Director at Air Products (NYSE: APD) receives new phantom deferred stock units

Rhea-AI Filing Summary

REILLEY DENNIS H reported acquisition or exercise transactions in this Form 4 filing.

Air Products & Chemicals, Inc. director Dennis H. Reilley received a grant of 16.3612 phantom deferred stock units under the company’s Deferred Compensation Program for Directors. These units track the value of common stock and are payable in shares after his board service ends, in a lump sum or up to ten installments as previously elected. Following this grant, he holds a total of 2,681.3146 phantom stock units, reflecting routine non-cash director compensation rather than an open-market share purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider REILLEY DENNIS H

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	16.361	$291.56	$5K

Holdings After Transaction: Phantom Stock — 2,681.315 shares (Direct)

Footnotes (1)

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. Not applicable to this security 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.

Key Figures

Phantom stock units granted: 16.3612 units Reference price per unit: $291.56 per unit Total phantom units after grant: 2,681.3146 units +2 more

5 metrics

Phantom stock units granted 16.3612 units Grant to director on March 31, 2026

Reference price per unit $291.56 per unit Value used for phantom stock grant

Total phantom units after grant 2,681.3146 units Director’s holdings following the transaction

Underlying security 16.3612 common shares Shares corresponding to new phantom units

Conversion price $0.00 Phantom units convert to shares without exercise cost

Key Terms

Phantom deferred stock units, Deferred Compensation Program for Directors, Long-Term Incentive Plan, payable in the form of shares of common stock

4 terms

Phantom deferred stock units financial

"Phantom deferred stock units (Units) acquired under the Air Products Stock Account..."

Phantom deferred stock units are promises by a company to pay the cash value (or sometimes actual shares) tied to its stock at a future date rather than issuing real shares now; think of them as an IOU that tracks the company’s share price. They matter to investors because they create a future cash or accounting cost for the company without diluting existing ownership immediately, affecting reported profits and future cash flow when the promises become payable.

Deferred Compensation Program for Directors financial

"acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors..."

Long-Term Incentive Plan financial

"under the Company's Long-Term Incentive Plan."

A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.

payable in the form of shares of common stock financial

"These Units are payable in the form of shares of common stock equal in number to the Units..."

Form 4 Insider Transactions: What Each Field Means →

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 PENNSYLVANIA 18106-5500

(City) (State) (Zip)

UNITED STATES

(Country)

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)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)	03/31/2026		A		16.3612		(3)	(3)	Common Stock	16.3612	$291.56	2,681.3146	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	04/01/2026
	** 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.
* Form 4: SEC 1474 (03-26)

FAQ

What insider transaction did APD director Dennis H. Reilley report?

Dennis H. Reilley reported receiving 16.3612 phantom deferred stock units as director compensation. These units are tied to Air Products & Chemicals, Inc. common stock value and increase his total phantom holdings to 2,681.3146 units under the company’s deferred compensation program.

Is the APD Form 4 transaction a stock purchase or sale?

The Form 4 shows a grant of phantom deferred stock units, not an open-market stock purchase or sale. Code A reflects a grant or award, representing non-cash director compensation that will eventually be settled in shares rather than an immediate trade in the market.

How many phantom stock units does the APD director hold after this grant?

After the grant, Dennis H. Reilley holds 2,681.3146 phantom stock units. These units are payable in an equal number of Air Products & Chemicals, Inc. common shares at the time he elected, generally after his service on the company’s board of directors ends.

When will the APD phantom deferred stock units be paid out?

The phantom deferred stock units are payable after the director’s service on the board ends, at a time previously elected. Payment can occur in a single lump sum or in up to ten installments, with each unit converting into one share of common stock at payout.

What program governs the APD director’s phantom stock grant?

The phantom stock grant was acquired under the Air Products Stock Account of the issuer’s Deferred Compensation Program for Directors. It operates under the company’s Long-Term Incentive Plan, providing directors with equity-linked, deferred compensation instead of immediate cash or stock awards.