airgas' brief
TRANSCRIPT
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IN THE
OPENING BRIEF FOR APPELLANTS
POTTER ANDERSON & CORROON LLPDonald J. Wolfe, Jr. (No. 285)Kevin R. Shannon (No. 3137)Berton W. Ashman, Jr. (No. 4681)Ryan W. Browning (No. 4989)Hercules Plaza1313 N. Market Street, Sixth FloorWilmington, Delaware 19801(302) 984-6000
Attorneys for Plaintiffs/Counterclaim DefendantsBelow-Appellants
Of Counsel:
Theodore N. Mirvis
Marc Wolinsky
George T. Conway III
Garrett B. Moritz
Meredith L. Turner
Jonathon R. La Chapelle
WACHTELL, LIPTON, ROSEN & KATZ
51 West 52nd Street
New York, New York 10019(212) 403-1000
AIRGAS, INC., JAMES HOVEY, PAULASNEED, DAVID STOUT, LEE THOMAS,JOHN VAN RODEN, and ELLEN WOLF,
Plaintiffs/CounterclaimDefendants Below-Appellants,
v.
AIR PRODUCTS AND CHEMICALS, INC.,
Defendant/CounterclaimPlaintiff Below-Appellee.
No. 649, 2010
COURT
BELOW
:COURT OF CHANCERY OFTHE STATE OF DELAWARE,IN AND FOR SUSSEX COUNTY,C.A. NO. 5817-CC
October 18, 2010
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C23;6 >7 4>=C6=CB
?IOM
L?RSPC MD RFC NPMACCBGLEQ........................................................1
QSKK?PW MD ?PESKCLR .................................................................2
QR?RCKCLR MD D?ARQ ........................................................................6
?PESKCLR...........................................................................................13
G. RFC @WJ?U TGMJ?RCQ RFC BEAJ.....................................13
GGG. RFC @WJ?U PCOSGPCB ? 67' TMRC. ................................44
AMLAJSQGML........................................................................................45
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+ + +
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C23;6 >7 2DC9>A:C:6B
4IYMY ?IOM
6[[T] q.
7,;, FXRW ' 8^, q.
7CG >]R, q. @^__Tab 8^,
q. 7T]XWP]P* >]R,, 891 ?.2_ 150
8'H 6bb^Rb, q. ,
86* >]R. q. 6;G8B: :\_b, ET]bX^] E[P],
q. H^[[ 7a^b,* >]R,
q. ,
q. ,
9P\Qa^ q.
%q. ,
q. ,
9^[V^UUq. Ea^YTRcPeXbX^]* >]R,
q.
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q. , 2010 UJ 3516473
:bbT]cXP[ :]cTa_aXbTb 8^a_, q. ,
:eTaTccq. HaP]b]PcX^] 9TeT[^_\T]c 8^a_,, 267 ?.2_ 627
;aTT\P] q.
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q
ATeXcc 8^a_, q. DUUXRT 9T_^c* >]R., 2008 UJ 1724244
A^aX[[PaS H^QPRR^ 8^. q. ,
B;8 7P]R^a_ AcS, q. , 844 ?.2_ 1015
BB 8^b, q.
B^^aT q.
CPcWP] q. H^\_ZX]b
CT_P q. BPacP
q. , 3 L`q. 202 )1867*.......................36
q. 9^eTa 7TWPeX^aP[
q. =PaQX]VTa 8P_XcP[ EPac]Tab,
F^eT] q. 8^ccTa
q.
q. HK GTaeb,
q. >]XcX^ EPac]Tab,
q. G\XcW, 205 D. 643
IG6 8PQ[T q. ,
IG6 8PQ[T q. ,
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JTabPcP :]cTab, q. GT[TRcXRP* >]R,, 2010 UJ 3839786
J^];T[Scq. GcXUT[ ;X],, 1999 UJ 413393
BZIZ[ZMY IUL A[SMY
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>ZPMX 2[ZPVXQZQMY
1 AMLRCKNMP?PW AMPNMP?RGML DMPKQ
1 B?TGB ?. BPCVJCP, JCUGQ Q. @J?AI, (
?. EGJAFPGQR QN?PIQ, GGG, BCJ?U?PC AMPNMP?RGML
J?U ?LB NP?ARGAC
1 P. DP?LIJGL @?JMRRG ( HCQQC ?. DGLICJQRCGL,RFC BCJ?U?PC J?U MD AMPNMP?RGMLQ ( @SQGLCQQ
MPE?LGX?RGMLQ
2 KMBCJ @SQGLCQQ AMPNMP?RGML ?AR ?LLMR?RCB
2? LMPK?L H. QGLECP, QR?RSRCQ ?LB QR?RSRMPW
AMLQRPSARGML
2@ LMPK?L H. QGLECP ( H.B. QF?K@GC QGLECP,
QSRFCPJ?LB QR?RSRCQ ?LB QR?RSRMPW
AMLQRPSARGML
?@?,
)2009*........................................ 25-26
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?PRFSP DJCGQAFCP, HP. ( ?JCV?LBCP P. QSQQK?L,
R?ICMTCP BCDCLQC
?KCPGA?L FCPGR?EC AMJJCEC BGARGML?PW
@J?AIQ J?U BGARGML?PW
AMPNMP?RGML RPSQR AMKN?LW MD ?KCPGA?,
@SQGLCQQ AMPNMP?RGMLQ SLBCP RFC J?U MD BCJ?U?PC
PePX[PQ[T Pc
B?TGB J. QAMRR, U?JJ QRPCCR UMPBQ )3_ `_. 2003* ...........................35
CPLCQR J. DMJI, GGG, RFC BCJ?U?PC ECLCP?J
AMPNMP?RGML J?U: ? AMKKCLR?PW (?L?JWQGQ
CPLCQR J. DMJI, GGG, RFC PCB @MMI BGECQR MD RFC
LCU BCJ?U?PC AMPNMP?RGML J?U
DCBCP?JGQR LM. 63, PePX[PQ[T Pc
EJ?QQ JCUGQ ( AM.,
6SeXRT U^a I,G, 8^\_P]XTb, PePX[PQ[T Pc
EPCEMPW T. T?P?JJM, B?LGCJ ?. BPCGQ@?AF ( @J?IC PMFP@?AFCP,
DSLB?KCLR?JQ MD AMPNMP?RC EMTCPL?LAC: ? ESGBC DMP
BGPCARMPQ ?LB AMPNMP?RC AMSLQCJ )?@? 2_ `_. 2009*..............27
@JMMK@CPE
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6]cXcPZT^eTa
8WPacTa Ea^eXbX^]b5 9TUT]SX]V GT[U+=T[_ U^aHPZT^eTa HPaVTcb, 36 U?QF ( JCC J. PCT
HWT 8^bcb ^U :]caT]RWTS 7^PaSb,78 H. DGL. CAML. 409 )2005* ...............................................................24
, 54 QR?L. J. PCT. 887 )2002* ..........................24
8^a_^aPcT
Pb EaTR^\\Xc\T]c, 152 S. N?. J. PCT KCPPG?K UC@QRCP BGARGML?PW )MLJGLC CBGRGML*,
PePX[PQ[T Pc
LMP? NCRCPQML, U?JJ QRPCCR JGLEM )2007*.......................................35
PGQIKCRPGAQ EPMSN,
)D`]. 25, 2010*, PePX[PQ[T Pc
I]^RP[ ;XUcTT] MTPab APcTa *,
26 BCJ. H. AMPN. J. 491 )2001*..........................................................24
Q. Q?KSCJ ?PQFR ( U?JRCP I. QR?NJCRML,
?L?JWQGQ MD RFC 1967 BCJ?U?PC AMPNMP?RGML J?U )1967* .......19
Q. Q?KSCJ ?PQFR ( JCUGQ Q. @J?AI, ?L?JWQGQ MD RFC 1974
?KCLBKCLRQ RM RFC BCJ?U?PC AMPNMP?RGML J?U,
NPCLRGAC F?JJ AMPN. QCPT. 375 )1974*...........................................21
UC@QRCPQ RFGPB LCU GLRJ BGARGML?PW
UGJJG?K C. PC?B, AMPNMP?RC MDDGACPQ ?LBBGPCARMPQ BCQI @MMI )1980*.........................................................35
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=2CDA6 >7 C96 ?A>4665:=8B
GTT bTT P[b^
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2
BD
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3
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4
+ + +
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5
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6
BC2C67 724CB
2* CPM 3IZZSM NVX 4VUZXVS VN 2QXOIY
1
2
1 bTT P[b^ PePX[PQ[T Pc
2 PePX[PQ[T Pc
@JMMK@CPE
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7
bTT [Tbb >S,
3* 3IKROXV[UL VN ZPM 2QXOIY BZIOOMXML 3VIXL
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8
3 16.
3
GTT ?15-16:7QYKIS HX*
6UL
2UU*
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9
:bbT]cXP[ :]+cTa_aXbTb 4
X]UaP*. Ma
>S,
`Ga
6IKP KSIYY YMX\MY [UZQS `ZPQXL Y[KKMMLQUO
IUU[IS TMMZQUOaVX
`ZPM IUU[IS TMMZQUO PMSL QU ZPM ZPQXL ^MIX
NVSSV]QUO ZPM ^MIX VN ZPMQX MSMKZQVUa
`Ha
6IKP KSIYY YMX\MY NVX `I ZPXMM)^MIX ZMXTa
VX
`ZMXT VN ZPXMM ^MIXYa
4:bbT]cXP[ :]cTa_aXbTb 8^a_, q. , 159 ?.2_ 288,
bTT X]UaP.
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10
bTT P[b^ ?612-712.
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11
+8> .>
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12
GTT
5
5
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13
2A8D;2C6B C96 584;*
2*% @[MYZQVU ?XMYMUZML
3*% BKVWM VN AM\QM]
7,;, FXRW ' 8^, q. :, APZT q.
4*%
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14
X]XcXP[
:bbT]cXP[ :]cTa_aXbTb, , 159 ?.2_ :bbT]cXP[ :]+cTa_aXbTb
>S XS
>S
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15
>S >S
:bbT]cXP[ :]cTa_aXbTb :bbT]cXP[ :]cTa_aXbTb
:bbT]cXP[ :]cTa_aXbTb GTT P[b^ F^eT] q. 8^ccTa :bbT]cXP[ :]cTa_aXbTb :bbT]cXP[ :]cTa_aXbTb
J* :bbT]cXP[ :]cTa_aXbTb
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16
bP\T
6 Rc`
MPK?L H. QGLECP ( H.B. QF?K@GCQGLECP, QSRFCPJ?LB QR?RSRCQ ?LB QR?RSRMPW AMLQRPSARGML R?RSRMPW AMLQRPSARGML
:bbT]cXP[ :]cTa_aXbTb
K*
7 8
6GTT ;aTT\P] q.
