Form 4: Air Products Director Acquires Phantom Stock Units

Air Products & Chemicals Director Bhavesh V. Patel acquired 124.734 phantom stock units as part of the company's deferred compensation program.

Summary

• Director Bhavesh V. Patel acquired 124.734 phantom deferred stock units.
• The acquisition occurred on September 30, 2025, as part of the company's Deferred Compensation Program for Directors.
• These units were obtained under the Air Products Stock Account, which is part of the company's Long-Term Incentive Plan.
• Following this transaction, Patel beneficially owns a total of 816.3689 phantom stock units.
• Each phantom unit is equivalent to one share of common stock, with the underlying common stock valued at $270.48 per share at the time of acquisition.
• The units are payable in shares of common stock, generally after the director's service on the Board ends, with payment options including a lump sum or up to ten installments as elected by the reporting person.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock units by a director, as part of a deferred compensation plan, indicates continued alignment of management interests with long-term shareholder value, which is generally viewed positively.

Positives

• Director Bhavesh V. Patel increased his beneficial ownership in the company by acquiring 124.734 phantom stock units, demonstrating continued alignment with long-term shareholder interests.
• The acquisition is part of a structured deferred compensation program, which is a common mechanism to retain and incentivize key management and directors.

Negatives

• The transaction involves phantom stock units, which are not direct equity shares until converted, and are part of a deferred compensation plan rather than an open market purchase, meaning no direct cash investment was made by the director at the time of acquisition.

Future Outlook

The phantom stock units are designed to be paid out in shares of common stock after the reporting person's service on the Company's Board of Directors concludes, with payment options including a lump sum or up to ten installments as elected by the reporting person.

Industry Context

NA

Related Party Transactions

• The transaction involves the acquisition of phantom stock units by a director under the company's Deferred Compensation Program for Directors, which constitutes a standard related-party compensation arrangement.

Stakeholder Impact

• Shareholders: The transaction enhances the alignment of Director Bhavesh V. Patel's long-term financial interests with those of the shareholders, as the value of the phantom units is tied to the company's common stock performance.

Key Dates

Recommendation

This Form 4 reports a routine acquisition of phantom stock units by a director as part of a deferred compensation plan. While it indicates alignment of interests, it does not present new information significant enough to alter a fundamental investment recommendation for Air Products & Chemicals, Inc. The transaction is an expected part of executive compensation.

Keywords

Air Products & Chemicals, APD, Bhavesh V. Patel, Director, Phantom Stock, Deferred Compensation, Insider Transaction, Form 4