Form 4: Director Ungerleider Acquires APD Phantom Stock

Air Products & Chemicals Director Howard I Ungerleider acquired 5.9119 phantom stock units, increasing his beneficial ownership to 968.8515 units.

Summary

• Howard I Ungerleider, a Director of Air Products & Chemicals, Inc. (APD), acquired 5.9119 phantom deferred stock units.
• 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 transaction date for this acquisition was March 31, 2026, indicating a pre-planned transaction under a Rule 10b5-1 plan.
• Following this transaction, Ungerleider beneficially owns a total of 968.8515 phantom stock units.
• Each phantom stock unit is equivalent to one share of common stock and is payable in shares of common stock at a time elected by the reporting person, generally after service on the Board of Directors ends.
• The implied price per unit at the time of acquisition was $291.56.

Sentiment

Score: 7

Explanation: StockSavvy.ai views this as a moderately positive signal, as it indicates a director's continued accumulation of equity-linked compensation, aligning their interests with long-term shareholder value.

Positives

• Director Howard I Ungerleider increased his beneficial ownership in Air Products & Chemicals, Inc. by acquiring 5.9119 phantom stock units.
• The acquisition of phantom stock units, which are payable in common stock, aligns the director's long-term interests with shareholder value.

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, particularly those involving phantom stock for directors, are a common practice across various industries. These plans are designed to align the interests of board members with long-term company performance and shareholder value by tying a portion of their compensation to the company's stock price over an extended period. This specific transaction reflects a standard component of executive and director compensation in large public companies like Air Products & Chemicals.

Comparison to Industry Standards

• Deferred compensation plans for directors, often including phantom stock or restricted stock units, are standard practice in S&P 500 companies, including peers in the industrial gas and chemicals sector such as Linde plc and DuPont de Nemours, Inc.
• The structure, where units convert to common stock post-service, is typical for long-term retention and alignment incentives for board members.

Stakeholder Impact

• Shareholders: Potentially positive, as the director's increased equity stake aligns their 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

• Payment of phantom stock units in common stock after the director's service on the Board of Directors ends, as elected by the reporting person.

Key Dates

Recommendation

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

Keywords

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