Form 4: PPG CEO Knavish Acquires Phantom Stock Units

PPG Industries CEO Timothy Knavish acquired 0.8813 phantom stock units on January 15, 2026, as part of a deferred compensation plan.

Summary

• Timothy M. Knavish, Chairman and CEO of PPG Industries Inc. (PPG), reported a transaction involving phantom stock units.
• On January 15, 2026, Knavish acquired 0.8813 phantom stock units at a price of $110.07 per unit.
• These phantom stock units convert to common stock on a one-for-one basis.
• The units are held within the PPG Industries, Inc. Deferred Compensation Plan.
• Following this transaction, Knavish beneficially owns a total of 12,316.0554 phantom stock units.
• The number of shares attributed to the reporting person may fluctuate based on the fair market value of PPG's common stock and the amount of cash in the fund, without the volition of the reporting person.
• The transaction was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged transaction.

Sentiment

Score: 5

Explanation: The acquisition of a very small, fractional amount of phantom stock units by the CEO is a routine, likely automatic, event within a deferred compensation plan. It is neutral in terms of signaling new confidence or significant investment, primarily reflecting ongoing executive compensation arrangements.

Positives

• The transaction reflects the ongoing operation of a deferred compensation plan, which aligns executive interests with long-term company performance.
• The acquisition, even if automatic, demonstrates the CEO's continued participation in the company's equity-linked compensation structure.

Negatives

• The transaction represents a very small, likely automatic, adjustment of phantom stock units (0.8813 units), not a significant discretionary investment by the CEO that would signal new confidence.

Risks

• The value of the phantom stock units is directly tied to the fair market value of PPG's common stock, exposing the holder to market fluctuations.
• The number of shares attributed to the reporting person can change without their volition, depending on the fair market value of the issuer's common stock and the amount of cash in the fund.

Future Outlook

The phantom stock units will become exercisable and convert to common stock after the termination of employment with PPG.

Industry Context

This Form 4 reports a routine insider transaction related to executive compensation. Such deferred compensation plans, often involving phantom stock units, are a common practice across various industries to align executive incentives with long-term shareholder value.

Comparison to Industry Standards

• Deferred compensation plans that include phantom stock units are a standard component of executive remuneration packages in publicly traded companies across various sectors.
• These plans are designed to provide long-term incentives and align management's financial interests with the company's stock performance, similar to practices observed at comparable companies in the industrial or materials sector.

Related Party Transactions

• The acquisition of phantom stock units by the CEO from the company's deferred compensation plan constitutes a related party transaction.

Stakeholder Impact

• Shareholders: The transaction is a routine part of executive compensation and aligns the CEO's interests with shareholders over the long term. The small number of units acquired is unlikely to have a material impact on share price or ownership structure.
• Employees: No direct impact on employees is mentioned in this filing.

Next Steps

• The phantom stock units will convert to common stock on a one-for-one basis after the termination of employment with PPG.

Key Dates

Recommendation

This Form 4 filing reports a routine acquisition of a very small number of phantom stock units by the CEO as part of a deferred compensation plan. It does not provide new material information about the company's financial performance, strategic direction, or significant insider sentiment that would warrant a change in investment recommendation. It primarily confirms ongoing executive compensation arrangements and insider alignment, which is generally a neutral factor for existing shareholders.

Keywords

PPG Industries, Timothy Knavish, Form 4, Insider Transaction, Phantom Stock Units, Deferred Compensation, CEO, Rule 10b5-1