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About myAL myShare 2025
What is an Employee Stock Purchase Plan (ESPP)?
An Employee Stock Purchase Plan (ESPP) is a capital increase reserved for the employees of a company or a group of companies. This type of offer allows eligible employees to acquire shares on preferential terms.
The myAL myShare 2025 offer is an opportunity to participate in the Group’s development by becoming a Shareholder of L’Air Liquide S.A. or expanding your share portfolio on preferential terms.
What is myAL myShare 2025?
It is a capital increase reserved for Air Liquide Group employees which allows employees to acquire L’Air Liquide S.A. shares on preferential terms.
Why is Air Liquide proposing an Employee Stock Purchase Plan?
With its Employee Stock Purchase Plan (ESPP), Air Liquide aims to increase employee numbers and representation in the Group’s share capital.
Where do the shares for the myAL myShare 2025 offer come from?
The shares are created by a capital increase reserved for employees. A capital increase consists in creating new shares to increase the company’s share capital. Employees participating in the offer acquire Air Liquide shares at subscription prices.
By subscribing to the offer, do employees become Shareholders of Air Liquide?
Yes. They will become direct registered Shareholders. This means that their shares are registered in their name in a direct registered share account. The employees will pay no handling or management fees.
Does participating in the Employee Stock Purchase Plan affect an employee’s working life?
No, this decision is entirely free and personal. The Employee Stock Purchase Plan (ESPP) is an opportunity offered by the Group to its employees; it is not a constraint or an obligation.
What are the advantages of being a direct registered Air Liquide Shareholder?
After the subscription*, the employee becomes a direct registered Air Liquide Shareholder. Employees enjoy the following advantages:
- 1 share = 1 voting right
As a Shareholder, the employee is part of the Group’s decision-making process by voting at the Annual General Meeting.
They will also receive dedicated information: emails, Shareholder newsletters, factsheets, the Shareholder’s Practical Guide, etc.- +10% loyalty bonus on dividend
Employee Shareholders will be eligible to receive the dividend voted on by Shareholders during the Annual General Meeting each year, plus a 10% loyalty bonus once they have owned their shares for two years.- Regular free share attributions to all Shareholders
These attributions, voted on by Shareholders during the Annual General Meeting, also benefit from the 10% loyalty bonus for all shares you have owned for two years.- 0 handling fees, 0 management fees
* New shares under the Employee Stock Purchase Plan will be issued in December 2025.
What is the total amount of shares offered?
As part of the myAL myShare 2025 offer, 850,000 shares will be offered to eligible employees. They will be distributed according to subscriptions placed by eligible employees.
What happens in the event of oversubscription?
If the number of shares subscribed is greater than the 850,000 shares available as part of the myAL myShare 2025 offer, the amount of the employee’s subscription may be reduced.
The highest subscriptions will be reduced to a level that will make it possible to satisfy all subscribers, as far as possible. The employee will be informed of any reduction to their subscription a few days after the end of the subscription period.
Eligible employees
Which employees are eligible for the myAL myShare 2025 offer?
To participate in the myAL myShare 2025 offer, the employee must:
- be an employee of L’Air Liquide S.A. or one of its subsidiaries that are members of the French Savings Plan (FSP) or the International Group Share Purchase Plan (IGSPP) at the subscription period closing date;
- have at least three months’ employment in a Group entity at the subscription period closing date (length of employment requirements and eligible contracts may vary depending on the country). The three months of employment must fall from January 1, 2024 to November 13, 2025.
Specific rules for Russia and Belarus
As a result of sanctions imposed by the European Union, citizens or residents of Russia or Belarus may not participate in this offering, except in the following conditions:
- if he/she is a Russian national or resident of Russia, and he/she is also a citizen of a Member State of the European Union, of a country member of the European Economic Area or of Switzerland, or he/she has a temporary or permanent residence permit in one of these countries; and
- if he/she is a Belarusian national or a resident of Belarus, and he/she is also a citizen of a Member State of the European Union or he/she has a temporary or permanent residence permit in one of these Member States
Can employees whose employment contract is suspended subscribe?
In general, employees with a suspended contract (parental leave, sabbatical leave, maternity or sick leave, etc.) can benefit from the offer. They may subscribe if they meet the eligibility criteria (see the question “Which employees are eligible for the myAL myShare 2025 offer?”). Note that if their employment contract is suspended, an employee can subscribe up to one quarter of the French social security cap (i.e. 11,775 euros for 2025).
