Form 4: PPG Executive Acquires Phantom Stock Units

Juliane M. Hefel, PPG's Sr. VP, Industrial Coatings & Special Products, acquired 16.1407 phantom stock units as part of a deferred compensation plan.

Summary

• Juliane M. Hefel, Senior Vice President of Industrial Coatings & Special Products at PPG Industries Inc., reported an acquisition of derivative securities.
• The transaction involved 16.1407 phantom stock units, acquired on November 14, 2025, at a price of $97.03 per unit.
• These phantom stock units are convertible to common stock on a one-for-one basis after the termination of employment with PPG.
• The acquisition was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-arranged transaction.
• Following this transaction, Ms. Hefel beneficially owns a total of 180.409 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan.
• Phantom stock units represent interests in an unfunded unitized company stock fund, with the number of attributed shares potentially changing based on PPG's common stock fair market value and the fund's cash amount.

Sentiment

Score: 6

Explanation: The filing reports a routine, pre-planned executive compensation event (acquisition of phantom stock units under a 10b5-1 plan). It does not reflect a discretionary investment decision by management or significant new information about the company's operational or financial performance, thus having a neutral to slightly positive sentiment as it aligns executive interests.

Positives

• The acquisition of phantom stock units is part of a deferred compensation plan, aligning executive interests with shareholder value over the long term.
• The transaction was executed under a Rule 10b5-1(c) plan, indicating a pre-scheduled and transparent compensation event.

Risks

• The value of the phantom stock units is subject to fluctuations based on the fair market value of PPG's common stock and the amount of cash held within the unfunded unitized company stock fund.

Future Outlook

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

Industry Context

This transaction represents a standard practice in executive compensation, where phantom stock units are used to defer compensation and align executive incentives with long-term company performance, common across various industries.

Stakeholder Impact

• Shareholders: The transaction is a routine executive compensation event, aligning executive interests with long-term shareholder value, with minimal direct impact on current share price.
• Employees: No direct impact on general employees is indicated by this filing.

Next Steps

• Conversion of phantom stock units to common stock upon termination of employment with PPG.

Key Dates

Recommendation

This Form 4 details a routine acquisition of phantom stock units by an executive as part of a pre-arranged deferred compensation plan (10b5-1). It does not represent a discretionary open market purchase or sale that would signal a change in management's immediate outlook or provide new material information to alter an existing investment thesis. Therefore, it does not warrant a change in investment recommendation.

Keywords

PPG Industries, PPG, Form 4, Insider Transaction, Phantom Stock Units, Deferred Compensation, Executive Compensation, Juliane M. Hefel, Rule 10b5-1