Form 4: Air Products Director Acquires Phantom Stock Units

Air Products & Chemicals Director Lisa Ann Davis acquired 23.5531 phantom stock units as part of a deferred compensation plan.

Summary

• Director Lisa Ann Davis acquired 23.5531 phantom deferred stock units on September 30, 2025.
• These units were obtained under the Air Products Stock Account of the company's Deferred Compensation Program for Directors, part of the Long-Term Incentive Plan.
• Each phantom stock unit represents one share of common stock and is payable in shares at a time elected by the reporting person, typically after service on the Board of Directors ends.
• The underlying common stock price at the time of the transaction was $270.48 per share.
• Following this transaction, Lisa Ann Davis beneficially owns a total of 3,582.5661 phantom stock units.

Sentiment

Score: 6

Explanation: The filing reports a routine acquisition of phantom stock units by a director as part of a deferred compensation plan, which is a neutral event but slightly positive as it increases the director's beneficial ownership and aligns interests with shareholders.

Positives

• Director Lisa Ann Davis increased her beneficial ownership in Air Products & Chemicals, Inc. through the acquisition of 23.5531 phantom stock units.
• The acquisition demonstrates continued alignment of director interests with shareholder value through participation in the company's deferred compensation program.

Future Outlook

Phantom stock units are payable in shares of common stock at a time elected by the reporting person, generally after service on the Company's Board of Directors ends, either in a lump sum or up to ten installments.

Industry Context

The acquisition of phantom stock units as part of a deferred compensation program is a common practice in corporate governance, aligning director incentives with long-term company performance and shareholder interests. This is typical for directors of large publicly traded companies in the industrial gas sector.

Comparison to Industry Standards

• This type of deferred compensation plan, where directors receive phantom stock units that convert to common stock upon departure, is a standard practice across many large-cap companies, including peers in the industrial gas and chemicals sector such as Linde plc and Sherwin-Williams, which often use similar equity-based incentives to retain and align their board members.

Stakeholder Impact

• Shareholders: Increased alignment of director's interests with long-term shareholder value through equity-based compensation.

Next Steps

• Payment of phantom stock units in common stock upon the reporting person's election, generally after service on the Board of Directors ends.

Key Dates

Recommendation

This Form 4 filing details a routine acquisition of phantom stock units by a director as part of a deferred compensation plan. Such transactions are standard for executive and director compensation and do not typically indicate a change in the company's fundamental outlook or operational performance. Therefore, it provides no new information that would warrant a change in investment recommendation; a "hold" stance is appropriate as it reflects a neutral event in the context of broader investment decisions.

Keywords

Air Products & Chemicals, APD, Lisa Ann Davis, Form 4, Insider Trading, Phantom Stock, Deferred Compensation, Director Compensation