Nally Michael 4

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.