Form 4: PPG Executive Acquires Phantom Stock Units in Deferred Compensation Plan

PPG Industries Senior Vice President Chancey E. Hagerty acquired 16.4783 phantom stock units, increasing total holdings to 18.1168 units, as part of a deferred compensation plan.

Summary

• Chancey E. Hagerty, Senior Vice President, Automotive Refinish Coatings at PPG Industries Inc. (PPG), acquired 16.4783 phantom stock units.
• The transaction date for this acquisition was July 31, 2025.
• The phantom stock units were valued at $105.5 per unit for this transaction.
• These units convert to common stock on a one-for-one basis.
• Following this acquisition, the reporting person beneficially owns a total of 18.1168 phantom stock units.
• The units are held within the PPG Industries, Inc. Deferred Compensation Plan, which is an unfunded unitized company stock fund comprised of stock and cash.
• The number of shares attributed to the participant can fluctuate based on PPG's common stock fair market value and the cash balance in the fund.
• The phantom stock units become exercisable upon the reporting person's termination of employment with PPG.

Sentiment

Score: 5

Explanation: The filing is a routine Form 4 disclosing an executive's acquisition of phantom stock units as part of a deferred compensation plan, which is a neutral event regarding company performance or outlook.

Positives

• Management's continued participation in the company's deferred compensation plan aligns executive interests with long-term shareholder value.

Future Outlook

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

Industry Context

This filing is a standard disclosure of an executive's participation in a deferred compensation plan, a common practice across industries for aligning executive interests with shareholder value. It does not reflect broader industry trends or competitive dynamics.

Comparison to Industry Standards

• The use of phantom stock units as part of an executive deferred compensation plan is a common practice among publicly traded companies, including those in the chemicals and coatings industry, to provide long-term incentives and align executive interests with company performance.

Stakeholder Impact

• Shareholders: The acquisition of phantom stock units by an executive aligns their interests with shareholder value over the long term, as the units convert to common stock.
• Employees: No direct impact on general employees.

Next Steps

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

Key Dates

Recommendation

This Form 4 filing details a routine executive compensation event involving the acquisition of phantom stock units. It does not contain information that would fundamentally alter the investment thesis for PPG Industries, Inc. Therefore, a 'hold' recommendation is appropriate, as the filing provides no new material information to warrant a change in existing investment positions.

Keywords

PPG, PPG Industries, Form 4, Insider Transaction, Phantom Stock, Deferred Compensation, Executive Compensation, Chancey E. Hagerty