherwise) to all or substantially all of the
business or assets of the Bank to expressly assume and agree to perform this Agreement in the same manner and to the same extent
that the Bank would be required to perform this Agreement had no succession occurred.

 

    
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Cosentino split dollar agreement October 11, 2017

     

    

 

8.5 Applicable
Law. This Agreement and all rights hereunder shall be governed by and construed according to the laws of the State of Ohio,
except to the extent preempted by the laws of the United States of America.

 

8.6 Entire
Agreement. This Agreement constitutes the entire agreement between the Bank and the Executive concerning the subject matter.
No rights are granted to the Executive under this Agreement other than those specifically set forth.

 

8.7 Severability.
If any provision of this Agreement is held invalid, such invalidity shall not affect any other provision of this Agreement not
held invalid, and each such other provision shall continue in full force and effect to the full extent consistent with law. If
any provision of this Agreement is held invalid in part, such invalidity shall not affect the remainder of the provision not held
invalid, and the remainder of the provision together with all other provisions of this Agreement shall continue in full force
and effect to the full extent consistent with law.

 

8.8 Headings.
Caption headings and subheadings herein are included solely for convenience of reference and shall not affect the meaning or interpretation
of any provision of this Agreement.

 

8.9 Notices.
All notices, requests, demands and other communications hereunder shall be in writing and shall be deemed to have been duly given
if delivered by hand or mailed, certified or registered mail, return receipt requested, with postage prepaid, to the following
addresses or to such other address as either party may designate by like notice. If to the Bank, notice shall be given to the
board of directors, The State Bank and Trust Company, 401 Clinton Street, Defiance, Ohio 43512, or to such other or additional
person or persons as the Bank shall have designated to the Executive in writing. If to the Executive, notice shall be given to
the Executive at the Executive’s address appearing on the Bank’s records, or to such other or additional person or
persons as the Executive shall have designated to the Bank in writing.

 

In
Witness Whereof, the Executive and a duly
authorized representative of the Bank have executed this Agreement as of the date first written above.

 

	Executive:	 	Bank:
	 	 	The State Bank and Trust Company
	 	 	 	 
	/s/
    Anthony V. Cosentino	 	By:	/s/ Mark A. Klein

	Anthony V. Cosentino
	 	 	 
	 	 	Title:	President and CEO

 

    
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Cosentino split dollar agreement October 11, 2017

     

    

 

Agreement
to Cooperate with Insurance Underwriting Incident to Internal Revenue Code section 1035 Exchange

 

I
acknowledge that I have read the 2017 Split Dollar Agreement and Endorsement and agree to be bound by its terms, particularly
the covenant on my part set forth in section 2.5 of the 2017 Split Dollar Agreement and Endorsement to provide medical information
and cooperate with medical insurance-related testing required by an insurer to issue a comparable insurance policy to cover the
benefit provided under this 2017 Split Dollar Agreement and Endorsement.

 

	 	 	 
	Witness	 	Anthony V. Cosentino

 

    
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Cosentino split dollar agreement October 11, 2017

     

    

 

Split
Dollar Policy Endorsement

 

		Insured:	Anthony V. Cosentino

		Insurer:	Massachusetts Mutual Life Insurance Company

	Policy No.	39138503

 

According
to the terms of The State Bank and Trust Company 2017 Split Dollar Agreement and Endorsement dated as of January 22, 2018, the
undersigned Owner requests that the above-referenced policy issued by the Insurer provide for the following beneficiary designation
and limited contract ownership rights to the Insured:

 

1. Upon
the death of the Insured, proceeds shall be paid in one sum to the Owner, its successors or assigns, to the extent of the Owner’s
interest in the policy. It is hereby provided that the Insurer may rely solely upon a statement from the Owner concerning the
amount of proceeds it is entitled to receive under this paragraph.

 

2. Any
proceeds at the death of the Insured in excess of the amount paid under the provisions of the preceding paragraph shall be paid
in one sum to:

 

	 
	Primary
    Beneficiary, Relationship/Social Security Number
	 

                                                                                 

	Contingent
    Beneficiary, Relationship/Social Security Number

 

The
exclusive rights to change the beneficiary for the proceeds payable under this paragraph and to assign all rights and interests
granted under this paragraph are hereby granted to the Insured. The sole signature of the Insured shall be sufficient to exercise
the rights. The Owner retains all contract rights not granted to the Insured under this paragraph.