B^^aT q. , 233 ?.2_ 53, 55
71 B?TGB ?. BPCVJCP, JCUGQ Q. @J?AI, ( ?. EGJAFPGQR QN?PIQ, GGG,
BCJ?U?PC AMPNMP?RGML J?U ?LB NP?ARGAC GTTP[b^ 2 KMBCJ @SQGLCQQ AMPNMP?RGML ?AR ?LLMR?RCB
81 P. DP?LIJGL @?JMRRG ( HCQQC ?. DGLICJQRCGL, RFC BCJ?U?PC
J?U MD AMPNMP?RGMLQ ( @SQGLCQQ MPE?LGX?RGMLQ
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17
9
10
GTT
)2010*; bTT P[b^ cX^]P[Xb\5 6]cXcPZT^eTa 8WPacTa Ea^eXbX^]b Pb EaTR^\\Xc\T]c, 152 S. N?.J. PCT
9 >S.
108U, DCBCP?JGQR LM. 63, PePX[PQ[T Pc
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18
P[[ 11 12
L*
q. 8WP]S[Ta
11GTT 86* >]R. q. , 953 ?.2_ 227,
q. 7[PRZ, 844
12
8U, A6BE:FGq.
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19
AMPNMP?RGML RPSQR AMKN?LW MD ?KCPGA?, @SQGLCQQ AMPNMP?RGMLQ
SLBCP RFC J?U MD BCJ?U?PC PePX[+PQ[T Pc
:bbT]cXP[ :]cTa_aXbTb :bbT]cXP[ :]cTa_aXbTb
:bbT]cXP[ :]cTa_aXbTb GTT Q. Q?KSCJ ?PQFR ( U?JRCP I. QR?NJCRML,?L?JWQGQ MD RFC 1967 BCJ?U?PC AMPNMP?RGML J?U
DU+
q. , 976
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20
13
:bbT]cXP[ :]cTa_aXbTb
cTa\b
.
CPLCQR J. DMJI, GGG, RFC PCB @MMI BGECQR MD RFC LCU BCJ?U?PC
AMPNMP?RGML J?U :b+bT]cXP[ :]cTa_aXbTb PLCQRJ. DMJI, GGG, RFC BCJ?U?PC ECLCP?J AMPNMP?RGML J?U:
? AMKKCLR?PW ( ?L?JWQGQ 14
N:bbT]+cXP[ :]cTa_aXbTbO
13GTT P[b^ 6[[T] q.
R?RSRMPW AMLQRPSARGML
14 :bbT]cXP[ :]cTa_aXbTb :eTaTccq. HaP]b]PcX^] 9TeT[^_\T]c 8^a_,
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21
15
.
^] P cTa\ ^U ^UUXRT ^U R[PbbXUXTS SX+ .
Q. Q?KSCJ ?PQFR ( JCUGQ Q. @J?AI, ?L?JWQGQ MD RFC 1974
?KCLBKCLRQ RM RFC BCJ?U?PC AMPNMP?RGML J?U, NPCLRGAC F?JJ
AMPN. QCPT. 375, 377 )1974*.16
17
15 F^eT] q. 8^ccTa
>S
16 q. 8WP]S[Ta, 534 ?.2_ 257,
17GTT
)2010*.
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22
:bbT]cXP[ :]cTa_aXbTb.
GTT* T,V,, JTabPcP :]+cTab, q. GT[TRcXRP* >]R, q. H^[[ 7a^b,* >]R, 1998**;
18BB 8^b, q.
9^\TbcXR =^[SX]Vb q. @WP]]P q. BRBX]] q. 7T]XWP]P* >]R,, cTa\b cWaTT+
?^]Tb 6__PaT[ ]R, F^eT] q. 8^ccTa, 547 ?.2_ 603, 604 q.HK GTaeb, U^a
7CG >]R, q. @^__Tab 8^,
18 GTT
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24
! !
@J?AIQ J?U BGARGML?PW
GTT , 54 QR?L. J. PCT. 887, 887, 893, 913, 916
HWT 8^bcb ^U :]caT]RWTS 7^PaSb, 78 H . DGL.CAML *, 26 BCJ.H. AMPN
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25
20
>S
20
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26
>S, XS,
21
KMBCJ @SQGLCQQ AMPNMP?RGML ?AR ?LLMR?RCB
21 GTT P[b^ 1 AMLRCKNMP?PW AMPNMP?RGML DMPKQ
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27
GTT P[b^EPCEMPW T.
T?P?JJM, B?LGCJ ?. BPCGQ@?AF ( @J?IC PMFP@?AFCP,
DSLB?KCLR?JQ MD AMPNMP?RC EMTCPL?LAC: ? ESGBC DMP BGPCARMPQ
?LB AMPNMP?RC AMSLQCJ
M* :bbT]cXP[ :]cTa_aXbTb :bbT]cXP[ :]cTa_aXbTb
:bbT]cXP[ :]cTa_aXbTb :bbT]+
cXP[ :]cTa_aXbTb N*
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28
22
9P\Qa^ q. %q. , 900 ?.2_ 646, 652
O*
bTT ?1582.
22 ?65-69.
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29
GTT 86* >]R, q. E[P] X,T, GTT 23
P*
23GTT PGQIKCRPGAQ EPMSN,
, 16 )D`]. 25, 2010*, PePX[PQ[T Pc J?QQ JCUGQ ( AM., ]XTb, 5, PePX[PQ[T Pc
-
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30
,*% 584; c ,++
9T[, 8,
]^c
I* >S,
>S, >S,
^__^bXcT
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31
XS, XS, SXbR[PX\TS
>S,
J* MPK?L H. QGLECP, QR?RSRCQ ?LB QR?RSRMPWAMLQRPSARGML PRR^aS* T,V,,
:]cTab, q .
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32
]^c 9T[, 8,
)XS
K*
q.
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33
8'H 6bb^Rb, q.
bTT P[b^ 86* >]R. q.
6;G8B::\_b, ET]bX^] E[P] 9T[, 8,
9T[, 8, q.
F^eT] q. 8^ccTa =^bRWTcc q. , 683 ?.2_ 43,
?^]Tb 6__PaT[
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34
U^a P _TaX S ^U 1.
8 9T[, 8, B;8 7P]R^a_ AcS, q.
]^
TPa[XTa
[PcT [T]VcWT]
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35
M*
MP?NCRCPQML, U?JJ QRPCCR JGLEM bTT P[b^B?TGB J. QAMRR, U?JJ QRPCCR UMPBQ ^U cWT _Pbc UXbRP[
GJJG?K C. PC?B, AMPNMP?RCMDDGACPQ ?LB BGPCARMPQ BCQI @MMI
+ 1 , 1 WC?PJW - 1
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36
P]+
q. , 3 L`q. 202, 224
CPPG?K UC@QRCP,
C@QRCPQ RFGPB LCU GLRJ BGARGML?PW
.
?KCPGA?L FCPGR?EC AMJJCEC BGARGML?PW
-
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37
J?AIQ J?U BGARGML?PW
N*
>S,
GTT AT]PWP] q. , 310
O* CP+cWP] q. H^\_ZX]b
>S, >S, >S,
q. KWXc[^RZ
q. G\XcW, 205 D.
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38
>S, XS,
CPcWP], 2
B;8 7P]R^a_ >S,
P* >S, ]^ [PcTa b^^]Ta
aTUTaaTS
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39
::* C96 3H;2F E:>;2C6B 2:A82B_ 492AC6A*
2* @[MYZQVU ?XMYMUZML
3* BKVWM VN AM\QM]
GTT .
4* ]R
J^];T[Sc q. GcXUT[ ;X],
J* IG6 8PQ[T q. K^a[S KaTb+ , 766 ?.2_ @PXbTa
q. BPcWTb^]
-
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40
;Xabc
GTR^]S cWXaS
bTT bTT ?1614.
K*
q. ?88 =^[SX]V 8^,
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41
GTT ATeXcc 8^a_, bTT P[b^
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42
:bbT]cXP[ :]cTa_aXbTb
>S,
Pc cWPc \TTcX]V
, 582
q. >]XcX^EPac]Tab
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-
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44
:::* C96 3H;2F A6@D:A65 2 /0& E>C6*
2*% @[MYZQVU ?XMYMUZML
3*% BKVWM VN AM\QM]
GTT .
4*%
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45
4>=4;DB:>=
NMRRCP ?LBCPQML ( AMPPMML JJN
U?AFRCJJ, JGNRML, PMQCL
( I?RX
)212* 403-1000
)302* 984-6000
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EXHIBIT A
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'/%0',!(+#0&-3#6.2*0,##""3'"01-21*##1&-+0(-&,3,/-"#,:G=#**#,4-*$
.E:BGMB??L
O
'/./-"2!10,"!+'!*0',!
">?>G=:GM
!BOBE">=-K
"HG:E=(4HE?>(K)>OBG/0A:GGHG>KMHG4LAF:G(K:G=/R:G
4KHPGBG@H?.-11#/,"#/0-,!-//--,**.4BEFBG@MHG">E:P:K>-$!-2,0#*1A>H=HK>,+BKOBL+:KHK@>1!HGP:R''':G=+>K>=BMA*1NKG>KH?4!&1#***'.1-,/-0#,)17 ,>P 6HKD ,>P 6HKD MMHKG>RL ?HK .E:BGMB??L!HNGM>KE:P:K>-$!-2,0#*/HKR-+BEELHG
1AHF:L % /:??>KMR ":OB= / +:KKBHMM :G= %:KR HKGLM>BG H?!/31&04',#+--/#**.,>P6HKD,>P6HKDMMHKG>RL?HK">?>G=:GM!HNGM>K
-
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'G MABL H? :II:K>GM ?BKLM BFIK>LLBHG ' LMBHG
PA>MA>K:;RE:P:F>G=F>GMIKHIHL>=;RBK.KH=NFBMBG@LMH;>A>E=>::KBGMA>
FHGMAH?(:GN:KR:LHIIHL>=MH:IIKHQBF:M>ERL>O>GFHGMALE:M>KN@NLM
PA>G BK@:LVL:GGN:E F>>MBG@L A:O> ABLMHKB>G A>E= BL O:EB=NG=>K
">E:P:K>E:P-?I:KMBKBK@:L'G>MBG@F:R;>A>E=HG(:GN:KR;:K>ER?HNKFHGMAL:?M>KBML
:GGN:EF>>MBG@P:LA>E=
1ABL BLLN> :KBL>L BG MA> FB=LM H? : A>:M>= M:D>HO>K ;:MME> ;R BK
.KH=NFBF;>K
BK@:L A>E= BML :GGN:E F>>MBG@ M MA:M :GGN:E F>>MBG@ BK
.KH=N>;H:K=L>:MLMA:MP>K>NI?HK>E>F>F;>K;H:K=1A>BK.KH=N
BK@:LVL :GGN:E F>>MBG@L MH (:GN:KR K>BO>= :IIKHQBF:M>ER H? MA>
LA:K>L>GMBME>=MHOHM>BGMA>>E>LMH:EBMME>HO>KH?
