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

Rhea-AI Filing Summary

Andrew W. Evans, a director of Air Products & Chemicals, Inc. (APD), reported a Section 16 transaction dated 09/30/2025 in which he acquired 3.2558 phantom deferred stock units under the company’s Director Deferred Compensation/Long-Term Incentive plan. The filing shows these units are payable in shares of common stock equal to the number of units at a 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 lists a per-share-related figure of $270.48 and indicates the reporting person beneficially owned 495.2362 shares following the transaction, held directly.

Positive

• 3.2558 phantom deferred stock units acquired under the company’s Director Deferred Compensation/Long-Term Incentive plan
• Beneficial ownership reported as 495.2362 shares (Direct) following the transaction

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine director deferred-compensation credit; small increment in reported beneficial holdings.

The Form 4 documents a non-cash award: 3.2558 phantom deferred stock units granted under the director deferred compensation arrangement, payable in common shares later. This is a compensatory, non-derivative change rather than an open-market purchase or sale. The filing shows a per-share figure of $270.48 and that the reporting person held 495.2362 shares directly after the reported transaction. For investors, this is a routine disclosure of director compensation and a minor change in ownership that does not indicate trading intent or material restructuring.

Corporate Governance Expert

TL;DR: Standard director deferred-compensation reporting; aligns with customary governance disclosures.

The disclosure identifies the reporting person as a director and records acquisition of Phantom deferred stock units under the company’s Deferred Compensation Program for Directors. The explanatory notes state the units convert one-for-one into common shares when paid, typically after board service, and may be paid in a lump sum or installments. This Form 4 fulfills Section 16 reporting obligations and documents compensation-related equity accruals rather than market transactions or changes in control.

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^*

Evans Andrew W

(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		3.2558		(3)	(3)	Common Stock	3.2558	$270.48	495.2362	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 Andrew W. Evans report on Form 4 for APD?

He reported acquisition of 3.2558 phantom deferred stock units under the company’s director deferred compensation plan, dated 09/30/2025.

How many shares does the Form 4 show Andrew W. Evans beneficially owned after the transaction?

The filing shows 495.2362 shares beneficially owned following the reported transaction, held directly.

When are the phantom deferred stock units payable and in what form?

The units are payable in the form of common stock equal to the number of units at a time elected by the reporting person, generally after board service ends, and may be paid as a lump sum or up to ten installments.

What is the transaction date reported on the Form 4?

The transaction date included in the filing is 09/30/2025.

Does the Form 4 indicate the reporting person’s relationship to APD?

Yes. The Form 4 indicates the reporting person, Andrew W. Evans, is a Director of Air Products & Chemicals, Inc.