Form 4: PPG Industries Senior VP Acquires Additional Phantom Stock Units

Anne M. Foulkes, Senior Vice President and General Counsel of PPG Industries, Inc., has acquired 2.8454 phantom stock units as part of the company's deferred compensation plan.

Summary

• Anne M. Foulkes, Senior Vice President and General Counsel of PPG Industries, Inc. (PPG), acquired 2.8454 phantom stock units on June 12, 2025.
• These units were acquired at a price of $112.03 per unit.
• Following this transaction, Ms. Foulkes beneficially owns a total of 505.1914 phantom stock units.
• Phantom stock units convert to PPG common stock on a one-for-one basis upon termination of employment.
• 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 held by participants can fluctuate based on the fair market value of PPG common stock and the cash balance within the fund.

Sentiment

Score: 6

Explanation: Slightly positive. The acquisition of phantom stock units aligns executive interests with shareholders, which is generally viewed favorably. However, the small size of the transaction and its routine nature as part of a deferred compensation plan limit its overall impact on sentiment.

Positives

• Increased alignment of executive compensation with shareholder interests through phantom stock unit acquisition.
• The acquisition is part of a deferred compensation plan, indicating a structured approach to executive incentives.

Risks

• The value of phantom stock units is subject to the fair market value of PPG's common stock, exposing the holder to market fluctuations.
• The phantom stock units are part of an unfunded plan, meaning their realization is dependent on the company's future financial health.

Future Outlook

The phantom stock units convert to common stock upon termination of employment, linking future compensation to the company's stock performance.

Management Comments

• 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 transaction is a routine insider filing, common for executives participating in deferred compensation plans, and does not indicate a broader industry trend or specific competitive action. It reflects standard executive incentive structures within large corporations.

Stakeholder Impact

• Shareholders: The acquisition of phantom stock units aligns the interests of a key executive with shareholders, as the value of these units is tied to the company's stock performance.
• Employees: The deferred compensation plan structure may serve as a model or incentive for other employees, though this specific transaction is for a senior executive.

Next Steps

• The phantom stock units will convert to common stock upon Anne M. Foulkes' termination of employment with PPG.

Key Dates

Recommendation

Keywords

PPG Industries, PPG, Form 4, Insider Transaction, Phantom Stock Units, Deferred Compensation, Executive Compensation, Anne M. Foulkes, Senior Vice President, General Counsel, Beneficial Ownership