Director at Air Products (NYSE: APD) receives new phantom stock grant

Rhea-AI Filing Summary

Evans Andrew W reported acquisition or exercise transactions in this Form 4 filing.

Air Products & Chemicals, Inc. director Andrew W. Evans received a grant of 7.564 phantom deferred stock units on the company’s stock account under its Deferred Compensation Program for Directors and Long-Term Incentive Plan. These units track the value of common stock and increased his holdings to 1,239.6126 units.

The units are payable in shares of common stock equal to the number of units, generally after his service on the Board ends, in either a lump sum or up to ten installments, as elected in advance. This filing reflects compensation, not an open-market share purchase or sale.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Evans Andrew W

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	7.564	$291.56	$2K

Holdings After Transaction: Phantom Stock — 1,239.613 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: 7.564 units Total phantom units after grant: 1,239.6126 units Reference price per unit: $291.56 per unit +1 more

4 metrics

Phantom stock units granted 7.564 units Grant on March 31, 2026

Total phantom units after grant 1,239.6126 units Holdings following the reported transaction

Reference price per unit $291.56 per unit Transaction price per phantom stock unit

Underlying common stock 7.564 shares Common stock equivalent for newly granted units

Key Terms

Phantom deferred stock units, Deferred Compensation Program for Directors, Long-Term Incentive Plan, Units are payable in the form of shares of common 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

"under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors"

Long-Term Incentive Plan financial

"Deferred Compensation Program for Directors, 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.

Units are payable in the form of shares of common stock financial

"These Units are payable in the form of shares of common stock equal in number to the Units"

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^*

Evans Andrew W

(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		7.564		(3)	(3)	Common Stock	7.564	$291.56	1,239.6126	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 APD director Andrew W. Evans report?

Andrew W. Evans reported receiving a grant of 7.564 phantom deferred stock units linked to Air Products & Chemicals common stock. The units were awarded under the company’s Deferred Compensation Program for Directors and Long-Term Incentive Plan as part of his board-related compensation, not an open-market trade.

What are phantom deferred stock units in Air Products (APD) Form 4?

Phantom deferred stock units are bookkeeping entries that mirror the value of Air Products common stock. For Evans, these units are credited under the director deferred compensation program and will be settled in actual shares of common stock, equal to the number of units, after his board service ends.

How many phantom units does Andrew W. Evans hold after this APD grant?

After the 7.564-unit grant, Andrew W. Evans holds a total of 1,239.6126 phantom deferred stock units. These units represent a deferred right to receive an equivalent number of Air Products common shares, generally following the conclusion of his service on the company’s Board of Directors.

When will Andrew W. Evans receive Air Products (APD) shares for these units?

The phantom deferred stock units are payable in shares of Air Products common stock equal to the unit count at a time Evans elected, generally after his Board service ends. Payment can be made in a single lump sum or up to ten installments, based on his prior election.

Is the APD phantom stock grant an open-market purchase or sale?

The reported transaction is a grant classified as a “Grant, award, or other acquisition,” not an open-market purchase or sale. It reflects compensation in the form of phantom deferred stock units under director programs, rather than Evans actively buying or selling Air Products shares in the market.