MA>LA:K>L:=
1A>?BKLMJN>LMBHG':FIK>L>GM>=PBMABLPA>MA>KMA>;RE:PK>BO>=
>GHN@A OHM>L MH ;> :=HIM>= NG=>K BK@:LVL K HK PA>MA>K BM :IM>F;>K BK@:L >QI:G=>= MA>LBS> H?BML ;H:K=MH M>G F>F;>KL :G=K>:IIHBGM>= !AB>? #Q> -??BK .>M>K +:M :M MA>0>IM>F;>KF>>MBG@MH?BEEMA>G>PL>:MHGMA>;H:K=
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K>JNBK>=:LNI>KF:CHKBMROHM>H?H?MA>HNMLM:G=BG@LA:K>LMHI:LL1ABL
JN>LMBHG MNKGLHG PA>MA>K MA> ;RE:P BL OB>P>= :L : ;RE:P :F>G=F>GM MH
KMB''H?BK@:LVL;RE:PLMA>:KMBMA:M:==K>LL>L:GGN:EF>>MBG@LH?
LMHKLPABJNBK>L:LBFIE>F:CHKBMROHM>MH:F>G=HK:L:;RE:P
:F>G=F>GM MA:M BL WBGGMX PBMA KMB ''' H? BK@:LVL ;RE:PL MA>
:KMB MA:M :==K>LL>L =BK>E>BK M>KFL PABJNBK>L :
LNI>KF:CHKBMROHM>H?LMHKLMH:F>G=
1A> G>QM JN>LMBHG H? ?:K @K>:M>K BFIHKM :LLNFBG@ ' ?BG= MA:M MA>
;RE:P P:L IKHI>KER I:LL>= BL PA>MA>K MA> ;RE:P BML>E? BL O:EB= BK@:L
G@>L MA> O:EB=BMR H? MA> :GGN:E F>>MBG@ ;RE:P NG=>K ">E:P:K> E:P
:G=MA>I:KMB>LM:D>HIIHLBG@LM:GLHGPA>MA>KMA>;RE:POBHE:M>L0> ">E:P:K> %>G>K:E !HKIHK:MBHG *:P
W"%!*XELHBG=BLINM>BLPA>MA>KMA>;RE:POBHE:M>LBK@:LVLK
1A> D>R BLLN> A>K> BL PA>MA>K MA> ;RE:P PHNE= BK@:L
=BK>KFXHGBK@:LVL=;H:K=;RFHOBG@NIMA>:GGN:E
F>>MBG@ MH M:D> IE: >:KEB>K BG MA> R>:K +N;:M> HO>K MA>
O:EB=BMRH?MA>;RE:P;HBEL=HPGMH:L>F:GMBKMA>F>:GBG@H?HG>
PHK= W:GGN:EX 0I>>MBG@XMA:M
=>I>G=BG@HGPA>GBMBLA>E=MA>>??>KBG@MA>E>G@MAH?:
=BK>GNK> HG : LM:@@>K>= ;H:K= =H>L MA> M>KF W:GGN:EX F>:G
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WL>I:K:M>= ;R :IIKHQBF:M>ER MP>EO> FHGMALX HK =H>L BM LBFIER F>:G
WHQI>=BM>=;KB>?BG@L=NE>MA>I:KMB>LA:O>LN;FBMM>=GM HG MA> IE>:=BG@L .E:BGMB??!HNGM>K>1AHF:L(HAGO:G/H=>G:G=
#EE>G 4HE? ER WIE:BGMB??LX A:O> FHO>= ?HK CN=@F>GM =>BK.KH=NE:P:K>E:P
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MMA>MBF>H? BML0>IM>F;>K :GGN:EF>>MBG@ BK@:LA:=:
GBG>F>F;>K LM:@@>K>= ;H:K=H? MAK>> >JN:E L PBMA HG>>
F>F;>KL NI ?HK K>>E>::K BK .KH=N>G :MM>FIMBG@ MH : BK@:L ?HK :EFHLM : R>:K GHP
:EMAHN@ABMLHO>KMNK>LA:O>;>>GBO>='M?BKLM>QIK>LL>=BGM>K>LM
BG -K :G= HO>K MA> ?HEEHPBG@ H? FHGMAL F:=> MAK>>
IKHIHL:ELMH:BK@:L#:KP:LK>C>=;RMA>BK@:L;H:K=:L
@KHLLERNG=>KO:ENBG@MA>KK:BLBG@BML;B=L>O>K:EFHK>MBF>L
BK .KH=NGM IKHIHL:E BL :G :EEG=>K H??>K MH :
H? BK@:LVL LA:K>L ?HK I>K LA:K> 'G E>
:GGN:E F>>MBG@ :G= IKHIHL>= MAK>> :F>G=F>GML MH BK@:LVL ;RE:PL HGER
BK@:LGHPA:L:M>GF>F;>KLM:@@>K>=;H:K=''5724#GHM>
-G-KBK.KH=NBMLBGBMB:EH??>K1A:MH??>KP:LK>C>=-G
,HO>F;>KBMH??>K>=:LA:K>:EELMH:E1A:MH??>KP:LK>C>=BK.KH=N:GHMA>KH??>KPHKMALA:K>BG">F;>KPABC>=-G$>;KN:KRBK.KH=N:IN;EB:G=HG$>;KN:KRBM:GGHNG=:G:EEG=>KH??>K:MMA:MIKB?HKH?MA>BK@:L LA:K>L -G (NER BK .KH=N= BML H??>K MH LA:K> BK@:LK>C>= MA:M H??>K -G 0>IM>F;>K BK .KH=N= BML ;B= MHLA:K>1A>BK@:L;H:K=K>C>=MA:MH??>K:LP>EE1A>F:KD>MIKBH?BK@:LVLLMHLMBG@MA:M
MA>F:KD>M>QI>KBK@:LA:L:IHBLHGIBEE:LM:@@>K>=;H:K=:G=HMA>KLM:G=:K==>?>GL>LBGIE:')BK@:L A:L GHM HIM>= HNM H? "%!* 0>
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MA:M;ROHMBG@BG?:OHKH?BMLGHFBG>>L:G=;RE:PIKHIHL:ELMA>RPHNE=;>
WL>G=8BG@9:F>LL:@>MHMA>BK@:LH:K=:G=F:G:@>F>GMMA:MBK@:L
LMHKLP:GMMA>BK@:LH:K=MHM:D>:EBFBG:M>MA>H;LM:L
MHMA>8BK.KH=NKXMMA>L:F>MBF>BK@:L
A>:OBEREH;;B>=BMLLMHKLMHOHM>:@:BGLMMA>IKHIHL>=;RE:PLNK@BG@
MA>F GHM MH ?:EE ?HK BK.KH=N BK
.KH=NK P:L P>EE ;>EHP MA> ?:BK O:EN> H? MA>BK LA:K>L :G= MA:M ;R
LAHKM>GBG@ MA> MBF> BM PHNE= M:D> ?HK BK .KH=N ;RE:P PHNE= A>EI ?: BK .KH=NJN:M> H??>K L I:KM H? BML >??HKML MH =BLLN:=> LMHKL
?KHFOHMBG@?HKBK.KH=N>L :G=MA>IKHIHL>=;RE:PK>JNBKBG@
:GGN:EF>>MBG@LMH;>A>E=BG(:GN:KRBK@:LIKHFBL>=BMLLMHKLMA:M
BM PHNE=AHE= : LI>>MBG@ HG(NG> PA>K> MA>LMHKL
PHNE= A:O> MA> HIIHKMNGBMR MH >E> BK@:L ;H:K= ;R :
IENK:EBMR OHM>Y;NM HGER B?BK .KH=NBO>:
F:CHKBMRH?OHM>L:MMA>:GGN:EF>>MBG@ BK@:LHI>GER?BGBMBO>.KHQR0M:M>F>GM0=NE>:M(NERBK@:L.K>LL/>E>:L>N@
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-? MA>K> P:L :;LHENM>ER GHMABG@ PKHG@ PBMA >BMA>K BK
.KH=NFIMBG@MHBG
?:OHK H? MA>BK K>LI> IKHIHL:EL :M MA> 0>IM>F;>K :GGN:E
F>>MBG@YMABLBLMA>MRI>H?QI>==NKBG@:IKHQR?B@AMM:DBG@IE:BGMA>FB=LMH?:IN;EBHO>K
;:MME>BK.KH=N:FIMBL?:K?KHFHO>K:G=MA>P:K
BL;>BG@?HN@AMO>KRA:K=;R;HMALB=>L
'G :==BMBHG 'GLMBMNMBHG:E 0A:K>AHE=>K 0>KOBL W'00X : E>:=BG@
IKHQR:=OBLHKR?BKFK>G=>=MA:MBK@:LVLLMHKLOHM>:@:BGLM
MA>(:GN:KR:GGN:EF>>MBG@;RE:P;>BMOB>P>=MA>;RE:P:LK>=N@HMB:MBG@ E>O>K:@> BG MA> ;B==BG@ IKHLL
4ABE> '00 :ELH
K>G=>=MA:MBK@:LVLLMHKLOHM>BG?:OHKH?BK.KH=N>
=BK>>LBM:=OBL>=LMHKLMHOHM>:@:BGLMMA>;RE:PIKHIHL:E
;>BGBMLOB>PW8I9NEEBG@MA>G>QM:GGN:EF>>MBG@:A>:=;RFHGMAL
PHNE= LB@GB?B =>?>GLBO> O:EN> H? MA> = ;H:K=
EBFBMBG@MA>;H:K=VL:;BEBMRMHG>@HMB:M>MA>AB@A>LMH??>K?HKLA:K>AHE=>KLX
BK@:L .K>LL />E>:L> 0>IM JNHMBG@ '00 K>IHKM 0>IM W8BK
.KH=N>MBG@9IKHIHL:EBL :;HE=NGIK>=>GM>=FHO>;R:;B==>KMHH;OB:M>MA>=>?>GLBO>O:EN>H?:=;H:K=;RMBF>K>JNBK>=MHPBGMABLIKHIHL:E=>LLB@GB?B@HMB:MBHGIKHLLMHMA>;B==>KP>;>EB>O>BML:AB@A>KIKBM:@MA:GLBFIER>:KGBG@:L>:M:MMA>M:;E>
LMA>GM;B=K>F:BGL;>EHP:?:BK:G=?NEEIKBP>=HGHMK>G=LA:K>AHE=>KLLNIIHKMMA>IKHIHL:EX
BK@:L.K>LL/>E>:L>0>IMJNHMBG@'00K>IHKM0>IM
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,HMPBMALM:G=BG@ MA> '00 K>G=:MBHG : F:CHKBMR H? BK@:LVL OHMBG@
LMHKLOHM>=BG?:OHKH?MA>;RE:P
LGHM>= :;HO>BK@:L A>E= BML :GGN:EF>>MBG@ HG0>IM>F;>K
BK@:LVLLMHKLOHM>= ?HK MA> MAK>> BK .KH=N>L:G=
H? MA> LA:K>L >GMBME>= MH OHM> BG MA> >E>L
:= OHM>= BG ?:OHK H? BK .KH=N
BK@:LVL:GGN:EF>>MBG@LMH(:GN:KRH?>::K
1A> I:KMB>L A:O> FHO>= ?HK CN=@F>GM HG MA> IE>:=BG@L INKLN:GM MH
!HNKM H? !A:GKR /NE> GM HG MA>
IE>:=BG@L PA>GMA>K>BLGH =BLINM>:L MH:GRF:M>KB:EBLLN>H??:
FHOBG@I:KMB>L:K>>GMBME>=MHCN=@F>GM:L:F:MM>KH?E:P&>K>;>
