Form 4: Linde CFO Matthew J. White Reports Changes in Beneficial Ownership

Linde CFO Matthew J. White reports transactions involving ordinary shares and derivative securities, including acquisitions and disposals related to performance share units, restricted stock units, and stock options.

Summary

• On March 10, 2025, Matthew J. White, CFO of Linde PLC, reported changes in his beneficial ownership of Linde's ordinary shares and derivative securities.
• These changes include the acquisition of shares through the payout of restricted stock units and performance share units (PSUs) granted on March 7, 2022.
• A portion of shares were withheld to cover tax obligations.
• The payout of PSUs was determined based on Linde's return on capital (ROC) and total shareholder return (TSR) from 2022-2025, measured against goals set by the Human Capital Committee.
• White also holds restricted stock units that will vest in the future, as well as stock options with various vesting schedules and exercise prices.
• Additionally, White holds deferred stock units acquired under the Linde Compensation Deferral Plan.

Sentiment

Score: 7

Explanation: The document reflects standard executive compensation practices. The sentiment is neutral to slightly positive, as it indicates alignment of management interests with shareholders through equity ownership.

Positives

• The vesting of stock options and restricted stock units aligns the executive's interests with those of the shareholders.
• The performance-based vesting of PSUs incentivizes the achievement of specific financial goals, such as ROC and TSR.

Future Outlook

The document details future vesting dates for restricted stock units and stock options, indicating potential future changes in beneficial ownership.

Industry Context

Executive compensation through equity-based awards is a common practice in publicly traded companies to align management's interests with those of shareholders. The specific terms of these awards, such as vesting schedules and performance metrics, vary depending on the company's compensation philosophy and industry practices.

Comparison to Industry Standards

• Equity compensation is a standard practice among large, publicly traded companies like Linde.
• Companies such as Air Products and Chemicals (APD) and Sherwin-Williams (SHW) also utilize stock options and restricted stock units as part of their executive compensation packages.
• The vesting schedules and performance metrics used by Linde are likely benchmarked against those of its peers in the industrial gases and chemicals industries.

Stakeholder Impact

• The transactions reported have a minor impact on shareholders, as they reflect changes in the CFO's ownership stake.
• Employees may be indirectly affected by the performance-based vesting of PSUs, which incentivizes the achievement of company goals.

Key Dates