Form 4: Air Products Director Acquires Phantom Stock Units

Air Products & Chemicals, Inc. director Dennis H. Reilley acquired phantom stock units under the company's Deferred Compensation Program for Directors.

Summary

• Dennis H. Reilley, a Director at Air Products & Chemicals, Inc. (APD), acquired phantom stock units on June 30, 2026.
• These units were acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, as part of the Company's Long-Term Incentive Plan.
• The phantom stock units are payable in shares of common stock, with payment generally occurring after service on the Board of Directors ends.
• Payment can be made in a lump sum or up to ten installments, as elected by the reporting person in advance.
• The filing indicates 17.8853 phantom stock units were acquired, with a notional value of $0.0000, and are convertible into 17.8853 shares of common stock.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral filing, as it represents a routine compensation award to a director rather than a significant new investment or divestiture.

Positives

• Director participation in long-term incentive plans signals alignment with company performance.
• The acquisition of phantom stock units by a director demonstrates continued commitment to the company.

Negatives

• The acquisition of phantom stock units does not represent a cash outlay or direct purchase, indicating it's an award rather than an open market purchase.
• The reported price of $0.0000 for the phantom stock units reflects their nature as an award, not a market transaction.

Risks

• The value of the phantom stock units is tied to the future performance of Air Products & Chemicals, Inc. common stock, exposing the director to market volatility.
• The deferred nature of the payout means the director's benefit is contingent on continued service and future stock performance.

Future Outlook

The future outlook for the acquired phantom stock units is dependent on the future performance of Air Products & Chemicals, Inc. common stock and the elected payout schedule by the reporting person.

Industry Context

StockSavvy.ai notes that the acquisition of phantom stock units by a director is a common practice in the industrial gases sector, reflecting a standard method for executive and director compensation designed to align long-term interests with shareholder value.

Related Party Transactions

• Acquisition of phantom stock units by Director Dennis H. Reilley under the company's Deferred Compensation Program for Directors.

Stakeholder Impact

• Shareholders: The alignment of director compensation with company stock performance can be viewed positively, as it incentivizes long-term value creation.
• Employees: This filing is primarily related to director compensation and has no direct impact on employees.
• Management: Reinforces standard compensation practices for board members.

Next Steps

• The phantom stock units will be paid out in shares of common stock at a time elected by the reporting person, generally after their service on the Board of Directors ends.
• Payment may be made in a lump sum or up to ten installments.

Key Dates

Keywords

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