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

Rhea-AI Filing Summary

Lisa Ann Davis, a director of Air Products & Chemicals, Inc. (APD), was issued 23.5531 phantom deferred stock units on 09/30/2025 under the companys Deferred Compensation Program for Directors pursuant to the Long-Term Incentive Plan. Each Unit is payable in shares of common stock equal in number to the Units when the reporting person elects payment (generally after board service ends), and may be distributed as a lump sum or up to ten installments. The report shows 23.5531 underlying common shares valued at $270.48 for this transaction and lists 3,582.5661 shares beneficially owned following the reported transaction, held directly. The Form 4 was signed on behalf of the reporting person by Andrea I. Rennig on 10/02/2025.

Positive

• Director compensation aligned with shareholders: 23.5531 phantom deferred stock units incentivize long-term alignment by converting to shares after service.
• Non-cash, deferred award: Units are payable in stock or installments, reducing immediate cash outflow for the company.

Negative

• Potential future dilution: Phantom units convert to common shares when paid, increasing share count upon settlement.

Insights

Corporate Governance Expert

TL;DR: Director received deferred phantom stock units that convert to shares after service; routine compensation, limited immediate dilutive impact.

The grant of 23.5531 phantom deferred stock units is a standard director compensation mechanism under the issuers Deferred Compensation Program and Long-Term Incentive Plan. These units are not immediately exercisable into cash but convert to common shares at the election of the reporting person, typically after board service ends, which defers realization and aligns long-term interests with shareholders. The report indicates direct beneficial ownership of 3,582.5661 shares following the transaction. No cash exercise price applies and the units are payable in shares or installments as elected. From a governance perspective, this is routine and non-extraordinary; it documents compensation and future potential dilution but does not indicate an immediate sale or purchase of shares.

Compensation Analyst

TL;DR: Small grant of phantom units consistent with director deferred compensation; impacts long-term share count when paid out.

The transaction recorded on 09/30/2025 reflects the issuance of 23.5531 phantom stock units under the director deferred compensation program. These units carry a $0.0000 conversion price and are payable in common stock equivalent units when elected, creating a future issuance of shares rather than immediate cash payout. The reported valuation line shows $270.48 associated with the underlying 23.5531 shares, indicating modest economic value. Such deferred awards are typical to retain and align directors and will only affect share count upon settlement according to the elected payout schedule.

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^*

Davis Lisa Ann

(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		23.5531		(3)	(3)	Common Stock	23.5531	$270.48	3,582.5661	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 Lisa Ann Davis acquire on 09/30/2025?

She was issued 23.5531 phantom deferred stock units under the company's Deferred Compensation Program for Directors.

How are the phantom units paid out under APD's program?

The Units are payable in the form of shares of common stock equal to the Units at the time elected, generally after board service, as a lump sum or up to ten installments.

How many shares did Lisa Ann Davis beneficially own after the transaction?

The Form 4 reports 3,582.5661 shares beneficially owned following the reported transaction, held directly.

Was there a cash exercise price for the phantom units?

No; the derivative security shows a $0.0000 conversion or exercise price, indicating settlement in shares rather than a paid exercise.

Who signed the Form 4 filing for Lisa Ann Davis and when?

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