Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-07-02

Air Products & Chemicals (APD)

Fiscal year 2025 executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$23,418,863
Seifi Ghasemi total, FY2025
Former Chairman, President and Chief Executive Officerhighest-paid officer; CEO Eduardo Menezes: $11,809,287
10th
CEO (Eduardo Menezes) pay percentile vs peers
171:1
CEO-to-median pay ratio
96.26%
Say-on-pay support, latest vote
Companies that benchmark against APD
19 companies name APD as a compensation peer

Each company listed discloses APD in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named APD in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Seifi Ghasemi$488,077$0$15,544,683$0$0$4,500$7,381,603$23,418,863
Former Chairman, President and Chief Executive Officer
Eduardo Menezes810,846010,918,50100079,94011,809,287
Chief Executive Officer
Francesco Maione558,688150,0004,034,1390630,0000995,4106,368,237
President, Americas and Global Helium & Rare Gases
Sean Major540,38502,563,538001,3571,606,9864,712,266
Former Executive Vice President, General Counsel and Secretary
Melissa Schaeffer782,692648,0003,204,9150036172,5114,708,479
Executive Vice President and Chief Financial Officer
Victoria Brifo586,338486,0001,281,6010012,04051,5402,417,520
Executive Vice President and Chief Human Resources Officer, Corporate Communications and Corporate Relations
Brian Galovich649,760526,5001,089,2220018961,3272,326,998
Executive Vice President and Chief Information Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY20242025
Seifi Ghasemi$23,418,863$15,890,696$22,078,099+7,528,167
Eduardo Menezes11,809,287
Francesco Maione6,368,237
Sean Major4,712,2663,312,7913,870,200+1,399,475
Melissa Schaeffer4,708,4793,730,9204,451,900+977,559
Victoria Brifo2,417,520
Brian Galovich2,326,998

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Dividend-equivalent accruals2025-12-3181~20,0646 insiders, 6 accrual rows
Bhavesh V. PatelDirector2025-12-31A146.4824936,461Derivative, Class A CommonForm 4 ↗
Jessica Trocchi GrazianoDirector2025-12-31A181.4324945,159Derivative, Class A CommonForm 4 ↗
Alfred SternDirector2025-12-31A103.6124925,789Derivative, Class A CommonForm 4 ↗
Wayne T. SmithDirector2026-01-28A1,698.06259440,000Derivative, Class A CommonForm 4 ↗
Tonit M. CalawayDirector2026-01-28A733.25259190,000Derivative, Class A CommonForm 4 ↗
Andrew W. EvansDirector2026-01-28A733.25259190,000Derivative, Class A CommonForm 4 ↗
Alfred SternDirector2026-01-28A733.25259190,000Derivative, Class A CommonForm 4 ↗
Bhavesh V. PatelDirector2026-01-28A733.25259190,000Derivative, Class A CommonForm 4 ↗
Dennis H. ReilleyDirector2026-01-28A1,505.09259390,000Derivative, Class A CommonForm 4 ↗
Jessica Trocchi GrazianoDirector2026-01-28A733.25259190,000Derivative, Class A CommonForm 4 ↗
Howard UngerleiderDirector2026-01-28A733.25259190,000Derivative, Class A CommonForm 4 ↗
Mantle Ridge LPDirector2026-02-12D70,17528419,944,437Common, indirectForm 4 ↗
Mantle Ridge LPDirector2026-02-12D3,943,84700Common, indirectForm 4 ↗
Mantle Ridge LPDirector2026-02-12D1,75900Common, indirectForm 4 ↗
Dividend-equivalent accruals2026-03-3180~23,4215 insiders, 5 accrual rows
Alfred SternDirector2026-03-31A93.5929227,287Derivative, Class A CommonForm 4 ↗
Bhavesh V. PatelDirector2026-03-31A130.4629238,036Derivative, Class A CommonForm 4 ↗
Jessica Trocchi GrazianoDirector2026-03-31A160.529246,796Derivative, Class A CommonForm 4 ↗
Melissa SchaefferExec Vice President and CFO2026-05-01D2,714304824,405CommonForm 4 ↗
Jessica Trocchi GrazianoDirector2026-06-30A173.7627147,149Derivative, Class A CommonForm 4 ↗
Bhavesh V. PatelDirector2026-06-30A141.1727138,306Derivative, Class A CommonForm 4 ↗
Dividend-equivalent accruals2026-06-3088~23,8285 insiders, 5 accrual rows
Alfred SternDirector2026-06-30A101.327127,487Derivative, Class A CommonForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

