Air Products director granted phantom stock units

CALAWAY TONIT M reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

CALAWAY TONIT M reported acquisition or exercise transactions in this Form 4 filing.

Air Products & Chemicals director Tonit M. Calaway received a grant of phantom stock units as compensation. The award covers 20.6217 phantom deferred stock units under the company’s Deferred Compensation Program for Directors, referencing a price of $271.35 per share. These units are designed to be paid out in an equal number of common shares, generally after the director’s board service ends, either in a lump sum or up to ten installments as previously elected. Following this grant, Calaway holds a total of 3,112.1686 phantom stock units directly.

Insider Trade Summary

Grant/Award: 20.6217 shares

Grant/Award 1 txn

Insider CALAWAY TONIT M

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	20.6217	$271.35	$6K

Holdings After Transaction: Phantom Stock — 3,112.1686 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: 20.6217 units Reference price per unit: $271.35 per share Total phantom units after grant: 3,112.1686 units

3 metrics

Phantom stock units granted 20.6217 units Grant under Deferred Compensation Program for Directors

Reference price per unit $271.35 per share Transaction price per underlying common share

Total phantom units after grant 3,112.1686 units Director’s holdings following the transaction

Key Terms

Phantom Stock, Deferred Compensation Program for Directors, Long-Term Incentive Plan, phantom deferred stock units, +1 more

5 terms

Phantom Stock financial

"Phantom Stock acquired under the Air Products Stock Account"

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.

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.

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.

payable in the form of shares of common stock financial

"These Units are payable in the form of shares of common stock equal in number to the Units"

FAQ

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

What insider transaction did APD director Tonit M. Calaway report?

Tonit M. Calaway reported receiving 20.6217 phantom stock units as a compensation award. The units were granted under Air Products’ Deferred Compensation Program for Directors and are linked to the value of the company’s common stock.

What are the terms of the phantom stock units reported by APD?

The phantom deferred stock units are payable in shares of Air Products common stock equal to the number of units. Payment generally occurs after the director’s board service ends, either as a lump sum or in up to ten pre-elected installments.

How many phantom stock units does the APD director hold after this grant?

After this grant, the director holds a total of 3,112.1686 phantom stock units. This total reflects the newly acquired 20.6217 units added to the director’s existing balance under the company’s long-term incentive and deferred compensation programs.

Was the APD insider transaction a market purchase or sale of stock?

The transaction was not an open-market purchase or sale. It was a grant of phantom stock units classified as a compensation-related acquisition under the company’s Deferred Compensation Program for Directors, rather than a discretionary buy or sell in the market.

When will the APD phantom stock units be paid to the director?

The phantom stock units are payable after the director’s service on the board ends. At that time, they convert into an equal number of common shares, delivered either in a single lump sum or up to ten installments, depending on the director’s prior election.

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^*

CALAWAY TONIT M

(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		20.6217		(3)	(3)	Common Stock	20.6217	$271.35	3,112.1686	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)