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PPG (NYSE: PPG) director Novo converts RSUs and receives new equity grants

Filing Impact
(Moderate)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

PPG Industries director Guillermo Novo reported equity-based compensation and a deferral election. On April 15, 2026, 1,849 restricted stock units vested and were converted into 1,849 Phantom Stock Units under the PPG Industries, Inc. Deferred Compensation Plan for Directors, instead of receiving common shares.

After this conversion, Novo held a total of 13,155.9300 Phantom Stock Units, each representing a one-for-one interest in PPG common stock payable after his service as director ends. On April 16, 2026, he received grants of 1,684 Restricted Stock Units and 401.2126 Phantom Stock UnitsApril 14, 2027.

Positive

  • None.

Negative

  • None.
Insider NOVO GUILLERMO
Role Director
Type Security Shares Price Value
Grant/Award Phantom Stock Units 401.213 $112.16 $45K
Grant/Award Restricted Stock Units 1,684 $0.00 --
Exercise Restricted Stock Units 1,849 $0.00 --
Exercise Phantom Stock Units 1,849 $107.72 $199K
Holdings After Transaction: Phantom Stock Units — 13,155.93 shares (Direct); Restricted Stock Units — 1,684 shares (Direct)
Footnotes (1)
  1. Upon the vesting of restricted stock units on April 15, 2026, which were granted to the reporting person on April 17, 2025, the reporting person deferred the receipt of 1,849 shares of common stock and received instead shares of phantom stock pursuant to the PPG Industries, Inc. Deferred Compensation Plan for Directors. As a result, the reporting person is reporting the conversion of restricted stock units relating to 1,849 shares of common stock in exchange for shares in phantom stock. The security converts to common stock on a one-for-one basis. After termination of service as a Director of PPG Industries, Inc. Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan for Directors. Phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash. The number of shares attributed to the reporting person as a Plan participant may change from time to time without the volition of the reporting person depending on the fair market value of the issuer common stock and the amount of cash in the fund. Each restricted stock unit represents a contingent right to receive one share of PPG common stock. The restricted stock units vest on April 14, 2027.
RSUs converted 1,849 shares Restricted stock units converted to Phantom Stock Units on April 15, 2026
Phantom units received (conversion) 1,849 units at $107.7200 Phantom Stock Units received in exchange for vested RSUs on April 15, 2026
Total phantom units after conversion 13,155.9300 units Phantom Stock Units held after April 15, 2026 conversion
New RSU grant 1,684 units Restricted Stock Units granted on April 16, 2026
New phantom unit grant 401.2126 units at $112.1600 Phantom Stock Units granted on April 16, 2026
RSUs outstanding post-grant 1,684 units Total Restricted Stock Units held after April 16, 2026 grant
RSU vesting date April 14, 2027 Scheduled vesting date for the 1,684 new Restricted Stock Units
Phantom Stock Units financial
"Phantom stock units represent interests in an unfunded unitized company stock fund"
Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.
PPG Industries, Inc. Deferred Compensation Plan for Directors financial
"received instead shares of phantom stock pursuant to the PPG Industries, Inc. Deferred Compensation Plan for Directors"
restricted stock units financial
"Upon the vesting of restricted stock units on April 15, 2026, which were granted"
Restricted stock units are a type of company reward where employees are promised shares of stock, but they only fully own these shares after meeting certain conditions, like staying with the company for a set time. They matter because they can become valuable assets and are often used to motivate employees to help the company succeed.
contingent right financial
"Each restricted stock unit represents a contingent right to receive one share of PPG common stock."
unfunded unitized company stock fund financial
"Phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash."
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number:3235-0287
Estimated average burden
hours per response:0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
NOVO GUILLERMO
(Last)(First)(Middle)
C/O PPG INDUSTRIES, INC.
ONE PPG PLACE
(Street)
PITTSBURGH PENNSYLVANIA 15272
(City)(State)(Zip)
UNITED STATES
(Country)		2. Issuer Name and Ticker or Trading Symbol
PPG INDUSTRIES INC [ PPG ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
XDirector10% Owner
Officer (give title below)Other (specify below)
2a. Foreign Trading Symbol
3. Date of Earliest Transaction (Month/Day/Year)
04/15/2026		6. Individual or Joint/Group Filing (Check Applicable Line)
XForm filed by One Reporting Person
Form filed by More than One Reporting Person
4. If Amendment, Date of Original Filed (Month/Day/Year)