MA> BLLN>YPA>MA>K : ;RE:P MA:M PHNE= FHO> BK@:LVL :GGN:E F>>MBG@ MH
(:GN:KROBHE:M>LMA>"%!*:G=BK@:LVL@HO>KGBG@=HGMLYBLWINK>ER:
LH?MA>K>?HK=>M>KFBG:MBHGH?LMHKL>GMBME>=MHOHM>:MMA:MF>>MBG@MA>K>P>K>HNMLM:G=BG@LA:K>L-?MA>LA:K>LK>IK>L>GM>=:MMA>F>>MBG@ :IIKHQBF:M>ER FBEEBHG OHM>= BG ?:OHK H? >:=BK>>L :L HIIHL>= MH :IIKHQBF:M>ER FBEEBHG FBEEBHG :G= FBEEBHGOHMBG@?HKMA>BGGM=BK>
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JN>LMBHGH?E:PCN=@F>GMHGMA>IE>:=BG@LBL:G:IIKHIKB:M>F>LHEOBG@MA>IK>L>GM=BLINM>X
W!HKIHK:M> KL :G= ;RE:PL :K> AHE=>KLH?:@>G>K:EKNE>LH?M:MBHG
:K> A>E= MH :IIERX 4A>G MA> BLLN> ;>?HK> MA> !HNKM BGOHEO>L MA>
BGM>KIK>M:MBHGH?:K>MA>JN>LMBHGBL:INK>ERE>@:EHG>
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:MBHG :G= :=HIMBHGX :G= MA> W:GBG@X H? MA:M
E:G@N:@> BL PA:M OBHNLER A>E= PA>G
IK>L>GM>=PBMA:GR:F;B@NBMRBGBGM>KIK>MBG@;RE:PLW=HN;MBLK>LHEO>=BG
?:OHKH?MA>LMHKLV>E>GMA>BLLN>;>?HK>MA>!HNKMBGOHEO>LMA>BGM>KIK>M:MBHG
H?:LM:MNM>NG=>KMA>P>EEL>MME>=KNE>LH?LM:MNMHKRM MA> M>KFBG> PA>MA>K MA> IKHOBLBHG BG JN>LMBHG BL
:F;B@NHNLXLM:MNM>BL:F;B@NHNLB?BMBLK>:LHG:;ERLNLIMB;E>H?FHK>
MA:GHG>BGM>KIK>M:MBHG'GMA>H?:GR:F;B@NBMRW8N9G=>?BG>=PHK=L
BG : LM:MNM> FNLM ;>@BO>GMA>BK HK=BG:KR :GBG@X
:G= W8M9A>
'06#74#460'45=:ME5''#.51 +6#&'.1.&+0)1428 18'0=">EW'MBL:G>E>F>GM:KR:LKM:BG>=?KHFMA>E:G@N:@>H?MA>
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>LM:;EBLA>=IK>?>K>GH?HNKE:PBLH?MH@BO>MH89LM:MNMHKRE:G@N:@>
:EBM>K:EK>:=BG@B?MA:MBLIHLLB;E>X
106'06+1051(6*'#46+'5
.E:BGMB??LG=MA:MMA>;RE:PMA:MPHNE=FHO>MA>:GGN:EF>>MBG@
MH(:GN:KRK>JNBK>=MA>:IIKHO:EH?H?MA>LA:K>L>GMBME>=MHOHM>:MMA>
:GGN:EF>>MBG@MHI:LL:G=MA:M;>BMHGERK>BO>=:F:CHKBMROHM>:M
MA> :GGN:EF>>MBG@ :LHIIHL>= MH: LNI>KF:CHKBMROHM>MA> ;RE:PP:LGHM
E:P?NEER >G:= ">?>G=:GM :K@N>L MA:M MA> K>JNBK>F>GM =H>L GHM
:IIERA>K>:G=MA>K>?HK>MA>LNIIHKMH?:F:CHKBMRH?MA>OHMBG@LA:K>L:MMA>
:GGN:EF>>MBG@P:LLN??BGMMH:=HIMMA>;RE:P
1A>I:KMB>L=HGHM=BL:@K>>:;HNMPA>K>MHEHHDMHK>LHEO>MABLBLLN>
BK@:LVLK:G=;RE:PL2G=>KKMB0> ;R MA> "BK> :EM>K>= :F>G=>= HK
K>I>:E>=;RMA>"BK>LMHKLXGMHKK>I>:EF:R;>>??>=W:M:GR
K>@NE:KF>>MBG@H?MA>LMHKLHK:M:GRLI>>MBG@MA>K>H?=NER
15%*'66806=.1(69#4'6&=">E!A
!>KMB?BH?'GKMB?BX:KM[
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= ?HK MA:M INKIHL> ;R : /#,14+6; 816' H? MA> LA:K>L K>IK>L>GM>= :G=
>GMBME>=MHOHM>:MLN>MBG@X
KMB0>BK@:LKLAHP>O>K
,HMPBMALM:G=BG@ MA> ?HK>@HBG@ :G= :GRMABG@ = BG MABLKMB?BH?BG ;RE:PL HK BL WBGGM MA>K>PBMAX BM PHNE= A:O> K>JNBK>= :
LNI>KF:CHKBMRH? MA> HNMLM:G=BG@ LA:K>L MHI:LL '?GHM : LBFIE>F:CHKBMR
OHM> P:L LN??BGM KMB ''' H?BK@:LVL;RE:PL BL >GMBME>= W"BK>LM:;EBLA>L:
LM:@@>K>=;H:K=:G=IKHOB=>LMA:M
1A>"BK>=PBMAK>LI>MBF>?HK
PABR L>O>K:EER AHE= H??B BGMH MAK>> L :L G>:KER>JN:EBGGNF;>K:LIHLLB;E>HG>KF>QIBKBG@:MMA>:GGN:EF>>MBG@H?LMHKLMH;>A>E=BG:GHMA>KKF>QIBKBG@:MMA>:GGN:EF>>MBG@H?LMHKLMH;>A>E=BG:G=:
MABK= KF >QIBKBG@ :M MA>:GGN:E F>>MBG@ H? LMHKL MH ;> A>E= BG PBMA MA>F>F;>KLH?>:
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>E>=:G=JN:EB?B>=6'#%*#007#./''6+0)1(561%-*1.&'456*'57%%'55145146*'%.#551(+4'%61459*15'6'4/':2+4'5#6
6*'/''6+0)5*#..$''.'%6'&61*1.&1((+%'(14#6'4/':2+4+0)#6
6*' #007#. /''6+0) 1( 561%-*1.&'45 *'.& +0 6*' 6*+4& ;'#4(1..19+0)6*';'#41(6*'+4'.'%6+10
.E:BGMB?? :K@N>L MA:M MA> LNI>KF:CHKBMR K>JNBK>F>GM WIE:BGER :IIEB>LX
A>K>;>MA>;RE:PBLWIE:BGERBGGMPBMAKMB'''XH?BK@:LVL
;RE:PL
1A>R L:R MABL ;> ;R :EEHPBG@ : =BK>E>
IE: :M :G W:GGN:E F>>MBG@X MA:M BL GHM : MKN> W:GGN:EX F>>MBG@ MABL
WBFI>KFBLLB;ERLAHKM>G8L9MA>M>KFLXH?MAHL>=BK>K>;R
;RE:PBLF>K>ER:G:F>G=F>GMMHKMB''MA>F:CHKBMROHM>BMK>BO>=:M
MA>:GGN:EF>>MBG@BLLN??BGM?HKMA>;RE:PVL:=HIMBHG
L=>?>G=:GMK>BLGH=BLINM>MA:MMA>;RE:P
=H>LGHM:EM>K:F>G=HKK>I>:E:GRMABG@BGKMB'''H?BK@:LVL;RE:PL
1A>=BLINM>BLPA>MA>KMA>;RE:PBLWBGGMXPBMAKMB'''
RE:PL:KM'''[>FIA:LBL:==>=.ELV-I>GBG@K
&
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8/8/2019 Airgas' brief
71/101
0#.;5+5
-G BML?: BK .KH=N BK@:LVL :GGN:E
F>>MBG@=:M>MH(:GN:KRBL:G:F>G=F>GMMHKMB''H?BK@:LVL;RE:PLY
BM>QIEBG=L:G=K>LM:M>LKMB''0>LGHMAHP>O>K%10(.+%6PBMAMA:MKFX :L =>?BG>= ;R KMB ''' H? MA> ;RE:PL L GHM>=
:;HO>NG=>KKMB'''BK@:L=BK>>E>=W?HK:M>KF':2+4+0)#6
6*'#007#./''6+0)H?LMHKL*'.&+06*'6*+4&;'#4(1..19+0)6*';'#4
1(6*'+4'.'%6+10
EMAHN@AMA>;RE:P=H>LLI>G=NKBG@MA>WR>:KXMA>:GGN:E
F>>MBG@PBEE;>A>E=BM=H>LGHM:GBG@H?KMB'''
L >QIE:BG>= FHK> ?NEER BG MA> G>QM L> HI>K:MBO> IKHOBLBHGL H?
BK@:LVL;RE:PL:G=KBG=BLINM>A>K>MA:MF:R?:BKER
;>K>:=MHA:O>FHK>MA:GHG>F>:GBG@!HGLMKNBG@MA>:F;B@NHNLM>KFL
BG?:OHKH?MA>LA:K>AHE=>K?K:GMA>K>
>E>= BG PBEE A:O> MA>BK M>KFL >QIBK> BG YMA> WMABK= R>:KX
RE:PL:KM'''[>FIA:LBL:==>=
''0+6'&'06#.5= :MW8!9HGMK::F;B@NHNLUPA>GMA>IKHOBLBHGL
BGKLR:K>K>:LHG:;ERHK?:BKERLNLIMB;E>H?=B??>K>GMBGM>KIK>M:MBHGLHKF:RA:O>MPH HK FHK> =B??>K>GM F>:GBG@LVXJNHMBG@*10'17.'0% #5+% *'/5 1 8 /1614+565051=">E
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?HEEHPBG@ MA> WR>:KX H? MA>BK >E> MA> IKHIHL>= ;RE:P :F>G=L KMB '' H? BK@:LVL ;RE:PL
PABJNBK>LHGER:F:CHKBMROHM>MH:F>G=BK.KH=N=;RE:P
FHOBG@BK@:LVL:GGN:EF>>MBG@:G=>:JN>GM:GGN:EF>>MBG@
MH(:GN:KRP:LO:EB=ER:=HIM>=;RMA>F:CHKBMROHM>H?BK@:LVLLMHKL
:MMA>:GGN:EF>>MBG@
106'06+1051(6*'#46+'5
2LBG@:LBFBE:KEBG>H?K>:LHGBG@:LBM=B=MHG@>MA>LA:K>AHE=>K
OHM> :=HIMBG@ MA> ;RE:P MA:M BL :G :K@NF>GM @KHNG=>= BG M:MBHG MH L:R MA:M MA> ;RE:P LM:@@>K>= ;H:K=
IKHOBLBHG BG KMB ''' H? BK@:LVL ;RE:PL BK@:L G>QM :K@N>L MA:M MA>
:GGN:E F>>MBG@ =:M> ;RE:P KFL H? BK@:LVL KY
G:F>ER KMB 0>LM:;EBLABG@
BK@:LVLLM:@@>K>=;H:K=
BK@:LVL K :KER B=>GMB MH KMB ''' H?