 

3. It
is agreed by the undersigned that this designation and limited assignment of rights shall be subject in all respects to the contractual
terms of the policy.

 

4. Any
payment directed by the Owner under this endorsement shall be a full discharge of the Insurer, and such discharge shall be binding
on all parties claiming any interest under the policy.

 

The
undersigned for the Owner is signing in a representative capacity and warrants that he or she has the authority to bind the entity
on whose behalf this document is executed.

 

Signed
at                                     ,
Ohio this                day of                                       ,
20       .

 

	Insured:	 	Owner:
	 	 	The
State Bank and Trust Company
	 	 	 	 
		 	By:	
	Anthony V. Cosentino

	 	 	 
	 	 	Its:	

 

 

7

Cosentino split dollar agreement October
11, 2017Exhibit

Exhibit 10.1

Air Products and Chemicals, Inc. (the “Company”)
Restricted Stock Unit Award Agreement

Company Confidential Communication to:  «Participant Name»

You have been granted a Restricted Stock Unit award under the Air Products and Chemicals, Inc. Long-Term Incentive Plan (the “Plan”).

Your FY2018 award consists of «Shares Granted» 4-Year Restricted Stock Units, each Unit being equivalent in value to one share of Common Stock. 

Your FY2018 Restricted Stock Unit Award is subject to and contingent upon your agreement to the conditions described in Exhibit A and the terms described in Exhibit B.  Please read the conditions carefully, particularly the descriptions of the “Restrictive Covenants”.  This letter, together with its Exhibits, constitutes the agreement governing your FY2018 Restricted Stock Unit Award (“Award Agreement”).  Your FY2018 Restricted Stock Unit Award is also at all times subject to the applicable provisions of the Long-Term Incentive Plan and to any determinations made by the Management Development and Compensation Committee of the Company’s Board of Directors (the “Committee”) or its delegate, with respect to your FY2018 Restricted Stock Unit Award as contemplated or permitted by the Plan or the Conditions.  

Neither your FY2018 Restricted Stock Unit Award, this Award Agreement or the Plan constitute a contract of employment; nor do they guarantee your continued employment for any period required for all or any of your FY2018 Restricted Stock Unit Award to vest, become exercisable, be earned or be paid out.  Except as otherwise indicated all capitalized words used in this Award Agreement have the meanings described in the Plan.

WITNESSETH the due execution of this Award Agreement at Allentown, Pennsylvania effective as of the 1st day of December 2017 intending to be legally bound hereby.

AIR PRODUCTS AND CHEMICALS, INC.

By:  
    
Seifi Ghasemi

Exhibits
EXHIBIT A

FY2018 AWARDS UNDER THE PLAN ARE SUBJECT TO THE FOLLOWING CONDITIONS:

In the event the Company determines, in its sole discretion, that you have violated the Restrictive Covenants set forth in Paragraph 1, at any time during your employment, or within two years after termination of your employment from the Company or any Subsidiary, the Company shall be entitled to (i) preliminary and permanent injunctive relief, without the necessity of providing actual damages or posting of a bond, (ii) damages equal to an equitable accounting of all earnings, profits and other benefits arising from such violation of Paragraph 1 and (iii) subject to the requirements of Section 409A of the Internal Revenue Code, cancel, not deliver, modify, rescind, suspend, withhold, or otherwise limit or restrict any unexpired, unpaid, unexercised or deferred Awards   outstanding under the Plan, and any exercise, payment or delivery of an Award or shares of Company Common Stock pursuant to an Award may be recouped by the Company within two years after such exercise, payment or delivery.  In the event of any such reversion, you shall pay to the Company the amount of any gain realized or payment received as a result of the exercise, payment or delivery, in such manner and on such terms as may be required by the Company, and the Company shall be entitled to set off against the amount of any such gain or payment any amount owed to you by the Company or any Subsidiary.     

		
	1.
	Restrictive Covenants.

		
	(a)
	Definitions.  For purposes of this Paragraph 1, the following words shall have the following definitions. 

		
	(i)
	“Affiliate” of a specified Person shall mean any Person which is under common control with the specified Person, or of which the specified Person is an executive officer, manager, trustee, executor or similar controlling Person. 

		
	(ii)
	“Company” shall be deemed to include Air Products and Chemicals, Inc. and the subsidiaries and Affiliates of Air Products and Chemicals, Inc.  

