Morales Vincent J 4

What Happened

• Vincent J. Morales, Senior Vice President & Chief Financial Officer of PPG Industries (PPG), exercised stock options and sold shares on February 13, 2026. He exercised two option tranches to acquire 19,259 shares at $109.74 (cost $2,113,483) and 30,397 shares at $119.52 (cost $3,633,049) — a total of 49,656 shares for about $5.75 million in exercise cost.
• On the same day Morales sold multiple blocks of PPG shares in open-market transactions: 28,439 shares at $130.92 ($3,723,234), 19,259 shares at $131.10 ($2,524,938), 30,397 shares at $131.00 ($3,981,907), and a discretionary sale of 8,844.77 shares at $131.56 ($1,163,618). Total gross proceeds from the disclosed sales were about $11.39 million.
• The filing also reports derivative-conversion entries (M) showing the exercised derivatives as disposed ($0 proceeds) — a technical reporting result of exercising/converting options into shares.

Key Details

• Transaction date: February 13, 2026; Form 4 filed February 18, 2026 (within required timeframe given the federal holiday that week).
• Option exercises acquired: 19,259 @ $109.74 ($2,113,483) and 30,397 @ $119.52 ($3,633,049) — total acquired 49,656 shares for ~$5.75M.
• Open-market sales: 28,439 @ $130.92; 19,259 @ $131.10; 30,397 @ $131.00; discretionary sale 8,844.77 @ $131.56. Aggregate sale proceeds ≈ $11.39M.
• Footnotes: F1/F2 note the reported sale prices are weighted averages covering small price ranges (complete per-price detail available on request). F3 refers to the number of shares held in Morales’s PPG Employee Savings Plan as of Feb 13, 2026 (details not shown in this excerpt).
• Shares owned after the transactions are not specified in the provided excerpt; the filing notes employee-plan holdings per F3.
• No 10b5-1 plan or gift notation was reported in the excerpt.

Context

• The reporting shows option exercises followed by same-day sales of shares. That pattern is commonly used to cover exercise costs or to monetize shares, but filings are technical records — they do not state the insider’s motivations.
• For clarity: “M” = exercise/conversion of a derivative (options). The $0 disposal lines reflect conversion of the derivative instrument (options) into shares (technical reporting), separate from the open-market sale lines.