Form 4: PPG Executive Acquires Phantom Stock Units

Alisha Bellezza, PPG's Sr. VP of Automotive Coatings, acquired 0.4838 phantom stock units as part of a deferred compensation plan.

Summary

• Alisha Bellezza, Senior Vice President of Automotive Coatings at PPG Industries, Inc., acquired 0.4838 phantom stock units.
• The transaction occurred on December 12, 2025.
• 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, Ms. Bellezza beneficially owns a total of 117.8527 phantom stock units.
• These units are part of the PPG Industries, Inc. Deferred Compensation Plan and represent interests in an unfunded unitized company stock fund.
• The number of shares attributed to a plan participant can change based on the fair market value of PPG common stock and the cash in the fund.

Sentiment

Score: 6

Explanation: Slightly positive due to insider acquisition, indicating alignment of interests, but the transaction size is very small and routine, limiting significant sentiment impact.

Positives

• An executive is increasing their beneficial ownership in the company, aligning their interests with shareholders.
• The acquisition is part of a deferred compensation plan, indicating a structured long-term incentive for management.

Negatives

• The acquired amount of 0.4838 phantom stock units is very small, suggesting a routine accrual rather than a significant discretionary investment.

Risks

• The value of 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 plan participant may change from time to time 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 acquired phantom stock units will convert to common stock on a one-for-one basis after the termination of employment with PPG, serving as a long-term incentive.

Industry Context

This is a routine insider compensation disclosure typical for publicly traded companies, reflecting standard executive incentive structures within the manufacturing and coatings industry. It does not provide broader industry trends.

Comparison to Industry Standards

• Deferred compensation plans involving phantom stock units are a common practice in large corporations, including those in the chemicals and materials sector, to align executive interests with long-term shareholder value. Companies like Sherwin-Williams (SHW) and AkzoNobel (AKZA.AS) also utilize various forms of equity-based compensation for their executives.
• The mechanism of units converting to common stock upon termination of employment is a standard feature of many long-term incentive plans designed to retain executives.

Corporate Governance

Related Party Transactions

• Acquisition of phantom stock units by a Senior Vice President from the company's deferred compensation plan, representing an insider transaction.

Stakeholder Impact

• Shareholders: Minor positive impact due to increased executive alignment with company performance, though the transaction size is negligible.
• Employees (specifically the executive): Direct impact on long-term compensation and wealth accumulation tied to company stock performance.

Next Steps

• 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.

Key Dates

Keywords

PPG Industries, PPG, Insider Transaction, Form 4, Phantom Stock, Deferred Compensation, Executive Compensation, Alisha Bellezza, Automotive Coatings