Form 4: PPG Industries Senior VP Acquires Phantom Stock Units in Deferred Compensation Plan

Alisha Bellezza, Senior VP of Automotive Coatings at PPG Industries, reported the acquisition of 0.4107 phantom stock units on June 12, 2025, as part of the company's deferred compensation plan.

Summary

• Alisha Bellezza, Senior VP of Automotive Coatings at PPG Industries, Inc. (PPG), filed a Form 4 reporting a change in beneficial ownership.
• On June 12, 2025, Ms. Bellezza acquired 0.4107 phantom stock units.
• These phantom stock units were acquired at a price of $112.03 per unit.
• Following this transaction, Ms. Bellezza beneficially owns a total of 71.6644 phantom stock units.
• The phantom stock units convert to common stock on a one-for-one basis.
• The units are exercisable or convertible after the termination of employment with PPG.
• Phantom stock units represent interests in an unfunded unitized company stock fund, which comprises both stock and cash.
• The number of shares attributed to a participant in the plan can fluctuate based on the fair market value of PPG's common stock and the amount of cash in the fund, without the participant's direct volition.

Sentiment

Score: 5

Explanation: The document reports a routine insider transaction related to executive compensation, which is neutral in sentiment. It does not indicate any significant positive or negative operational or financial news for the company.

Positives

• The acquisition of phantom stock units is part of a standard deferred compensation plan, indicating ongoing executive participation in company performance incentives.
• The transaction reflects a routine compensation event rather than a discretionary open-market purchase or sale, suggesting stability in executive compensation structures.

Risks

• The value of the phantom stock units, and thus the underlying common stock, is subject to market fluctuations, which could impact the ultimate value realized by the reporting person.
• The number of shares attributed to the reporting person may change without their direct control, depending on the fair market value of the issuer's common stock and the cash balance in the fund.

Future Outlook

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

Management Comments

• The filing was made by Alisha Bellezza, Sr. VP, Automotive Coatings, through her attorney-in-fact, Greg E. Gordon, indicating a routine compliance filing for executive compensation.

Industry Context

This Form 4 filing is a routine disclosure of an insider's beneficial ownership change, specifically related to executive compensation. It does not provide direct insights into broader industry trends or competitive dynamics within the automotive coatings or general chemicals sector, but rather reflects internal compensation practices at PPG Industries.

Comparison to Industry Standards

• The use of phantom stock units as part of a deferred compensation plan is a common practice among publicly traded companies, particularly in mature industries like chemicals and coatings, to align executive incentives with long-term shareholder value without immediate equity dilution.
• The structure, where units convert to common stock upon employment termination, is a standard retention and deferred compensation mechanism, comparable to similar plans at companies like Sherwin-Williams (SHW) or AkzoNobel (AKZA.AS) which also utilize various forms of equity-linked compensation for their executives.

Related Party Transactions

• The acquisition of phantom stock units is a transaction between the reporting person (an executive) and the issuer (PPG Industries, Inc.) as part of a company-sponsored deferred compensation plan. This is a standard compensation arrangement rather than a unique related-party dealing.

Stakeholder Impact

• Shareholders: The transaction is a routine compensation event and has minimal direct impact on current share price or ownership structure. It reflects ongoing executive alignment with company performance through deferred equity.
• Employees: No direct impact on general employees is indicated by this filing.
• Management: The transaction is part of the compensation structure for senior management, reinforcing their long-term incentives.

Next Steps

• The phantom stock units will convert to common stock upon the reporting person's termination of employment with PPG.

Key Dates

Keywords

PPG Industries, Form 4, Alisha Bellezza, Phantom Stock Units, Insider Transaction, Deferred Compensation Plan, SEC Filing, Executive Compensation, Automotive Coatings