Form 4: PPG Executive Acquires Phantom Stock Units

PPG Industries' Senior VP and Chief HR Officer, Robert L. Massy, acquired 0.1174 phantom stock units, increasing his total holdings to 44.9261 units.

Summary

• Robert L. Massy, Senior VP and Chief HR Officer of PPG Industries Inc., acquired 0.1174 phantom stock units on August 29, 2025.
• Following this acquisition, Massy beneficially owns a total of 44.9261 phantom stock units.
• Phantom stock units convert to common stock on a one-for-one basis after employment termination.
• 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 units can fluctuate based on the fair market value of PPG common stock and the amount of cash in the fund.
• The underlying common stock price at the time of the transaction was $111.23.

Sentiment

Score: 7

Explanation: The acquisition of additional phantom stock units by a senior executive, even through a deferred compensation plan, generally indicates continued alignment with company performance and can be viewed as a modest positive signal.

Positives

• An executive's acquisition of additional phantom stock units may signal continued alignment with shareholder interests and confidence in the company's future performance.

Risks

• The value of phantom stock units is subject to the fair market value of PPG's common stock and the amount of cash in the underlying fund, introducing market risk.
• Phantom stock units are part of an unfunded plan, meaning they are unsecured obligations of the company.

Future Outlook

Phantom stock units held by the reporting person will convert to common stock on a one-for-one basis upon termination of employment with PPG.

Industry Context

This Form 4 details an executive compensation event, which is a standard practice across publicly traded companies to align executive incentives with shareholder value.

Stakeholder Impact

• Shareholders: May view the executive's increased holdings as a positive signal of management's commitment and belief in the company's future.

Next Steps

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

Key Dates

Keywords

PPG, phantom stock, executive compensation, insider transaction, deferred compensation, Robert L. Massy