Form 4: Air Products Director Matthew Paull Reports Acquisition of Phantom Stock Units

Director Matthew Paull reports acquisition of phantom stock units under Air Products' Deferred Compensation Program.

Summary

• On September 30, 2024, Matthew H. Paull, a director of Air Products & Chemicals, Inc., acquired 63.7082 phantom stock units.
• These units were acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, as part of the Company's Long-Term Incentive Plan.
• The price per unit was $300.36.
• Following the transaction, Paull directly owns 10,874.6713 shares of common stock.
• These units are payable in shares of common stock after the director's service on the Board ends, either in a lump sum or up to ten installments.

Sentiment

Score: 7

Explanation: The document reflects a routine transaction related to director compensation, indicating a stable and ongoing relationship between the director and the company. It is neither overly positive nor negative, but suggests a healthy alignment of interests.

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 paid out in common stock after the director's service on the Board ends, either in a lump sum or up to ten installments as elected by the reporting person in advance.

Industry Context

Directors receiving stock-based compensation is a common practice in publicly traded companies to align their interests with shareholders and incentivize long-term value creation.

Comparison to Industry Standards

• Deferred compensation plans for directors are a standard practice among S&P 500 companies, including competitors like Linde and Sherwin-Williams, to attract and retain experienced board members.
• The vesting and payout terms, such as lump sum or installment options, are also typical features of these plans, similar to those offered by Dow and DuPont.

Stakeholder Impact

• Shareholders may view the director's acquisition of phantom stock units positively, as it aligns their interests with the company's long-term success.

Key Dates