Patel Bhavesh V. 4

What Happened

• Bhavesh V. Patel, a director of Air Products & Chemicals, Inc. (APD), was granted 733.251 phantom deferred stock units (derivative securities) on 2026-01-28. The grant was recorded at $259.12 per share equivalent, for a total value of $190,000. This was an award (transaction code A) under the company’s director Deferred Compensation Program/Long‑Term Incentive Plan, not an open‑market purchase or sale of shares.

Key Details

• Transaction date and price: 2026-01-28 at $259.12 per share equivalent.
• Quantity and value: 733.251 deferred stock units; aggregate value $190,000.
• Security type: Derivative (phantom deferred stock units payable in shares).
• Shares owned after transaction: Not disclosed in the Form 4 filing.
• Footnotes: F1 — Units 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 number of Units at a time elected by the director (generally after board service ends); payment may be lump sum or up to 10 installments. F2 not applicable.
• Timeliness: Filing covers the 2026-01-28 grant and was filed on 2026-01-29 (timely).

Context

• Deferred stock units are a form of compensation that convert to actual shares (or share equivalents) at a later date per the director’s election; they do not represent an immediate purchase or sale of company stock. Such awards are common for non-employee directors as part of long‑term compensation and should be viewed as compensation, not a direct market buy signal.