		
	(iii)
	“Business of the Company” means the production, manufacturing and distribution of industrial gases, including atmospheric and process gases; the designing and manufacturing of equipment for the production, processing, purification distribution or storage of gases or for natural gas liquefaction; and any other line of business conducted, developed or being developed by the Company during your employment with the Company, in each case, in which you are or were involved during the course of your employment with the Company or about which you possess Confidential Information.  

		
	(iv)
	“Confidential Information” means any non-public, proprietary confidential or trade secret information of the Company and/or its customers, including but not limited to, business processes, know-how, practices, methods, plans, research, operations, services, strategies, techniques, formulae, manuals, data, notes, diagrams, customer or vendor information, pricing or cost information, product plans, designs, experimental processes and inventions. 

		
	(v)
	“Person” means any natural person, corporation, general partnership, limited partnership, limited liability company or partnership, joint venture, proprietorship or other business organization.

		
	(vi)
	“Provide Services” means to directly or indirectly, own, manage, control, or participate in the ownership, management or control of, or be employed or engaged by, participate in, serve on the board of directors of, consult with, contribute to, hold a security interest in, render services for, give advice to, provide assistance to or be otherwise affiliated or associated with.

		
	(vii)
	“Restricted Area” means any country in which you worked during your employment with the Company, over which you had supervisory responsibility for the Business of the Company while employed by the Company, or with respect to which you have Confidential Information pertaining to the Business of the Company.

		
	(b)
	Acknowledgment.

		
	(i)
	You acknowledge and agree that (A) the Business of the Company is intensely competitive and that your employment with the Company has required you to have access to, and knowledge of, Confidential Information, which is of vital importance to the success of the Business of the Company; (B) the use, disclosure or dissemination of any Confidential Information, except on behalf of the Company, could place the Company at a serious competitive disadvantage and could do serious damage, financial and otherwise, to the Business of the Company; and (C) the Company is  engaged in business, and has customers, throughout the world.   

		
	(ii)
	You further understand and acknowledge that the Company invests in customer relationships and as a result, has developed and will develop considerable goodwill with and among its customers.  You agree that the restrictive covenants below are necessary to protect the Company’s legitimate business interests in its Confidential Information and goodwill, and that the Company would not have provided the good and valuable consideration set forth in this Award Agreement in absence of such restrictions.  You further understand and acknowledge that the Company will be irreparably harmed if you violate the restrictive covenants below.  

		
	(c)
	 Confidential Information.

		
	(i)
	You hereby expressly acknowledge and agree that the obligations in this Award Agreement are in addition to, and shall not supersede, obligations you may have pursuant to other agreements with the Company, including, without limitation, your obligations under your Employee Patent and Confidential Information Agreement entered at the time you were employed by the Company, which shall continue to apply in accordance with its terms.  

		
	(ii)
	You agree that you have and will at all times hereafter, (A) treat all Confidential Information as strictly confidential; and (B) not directly or indirectly disclose, publish, communicate or make available Confidential Information, or allow it to be disclosed, published, communicated, or made available, in whole or part, to any Person who is not authorized by the Company to know such Confidential Information in the furtherance of the Company’s business.   

		
	(d)
	Non-Disparagement.  You agree not to directly or indirectly make, or cause to be made, any statement, observation or opinion that disparages or impugns the business or reputation of the Company, its products, services, agents or employees. 

		
	(e)
	Permitted Disclosures.  Pursuant to 18 U.S.C. § 1833(b), you understand that you will not be held criminally or civilly liable under any Federal or State trade secret law for the disclosure of a trade secret of the Company that (i) is made (A) in confidence to a Federal, State, or local government official, either directly or indirectly, or to your attorney and (B) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  You understand that if you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to your attorney and use the trade secret information in the court proceeding if you (I) file any document containing the trade secret under seal, and (II) do not disclose the trade secret, except pursuant to court order.  Nothing in this Award Agreement, or any other agreement you have with the Company, is intended to conflict with 18 U.S.C. § 1833(b) or create liability for disclosures of trade secrets that are expressly allowed by such section.  Further, nothing in this Award Agreement or any other agreement you have with the Company shall prohibit or restrict you from making any disclosure of information or documents to any governmental agency or legislative body, or any self-regulatory organization, in each case, without advance notice to the Company.

