PPG Sr. VP Chancey E. Hagerty Receives Phantom Stock Award

What Happened Chancey E. Hagerty, Senior Vice President, Automotive Refinish Coatings at PPG Industries (PPG), received a grant of 0.981 derivative units (phantom shares) on June 12, 2026. The units were recorded at an underlying price of $119.34 per share for a reported value of approximately $117. This was an award/grant (code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-06-12; Form 4 filed: 2026-06-15 (3 calendar days later).
• Grant details: 0.981 derivative units credited at $119.34 per share; reported total value ≈ $117.
• Shares owned after transaction: Not specified in the filing.
• Footnotes:
  • F1: Each derivative unit converts to one common share on a one-for-one basis.
  • F2: Conversion to common stock occurs after termination of employment.
  • F3: Units are “phantom stock” in PPG’s Deferred Compensation Plan—an unfunded unitized stock fund whose unit counts/value can change with the company’s stock price and cash in the fund.
• Filing timeliness: Form shows transaction date and filing date; whether this meets the SEC’s 2-business-day Form 4 deadline depends on business-day counting.

Context This was an awarded derivative interest (phantom stock unit) tied to PPG’s deferred compensation plan. Such grants are routine compensation and do not represent an open-market purchase or sale; the units typically convert to actual shares (per footnotes) only after employment termination. The dollar value reported here is small and reflects the fractional unit granted rather than a market trade.