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PPG INDUSTRIES INC·4

Apr 17, 1:39 PM ET

NOVO GUILLERMO 4

Research Summary

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Updated

PPG Director Guillermo Novo Exercises RSUs, Receives Awards

What Happened

  • Guillermo Novo, a director of PPG Industries (PPG), reported derivative and award transactions tied to restricted stock units (RSUs) and phantom stock. On April 15, 2026 he converted/exercised 1,849 vested RSUs into phantom stock units (reported acquisition value: 1,849 @ $107.72 = $199,174). The filing also shows a grant/award reported April 16, 2026 of 401.213 RSU-equivalent units at $112.16 each (value reported $45,000), plus an additional reported acquisition of 1,684 derivative units at $0.00. These transactions are awards/plan deferrals rather than open‑market purchases or sales.

Key Details

  • Transaction dates: April 15, 2026 (conversion/exercise) and April 16, 2026 (grant/award).
  • Reported amounts and values: 1,849 units @ $107.72 = $199,174 (conversion); 401.213 units @ $112.16 = $45,000 (award); entries of 1,849 @ $0.00 (disposed) and 1,684 @ $0.00 (acquired) also appear in the filing.
  • Shares owned after transaction: the Form 4 does not list total PPG common shares held as regular stock; the filing reports phantom stock units held under the company Deferred Compensation Plan for Directors (see footnote F4).
  • Notable footnotes: F1 explains Novo deferred receipt of vested RSUs and received phantom stock under the Deferred Compensation Plan; F2 notes phantom/security converts to common stock one‑for‑one; F4 describes phantom units as interests in an unfunded unitized stock/cash fund; F5/F6 explain RSU mechanics and vesting schedule.
  • Timeliness: The Form 4 was filed April 17, 2026 for transactions on April 15–16, 2026 (filed within the standard Section 16 reporting window).

Context

  • These transactions reflect director compensation and deferral elections (converting vested RSUs into phantom stock and receiving new RSU/derivative awards). Phantom stock units track the value of PPG common stock but are part of a deferred, unfunded plan and are not the same as immediately tradeable shares. Such awards and deferrals are routine for directors and do not on their own indicate the director bought or sold common stock in the open market.