Air Products & Chemicals, Inc. director Howard I. Ungerleider reported a change in beneficial ownership on a Form 4 filed July 2, 2026, covering activity dated June 30, 2026. The reported security was not a conventional open-market purchase or sale of APD common stock, but a derivative security: phantom deferred stock units credited under the Air Products Stock Account of the company’s Deferred Compensation Program for Directors. According to the explanatory notes, the units were acquired under Air Products’ Long-Term Incentive Plan. Each phantom deferred stock unit is ultimately payable in the form of one share of Air Products common stock, with the number of shares equal to the number of units credited. The payout generally occurs after the reporting person’s service on the company’s board of directors ends, at a time elected in advance by the director. The units may be settled either in a lump sum or in as many as ten installments, depending on the director’s prior election. The filing states that no exercise or conversion price is applicable to this security, reflecting the nature of the deferred compensation arrangement rather than a market-traded option or warrant. The provided filing text does not disclose the number of units acquired, the transaction code, the price, or the exact number of derivative securities beneficially owned after the reported transaction, though it identifies the ownership change as involving derivative securities beneficially owned following the transaction. The report was signed on Ungerleider’s behalf by Andrea I. Rennig as attorney-in-fact on July 2, 2026. The filing matters because it shows a director receiving or accumulating stock-equivalent deferred compensation tied to APD shares, which can align board compensation with shareholder value even though it does not indicate an immediate market purchase or sale of common stock.