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Air Products (NYSE: APD) director receives phantom stock award under deferred plan

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

Ungerleider Howard I reported acquisition or exercise transactions in this Form 4 filing.

Air Products & Chemicals, Inc. director Howard I. Ungerleider received a grant of 5.9119 phantom deferred stock units tied to the company’s common stock, based on a reference price of $291.56 per share. This award, made under the Air Products Stock Account of the Deferred Compensation Program for Directors and the Long-Term Incentive Plan, increases his holdings to 968.8515 units. These units will be settled in an equal number of common shares after his Board service ends, either in a lump sum or up to ten installments, according to his prior election.

Positive

  • None.

Negative

  • None.
Insider Ungerleider Howard I
Role Director
Type Security Shares Price Value
Grant/Award Phantom Stock 5.912 $291.56 $2K
Holdings After Transaction: Phantom Stock — 968.852 shares (Direct)
Footnotes (1)
  1. Phantom deferred stock units (Units) acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, under the Company's Long-Term Incentive Plan. Not applicable to this security These Units are payable in the form of shares of common stock equal in number to the Units, at the time elected by the reporting person, which is generally after service on the Company's 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.
Phantom units granted 5.9119 units Phantom deferred stock units granted on March 31, 2026
Reference price $291.56 per share Price used to determine units granted
Total phantom units after grant 968.8515 units Director’s holdings following the reported transaction
Underlying security 5.9119 common shares Shares tied to the new phantom units
Phantom deferred stock units financial
"Phantom deferred stock units (Units) acquired under the Air Products Stock Account"
Phantom deferred stock units are promises by a company to pay the cash value (or sometimes actual shares) tied to its stock at a future date rather than issuing real shares now; think of them as an IOU that tracks the company’s share price. They matter to investors because they create a future cash or accounting cost for the company without diluting existing ownership immediately, affecting reported profits and future cash flow when the promises become payable.
Deferred Compensation Program for Directors financial
"acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors"
Long-Term Incentive Plan financial
"under the Company's Long-Term Incentive Plan"
A long-term incentive plan is a company program that pays executives or employees with stock, options, or cash tied to multi-year performance goals, where the rewards become theirs only after meeting conditions over time. Think of it as a delayed bonus or retirement-style reward that aligns employees’ interests with shareholders by encouraging them to boost long-term value; investors watch these plans because they affect pay costs, share dilution and management incentives.
installments financial
"Units may be paid in a lump sum or up to ten installments"
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Ungerleider Howard I
(Last)(First)(Middle)
1940 AIR PRODUCTS BLVD.
(Street)
ALLENTOWN PENNSYLVANIA 18106-5500
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
Air Products & Chemicals, Inc. [ APD ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Phantom Stock(1)$0.0000(2)03/31/2026A5.9119 (3) (3)Common Stock5.9119$291.56968.8515D
Explanation of Responses:
1. Phantom deferred stock units (Units) acquired under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors, under the Company's Long-Term Incentive Plan.
2. Not applicable to this security
3. These Units are payable in the form of shares of common stock equal in number to the Units, at the time elected by the reporting person, which is generally after service on the Company's 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.
Andrea I. Rennig as Attorney in Fact04/01/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did APD director Howard Ungerleider report on this Form 4?

Howard I. Ungerleider reported receiving 5.9119 phantom deferred stock units tied to Air Products & Chemicals common stock. The award was classified as a grant or other acquisition under the company’s director Deferred Compensation Program and Long-Term Incentive Plan.

How many phantom stock units does APD director Howard Ungerleider hold after this grant?

After this transaction, Howard I. Ungerleider holds a total of 968.8515 phantom deferred stock units. Each unit represents a right to receive one share of Air Products & Chemicals common stock when the units are ultimately paid out.

How and when are APD’s phantom deferred stock units paid to directors?

The phantom deferred stock units are payable in shares of Air Products & Chemicals common stock equal to the number of units. Payment occurs at the time elected by the director, generally after Board service ends, in either a lump sum or up to ten installments.

What reference price was used for Howard Ungerleider’s APD phantom stock grant?

The grant of 5.9119 phantom deferred stock units to Howard I. Ungerleider used a reference price of $291.56 per share. This value reflects the price applied in calculating the number of units credited under the director compensation program.

Is Howard Ungerleider’s APD Form 4 transaction an open-market stock purchase or sale?

No, the Form 4 reflects a grant of phantom deferred stock units, not an open-market trade. The transaction is coded as an acquisition related to compensation and is part of Air Products & Chemicals’ Deferred Compensation Program for Directors.