Ungerleider Howard I 4

What Happened

• Howard I. Ungerleider, a director of Air Products & Chemicals, Inc. (APD), was granted 5.912 phantom deferred stock units (derivative securities) on 2026-03-31. The units are valued at $291.56 each, totaling approximately $1,724. This transaction is recorded as an award/grant (code A) rather than an open‑market purchase or sale and reflects routine director deferred compensation.

Key Details

• Transaction date: 2026-03-31; Form 4 filed: 2026-04-01 (timely filing).
• Security: Phantom deferred stock units under the Air Products Stock Account of the issuer's Deferred Compensation Program for Directors.
• Quantity & value: 5.912 units × $291.56 = ~$1,724.
• Shares owned after transaction: Not specified in the Form 4 filing.
• Footnotes: F1—Units are phantom deferred stock units under the director deferred compensation plan. F3—Units will be paid in shares equal to the number of units at a time elected by the reporting person (generally after board service ends), either as a lump sum or up to 10 installments. F2 is not applicable.
• Transaction code: A (award/grant); this is a derivative grant, not an immediate cash or open‑market trade.

Context

• Phantom deferred stock units are a form of deferred compensation for directors that convert to company shares (or share payments) at a later date—often after leaving the board. Because payment is deferred, this grant is a routine compensation action and not an immediate market purchase or sale. It provides limited signal about near‑term insider sentiment.