View all 37 transactions
InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Lisa A. DavisDirector2025-12-31A25.76$249$6,413Derivative, Class A CommonForm 4 ↗
Howard UngerleiderDirector2025-12-31A1.64249408Derivative, Class A CommonForm 4 ↗
Wayne T. SmithDirector2025-12-31A24.662496,138Derivative, Class A CommonForm 4 ↗
Andrew W. EvansDirector2025-12-31A3.56249886Derivative, Class A CommonForm 4 ↗
Dennis H. ReilleyDirector2025-12-31A8.282492,061Derivative, Class A CommonForm 4 ↗
Bhavesh V. PatelDirector2025-12-31A146.4824936,461Derivative, Class A CommonForm 4 ↗
Jessica Trocchi GrazianoDirector2025-12-31A181.4324945,159Derivative, Class A CommonForm 4 ↗
Alfred SternDirector2025-12-31A103.6124925,789Derivative, Class A CommonForm 4 ↗
Tonit M. CalawayDirector2025-12-31A16.72494,158Derivative, Class A CommonForm 4 ↗
Wayne T. SmithDirector2026-01-28A1,698.06259440,000Derivative, Class A CommonForm 4 ↗
Tonit M. CalawayDirector2026-01-28A733.25259190,000Derivative, Class A CommonForm 4 ↗
Andrew W. EvansDirector2026-01-28A733.25259190,000Derivative, Class A CommonForm 4 ↗
Alfred SternDirector2026-01-28A733.25259190,000Derivative, Class A CommonForm 4 ↗
Bhavesh V. PatelDirector2026-01-28A733.25259190,000Derivative, Class A CommonForm 4 ↗
Dennis H. ReilleyDirector2026-01-28A1,505.09259390,000Derivative, Class A CommonForm 4 ↗
Jessica Trocchi GrazianoDirector2026-01-28A733.25259190,000Derivative, Class A CommonForm 4 ↗
Howard UngerleiderDirector2026-01-28A733.25259190,000Derivative, Class A CommonForm 4 ↗
Mantle Ridge LPDirector2026-02-12D70,17528419,944,437Common, indirectForm 4 ↗
Mantle Ridge LPDirector2026-02-12D3,943,84700Common, indirectForm 4 ↗
Mantle Ridge LPDirector2026-02-12D1,75900Common, indirectForm 4 ↗
Wayne T. SmithDirector2026-03-31A31.632929,221Derivative, Class A CommonForm 4 ↗
Howard UngerleiderDirector2026-03-31A5.912921,724Derivative, Class A CommonForm 4 ↗
Alfred SternDirector2026-03-31A93.5929227,287Derivative, Class A CommonForm 4 ↗
Dennis H. ReilleyDirector2026-03-31A16.362924,770Derivative, Class A CommonForm 4 ↗
Bhavesh V. PatelDirector2026-03-31A130.4629238,036Derivative, Class A CommonForm 4 ↗
Jessica Trocchi GrazianoDirector2026-03-31A160.529246,796Derivative, Class A CommonForm 4 ↗
Andrew W. EvansDirector2026-03-31A7.562922,205Derivative, Class A CommonForm 4 ↗
Tonit M. CalawayDirector2026-03-31A18.862925,500Derivative, Class A CommonForm 4 ↗
Melissa SchaefferExec Vice President and CFO2026-05-01D2,714304824,405CommonForm 4 ↗
Jessica Trocchi GrazianoDirector2026-06-30A173.7627147,149Derivative, Class A CommonForm 4 ↗
Bhavesh V. PatelDirector2026-06-30A141.1727138,306Derivative, Class A CommonForm 4 ↗
Dennis H. ReilleyDirector2026-06-30A17.892714,853Derivative, Class A CommonForm 4 ↗
Wayne T. SmithDirector2026-06-30A34.572719,381Derivative, Class A CommonForm 4 ↗
Howard UngerleiderDirector2026-06-30A6.462711,754Derivative, Class A CommonForm 4 ↗
Alfred SternDirector2026-06-30A101.327127,487Derivative, Class A CommonForm 4 ↗
Tonit M. CalawayDirector2026-06-30A20.622715,596Derivative, Class A CommonForm 4 ↗
Andrew W. EvansDirector2026-06-30A8.272712,244Derivative, Class A CommonForm 4 ↗
03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Brian GalovichPSU2024-12-021,5463,323$743,533
Seifi GhasemiRSU2024-12-0214,7064,935,628
Sean MajorRSU2024-12-022,425813,879
Seifi GhasemiPSU2024-12-0222,05947,42610,609,055
Francesco MaioneRSU2025-06-2310,9823,000,063
Eduardo MenezesPSU2025-02-2416,72035,9487,009,358
Sean MajorPSU2024-12-023,6387,8211,749,660
Francesco MaioneRSU2024-12-021,661557,465
Melissa SchaefferPSU2024-12-024,5489,7782,187,315
Francesco MaionePSU9912,130476,612
Victoria BrifoPSU2024-12-021,8193,910874,830
Eduardo MenezesRSU2025-02-2412,6353,909,143
Melissa SchaefferRSU2024-12-023,0321,017,600
Brian GalovichRSU2024-12-021,030345,689
Victoria BrifoRSU2024-12-021,212406,771
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Brian Galovich$345,689$743,533$068.3%
Seifi Ghasemi4,935,62810,609,055068.2%
Sean Major813,8791,749,660068.3%
Francesco Maione3,557,528476,612011.8%
Eduardo Menezes3,909,1437,009,358064.2%
Melissa Schaeffer1,017,6002,187,315068.2%
Victoria Brifo406,771874,830068.3%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Eduardo MenezesRSU12,635$3,445,817
Brian GalovichPSU4,0231,097,153
Victoria BrifoPSU4,8681,327,601
Francesco MaioneRSU14,8164,040,620
Eduardo MenezesPSU16,7204,559,878
Sean MajorRSU7,1691,955,130
Francesco MaionePSU3,068836,705
Seifi GhasemiPSU68,25518,614,504
Victoria BrifoRSU4,5291,235,149
Melissa SchaefferPSU12,8303,498,998
Brian GalovichRSU3,7251,015,882
Melissa SchaefferRSU10,6802,912,650
Sean MajorPSU5,6871,550,959
05

