APD director granted phantom stock units

Air Products & Chemicals director Jessica Graziano reported a compensation-related grant of phantom deferred stock units tied to company common stock.

Rhea-AI Filing Summary

Air Products & Chemicals director Jessica Graziano reported a compensation-related grant of phantom deferred stock units tied to company common stock. She acquired 173.7569 phantom stock units at a reference value of $271.35 per unit, bringing her total phantom stock holdings to 3,432.8282 units.

These phantom units were granted under the Air Products Stock Account of the Deferred Compensation Program for Directors, within the company’s Long-Term Incentive Plan. According to the terms, the units will be settled in shares of common stock equal to the number of units, generally after her service on the board ends, either in a lump sum or in up to ten installments as she previously elected.

Insider Trade Summary

Grant/Award: 173.7569 shares

Grant/Award 1 txn

Insider Graziano Jessica

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	173.7569	$271.35	$47K

Holdings After Transaction: Phantom Stock — 3,432.8282 contracts (Direct)

Footnotes (3)

1. F1. 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. F2. Not applicable to this security
3. F3. 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.

Key Figures

Phantom stock units granted: 173.7569 units Reference price per unit: $271.35 per unit Total phantom units after grant: 3,432.8282 units +2 more

5 metrics

Phantom stock units granted 173.7569 units Grant under Deferred Compensation Program for Directors

Reference price per unit $271.35 per unit Grant of phantom stock units

Total phantom units after grant 3,432.8282 units Director’s phantom stock holdings following transaction

Underlying common shares for grant 173.7569 shares Common stock equal in number to phantom units

Conversion/exercise price $0.00 Phantom units payable in shares, no exercise price

Key Terms

Phantom Stock, Deferred Compensation Program for Directors, Long-Term Incentive Plan, Units

4 terms

Phantom Stock financial

"Phantom deferred stock units (Units) acquired under the Air Products Stock Account"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

Deferred Compensation Program for Directors financial

"acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors"

Long-Term Incentive Plan financial

"for Directors, under the Company's Long-Term Incentive Plan"

A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.

Units financial

"These Units are payable in the form of shares of common stock equal in number to the Units"

Units are bundled securities sold as one package in a financing—commonly a share paired with an instrument that gives the holder the right to buy more shares later. For investors this matters because a unit’s extra component can change future supply of shares and potential returns, similar to buying a combo with a coupon that can be redeemed later and alter what you actually receive and what others might own.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did APD director Jessica Graziano report in this Form 4 filing?

Jessica Graziano reported a grant of phantom stock units. She received 173.7569 phantom stock units tied to Air Products & Chemicals common stock as part of the director compensation program, increasing her total phantom stock holdings to 3,432.8282 units.

Is the Jessica Graziano APD Form 4 a stock buy or sell?

The Form 4 reflects an acquisition as a compensation award, not a trade. The transaction is coded "A" for grant or award and involves phantom stock units, not an open-market purchase or sale of common shares.

How many phantom stock units did APD grant to director Jessica Graziano?

She was granted 173.7569 phantom stock units. These units reference a value of $271.35 per unit and are part of Air Products & Chemicals’ Deferred Compensation Program for Directors and Long-Term Incentive Plan.

What is Jessica Graziano’s total phantom stock position after this APD grant?

After the grant, she holds 3,432.8282 phantom stock units. This total reflects accumulated units in the director deferred compensation program, each ultimately payable in an equivalent number of Air Products & Chemicals common shares.

When will APD phantom stock units for Jessica Graziano be paid out?

The phantom stock units are generally paid after board service ends. They will be settled in shares of common stock, either in a single lump sum or in up to ten installments, according to her pre-set election.

How are APD phantom stock units under the director deferred compensation program settled?

The units are payable in shares of common stock. Each phantom stock unit converts into one share of Air Products & Chemicals common stock at the elected payout time, based on terms in the Deferred Compensation Program for Directors.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/02/2026 - 10:43 AM Learn about SEC filing dates

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).

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^*

Graziano Jessica

(Last) (First) (Middle)

1940 AIR PRODUCTS BLVD.

(Street)

ALLENTOWN PENNSYLVANIA 18106-5500

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026

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

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

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

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)	06/30/2026		A		173.7569		(3)	(3)	Common Stock	173.7569	$271.35	3,432.8282	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	07/02/2026
	** 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.
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.
* Form 4: SEC 1474 (03-26)