BK@:LVL ;RE:PL >LM:;EBLABG@ MA> M>KFL H? BK@:LVL LM:@@>K>= ;H:K= 1A>
K=>?BG>LMA>E>G@MAH?>:KFIKHOB=BG@BGK>E>O:GMI:KM
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M>:>MBG@H?MA>LMHKLH?MA>!HKIHK:MBHGMA> LN :GL MA:M MA>BK M>KF PBEE >QIBK> :M BK@:LVL W:GGN:E
F>>MBG@XY: F>>MBG@ IE:BGMB??L LN@@>LM LAHNE= M:D> IE: :IIKHQBF:M>ER
MAK>>R>:KL:?M>KMA>N@NLM:GGN:EF>>MBG@HKHG>R>:K:?M>KMA>
:GGN:EF>>MBG@'GHMA>KPHK=L:MBG@
FNLM;>L>I:K:M>=;RW:IIKHQBF:M>ERHG>R>:KXHK=:RL:G=MA>G>QM
!>KMB?B:KM[>FIA:LBL:==>=
.ELV-I>GBG@K
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8/8/2019 Airgas' brief
74/101
:GGN:E F>>MBG@ FNLM M:D> IE: W:KHNG=X N@NLM HK 0>IM>F;>K
W?NEEM>KFXH?:R>:KL
1A> PHK= W:GGN:EX AHP>O>K BL GHM =>?BG>= BG BK@:LVL K
,>BMA>K BL WR>:KX ,HK =H>L MA> EHKFX LI>KF :G :IIKHQBF:M>ERMAK>>R>:K M>KF HK:GR HMA>K FHK> HKE>LL IK>
E>G@MA H?MBF>?HK PABKFXHG MA>
BK@:L;H:K=BLHGER=>?BG>=BGMA>K:L>QIBKBG@W:MMA>:GGN:EF>>MBG@
H?LMHKLA>E= +06*'6*+4&;'#4?HEEHPBG@MA>R>:KH?MA>BK>E>L:W?NEEM>KFXFIE:M>:=NK:MBHG:EER
!>KMB?B:KM[>FIA:LBL:==>=
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=>?BG>=MAK>>R>:KI>KBH=:LBK@:LLN@@>LML1A>K=H>LGHM>QIEBGB?:W?NEEM>KFX>QIBK>L:MMA>W:GGN:EF>>MBG@XPA:M=H>L
W:GGN:EXF>:GYR>:KER'GMNKGB?W:GGN:EXF>:GLWL>I:K:M>=;R:;HNM:
R>:KX=H>LMA:MF>:G?BL:K!:E>G=:KR>:K
HMAI:KMB>LF:D>IE:NLB;E>:K@NF>GML:LMHPARMA>BKGMBHGL:K>
MA> H;OBHNL GL> K>:=BG@ H? MA> IE:BG E:G@N:@> H? MA> K
1A>L>MBG@K>:=BG@LMAHN@A=HGHM:KERBEENFBG:M>MA>BGM>GMH?MA>
;H:K= BG:=HIMBG@MA> KIKHOBLBHG 1A> E:?BGBMBHG H?
MA>L> M>KFL BG MA> K F:G=:M>L FR MK>:MF>GM H? MA>F :L :F;B@NHNL
M>KFLMH;>OB>P>=BGMA>EB@AMFHLM?:OHK:;E>MHMA>LMHK?K:G
!HGLMKNBG@ MA> :F;B@NHNL M>KFL BG MA:M P:R B? MA> W?NEE M>KFX H?
=BK>L>QIBK>:MMA>W:GGN:EF>>MBG@XBGMA>WMABK=R>:KX?HEEHPBG@
MA>BKR>:KH?>E> L W:GGN:EX :L
WKBG@ MA> I>KBH= H? : R>:KX HK WHO>KR R>:K HK
HG:R>:KXG=:@:BG:F;B@NHNLM>KFLH?MA>KBG
+#//'+4#01#/"'!1'-,/6HGEBG>>=BMBHG
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?:OHK H? MA> LA:K>AHE=>K ?K:G W:GGN:EX BG MABL QM FNLM F>:G
H K>F:BGBG@JN>LMBHG BLAHP MH=>?BG> : WR>:KX BK@:LVL
K:G=;RE:PL=HGHM=>?BG>:WR>:KXLH'M:D>MA>=B?BGBMBHG
PABKBH=H?:;HNM=:RL,HMABG@BGBK@:LVLKHK;RE:PL
=>?BG>L R>:KL :L ;>BG@ >BMA>K G=:K R>:KL HK ?BL:KL 1ANL BM BL
NG:KNG=>KBK@:LVLKPA>G>:KBH=;>@BGLYBLBM:MMA>
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77/101
LM:KMH?>:LM:KMH?>::KXL=>?>G=:GM
IHBGM>=HNMMA>E:G@N:@>H?MA>;RE:P>:LBERBG=MA>PHK=
W?BL I:KMB>L A:= BGM>G=>= ?HK WR>:KX MH A:O> MA:M
LI>Q:FIE>BK@:L=>?BG>=:=BK>KF
MH;>W?HK:M>KF>QIBKBG@:MMA>:GGN:EF>>MBG@H?LMHKLA>E=BGMA>
MABK= (+5%#.R>:K?HEEHPBG@MA>R>:KH?MA>BK>E>PHK=W?BLK:G=FNLMBGLM>:=MA>
:F;B@NHNL M>KFL :@:BGLM MA> ;H:K= PAB:=L MH FR MBG@GMPBMAMA>K
BK@:LLBFBE:KER=>?BG>=W:GGN:EF>>MBG@X>EL>PA>K>BGBML
K HK ;RE:PL MH K>JNBK> : FBGBFNF =NK:MBHG:E BGM>KO:E ;>MP>>G
F>>MBG@L B> W:GGN:E F>>MBG@L FNLM ;> A>E= GH E>LL MA:G GBG> FHGMAL
#44#*=506/=60%81.&+0)1=">E!A5''
#.51#56'470&=:M1H;>LNK>MABLKNEBG@MA:MNG=>KMA>E:G@N:@>H?BK@:LVLKBML:GGN:EF>>MBG@:=MHKNGHG:G=:KR>:KBLEBFBM>=MHMA>LI>=BGMA>BK@:LK1A:MBLGHMMHLN@@>LMMA:MW:GGN:EF>>MBG@LXNG=>K0>"%!*FNLM;>K>:=MHKNGHG:G=:KR>:K-MA>KKL?HKHMA>K L :K> GHM BFIEB= :G= MA>R BK KL :G=HK ;RE:PL::LBFBE:K:F;B@NBMR
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:I:KMX'ML:B=MA:M=BK>KO>WMAK>>R>:KM>KFLX&:=
BM =HG> :GR H? MAHL> MABG@L MA>G : ;RE:P LAHKM>GBG@ LNQIEB?BG>= W?NEE M>KFX PHNE= A:O> QIEBK>;RPHNE=A:O>;>>GBGO:EB=NG=>KBK@:LVLKBK@:LAHP>O>K
=B=GHM:KER=>?BG>MA>L>M>KFLBK@:LVLK:G=;RE:PLLBFIERL:R
MA:MMA>LNMA>IE:H?:GR=BK>M>KFA:L>QIBK>=
WBGMA>MABK=R>:KX?HEEHPBG@MA>R>:KH?>E>MBG@ PHNE= ;> MA> W
:GGN:E F>>MBG@X BL MA> MABK= WR>:KX :?M>K 0N
E>= BG MA> WMABK= R>:K ?HEEHPBG@ MA> R>:K H? MA>BK
>E>LGHMOBHE:M>BK@:LVLK
:LPKBMM>G
106'06+1051(6*'#46+'5
$BG:EERBK@:LG@>LMA>;RE:PVLO:EB=BMRNG=>K">E:P:K>E:P:L
P>EE ;:L>= HG : LBFBE:K EBG> H? K>:LHGBG@ NLBG@ LM:MNMHKR BGM>KIK>M:MBHG
"%!*0>LK>=;H:K=H?
NIMHMAK>>LPBMAMA>?HEEHPBG@M>KFL
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79/101
819A>M>KFH?H??BH?MAHL>H?MA>?BKLMQIBK>:MMA>?BKLM :GGN:E F>>MBG@ A>E= :?M>K LNH?MA>L>K>:?M>KH?MA>MABK=:KLMA>K>:?M>K :G= :M>:E>E= :?M>K LN=BK>G?HK:?NEE M>KF :L MA> F:R ;> MH LN= MAHL> PAHL> M>KFL>QIBK>
L PBMA BK@:LVL @HO>KGBG@ =HGML MABL L> "%!*
=H>LGHM>QIEB?BG>PA>G:W?NEEM>KFX>QIBK>L:G=MA>:GLP>KBLGHM
:K?KHFMA>IE:BGE:G@N:@>H?MA>LM:MNM>
0>IKHOBLBHGHGK>FHO:EH?=BK>
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BK@:L =BK>KFL H? H??B ;R L>O>G FHGMAL PBMAHNM IKHI>KER
K>FHOBG@MA>F?HK1ANLIE:BGMB??L:K@N>MA>>E>:GGN:EF>>MBG@PBEEGHMA:O>L>KO>=MA>BKW?NEEM>KFX
HGMA>;H:K=
'GLNIIHKMH?MABL:K@NF>GMIE:BGMB??LIHBGMMH"%!*0>>MBG@H?LMHKLLA:EE;>A>E=?HKMA>
>E>:G=:M:MBF>=>LB@G:M>=;RHKBGMA>F:GG>K
IKHOB=>=;RMA> ;RE:PLX :G= 0>MBG@LL>I:K:M>=;R@K>:M>KMA:GMABKM>>GFHGMAL YMA>WIHEBBG@WMA:M>MBG@L
H?LMHKLX
">?>G=:GM:@K>>LMA:MMA>W?NEEM>KFXH?MA>>E>QIBK> :M BK@:LVL :GGN:E F>>MBG@ H?
