Airgas CEO Completes Stock Transaction.Business Editors RADNOR, Pa.--(BUSINESS WIRE)--January 29, 2002 Peter McCausland, chairman and chief executive officer of Airgas, Inc. (NYSE NYSE See: New York Stock Exchange : ARG See argument. arg - argument ), announced today that he entered into a prepaid variable share forward contract to sell up to 1.5 million shares of Airgas common stock. The contract, which is an agreement to sell the shares at a pre-determined price discounted from the current market price, allows McCausland to participate in a portion of the upside potential Upside potential The amount by which analysts or investors expect the price of a security may increase. upside potential The potential price or gain that may be expected in a security or in a security average, generally stated as the dollar of Airgas stock for the three-year contract period. McCausland also will retain the ability to vote the underlying shares along with other related rights. "I intend to use a substantial portion of the proceeds to retire all of the debt that I incurred over the last three years in connection with my purchase of Airgas common stock, my exercise of Airgas stock options and the payment of taxes in connection with such exercises," commented McCausland. "I believe this company is positioned for growth, which is why I chose this selling method." McCausland added, "I incurred a significant amount of debt to buy Airgas shares because I felt that it was a good investment and because I wanted our shareholders and our associates to know that I had faith in Airgas. I believe that it is now prudent for me to retire the debt that I assumed. I remain very committed to Airgas, as is shown by my continuing stock interest in the company. Presently, I do not have plans to sell additional shares." In connection with the contract, McCausland filed a Form 144 with the Securities and Exchange Commission showing the disposition of the shares, which represent approximately 11% of his holdings. Pro forma As a matter of form or for the sake of form. Used to describe accounting, financial, and other statements or conclusions based upon assumed or anticipated facts. The phrase pro forma for the block trade, McCausland now directly or indirectly beneficially owns approximately 14% of outstanding Airgas shares. About Airgas, Inc. Airgas, Inc. (NYSE: ARG) is the largest U.S. distributor of industrial, medical and specialty gases, welding welding, process for joining separate pieces of metal in a continuous metallic bond. Cold-pressure welding is accomplished by the application of high pressure at room temperature; forge welding (forging) is done by means of hammering, with the addition of heat. , safety and related products. Its integrated network A network that supports both data and voice and/or different networking protocols. See converged network and new public network. of 700 locations includes branches, retail stores, gas fill plants, specialty gas labs, production facilities and distribution centers. Airgas also distributes its products and services through eBusiness, catalog and telemarketing telemarketing, the practice of selling goods or services to customers by means of the telephone or of surveying consumer preferences in telephone conversations. channels. Its national scale and strong local presence offer a competitive edge to its diversified customer base. For more information, please visit www.airgas.com. |
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