Form 4: PPG Director Novo Acquires Phantom Stock Units

PPG Industries Director Guillermo Novo acquired 381.1762 phantom stock units on October 1, 2025, increasing his total beneficial ownership to 10,362.1921 units.

Summary

• Guillermo Novo, a Director of PPG Industries, Inc., acquired 381.1762 phantom stock units.
• The transaction occurred on October 1, 2025.
• Each phantom stock unit was valued at $104.09.
• Following this acquisition, Novo beneficially owns a total of 10,362.1921 phantom stock units.
• Phantom stock units convert to common stock on a one-for-one basis.
• These units are held in the PPG Industries, Inc. Deferred Compensation Plan for Directors.

Sentiment

Score: 7

Explanation: The acquisition of additional phantom stock units by a director, even if part of a deferred compensation plan, generally indicates continued alignment of interests with the company's performance and shareholder value.

Positives

• Director Guillermo Novo increased his beneficial ownership in PPG Industries through the acquisition of phantom stock units.
• The acquisition of 381.1762 phantom stock units demonstrates continued alignment of a director's interests with shareholders.

Risks

• The number of shares attributed to the reporting person as a Plan participant 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 This filing is a transactional report and does not contain forward-looking statements or guidance.

Management Comments

• N/A The filing contains a signature by an attorney-in-fact but no direct management comments or quotes.

Industry Context

N/A This Form 4 filing reports an individual insider transaction and does not provide broader industry context.

Comparison to Industry Standards

• N/A This filing reports an individual insider transaction and does not contain data for comparison to industry standards or benchmarks.

Stakeholder Impact

• Shareholders: Increased alignment of a director's interests with shareholder value through increased beneficial ownership.

Next Steps

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

Key Dates

Recommendation

This Form 4 reports a routine acquisition of phantom stock units by a director as part of a deferred compensation plan. While it shows continued insider alignment, it does not provide new fundamental information to alter an investment thesis, thus a 'hold' recommendation is appropriate based solely on this filing.

Keywords

PPG, PPG Industries, Guillermo Novo, Form 4, insider transaction, phantom stock, director compensation, equity acquisition