Form 4: PPG CFO Acquires Phantom Stock Units

PPG Industries' Senior VP & CFO, Vincent J. Morales, acquired 174.1504 phantom stock units at $103.54 each, increasing his total holdings in the deferred compensation plan.

Summary

• Vincent J. Morales, Senior VP & CFO of PPG Industries, Inc., acquired 174.1504 phantom stock units on December 12, 2025.
• The acquisition price for these phantom stock units was $103.54 per unit.
• Following this transaction, Mr. Morales beneficially owns a total of 27,465.9217 phantom stock units.
• These phantom stock units are held in the PPG Industries, Inc. Deferred Compensation Plan.
• Phantom stock units convert to common stock on a one-for-one basis.
• The units become exercisable after the termination of employment with PPG.
• The number of shares attributed to the reporting person may change based on the fair market value of PPG's common stock and the amount of cash in the fund.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock units by a senior executive is a routine compensation event that generally aligns management's interests with shareholder value, indicating confidence in the company's future performance. It is a mildly positive signal for corporate governance and executive alignment.

Positives

• The acquisition of phantom stock units by a senior executive aligns management's interests with shareholder value, indicating continued commitment to the company's performance.

Risks

• The number of shares attributed to the reporting person as a Plan participant may change from time to time without the volition of the reporting person depending on the fair market value of the issuer's common stock and the amount of cash in the fund.

Future Outlook

Phantom stock units held by the executive are exercisable after termination of employment with PPG. The value and number of shares attributed to these units will fluctuate based on the fair market value of PPG's common stock and the cash balance within the fund.

Industry Context

This Form 4 filing is a routine disclosure of an insider transaction, specifically an acquisition of phantom stock units by a senior executive. Such transactions are common components of executive compensation packages, designed to align management's long-term interests with those of shareholders. It reflects standard corporate governance practices regarding executive ownership and deferred compensation.

Related Party Transactions

• The acquisition of phantom stock units by a senior executive through the company's deferred compensation plan is a standard related-party transaction as part of executive compensation.

Stakeholder Impact

• Shareholders: The transaction increases the executive's beneficial ownership, further aligning management's financial interests with shareholder returns.
• Employees: May view this as a positive sign of executive commitment to the company's long-term success.

Next Steps

• 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 phantom stock units by a senior executive as part of a deferred compensation plan. While it indicates continued alignment of management's interests with the company's performance, it does not provide new fundamental information about the company's operations, financial health, or strategic direction that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate based solely on this filing.

Keywords

PPG Industries, PPG, Vincent J Morales, Form 4, Insider Transaction, Phantom Stock Units, Deferred Compensation, Executive Compensation, Stock Acquisition