Director at Air Products (NYSE: APD) awarded new phantom stock units

Rhea-AI Filing Summary

Air Products & Chemicals director Howard I. Ungerleider reported receiving 733.251 phantom stock units on January 28, 2026 under the company’s deferred compensation program for directors. The units are valued at a reference price of $259.12 per unit and increase his total phantom units to 962.9396.

These phantom units are bookkeeping entries tied to common stock and are payable in shares of common stock, equal to the number of units, at a time Mr. Ungerleider elected, generally after his Board service ends. Payouts may be made in a lump sum or up to ten installments.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Ungerleider Howard I

Role Director

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

Holdings After Transaction: Phantom Stock — 962.94 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.

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^*

Ungerleider Howard I

(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	962.9396	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.

FAQ

What did APD director Howard Ungerleider report on this Form 4?

Howard I. Ungerleider reported acquiring 733.251 phantom stock units of Air Products & Chemicals on January 28, 2026. These units were granted under the company’s Deferred Compensation Program for Directors within its Long-Term Incentive Plan, increasing his total phantom units to 962.9396.

What are the phantom stock units granted to APD’s director?

The phantom stock units are deferred stock units credited under Air Products’ Deferred Compensation Program for Directors. Each unit tracks one share of common stock and will ultimately be paid out in shares, rather than cash, according to the director’s prior payout election.

At what price were Howard Ungerleider’s APD phantom units recorded?

The 733.251 phantom stock units were recorded at a reference price of $259.12 per unit. This price is used for accounting of the phantom stock under the company’s Long-Term Incentive Plan and does not represent an immediate cash transaction to the director.

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

The phantom stock units will be paid in shares of common stock equal to the number of units at a time elected by the director. Payment generally occurs after service on Air Products’ Board of Directors ends, following the director’s advance payout elections.

How can the APD director receive payment of these phantom stock units?

The director may receive the units in a lump-sum share distribution or in up to ten installments, as elected in advance. In each case, the payment is made in shares of Air Products common stock equal to the number of phantom units credited.

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

Following this transaction, Howard I. Ungerleider beneficially holds 962.9396 phantom stock units directly. This total reflects the newly acquired 733.251 units added under the Deferred Compensation Program for Directors and prior phantom unit balances.