Form 4: Director Ungerleider Acquires APD Phantom Stock

Air Products & Chemicals Director Howard I. Ungerleider acquired 226.5493 phantom stock units as part of a deferred compensation plan.

Summary

• Howard I. Ungerleider, a Director of Air Products & Chemicals, Inc. (APD), acquired 226.5493 phantom deferred stock units.
• The transaction occurred on September 1, 2025.
• These units were acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, which is part of the Company's Long-Term Incentive Plan.
• The phantom stock units are valued at $294.27 per unit, reflecting the price of the underlying common stock.
• The 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 Company's Board of Directors ends.
• Payment can be in a lump sum or up to ten installments, as elected in advance by the reporting person.

Sentiment

Score: 6

Explanation: The filing reports a routine director compensation event, which is generally neutral but slightly positive as it aligns director interests with shareholders. It does not indicate any significant operational or financial changes.

Positives

• The acquisition of phantom stock units aligns the director's financial interests with those of the shareholders, as the value of the units is tied to the company's stock performance.
• Participation in the deferred compensation program indicates continued commitment from the director to the company's long-term success.

Future Outlook

The phantom stock units are payable in shares of common stock after the director's service on the Board ends, indicating a long-term incentive structure.

Industry Context

The granting of phantom stock units as part of a deferred compensation program is a common practice for compensating directors in publicly traded companies, aiming to align their interests with long-term shareholder value.

Comparison to Industry Standards

• The use of phantom stock units as a component of director compensation is a standard practice across many industries, including the chemicals and industrial gases sector.
• Similar to companies like Linde plc or DuPont, Air Products & Chemicals utilizes equity-based compensation to incentivize long-term performance and retention of key personnel and directors.

Corporate Governance

Related Party Transactions

• Acquisition of 226.5493 phantom stock units by Director Howard I. Ungerleider from Air Products & Chemicals, Inc. as part of a standard deferred compensation program for directors.

Stakeholder Impact

• Shareholders: The transaction aligns the director's long-term interests with shareholder value, as the phantom units convert to common stock.
• Employees: No direct impact on general employees, but it reflects the company's executive and director compensation philosophy.

Next Steps

• The phantom stock units will be converted into shares of common stock and paid out to the reporting person at a time elected by them, generally after their 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. It does not present new information that would significantly alter the investment thesis for Air Products & Chemicals, Inc. The transaction aligns director interests with shareholders but is not a catalyst for a change in recommendation.

Keywords

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