Air Products (NYSE: APD) director receives new phantom stock unit grant

Rhea-AI Filing Summary

Air Products & Chemicals director Howard I. Ungerleider received a grant of phantom stock units under the company’s deferred compensation program for directors. On this date, he acquired 6.4626 phantom stock units, credited at a reference price of $271.35 per unit.

Following this award, Ungerleider now holds a total of 975.3141 phantom stock units. These units are designed to mirror the value of common stock and are payable in shares of common stock, generally after his service on the Board ends, either in a lump sum or up to ten installments, as previously elected.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Ungerleider Howard I

Role null

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	6.463	$271.35	$2K

Holdings After Transaction: Phantom Stock — 975.314 shares (Direct, null)

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: 6.4626 units Reference price per unit: $271.35 per unit Total phantom units after grant: 975.3141 units +1 more

4 metrics

Phantom stock units granted 6.4626 units Grant under Deferred Compensation Program for Directors

Reference price per unit $271.35 per unit Phantom stock grant valuation reference

Total phantom units after grant 975.3141 units Holdings following this Form 4 transaction

Underlying security 6.4626 common shares equivalent Underlying common stock tied to new phantom units

Key Terms

Phantom deferred stock units, Deferred Compensation Program for Directors, Long-Term Incentive Plan, installments

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

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

Long-Term Incentive Plan financial

"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.

installments financial

"Units may be paid in a lump sum or up to ten installments as elected..."

Installments are a series of scheduled partial payments that together cover a larger amount owed or due, like paying for a purchase or loan in weekly or monthly pieces rather than all at once. For investors, installments matter because they change when cash moves between parties, affect a company’s or counterparty’s short-term cash flow and risk of missed payments, and can influence valuation or perceived financial stability much like spreading the cost of a car over monthly payments.

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/02/2026 - 11:09 AM Accepted by SEC EDGAR 07/02/2026 - 11:08 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^*

Ungerleider Howard I

(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)
06/30/2026

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)	06/30/2026		A		6.4626		(3)	(3)	Common Stock	6.4626	$271.35	975.3141	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	07/02/2026
	** 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 did APD director Howard Ungerleider report in this Form 4 filing?

Howard Ungerleider reported receiving a grant of 6.4626 phantom stock units tied to Air Products & Chemicals common stock. These units were awarded under the company’s Deferred Compensation Program for Directors as part of his long-term incentive compensation.

How many phantom stock units does Howard Ungerleider now hold in APD?

After this grant, Howard Ungerleider holds 975.3141 phantom stock units linked to Air Products & Chemicals common stock. This total reflects his accumulated deferred director compensation under the company’s long-term incentive and deferred compensation arrangements.

What is the reference price for the new APD phantom stock units granted?

The newly granted 6.4626 phantom stock units were credited at a reference price of $271.35 per unit. This price is used to calculate the number of units credited under the director deferred compensation program, not as a traditional purchase price.

When will Howard Ungerleider receive APD common shares for these phantom units?

The phantom stock units are payable in shares of common stock generally after Ungerleider’s service on the Board ends. Payment timing and form follow his prior election, either in a lump sum or up to ten installments.

Are the APD phantom stock units paid in cash or stock?

The phantom deferred stock units are payable in the form of shares of common stock equal in number to the units. They are part of the director deferred compensation program, not an immediate cash payment, and settle in stock at the elected time.

What plan governs this phantom stock award to APD director Ungerleider?

The phantom stock units were acquired under the Air Products Stock Account of the issuer’s Deferred Compensation Program for Directors, which operates under the company’s Long-Term Incentive Plan for compensating board members.