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

Rhea-AI Filing Summary

Air Products & Chemicals, Inc. (APD) Form 4: Director Alfred Stern acquired 88.2905 phantom deferred stock units under the company’s Deferred Compensation Program for Directors on 09/30/2025. The phantom units are payable in shares equal to the number of units at the time elected by the reporting person—generally after board service ends—and may be paid as a lump sum or in up to ten installments. The report shows a per-unit reference price of $270.48 and indicates the reporting person beneficially owns 720.0291 derivative units following the transaction. The filing was signed by Andrea I. Rennig as attorney-in-fact on 10/02/2025.

Positive

• Additional director equity alignment: Director Alfred Stern received 88.2905 phantom deferred stock units, increasing his long-term equity-linked holdings.
• Clear disclosure: Filing describes payment mechanics—units payable as shares after service and eligible for lump-sum or up to ten installments.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director deferred-compensation acquisition; limited near-term market impact.

The Form 4 documents a non-cash grant of phantom deferred stock units to a company director under an established Deferred Compensation Program. The transaction increases the director’s long-term equity-linked exposure by 88.2905 units and reports 720.0291 units owned after the grant. This is a compensation-related event rather than an open-market purchase or sale, so it does not change share float or immediately affect liquidity.

Corporate Governance Expert

TL;DR: Compensation-aligned grant consistent with director pay practices; disclosure is straightforward.

The filing shows standard deferred-stock unit mechanics: units convertible to shares after service, with election options for lump-sum or installment payouts. The disclosure clarifies the award’s nature and timing without indicating acceleration, change of control provisions, or immediate equity transfers. This appears to be routine governance-level compensation reporting.

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).

1. Name and Address of Reporting Person^*

Stern Alfred

(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		88.2905		(3)	(3)	Common Stock	88.2905	$270.48	720.0291	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 transaction did Alfred Stern report on Form 4 for APD?

He reported acquiring 88.2905 phantom deferred stock units under the company’s Deferred Compensation Program for Directors on 09/30/2025.

How and when are the phantom deferred stock units paid?

The units are payable in the form of shares equal to the number of units at the time elected by the reporting person, generally after service on the Board ends, either as a lump sum or in up to ten installments.

How many derivative units does the reporting person own after the transaction?

The Form 4 shows 720.0291 derivative units beneficially owned following the reported transaction.

Was cash transferred or were these open-market trades?

No open-market purchase or sale is reported; these are phantom deferred stock units (non-cash compensation) under the company’s plan.

Who signed the Form 4 on behalf of the reporting person?

The form was signed by Andrea I. Rennig as Attorney in Fact on 10/02/2025.