Air Products (APD) director reports phantom stock unit grant in Form 4

Rhea-AI Filing Summary

Air Products & Chemicals, Inc. director reported a routine update to deferred compensation holdings. On 12/31/2025, the reporting person acquired 24.6577 phantom stock units under the Air Products Stock Account of the company's Deferred Compensation Program for Directors, which operates under the Long-Term Incentive Plan. These units track the value of Air Products common stock and are payable in shares equal to the number of units at a time elected by the director, generally after service on the Board ends.

Following this transaction, the director beneficially owned 3,453.4506 phantom stock units on a direct basis. The form notes that units may be paid in a lump sum or up to ten installments, based on the director's advance election.

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^*

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)
12/31/2025

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)	12/31/2025		A		24.6577		(3)	(3)	Common Stock	24.6577	$248.91	3,453.4506	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	01/05/2026
	** 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.

FAQ

What insider transaction did Air Products (APD) disclose in this Form 4?

The filing shows a director acquired 24.6577 phantom stock units on 12/31/2025 under Air Products & Chemicals, Inc.'s Deferred Compensation Program for Directors.

What are the phantom stock units reported for Air Products (APD)?

The phantom deferred stock units are bookkeeping units under the Air Products Stock Account of the Deferred Compensation Program for Directors, tied to the company's Long-Term Incentive Plan and linked in value to Air Products common stock.

How and when are the Air Products (APD) phantom stock units payable?

The 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 Board of Directors ends. Payment may be in a lump sum or up to ten installments, as elected in advance.

How many phantom stock units does the Air Products (APD) director own after this transaction?

After the reported transaction, the director beneficially owned 3,453.4506 phantom stock units, held with direct ownership.

Was this Air Products (APD) Form 4 filed by a single reporting person or a group?

The Form 4 indicates it was filed by one reporting person, not by more than one reporting person.

Does this Air Products (APD) Form 4 involve derivative securities?

Yes. The filing reports activity in phantom stock, classified as a derivative security with common stock as the underlying security.