Description of Performance Criteria Under Air Products and Chemicals Annual Incentive Plan
This document describes the key terms of the Air Products and Chemicals Annual Incentive Plan. Bonuses for employees are determined by a formula based on the company's growth in earnings per share and return on equity for the fiscal year. The total amount available for bonuses is capped according to this formula. The Management Development and Compensation Committee has the authority to reduce individual awards at its discretion.
Exhibit 10.3
Description of Performance Criteria
Under the Annual Incentive Plan of the Company
The following is a description of certain terms of the Air Products and Chemicals Annual Incentive Plan (the “Plan”) provided pursuant to paragraph 10(iii) of Item 601 of Regulation S-K, which requires a written description of material terms and conditions of a compensatory plan not contained in a formal document.
The Management Development and Compensation Committee of the Board of Directors of the Company has determined that bonuses under the Plan for the fiscal year will be payable based on a formula that takes into account growth in earnings per share and return on equity. The maximum bonus pool for the fiscal year is determined according to the formula. The Committee may determine to adjust awards downward.
