APD director adds 733 phantom stock units

Air Products & Chemicals director acquires additional deferred stock units.

Rhea-AI Filing Summary

Air Products & Chemicals director acquires additional deferred stock units. Director Andrew W. Evans acquired 733.251 phantom stock units on January 28, 2026 at a reference price of $259.12 per unit under the company’s Deferred Compensation Program for Directors.

Following this transaction, Evans holds a total of 1,232.0486 phantom stock units, which are payable in shares of common stock on a one-for-one basis, generally after his service on the Board ends. The units may be distributed in a lump sum or up to ten installments, as previously elected.

Insider Trade Summary

Grant/Award: 733.251 shares

Grant/Award 1 txn

Insider Evans Andrew W

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	733.251	$259.12	$190K

Holdings After Transaction: Phantom Stock — 1,232.0486 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.

FAQ

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

What did APD director Andrew W. Evans report in this Form 4?

Andrew W. Evans reported acquiring 733.251 phantom stock units of Air Products & Chemicals on January 28, 2026. These units are part of the company’s Deferred Compensation Program for Directors and increase his total phantom stock holdings to 1,232.0486 units.

How many Air Products (APD) phantom stock units does Andrew W. Evans now hold?

After the reported transaction, Andrew W. Evans beneficially owns 1,232.0486 phantom stock units. Each unit represents the right to receive one share of APD common stock, generally after his service on the Board of Directors concludes, following his prior distribution elections.

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

The phantom deferred stock units are payable in shares of Air Products common stock equal in number to the units. Payment generally occurs after the director’s Board service ends, either in a single lump sum or up to ten installments, based on the director’s prior election.

At what price were the APD phantom stock units credited to Andrew W. Evans?

The 733.251 phantom stock units were credited at a reference price of $259.12 per unit. This pricing is disclosed in the Form 4 and reflects the value used for units acquired under the Deferred Compensation Program for Directors on the transaction date.

Under which plan did APD’s Andrew W. Evans receive the phantom stock units?

The phantom stock units were acquired under the Air Products Stock Account of the issuer’s Deferred Compensation Program for Directors, established under the company’s Long-Term Incentive Plan. This program allows directors to defer compensation into phantom stock units linked to APD common shares.

Does the APD Form 4 indicate a sale of common stock by Andrew W. Evans?

The Form 4 reports an acquisition of 733.251 phantom stock units, not a sale of common stock. These units are deferred compensation instruments that convert into shares of APD common stock in the future, typically after Board service ends, per the director’s prior distribution elections.

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Accepted by SEC EDGAR 01/29/2026 - 11:32 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^*

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)
01/28/2026

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)	01/28/2026		A		733.251		(3)	(3)	Common Stock	733.251	$259.12	1,232.0486	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	01/29/2026
	** 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.