[Form 4] Air Products & Chemicals, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Matthew Lepore, EVP & General Counsel of Air Products & Chemicals, Inc. (APD), reported an acquisition of 3,471 shares of the company's common stock on 08/18/2025. The Form 4 shows the transaction coded as an acquisition with a price listed as $0.0000, and states 3,471 shares are beneficially owned following the reported transaction, held directly. The filing is signed by Andrea I. Rennig as attorney-in-fact on 08/20/2025. No derivative securities or additional transactions are reported and the form does not include further context such as the reason for the $0.0000 price (e.g., grant, gift, or correction) or any change in reporting status.

Positive

• Insider acquisition disclosed, increasing transparency about officer holdings
• Form filed timely and signed by attorney-in-fact, indicating compliance with reporting requirements

Negative

• Price listed as $0.0000 with no explanation in the filing, leaving the nature of the acquisition unclear

Insights

Securities Counsel

TL;DR: Officer acquisition disclosed; price field shows $0.0000 which requires context but filing correctly reports beneficial ownership.

The Form 4 documents a straightforward non-derivative acquisition by a named officer, showing 3,471 shares held directly after the transaction. The listed price of $0.0000 is explicitly shown in the filing and likely indicates a non-cash grant or a reporting convention, but the document contains no further explanation. For compliance purposes, the filing appears to follow Section 16 reporting mechanics and includes an attorney-in-fact signature. Investors and compliance teams would typically seek the underlying grant agreement or company disclosure to understand the zero price.

Corporate Governance Analyst

TL;DR: Small officer share acquisition disclosed; immaterial to APD’s capitalization but useful for transparency.

The transaction size (3,471 shares) is modest relative to a large-cap issuer and the report indicates direct ownership post-transaction. No derivatives, dispositions, or larger ownership changes are shown. The filing enhances transparency around insider holdings but, on its face, is unlikely to materially affect investor valuation or control metrics. Additional company-level disclosures would be needed to assess compensation implications.

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
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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^*

LEPORE MATTHEW

(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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	EVP & General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

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
Common Stock	08/18/2025		A		3,471	A	$0.0000(1)	3,471	D

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

Explanation of Responses:

1. Not applicable to this security

	Andrea I. Rennig as Attorney in Fact	08/20/2025
	** 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.

FAQ

What did APD insider Matthew Lepore report on Form 4?

The Form 4 reports that Matthew Lepore acquired 3,471 shares of APD common stock on 08/18/2025 and beneficially owns 3,471 shares following the transaction.

What is the reported purchase price for the shares on the Form 4?

The filing shows a price of $0.0000 for the reported acquisition; the form does not explain the reason for that price.

Is the acquisition direct or indirect according to the filing?

The Form 4 indicates the ownership form is Direct (D), meaning the reporting person holds the shares directly.

Were any derivative securities reported in this filing for APD?

No. Table II for derivative securities shows no reported transactions or holdings in this filing.

Who signed the Form 4 and when was it signed?

The Form 4 is signed by Andrea I. Rennig as Attorney in Fact on 08/20/2025.