Form 4: PPG Director Heminger Boosts Phantom Stock Holdings

PPG Industries Director Gary R. Heminger acquired 93.8021 phantom stock units at $103.54 each, increasing his total holdings to 10,810.6499 units within a deferred compensation plan.

Summary

• Gary R. Heminger, a Director of PPG Industries, Inc. (PPG), acquired 93.8021 phantom stock units.
• The transaction occurred on December 12, 2025, with the units valued at $103.54 each.
• Following this acquisition, Heminger beneficially owns a total of 10,810.6499 phantom stock units.
• These phantom stock units are part of the PPG Industries, Inc. Deferred Compensation Plan for Directors.
• The units convert to common stock on a one-for-one basis after termination of service as a Director.
• The number of shares attributed to the reporting person may change without their volition, depending on the fair market value of PPG common stock and the amount of cash in the fund.

Sentiment

Score: 6

Explanation: Slightly positive as an insider is increasing their beneficial ownership, indicating confidence, although it's phantom stock and part of a compensation plan rather than a direct market purchase.

Positives

• An insider (Director) is increasing their beneficial ownership in the company, which can be viewed as a positive signal of confidence.
• The acquisition is part of a deferred compensation plan, aligning the director's long-term interests with shareholder value.

Negatives

• The acquisition is of phantom stock units, not direct common stock, meaning there is no immediate direct equity purchase or sale.
• The conversion to common stock is deferred until termination of service as a Director.

Risks

• The value of the phantom stock units is tied to the fair market value of PPG Industries, Inc. 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

N/A

Industry Context

N/A

Stakeholder Impact

• Shareholders: May view the increased beneficial ownership by a director as a minor positive signal of alignment and confidence in the company's future.

Next Steps

• Conversion of phantom stock units to common stock upon termination of service as a Director.

Key Dates

Recommendation

This Form 4 filing reports a routine acquisition of phantom stock units by a director as part of a deferred compensation plan. While it indicates continued alignment of the director's interests with shareholders, it does not represent a direct market purchase or provide new fundamental information to warrant a change in investment recommendation. The transaction itself is not significant enough to alter the investment thesis for PPG.

Keywords

PPG Industries, PPG, Gary R. Heminger, Director, Insider Transaction, Form 4, Phantom Stock Units, Deferred Compensation, Beneficial Ownership, Equity Compensation