Incentive-plan design — the Compensation Discussion & Analysis

The overall objective of our executive officer compensation program is to attract and retain a talented management team and to provide them with the right incentives to execute our strategic objectives and to maximize long-term shareholder value. The same principles that govern the compensation of all our salaried employees apply to the compensation of our executive officers.

CEO STI target (% of salary)145%
CEO LTI target (% of salary)
Independent consultantWillis Towers Watson
Clawback policyTrue
Anti-hedgingTrue
Anti-pledgingTrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-01-28180,121,8167,002,770438,18896.26%Passed
20252025-01-23157,988,05510,574,1948,095,23793.73%Passed
20242024-01-25128,054,05947,653,798908,97372.88%Passed
20232023-01-26165,141,31912,123,192435,24093.16%Passed
20222022-02-03167,297,65011,494,711520,71193.57%Passed
20212021-01-28171,551,6309,878,595578,10894.56%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-01-2896.26%a
20252025-01-2393.73%b
20242024-01-2572.88%c

a. Approved under the standard stated in the filing — “Abstentions and broker nonvotes will not affect the outcome of the vote on this proposal.”.

b. Approved under the standard stated in the filing — “Abstentions and broker nonvotes will not affect the outcome of the vote on these proposals.”.

c. Approved under the standard stated in the filing — “Abstentions and broker nonvotes will not affect the outcome of the vote on these proposals.”.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)171 : 1
CEO total compensation$11,809,287
Median employee compensation$71,545
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Wayne T. SmithIndependent$130,000$410,000$10,000$550,000
Dennis H. ReilleyIndependent99,889360,0000459,889
Lisa A. DavisIndependent150,000160,00010,000320,000
Jessica Trocchi GrazianoIndependent147,222160,0000307,222
Tonit M. CalawayIndependent130,000160,0000290,000
Alfred SternIndependent89,556160,0000249,556
Bhavesh V. PatelIndependent89,556160,0000249,556
Andrew W. EvansIndependent89,556160,0000249,556
Howard UngerleiderIndependent10,83366,667077,500
Edward L. MonserIndependent57,0000057,000
Matthew H. PaullIndependent49,08302,35651,439
Charles I. CogutIndependent41,167024641,413
David H.Y. HoIndependent41,1670041,167
09

Board fee structure and ownership guideline

Annual cash retainer$130,000
Annual equity retainer$160,000
Per board meeting fee
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 15,000
Stock ownership guideline5x annual cash retainer within 5 years of joining the Board
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,125,029
Equity awards (grant-date value)$1,796,667
All other compensation$22,602
Total cost of the board$2,944,298

