Air Products director gets 733 phantom stock units

Air Products & Chemicals, Inc. director Bhavesh V. Patel reported an award of phantom stock units under the company’s director deferred compensation program.

Rhea-AI Filing Summary

Air Products & Chemicals, Inc. director Bhavesh V. Patel reported an award of phantom stock units under the company’s director deferred compensation program. On 01/28/2026, he acquired 733.251 phantom stock units at a reference price of $259.12 per unit.

Following this transaction, Patel beneficially owned 1,696.1038 phantom stock units, held directly. These units are credited under the Air Products Stock Account in the company’s Deferred Compensation Program for Directors and were granted pursuant to the Long-Term Incentive Plan.

The phantom units are payable in shares of common stock on a one-for-one basis at the time Patel has elected, which is generally after his service on the Board of Directors ends. Payout may occur in a lump sum or up to ten installments, according to his advance election.

Insider Trade Summary

Grant/Award: 733.251 shares

Grant/Award 1 txn

Insider Patel Bhavesh V.

Role Director

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

Holdings After Transaction: Phantom Stock — 1,696.1038 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

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What insider transaction did APD director Bhavesh V. Patel report?

Bhavesh V. Patel reported acquiring 733.251 phantom stock units on 01/28/2026. These units were granted under Air Products’ Deferred Compensation Program for Directors and Long-Term Incentive Plan, increasing his directly held phantom stock balance to 1,696.1038 units.

What are the phantom stock units reported in the APD Form 4?

The phantom stock units are deferred stock units credited under Air Products’ Stock Account in its Deferred Compensation Program for Directors. Each unit is payable in one share of common stock, following the director’s elected distribution schedule, generally after Board service ends.

When will Bhavesh V. Patel’s APD phantom stock units be paid out?

The phantom stock units will be paid in shares of common stock at the time Patel has elected, which is generally after his Board service ends. He may receive them in a lump sum or up to ten installments, based on his prior election.

How many APD phantom stock units does Bhavesh V. Patel hold after this transaction?

After acquiring 733.251 phantom stock units on 01/28/2026, Patel beneficially owned a total of 1,696.1038 phantom stock units. These are held directly and relate to Air Products’ Deferred Compensation Program for Directors and Long-Term Incentive Plan.

What price is associated with the APD phantom stock units granted to Bhavesh V. Patel?

The reported transaction lists a price of $259.12 per phantom stock unit for the 733.251 units acquired. Although phantom units are deferred compensation, this reference price is disclosed in the Form 4 for the derivative security transaction.

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Accepted by SEC EDGAR 01/29/2026 - 11:41 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^*

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)
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	1,696.1038	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.