Massy Robert L. 4

What Happened

• Robert L. Massy, Senior Vice President and Chief Human Resources Officer of PPG Industries, received a grant of 0.393 phantom shares (derivative award) on July 15, 2026. The award is reported at a per-share value of $115.31, for a total reported value of $45.
• This transaction is an award (code A) under a deferred compensation/phantom stock arrangement, not an open-market purchase or sale. Such awards are typically part of executive compensation and are routine rather than an active buy/sell signal.

Key Details

• Transaction date: 2026-07-15; filing date: 2026-07-16 (filed timely — Form 4s are due within 2 business days).
• Price/value: 0.393 units × $115.31 = $45 (reported as a derivative acquisition).
• Shares owned after transaction: Not specified in the provided filing details.
• Footnotes:
  • F1: The security converts to common stock on a one-for-one basis.
  • F2: Conversion/rights may apply after termination of employment.
  • F3: These are phantom stock units in PPG’s Deferred Compensation Plan — an unfunded unitized fund tracked to company stock and cash; unit counts can change with the fund’s value.
• Transaction code: A = Award/Grant; derivative in nature (not a direct share purchase).

Context

• Phantom stock units are a form of deferred compensation that mirror the value of company shares but do not represent immediate share ownership until conversion/settlement. They are commonly used for retention and compensation and do not necessarily indicate insider sentiment about the stock.
• The reported dollar amount is very small ($45), so this appears to be a routine compensation credit rather than a material insider investment.