Form 4: Air Products Director Acquires Phantom Stock Units Through Deferred Compensation Plan

Wayne Thomas Smith, a director at Air Products & Chemicals, Inc., acquired 12.6352 phantom stock units through the company's deferred compensation program.

Summary

• Wayne Thomas Smith, a director at Air Products & Chemicals, Inc., acquired 12.6352 phantom stock units on December 31, 2024.
• 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 shares of common stock equal in number to the units, at a time elected by the reporting person, generally after their service on the Board of Directors ends.
• The units may 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 2,073.4558 phantom stock units.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, which is generally viewed as a neutral to slightly positive event 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 tax-advantaged accumulation of company stock.

Future Outlook

The phantom stock units will be converted to common stock shares at a future date, generally after the director's board service ends, and may be paid in a lump sum or up to ten installments.

Industry Context

This is a standard practice for many public companies to offer deferred compensation plans to directors, aligning their interests with the long-term performance of the company.

Comparison to Industry Standards

• Deferred compensation plans, including phantom stock units, are a common form of executive and director compensation across various industries.
• Companies like Linde, Sherwin-Williams, and Dow also utilize similar long-term incentive plans for their directors and executives.
• The specific terms and conditions of these plans can vary, but the general purpose is to incentivize long-term value creation and retention.

Stakeholder Impact

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

Key Dates

Keywords

phantom stock, deferred compensation, director, Air Products, stock units, insider trading, SEC Form 4