Air Products director adds phantom stock units

Air Products & Chemicals director reports phantom stock grant.

Rhea-AI Filing Summary

Air Products & Chemicals director reports phantom stock grant. Director Dennis H. Reilley acquired 1,505.0942 phantom deferred stock units on January 28, 2026 under the company’s Deferred Compensation Program for Directors, at a reference price of $259.12 per unit.

These units are credited under the Air Products Stock Account of the company’s long-term incentive plan and are payable in shares of common stock equal to the number of units. Payment occurs at a time elected by the director, generally after board service ends, either in a lump sum or up to ten installments. Following this transaction, Reilley beneficially owns 2,664.9534 phantom stock units on a direct basis.

Insider Trade Summary

Grant/Award: 1,505.0942 shares

Grant/Award 1 txn

Insider REILLEY DENNIS H

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	1,505.0942	$259.12	$390K

Holdings After Transaction: Phantom Stock — 2,664.9534 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.

FAQ

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

What did APD director Dennis H. Reilley report on this Form 4?

Dennis H. Reilley reported receiving phantom deferred stock units tied to Air Products & Chemicals common stock. On January 28, 2026, he acquired 1,505.0942 phantom stock units under the company’s Deferred Compensation Program for Directors, increasing his directly held phantom stock balance to 2,664.9534 units.

How many phantom stock units did the APD director receive and at what price?

He received 1,505.0942 phantom deferred stock units on January 28, 2026 at a reference price of $259.12 per unit. These derivative units track Air Products & Chemicals common stock and are part of the company’s long-term incentive and deferred compensation arrangements for board members.

What are phantom deferred stock units in the Air Products director program?

Phantom deferred stock units are bookkeeping entries credited under the Air Products Stock Account of the Deferred Compensation Program for Directors. Under the company’s Long-Term Incentive Plan, each unit is ultimately payable in one share of common stock, delivering equity-based value without an immediate stock issuance.

When will Dennis H. Reilley’s APD phantom stock units be paid out?

The phantom deferred stock units are payable in shares of common stock equal to the number of units at a time elected by Dennis H. Reilley. Payment generally occurs after his service on the company’s Board of Directors ends, either in a lump sum or up to ten installments.

Does this Form 4 show direct or indirect ownership of APD phantom units?

This Form 4 shows the phantom deferred stock units as directly owned by Dennis H. Reilley. After acquiring 1,505.0942 additional units on January 28, 2026, his total directly beneficially owned phantom stock position is reported as 2,664.9534 units, with no indirect ownership nature disclosed.

Are the reported APD phantom stock units the same as common shares?

They are not immediate common shares but phantom deferred stock units that reference Air Products & Chemicals stock. According to the filing, these units are later settled in shares of common stock equal to the number of units, generally after the director’s board service concludes.

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Accepted by SEC EDGAR 01/29/2026 - 11:32 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^*

REILLEY DENNIS H

(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)
01/28/2026

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)	01/28/2026		A		1,505.0942		(3)	(3)	Common Stock	1,505.0942	$259.12	2,664.9534	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	01/29/2026
	** 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.