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

Rhea-AI Filing Summary

Air Products & Chemicals, Inc. director Bhavesh V. Patel acquired 124.734 phantom deferred stock units on 09/30/2025 under the Companys Deferred Compensation Program for Directors. The filing states these Units are part of the Long-Term Incentive Plan and later convert to an equal number of common shares when paid, generally after the directors board service ends; payment can be a lump sum or up to ten installments as elected in advance. The transaction was reported on a Form 4 filed by one reporting person and signed by an attorney-in-fact on 10/02/2025.

Positive

• Director received 124.734 phantom deferred stock units under the Company's Deferred Compensation Program for Directors
• Units convert to an equal number of common shares when paid, as stated in the filing
• Payment options are flexible: lump sum or up to ten installments as elected by the reporting person

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received deferred phantom units that convert to shares after service, aligning compensation with equity.

The Form 4 documents a non-cash grant of 124.734 phantom deferred stock units to Director Bhavesh V. Patel under the company's Deferred Compensation Program for Directors tied to the Long-Term Incentive Plan. The filing explicitly states these Units convert to the same number of common shares when paid and may be distributed as a lump sum or in up to ten installments at the reporting person's election. This is a routine, non-derivative compensation disclosure with no cash sale or purchase recorded.

Securities Compliance Analyst

TL;DR: Routine Section 16 filing showing acquisition of phantom units; no derivative exercises or dispositions reported.

The document shows a single transaction date of 09/30/2025 coded as an acquisition (A) of 124.734 phantom stock units with a reported per-unit price of $270.48 and resulting beneficial ownership of 816.3689 shares indicated. The Form 4 was filed by one reporting person and executed via attorney-in-fact on 10/02/2025. The disclosure is procedural and consistent with deferred-compensation reporting requirements under Section 16.

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^*

Patel Bhavesh V.

(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		124.734		(3)	(3)	Common Stock	124.734	$270.48	816.3689	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 APD director Bhavesh V. Patel report on Form 4?

The Form 4 reports an acquisition of 124.734 phantom deferred stock units on 09/30/2025 under the company's deferred compensation plan.

How and when are the phantom units payable according to the filing?

The filing states the Units are payable in shares equal to the number of Units when elected by the reporting person (generally after board service ends), payable as a lump sum or in up to ten installments.

Who filed and signed the Form 4 for APD?

The Form 4 was filed by one reporting person and signed by Andrea I. Rennig as Attorney in Fact on 10/02/2025.

What compensation plan governs the awarded units?

The Units were acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, part of the Company's Long-Term Incentive Plan.

Does the filing report any cash purchase or sale of shares?

No; the filing documents a grant of phantom deferred stock units (non-cash), not a cash purchase or sale of common stock.