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Air Products & Chemicals names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Air Products & Chemicals.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1NextEra Energy, Inc.2025Rebecca Kujawa$514,800$19,888,215$5,126,242$0$26,105,632
2Linde plc2025Sanjiv Lamba1,575,00011,680,8044,938,9083,197,25021,777,870
3Baker Hughes Company2025Lorenzo Simonelli13,310,81903,557,70621,363,825
4Emerson Electric Co.2025Lal Karsanbhai1,537,50015,413,32503,728,52521,240,262
5Johnson Controls International plc2025Joakim Weidemanis825,00012,849,0883,749,9932,357,24719,963,827
6Eastman Chemical Company2025Mark Costa1,406,95812,682,2003,278,151987,00019,498,966
7Parker-Hannifin Corporation2025Jennifer Parmentier1,462,5006,313,2266,941,3153,356,41619,317,705
8Dover Corporation2025Richard Tobin1,387,3858,040,7266,562,519018,757,706
9Occidental Petroleum Corporation2025Vicki Hollub1,596,78112,298,20703,200,00018,055,969
10TechnipFMC plc2025Douglas Pferdehirt1,450,00012,361,64003,501,75017,816,188
11Ecolab Inc.2025Christophe Beck1,390,0817,228,1014,566,9163,383,18317,404,935
12Schlumberger N.V.2025Olivier Le Peuch1,650,00012,374,95302,083,95017,347,291
13Ingersoll Rand Inc.2025Vicente Reynal1,185,7857,078,1686,423,9711,242,00016,197,391
14DuPont de Nemours, Inc.2025Lori Koch1,242,31312,547,71101,897,50016,134,250
15Quanta Services, Inc.2025Earl Austin1,406,25011,050,34502,710,35015,699,684
16Illinois Tool Works Inc.2025Christopher A. O'Herlihy1,337,2715,249,9575,249,9962,702,38915,211,011
17PPG Industries, Inc.2025Timothy Knavish1,300,0007,333,5423,666,6901,924,00014,885,022
18Fortive Corporation2025Olumide Soroye931,7338,196,1253,706,5191,358,10014,405,012
19Air Products & Chemicals2025Eduardo Menezes810,84610,918,5010011,809,287
20Celanese Corporation2025Scott Richardson5,249,9582,249,9901,342,62510,137,072
21Eaton Corporation plc2025Paulo Ruiz1,087,1164,140,3141,384,6951,155,0007,923,677
22Fluor Corporation2025James Breuer1,071,6892,744,569593,7621,330,3006,873,013

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Air Products & Chemicalsnot disclosedPSU 60 · RSU 40Yes — Relative TSR (compared to S&P 500 Index)Willis Towers Watson
Baker Hughes Company113.5%PSU 60 · RSU 40Yes — Relative TSRFrederic W. Cook & Co., Inc. (FW Cook)
Celanese Corporation93.4%PSU 70 · Options 30NoWillis Towers Watson PLC
Dover Corporation121.7%PSU 40 · Options 40 · RSU 20Yes — 3-Year relative TSRMeridian Compensation Partners, LLC
DuPont de Nemours, Inc.101.2%PSU 60 · RSU 40Yes — Relative TSRFrederic W. Cook & Co., Inc. (FW Cook)
Eastman Chemical Company47%PSA 60 · Option 20 · RSU 20Yes — Relative total shareholder return (rTSR)Aon plc
Eaton Corporation plc70%PSU 50 · RSU 25 · Options 25Yes — Relative TSRMeridian Compensation Partners
Ecolab Inc.137%PSU 60 · Options 40Yes — relative TSRFW Cook
Emerson Electric Co.141.5%PSU 55 · RSU 45Yes — relative total shareholder return modifier benchmark (rTSR)Exequity LLP
Fluor Corporation93%Performance Awards 50 · RSU 35 · Option 15Yes — Relative TSRFrederic W. Cook & Co., Inc. (FW Cook)
Fortive Corporationnot disclosedPSU 50 · RSU 25 · Options 25Yes — Relative TSR vs. S&P 500Pearl Meyer
Illinois Tool Works Inc.not disclosednot disclosednot disclosedMeridian Compensation Partners LLC
Ingersoll Rand Inc.69%PSU 50 · RSU 25 · Options 25Yes — Relative TSR vs. the S&P 500 IndustrialsPay Governance
Johnson Controls International plc176.6%PSU 50 · RSU 25 · Options 25Yes — TSR Relative to S&P 500 IndustrialsFarient Advisors LLC
Linde plc116.0%PSU 50 · Options 30 · RSU 20Yes — Relative Total Shareholder Return (TSR)Willis Towers Watson
NextEra Energy, Inc.not disclosednot disclosednot disclosednot disclosed
Occidental Petroleum Corporation125%PSU 60 · RSU 40Yes — Total Shareholder Return (TSR)Meridian Compensation Partners, LLC
Parker-Hannifin Corporation139.09%PSU 50 · Options 50NoMercer Consulting (Marsh & McLennan Companies, Inc.)
PPG Industries, Inc.93%MSU 34 · Options 33 · PSU 33NoFW Cook
Quanta Services, Inc.126.8%PSU 70 · RSU 30NoFrederick W. Cook & Co., Inc. (FW Cook)
Schlumberger N.V.84%PSU 75 · RSU 25Yes — Total Shareholder Return (TSR)Pay Governance
TechnipFMC plc161%PSU 70 · RSU 30Yes — Relative TSRPearl Meyer & Partners, LLC

