Form 4: Director Alfred Stern Acquires APD Phantom Stock

Air Products & Chemicals Director Alfred Stern acquired 93.589 phantom stock units valued at $291.56 per unit as part of a deferred compensation plan.

Summary

• Alfred Stern, a Director of Air Products & Chemicals, Inc. (APD), acquired 93.589 phantom stock units.
• The transaction occurred on March 31, 2026.
• These units were acquired under the Air Products Stock Account of the company's Deferred Compensation Program for Directors, which is part of the Long-Term Incentive Plan.
• Each phantom stock unit was valued at $291.56 at the time of acquisition.
• Following this transaction, Alfred Stern beneficially owns a total of 1,650.4763 phantom stock units.
• The units are payable in shares of common stock, generally 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.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as a director's increased beneficial ownership, even through a compensation plan, generally indicates confidence in the company's long-term prospects.

Positives

• A Director is increasing their beneficial ownership in the company, which can signal confidence in the company's future performance.
• The acquisition is part of a deferred compensation program, aligning director interests with long-term shareholder value.

Future Outlook

The filing does not provide specific forward-looking statements or guidance beyond the nature of the deferred compensation plan, which implies future payment in common stock.

Industry Context

StockSavvy.ai notes that insider acquisitions, even through deferred compensation plans, can be viewed positively by the market as they demonstrate continued alignment of management and director interests with shareholder value. This is a standard practice in executive and director compensation across many industries, including chemicals.

Comparison to Industry Standards

• Deferred compensation plans involving phantom stock are a common mechanism for aligning director incentives with long-term company performance, similar to practices at peers like Linde plc or DuPont de Nemours, Inc.
• The acquisition of units at a specific market value ($291.56) reflects the company's stock performance at the transaction date, a standard valuation method for such compensation.

Related Party Transactions

• Acquisition of 93.589 phantom stock units by Director Alfred Stern from Air Products & Chemicals, Inc. under the company's Deferred Compensation Program for Directors.

Stakeholder Impact

• Shareholders: Increased alignment of director interests with long-term shareholder value.

Next Steps

• The phantom stock units will be paid out in shares of common stock at a time elected by the reporting person, generally after service on the Board of Directors ends.

Key Dates

Recommendation

This Form 4 filing reports a routine acquisition of phantom stock units by a director as part of a deferred compensation plan. While it signals continued alignment of interests, it does not provide new fundamental information to warrant a change in investment recommendation. Investors should continue to hold based on broader company fundamentals.

Keywords

Air Products & Chemicals, APD, Alfred Stern, Director, Phantom Stock, Deferred Compensation, Insider Transaction, Beneficial Ownership, SEC Form 4