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

Bhavesh V. Patel, a director at Air Products & Chemicals, Inc., acquired 485.9382 phantom stock units through the company's deferred compensation program.

Summary

• Bhavesh V. Patel, a director of 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 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.
• The price of the underlying common stock at the time of the transaction was $329.26.

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 shareholders.

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 at a future date, generally after the director's service on the board ends.

Industry Context

This is a standard practice for compensating directors at publicly traded companies, aligning their interests with shareholders through equity-based compensation.

Comparison to Industry Standards

• Deferred compensation plans and phantom stock awards are common practices among large publicly traded companies like Air Products, similar to compensation structures at companies such as Linde, Sherwin-Williams, and PPG Industries.
• These plans are designed to retain and incentivize key personnel, aligning their interests with long-term shareholder value, which is a standard practice across the industry.

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, stock units, Air Products, insider trading, equity compensation