Form 4: PPG Executive Acquires Phantom Stock Units

Alisha Bellezza, PPG Industries' Sr. VP of Automotive Coatings, acquired 0.4138 phantom stock units as part of a deferred compensation plan.

Summary

• Alisha Bellezza, Senior Vice President of Automotive Coatings at PPG Industries Inc., acquired 0.4138 phantom stock units.
• The transaction occurred on January 15, 2026, as part of a Rule 10b5-1 plan.
• Phantom stock units convert to common stock on a one-for-one basis after termination of employment with PPG.
• Following this transaction, Ms. Bellezza beneficially owns a total of 155.9206 phantom stock units.
• The phantom stock units represent interests in an unfunded unitized company stock fund, with the number of shares attributed potentially changing based on PPG's common stock fair market value and the fund's cash amount.

Sentiment

Score: 6

Explanation: The sentiment is neutral to slightly positive. It's a routine, small acquisition of phantom stock units as part of a compensation plan, indicating continued executive participation but having negligible direct impact on the company's financial outlook or stock price.

Positives

• The acquisition of phantom stock units indicates continued participation by a key executive in the company's long-term incentive and deferred compensation plans.
• The transaction was made pursuant to a Rule 10b5-1 plan, suggesting a pre-planned and systematic approach to executive compensation and stock ownership.

Risks

• The value of the phantom stock units is directly tied to the fair market value of PPG Industries, Inc. common stock, exposing the holder to market fluctuations.
• The conversion of units to common stock only occurs after termination of employment, meaning the executive's ability to realize value is deferred and contingent on future employment status.

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 Industries, Inc.

Industry Context

This filing is an insider transaction report (Form 4) and primarily reflects an individual executive's compensation activity rather than broader industry trends or company-specific strategic updates within the coatings industry.

Comparison to Industry Standards

• This Form 4 details an individual executive's routine compensation transaction and does not contain information comparable to industry-wide performance, projects, or results of other companies such as Sherwin-Williams or AkzoNobel.

Related Party Transactions

• Alisha Bellezza's participation in the PPG Industries, Inc. Deferred Compensation Plan, involving the acquisition of phantom stock units, constitutes a routine related party transaction as it is a compensation arrangement between an executive and the company.

Stakeholder Impact

• Shareholders: Minimal direct impact due to the small, routine nature of the transaction.
• Employees: No direct impact on general employees.
• Customers/Suppliers/Creditors: No direct impact.

Next Steps

• Conversion of phantom stock units to common stock upon the reporting person's termination of employment with PPG.

Key Dates

Recommendation

This Form 4 reports a routine acquisition of phantom stock units as part of an executive's deferred compensation plan. It does not provide new material information or significant financial data to alter an investment thesis for PPG Industries, thus a 'hold' recommendation remains appropriate.

Keywords

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