Form 4: Linde PLC Executive VP, Chief HR Officer Reports Changes in Beneficial Ownership

David P. Strauss, Executive VP and Chief HR Officer of Linde PLC, reports transactions involving ordinary shares and derivative securities, including performance share units and stock options.

Summary

• On March 10, 2025, David P. Strauss, Executive VP, Chief HR Officer of Linde PLC, reported transactions involving Linde PLC ordinary shares.
• These transactions included the acquisition of shares through the payout of restricted stock units and performance share units (PSUs), as well as the withholding of shares for tax purposes.
• The PSUs paid out were based on the average annual return on capital (ROC) and total shareholder return (TSR) of Linde PLC from 2022-2025, measured against goals set by the Human Capital Committee.
• Strauss also reported holdings of restricted stock units that will vest in the future, as well as stock options with various vesting schedules and exercise prices.
• Additionally, Strauss holds ordinary shares indirectly through a Family Trust and a 401(k).

Sentiment

Score: 7

Explanation: The document reflects standard executive compensation practices and insider trading reporting, suggesting a neutral to slightly positive sentiment due to alignment of executive incentives with company performance.

Positives

• The vesting of restricted stock units and performance share units indicates that the executive is incentivized to perform well and increase shareholder value.
• The executive's continued holding of a significant number of shares and stock options demonstrates confidence in the company's future prospects.

Negatives

• The withholding of shares for tax purposes reduces the number of shares directly received by the executive.

Risks

• Fluctuations in Linde PLC's stock price could impact the value of the executive's stock options and restricted stock units.
• Changes in the company's performance or strategic direction could affect the vesting and payout of future equity grants.

Future Outlook

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

Industry Context

Executive compensation and insider trading activity are closely monitored in the industrial gases industry, as they can provide insights into company performance and management's confidence in the business.

Comparison to Industry Standards

• Linde PLC's executive compensation practices, including the use of restricted stock units and performance share units, are generally in line with industry standards for large, publicly traded companies.
• Companies like Air Products and Chemicals, Inc. and Air Liquide also utilize similar equity-based compensation plans to incentivize their executives.
• The vesting schedules and performance metrics used by Linde PLC are likely benchmarked against those of its peers to ensure competitiveness and alignment with shareholder interests.

Stakeholder Impact

• The vesting of equity awards can align the interests of management with those of shareholders.
• The reporting of insider trading activity provides transparency to the market.

Next Steps

• Monitor future Form 4 filings to track changes in the executive's beneficial ownership.
• Assess the company's performance against the ROC and TSR goals used to determine the payout of performance share units.

Key Dates