APD director granted 101 phantom stock units

Stern Alfred reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Stern Alfred reported acquisition or exercise transactions in this Form 4 filing.

Air Products & Chemicals director Alfred Stern received a grant of 101.2986 phantom stock units as compensation. These units were credited under the company’s Deferred Compensation Program for Directors within its Long-Term Incentive Plan, not via an open-market purchase or sale.

The phantom units track the value of common stock and are payable in shares of common stock equal to the number of units, generally after his board service ends. Payment can be taken in a lump sum or in up to ten installments, as previously elected. Following this grant, Stern holds a total of 1,751.7749 phantom stock units.

Insider Trade Summary

Grant/Award: 101.2986 shares

Grant/Award 1 txn

Insider Stern Alfred

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	101.2986	$271.35	$27K

Holdings After Transaction: Phantom Stock — 1,751.7749 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 units granted: 101.2986 units Reference price per unit: $271.35 per unit Total phantom units after grant: 1,751.7749 units +3 more

6 metrics

Phantom units granted 101.2986 units Grant of phantom stock on June 30, 2026

Reference price per unit $271.35 per unit Price field associated with phantom stock grant

Total phantom units after grant 1,751.7749 units Director holdings following the reported transaction

Underlying common stock 101.2986 shares Common stock equal to units deliverable at payout

Transaction code A (Grant, award, or other acquisition) SEC Form 4 transaction classification

Exercise price $0.00 Conversion/exercise price for phantom stock units

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 by the reporting person in advance"

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 Alfred Stern report in his latest Form 4 for APD?

Alfred Stern reported receiving 101.2986 phantom stock units as a compensation award. These were granted under Air Products & Chemicals’ Deferred Compensation Program for Directors and are tied to the value of the company’s common stock, rather than being an open-market stock purchase or sale.

Is Alfred Stern’s Form 4 transaction in APD stock a market buy or sell?

The Form 4 does not show a market buy or sell of APD shares. It reports a grant of phantom deferred stock units as director compensation, which are bookkeeping entries that mirror the value of common stock and will be settled in shares at a later date.

How many phantom stock units does Alfred Stern hold after this APD award?

After this award, Alfred Stern holds 1,751.7749 phantom stock units. The June 30, 2026 grant added 101.2986 units to his existing balance, reflecting additional deferred compensation linked to Air Products & Chemicals’ common stock performance over time.

When will Alfred Stern’s APD phantom stock units be paid out?

The phantom stock units are generally payable after Alfred Stern’s service on the board ends. They convert into shares of Air Products & Chemicals common stock, either in a lump sum or up to ten installments, based on his advance payment election under the program.

What are phantom deferred stock units in the APD director plan?

Phantom deferred stock units are bookkeeping units that track APD’s common stock value and are granted as director compensation. Under the Deferred Compensation Program for Directors, these units are later settled in an equivalent number of common shares instead of immediate cash or stock delivery.

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

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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^*

Stern Alfred

(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		101.2986		(3)	(3)	Common Stock	101.2986	$271.35	1,751.7749	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)