Air Products (APD) director logs phantom stock unit grant in Form 4 filing

Rhea-AI Filing Summary

Air Products & Chemicals, Inc. director reports deferred stock units grant. A company director filed a Form 4 for a 12/31/2025 transaction involving derivative securities tied to common stock. The filing shows acquisition of 16.7035 phantom deferred stock units under the Air Products Stock Account of the Deferred Compensation Program for Directors. These units correspond to 16.7035 shares of common stock at a reference price of $248.91 per share and have a stated conversion or exercise price of $0.0000 for this derivative security. After this transaction, the director beneficially owns 2,339.4315 derivative securities on a direct basis. The units are payable in shares of common stock, generally after the director’s service on the Board ends, in either a lump sum or up to ten installments, as previously elected.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
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hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

CALAWAY TONIT M

(Last) (First) (Middle)

1940 AIR PRODUCTS BLVD.

(Street)

ALLENTOWN PA 18106-5500

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Air Products & Chemicals, Inc. [ APD ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock(1)	$0.0000(2)	12/31/2025		A		16.7035		(3)	(3)	Common Stock	16.7035	$248.91	2,339.4315	D

Explanation of Responses:

1. Phantom deferred stock units (Units) acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, under the Company's Long-Term Incentive Plan.

2. Not applicable to this security

3. These Units are payable in the form of shares of common stock equal in number to the Units, at the time elected by the reporting person, which is generally after service on the Company's Board of Directors ends. Units may be paid in a lump sum or up to ten installments as elected by the reporting person in advance.

	Andrea I. Rennig as Attorney in Fact	01/05/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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FAQ

What insider transaction did APD report in this Form 4?

The Form 4 reports that a director of Air Products & Chemicals, Inc. (APD) acquired 16.7035 phantom deferred stock units on 12/31/2025 under the company’s Deferred Compensation Program for Directors.

What are the terms of the phantom stock units reported for APD?

The derivative security is described as phantom deferred stock units with a conversion or exercise price of $0.0000, tied to common stock with an underlying amount of 16.7035 shares at a reference price of $248.91 per share.

When will the APD director receive shares from these phantom units?

The filing states that the units are payable in shares of common stock equal in number to the units, generally after the director’s service on the company’s Board ends, either in a lump sum or in up to ten installments as elected in advance.

How many derivative securities does the APD director own after this transaction?

Following the reported transaction, the director beneficially owns 2,339.4315 derivative securities, held with direct (D) ownership.

Is the APD insider transaction related to regular compensation?

The explanation notes that the phantom deferred stock units were acquired under the Air Products Stock Account of the issuer’s Deferred Compensation Program for Directors under the company’s Long-Term Incentive Plan, indicating it is part of a compensation program.

Who signed the APD Form 4 on behalf of the reporting person?

The Form 4 is signed by Andrea I. Rennig as Attorney in Fact for the reporting person, dated 01/05/2026.