Nally Michael 4

4 · PPG INDUSTRIES INC · Filed Apr 17, 2026

AI-generated summary of this filing

Updated Apr 17, 2026

PPG Director Michael Nally Converts RSUs to Phantom Stock

What Happened

Michael Nally, a director of PPG Industries (PPG), converted 1,849 vested restricted stock units (RSUs) into phantom stock under PPG’s Deferred Compensation Plan for Directors on April 15, 2026 (reported Apr 17, 2026). The conversion is reported at $107.72 per share, totaling about $199,174. He was also awarded/received 1,684 additional phantom stock units on April 16, 2026. These actions are acquisitions/deferrals (not open‑market sales).

Key Details

Transaction dates and values:
- 2026-04-15: Converted/ exercised derivative related to 1,849 RSUs — acquired phantom units valued at $107.72 each; total ≈ $199,174 (reported as code M conversion).
- 2026-04-15: Reported disposition of 1,849 derivative RSUs (deferred receipt replaced by phantom units) (price $0.00 in filing column).
- 2026-04-16: Grant/award: 1,684 phantom stock units (price $0.00).
Shares/units owned after transaction: Not specified in the filing.
Footnotes of note:
- F1: The 1,849 RSUs vested on April 15, 2026 (granted April 17, 2025) and were deferred into phantom stock under the Deferred Compensation Plan for Directors.
- F2/F5: Each RSU represents one share and the phantom/derivative units convert to common stock on a one‑for‑one basis.
- F4: Phantom stock units are interests in an unfunded unitized stock fund (mix of stock and cash); unit counts/values can change with the fund’s fair market value.
- F6: The reported restricted stock units vest on April 14, 2027 (as noted in the filing).
Filing timeliness: Reported on April 17, 2026 for transactions on April 15–16, 2026 — filed within the standard Form 4 reporting window (timely).

Context

This was not an open‑market buy or cash sale; Nally deferred vested RSUs into plan phantom units and received an additional grant. Phantom units track company stock value and typically convert to shares (or cash) per plan terms, often upon termination of service — they do not necessarily indicate a current purchase of shares on the market.

Form 4

Period: 2026-04-15

Director

Transactions

Exercise/Conversion
Restricted Stock Units
[F1]
2026-04-15−1,849→ 0 total
→ Common Stock (1,849 underlying)
Exercise/Conversion
Phantom Stock Units
[F2][F3][F4]
2026-04-15$107.72/sh+1,849$199,174→ 10,282.53 total
→ Common Stock (1,849 underlying)
Award
Restricted Stock Units
[F5][F6]
2026-04-16+1,684→ 1,684 total
→ Common Stock (1,684 underlying)

Footnotes (6)

[F1]Upon the vesting of restricted stock units on April 15, 2026, which were granted to the reporting person on April 17, 2025, the reporting person deferred the receipt of 1,849 shares of common stock and received instead shares of phantom stock pursuant to the PPG Industries, Inc. Deferred Compensation Plan for Directors. As a result, the reporting person is reporting the conversion of restricted stock units relating to 1,849 shares of common stock in exchange for shares in phantom stock.
[F2]The security converts to common stock on a one-for-one basis.
[F3]After termination of service as a Director of PPG Industries, Inc.
[F4]Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan for Directors. 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 common stock and the amount of cash in the fund.
[F5]Each restricted stock unit represents a contingent right to receive one share of PPG common stock.
[F6]The restricted stock units vest on April 14, 2027.

Signature

/s/ Greg E. Gordon, Attorney-in-Fact for Michael Nally|2026-04-17

1 file