Form 4: Air Products Director Dennis H. Reilley Acquires Phantom Stock Units

Director Dennis H. Reilley acquired phantom stock units in Air Products & Chemicals, Inc. through a deferred compensation program.

Summary

• On March 31, 2025, Dennis H. Reilley, a director of Air Products & Chemicals, Inc., acquired 6.8431 phantom stock units.
• The acquisition was made under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, part of the Company's Long-Term Incentive Plan.
• These units are payable in shares of common stock after the director's service on the Board ends, with payment options including a lump sum or up to ten installments.
• Following the transaction, Reilley holds 1,136.8 derivative securities.
• The price of the derivative security is $292.27.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to executive compensation, indicating a stable and ongoing commitment to aligning director interests with shareholder value. There are no indications of negative sentiment.

Future Outlook

The phantom stock units will be payable in the form of shares of common stock at a future date elected by the reporting person, generally after service on the Company's Board of Directors ends.

Industry Context

This filing reflects standard executive compensation practices, where directors receive deferred stock units as part of their long-term incentive plans. These plans are designed to align the interests of the directors with those of the shareholders by incentivizing long-term value creation.

Comparison to Industry Standards

• Deferred compensation plans are a common practice among publicly traded companies to attract and retain board members.
• Companies like Linde, Sherwin-Williams, and Dow also utilize similar deferred stock unit programs for their directors.
• The specific terms of these plans, such as vesting schedules and payout options, can vary, but the underlying principle of aligning director compensation with long-term shareholder value remains consistent.

Stakeholder Impact

• The acquisition of phantom stock units aligns the director's interests with those of the shareholders, incentivizing long-term value creation.

Key Dates

Keywords

Form 4, Air Products & Chemicals, Director, Phantom Stock Units, Deferred Compensation, Dennis H. Reilley, APD