What happens if an employee leaves the Group?
The employee must be employed by a Group entity until the last day of the subscription period
(i.e. Thursday, November 13, 2025 at 11:59 p.m. Paris time). In case of departure before the end of the subscription period, the pending subscription will be automatically canceled.
If an Air Liquide employee or former employee decides to keep his or her shares upon leaving the Group after the last day of the subscription period, no account maintenance fees will be billed.
Can employees under a notice period subscribe?
Yes, employees under a notice period can subscribe if their notice is ending after November 13, 2025.
Is the subscription possible for spouses who are both employees of companies in the scope of the offer?
Yes, because the offer is made to each individual employee. Two spouses can therefore fully subscribe if they wish, as each subscription is treated individually.
Subscription price
What is the reference price?
The reference price is equal to the average opening trading prices of the Air Liquide share over 20 consecutive days. It is the basis for calculating the subscription price.
What is a discount?
A discount is a reduction on the reference price (see the question “What is the reference price?”) for this offer. The maximum authorized discount is 20%, but it may be lower in certain countries due to local regulations.
How is the subscription price calculated?
The subscription price is equal to the reference price on which is applied the discount offered by Air Liquide.
When will the subscription price be known?
The subscription price will be set on October 29, 2025. It will then be communicated to employees by email, through different communication tools, including the myalmyshare2025.airliquide.com website.
Will the subscription price change if the L’Air Liquide S.A. share price fluctuates during the subscription period?
No. The subscription price, in euros or in the local currency, will remain the one fixed on October 29, 2025, regardless of any changes to the L’Air Liquide S.A. share price and exchange rate fluctuations.
Will the subscription price be in euros or in the local currency?
The subscription price will be communicated in euros as well as in local currencies.
What exchange rate will be applied for countries outside the euro zone?
The exchange rate used to determine the subscription price in local currencies will be the one published by the European Central Bank on the last day of the period used to calculate the reference price.
Can the exchange rate change during the employee’s subscription period?
No. The subscription price in the employee’s local currency will remain fixed until the subscription price is paid, regardless of any fluctuations in the local currency against the euro. The foreign exchange risks will be taken over during the subscription period by the Air Liquide subsidiaries.
Can the exchange rate fluctuate during the lock-in period?
Yes. The exchange rate may change during the five-year lock-in period (or three for the US) and foreign exchange risk is not covered during the investment period.
As L’Air Liquide S.A. share is listed in euros on the Paris Stock Exchange, the value of the investment will vary according to exchange rate fluctuations between the euro and local currencies. Thus, if the euro appreciates against a local currency, the value of the investment denominated in this local currency will increase. Conversely, if the euro depreciates against a local currency, the value of the shares in this local currency will decrease.
Potential gain & dividend
What can employee Shareholders expect to earn?
- Dividend:
As a Shareholder, they will be entitled to the payment of a dividend per share held each year, depending on the Group’s results and upon the decision of the Annual General Meeting.- Potential capital gain:
It is not until employee Shareholders sell their shares that they will know whether they have made a capital gain or loss. There is therefore a risk of loss of capital. However, the discount reduces the share acquisition price compared with the market price and therefore has an amplifying effect in the event of an increase and a cushioning effect in the event of a decrease in the share price when the shares are sold.
What is a capital gain/loss?
A capital gain or loss corresponds to the difference between the sale price of a share and its acquisition price.
When the sale price is higher than the acquisition price (subscription price for myAL myShare 2025), there is a capital gain. On the contrary, when the sale price is lower than the acquisition price (subscription price for myAL myShare 2025), a capital loss is recorded. The tax conditions applicable to these gains/losses depend on the country of tax residence. Further information can be found in the tax factsheet included in your country’s local supplement.
What is a dividend?
The dividend is a part of the Group’s net income which, upon decision by the Annual General Meeting, is distributed to Shareholders.
How do employees receive dividends?
According to the country of residence of employee Shareholders, dividends are paid by bank transfer to their bank account or, in certain subsidiaries, via the subsidiary which employs them.
When are dividends paid?
Dividends are usually paid annually following the Annual General Meeting, subject to the approval by the latter of the payment of a dividend. The dividend payment date, as well as the proposed dividend per share, are announced at the beginning of the calendar year usually at the same time as the publication of results and in documents relating to the General Meeting.