LMHKL1A>JN>LMBHGBLMA>L:F>HG>:LD>=BGMA>IK>OBHNLL>G >O:EN:MBG@ PA>MA>K MA> ;RE:P G>MBG@O:EB=ERM:D>
IE:">?>G=:GMIHBGMLMHMA>B=>GMBH?"%!*0>LBL:WHG>FHGMAUE>>P:RVX;NMWMABLFH=>LM@K:I>KBH=BLGHM:EBGL>
MHNG=>KFBG>MA>:KBFIHKMH?MA>M>KFU:GGN:EF>>[email protected]>GBG@KJNHMBG@#0%1426&837+&;0'142=">E!A
.ELV-I>GBG@K
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81/101
:G=EB>=HG;RIE:BGMB??LMHLNIIHKMBMLHPGHIIHLBG@IHLBMBHGMA:M
MA>K> BL W8G9HMABG@ BG MA> LM:MNM>L HK BG BK@:LVL K >LM:;EBLA8BG@9 :
FBGBFNF BGM>KO:E ;>MP>>G : >MBG@LX
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=>?>G=:GM:K@N>L MA:M MABL BL LBFIER : :;HNM >GMK>GGM :;HNM MA>
BK@:L;H:K=P:GMBG@MABL!HNKMMHWIEN@MA>AHE>XBG:ONEG>K:;BEBMRBGBML
M:D>HO>K=>?>GL>LG:F>ERBMLLM:@@>K>=;H:K=:G=MHNG=HMA>K>LNEMH?:
LA:K>AHE=>KOHM>MA:MMA>BK@:L;H:K=EHLM?:BK:G=LJN:K>
">?>G=:GM KL IE:BGMB??LV :K@NF>GM K>@:K=BG@ MA> IHEB?VL-I>GBG@K">?VL-I>GBG@K
">?VL/>IERK
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82/101
K>>EL>BGMA>"%!*LI>LMA:M:GRI:KMBKO:E
;>MP>>GF>>MBG@LBLMHHLAHKMX
0#.;5+5
$BKLMIE:BGMB??LA:O>L>>FBG@ER:;:G=HG>=MA>BKWK>FHO:EX:K@NF>GM
@BO>GMA:MMA>R=B=GHMHGF>GMBHGDBGMA>BK:GLP>KBG@;KB>?;NM'
PBEE:==K>LLMA>:IIEBK>GHG>MA>E>LL.E:BGMB??L
:K@N>MA:M;RW?NEEM>KFXH?MA>=BK>E>:GGN:EF>>MBG@MA>;RE:PL:GBFIKHI>KK>FHO:ENG=>K
0>OHM>H?
BK@:LVL LMHKL :L K>JNBK>= ?HK K>FHO:E NG=>K BK@:LVL K
">?>G=:GMK>LIHG=L MA:M MA>K> BLGH K>FHO:EIKH;E>FW;>MA> BK@:L
=BK> GHM ;>BG@ UK>FHO>=VX 'G HK=>K ?HK IE:BGMB??LV :K@NF>GM MH
AHE=P:M>KMA>;RE:PPHNE=A:O>MH;>?HNG=MHWW?NEEM>KFX
H?MA>=BK>KPBL>=>?>G=:GMBLBK@:L=BK>
GHM;>BG@WK>FHO>=XB>NGL>:M>=;>?HK>MA>>G=H?MA>BKM>KF:G=MANLMA>
WK>FHO:EXLM:MNM>BLGHMBFIEB=L=BL=FHK>?NEER;>EHPMA>K>BL
GHK>FHO:EIKH;E>FA>K>YMA>W?NEEM>KFXH?MA>L>=BK>QIBK>L:MMA>
">?VL-I>GBG@K '' .ELV-I>GBG@K
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83/101
W:GGN:EF>>MBG@XMH;>A>E=BG2G=>KMA>LM:MNMHKR?K:F>PHKDH?MA>
"%!*W:;L>GM:LI>:GLBO>PBMAMA>I>KBH=;>MP>>G:GGN:E
F>>MBG@LXBK@:LA:L:K:G=;RE:PIKHOBLBHG;H:K=
;NMBM=H>LGHMNG:F;B@NHNLER=>?BG>PA:MBLF>:GM;R:W?NEEM>KFXHKPA>G
MA>W:GGN:EF>>MBG@XFNLMM:D>IE:1ANLHGBK@:LVL=;H:K=
MA>=BK>M>KFL>QIBK>:MMA>G>QM>E>L>KO>=:W?NEE
M>KFX :M MA> W:GGN:E F>>MBG@X K>@:K=E>LL H? PA>MA>K MA:M F>>MBG@
M:D>L IE: >:KEB>K BG MA> R>:K HK E:M>K BG MA> R>:K 1A> ?:
=BK>KFW>QIBK>LX:MMA>W:GGN:EF>>MBG@XPA:M>O>K=:M>BMBLA>E=
0> A>K> .E:BGMB??LV HGER WK>FHO:EX :K@NF>GM
K>F:BGBG@LN@@>LMLMA>K>?HK>MA:MMA>BK.KH=NO:=8BG@9MA>K>FHO:EK>JNBK>F>GMXBGBK@:LVLK;R
WI>KFBM8MBG@9 LA:K>AHE=>KL MH K>FHO> =BK>?HK> MA>BK M>KFL A:O>
>QIBK>=X;R:LBFIE>F:CHKBMROHM>4ABE>BMBLMKN>MA:MNG=>KBK@:LVL
KH?MA>LMHKLMBG@MHK>FHO>MA>
=BK>KF:CHKBMROHM>MA:MIKHOBLBHG@HO>KGLWK>FHO:EXH?
''')4190#460'45874E:P:K>!HKIHK:MBHG*:P:G=.K:IERK
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=BK>I:K:M> :G= =BLMBG ?KHF MA> JN>LMBHG H? PA:M
L: W?NEEM>KFX NG=>K BK@:LVLK>NG=>KBK@:LVL
KMA>=BK>KFX>QIBK>L:MMA>W:GGN:EF>>MBG@XMA>K>
BLGHK>FHO:EIKH;E>F
"%!*0>GMBME>=W+>>MBG@LH?LMHKLX LGHM>=
:;HO> 0>L MA:M W:G :GGN:E F>>MBG@ H? LMHKL
LA:EE;>A>E=?HKMA>>E>:G=:M:MBF>=>LB@G:M>=
;R HKBG MA>F:GG>K IKHOB=>=;R MA>;RE:PLXWGGN:EF>>MBG@XBLGHM
=>?BG>=!HKIHK:MBHGL:K>?K>>MH=K:?MMA>BK@HO>KGBG@=HGMLMHLI>GMA>BK:GGN:EF>>MBG@LLA:EEM:D>IE:1A>RQIEB ;RE:PL 1A>R QIEB?BG> MA> M>KFL H? MA>BK LM:@@>K>=
;H:K= BG MA>BK K HK ;RE:PL LAHNE= MA>R => MH A:O> : =
;H:K=1HMA>>QM>GMMA:MMA>R=HGHMNG:F;B@NHNLERF:D>MA>L>M>KFL:K
BGMA>BK@HO>KGBG@=HGMLMAHN@AMA>=>?:NEMKNE>LBG">E:P:K>=HGHM
+HK>HO>KNG=>KMA>=HH?BG=>I>G=>GME>@:ELB@GB?BKHG>L>"%!*A:LE>@:EBG=>I>G=>G?KHF:G:;>>GM:D>GNG=>K:GHMA>KL>LM:MNM>>O>GB?MA>::=MHMA>L:F>K>LNEM 4E:P:K>!HKIHK:MBHG*:PHO>KMA>R>:KL8BL9MA:M:GBG:GML>:I>G=>GME>@:ELB@GB?BO>GMAHN@AMA>>G=K>LNEMF:R;>MA>L:F>NG=>K=B??>K>GML>F>K>?:K>LNEMH?:GNG=>KHG>L>MA>L:F>:LMA>K>LNEMH?:GNG=>K:GHMA>KL>LGHMK>JNBK>MA:MMA>E>@:EBMRH?MA>K>LNEMFNLM;>M>LM>=;RMA>K>JNBK>F>GML H? MA> L>E!A'.[
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8/8/2019 Airgas' brief
85/101
K>JNBK>P:BMBG@:WR>:KXHKWMP>EO>FHGMALXHK:GRL>M:FHNGMH?MBF>?KHF
HG>:GGN:EF>>MBG@MHMA>G>QM
.E:BGMB??L G= MA:M :EMAHN@A GHM =>?BG>= BG MA> "%!* MA>
GL> K>:=BG@ H? W:GGN:E F>>MBG@X F>:GL :M E>:LM HK
:IIKHQBF:M>ER HG> R>:K :I:KM 1A:M @EHLL BL GHPA>K> MH ;> ?HNG= BG MA>
LM:MNM> MAHN@A 2G=>?BG>= PHK=L BG LM:MNM>L :K> @BO>G MA>BK WHK=BG:KR
:GBG@
EBM>K:E K>:=BG@ H? W:GGN:E F>>MBG@X F>:GL :
F>>MBG@MA:MPBEEM:D>IE:HG:R>:K WGGN:EF>>MBG@XBL:LM:MNMHKR
M>KF PBMA :G H;OBHNL E>@:E BFIHKMYBMK>?>KL MHMA> H;EB@:MHKR LMHK
F>>MBG@MA:MFNLMHKRR>:K1A>K>BLGHK>JNBK>F>GM
MA:MBM;>LI:=;R>E>O>GHKMP>EO>FHGMAL;NMCNLMMA:MBMA:II>GHG:
R>:K>O>KRR>:K
0>MBFBG@H?:GGN:EF>>MBG@LBG
MPHP:RLB?:G:GGN:EF>>MBG@=:M>BL=>LB@G:M>=MA>F>>MBG@FNLM;>
'9';'#%*06'450%8&1( &,756/'064*:M">E(NER
1A>GNF>KHNL=B?BGBMBHGL=;R;HMAIE:BGMB??L:G==>?>G=:GM=N;;>=:?HKF H? W=BX :M HK:E :K@NF>GM LNIIHKM MABL K>:=BG@ '' +#//'+4#01#/ "'!1'-,/6 HGEBG>>=BMBHG=>?BGBG@W:GGN:EX:L WKBG@ MA>I>KBH= H?:R>:KX HK WHO>KR R>:K HK HG : R>:KX 5'' #.51 4#01#/V01&'/",#4',1V* "'!1'-,/6.ABEBI:;==>?BGBG@W:GGN:EX:LWK>=;RMA>R>:KXWKBG@MA>I>KBH=H?:R>:K;:L>=HG:R>:KXHKWH=HG>HK:=NIHG>O>KRR>:KHKHG:R>:KX+#/'!,/'1%#!-**#%# "'!1'-,/6 MA >= =>?BGBG@ W:GGN:EX :L W8A9:II>GBG@ >O>KR
R>:KR>:KERXHKW:I>KBH=H?:IIKHQBF:M>ERMA>=NK:MBHGH?:G=:KR>:KX-5$-/"#,%*'0& "'!1'-,/6 ( 0BFILHG #0! 4>BG>K >=L = >= =>?BGBG@W:GGN:EX:LW8I9>K?HKF>=HKK>O>KRR>:KR>:KERX
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A>E= PBMABG =:RL H? MA:M =:M> :G= :GGN:E F>>MBG@L
