Hi,
your S record is not correct. If you look at attached memory map it does not corresponds to neither global(linear) addresses nor PPAGE addresses.
Yes, your S19 record contains an address 0xFD4000 but:
1) If it is PPAGE address then PPAGE = 0xFD must contain offsett 0x8000~0xBFFF. Offset 0x4000 is out of range
2) If it is Global address then yes, it contains offset 4000 but the range of pages GPAGE is from 0x70 to 0x7F. SO the GPAGE = 0xFD is out of range
So in both cases it is wrong.
Best regards,
Ladislav