UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
| FORM | |||||
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported): October 22, 2024
(Exact Name of Registrant as Specified in Charter) | ||
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||
(Address of Principal Executive Offices, and Zip Code)
(412 ) 434-3131
(Registrant’s Telephone Number, Including Area Code)
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Securities registered pursuant to Section 12(b) of the Act:
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. | |||||||
As previously reported, Ramaprasad Vadlamannati, has elected to retire as Senior Vice President, Operations of PPG Industries, Inc. (the “Company”) and stepped down as Senior Vice President, Operations effective October 1, 2024.
In connection with his retirement, the Company and Mr. Vadlamannati have entered into a Separation Agreement pursuant to which Mr. Vadlamannati will remain actively employed through December 31, 2024. He then will be placed on an unpaid leave of absence from the Company from January 1, 2025 through December 31, 2025. He will receive a separation payment of $102,000, payable in three equal installments. He also will be eligible to receive an annual cash bonus in February 2025 for performance in 2024. Mr. Vadlamannati’s previously awarded stock options, restricted stock units and total shareholder return contingent shares will vest in accordance with their terms. The Company has agreed to continue to make available to Mr. Vadlamannati financial counseling services and to provide him with specified tax preparation and tax consulting services.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| PPG INDUSTRIES, INC. | ||||||||
| (Registrant) | ||||||||
| Date: October 24, 2024 | By: | /s/ Timothy M. Knavish | ||||||
| Timothy M. Knavish | ||||||||
| Chairman and Chief Executive Officer | ||||||||