PPG Director Guillermo Novo Receives 126.9-Share Award

What Happened
Guillermo Novo, a director of PPG Industries, received an award of 126.866 phantom stock units (reported as a derivative acquisition) on 2026-09-11. The units were valued at $105.50 each, for a total reported value of approximately $13,384. This was an award/compensation event (not an open-market purchase or sale).

Key Details

• Transaction date: 2026-09-11; Form 4 filed: 2026-09-14.
• Amount: 126.866 phantom stock units at $105.50 per unit; total value reported $13,384.
• Transaction type/code: A — Grant/Award/Other acquisition (derivative).
• Shares owned after transaction: Not separately listed in the filing; footnote indicates the reported number reflects the phantom units held at the time.
• Relevant footnotes from the filing:
  • F1: Each unit converts to common stock on a one-for-one basis.
  • F2: Relates to treatment after termination of service as a director.
  • F3: The units are “phantom stock units” in the PPG Deferred Compensation Plan for Directors — an unfunded unitized stock/cash fund whose unit count/value can change with the fair market value of PPG stock and cash in the fund.

Context
This was a derivative compensation award (phantom units) under PPG’s deferred compensation plan for directors, not an open-market buy or sale. Phantom stock units are generally settled in stock and/or cash per plan rules and convert one-for-one to common shares per the filing’s footnote — they do not necessarily indicate the director bought shares with personal funds. The filing simply reports the grant; it does not state any immediate sale or cashless exercise.