PPG Director Leon Topalian Receives Phantom Stock Award

What Happened

• Leon J. Topalian, a Director of PPG Industries, received a grant/award of 22.25 derivative units tied to PPG common stock on 2026-09-11. The filing reports a per-unit value of $105.50 and a total reported value of $2,347. This is an award (not an open-market purchase or sale).

Key Details

• Transaction date: 2026-09-11. Form 4 filed: 2026-09-14 (timely filing).
• Reported transaction: Award/Grant (Code A) — 22.25 derivative units @ $105.50 each; total $2,347.
• Shares owned after transaction: Not specified in the provided filing details.
• Footnotes of note:
  • F1: Each derivative unit converts to one share of common stock on a one-for-one basis.
  • F2: Conversion/payout occurs after termination of service as a Director.
  • F3: Units are "phantom stock units" in PPG’s Deferred Compensation Plan for Directors — they track the value of company stock and cash in an unfunded unitized fund.
• No indication this was a cashless exercise or a sale; it is a compensation award.

Context

• Phantom stock units are a deferred-compensation vehicle — they track stock value and typically pay out in cash or shares in the future (here, conversion noted as one-for-one and tied to termination). Such awards are routine director compensation and do not by themselves indicate buying or selling sentiment.