Alfred Stern gains 93.589 phantom stock units at Air Products (NYSE: APD)

Rhea-AI Filing Summary

Air Products & Chemicals, Inc. director Alfred Stern acquired 93.589 shares of phantom stock on March 31, 2026 as a grant under the company’s Deferred Compensation Program for Directors and Long-Term Incentive Plan. After this award, he holds a total of 1,650.4763 phantom stock units.

These phantom deferred stock units are payable in shares of common stock equal to the number of units, at a time elected by Stern, generally after his service on the Board ends. The units may be settled in a lump sum or in up to ten installments.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Stern Alfred

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	93.589	$291.56	$27K

Holdings After Transaction: Phantom Stock — 1,650.476 shares (Direct)

Footnotes (1)

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. Not applicable to this security 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: 93.5890 units Reference price per unit: $291.5600 per unit Total phantom units after grant: 1,650.4763 units +2 more

5 metrics

Phantom stock units granted 93.5890 units Grant on March 31, 2026

Reference price per unit $291.5600 per unit Transaction price for phantom stock grant

Total phantom units after grant 1,650.4763 units Holdings following March 31, 2026 transaction

Conversion price $0.0000 Conversion/exercise price for phantom stock units

Underlying common shares 93.5890 shares Common stock equal to phantom units in this grant

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

"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.

Form 4 Insider Transactions: What Each Field Means →

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^*

Stern Alfred

(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)
03/31/2026

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)	03/31/2026		A		93.589		(3)	(3)	Common Stock	93.589	$291.56	1,650.4763	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	04/01/2026
	** 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)

FAQ

What insider transaction did Alfred Stern report for APD on March 31, 2026?

Alfred Stern, a director of Air Products & Chemicals (APD), reported acquiring 93.589 phantom stock units on March 31, 2026. This grant was made under the company’s Deferred Compensation Program for Directors within its Long-Term Incentive Plan and increases his deferred equity-based holdings.

How many phantom stock units does Alfred Stern hold in APD after this Form 4?

Following the March 31, 2026 grant, Alfred Stern holds a total of 1,650.4763 phantom stock units tied to Air Products & Chemicals (APD). These units represent deferred equity-based compensation that will eventually be settled in shares of common stock according to his elected payout schedule.

What are phantom deferred stock units in the APD director compensation plan?

Phantom deferred stock units for Air Products & Chemicals (APD) directors are bookkeeping units acquired under the company’s Deferred Compensation Program for Directors. They track the value of common stock and are ultimately payable in shares equal to the number of units when the director’s service on the Board ends.

When will Alfred Stern receive APD common shares for his phantom stock units?

Alfred Stern’s phantom stock units in Air Products & Chemicals (APD) are payable in common shares generally after his service on the Board of Directors ends. He can elect the timing, choosing either a single lump-sum payment or up to ten separate installments over time.

What price per unit is referenced for Alfred Stern’s APD phantom stock grant?

The Form 4 references a price of $291.56 per phantom stock unit for Alfred Stern’s March 31, 2026 grant at Air Products & Chemicals (APD). This figure is used as the transaction price per unit for reporting purposes in the derivatives section of the filing.