		
	(f)
	Return of Company Property.  You represent that upon request from the Company at any time and, without request, upon termination of your employment with the Company for any reason, you will deliver to the Company all memoranda, notes, records, manuals, or other documents, including all electronic or other copies of such materials and all documentation prepared or produced in connection therewith, containing Confidential Information, which is in your possession, custody and control, whether made or compiled by you or furnished to you by virtue of your employment with the Company.  You further represent that you will deliver to the Company all vehicles, computers, credit cards, telephones, handheld electronic devices, office equipment and other property furnished to you by virtue of your employment with the Company.  

		
	(g)
	 Notice.  You agree that during your employment with the Company and for two years after your employment with the Company terminates for any reason, you will give the Company ten (10) business days’ written notice of your intention to Provide Services to any other Person that engages in or is preparing to engage in the Business of the Company within the Restricted Area.  Such written notice must provide sufficiently detailed information so as to allow the Company to determine if you will be in breach of this Award Agreement if you Provide Services to such other Person.  

		
	(h)
	Non-Competition.  During your employment by the Company and for two years after your employment with the Company terminates for any reason, you agree that you will not Provide Services to any Person, other than the Company, that engages in or is preparing to engage in the Business of the Company within the Restricted Area, unless (i) such other Person also engages in lines of business that are separate, distinct and divisible from the Business of the Company, (ii) you do not Provide Services, Confidential Information or strategy to the Business of the Company conducted by such other Person, and (iii) you do not attend meetings where the Business of the Company of such other Person is discussed or where you could, even inadvertently, disclose Confidential Information.   Your passive ownership of not more than one percent (1%) of the capital stock or other ownership or equity interest, or voting power, in a public company, registered under the Securities Exchange Act of 1934, as amended, shall not be deemed to be a violation of this paragraph.       

		
	(i)
	Non-Solicitation; Non-Interference.  During your employment by the Company and for two years after your last day of employment with the Company, you also agree that you will not, directly or indirectly without the prior written consent of the Company:  

		
	(i)
	encourage, persuade, induce, or attempt to encourage or persuade or induce, any person who is an employee at the grade level of 118 or above, an officer, or a director of the Company, in each case, to terminate such relationship with the Company; or hire or engage, participate in the hiring or engagement of, or solicit or make an offer of employment or engagement to any employee at the grade level of 118 or above, officer or director of the Company who was employed or engaged by the Company as of your last day of employment with the Company. 

		
	(ii)
	on behalf of any Person engaged in the Business of the Company (other than the Company) solicit, contact, or attempt to solicit or contact any current, former or prospective customer of the Company whom you had contacted within the twenty-four (24) months prior to your last day of employment with the Company or about whom you have any Confidential Information.  

		
	(iii)
	encourage or persuade, or attempt to encourage or persuade any (A) customer of the Company, (B) potential customer of the Company during the last twenty-four (24) months of your employment with the Company with which or with whom you knew to be such a potential customer, or (C) prior customer of the Company, in each case, not to do business with the Company or to reduce the amount of business it is doing or might do in the future with or through the Company.

		
	(j)
	Tolling.  If you violate any of the terms of the restrictive covenant obligations articulated herein, the obligation at issue will run from the first date on which you cease to be in violation of such obligation.  

		
	(k)
	Successors and Assigns.  This Paragraph 1 shall inure to the benefit of the successors and assigns of the Company and therefore the Company may assign this Paragraph 1, without your consent to, including but not limited to, any of its subsidiaries or affiliates or to any successor (whether by merger, purchase, bankruptcy, reorganization or otherwise) to all or substantially all of the equity, assets or businesses of the Company. 

		
	2.
	Interpretation.  All determinations regarding the interpretation, construction, enforcement, waiver, or modification of this Award Agreement and/or the Plan shall be made in the Company’s sole discretion and shall be final and binding on you and the Company.  Determinations made under this Award Agreement and the Plan need not be uniform and may be made selectively among individuals, whether or not such individuals are similarly situated.  

		
	3.
	Conflict.  If any of the terms of this Award Agreement in the opinion of the Company conflict or are inconsistent with any applicable law or regulation of any governmental agency having jurisdiction, the Company reserves the right to modify this Award Agreement to be consistent with applicable laws or regulations.  

