Air Products Director Bhavesh V. Patel Receives Deferred Stock Award

What Happened Bhavesh V. Patel, a member of the Board of Directors of Air Products & Chemicals, Inc. (APD), was granted 138.12 phantom deferred stock units on 2026-09-30. The units were recorded with a reference price of $279.19 per share, giving a notional value of about $38,562. This transaction is an award/grant (transaction code A) of derivative units, not an open-market purchase of common stock.

Key Details

• Transaction date: 2026-09-30; reported on Form 4 filed 2026-10-01 (timely).
• Units granted: 138.12 phantom deferred stock units; reference price $279.19; notional value ≈ $38,562.
• Shares owned after transaction: Not disclosed in this filing.
• 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 will be paid in shares equal to the number of units at the time elected by the reporting person (generally after board service ends); payment may be a lump sum or up to ten installments.
  • F2: Not applicable to this security.
• Transaction type: Award/derivative units (A); no immediate issuance of common shares.

Context Deferred stock units are a form of director compensation and are commonly used to align long-term incentives with shareholders. Because these are phantom units that convert to shares only upon a later election (typically after board service ends), they do not represent immediate share ownership or an immediate sale, and they are generally routine compensation rather than a direct market signal.