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

Rhea-AI Filing Summary

Howard I. Ungerleider, a director of Air Products & Chemicals, Inc. (APD), reported on Form 4 that on 09/01/2025 he acquired 226.5493 phantom deferred stock units under the company’s director Deferred Compensation Program. The units are convertible into an equal number of common shares and are payable after board service ends, either as a lump sum or in up to ten installments as previously elected. The report shows a reference price of $294.27 and lists 226.5493 shares beneficially owned following the transaction, held directly. The filing was signed on 09/02/2025 by Andrea I. Rennig as attorney-in-fact.

Positive

• Director received 226.5493 phantom units under the Deferred Compensation Program, preserving long-term alignment with shareholders
• Units convert one-for-one to common stock, providing clear linkage between deferred compensation and equity

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director deferred-compensation award; records receipt of phantom units convertible to shares after service.

The filing documents a non-cash grant under the issuer’s Deferred Compensation Program for Directors. The reported 226.5493 phantom units are payable in common stock after the director’s service ends, consistent with long-term, equity-linked director pay practices. There is no indication of open-market purchases, sales, or changes in board composition in this filing. For governance monitoring, this is a disclosure of standard deferred equity accruals rather than an active trading event by the director.

Compensation Analyst

TL;DR: Disclosure shows issuance of deferred stock units at a referenced price, reflecting compensation deferral mechanics.

The Form 4 specifies that Phantom Stock units were acquired on 09/01/2025 and are convertible one-for-one into common shares when paid. The filing notes a price reference of $294.27, though the entry clarifies price is not applicable to the security type. The payment options—lump sum or up to ten installments—are noted, which affects the timing of share delivery but not immediate share dilution. This is a standard director compensation record with limited immediate market impact based on the filed information.

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
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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^*

Ungerleider Howard I

(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)
09/01/2025

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)	09/01/2025		A		226.5493		(3)	(3)	Common Stock	226.5493	$294.27	226.5493	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	09/02/2025
	** 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.
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FAQ

What did APD director Howard Ungerleider report on Form 4?

He reported acquisition of 226.5493 phantom deferred stock units on 09/01/2025 under the company's director Deferred Compensation Program.

When are the phantom units payable and how are they paid?

The units are payable after service on the company's Board ends and may be paid as a lump sum or in up to ten installments as elected.

How many shares does the Form 4 show beneficially owned after the transaction for APD?

The Form 4 shows 226.5493 shares beneficially owned following the reported transaction, held directly.

What price is shown on the Form 4 for the phantom units?

The filing references $294.27, and notes that price is not applicable to this security type, which is a deferred unit.

Who signed the Form 4 and when was it signed?

Andrea I. Rennig signed as attorney-in-fact on 09/02/2025.