L>I:K:M>=;R@K>:M>KMA:GMABKM>>GFHGMALYMA:MBL0>>MBG@E:M>KMA:GMABKM>>GFHGMAL:?M>KMA>E:LM
:GGN:E F>>MBG@ NM MA> LM:MNM> =H>L GHM >QIEB :GGN:E
F>>MBG@ BGM>KO:E ?KHF ;>BG@ 5*146'0'& ;R :GR :FHNGM H? MBF> .NM
=B??>K>GMER BM =H>L GHM IKHAB;BM AHE=BG@ MA> :GGN:E F>>MBG@ '#4.+'4 MA:G :
R>:K:?M>KMA>IK>OBHNL:GGN:EF>>MBG@0HPABE>0>
HG>FHGMAPB@@E>KHHF:?M>K:R>:KA:LI:LL>=MHAHE=MA>:GGN:EF>>MBG@
MA>"%!*BLLBE>GM:LMHMA>:FHNGMH?WE>>P:RXBGMA>HIIHLBM>=BK> LM:MNM> MANL E>:=L MH MA>
=>?:NEM KNE> MA> :GGN:E F>>MBG@ =:M> A>E= .#6'4 MA:G MABKM>>G
FHGMAL?KHFMA>E:LM:GGN:EF>>MBG@;NMBMFHO>=72;R:GR:FHNGM
H?MBF>LHEHG@:LGHMBK>JNBK>F>GML:K>F>MBM=H>LGHMMF>GML FNLM;> ?BE>=PBMAMA>0#!;>?HK>:G:GGN:EF>>MBG@F:R;>A>E=PHNE=;>=B??BMH
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HIIHKMNGBMR MH A:O>MA>BK OHBL A>:K= :G=MH AHE==BK>GFHGMAI>KBH=:ELHEBFBML@:F>LF:GLABI;RBGLNK@>GML1A:MBL
BGLNK@>GMLPAHF:D>:M:>MBG@?HKP:K=
BGMA>R>:K=HGHMA:O>NGEBFBM>=:NMAHKBMRMHD>>I=:M>L:LBM
LNBMLMA>FLBMLM:G=LMA>;RE:P:LPKBMM>GFHO>LBK@:LVLF>>MBG@?HK:EE
R>:KLNGMBE:F>G=F>GMMH(:GN:KR1ANLB?BGLNK@>GMLFHO>NI:F>>MBG@
:LA>K>MA>RPBEE?:LMHKLB?>E>=PBMABGMABKM>>GFHGMAL1A>
BK.KH=N>LPAHP>K>>E>=MHBK@:LVL;H:K=:MMA>0>IM>F;>K
F>>MBG@PBEE?:LMHKL:M:F>>MBG@BG(:GN:KRK:MA>K
MA:G(NER'?HGBGH??BMA>BGLNK@>GML>G@:@>BGFNLB>MBG@
@:F>L :=O:GE:RBG@ F>>MBG@L ?HK >GMK>GGM
=BL>G?K:GF>GMHKHMA>KBFIKHI>KINKIHL>LMABL!HNKMVL;KH:=>JNBM:;E>
IHP>KL PHNE= A:O> ;BM> :L PHNE= MA> MABKM>>G FHGMA EBFBM NG=>K 0>E:P:K>0NIK>F>9!HNKM:G=MA>!HNKMH?!A:GKRA:O>K>F:BG>=:LLB=NHNLBG?NEERK>OB>PBG@:GR;H:K=:LB@G>=MHBGM>K?>K>PBMAHKBFI>=>MA>>??>>Q>KH?=>FHKL>LI>E>
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:=R MHMAP:KM FBLNL>HK :;NL> ;R=BK>GML
&:OBG@?HNG=MA:MMA>;RE:P=H>LGHM:GBG@
H?W:GGN:E F>>MBG@X NG=>K"%!* 0>KMHBGM>KIK>MMA>E>@:E
F>:GBG@H?0>"%!*MABL!HNKMPBEEWMHMA>
F:QBFNF>QM>GM?>:LB;E>8BGM>KIK>MMA>L>MPH0>L
?NEE>??>EBM>K:EM>KFLH?MA>E:G@N:@>H?>:!HNKM A>E= MA:M MA>:=O:GF>GM;R=BK> H? : LMHKLV F>>MBG@ P:L GHM I>KFBMM>= MH LM:G= ?HKBG>JNBM:;E>INKIHL>L JNBMRA:L CNKBL=BK LMH F:D>LNK> MA:M ?B=NL=HGVM :;NL> MA>BK MKNLM GHM MHIKHM>GM: :KLM:MNMHKR HK > R>:KLV L>KOB MA>K> >QBLMLGH:GBF:MBG@IKBGNG=>KPAB>=IE:BGMB??LLN@@>LMMA:MWMA>K>BLGHG>>=8?HKMABL!HNKM9MH=>A>K>AHP?:KLAHKMH? MP>EO>FHGMALBL MHHLAHKMXYHGERMA:M?HNKFHGMAL BLGHMEHG@>GHN@A NMNG=>KIE:BGMB??LV=>?BGBMBHGH?W:GGN:EXCNLMAHP?:KLAHKMH?MP>EO>FHGMAL 917.&;>MHHLAHKM '?:GGN:EF>>MBG@L :K> MH;> A>E= W:IIKHQBF:M>ER >O>KR MP>EO>FHGMALX FNLM:F>G=F>GML MH :GGN:E F>>MBG@ =:M>L :EP:RL@H ?HKP:K= :G= G>O>K ;:IERK'?GHMPHNE=:G:F>G=F>GMMHFHO>MA>:GGN:EF>>MBG@;:HKMPHFHGMAL;>HD:R ;NMMAK>>FHGMAL PHNE=GHMB> HGER :WF:M>KB:ELAHKM>GBG@XBLIKHAB;BM>=1A>K>BLGH;:LBLBGMA>"%!*HKBGHNKMIE:BGMB??LPHNE=K>JNBK>MPBLMBG@MA>%*0'..=H:@:BGLM
LMHKLMH IKHM>GH :KKB@AMYLM:MNMHKR 14=:RL
15%*'66806=.1(69#4'6&=">E!A
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0>= :;HO> ?HEEHPBG@ E:G@N:@>
:NMAHKBSBG@K>=;H:K=
1A> =BK>K MABL KF:R;>=BOB=>=BGMHHKLMA>M>KFH?H??BH?MAHL>H?MA>?BKLMQIBK>:MMA>?BKLM:GGN:EF>>MBG@A>E=:?M>KLNH?MA>L>K>:?M>K H? MA> MABK= :KL MA>K>:?M>K #0& #6
'#%* #007#. '.'%6+10 *'.& #(6'4 57%* %.#55+(+%#6+10 $'%1/'5'(('%6+8'&+4'%61455*#..$'%*15'0(14#(7..6'4/ :LMA>F:R;>MHLN=MAHL>PAHL>M>KFL>QIBK>
.E:BGMB??L G= MA:M W8M9A> LM:MNM>VL K>?>K>G MH U R>:KV :G= U
R>:KLV K>?E> IKHIHLBMBHG MA:M MA> U:GGN:E >E>>MBG@LV:K>MABG@LMA:MHR>:K:I:KMX NMLBFIER
;> MA> LM:MNM> K>?>KL MH WR>:KLX MH L>I:K:M> MA> BGBMB:E MPH W:GGN:E
F>>MBG@LXBGPAB=H>LGHM:NMHF:MB:GMA:MW:GGN:EF>>MBG@X>JN:ELW:IIKHQBF:M>ERHG>R>:K:I:KMXYA:=MA>
%>G>K:ELL>F;ERP:GM>=MHL:RMA:MBMPHNE=A:O>
L LNIIHKM ?HK MA>BK IHLBMBHG IE:BGMB??L :ELH MH 55'06+#.
06'424+5'5 142 8 761/#6+% 6''. 41&5 0% ?HK MA> IKHIHLBMBHG MA:M
W8:KERMA>U?NEEM>KFVOBLN:EBS>=;RMA>LM:MNM>BL:I>KBH=H?MAK>>R>:KLY
GHM NI MH MAK>> R>:KLX NM PA:MMA:M AHE=L BLMA:M "%!*0>G?HK:?NEEM>KFV*'%'46+(+%#6'
'.[=>FIA:LBL:==>=.ELV/>IERK
=">E!A
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+/2.'/'0656*+5X1A>KMB?B:MBLLN>BG 55'06+#. 06'424+5'5=
?HK:LM:@@>K>=;H:K=PBMAMA>?HEEHPBG@M>KFL
8?M>K MA> BGBMB:E L A:= ;>>G >LM:;EBLA>=9 8:9M >:E>QM:GGN:EF>>MBG@H?MA> LMHKLMA>LNM>KF>QIBK>LBGMA:MR>:K5*#..$''.'%6'&61*1.&1((+%'(146*'6'4/1(6*4'';'#45 MHLN=MAHL> PAHL> M>KF >QIBK>L LH MA:M MA> M>KF H?H??B H? HG> QIBK>BG>::K
1A> K BG55'06+#. 06'424+5'5 >QIEB>R>:K
M>KFL BK@:LVL K =H>L GHM 1ANL MA> W?NEE M>KFX LI>= ;R MA>
KBG55'06+#.06'424+5'5P:LMAK>>R>:KL1A>W?NEEM>KFXOBLN:EBS>=
;R MA> LM:MNM> ;:L>= HG BK@:LVL K BL NGMBE WMA> :GGN:E F>>MBG@ H?
LMHKL A>E= BG MA> MABK= R>:K ?HEEHPBG@ MA> R>:K H? MA>BK >E> MA:M W8M9A> PHK= U:GGN:EV FNLM F>:G HG> MABG@ :G= HG>
MABG@ HGER ?HK :EE INKIHL>L MAKHN@AHNM MA> LM:MNM>X
' :@K>> :G= FR
AHE=BG@A>K>@BO>LMA>PHK=:GGN:E:LBG@E>GMF>:GBG@MAKHN@AHNM
MA> LM:MNM> +RAHE=BG@ =H>LGHM @BO>W:GGN:EXFHK>MA:G HG>F>:GBG@Y
PA>MA>KBMBL:GW:GGN:E>E>>MBG@XBMHO>KR R>:K NM MA>K> BL GH LM:MNMHKR K>JNBK>F>GM MA:M MA>K> ;> :
&:M
&:M>FIA:LBL:==>=!>KMB?B:KM[
.ELV/>IERK
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=NK:MBHG:E FBGBFNF :FHNGM H? MBF> ;>MP>>G :GGN:E >E>>MBG@LNGE>LLBMBLLHLI>=BG:KL=;RMA>I:KMB>L:K>>:LBER=BLMBG@NBLA:;E> 18'08
166'4 BGOHEO>= : K :F>G=F>GM MA:M PHNE= =>K>=
;H:K=LHMA:M:=BK>BFF>=B:M>ERK>FHO>=PBMAHKPBMAHNM
;>NG=>KMA>LMBHGVLK==BK>FHO>=PBMAHNM1ANLBMP:L:KER:WK>FHO:EX
:G= =B= GHM:==K>LLMA>JN>LMBHGH? PA>G BGMA>R>:K:G W:GGN:E F>>MBG@X
FNLM ;> A>E= ;NM BM BL BGLMKN GHG>MA>E>LL 1A>K> !BM:=>E &HE=BG@VL
K = : LM:@@>K>= ;H:K= IKHOBLBHG PBMA E:G@N:@> LBFBE:K MH
BK@:LVLKB>=BK>KFL>QIBK>:MMA>WMABK=:GGN:EF>>MBG@H?