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Seifi GhasemiDEF 14A2025-12-110001308179-25-000643Section “Fiscal 2025 Summary Compensation Table”. As printed: 23,418,863. Filing ↗machine: r9 · c24 · span 1203193–1203203
2Section 01, Eduardo MenezesDEF 14A2025-12-110001308179-25-000643Section “Fiscal 2025 Summary Compensation Table”. As printed: 11,809,287. Filing ↗machine: r2 · c24 · span 1181178–1181188
3Section 01, Francesco MaioneDEF 14A2025-12-110001308179-25-000643Section “Fiscal 2025 Summary Compensation Table”. As printed: 6,368,237. Filing ↗machine: r8 · c24 · span 1199980–1199989
4Section 01, Sean MajorDEF 14A2025-12-110001308179-25-000643Section “Fiscal 2025 Summary Compensation Table”. As printed: 4,712,266. Filing ↗machine: r12 · c24 · span 1211882–1211891
5Section 01, Melissa SchaefferDEF 14A2025-12-110001308179-25-000643Section “Fiscal 2025 Summary Compensation Table”. As printed: 4,708,479. Filing ↗machine: r3 · c24 · span 1184392–1184401
6Section 01, Victoria BrifoDEF 14A2025-12-110001308179-25-000643Section “Fiscal 2025 Summary Compensation Table”. As printed: 2,417,520. Filing ↗machine: r6 · c24 · span 1193040–1193049
7Section 01, Brian GalovichDEF 14A2025-12-110001308179-25-000643Section “Fiscal 2025 Summary Compensation Table”. As printed: 2,326,998. Filing ↗machine: r7 · c24 · span 1196325–1196334
8Section 03, Brian Galovich PSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t152 · r5 · c1 · span 1227239–1227246
9Section 03, Seifi Ghasemi RSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t155 · r21 · c11 · span 1299407–1299416
10Section 03, Sean Major RSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t155 · r24 · c11 · span 1305736–1305743
11Section 03, Seifi Ghasemi PSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t152 · r7 · c1 · span 1228989–1228999
12Section 03, Francesco Maione RSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t155 · r18 · c11 · span 1293791–1293800
13Section 03, Eduardo Menezes PSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t152 · r2 · c1 · span 1224493–1224502
14Section 03, Sean Major PSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t152 · r8 · c1 · span 1229923–1229932
15Section 03, Francesco Maione RSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t155 · r17 · c11 · span 1292443–1292450
16Section 03, Melissa Schaeffer PSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t152 · r3 · c1 · span 1225483–1225492
17Section 03, Francesco Maione PSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t152 · r6 · c1 · span 1228104–1228111
18Section 03, Victoria Brifo PSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t152 · r4 · c1 · span 1226348–1226355
19Section 03, Eduardo Menezes RSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t155 · r5 · c11 · span 1269837–1269846
20Section 03, Melissa Schaeffer RSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t155 · r8 · c11 · span 1275481–1275490
21Section 03, Brian Galovich RSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t155 · r14 · c11 · span 1286813–1286820
22Section 03, Victoria Brifo RSUDEF 14A2025-12-110001308179-25-000643Section “Grants of Plan-Based Awards” · grants of plan-based awards table. Filing ↗machine: t155 · r11 · c11 · span 1281284–1281291
23Section 07, pay ratioDEF 14A2025-12-110001308179-25-000643Section “CEO Pay Ratio”. As printed: 171 : 1. Filing ↗machine: span 1549114–1549122
24Section 08, Wayne T. SmithDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 550,000. Filing ↗machine: t88 · r9 · c4 · span 805600–805607
25Section 08, Dennis H. ReilleyDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 459,889. Filing ↗machine: t88 · r8 · c4 · span 804546–804553
26Section 08, Lisa A. DavisDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 320,000. Filing ↗machine: t88 · r3 · c4 · span 798884–798891
27Section 08, Jessica Trocchi GrazianoDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 307,222. Filing ↗machine: t88 · r5 · c4 · span 801129–801136
28Section 08, Tonit M. CalawayDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 290,000. Filing ↗machine: t88 · r2 · c4 · span 797643–797650
29Section 08, Alfred SternDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 249,556. Filing ↗machine: t88 · r10 · c4 · span 806778–806785
30Section 08, Bhavesh V. PatelDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 249,556. Filing ↗machine: t88 · r7 · c4 · span 803364–803371
31Section 08, Andrew W. EvansDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 249,556. Filing ↗machine: t88 · r4 · c4 · span 800064–800071
32Section 08, Howard UngerleiderDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 77,500. Filing ↗machine: t88 · r11 · c4 · span 807836–807842
33Section 08, Edward L. MonserDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 57,000. Filing ↗machine: t88 · r14 · c1 · span 810546–810552
