[Form 4] Air Products & Chemicals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Jessica Graziano, a director of Air Products & Chemicals, Inc. (APD), reported a Section 16 transaction dated 09/30/2025. The filing shows acquisition of 156.6796 phantom deferred stock units under the company’s Deferred Compensation Program for Directors, granted under the Long-Term Incentive Plan. The units are payable in shares of common stock equal to the number of units, at a time elected by the reporting person, typically after board service ends, and may be paid in a lump sum or up to ten installments.

The filing lists a reference price of $270.48 and reports 2,183.889 shares beneficially owned following the transaction. The form is signed by an attorney-in-fact on behalf of the reporting person.

Insights

Financial Analyst

TL;DR: Director received deferred phantom stock units that convert to common shares after service, modestly increasing beneficial ownership.

The report documents a grant of 156.6796 phantom deferred stock units to Director Jessica Graziano under the issuer’s director deferred compensation plan. These units convert to an equal number of common shares when paid, typically after board service, with payout timing and installment options elected in advance. The filing lists a reference price of $270.48 and shows total beneficial ownership of 2,183.889 shares following the reported transaction. This appears to be a routine director compensation event rather than a market-moving transaction.

Corporate Governance Expert

TL;DR: This is a standard deferred-compensation grant to a director with customary payout terms tied to post-service elections.

The description explicitly identifies the award as Phantom deferred stock units under the Air Products Stock Account of the Deferred Compensation Program for Directors, governed by the Long-Term Incentive Plan. The units convert one-for-one to common stock at the election of the reporting person, with payment timing options including lump sum or up to ten installments. The filing is executed by an attorney-in-fact and does not indicate any changes to director status or unusual vesting conditions.

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
Estimated average burden
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).

1. Name and Address of Reporting Person^*

Graziano Jessica

(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)
09/30/2025

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)	09/30/2025		A		156.6796		(3)	(3)	Common Stock	156.6796	$270.48	2,183.889	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	10/02/2025
	** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Jessica Graziano report on Form 4 for APD?

The Form 4 reports acquisition of 156.6796 phantom deferred stock units under the issuer’s director Deferred Compensation Program on 09/30/2025.

How are the phantom units payable according to the filing?

The units are payable in common stock equal in number to the units, at a time elected by the reporting person, generally after board service, either in a lump sum or up to ten installments.

What total beneficial ownership is reported after the transaction?

The filing shows 2,183.889 shares beneficially owned following the reported transaction.

Is there a price listed for the reported units?

The filing lists a reference price of $270.48 in the transaction table.

Who signed the Form 4 filing for the reporting person?

The form was signed by Andrea I. Rennig as Attorney in Fact on 10/02/2025.