[Form 4] Air Products & Chemicals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Dennis H. Reilley, a director of Air Products & Chemicals, Inc. (APD), acquired 7.5709 phantom deferred stock units on 09/30/2025 under the companys Deferred Compensation Program for Directors. These units convert one-for-one into common shares when paid, typically after service on the board ends, and may be delivered as a lump sum or in up to ten installments as elected by the recipient.

Following the reported acquisition the filing shows 1,151.5778 shares beneficially owned by Mr. Reilley on a direct basis. The filing lists an attributable unit value of $270.48 for the phantom stock units but does not disclose cash consideration exchanged for this grant.

Positive

• Director alignment: Reporting person received deferred equity units that align his compensation with long-term shareholder value.
• Clear disclosure: Transaction date, unit count, conversion mechanics, and post-transaction beneficial ownership are explicitly reported.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received deferred stock units, aligning long-term pay with shareholder outcomes without immediate dilution.

The report documents a routine grant of phantom deferred stock units to a director under the boards deferred compensation plan. Such grants are common for non-employee directors and are typically intended to align interests with long-term shareholders because units convert to common shares only upon payout after service ends. The filing shows direct beneficial ownership of 1,151.5778 shares post-transaction, indicating modest insider alignment rather than a material ownership change.

Securities/Compensation Analyst

TL;DR: Non-cash unit award disclosed; no immediate exercised options or stock sale reported.

The Form 4 reports acquisition of 7.5709 phantom units exercisable into an equal number of common shares and lists a unit value of $270.48. This is a deferred, non-derivative award under the long-term incentive framework for directors and is disclosed as a reportable Section 16 transaction. The filing does not show any cash purchase or disposition, and the amount is immaterial to APDs outstanding share count.

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
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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

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)
09/30/2025

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)	09/30/2025		A		7.5709		(3)	(3)	Common Stock	7.5709	$270.48	1,151.5778	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	10/02/2025
	** 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 did APD director Dennis H. Reilley acquire according to the Form 4?

The Form 4 reports acquisition of 7.5709 phantom deferred stock units under the companys Deferred Compensation Program for Directors on 09/30/2025.

How many shares does Dennis H. Reilley beneficially own after this transaction?

The filing shows 1,151.5778 shares beneficially owned following the reported transaction.

What is the conversion or unit value reported for the phantom stock units?

The Form 4 lists a unit value of $270.48 for the reported phantom stock units.

When will the phantom deferred stock units be paid out?

The units are payable in common shares at the time elected by the reporting person, generally after service on the Companys Board of Directors ends, and may be paid as a lump sum or up to ten installments.

Does the Form 4 show any cash purchase or sale related to these units?

No; the filing does not disclose any cash consideration exchanged for this grant and characterizes the award as phantom deferred stock units under the deferred compensation plan.