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

Alisha Bellezza, Senior VP of Automotive Coatings at PPG Industries, reported the acquisition of 0.4711 phantom stock units, increasing her total holdings to 72.7866 units.

Summary

• Alisha Bellezza, Senior VP of Automotive Coatings at PPG Industries, reported a change in beneficial ownership.
• She acquired 0.4711 phantom stock units on June 30, 2025.
• These phantom stock units convert to PPG common stock on a one-for-one basis.
• The price of the derivative security was $113.75 per unit.
• Following this transaction, her total beneficial ownership of phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan is 72.7866 units.
• Phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash.
• 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 PPG's common stock and the amount of cash in the fund.
• The units are exercisable after termination of employment with PPG.

Sentiment

Score: 7

Explanation: The acquisition of phantom stock units by a senior executive is generally a positive signal, indicating continued alignment of management interests with shareholder value, though it's a routine compensation event rather than a direct investment.

Positives

• The acquisition of additional phantom stock units by a Senior VP indicates continued alignment of management interests with shareholder value, as these units convert to common stock.

Risks

• The number of shares attributed to phantom stock units can change based on the fair market value of PPG's common stock and the amount of cash in the fund, introducing variability in the ultimate value received.

Future Outlook

The phantom stock units are exercisable after the termination of employment with PPG, aligning long-term incentives with company performance and future stock value.

Management Comments

• The security converts to common stock on a one-for-one basis.
• Phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash.
• 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 executive compensation disclosure common across publicly traded companies, reflecting a mechanism for long-term incentive alignment in the industrial coatings and specialty materials sector.

Comparison to Industry Standards

• Phantom stock units are a common form of deferred compensation and long-term incentive for executives in large corporations, similar to practices at companies like Sherwin-Williams (SHW) or AkzoNobel (AKZA.AS).
• The one-for-one conversion to common stock is standard for such units, directly linking executive wealth to shareholder value.
• The variability in unit value based on company stock performance and fund cash is typical for unfunded deferred compensation plans.

Stakeholder Impact

• Shareholders: The acquisition of phantom stock units by a Senior VP aligns management's long-term interests with shareholder value, as the units convert to common stock.
• Employees: The deferred compensation plan involving phantom stock units is a benefit for executives, potentially influencing retention and motivation.

Next Steps

• The phantom stock units will convert to common stock on a one-for-one basis after the termination of employment with PPG.

Key Dates

Keywords

PPG Industries, PPG, Form 4, SEC filing, phantom stock units, executive compensation, insider transaction, Alisha Bellezza, deferred compensation