34Section 08, Matthew H. PaullDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 51,439. Filing ↗machine: t88 · r15 · c4 · span 812467–812473
35Section 08, Charles I. CogutDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 41,413. Filing ↗machine: t88 · r12 · c4 · span 809012–809018
36Section 08, David H.Y. HoDEF 14A2025-12-110001308179-25-000643Section “Director Compensation”. As printed: 41,167. Filing ↗machine: t88 · r13 · c1 · span 809441–809447
37Section 02, Lisa A. Davis 2025-12-31Form 42026-01-050001225208-26-000088Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Howard Ungerleider 2025-12-31Form 42026-01-050001225208-26-000100Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Wayne T. Smith 2025-12-31Form 42026-01-050001225208-26-000096Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Andrew W. Evans 2025-12-31Form 42026-01-050001225208-26-000089Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Dennis H. Reilley 2025-12-31Form 42026-01-050001225208-26-000095Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Bhavesh V. Patel 2025-12-31Form 42026-01-050001225208-26-000094Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Jessica Trocchi Graziano 2025-12-31Form 42026-01-050001225208-26-000093Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Alfred Stern 2025-12-31Form 42026-01-050001225208-26-000099Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Tonit M. Calaway 2025-12-31Form 42026-01-050001225208-26-000087Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Wayne T. Smith 2026-01-28Form 42026-01-290001225208-26-001025Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Tonit M. Calaway 2026-01-28Form 42026-01-290001225208-26-001021Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Andrew W. Evans 2026-01-28Form 42026-01-290001225208-26-001022Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Alfred Stern 2026-01-28Form 42026-01-290001225208-26-001030Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Bhavesh V. Patel 2026-01-28Form 42026-01-290001225208-26-001029Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Dennis H. Reilley 2026-01-28Form 42026-01-290001225208-26-001024Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Jessica Trocchi Graziano 2026-01-28Form 42026-01-290001225208-26-001023Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Howard Ungerleider 2026-01-28Form 42026-01-290001225208-26-001032Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Mantle Ridge LP 2026-02-12Form 42026-02-130001104659-26-014718Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Mantle Ridge LP 2026-02-12Form 42026-02-130001104659-26-014718Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Mantle Ridge LP 2026-02-12Form 42026-02-130001104659-26-014718Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Wayne T. Smith 2026-03-31Form 42026-04-010001225208-26-004118Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Howard Ungerleider 2026-03-31Form 42026-04-010001225208-26-004120Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Alfred Stern 2026-03-31Form 42026-04-010001225208-26-004119Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Dennis H. Reilley 2026-03-31Form 42026-04-010001225208-26-004117Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Bhavesh V. Patel 2026-03-31Form 42026-04-010001225208-26-004113Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Jessica Trocchi Graziano 2026-03-31Form 42026-04-010001225208-26-004112Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Andrew W. Evans 2026-03-31Form 42026-04-010001225208-26-004111Insider equity transaction reported since the proxy statement. Filing ↗
64Section 02, Tonit M. Calaway 2026-03-31Form 42026-04-010001225208-26-004110Insider equity transaction reported since the proxy statement. Filing ↗
65Section 02, Melissa Schaeffer 2026-05-01Form 42026-05-040001225208-26-004772Insider equity transaction reported since the proxy statement. Filing ↗
66Section 02, Jessica Trocchi Graziano 2026-06-30Form 42026-07-020001225208-26-006323Insider equity transaction reported since the proxy statement. Filing ↗
67Section 02, Bhavesh V. Patel 2026-06-30Form 42026-07-020001225208-26-006324Insider equity transaction reported since the proxy statement. Filing ↗
68Section 02, Dennis H. Reilley 2026-06-30Form 42026-07-020001225208-26-006325Insider equity transaction reported since the proxy statement. Filing ↗
69Section 02, Wayne T. Smith 2026-06-30Form 42026-07-020001225208-26-006329Insider equity transaction reported since the proxy statement. Filing ↗
70Section 02, Howard Ungerleider 2026-06-30Form 42026-07-020001225208-26-006331Insider equity transaction reported since the proxy statement. Filing ↗
71Section 02, Alfred Stern 2026-06-30Form 42026-07-020001225208-26-006330Insider equity transaction reported since the proxy statement. Filing ↗
