APD director awarded new phantom stock units

Air Products & Chemicals director Andrew W. Evans received a small phantom stock award under the company’s director compensation program.

Rhea-AI Filing Summary

Air Products & Chemicals director Andrew W. Evans received a small phantom stock award under the company’s director compensation program. He acquired 8.2687 phantom stock units linked to common stock at an indicated value of $271.35 per unit, bringing his total phantom stock holdings to 1,247.8813 units. These units are deferred compensation, payable in shares of common stock after his Board service ends, either in a lump sum or up to ten installments as previously elected.

Insider Trade Summary

Grant/Award: 8.2687 shares

Grant/Award 1 txn

Insider Evans Andrew W

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	8.2687	$271.35	$2K

Holdings After Transaction: Phantom Stock — 1,247.8813 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.

Key Figures

Phantom stock units granted: 8.2687 units Reference price per unit: $271.35 per unit Total phantom units after grant: 1,247.8813 units +1 more

4 metrics

Phantom stock units granted 8.2687 units Phantom stock grant on June 30, 2026

Reference price per unit $271.35 per unit Value used for phantom stock grant

Total phantom units after grant 1,247.8813 units Holdings following reported transaction

Underlying security 8.2687 common shares Underlying common stock per phantom grant

Key Terms

Phantom Stock, Deferred Compensation Program for Directors, Long-Term Incentive Plan, Phantom deferred stock units, +1 more

5 terms

Phantom Stock financial

"Phantom deferred stock units (Units) acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors"

A phantom stock is a form of compensation that gives employees or executives the benefits of stock ownership, such as the increase in stock value, without actually giving them real shares. It acts like a promise to pay the employee the equivalent value of company stock later, often as a bonus or incentive. This allows companies to motivate and reward staff without diluting ownership or transferring actual shares.

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.

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.

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.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did APD director Andrew W. Evans report in this Form 4 filing?

Andrew W. Evans reported receiving 8.2687 phantom stock units as deferred compensation. These units were credited under Air Products’ Deferred Compensation Program for Directors and are tied to the company’s common stock value for future payout after his Board service ends.

Is the Andrew W. Evans Form 4 transaction for APD a stock purchase or sale?

The transaction is an acquisition of phantom stock units as compensation, not an open-market stock purchase or sale. It reflects a grant under a company plan, so it does not represent Evans buying or selling Air Products & Chemicals common shares.

How many phantom stock units does Andrew W. Evans hold after this APD Form 4?

After the reported grant, Andrew W. Evans holds a total of 1,247.8813 phantom stock units. These units track the value of Air Products & Chemicals common stock and will be settled in shares at a later date, following his elected payout schedule.

When will Andrew W. Evans receive APD shares for these phantom stock units?

The phantom stock units are payable in shares of common stock at the time Evans elects, generally after his service on the Board ends. He can choose to receive them in a single lump sum or in up to ten installments, based on elections made in advance.

What is the value reference for the phantom stock units in this APD Form 4?

Each phantom stock unit in this grant uses $271.35 per unit as the indicated value. This figure reflects the reference price applied when 8.2687 units were credited, but the actual payout will depend on the company’s common stock at the time of distribution.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 07/02/2026 - 10:43 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^*

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)
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		8.2687		(3)	(3)	Common Stock	8.2687	$271.35	1,247.8813	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)