Form 4: Air Products Director Acquires Additional Phantom Stock Units

Dennis H. Reilley, a Director at Air Products & Chemicals, Inc. (APD), acquired 7.2069 phantom stock units as part of the company's deferred compensation program.

Summary

• Dennis H. Reilley, a Director of Air Products & Chemicals, Inc. (APD), acquired 7.2069 phantom deferred stock units on June 30, 2025.
• The units were acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, which is part of the Company's Long-Term Incentive Plan.
• The value of the underlying common stock at the time of acquisition was $282.35 per unit.
• Following this transaction, Dennis H. Reilley beneficially owns a total of 1,144.0069 phantom deferred stock units.
• These units are payable in the form of shares of common stock, equal in number to the units, at a time elected by the reporting person, generally after service on the Company's Board of Directors ends.
• Payment of units can be in a lump sum or up to ten installments, as elected in advance by the reporting person.

Sentiment

Score: 5

Explanation: The document is a standard Form 4 filing reporting a routine insider transaction related to director compensation, indicating a neutral sentiment. It does not contain information that would typically be interpreted as positive or negative for the company's operational or financial performance.

Positives

• The acquisition of phantom stock units by a director aligns the director's interests with those of shareholders, as the value of the units is tied to the company's common stock performance.
• Participation in the Deferred Compensation Program for Directors indicates a structured approach to executive and director compensation, promoting long-term commitment.

Future Outlook

The acquired phantom stock units are payable in shares of common stock at a time elected by the reporting person, generally after their service on the Company's Board of Directors concludes. Payment can be in a lump sum or up to ten installments.

Industry Context

This filing is a routine disclosure of an insider transaction, specifically the acquisition of compensation-related equity, and does not directly reflect broader industry trends or competitive dynamics. It is a standard practice for publicly traded companies to provide deferred compensation plans for their directors.

Comparison to Industry Standards

• Not applicable as this document reports an individual insider transaction, not company performance or strategic initiatives.

Related Party Transactions

• The acquisition of phantom stock units by Dennis H. Reilley, a Director, is a compensation-related transaction under the company's Deferred Compensation Program for Directors, which is a standard form of insider dealing for compensation purposes.

Stakeholder Impact

• Shareholders: The transaction represents a routine compensation event for a director, aligning their interests with shareholder value through equity-based incentives.
• Employees: No direct impact on general employees is indicated by this specific filing.

Next Steps

• The phantom stock units will be paid out in shares of common stock to Dennis H. Reilley at a time of his election, typically after his service on the Board of Directors ends.

Key Dates

Keywords

Air Products & Chemicals, APD, SEC Form 4, Insider Transaction, Phantom Stock, Deferred Compensation, Director Compensation, Equity Compensation, Long-Term Incentive Plan