Form 4: PPG Industries Director Heminger Reports Acquisition of Phantom Stock Units

Director Gary R. Heminger reports acquiring phantom stock units convertible to common stock in PPG Industries' Deferred Compensation Plan for Directors.

Summary

• On March 12, 2024, Gary R. Heminger, a director of PPG Industries, acquired phantom stock units that convert to common stock on a one-for-one basis.
• The transaction involved the acquisition of 43.1017 phantom stock units at a price of $141.31 per unit.
• Following the reported transaction, Heminger beneficially owns a total of 7,779.4508 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan for Directors.
• These phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash.
• The number of shares attributed to Heminger as a Plan participant may change over time based on the fair market value of PPG's common stock and the amount of cash in the fund.

Sentiment

Score: 6

Explanation: The sentiment is neutral. It's a routine transaction related to executive compensation. There are no explicit positive or negative implications for the company's performance.

Positives

• The acquisition of phantom stock units by a director may signal confidence in the company's future performance.
• The deferred compensation plan aligns the interests of directors with those of shareholders.

Risks

• The value of the phantom stock units is subject to fluctuations in the fair market value of PPG's common stock.
• Changes in the amount of cash in the fund could also impact the value of the units.

Future Outlook

The number of shares attributed to the reporting person as a Plan participant may change from time to time without the volition of the reporting person depending on the fair market value of the issuer's common stock and the amount of cash in the fund.

Industry Context

This filing is a routine disclosure related to executive compensation and is common among publicly traded companies. It reflects the ongoing administration of deferred compensation plans designed to incentivize and retain key personnel.

Comparison to Industry Standards

• Deferred compensation plans are a common practice among large, publicly traded companies like PPG Industries.
• Companies such as Sherwin-Williams and AkzoNobel also utilize similar compensation structures to align executive interests with shareholder value.
• The specific terms of these plans, such as the vesting schedules and the types of securities used, can vary significantly between companies.

Stakeholder Impact

• The transaction has a minimal direct impact on stakeholders.
• It reflects the ongoing compensation arrangements for the company's directors.

Key Dates