Business Context and Reporting Period
This Form 8-K is a current report filed by Air Products & Chemicals, Inc. on December 20, 2012. The filing addresses Item 8.01 (Other Events) to provide additional information regarding a compensation plan proposal for the Company's 2013 Annual Meeting of Shareholders, scheduled for January 24, 2013.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on a correction to the Proxy Statement regarding the Long-Term Incentive Plan.
Material Changes and Corrections
The Company identified an error on Page 10 of its Proxy Statement filed on December 12, 2012, concerning the number of authorized shares available for awards under the Long-Term Incentive Plan. The corrected figures as of September 30, 2012, are:
- Total Authorized Shares Available: 3,974,353 shares.
- Full Value Award Limit: The Plan restricts full value awards to no more than 20% of shares subject to awards granted after fiscal year 2001.
- Current Utilization: Less than 13% of shares used for Plan awards since 2001 have been utilized for full value awards.
- Available for Full Value Awards: Due to the cumulative nature of the 20% limit, 2,677,697 of the available authorized shares can be used for full value awards.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, management commentary on operations, or discussion of risks and contingencies. The document serves solely to correct the share availability data in the previously filed Proxy Statement.
Investor Verification Checklist
- Verify the corrected number of shares available for full value awards (2,677,697) in the updated Proxy Statement.
- Confirm the total authorized shares available for the Long-Term Incentive Plan (3,974,353) as of September 30, 2012.
- Review the 20% cumulative limit rule for full value awards under the Plan terms.