Mantle Ridge LP - 12 Feb 2026 Form 4 Insider Report for Air Products & Chemicals, Inc. (APD)

Reporting relationship: Director, Director by deputization
Issuer ticker: APD
Reported as of: 12 Feb 2026
Net transaction value: -$19,944,437
SEC form: 4
Accepted by SEC: 13 Feb 2026, 08:19:05 UTC
Prior SEC filing: 15 Jul 2025
Next SEC filing: 25 Jun 2026
Source filing: View source filing
Reporting owner signature: MANTLE RIDGE LP, By: Mantle Ridge GP LLC, its general partner, By: PCH MR Advisor Holdings LLC, its managing member, By: /s/ Paul C. Hilal, Sole Member

Key filing fact

Mantle Ridge LP filed Form 4 for Air Products & Chemicals, Inc. (APD) on 13 Feb 2026.

Key facts

This page summarizes Mantle Ridge LP's Form 4 filing for Air Products & Chemicals, Inc. (APD).
3 reported transactions and 0 derivative rows are listed below.
Accepted by SEC: 13 Feb 2026, 08:19.

Change

Previous filing in this sequence was filed on 15 Jul 2025.
Current net transaction value: -$19,944,437.

Research use

This tells you what this filing adds before you inspect full transaction and derivative tables.
You can trace every row back to the original SEC filing document.

Evidence

Filed on Form 4

Ownership activity is grounded in SEC Form 4 disclosures.

View source filing

Reporting Owners (3)

CIK 0001695459 Primary reporting owner

Mantle Ridge LP

Relationship: Director, Director by deputization
Address: 712 FIFTH AVENUE, SUITE 17F, NEW YORK
Signature: MANTLE RIDGE LP, By: Mantle Ridge GP LLC, its general partner, By: PCH MR Advisor Holdings LLC, its managing member, By: /s/ Paul C. Hilal, Sole Member
Signature date: 13 Feb 2026

CIK 0002042277

Eagle Advisor LLC

Relationship: Director by deputization
Address: 712 FIFTH AVENUE, SUITE 17F, NEW YORK
Signature: EAGLE ADVISOR LLC, By: Mantle Ridge LP, its sole member, By: Mantle Ridge GP LLC, its general partner, By: PCH MR Advisor Holdings LLC, its managing member, By: /s/ Paul C. Hilal, Sole Member
Signature date: 13 Feb 2026

CIK 0001413084

Hilal Paul C

Relationship: Director
Address: 712 FIFTH AVENUE, SUITE 17F, NEW YORK
Signature: /s/ Paul C. Hilal
Signature date: 13 Feb 2026

Reported non-derivative transactions

Shares, units, or other non-derivative securities reported in this filing.

APD transaction

Common Stock, par value $1.00 per share

Other

Transaction value: $0
Shares: -3,943,847
Change %: -96%
Price: $0.000000
Shares after: 163,674
Date: 12 Feb 2026
Ownership: See footnotes
Footnotes: F1, F2, F3, F4, F5, F7

APD transaction

Common Stock, par value $1.00 per share

Sale

Transaction value: $19,944,437
Shares: -70,175
Change %: -43%
Price: $284.21
Shares after: 93,499
Date: 12 Feb 2026
Ownership: See footnotes
Footnotes: F1, F2, F3, F4, F7

APD transaction

Common Stock, par value $1.00 per share

Gift

Transaction value: $0
Shares: -1,759
Change %: -1.9%
Price: $0.000000
Shares after: 91,740
Date: 12 Feb 2026
Ownership: See footnotes
Footnotes: F1, F2, F3, F4, F6, F7, F8

^* marks a reported price that did not pass the local price check.

Additional SEC filing notes

Filing notes and footnotes

Explanation of responses 8 footnotes

Footnote F1

In addition to Mantle Ridge LP, a Delaware limited partnership ("Mantle Ridge"), this Form 4 is being filed jointly by Eagle Advisor LLC, a Delaware limited liability company ("Eagle Advisor"), and Paul C. Hilal, a citizen of the United States of America (collectively, the "Reporting Persons"), each of whom has the same business address as Mantle Ridge and may be deemed to have a pecuniary interest in securities reported on this Form 4 (the "Subject Securities").

Footnote F2

Eagle Advisor, a wholly owned subsidiary of Mantle Ridge, advises Eagle Fund A1 Ltd, Eagle Fund A2 Ltd, Eagle Fund B1 Ltd and Eagle Fund B1 Ltd, each a Cayman Islands exempted company (all such funds and certain related limited partnerships, the "Eagle Funds").

Footnote F3

Eagle Advisor, as the investment adviser to the Eagle Funds, may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"). By virtue of Paul C. Hilal's position as ultimately controlling Eagle Advisor and Mantle Ridge, Paul C. Hilal may be deemed to be the beneficial owner of the Subject Securities for purposes of Rule 16a-1(a). Each of the Reporting Persons disclaims any beneficial ownership of any of the Subject Securities, except to the extent of any pecuniary interest therein.

Footnote F4

Paul C. Hilal is a member of the board of directors of the Issuer, and as a result, each of the other Reporting Persons may be directors by deputization for purposes of Section 16 of the Exchange Act.

Footnote F5

The Reporting Persons caused the Eagle Funds to distribute these Subject Securities to direct and indirect owners of the Eagle Funds on a pro rata basis. No consideration was paid in connection with these distributions. These transactions principally relate to the distribution of shares and cash to and among the limited partners of the Eagle Funds and members of the Eagle Funds' general partner.

Footnote F6

The Reporting Persons have no plans to sell any shares of the Issuer currently or in the foreseeable future. Paul C. Hilal intends to maintain these holdings and continue serving as a director of the board of directors of the Issuer.

Footnote F7

By virtue of Paul. C. Hilal's position as ultimately controlling various entities that hold the Subject Securities, Paul. C. Hilal may be deemed to be the beneficial owner of these shares for purposes of Rule 16a-1(a) under the Exchange Act. Paul. C. Hilal disclaims beneficial ownership of any of these Subject Securities, except to the extent of any pecuniary interest therein.

Footnote F8

Reflects shares contributed by Paul C. Hilal to certain charitable organizations.