Form 4: Director Ungerleider Acquires Air Products Phantom Stock

Air Products & Chemicals Director Howard I. Ungerleider acquired 733.251 phantom stock units under a deferred compensation plan.

Summary

• Howard I. Ungerleider, a Director at Air Products & Chemicals, Inc. (APD), acquired 733.251 phantom stock units.
• The acquisition occurred on January 28, 2026, under the Air Products Stock Account of the Deferred Compensation Program for Directors.
• These units are part of the Company's Long-Term Incentive Plan.
• The transaction was executed pursuant to a Rule 10b5-1 plan.
• Following this acquisition, Ungerleider beneficially owns 962.9396 phantom stock units.
• Each unit is equivalent to one share of common stock, payable after service on the Board of Directors ends, either in a lump sum or up to ten installments.
• The underlying common stock price on the transaction date was $259.12.

Sentiment

Score: 6

Explanation: StockSavvy.ai views this as a moderately positive, routine disclosure. The acquisition of phantom stock units by a director indicates continued alignment with shareholder interests and participation in long-term incentive programs.

Positives

• Acquisition of phantom stock units by a director aligns their interests with shareholders, indicating confidence in the company's long-term performance.
• Participation in a deferred compensation program for directors suggests a commitment to long-term retention and incentivization of key leadership.

Future Outlook

The phantom stock units are payable in shares of common stock at a time elected by the reporting person, generally after service on the Company's Board of Directors ends, which can be in a lump sum or up to ten installments.

Industry Context

StockSavvy.ai notes that deferred compensation plans involving equity-linked instruments like phantom stock are a common practice in large public companies to align director incentives with long-term shareholder value and to defer income for tax purposes. This transaction is a routine disclosure of such a compensation event for a director at a major industrial gas company.

Comparison to Industry Standards

• StockSavvy.ai observes that the use of phantom stock units as part of a director's deferred compensation program is a standard practice across various industries, including the chemicals and industrial gas sector.
• Companies like Linde plc and Air Liquide, competitors to Air Products & Chemicals, also utilize similar equity-based compensation structures to incentivize and retain key personnel, aligning their interests with long-term company performance.
• The specific terms, such as payout upon cessation of service, are typical for such arrangements.

Corporate Governance

Related Party Transactions

• Acquisition of 733.251 phantom stock units by Director Howard I. Ungerleider under the company's Deferred Compensation Program for Directors.

Stakeholder Impact

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

Next Steps

• The phantom stock units will be paid out in shares of common stock at a future date, generally after the reporting person's service on the Board of Directors ends.

Key Dates

Recommendation

This Form 4 filing details a routine acquisition of phantom stock units by a director as part of a deferred compensation plan. While it indicates director alignment with long-term company performance, it does not present new information that would fundamentally alter the investment thesis for Air Products & Chemicals. Therefore, a 'hold' recommendation is appropriate, maintaining current positions based on broader company fundamentals rather than this specific insider transaction.

Keywords

Air Products & Chemicals, APD, Howard I. Ungerleider, Director, Phantom Stock, Deferred Compensation, Insider Transaction, Form 4, Equity Compensation, Rule 10b5-1