Form 4: Air Products Director Acquires Phantom Stock Units

Air Products director Wayne Thomas Smith acquired 485.9382 phantom stock units through the company's deferred compensation program.

Summary

• Wayne Thomas Smith, a director at Air Products & Chemicals, Inc., acquired 485.9382 phantom stock units on January 24, 2025.
• These units were acquired through the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, under the Company's Long-Term Incentive Plan.
• The phantom stock units are payable in the form of common stock shares, equal to the number of units, at a time elected by the reporting person, generally after their service on the Board of Directors ends.
• The units can be paid in a lump sum or up to ten installments, as elected by the reporting person in advance.
• Following this transaction, Mr. Smith beneficially owns 2,559.394 phantom stock units.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, which is generally viewed neutrally to slightly positive as it aligns director interests with the company's long-term performance.

Positives

• The acquisition of phantom stock units aligns the director's interests with the long-term performance of the company.
• The deferred compensation program allows for flexible payout options for the director.

Future Outlook

The phantom stock units will be converted to common stock shares at a future date, generally after the director's service on the board ends.

Industry Context

This is a standard practice for compensating board members and aligning their interests with the company's long-term performance.

Comparison to Industry Standards

• Many large public companies use deferred compensation plans, including phantom stock units, as part of their director compensation packages.
• Companies like Linde, Sherwin-Williams, and Dow also use similar long-term incentive plans for their directors.
• The number of units granted and the vesting schedule are generally in line with industry practices for companies of similar size and market capitalization.

Stakeholder Impact

• The transaction has a minor positive impact on shareholders as it aligns director interests with the company's long-term performance.

Key Dates

Keywords

phantom stock, deferred compensation, director, stock units, Air Products, insider trading, equity compensation