Morales Vincent J

Morales's most recent PPG filing contains the single most informative event in this insider cohort: three M-code option exercises (30,397 shares at $119.52, 19,259 shares at $109.74, and 27,399 shares at $131 on Feb 13; the pattern repeats across multiple filings with the same share counts appearing) followed by three S-code market sells of essentially the same share quantities at $130.99–$131.10. The execution mechanics — exercising deep in-the-money options and selling the resulting shares the same day — is textbook immediate liquidation of equity compensation: the insider recognizes the spread between strike and market as ordinary income, sells the shares, and pays any applicable withholding. The aggregate more-days holding on the exercised shares is zero.

The per-share gain on the February 13 exercises ranges from roughly $30 to $36 above strike (e.g., $131.10 market minus $95 strike for the first tranche). Spread across ~77K shares, that implied gain is approximately $2.3M–$2.8M on the day. The February 4 sequence (29,672 shares at $101.50–$116.32 strike, sold at $125) implies a similar per-share gain structure. Neither day shows any retained portion of the exercised block — the sell volume matches the exercise volume almost exactly.