APD director granted 1,698 phantom stock units

Air Products & Chemicals director Wayne Thomas Smith reported an acquisition of phantom stock units tied to the company’s common shares.

Rhea-AI Filing Summary

Air Products & Chemicals director Wayne Thomas Smith reported an acquisition of phantom stock units tied to the company’s common shares. On 01/28/2026 he acquired 1,698.055 phantom stock units at a reference price of $259.12 per unit under the company’s Deferred Compensation Program for Directors and Long-Term Incentive Plan.

Each unit is payable in shares of common stock equal in number to the units, generally after his service on the Board ends. Following this transaction, he beneficially owns 5,151.5056 phantom stock units in a direct capacity, which may be paid in a lump sum or up to ten installments, as elected in advance.

Insider Trade Summary

Grant/Award: 1,698.055 shares

Grant/Award 1 txn

Insider Smith Wayne Thomas

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	1,698.055	$259.12	$440K

Holdings After Transaction: Phantom Stock — 5,151.5056 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 insider transaction did APD director Wayne Thomas Smith report?

Wayne Thomas Smith reported acquiring 1,698.055 phantom stock units linked to Air Products & Chemicals common stock. The units were credited on 01/28/2026 under the company’s Deferred Compensation Program for Directors and Long-Term Incentive Plan, increasing his total phantom unit holdings to 5,151.5056.

What are the terms of the phantom stock units reported at APD?

The phantom deferred stock units represent a right to receive Air Products & Chemicals common shares on a 1:1 basis. They are credited under a director deferred compensation program and are generally paid after Board service ends, either in a lump sum or up to ten pre-elected installments.

At what price were the APD phantom stock units credited to Wayne Thomas Smith?

The 1,698.055 phantom stock units were credited at a reference price of $259.12 per unit. This price is used for accounting the deferred compensation under Air Products & Chemicals’ director program and does not represent a cash purchase on the open market.

How many APD phantom stock units does Wayne Thomas Smith hold after this transaction?

After the 01/28/2026 credit of 1,698.055 phantom stock units, Wayne Thomas Smith beneficially owns 5,151.5056 phantom stock units. These are held directly and are payable in an equivalent number of common shares, generally following the end of his Board service.

When will the APD phantom stock units be paid to Wayne Thomas Smith?

The phantom stock units are generally payable after Wayne Thomas Smith’s service on Air Products & Chemicals’ Board of Directors ends. According to the plan, he may elect payment in a single lump sum or in up to ten separate installments, chosen in advance.

Does this APD Form 4 reflect a cash purchase of common stock by Wayne Thomas Smith?

No, the Form 4 reflects an acquisition of phantom deferred stock units, not a cash purchase of common shares. The units were credited under a deferred compensation and long-term incentive plan and will be settled later in common stock rather than being acquired in the market.

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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^*

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)
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		1,698.055		(3)	(3)	Common Stock	1,698.055	$259.12	5,151.5056	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.