Exhibit 10.1 AIRGAS, INC. EXECUTIVE BONUS PLAN

Airgas, Inc. (the "Company") believes in providing incentives to attract, retain and reward Executive Officers who are responsible for providing leadership to the Company in attaining established business objectives.

The purpose of the Airgas, Inc. Executive Bonus Plan (the "Plan") is to align management's efforts with the strategic goals of the Company through competitive annual incentive opportunities. The Plan's performance period originally in effect for the period April 1, 2015 to March 31, 2016 will instead cover the period April 1, 2015 through December 31, 2015 (the "Short Plan Year").  The Plan will thereafter be effective on a calendar year basis, beginning with the period from January 1, 2016 through December 31, 2016 (the "Plan Year") and will automatically renew on each January 1 unless earlier terminated by the Governance and Compensation Committee of the Board of Airgas, Inc., or such other committee of the Board as may be responsible for executive compensation issues (the "Committee").  All references herein to Plan Year shall include the Short Plan Year unless otherwise specified.

The Executive Officers of the Company ("Participants") are eligible for payments of Awards under the Plan provided that such Participants are employed by the Company on the last day of  the Plan Year (unless previously terminated due to retirement, disability or death as more fully described herein). For purposes of the Plan, Executive Officers of the Company are defined as those employees who constitute "officers" of the Company for the purposes of Section 16 of the Securities Exchange Act of 1934, and any other employee of the Company deemed to be a "covered employee" within the meaning of Section 162(m) of the Internal Revenue Code of 1986, as amended, as such section may be amended.

Participants in the Plan in respect of each Plan Year will be eligible for a cash incentive award in respect of such Plan Year (the "Award") based on the achievement of predetermined goals as set forth in the Performance Measurement section of the Plan. Participants will have an assigned Award target equal to a specific percentage of salary earned during the Plan Year. For this purpose, salary is defined as the Participant's annual base pay on the last day of the Plan Year, except where proration is required as a result of partial year participation or when a significant change of duties causes a significant change in the Participant's annual base pay, as determined by the Committee. An Award target is determined based on the Participant's position in the organization. The maximum Award that may be paid in any single year to any Participant is $2,000,000.

All Awards payable shall be based solely upon the achievement of specific performance targets based on one or more of the following criteria:

Final Award payments will vary based on the level of achievement measured against pre-determined performance targets. Depending upon a Participant's position and responsibilities, these various performance measures, assessed based on different weightings, will determine the Award.

The Committee will establish the specific performance targets for the Plan within each of the above criteria within 90 days after the beginning of the respective Plan Year.  Of the performance targets originally established in respect of the four quarters covered by the period April 1, 2015 through March 31, 2016, the targets relating to the three quarters covered by the period April 1, 2015 through December 31, 2015 will apply in respect of the Short Plan Year.

The Plan will be self-funding, as profitability targets will be established net of target Award payments under the Plan. Therefore, achievement of profitability targets will ensure that the Plan has funded itself.

At the end of each Plan Year, after all financial results have been finalized, the actual Award payment will be determined and the Committee will certify in writing, that the performance goals associated with the Award have been satisfied prior to the payment of the Award. The Award will be paid in cash no later than 75 days following the end of the Plan Year.

The Committee shall have full power to administer and interpret the Plan and, in its sole discretion, may establish or amend rules of general application for the administration of the plan and may amend or terminate the Plan at any time.

Participants who are eligible for the Plan for a portion of the Plan Year will receive a prorated Award based on the base salary earned while they are eligible for the Plan or such other arrangement as agreed upon when hired.

 

Participants will be required to report taxable income in the year an Award is received. The Company will withhold taxes in the appropriate amount on all payouts.

In the event that the Company declares bankruptcy, the Committee, at its discretion, may immediately discontinue the Plan. In the event that the Plan is discontinued, all participants will forfeit the right to any payments under the Plan.

Payment of an Award under the Plan does not imply a contractual agreement to extend or continue employment of a Participant beyond receipt of the Award.