Compensation Program for Nonemployee Directors

EX-10.22(A) 5 d409668dex1022a.htm COMPENSATION PROGRAM FOR DIRECTORS EFFECTIVE 1 OCTOBER 2012. Compensation Program for Directors effective 1 October 2012.

Exhibit 10.22(a)

Compensation Program

for Nonemployee Directors

Each director shall be paid an annual retainer of $80,000 for serving as a member of the Board of Directors and any Board Committee(s), which retainer shall be payable in quarterly installments at the end of each quarter. Payment of this retainer may be deferred under the Deferred Compensation Program for Directors.

b.	Each director who serves as the Chairman of a Board Committee shall be paid an additional annual retainer of $15,000, which retainer shall be payable in quarterly installments.

c.	The presiding director shall receive an additional annual retainer of $20,000.

d.	Each director shall be paid a meeting fee of $2,000 per Committee meeting attended.*/

Deferred stock units with a targeted dollar value of $120,000 shall be credited annually to the Air Products Stock Account under the Deferred Compensation Program for Directors for each director who is continuing in office after the Annual Meeting of Shareholders, effective as of the day of the Annual Meeting. The number of units to be credited will be determined based on the Fair Market Value of a share of common stock of the Company as determined under the Program on the date credited, rounded up to the nearest whole share unit.

Deferred stock units shall be credited to the Air Products Stock Account under the Deferred Compensation Program for Directors for each newly-elected director effective as of the date the director first serves on the Board. The targeted dollar value of such units shall be the amount specified in paragraph (e) above multiplied by a fraction, the numerator of which shall be the number of full or partial months remaining until the next Annual Meeting of Shareholders and the denominator of which shall be twelve. The number of units to be credited will be determined based on the Fair Market Value of a share of common stock of the Company as determined under the Program on the date credited, rounded up to the nearest whole share unit.

g.	Directors shall be reimbursed for out-of-pocket expenses incurred in attending regular and special meetings of the Board and Board Committees and any other business function of the Company at the request of the Chairman of the Board. Expenses will be reimbursed as submitted.**/

For purposes of administering these provisions, a director will be considered to have attended any meeting for which he or she was present in person or by secure telephone conference call for substantially all of the meeting, as determined by the Corporate Secretary. Members of the Audit Committee who participate with management and/or the independent auditors to review such things as quarterly earnings releases and registration statements as required by law or listing standard will also receive the meeting fee.

**/

Directors are reimbursed at the rate of $.555 per mile (effective 01/01/12) or such rate as is published by the Internal Revenue Service for use of their personal cars in connection with Company business. Directors using personal aircraft or private carrier will be reimbursed for such expenses at a rate equivalent to first-class air fare of scheduled carriers