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

Director Matthew Paull reports acquiring phantom stock units in Air Products & Chemicals, Inc. through a deferred compensation program.

Summary

• On March 31, 2024, Matthew H. Paull, a director of Air Products & Chemicals, Inc., reported the acquisition of 77.0131 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 of the phantom stock is $242.27.
• Following the transaction, Paull beneficially owns 10,738.7104 phantom stock units.
• 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 sentiment is neutral to slightly positive. It reflects standard executive compensation practices and aligns director interests with company performance.

Positives

• The acquisition of phantom stock units aligns the director's interests with the long-term performance of the company.
• The Deferred Compensation Program for Directors is part of the Company's Long-Term Incentive Plan.

Future Outlook

The phantom stock units will be converted to shares of common stock at a future date, determined by the reporting person's election after their service on the Board of Directors ends.

Industry Context

This filing is a routine disclosure related to executive compensation and is common among publicly traded companies. It reflects the company's commitment to aligning director compensation with shareholder value through equity-based incentives.

Comparison to Industry Standards

• Deferred compensation plans and phantom stock awards are common practices among large publicly traded companies like Air Products & Chemicals to incentivize and retain key executives and board members.
• Companies such as Linde, Sherwin-Williams, and PPG Industries also utilize similar long-term incentive plans to align executive compensation with shareholder value.

Stakeholder Impact

• The acquisition of phantom stock units by a director signals confidence in the company's future performance, which can positively influence shareholder sentiment.
• The long-term incentive plan aligns the director's interests with those of the shareholders.

Key Dates