72Section 02, Tonit M. Calaway 2026-06-30Form 42026-07-020001225208-26-006321Insider equity transaction reported since the proxy statement. Filing ↗
73Section 02, Andrew W. Evans 2026-06-30Form 42026-07-020001225208-26-006322Insider equity transaction reported since the proxy statement. Filing ↗
74Section 06, 2026 voteForm 8-K2026-01-290001193125-26-029381Item 5.07 · say-on-pay result. As reported: 96.26% (votes for as printed: 180,121,816 (96.25% of the votes cast)). Filing ↗
75Section 06, 2025 voteForm 8-K2025-01-270001193125-25-013460Item 5.07 · say-on-pay result. As reported: 93.73% (votes for as printed: 157,988,055 (93.73% of the votes cast)). Filing ↗
76Section 06, 2024 voteForm 8-K2024-01-260001193125-24-016729Item 5.07 · say-on-pay result. As reported: 72.88% (votes for as printed: 128,054,059 (72.87% of the votes cast)). Filing ↗
77Section 01 trend, Δ column (computed)ComputedcomputedΔ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
78Section 03b vehicle mix (computed)ComputedcomputedRSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
79Section 09b board cost (computed)ComputedcomputedCash 1,125,029 + equity 1,796,667 + all other 22,602 = 2,944,298, summed across the director compensation table rows.machine: formula: Σ = 2,944,298
80NextEra Energy, Inc., Section 10b CEO totalDEF 14A2026-04-010001104659-26-038551CEO total compensation as printed in NextEra Energy, Inc.'s own proxy. As printed: 26,105,632. Filing ↗
81Linde plc, Section 10b CEO totalDEF 14A2026-04-290001193125-26-192209CEO total compensation as printed in Linde plc's own proxy. As printed: 21,777,870. Filing ↗machine: t104 · r4 · c31 · span 1748638–1748648
82Baker Hughes Company, Section 10b CEO totalDEF 14A2026-03-300001193125-26-130309CEO total compensation as printed in Baker Hughes Company's own proxy. As printed: 21,363,825. Filing ↗machine: r4 · c31 · span 1166652–1166662
83Emerson Electric Co., Section 10b CEO totalDEF 14A2025-12-120000032604-25-000103CEO total compensation as printed in Emerson Electric Co.'s own proxy. As printed: 21,240,262. Filing ↗machine: r2 · c27 · span 849389–849399
84Johnson Controls International plc, Section 10b CEO totalDEF 14A2026-01-160001104659-26-004565CEO total compensation as printed in Johnson Controls International plc's own proxy. As printed: 19,963,827. Filing ↗machine: t61 · r2 · c48 · span 1373807–1373817
85Eastman Chemical Company, Section 10b CEO totalDEF 14A2026-03-240000915389-26-000074CEO total compensation as printed in Eastman Chemical Company's own proxy. As printed: 19,498,966. Filing ↗machine: r2 · c27 · span 1263333–1263343
86Parker-Hannifin Corporation, Section 10b CEO totalDEF 14A2025-09-190001308179-25-000603CEO total compensation as printed in Parker-Hannifin Corporation's own proxy. As printed: 19,317,705. Filing ↗machine: r2 · c24 · span 1027257–1027267
87Dover Corporation, Section 10b CEO totalDEF 14A2026-03-240001193125-26-120708CEO total compensation as printed in Dover Corporation's own proxy. As printed: 18,757,706. Filing ↗machine: t263 · r2 · c35 · span 813120–813130
88Occidental Petroleum Corporation, Section 10b CEO totalDEF 14A2026-03-190001628280-26-019816CEO total compensation as printed in Occidental Petroleum Corporation's own proxy. As printed: 18,055,969. Filing ↗machine: r2 · c17 · span 2031997–2032007
89TechnipFMC plc, Section 10b CEO totalDEF 14A2026-03-190001628280-26-019819CEO total compensation as printed in TechnipFMC plc's own proxy. As printed: 17,816,188. Filing ↗machine: r4 · c21 · span 1175605–1175615
90Ecolab Inc., Section 10b CEO totalDEF 14A2026-03-200001104659-26-032777CEO total compensation as printed in Ecolab Inc.'s own proxy. As printed: 17,404,935. Filing ↗machine: t199 · r1 · c63 · span 2259065–2259075
91Schlumberger N.V., Section 10b CEO totalDEF 14A2026-02-260001308179-26-000024CEO total compensation as printed in Schlumberger N.V.'s own proxy. As printed: 17,347,291. Filing ↗machine: t235 · r1 · c14 · span 700975–700985
92Ingersoll Rand Inc., Section 10b CEO totalDEF 14A2026-04-240001140361-26-016726CEO total compensation as printed in Ingersoll Rand Inc.'s own proxy. As printed: 16,197,391. Filing ↗machine: t131 · r2 · c25 · span 915902–915912
93DuPont de Nemours, Inc., Section 10b CEO totalDEF 14A2026-04-100001193125-26-151204CEO total compensation as printed in DuPont de Nemours, Inc.'s own proxy. As printed: 16,134,250. Filing ↗machine: r4 · c44 · span 1255492–1255502
94Quanta Services, Inc., Section 10b CEO totalDEF 14A2026-04-100001193125-26-150293CEO total compensation as printed in Quanta Services, Inc.'s own proxy. As printed: 15,699,684. Filing ↗machine: t186 · r5 · c39 · span 987370–987380
95Illinois Tool Works Inc., Section 10b CEO totalDEF 14A2026-03-270001193125-26-127599CEO total compensation as printed in Illinois Tool Works Inc.'s own proxy. As printed: 15,211,011. Filing ↗machine: span 1647874–1647884