When will the first dividend be paid?
Just like any other Shareholder, employees will receive the amount adopted by the Annual General Meeting. This dividend, once voted, is paid in the days following the Meeting. Thus, if employees subscribe to the myAL myShare 2025 offer, the first payment should take place in 2026, subject to the approval of this dividend by the 2026 General Meeting.
Are dividends locked in?
No, the dividend is paid to each employee’s bank account or, for certain subsidiaries, via the subsidiary which employs them.
Do employees have to pay taxes on dividends?
Dividends paid by L’Air Liquide S.A. will be subject to a French withholding tax of 12.8%, or 75% if they are paid to a bank account opened in a Non-Cooperative State or Territory (NCST).
Depending on local regulations, the employee may also be required to pay taxes on dividends collected. Further information on this subject can be found in the tax factsheet included in your country’s local supplement.
Can dividends be increased?
Yes, as direct registered Shareholders, employees who subscribe to the myAL myShare 2025 offer are eligible for the loyalty bonus, which entitles them to +10% on dividends received and free share attributions to all Shareholders once they have owned the shares in registered form for two full calendar years. The first loyalty dividend on shares subscribed as part of the myAL myShare 2025 offer is expected to be paid in 2028, subject to the approval of a dividend payment by the 2028 General Meeting.
Subscription terms
When to subscribe?
The subscription period will run from 9:00 a.m. (Paris time) on November 3 to 11:59 p.m. (Paris time) on November 13, 2025.
Subscriptions may only be processed via the website, which is accessible 24/7 (local exceptions apply). Employees must have validated their subscription online before the end of the subscription period.
The paper subscription form must be completed and sent to the local correspondent before the end of the subscription period.
How much can an eligible employee invest?
Employees may subscribe a minimum of one share.
The myAL myShare 2025 subscription is limited to 25% of an employee’s gross annual remuneration, except as described in the IGSPP or any addendum applicable in their country, or in the local supplement.
If payments are made in installments (providing this option is authorized in the country), each payroll deduction is capped at 10% of the employee’s net monthly remuneration. If a change in the level of remuneration during the current year is expected, this must be taken into account. It is the responsibility of each employee to ensure that they comply with the limit of 25% of their gross annual remuneration. Failure to comply with this limit exposes the employee to the risk of tax penalties.
What is meant by “gross annual salary”?
In France, the gross annual salary corresponds to remuneration before any employee social security contributions, professional fees and before income tax. It includes the fixed and the variable remuneration together with all bonuses received or due during the year and paid by the company in 2025.
Specific exceptions (such as maternity or sick pay) and the related calculation methods must be discussed with local legal correspondents.
What to do if employees experience difficulties during the online subscription process?
The local HR correspondent is available to help employees with their online subscriptions.
Are several subscriptions for the same employee possible?
Only one subscription per person is accepted. If multiple subscriptions are made, only the last subscription will be taken into account.
What to do if an employee loses their access codes?
They can click on “Subscribe to myAL myShare 2025” on the myalmyshare2025.airliquide.com website to go on the subscription website.
If an employee has lost their password, they should click on “Forgot password” and follow the onscreen instructions.
If an employee has lost their access code, they should click on “I am an employee and have not received my access code” and follow the onscreen instructions.
If they still cannot connect or do not have a registered email address, they may contact Uptevia on +33 1 49 37 83 12 (between 9:00 a.m. and 6:00 p.m. Paris time) or by email at the following address: employee@support.uptevia.com (not for general plan information). This phone line and email address are valid only during the subscription period.
The employee may also contact their local HR correspondent.
Is it possible to cancel a subscription?
Subscriptions may be canceled up until the last day for subscriptions (11:59 p.m. Paris time on November 13, 2025) by clicking on “Cancel my subscription” on the subscription website.
What are the payment conditions?
Subject to local regulations, the employee can choose between two payment methods:
- Payment in full upfront, using the payment method specified by the local entity.
- Payment through a payroll deduction usually in 12 monthly payments, subject to local regulations, starting from the month following the inscription of the shares into your account. There may be a limit to the amount allowed using this payment method. For further information, please refer to the relative documents for the country in question which can be found in the “Download documents” section.
Note: payment cannot be split between upfront and monthly payments.
What is the currency of the subscription?
- For countries in the Euro zone: the employee subscribes in euros.
