1-11037 | 06-124-9050 | |
(Commission File Number) | (IRS Employer Identification No.) |
39 OLD RIDGEBURY ROAD, DANBURY, CT | 06810-5113 | |
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Exhibit No. | Description | |
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10.20
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Service Credit Arrangement for Stephen F. Angel dated May 23, 2007 |
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PRAXAIR, INC. | |||||
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Registrant | |||||
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Date:
May 23, 2007
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By: | /s/ James T. Breedlove | ||||
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James T. Breedlove | |||||
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Senior Vice President, General Counsel | |||||
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and Secretary |
Exhibit No.
Description
Service Credit Arrangement for Stephen F. Angel dated May 23, 2007
| The additional 21.64 years of service you accumulated with General Electric will be credited according to the following schedule: |
January 1, 2011
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10 years additional service credit | |
January 1, 2016
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11.64 years additional service credit |
| Except as outlined below, you must be an active employee of Praxair, Inc. on each date to receive the applicable service credit. No part of these additional service credits shall accrue in any way before these dates; however, these service credits may be accelerated under certain circumstances as described below. |
| For purposes of this arrangement, the definition of for cause termination is as defined in your Executive Severance Compensation Agreement 1 , dated December 9, 2003. Involuntary termination other than for cause will include any termination by action of Praxair that does not meet the definition of for cause termination. |
| In the case of your involuntary termination by the Board for cause , you will |
o | not be granted any additional service for any purpose and will forfeit any additional service previously credited under this arrangement. You should also note that, under the non-qualified pension plan, termination for cause may be grounds for forfeiture of your entire non-qualified pension. |
| In the case of your involuntary termination by the Board other than for cause |
o | on or before December 31, 2010, the full additional 10 years service credit would be accelerated to the effective date of termination; or | ||
o | during the period January 1, 2011 through December 31, 2015, the full additional 11.64 years service credit would be accelerated to the effective date of termination. |
| In the case of your death or a Change in Control (as defined in the Executive Severance Compensation Agreement) |
o | on or before December 31, 2010, the full additional 10 years service credit would be accelerated to the date of the event; or | ||
o | during the period January 1, 2011 though December 31, 2015, the full additional 11.64 years service credit would be accelerated to the date of the event. |
| In the case of your Disability, |
o | service credit will continue to accrue according to the terms of the non-qualified pension plan, plus the additional years of service credit on the dates specified in this arrangement. |
/s/ Ronald L. Kuehn, Jr.
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Ronald L. Kuehn, Jr.
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Chairman
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May 23, 2007
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