		
	4.
	Personal Data.  You understand and acknowledge that the Company holds certain personal information about you, including but not limited to your name, home address, telephone number, date of birth, social security number, salary, nationality, job title, and details of all Shares awarded, cancelled, vested, unvested, or outstanding (the “personal data”).  Certain personal data may also constitute “sensitive personal data” within the meaning of applicable local law.  Such data include but are not limited to the information provided above and any changes thereto and other appropriate personal and financial data about you.  You hereby provide explicit consent to the Company and any Subsidiary to process any such personal data and sensitive personal data.  You also hereby provide explicit consent to the Company and any Subsidiary to transfer any such personal data and sensitive personal data outside the country in which you are employed, and to the United States.  The legal persons for whom such personal data are intended are the Company and any third party providing services to the Company in connection with the administration of the Plan. 

		
	5.
	Plan Documents.  By accepting this award, you acknowledge having received and read the Plan Prospectus, and you consent to receiving information and materials in connection with this Award or any subsequent awards under the Company’s long-term performance plans, including without limitation any prospectuses and plan documents, by any means of electronic delivery available now and/or in the future (including without limitation by e-mail, by Website access, and/or by facsimile), such consent to remain in effect unless and until revoked in writing by you.  This Award Agreement and the Plan, which is incorporated herein by reference, constitute the entire agreement between you and the Company regarding the terms and conditions of this Award. 

		
	6.
	Jurisdiction; Governing Law.  The parties agree that upon any violation of this Award Agreement, suit may be brought, and the parties consent to personal jurisdiction, in the United States District Court for the Eastern District of Pennsylvania, or in any court of general jurisdiction in Allentown, Pennsylvania; the parties consent to the non-exclusive jurisdiction of any such court in any such suit, action or proceeding; and waive any objection which either party may have to the laying of venue of any such suit, action or proceeding in any such court.  This Award Agreement shall be governed by and construed in accordance with the laws of the Commonwealth of Pennsylvania without reference to its principles of conflict of law. The parties also irrevocably and unconditionally consents to the service of any process, pleadings, notices, or other papers with respect thereto.  EACH PARTY HERETO IRREVOCABLY AGREES TO WAIVE TRIAL BY JURY IN ANY ACTION, PROCEEDING, CLAIM, OR COUNTERCLAIM BROUGHT BY OR ON BEHALF OF ANY PARTY RELATED TO OR ARISING OUT OF THIS AWARD AGREEMENT.  

		
	7.
	Modification; Severability.   If any court of competent jurisdiction finds any provision of this Award Agreement, and particularly the covenants set forth in Paragraph 1, or portion thereof, to not be fully enforceable, it is the intention and desire of the parties that the provision be fully enforced to the extent the court finds them enforceable and, if necessary, that the court modify any provisions of this Award Agreement to the extent deemed necessary by the court to render them reasonable and enforceable and that the court enforce them to such extent.  To the extent that such provisions cannot be modified, it is the intention of the parties that the provisions be severable and that the invalidity of any one or more provisions of this Award Agreement shall not affect the legality, validity and enforceability of the remaining provisions of this Award Agreement.  If Paragraph 1 is unenforceable in its entirety, then this Award Agreement shall be considered null and void ab initio.    

		
	8.
	Waiver.  The failure of the Company to enforce any terms, provisions or covenants of this Exhibit shall not be construed as a waiver of the same or of the right of the Company to enforce the same.  Waiver by the Company of any breach or default by you of any term or provision of this Exhibit shall not operate as a waiver of any other breach or default.    

		
	9.
	No Contract.  Neither your FY2018 Restricted Stock Unit Awards, this Award Agreement, nor the Plan constitute a contract of employment; nor do they guarantee your continued employment for any period required for all or any of your Awards to vest or become exercisable.

10.    

EXHIBIT B

RESTRICTED STOCK UNITS

Grant of Restricted Stock Units.  Restricted Stock Units (“Units”) are granted to you subject to the terms of the Air Products and Chemicals, Inc. Long-Term Incentive Plan as amended and restated on 1 October 2014 and as amended from time to time thereafter and the conditions described below.  All capitalized terms have the meaning ascribed to them in the Plan unless otherwise noted.  The Units are “Deferred Stock Units” as described in Section 9 of the Plan.  The Deferral Period for Units begins on 1 December 2017 and ends on 1 December 2021.

Payment of Restricted Stock Units.  Each Unit granted to you represents the value of one share of Common Stock.  Payment in respect of the Units will be delivered in shares of Common Stock or cash as determined by the Committee or its delegate, as soon as administratively practical following the end of the Deferral Period (but in no event later than 60 days thereafter) or at such other time as is specified below. 