- For countries outside the Euro zone: employees subscribe in their local currency based on the exchange rate set on October 28, 2025. However, as Air Liquide shares are listed on the Paris Stock Exchange, their investment will be in euros. Over the duration of the investment, the exchange rate may therefore have a positive or negative impact on their investment. Thus, if the euro appreciates against a local currency, the value of the investment denominated in this local currency will increase. Conversely, if the euro depreciates against a local currency, the value of the shares in this local currency will decrease. Employees therefore bear the exchange rate risk until the sale of their shares.
Lock-in period and early release
Where will employee shares be kept?
The shares subscribed will automatically be registered in the employee’s name in a direct registered share account.
How long is the investment locked in?
Shares subscribed will be locked in for five years (or three for the US) as of the date on which the Employee Stock Purchase Plan (ESPP) is carried out, except in the event of early release.
The early release clauses applicable in a country are indicated in the country’s local supplement.
Why is there a lock-in period?
The lock-in period is set by French law in return for the discount granted to employees.
In what circumstances may early release take place?
The subscribed shares will be locked-in for five years (or three for the US), except in the event of early release. Early release of shareholdings is a right and not an obligation. It may only be invoked if the event triggering it occurs after the subscription period.
The employee’s request must be presented within six months from the occurrence of the triggering event. Beyond six months, no request will be considered. However, in the event of a terminated employment contract, death, disability, unmanageable debt or domestic violence, requests may be presented at any time following the capital increase.
In the event of early release, the employee will be able to choose to sell all or some of their shares. They will receive the price corresponding to the sale. However, they cannot transfer their shares to another account open in their name.Early release clauses applicable in the country are listed in the local supplement available in the “Download documents” section of the myalmyshare2025.airliquide.com website.
What happens if the employee changes entity during the five-year lock-in period (or three for the us)?
The employee remains employed by a Group company, whether it falls within the scope of eligibility or not. This is not an early release clause.
What to do if an employee wants to unlock their assets?
The employee must liaise with their local HR correspondent.
Is it possible to release only part of the assets?
Yes. It is possible to request the release of all or part of the shares subscribed and locked in.
It should be noted that in the case of partial release, the employee will not be able to ask for a second early release based on the same early release clause. Indeed, it can only be invoked once. The rest remains blocked until maturity, unless it is affected by another case of early release.
What happens at the end of the lock-in period?
The assets become available: the employee has the possibility to keep or to sell them.
Asset management
How will an employee be informed of the availability of their shares?
The subscriber can download an acknowledge-receipt from their account. In January 2026, he will receive his account statement via his Shareholder Portal, except for Shareholders who have opted, via this portal, to receive a paper copy.
How to follow the price of the Air Liquide share, listed on the Paris stock exchange?
The share price is available on the www.airliquide.com website.
After the subscription, who will answer questions from employees?
The local correspondents or the person in charge of employee share ownership locally will be responsible for providing information during the shareholding period.
Is the sale of the shares immediately realized when the employee requests it?
In case of an early release, the request is processed immediately after the reception of the required documents followed by the shares’ sale. Some exceptional delays may occur due to unexpected workload.
Does the employee have to pay a fee to sell their shares?
For this transaction, fees represent 0.1% excluding tax of the gross transaction amount, with no minimum sale.
Can employees in a non-euro zone country request that the amount from the sale of their shares be paid into an account in euros (provided they own one)?
The amount of the sale of the shares will be paid to the bank account appearing on the Shareholder’s account or via the subsidiary. All bank transfers issued by Air Liquide are issued in euros.
Note: if the bank account does not accept euros and if there is no intermediary bank to do the conversion, the transfer will be impossible. The employees will therefore need to open an account in a bank which accepts foreign currencies. Air Liquide does not charge transfer or exchange rate fees on these transactions, but certain intermediary banks or the Shareholder’s own bank may charge such fees.
Is it possible for an employee who has two bank accounts in two different countries to choose the account into which the proceeds of sale will be paid or are they necessarily paid into the bank account in the country of which they are a tax resident?
Except for cases where funds need to go through a subsidiary, the amount of the sale will be paid to the bank account appearing on the Shareholder’s account, unless the Shareholder provides a new IBAN code with the bank details in their name. Shareholders may exceptionally use a bank account domiciled in a country other than the country in which they are taxable, except where prohibited by local regulations.
