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

PPG Industries' Senior VP and General Counsel, Anne M. Foulkes, acquired 16.4905 phantom stock units as part of a deferred compensation plan.

Summary

• Anne M. Foulkes, Sr. VP and General Counsel of PPG Industries Inc., acquired 16.4905 phantom stock units.
• The transaction occurred on August 29, 2025.
• These phantom stock units convert to common stock on a one-for-one basis.
• Following this acquisition, Ms. Foulkes beneficially owns a total of 604.7963 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan.
• Phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash.
• The number of shares attributed to a Plan participant may change based on the fair market value of PPG common stock and the amount of cash in the fund.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. It's a routine insider transaction, indicating continued executive participation in the company's long-term incentive plans and alignment with shareholder interests.

Positives

• An insider, Anne M. Foulkes, acquired additional phantom stock units, aligning her interests with shareholders for long-term company performance.

Future Outlook

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

Insider transactions, particularly those involving deferred compensation plans like phantom stock units, are common practices in executive compensation across various industries. These plans aim to align executive interests with long-term shareholder value.

Comparison to Industry Standards

• The use of phantom stock units as part of an executive's deferred compensation plan is a common practice, comparable to similar long-term incentive structures seen in large industrial companies like Sherwin-Williams (SHW) or AkzoNobel (AKZOY), which also utilize equity-based compensation to retain and incentivize key personnel.

Stakeholder Impact

• Shareholders: Increased alignment of executive interests with long-term shareholder value through equity-based compensation.
• Employees: Standard executive compensation practices may influence overall compensation philosophy.

Next Steps

• The phantom stock units will convert 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 by a senior executive as part of a deferred compensation plan. Such transactions are standard and do not typically indicate a significant change in the company's fundamental prospects or warrant a change in investment recommendation based solely on this filing. It primarily reflects ongoing executive compensation and alignment with long-term company performance.

Keywords

PPG, Anne M. Foulkes, Form 4, insider transaction, phantom stock, deferred compensation, executive compensation