.E:BGMB??LVE :M HK:E:K@NF>GM?HK?NEERG=>=MA:M MA>E:G@N:@> WLA:EE;>
>E>=MHAHE=H??B?HKMAK>>R>:KLXBL?NGJNBO:E>GM56MHMA>IAK:L>MA:M:II>:KLBGBK@:LVLK:G=;RE:PL:LP>EE:LBGF:GRHMA>K">E:P:K>=MA:MMA>EH>E>=MHAHE=H??B ?HK MAK>> R>:KLX BL >JNBO:E>GM MH F>:GL MA> O>KR L:F> :L MA> EHKF>QIBKBG@:MMA>:GGN:EF>>MBG@A>E=BGMA>MABK=R>:K?HEEHPBG@MA>R>:KH?MA>BK>E>JN:MBHGPBEEGHMLHEO>Y5=H>LGHM>JN:E6?HKMA>LBFIE>K>:LHGMA>R:K>=B??>K>GME>MM>KLBGMA>:EIA:;>M:G=MA>PHK=L>:KO>:L:IKHQR?HK:K>=B??>K>GMEBG@NBLMB:=B??>K>GMF>:GBG@BGLM:G=:K=#G@EBLANL:@>'?MA>L>EBG@NBLMB:KBGM>GMAHNL:G=PHK=LPBEEGHG>MA>E>LLA:O>MA>F>:GBG@';>EB>O>MA>RFNLM;>K>:=MHA:O>A>K>1HK>:=MA>FBGMA>F:GG>KIE:BGMB??NK@>LBLBGFRHIBGBHGBGM>KIK>M:MBHG H?MA>PHK=L 'G:==BMBHG MHK>:=MA>FBG MABL GHGEBM>K:E?:LABHGPHNE= ;> MH K>:= MA>F K>:=BG@ FHK> ?:OHK:;E> MH MA> LMHK
?K:G G=LH=>LIBM>MA> LDBEE?NE :=OH
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MA> LMHKL ?HEEHPBG@ L:B= "BK>E>G
:K@N>= MA:M WL>G M:D>G MH@>MA>K >GMBME> :
=BK>E>= BG: :U?NEEM>KFVH? MAK>>
R>:KLX1A>!HNKMK>C>=MA:M:K@NF>GMAHP>O>KAHE=BG@MA:M0>:=BK>KO>:U?NEEM>KFVLL>= PBEE H? MA>
F:CHKBMRX
1.)1((841,'%6#8+5+100%BLMA>HGER=;RMA>I:KMB>LBG
PAB!HNKM>QIK>LLERK>=MA>JN>LMBHGH?PA>MA>K: MBG@X >:KEB>KBG MA> R>:K MA:G BM P:L ABLMHKBE=1ABLBL=BLMBG@NBLA:;E>?BKLM;>MA>=BK>?BG>=M>KFH?H??BNGEBD>BK@:L +HK>HO>KMA>K>P:LGH :GGN:E F>>MBG@ >:KEB>K BG MA> R>:K OBHE:M>= LHF> LM:MNMHKR HK
K IKHOBLBHG
'GLM>:= +K "HE@H?? :K@N>= MA:M AHE=BG@ MA>F>>MBG@
&:M
&:M &:M
4*">E!A$>;
&:MG.KHC>=WMMA>>QIBK:MBHGH?MA>BGBMB:EM>KF
:G=H?>:KFH?>::E>=MHL>KO> (14#6*4'';'#46'4/X>FIA:LBL:==>=
'G=>>=.KHC>E=:G:GGN:EF>>MBG@BGHO>K:R>:K&:M
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>:KEB>KBGMA>R>:KP:L:GBG>JNBM:;E>F:GBINE:MBHGH?MA>>E>K%*0'..:G=.#5+751A>MANLBLBG:IIEBMHMABL
2EMBF:M>ER MA> IHEBGML G:;E>L ?BG> ?HK MA>FL>EO>L
PA>GMA>BK:GGN:EF>>MBG@LLA:EE;>A>E= 1A> "%!* =H>LGHM =>?BG> MA>
M>KFW:GGN:EF>>MBG@X:G='PBEEGHMK>:=:LI>G:;EBG@IKHOBLBHG"BK>?K>>MHLI>GMA>:GGN:EF>>MBG@LA:EEH?K>>MHBM:LMA>R
L>>?BMLHEHG@:LMA>R=HGHMOBHE:M>MA>EBFBM:MBHGLMA:M=H:II>:KBGMA>
LM:MNM>MA>=:R:G=FHGMAGMK>EB>L
FHLMA>:OBERHGMA>BFI:PHK=W:GGN:EXA:LHG0>W?NEEM>KFXH?:=BK>KOBG@HG:LM:@@>K>=;H:K=,HM:EE
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
'''.[
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LA:O>=;H:K=L:G=MA>M>KFW:GGN:EF>>MBG@XFNLMF>:G
MA>L:F>MABG@?HKL;HMAPBMA:G=PBMAHNM=;H:K=L1A>
F>:GBG@H?W:GGN:EXLAHNE=;>@E>:G>=?KHFMA>L>"%!*
=BL>MBG@LX GHM MA> L>LM MA:M MA> K>=;H:K=LBLMA:M:W?NEEM>KFXBLMAK>>R>:KL:G=:
MBG@LXA>E=BG:?HNKFHGMAI>KBH=
PHNE=W=>LM:;BEBS>MA>LM:@@>K>=;H:K=LH?">E:P:K>LX1ABLBL
GHMMA>YBMPBEEGHM=BFBGBLAMA>>??>G>LLH?LM:@@>K>=;H:K=L1A>
GL> HK=BG:KR E:G@N:@> K>:=BG@ MA:M :G W:GGN:E F>>MBG@X FNLM
A:II>G HG >O>KR R>:K :K M>KFL H? HNK LM:MNM> BML
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;RE:PLA:O>;>>GPKBMM>GBG:GHGLI>G=>=?:LABHGBMBLGHM?HK
MABL !HNKM MH MPBLM MA>BK IE:BG PHK=L MH :O> : INKIHKM>= BGM>GM H? MA>
=K:?M>KL1A>LHENMBHGBL?HK=K:?M>KLMH>FIEHR:K:G=LBFIE>E:G@N:@>MH
IKHOB=>:KL :G= =K:?MLF>G MAKHN@A LNE:G@N:@>:L W1A>
:GGN:E LA:K>AHE=>K F>>MBG@ LA:EE ;> A>E= :L ER :L IK:
L:F>FHGMAH?>::KLH:LMH>GLNK>MA:MMA>M>KFLH?H??BH?=BK>:M>R>:KBGE>G@MAX'GLAHKMMABLBLGHMMA>>G=H?
MA>PHKE=?HKLM:@@>K>=;H:K=LBMBL:G>:LR?BQB?BMG>>=L?BQBG@
">E:P:K>E:PIK>LLGHFBGBFNF:FHNGMH?MBF>MA:MFNLM>E:IL>
;>MP>>G :GGN:E LMHK F>>MBG@L H? : ">E:P:K> "%!* IK>LL HGER MA> F:QBFNF :FHNGM H?MBF> MA:M F:R
>E:IL> ;>MP>>G :GGN:E LMHK F>>MBG@L MABKM>>G FHGMAL ">E:P:K>
E:PMANL:??HK=LL?E>QB;BEBMRMHL=NE>:GGN:EF>>MBG@L;:L>=HG
MA>I:KMB=G>>=L:G=E !A ,HO :KRHPG;RE:PLX #((=&57$01/%#/'4#84#0-+01=">E
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8/8/2019 Airgas' brief
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:;L>G H? : LI>= =:M> HK MBF> I>KBH= ?HK MA> F>>MBG@ =BK>=F:R:I:KMB
?HK:@BO>G:GGN:EF>>MBG@'GMABLMA>LMHKLH?BK@:L:MBML
0>IM>F;>K:GGN:EF>>MBG@OHM>=MH:F>G=MA>LM:;EBLA : I:KMBKBH= H?MA> R>:K (:GN:KR?HK MA> F>>MBG@
:G=?HK:EE?NMNK>:GGN:ELMHKF>>MBG@L1ABLI:KMBQ>KH?
:NMAHKBMR =H>L GHM QIK>LL IKHOBLBHG H? BK@:LVL
;RE:PLHKKGHK=H>LBME:P:K> LBK>L : W,HKMA 0M:KXY:G BGO:KB:;E> =>M>KFBG:M>
:G=?BQ>=M>KFH?H??BY?HKBML=BK>
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8/8/2019 Airgas' brief
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MHLI>KFLA:EE;>?HK:=>?BG>=I>KBH=H?MBF>>@:
MAK>> R>:K M>KF HK : M>KF GHM E>LL MA:G FHGMAL HK LHF> HMA>K
=NK:MBHG:EER=>?BG>=FBGBFNF1A>!HNKMH?!A:GKRBLGHM=PBMA
MA>=NMRMHK>?HKFMA>:=BGKLHK;RE:PLLH:LMHF:D>
MA>FQI>LHKBGM>GMBHGL
$HK MA> ?HK>@HBG@ K>:LHGL ' A:O> G=L KMB '' H? BK@:LVL ;RE:PL :G= BL GHM
WBGGMX PBMA KMB ''' :G= MANL : F:CHKBMR OHM> P:LLN??BGM MH
O:EB=ER:=HIMMA>;RE:P:MMA>0>IM>F;>K:GGN:EF>>MBG@MA>
;RE:P=H>LGHMKFLH?BK@:LVLK:G=MA>;RE:P
BLO:EB=NG=>K">E:P:K>E:P
G-K=>KBFIE>F>GMBG@MABL-IBGBHGA:L;>>G>GM>K>=
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EXHIBIT B
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'/%0',!(+#0&-3#6
.2*0,##""3'"01-21*##
1&-+0(-&,3,/-"#,:G=
#**#,4-*$
.E:BGMB??L
!,H!!O
'/./-"2!10,"!+'!*0',!
">?>G=:GM
$HKMA>K>:LHGL:LLB@G>=BGMABL!HNKMVL-IBGBHG>GM>K>=BGMABL
HGMABL=:M>BMBL
-/"#/#"MA:M?BG:ECN=@F>GMBL>GM>K>=BG?:OHKH?=>?>G=:GMHGBML
K@:EER;BG=BG@:G=>G?HK:;E>
!A:GEEHK
":M>=-K
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HJWYNKNHFYJ TK XJW[NHJ
RTWWNXSNHMTQXFWXMY
+YZSSJQQ QQU