Stern Alfred 4

What Happened
Alfred Stern, a director of Air Products & Chemicals, Inc. (APD), was granted 93.589 phantom deferred stock units on 2026-03-31. The units are recorded at $291.56 per share, with a notional value of $27,287. This was an award (derivative grant) under the company's director Deferred Compensation Program — not an open-market purchase or sale.

Key Details

• Transaction date: 2026-03-31; filing date: 2026-04-01. Filing appears timely.
• Instrument: 93.589 phantom deferred stock units (derivative award) at $291.56 each; total notional value $27,287.
• Shares owned after transaction: Not specified in the provided filing excerpt.
• Footnotes:
  • F1 — Units are phantom deferred stock units under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors (Long-Term Incentive Plan).
  • F3 — Units convert to an equal number of common shares when paid; payment is generally elected after board service ends and may be in a lump sum or up to ten installments.
  • F2 — Not applicable to this security.
• No indication of a 10b5-1 plan, immediate sale, or tax-withholding sale in the excerpt.

Context
These are deferred compensation units for a board member, common as part of long-term director pay. They do not represent immediate share purchases or sales — instead, they are payable in shares at a future election (typically after leaving the board), so they don’t immediately change Stern’s voting stake or create an open-market trade. Such awards are routine director compensation and should be interpreted accordingly.