APD director acquires 733 phantom stock units

Air Products & Chemicals director Tonit M. Calaway reported an acquisition of derivative securities in the form of phantom stock units.

Rhea-AI Filing Summary

Air Products & Chemicals director Tonit M. Calaway reported an acquisition of derivative securities in the form of phantom stock units. On 01/28/2026, the director acquired 733.251 phantom stock units at a reference price of $259.12 per unit, bringing the total derivative holdings to 3,072.6825 units held directly.

The units were credited under Air Products’ Deferred Compensation Program for Directors, within the company’s Long-Term Incentive Plan. According to the disclosure, these units are payable in shares of common stock on a one-for-one basis, generally after the director’s service on the board ends, either in a lump sum or up to ten installments as previously elected.

Insider Trade Summary

Grant/Award: 733.251 shares

Grant/Award 1 txn

Insider CALAWAY TONIT M

Role Director

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

Holdings After Transaction: Phantom Stock — 3,072.6825 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 Tonit M. Calaway report on this Form 4?

Tonit M. Calaway reported acquiring 733.251 phantom stock units of Air Products & Chemicals on January 28, 2026. These derivative units were credited under the company’s Deferred Compensation Program for Directors as part of its Long-Term Incentive Plan, increasing her total phantom unit holdings.

At what price were the APD phantom stock units credited to the director?

The phantom stock units were credited using a reference price of $259.12 per unit. This price applies to the 733.251 units acquired, as shown in the derivative securities table, and helps determine the number of units awarded under the director compensation program.

How many APD phantom stock units does the director hold after this transaction?

After this transaction, the director beneficially owns 3,072.6825 phantom stock units directly. This total reflects the addition of 733.251 new units acquired on January 28, 2026 under Air Products’ director deferred compensation and long-term incentive arrangements.

How and when are the APD phantom stock units payable to the director?

The phantom stock units are payable in shares of Air Products common stock equal in number to the units. Payment occurs at a time elected by the director, generally after service on the board ends, in either a lump sum or up to ten installments.

What program governs the phantom stock units reported for APD director compensation?

The phantom stock units were acquired under the Air Products Stock Account of the issuer’s Deferred Compensation Program for Directors. This arrangement operates under the company’s Long-Term Incentive Plan and provides equity-linked compensation in the form of deferred stock units.

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Accepted by SEC EDGAR 01/29/2026 - 11:32 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^*

CALAWAY TONIT M

(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	3,072.6825	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.
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