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| PPG > SEC Filings for PPG > Form 8-K on 1-Sep-2009 | All Recent SEC Filings |
1-Sep-2009
Change in Directors or Principal Officers, Financial Statements and Exhibits
On September 1, 2009, PPG Industries, Inc. (the "Company") issued a press release announcing that Robert J. Dellinger will join the Company as Senior Vice President, Finance and Chief Financial Officer designate, effective September 8, 2009, and will officially assume the responsibilities of Chief Financial Officer on October 15, 2009. Mr. Dellinger will serve on the Company's Executive Committee and Operating Committee. Biographical information on Mr. Dellinger is included in the press release attached hereto as Exhibit 99 and incorporated by reference herein. William H. Hernandez will continue to serve as Chief Financial Officer until October 15, 2009.
The terms of Mr. Dellinger's compensatory arrangement include the following:
• Base salary of $47,917 per month.
• One-time grant on September 8, 2009 under Long-Term Incentive Program of
(i) 30,000 stock options, (ii) 5,000 performance-based restricted stock
units ("RSUs"), (iii) 5,000 Total Shareholder Return contingent shares
("TSR shares"), and (iv) 10,000 time-based RSUs. The stock options will
have a three-year cliff vesting schedule and a ten-year life. The
performance-based RSUs and TSR shares will have a three-year performance
period from 2009-2011. The time-based RSUs will vest 2,000 per year for a
period of five years.
• For 2009, target cash bonus of $525,000 under Incentive Compensation Bonus Plan, payable on a non-prorated basis in February 2010, with a guaranteed minimum payment of $100,000.
• Target cash bonus for 2010 will be determined in February 2010. The
following long-term incentive share grants will be made in February 2010:
(i) 40,000 stock options, (ii) 10,000 performance-based RSUs, and
(iii) 10,000 TSR shares. The stock options will have a three-year cliff
vesting schedule and a ten-year life. The RSUs and TSR shares will have a
three-year performance period from 2010-2012.
(d) Exhibits
Exhibit 99 - Press release dated September 1, 2009.
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