Form 4: Director Evans Boosts APD Phantom Stock Holdings

Air Products & Chemicals Director Andrew W. Evans acquired 3.5614 phantom stock units as part of a deferred compensation program.

Summary

• Director Andrew W. Evans acquired 3.5614 phantom deferred stock units on December 31, 2025.
• These units were obtained under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, part of the Company's Long-Term Incentive Plan.
• The phantom 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 Board of Directors ends.
• The common stock price at the time of the transaction was $248.91 per share.
• Following this acquisition, Mr. Evans beneficially owns a total of 498.7976 phantom stock units.

Sentiment

Score: 6

Explanation: Slightly positive as a director is increasing their beneficial ownership, albeit through a compensation program, which generally signals continued alignment with the company's performance and long-term strategy.

Positives

• Director Andrew W. Evans increased his beneficial ownership of phantom stock units by 3.5614, further aligning his interests with those of the company's shareholders.
• The acquisition is part of a structured and pre-existing deferred compensation program for directors, indicating a standard and expected component of executive remuneration.

Future Outlook

The phantom stock units are payable in the form of shares of common stock at a future date elected by the reporting person, which is generally after their service on the Company's Board of Directors concludes. Units may be paid in a lump sum or up to ten installments as elected in advance.

Industry Context

This transaction reflects a common practice in corporate governance where directors receive a portion of their compensation in equity-linked instruments, such as phantom stock, to align their long-term interests with those of the company's shareholders. This is a standard component of director compensation packages across many industries.

Related Party Transactions

• The acquisition of phantom stock units by Director Andrew W. Evans under the company's Deferred Compensation Program for Directors constitutes a related party transaction as it involves compensation from the issuer to a director.

Stakeholder Impact

• Shareholders: The transaction indicates continued alignment of director interests with shareholder value through equity-linked compensation.

Next Steps

• 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.
• Units may be paid in a lump sum or up to ten installments as elected by the reporting person in advance.

Key Dates

Keywords

Air Products & Chemicals, APD, Andrew W. Evans, Form 4, Insider Transaction, Phantom Stock, Deferred Compensation, Director Compensation, Beneficial Ownership