Director Graziano receives phantom stock units at Air Products (NYSE: APD)

Rhea-AI Filing Summary

Air Products & Chemicals director Jessica Graziano received a grant of 160.5036 phantom stock units on common stock, classified as a grant or award acquisition. The units reflect a reference price of $291.56 per unit and are part of the company's deferred compensation program for directors.

These phantom deferred stock units are payable in shares of common stock equal to the number of units, generally after her Board service ends. The units may be settled in a lump sum or in up to ten installments, as previously elected. Following this grant, she holds a total of 3,259.0713 phantom stock units.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Graziano Jessica

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock	160.504	$291.56	$47K

Holdings After Transaction: Phantom Stock — 3,259.071 shares (Direct)

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: 160.5036 units Reference price per unit: $291.56 per unit Total phantom units after grant: 3,259.0713 units +1 more

4 metrics

Phantom stock units granted 160.5036 units Grant to director Jessica Graziano on phantom stock

Reference price per unit $291.56 per unit Valuation reference for phantom stock grant

Total phantom units after grant 3,259.0713 units Director’s phantom stock holdings following this transaction

Conversion price $0.00 Phantom units convert to common stock with no exercise price

Key Terms

Phantom Stock, Deferred Compensation Program for Directors, Long-Term Incentive Plan, Units are payable in the form of shares of common stock, +1 more

5 terms

Phantom Stock financial

"security_title: Phantom Stock"

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.

Units are payable in the form of shares of common stock financial

"These Units are payable in the form of shares of common stock equal in number to the Units"

lump sum or up to ten installments financial

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

Form 4 Insider Transactions: What Each Field Means →

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^*

Graziano Jessica

(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)
03/31/2026

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)	03/31/2026		A		160.5036		(3)	(3)	Common Stock	160.5036	$291.56	3,259.0713	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	04/01/2026
	** 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 insider transaction did APD director Jessica Graziano report on this Form 4?

Jessica Graziano reported receiving 160.5036 phantom stock units linked to Air Products & Chemicals common stock. This is a compensation-related grant under the company’s deferred compensation program for directors rather than an open-market purchase or sale of APD shares.

How do the phantom stock units granted to APD’s Jessica Graziano work?

The phantom stock units represent deferred stock under Air Products’ director compensation program. They are payable in shares of common stock equal to the number of units, generally after her Board service ends, and can be settled in a lump sum or up to ten installments.

What was the reference price for the phantom stock units granted to APD’s director?

The 160.5036 phantom stock units granted to director Jessica Graziano used a reference price of $291.56 per unit. This price is used for valuation of the award within the company’s long-term incentive and deferred compensation framework, not as an open-market trade price.

How many phantom stock units does APD director Jessica Graziano hold after this award?

After this grant, Jessica Graziano holds a total of 3,259.0713 phantom stock units. These units are part of her director compensation and will eventually convert into the same number of Air Products & Chemicals common shares, subject to her previously elected payout timing.

Is this APD Form 4 filing a buy or sell signal for common stock?

The filing reflects a grant of phantom stock units, not an open-market buy or sell of APD shares. It is a routine, compensation-related acquisition classified as a grant or award under the company’s long-term incentive and deferred compensation programs for directors.