REILLEY DENNIS H 4

What Happened

• Dennis H. Reilley, a director of Air Products & Chemicals, Inc. (APD), was granted 1,505.094 phantom deferred stock units on 2026-01-28. The units were valued at $259.12 each, for a total grant value of $390,000. This transaction is reported as an award/grant (code A) and is a derivative award, not an immediate issuance of common shares.

Key Details

• Transaction date: 2026-01-28; Form 4 filed 2026-01-29 (timely).
• Price/value: $259.12 per unit; total value reported $390,000.
• Shares owned after transaction: Not specified in this Form 4.
• Footnotes: F1 — these are phantom deferred stock units under the Air Products Stock Account of the Deferred Compensation Program for Directors; F3 — units are payable in shares equal to the units at the time elected (generally after board service ends) and may be paid as a lump sum or up to ten installments. F2 not applicable.
• Transaction type: Derivative award (phantom units), code A.

Context

• Phantom deferred stock units are a form of deferred compensation tied to company stock value. They do not represent immediate share ownership, voting rights, or a market purchase; instead they convert to actual shares (per the filing) when the director elects payment, typically after leaving the board.
• Such grants are common as part of director compensation and align pay with shareholder value; they are routine and do not by themselves indicate the director is buying or selling shares.