Form 4: Air Products Director Lisa Ann Davis Acquires Phantom Stock Units as Part of Deferred Compensation Plan

Air Products & Chemicals, Inc. Director Lisa Ann Davis acquired 22.4208 phantom stock units on June 30, 2025, as part of the company's deferred compensation program for directors.

Summary

• Director Lisa Ann Davis of Air Products & Chemicals, Inc. acquired 22.4208 phantom stock units.
• The acquisition occurred on June 30, 2025.
• These units were acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, which is part of the Company's Long-Term Incentive Plan.
• The phantom stock units are payable in shares of common stock, equal in number to the units, at a time elected by the reporting person, generally after service on the Company's Board of Directors ends.
• Payment can be in a lump sum or up to ten installments, as elected in advance by the reporting person.
• Following this transaction, Lisa Ann Davis beneficially owns 3,559.013 phantom stock units.
• The price of the underlying common stock at the time of acquisition was $282.35 per share.

Sentiment

Score: 6

Explanation: The acquisition of phantom stock units by a director as part of a compensation plan is a neutral to slightly positive event, indicating continued alignment of interests and standard corporate practice. It's not a direct investment by the director, but a form of compensation.

Positives

• The acquisition of phantom stock units by a director indicates continued alignment of management interests with shareholder value through equity-based compensation.
• The deferred compensation program for directors is a standard corporate governance practice designed to retain experienced board members.

Future Outlook

The phantom stock units are designed to be paid out in shares of common stock after the reporting person's service on the Company's Board of Directors ends, with the option for a lump sum or up to ten installments as elected in advance.

Industry Context

This transaction represents a routine equity compensation event for a director, common across publicly traded companies as a means to align director incentives with long-term company performance and shareholder interests. It does not reflect broader industry trends or competitive shifts.

Comparison to Industry Standards

• The use of phantom stock units as part of a deferred compensation program for directors is a common practice among large, established companies, aligning with corporate governance best practices for executive and director compensation.
• The structure, allowing for deferral and payout post-service, is typical for long-term incentive plans designed to retain experienced board members and encourage a long-term perspective on company performance.

Related Party Transactions

• The acquisition of phantom stock units by Director Lisa Ann Davis from Air Products & Chemicals, Inc. constitutes a related party transaction, as it involves compensation from the company to a member of its board of directors under an established deferred compensation program.

Stakeholder Impact

• Shareholders: The transaction aligns the director's long-term interests with shareholder value through equity-based compensation, potentially fostering more prudent decision-making.
• Employees: No direct impact on employees is indicated by this specific filing.
• Customers/Suppliers/Creditors: No direct impact on these stakeholders is indicated by this specific filing.

Next Steps

• Phantom stock units will be paid out in shares of common stock after Lisa Ann Davis's service on the Board of Directors ends.
• The reporting person will elect the timing of payout (lump sum or up to ten installments) in advance.

Key Dates

Keywords

Air Products & Chemicals, APD, SEC Form 4, Insider Transaction, Phantom Stock, Deferred Compensation, Director Compensation, Equity Compensation, Long-Term Incentive Plan