Air Products (APD) director acquires 181.4277 phantom stock units

Rhea-AI Filing Summary

Air Products & Chemicals, Inc. director reports additional deferred equity units. A board member acquired 181.4277 phantom deferred stock units on 12/31/2025 under the company’s Deferred Compensation Program for Directors and Long-Term Incentive Plan. These phantom units convert into an equal number of shares of common stock, typically after the director’s board service ends, and can be paid in a lump sum or up to ten installments as previously elected. The transaction reflects a price of $248.91 for the derivative security, and following this award the director holds a total of 2,365.3167 phantom stock units in a direct ownership capacity.

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^*

Graziano Jessica

(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		181.4277		(3)	(3)	Common Stock	181.4277	$248.91	2,365.3167	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) report in this Form 4?

A director of Air Products & Chemicals, Inc. acquired 181.4277 phantom deferred stock units on 12/31/2025 under the company’s director compensation plans.

What are the terms of the phantom stock units reported by the Air Products (APD) director?

The phantom deferred stock units have a conversion price of $0.0000 and are payable in shares of common stock equal to the number of units after the director’s board service ends.

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

After acquiring 181.4277 units, the director beneficially owns 2,365.3167 phantom stock units, representing the right to receive an equal number of common shares in the future.

At what reference price was the derivative security recorded for the Air Products (APD) director grant?

The Form 4 shows a $248.91 price for the derivative security associated with the phantom stock units, alongside a $0.0000 conversion price for the units.

When will the Air Products (APD) director receive shares for these phantom stock units?

The units are generally paid in shares of common stock after the director’s service on the Board ends, either in a lump sum or up to ten installments, based on the director’s prior election.

Under which plans were the Air Products (APD) phantom stock units granted?

The units were acquired under the Air Products Stock Account of the issuer’s Deferred Compensation Program for Directors and the company’s Long-Term Incentive Plan.