APD director granted 17.9 Phantom Stock units

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

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 reported receiving a compensation-related grant of 17.8853 units of Phantom Stock on June 30, 2026. Each unit tracks the value of common stock, using a reference price of $271.35 per unit, and is classified as a derivative security.

Following this award, Reilley directly holds a total of 2,699.1999 Phantom Stock units. According to the company’s director deferred compensation program, these units are payable in shares of common stock equal to the number of units, generally after his Board service ends, either in a lump sum or up to ten installments.

Insider Trade Summary

Grant/Award: 17.8853 shares

Grant/Award 1 txn

Insider REILLEY DENNIS H

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	17.8853	$271.35	$5K

Holdings After Transaction: Phantom Stock — 2,699.1999 contracts (Direct)

Footnotes (3)

1. F1. 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. F2. Not applicable to this security
3. F3. 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: 17.8853 units Reference price per unit: $271.35 per unit Total Phantom units after grant: 2,699.1999 units +2 more

5 metrics

Phantom Stock units granted 17.8853 units Award date June 30, 2026

Reference price per unit $271.35 per unit Phantom Stock grant value basis

Total Phantom units after grant 2,699.1999 units Holdings following transaction

Underlying common stock shares 17.8853 shares Shares corresponding to new Phantom units

Maximum installments up to ten installments Optional payout structure after Board service

Key Terms

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

"Deferred Compensation Program for Directors, 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.

Phantom Stock financial

"security_title: Phantom Stock"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did APD director Dennis H. Reilley report in this Form 4?

Dennis H. Reilley reported receiving 17.8853 Phantom Stock units as a compensation award. These units are part of Air Products’ deferred compensation program for directors and track the value of common stock for future share-based settlement.

What is the value reference for the Phantom Stock units granted to APD’s director?

The 17.8853 Phantom Stock units were granted using a reference price of $271.35 per unit. This price reflects the underlying common stock’s value used to determine the notional amount of the deferred compensation award.

How many Phantom Stock units does Dennis H. Reilley hold after this APD transaction?

After the reported transaction, Dennis H. Reilley holds 2,699.1999 Phantom Stock units. This total represents his accumulated deferred stock units under Air Products’ director compensation arrangements, all classified as directly owned derivative securities.

When will APD’s Phantom Stock units be paid to the reporting director?

The Phantom Stock units are generally payable after the director’s service on the Board ends. They are settled in shares of common stock equal to the units, either as a lump sum or in up to ten installments elected in advance.

Are the Phantom Stock units in this APD Form 4 settled in cash or stock?

The Phantom Stock units are payable in shares of common stock equal in number to the units. Settlement occurs at the time elected by the director, typically after Board service concludes, following the Company’s deferred compensation program rules.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/02/2026 - 10:43 AM Learn about SEC filing dates

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)
06/30/2026

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)	06/30/2026		A		17.8853		(3)	(3)	Common Stock	17.8853	$271.35	2,699.1999	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	07/02/2026
	** 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)