Air Products (APD) Director Reports 22.5421 Phantom Stock Units

Rhea-AI Filing Summary

Wayne Thomas Smith, a director of Air Products & Chemicals, Inc. (APD), acquired 22.5421 phantom deferred stock units under the Company’s Deferred Compensation Program for Directors on 09/30/2025. The instrument is described as "Phantom Stock" with a listed conversion/exercise price of $0.0000 and a referenced price of $270.48 in the filing. The filing states these Units are payable in shares equal to the number of Units when paid, generally after the reporting person leaves board service, and may be distributed in a lump sum or up to ten installments as previously elected. After this transaction the reporting person is shown as beneficially owning 3,428.7929 shares (direct).

Insights

Financial Analyst

TL;DR: Routine director deferred-compensation deferral; small incremental ownership change with no immediate cash sale or purchase of market stock.

This Form 4 reports a director-side deferred compensation credit rather than an open-market stock purchase or sale. The acquisition of 22.5421 phantom units increases the director’s deferred equity exposure and is payable in shares later, which aligns long-term incentives with shareholders but does not change outstanding public float today. The filing discloses the mechanics and the larger holding of 3,428.7929 shares beneficially owned; there is no indication of a market transaction that would affect liquidity or pricing.

Corporate Governance Expert

TL;DR: Administrative award under the board deferred-comp plan; standard practice for non-employee directors.

The transaction is described as phantom deferred stock units under the Company’s Long-Term Incentive Plan for directors. Such credits are customary for non-employee directors and are paid out after service terminates per the director’s elections. The Form 4 clearly documents the unit type, payout form, and the director’s direct beneficial ownership reported after the grant. This is a routine governance disclosure without signs of special or atypical arrangements disclosed in this filing.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Smith Wayne Thomas

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	22.542	$270.48	$6K

Holdings After Transaction: Phantom Stock — 3,428.793 shares (Direct)

Footnotes (1)

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. Not applicable to this security 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.

Form 4 Insider Transactions: What Each Field Means →

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^*

Smith Wayne Thomas

(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		22.5421		(3)	(3)	Common Stock	22.5421	$270.48	3,428.7929	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 APD director Wayne Thomas Smith report on Form 4?

He acquired 22.5421 phantom deferred stock units under the company’s Deferred Compensation Program for Directors on 09/30/2025.

What are phantom deferred stock units reported in this Form 4?

Units payable in shares equal to the number of Units when paid, generally after board service ends, payable as a lump sum or up to ten installments as elected.

How many shares does the reporting person beneficially own after the transaction?

3,428.7929 shares beneficially owned (direct) as stated in the filing.

Was this an open-market purchase or sale of APD common stock?

No. The filing describes acquisition of phantom deferred stock units under a director compensation program, not an open-market trade.

What price or conversion terms are shown for the phantom units?

The Form 4 lists a conversion/exercise price of $0.0000 for Phantom Stock and references $270.48 in the table; payout mechanics are described in the explanation section.