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

Rhea-AI Filing Summary

Insider transaction: Howard I. Ungerleider, a director of Air Products & Chemicals, Inc. (APD), was reported as acquiring 1.4993 phantom deferred stock units under the company’s director Deferred Compensation Program on 09/30/2025. The filing shows a price of $270.48 and that 228.0486 shares are beneficially owned by the reporting person following the reported transaction. The phantom units are payable in common shares when the director elects distribution, generally after board service ends, either as a lump sum or in up to ten installments.

Positive

• Director participation in long-term incentive plan via acquisition of phantom deferred stock units shows alignment with shareholder interests
• Clear payout mechanics—units convert to common shares at elected distribution, payable lump sum or installments

Negative

• None.

Insights

Financial Analyst

TL;DR: Director received a small award of phantom units; the filing is routine and not materially dilutive.

The Form 4 records a director-level deferred compensation credit of 1.4993 phantom stock units that convert into common shares when distributed. The filing reports 228.0486 shares beneficially owned after the transaction and lists a reference price of $270.48. This appears to reflect routine director compensation under the Long-Term Incentive Plan rather than an active open-market purchase or sale.

Corporate Governance Expert

TL;DR: Governance action is routine: director compensation posted as deferred units with standard payout mechanics.

The disclosure specifies that the units are part of the company’s director Deferred Compensation Program and are payable in shares after board service ends, with payment timing elected by the director. The Form 4 is signed by an attorney-in-fact, indicating standard administrative filing practice. No unusual governance or related-party concerns are disclosed in this document.

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^*

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)
09/30/2025

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		1.4993		(3)	(3)	Common Stock	1.4993	$270.48	228.0486	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 transaction did APD director Howard Ungerleider report on Form 4?

The Form 4 reports acquisition of 1.4993 phantom deferred stock units under the director Deferred Compensation Program on 09/30/2025.

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

The filing shows 228.0486 shares beneficially owned following the reported transaction.

When are the phantom units payable and in what form?

The units are payable in the form of common shares at the time elected by the reporting person, generally after service on the Board ends, as a lump sum or up to ten installments.

Who signed the Form 4 for the reporting person?

The Form 4 is signed by Andrea I. Rennig as Attorney in Fact on 10/02/2025.

Does the Form 4 indicate any open-market purchases or sales?

No open-market purchase or sale is indicated; the entry records a grant/acquisition of phantom deferred stock units under a compensation program.