96PPG Industries, Inc., Section 10b CEO totalDEF 14A2026-03-050000079879-26-000088CEO total compensation as printed in PPG Industries, Inc.'s own proxy. As printed: 14,885,022. Filing ↗machine: span 1300546–1300556
97Fortive Corporation, Section 10b CEO totalDEF 14A2026-04-290001193125-26-189078CEO total compensation as printed in Fortive Corporation's own proxy. As printed: 14,405,012. Filing ↗machine: r5 · c17 · span 4058481–4058492
98Air Products & Chemicals (subject), Section 10b CEO totalDEF 14A2025-12-110001308179-25-000643CEO total compensation as printed in Air Products & Chemicals's own proxy. As printed: 11,809,287. Filing ↗machine: r2 · c24 · span 1181178–1181188
99Celanese Corporation, Section 10b CEO totalDEF 14A2026-03-040001306830-26-000052CEO total compensation as printed in Celanese Corporation's own proxy. As printed: 10,137,072. Filing ↗
100Eaton Corporation plc, Section 10b CEO totalDEF 14A2026-03-130001193125-26-105117CEO total compensation as printed in Eaton Corporation plc's own proxy. As printed: 7,923,677. Filing ↗machine: r4 · c18 · span 2008245–2008255
101Fluor Corporation, Section 10b CEO totalDEF 14A2026-03-120001104659-26-027053CEO total compensation as printed in Fluor Corporation's own proxy. As printed: 6,873,013. Filing ↗machine: span 1033953–1033962
102Section 10a, Illinois Tool Works Inc. reciprocityDEF 14A0001193125-26-127599Illinois Tool Works Inc.'s most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
103Section 10a, Schlumberger N.V. reciprocityDEF 14A0001308179-26-000024Schlumberger N.V. names Air Products & Chemicals in its own disclosed peer group (read from its most recent proxy). Filing ↗
104Section 10a, Celanese Corporation reciprocityDEF 14A0001306830-26-000052Celanese Corporation names Air Products & Chemicals in its own disclosed peer group (read from its most recent proxy). Filing ↗
105Section 10a, Baker Hughes Company reciprocityDEF 14A0001193125-26-130309Baker Hughes Company's most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
106Section 10a, Fluor Corporation reciprocityDEF 14A0001104659-26-027053Fluor Corporation's most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
107Section 10a, Johnson Controls International plc reciprocityDEF 14A0001104659-26-004565Johnson Controls International plc's most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
108Section 10a, Emerson Electric Co. reciprocityDEF 14A0000032604-25-000103Emerson Electric Co.'s most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
109Section 10a, Ecolab Inc. reciprocityDEF 14A0001104659-26-032777Ecolab Inc. names Air Products & Chemicals in its own disclosed peer group (read from its most recent proxy). Filing ↗
110Section 10a, Fortive Corporation reciprocityDEF 14A0001193125-26-189078Fortive Corporation's most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
111Section 10a, Eaton Corporation plc reciprocityDEF 14A0001193125-26-105117Eaton Corporation plc's most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
112Section 10a, PPG Industries, Inc. reciprocityDEF 14A0000079879-26-000088PPG Industries, Inc. names Air Products & Chemicals in its own disclosed peer group (read from its most recent proxy). Filing ↗
113Section 10a, DuPont de Nemours, Inc. reciprocityDEF 14A0001193125-26-151204DuPont de Nemours, Inc.'s most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
114Section 10a, Parker-Hannifin Corporation reciprocityDEF 14A0001308179-25-000603Parker-Hannifin Corporation's most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
115Section 10a, Ingersoll Rand Inc. reciprocityDEF 14A0001140361-26-016726Ingersoll Rand Inc.'s most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
116Section 10a, NextEra Energy, Inc. reciprocityDEF 14A0001104659-26-038551NextEra Energy, Inc. names Air Products & Chemicals in its own disclosed peer group (read from its most recent proxy). Filing ↗
117Section 10a, TechnipFMC plc reciprocityDEF 14A0001628280-26-019819TechnipFMC plc's most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
118Section 10a, Eastman Chemical Company reciprocityDEF 14A0000915389-26-000074Eastman Chemical Company names Air Products & Chemicals in its own disclosed peer group (read from its most recent proxy). Filing ↗
119Section 10a, Dover Corporation reciprocityDEF 14A0001193125-26-120708Dover Corporation's most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
120Section 10a, Occidental Petroleum Corporation reciprocityDEF 14A0001628280-26-019816Occidental Petroleum Corporation's most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗
121Section 10a, Quanta Services, Inc. reciprocityDEF 14A0001193125-25-078453Quanta Services, Inc.'s most recent proxy was read; its disclosed peer group does not include Air Products & Chemicals. Filing ↗