Dividends. No cash dividends or other amounts shall be payable with respect to the Units during the Deferral Period.  At the end of the Deferral Period, for each Unit that has not been forfeited, you will also be entitled to receive a cash payment equal to the dividends which would have been paid with respect to a share of Company Common Stock during the Deferral Period (“Dividend Equivalents”).

Termination of Employment. Except as provided below, if your employment by the Company and all of its affiliates is terminated for any reason     prior to 1 December 2018, all of your Units will be automatically forfeited in their entirety.  If your employment by the Company and all its affiliates terminates on or after 1 December 2018, but during the Deferral Period, other than due to death, Disability, Retirement or termination by the Company without Cause (an “Involuntary Termination”), all of your Units will be automatically forfeited in their entirety. 

If your employment by the Company and all its affiliates is terminated on or after 1 December 2018, but during the Deferral Period, due to death, Disability, or Retirement, you will vest in all of your Units.  If your employment is terminated at any time during the Deferral Period due to Involuntary Termination and you execute a general release of claims in favor of the Company within 50 days following your termination in a form satisfactory to the Administrator (a “Release”), you will vest in a pro-rata portion of your Units (which portion shall be based on the number of full months you worked during the Deferral Period) and all of your remaining Units will be forfeited.  If you do not execute a Release, all of your Units will be automatically forfeited in their entirety.  For purposes of this paragraph, an Involuntary Termination occurring prior to 1 December 2018 which is also a Retirement shall be treated as an Involuntary Termination; an Involuntary Termination occurring on or after 1 December 2018 which is also a Retirement shall be treated as a Retirement. 

In the event of your termination of employment due to Disability or Retirement prior to the end of the Deferral Period, payment in respect of the Units due to you and of related Dividend Equivalents shall be made as soon as administratively practical following the end of the Deferral Period (but in no event later than 60 days thereafter).

If your employment by the Company and all its affiliates terminates during the Deferral Period due to Involuntary Termination, payment in respect of Units that have not been forfeited and of related Dividend Equivalents shall be made as soon as administratively practical following your termination (but in no event later than 60 days thereafter).

If your employment by the Company and all its affiliates terminates during the deferral period due to death, payment in respect of Units due to you and of related Dividend Equivalents shall be made as soon as practicable following your death (but in no event later than 60 days thereafter) to your Designated Beneficiary or, if none, your legal representative.

Notwithstanding anything to the contrary above, if your employment by the Company and its affiliates is terminated and such termination constitutes a “Termination of Employment” within the meaning of the Air Products and Chemicals, Inc. Executive Separation Program (the “Program”) and the Administrator of the Program determines you are entitled to the benefits of the Program, your outstanding Awards under this Agreement shall be treated in accordance with the Program.

Recoupment. Notwithstanding anything to the contrary above, any Units and any related Dividend Equivalents paid to you may be recouped by the Company within three years of their payment in the event that: (i) the payment of  such Units is predicated upon the achievement of financial results that are subsequently the subject of a restatement; (ii) the Committee determines in its sole discretion that you engaged in misconduct that caused or partially caused the need for the restatement; and (iii) the Units would not have been paid or a lesser amount of Units would have been paid based upon the restated financial results.  In the event of any such recoupment, you shall pay to the Company the amount of any gain realized or payment received as a result of any recouped payment, in such manner and on such terms as may be required, and the Company shall be entitled to reduce any amount owed to you by the Company or any Subsidiary by such gain or payment.

Notwithstanding any other provisions of this Award Agreement, in the event the Company is required to prepare an accounting restatement due to its material noncompliance with any financial reporting requirement, the Company may recover from you any amounts or awards which it is required to recover under Section 10D of the Securities Exchange Act of 1934 or any other applicable law or securities exchange listing standard.

Taxes. The Company shall have the right to deduct from all Awards hereunder paid or any payment in respect of an Award, any federal, state, local or foreign taxes required or permitted by law to be withheld. In the case of a payment in respect of Units made in Common Stock, the Company shall reduce number of the shares of Common Stock to be distributed by an amount with a value equal to the value of such taxes required or permitted to be withheld.

Adjustments.  In the event of any change in the outstanding shares of Common Stock of the Company or the occurrence of certain other events as described in Section 12 of the Plan, an equitable adjustment of the number of Units covered by this Award Agreement shall be made as provided in the Plan.

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