Air Products (NYSE: APD) director reports new phantom stock award

Rhea-AI Filing Summary

Air Products & Chemicals director reports deferred stock award

A director of Air Products & Chemicals acquired 8.2814 phantom deferred stock units on 12/31/2025 under the company’s Deferred Compensation Program for Directors and Long-Term Incentive Plan. These units are a form of derivative security tied to Air Products common stock, with the filing showing a price of $248.91 for the underlying shares and a stated conversion or exercise price of $0.0000 for the phantom stock.

After this transaction, the director beneficially owns 1,159.8592 phantom stock units, held directly. The units are payable in shares of common stock on a one-for-one basis at a time elected by the director, generally after service on the company’s Board of Directors ends, and may be paid in a lump sum or up to ten installments.

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 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		8.2814		(3)	(3)	Common Stock	8.2814	$248.91	1,159.8592	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?

A director of Air Products & Chemicals, Inc. (APD) reported acquiring 8.2814 phantom deferred stock units on 12/31/2025 under the company’s director deferred compensation and long-term incentive programs.

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

Following the reported transaction, the director beneficially owns 1,159.8592 phantom stock units, held in a direct ownership form.

What do the Air Products phantom deferred stock units represent for the director?

The phantom deferred stock units represent a right to receive shares of Air Products common stock equal in number to the units, generally after the director’s service on the Board ends.

When are the Air Products phantom stock units payable to the director?

The units are payable in stock at the time elected by the reporting person, which is stated as generally after service on the company’s Board of Directors ends.

Can the Air Products director choose how the phantom units are paid out?

Yes. The filing states that units may be paid in a lump sum or in up to ten installments, as elected by the director in advance.

What price is shown for the Air Products phantom stock derivative security?

The filing lists a $0.0000 conversion or exercise price for the phantom stock units and shows a price of $248.91 in the column for the derivative security.