Form 4: Air Products Director Acquires Phantom Stock Units

Air Products & Chemicals Director Alfred Stern acquired 103.6072 phantom stock units, increasing his beneficial ownership to 823.6363 units.

Summary

• Alfred Stern, a Director of Air Products & Chemicals, Inc. (APD), acquired 103.6072 phantom stock units.
• The transaction date for this acquisition was December 31, 2025.
• Following this transaction, Alfred Stern beneficially owns a total of 823.6363 phantom stock units.
• The phantom stock units were acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, part of the Company's Long-Term Incentive Plan.
• These units are payable in shares of common stock, equal in number to the units, at a time elected by the reporting person, generally after service on the Board of Directors ends.
• Payouts can be in a lump sum or up to ten installments, as elected in advance by the reporting person.
• The underlying common stock price at the time of the transaction was $248.91 per share.

Sentiment

Score: 6

Explanation: The acquisition of phantom stock units by a director is generally a neutral to slightly positive signal, indicating continued participation in the company's long-term incentive plans and alignment with shareholder interests, though it's not an open market purchase.

Positives

• A director's acquisition of phantom stock units, even if deferred, indicates continued alignment with shareholder interests and confidence in the company's long-term performance.
• The transaction is part of a structured long-term incentive and deferred compensation program, which can help retain experienced board members.

Negatives

• The acquisition is of phantom stock units rather than direct common stock, meaning there is no immediate direct equity ownership or open market purchase.

Future Outlook

The acquired phantom stock units will be paid out in shares of common stock after the reporting person's service on the Company's Board of Directors ends, with the option for a lump sum or up to ten installments as elected by the reporting person.

Industry Context

Insider transactions, particularly those related to compensation plans, are a routine part of corporate governance. The acquisition of phantom stock units is a common method for aligning director incentives with long-term shareholder value without immediate equity dilution.

Corporate Governance

Related Party Transactions

• The acquisition of phantom stock units by Director Alfred Stern from Air Products & Chemicals, Inc. under a company compensation program constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The transaction aligns the director's long-term financial interests with the company's stock performance, potentially encouraging decisions that enhance shareholder value.
• Employees: No direct impact on employees is indicated by this filing.

Next Steps

• The phantom stock units will be converted into shares of common stock and paid out to Alfred Stern at a future date, typically after his service on the Board of Directors concludes, according to his pre-elected payment schedule.

Key Dates

Keywords

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