Topalian Leon J 4

What Happened
Leon J. Topalian, a director of PPG Industries (PPG), elected to defer 1,210 restricted stock units (RSUs) that vested on April 15, 2026 and received 1,210 phantom stock units instead (reported as a conversion). The phantom units are reported at $107.72 each, totaling $130,341. On April 16, 2026 he was also granted 1,684 additional RSUs (an award), which are contingent rights to common stock that vest on April 14, 2027.

Key Details

• Transactions reported: April 15–16, 2026; filing date April 17, 2026 (filed timely).
• April 15, 2026: 1,210 RSUs deferred/converted to phantom stock — reported acquisition value $107.72/share; total $130,341.
• April 15, 2026: corresponding reporting entry shows the original vested RSUs as disposed (deferred) — administrative conversion, not an open‑market sale.
• April 16, 2026: grant of 1,684 RSUs (award) at $0.00 (these RSUs vest 4/14/2027).
• Shares owned after the transactions: not specified in the provided excerpt of the filing.
• Footnotes: conversion occurred under PPG’s Deferred Compensation Plan for Directors; phantom units are unitized interests in a fund of PPG stock/cash and convert one‑for‑one to common stock (subject to plan terms).

Context

• This was not an open‑market buy or sale — Topalian deferred vested RSUs into phantom stock (a common director deferral) and received a new RSU grant.
• Phantom stock units track the value of PPG shares but are part of an unfunded deferred compensation plan and may change in number/value with the fund’s holdings.
• RSU grants are contingent and vest on the stated date; they do not necessarily indicate immediate stock purchases or sales.