Form 4: Director Evans Boosts APD Phantom Stock Holdings

Air Products & Chemicals Director Andrew W. Evans acquired 733.251 phantom stock units as part of a deferred compensation plan.

Summary

• Andrew W. Evans, a Director of Air Products & Chemicals, Inc. (APD), acquired 733.251 phantom deferred stock units.
• 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.
• The transaction date for this acquisition was January 28, 2026.
• Following this transaction, Mr. Evans beneficially owns a total of 1,232.0486 phantom stock units.
• These units are payable in common stock shares, typically after his service on the Board of Directors concludes, either in a lump sum or up to ten installments as elected by the reporting person.
• The underlying common stock price associated with the units was $259.12.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as a director increasing their stake, even through a compensation plan, generally indicates confidence in the company's future performance and aligns director interests with shareholders.

Positives

• Director Andrew W. Evans increased his beneficial ownership in Air Products & Chemicals by acquiring 733.251 phantom stock units, aligning his interests with shareholders.
• The acquisition is part of a deferred compensation program, indicating a long-term commitment from the director to the company's performance.

Future Outlook

The phantom stock units are payable in common stock shares at a future date elected by the reporting person, generally after service on the Company's Board of Directors ends, indicating a long-term vesting and payout structure.

Industry Context

StockSavvy.ai notes that insider acquisitions, even through deferred compensation plans, can signal management's confidence in the company's long-term prospects. Such plans are standard practice in many industries to align executive and director interests with shareholder value over time.

Comparison to Industry Standards

• This type of deferred compensation plan, where directors receive phantom stock units that convert to common stock post-service, is a common practice among large-cap industrial gas and chemical companies, such as Linde plc or DuPont de Nemours, Inc.
• It serves to retain experienced board members and align their financial interests with long-term company performance, similar to how these companies structure their non-executive director compensation.

Related Party Transactions

• Acquisition of 733.251 phantom stock units by Director Andrew W. Evans under the company's Deferred Compensation Program for Directors, which constitutes a related party transaction.

Stakeholder Impact

• Shareholders: Increased alignment of a director's financial interests with long-term shareholder value.
• Employees: No direct impact mentioned.
• Customers: No direct impact mentioned.
• Suppliers: No direct impact mentioned.
• Creditors: No direct impact mentioned.

Next Steps

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

Key Dates

Recommendation

This Form 4 reports a routine acquisition of phantom stock units by a director as part of a deferred compensation plan. While it indicates continued alignment of interests, it does not represent a discretionary open-market purchase or sale that would typically warrant a change in investment recommendation. The transaction is expected and does not provide new fundamental information to alter the investment thesis for Air Products & Chemicals.

Keywords

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