Form 4: Air Products Director Evans Acquires Phantom Stock Units

Director Andrew W. Evans acquired phantom stock units in Air Products & Chemicals, Inc. through a deferred compensation program.

Summary

• On March 31, 2025, Andrew W. Evans, a director of Air Products & Chemicals, Inc., acquired 2.9429 phantom stock units under the company's Deferred Compensation Program for Directors.
• 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.
• The price of the transaction was $292.27 per unit, resulting in a total of 488.8811 units beneficially owned following the reported transaction.

Sentiment

Score: 6

Explanation: The document is a neutral regulatory filing. The acquisition of phantom stock units is generally a positive sign, but it's a routine transaction.

Positives

• The acquisition of phantom stock units by a director signals confidence in the company's long-term performance.
• The Deferred Compensation Program for Directors aligns the interests of directors with those of shareholders.

Future Outlook

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

Industry Context

This filing is a routine disclosure of insider transactions, which are common in publicly traded companies. These transactions are often part of executive compensation packages designed to align management's interests with those of shareholders.

Comparison to Industry Standards

• Deferred compensation plans, including phantom stock arrangements, are a common component of executive compensation packages in large, publicly traded companies like Air Products & Chemicals.
• Companies such as Linde, Sherwin-Williams, and PPG Industries also utilize similar long-term incentive plans to attract and retain key personnel.
• The specific terms of these plans, such as vesting schedules and payout options, can vary significantly between companies.

Stakeholder Impact

• The acquisition of phantom stock units by a director can have a slightly positive impact on shareholder sentiment, as it aligns the director's interests with those of the shareholders.

Key Dates

Keywords

phantom stock, director, Air Products & Chemicals, deferred compensation, stock units, APD, beneficial ownership