Form 4: PPG Executive Bellezza Boosts Phantom Stock Holdings

PPG Industries' Sr. VP of Automotive Coatings, Alisha Bellezza, acquired 0.4646 phantom stock units as part of her deferred compensation plan.

Summary

• Alisha Bellezza, Sr. VP, Automotive Coatings at PPG Industries Inc. (PPG), acquired 0.4646 phantom stock units.
• The transaction occurred on September 12, 2025.
• Each phantom stock unit converts to one share of PPG common stock.
• The phantom stock units are exercisable after termination of employment with PPG.
• The price of the derivative security (phantom stock unit) was $110.72.
• Following this transaction, Alisha Bellezza beneficially owns a total of 75.4923 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan.
• Phantom stock units represent interests in an unfunded unitized company stock fund, with the number of shares potentially changing based on PPG's common stock fair market value and the fund's cash amount.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock units by a Senior Vice President, as part of a deferred compensation plan, is a routine but generally positive signal, indicating continued alignment of executive interests with the company's long-term performance.

Positives

• Management's continued participation in equity-linked compensation plans aligns their interests with shareholders.
• The acquisition of additional phantom stock units, even a small amount, indicates ongoing engagement with the company's long-term performance.

Negatives

• NA

Risks

• The value of phantom stock units is directly tied to the fair market value of PPG's common stock, exposing the holder to market fluctuations.
• The number of shares attributed to the reporting person may change 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 phantom stock units acquired by the executive are structured to convert into common stock upon the termination of employment with PPG, indicating a long-term incentive and retention mechanism.

Management Comments

• NA

Industry Context

This filing reflects a routine executive compensation event, common across various industries, where key personnel receive equity-linked incentives to align their long-term interests with company performance.

Comparison to Industry Standards

• Deferred compensation plans involving phantom stock units are a standard practice in executive compensation across many large corporations, aiming to retain talent and align executive interests with shareholder value over the long term.
• The one-for-one conversion of phantom units to common stock is a typical structure for such equity-based incentives.

Related Party Transactions

• Alisha Bellezza, Sr. VP, Automotive Coatings, acquired 0.4646 phantom stock units from PPG Industries, Inc. as part of her deferred compensation plan.

Stakeholder Impact

• Shareholders: Executive's interests are further aligned with shareholder value through equity-linked compensation.
• Employees: Reflects standard executive compensation practices within the company.

Next Steps

• Conversion of phantom stock units to common stock upon termination of employment with PPG.

Key Dates

Recommendation

This Form 4 filing details a routine executive compensation event involving phantom stock units and does not provide new information that would significantly alter the investment thesis for PPG Industries. It primarily confirms ongoing executive participation in long-term incentive plans, which is generally a neutral to slightly positive factor for a 'hold' recommendation.

Keywords

PPG, phantom stock, deferred compensation, executive compensation, insider transaction, Alisha Bellezza, Form 4, automotive coatings