Air Products (APD) director receives 130 phantom stock units as deferred equity

Rhea-AI Filing Summary

Air Products & Chemicals director Bhavesh V. Patel received a compensation-related equity award. On March 31, 2026, he acquired 130.457 phantom stock units tied to Air Products & Chemicals common stock at a reference price of $291.56 per unit, under the company’s Deferred Compensation Program for Directors.

Following this grant, Patel holds a total of 1,826.5608 phantom stock units. According to the plan terms, these units will be settled in an equivalent number of common shares, generally after his board service ends, either in a lump sum or up to ten installments as previously elected.

Insights

Equity compensation analyst

Routine phantom stock grant increases director’s deferred equity stake.

Bhavesh V. Patel received 130.457 phantom stock units as part of Air Products & Chemicals’ director compensation, bringing his total to 1,826.5608 units. These units mirror common stock value but are deferred rather than immediately delivered shares.

The award is labeled as a grant/award acquisition and is tied to a reference price of $291.56 per unit. Payment will occur in common shares, generally after board service ends, in either a lump sum or up to ten installments, making this a standard long-term alignment tool rather than a market transaction.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Patel Bhavesh V.

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	130.457	$291.56	$38K

Holdings After Transaction: Phantom Stock — 1,826.561 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: 130.457 units Reference price per unit: $291.56 per unit Total phantom units after grant: 1,826.5608 units +1 more

4 metrics

Phantom stock units granted 130.457 units Grant on March 31, 2026 under Deferred Compensation Program for Directors

Reference price per unit $291.56 per unit Pricing reference for phantom stock grant on March 31, 2026

Total phantom units after grant 1,826.5608 units Director’s cumulative phantom stock units following this award

Underlying security Common Stock Phantom stock units payable in equivalent common shares

Key Terms

Phantom deferred stock units, Deferred Compensation Program for Directors, Long-Term Incentive Plan

3 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.

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^*

Patel Bhavesh V.

(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		130.457		(3)	(3)	Common Stock	130.457	$291.56	1,826.5608	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 did Bhavesh V. Patel acquire in this Air Products (APD) Form 4 filing?

Bhavesh V. Patel acquired 130.457 phantom stock units linked to Air Products & Chemicals common stock. These units are part of the company’s Deferred Compensation Program for Directors, functioning as deferred equity compensation rather than an open-market stock purchase.

What is the value reference for the phantom stock units granted to the APD director?

The 130.457 phantom stock units granted to the APD director use a reference price of $291.56 per unit. This price reflects the underlying common stock value used to determine the size of the deferred equity award under the long-term incentive plan.

How many phantom stock units does Bhavesh V. Patel hold after this APD award?

After this grant, Bhavesh V. Patel holds a total of 1,826.5608 phantom stock units. This total reflects his accumulated deferred equity under Air Products & Chemicals’ director compensation programs, all ultimately payable in an equivalent number of common shares.

When will the APD phantom stock units be paid to director Bhavesh V. Patel?

The phantom stock units will be paid in shares of common stock, generally after Patel’s service on Air Products & Chemicals’ Board of Directors ends. He may receive them in a lump sum or up to ten installments, depending on his prior election.

Are the APD phantom stock units immediately convertible to cash or tradable?

The phantom stock units are not immediate cash or tradable shares. They are deferred stock units payable later in common shares, typically after board service ends, under the company’s Deferred Compensation Program and Long-Term Incentive Plan for directors.