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year)2A. Deemed Execution Date, if any (Month/Day/Year)3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeVAmount(A) or (D)Price
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year)3A. Deemed Execution Date, if any (Month/Day/Year)4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year)7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
CodeV(A)(D)Date ExercisableExpiration DateTitleAmount or Number of Shares
Restricted Stock Units(1)04/15/2026M1,849 (1) (1)Common Stock1,849$00D
Phantom Stock Units(2)04/15/2026M1,849 (3) (3)Common Stock1,849$107.7212,754.7174D
Phantom Stock Units(2)04/16/2026A401.2126 (3) (3)Common Stock401.2126$112.1613,155.93(4)D
Restricted Stock Units(5)04/16/2026A1,684 (6) (6)Common Stock1,684$01,684D
Explanation of Responses:
1. Upon the vesting of restricted stock units on April 15, 2026, which were granted to the reporting person on April 17, 2025, the reporting person deferred the receipt of 1,849 shares of common stock and received instead shares of phantom stock pursuant to the PPG Industries, Inc. Deferred Compensation Plan for Directors. As a result, the reporting person is reporting the conversion of restricted stock units relating to 1,849 shares of common stock in exchange for shares in phantom stock.
2. The security converts to common stock on a one-for-one basis.
3. After termination of service as a Director of PPG Industries, Inc.
4. Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan for Directors. Phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash. The number of shares attributed to the reporting person as a Plan participant may change from time to time without the volition of the reporting person depending on the fair market value of the issuer common stock and the amount of cash in the fund.
5. Each restricted stock unit represents a contingent right to receive one share of PPG common stock.
6. The restricted stock units vest on April 14, 2027.
Remarks:
/s/ Greg E. Gordon, Attorney-in-Fact for Guillermo Novo04/17/2026
** Signature of Reporting PersonDate
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.
* Form 4: SEC 1474 (03-26)

Source: View Original Filing on SEC EDGAR

FAQ

What did PPG (PPG) director Guillermo Novo report in this Form 4?

Director Guillermo Novo reported equity-based awards and a deferral election. He converted 1,849 vested restricted stock units into Phantom Stock Units and received new grants of 1,684 restricted stock units and 401.2126 Phantom Stock Units as compensation.

How many Phantom Stock Units does Guillermo Novo hold at PPG (PPG)?

After the reported transactions, Guillermo Novo held 13,155.9300 Phantom Stock Units. These units track PPG common stock one-for-one within an unfunded company stock fund and are generally settled in stock or cash after his service as director ends.

What restricted stock unit grants did Guillermo Novo receive from PPG (PPG)?

Guillermo Novo received a grant of 1,684 Restricted Stock Units on April 16, 2026. Each unit represents a contingent right to receive one share of PPG common stock and is scheduled to vest on April 14, 2027, assuming applicable conditions are satisfied.

What is the nature of the RSU-to-phantom stock conversion at PPG (PPG)?

Upon vesting on April 15, 2026, 1,849 restricted stock units were deferred into Phantom Stock Units. Instead of receiving common shares, Novo elected to take phantom units under PPG’s Deferred Compensation Plan for Directors on a one-for-one share basis.

How do PPG (PPG) Phantom Stock Units work for directors?

PPG Phantom Stock Units represent interests in an unfunded unitized company stock fund of stock and cash. The number of units can change with stock price and fund cash levels and generally converts into common stock after a director’s service terminates, on a one-for-one basis.

When do Guillermo Novo’s new restricted stock units at PPG (PPG) vest?

The newly granted 1,684 restricted stock units are scheduled to vest on April 14, 2027. At vesting, each unit entitles Novo to receive one share of PPG common stock, subject to the terms and conditions of the company’s equity compensation arrangements.