Topalian Leon J 4

What Happened
Leon J. Topalian, a director of PPG Industries, was granted 16.083 phantom stock units (derivative award) on 2026-06-12. The units were valued at $119.34 each, for a total reported value of about $1,919. This was an award/grant (not an open-market purchase or sale) as part of director compensation.

Key Details

• Transaction date and type: 2026-06-12 — Code A (award/grant); derivative award (phantom stock units).
• Price/value: 16.083 units × $119.34 = ~$1,919.
• Shares owned after transaction: Not disclosed in this Form 4.
• Notable footnotes:
  • F1: Units convert to common stock on a one-for-one basis.
  • F2: Settlement/conversion relates to termination of director service (i.e., paid after termination).
  • F3: Units are phantom stock units in the PPG Deferred Compensation Plan for Directors, representing interests in an unfunded unitized stock/cash fund; unit counts/value can change with the fair market value and cash in the fund.
• Filing timeliness: Form 4 filed 2026-06-15 for a 2026-06-12 transaction — filed within the required two business days (timely).

Context
Phantom stock units are derivative awards that track company stock value but are not immediately tradable shares; they typically convert to shares or cash later (here, tied to deferred compensation and settlement after director service ends). Such grants are routine director compensation and do not by themselves indicate the insider’s personal buying or selling sentiment.