Form 4: PPG Director Acquires Phantom Stock Units

PPG Industries Director Leon J. Topalian increased his beneficial ownership by acquiring 8.356 phantom stock units on December 12, 2025.

Summary

• Leon J. Topalian, a Director of PPG Industries Inc. (PPG), reported a transaction involving phantom stock units.
• On December 12, 2025, Mr. Topalian acquired 8.356 phantom stock units.
• The phantom stock units convert to common stock on a one-for-one basis.
• The price of the derivative security was $103.54 per unit.
• Following this transaction, Mr. Topalian beneficially owns a total of 16.1152 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan for Directors.
• These units represent interests in an unfunded unitized company stock fund comprised of stock and cash.
• The number of shares attributed to a Plan participant may change based on the fair market value of PPG common stock and the amount of cash in the fund.

Sentiment

Score: 7

Explanation: The acquisition of additional phantom stock units by a director generally indicates confidence in the company's future prospects and aligns the director's interests with shareholders, which is a moderately positive signal.

Positives

• A director acquiring additional phantom stock units can signal confidence in the company's future performance.
• The acquisition increases the director's alignment with shareholder interests.

Risks

• The value of the phantom stock units is subject 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 may 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 filing indicates that phantom stock units convert to common stock on a one-for-one basis after termination of service as a Director of PPG Industries, Inc.

Industry Context

This filing is a routine insider transaction report and does not provide broader industry context. It reflects an individual director's compensation and investment activity within PPG Industries.

Related Party Transactions

• The acquisition of phantom stock units by a director is a related party transaction, as it involves an executive and the company.

Stakeholder Impact

• Shareholders: Potentially positive, as it signals director confidence and increased alignment of interests.
• Employees, Customers, Suppliers, Creditors: No direct impact from this specific transaction.

Next Steps

• The phantom stock units will convert to common stock on a one-for-one basis after the termination of service as a Director of PPG Industries, Inc.

Key Dates

Keywords

PPG Industries, Leon J. Topalian, Form 4, Insider Transaction, Phantom Stock Units, Director Compensation, Deferred Compensation, Equity Acquisition