Guillermo Novo Reports 76.7957 Phantom Stock Units at $110.72 — PPG Form 4

Rhea-AI Filing Summary

Guillermo Novo, a director of PPG Industries, Inc. (PPG), reported on Form 4 that on 09/12/2025 he acquired 76.7957 phantom stock units under the PPG Deferred Compensation Plan for Directors. Each phantom unit is convertible one-for-one into common stock and the reported per-unit value for this transaction was $110.72.

After the reported transaction the filing shows Mr. Novo beneficially owns 9,981.0159 phantom stock units in the plan. The units represent interests in an unfunded unitized company stock fund comprised of stock and cash and the number attributed to the participant may change with the fair market value of PPG common stock and cash in the fund. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Novo on 09/15/2025.

Positive

• Director compensation is disclosed transparently with exact unit counts and per-unit value reported
• Phantom stock units align director interests with shareholders by tracking common stock value
• Total holdings quantified: 9,981.0159 phantom stock units held after the transaction

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director deferred-compensation accrual reported; aligns director compensation with shareholder value without immediate equity issuance.

The filing documents a typical deferred-compensation event where a director received phantom stock units that convert one-for-one into common stock. This structure preserves alignment with shareholder outcomes while deferring actual share issuance and cash flow. The report includes the exact unit count and per-unit value, which aids transparency. No unusual vesting, acceleration provisions, or related-party transactions are disclosed in this Form 4.

Executive Compensation Analyst

TL;DR: Modest increase in deferred holdings for the director; disclosure is standard and provides clear unit and value detail.

The reporting shows acquisition of 76.7957 phantom units at an indicated per-unit value of $110.72, bringing total phantom units to 9,981.0159. The explanation clarifies the phantom units mirror common stock one-for-one and fluctuate with fund value. For compensation analysis, the transaction appears to be a routine credited award under the director deferred-compensation plan rather than a performance-based grant or exercisable equity award.

SEC Form 4

FORM 4

UNITED 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
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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 PA 15272

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
PPG INDUSTRIES INC [ PPG ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

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)
			Code	V	Amount	(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)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Phantom Stock Units	(1)	09/12/2025		A		76.7957		(2)	(2)	Common Stock	76.7957	$110.72	9,981.0159(3)	D

Explanation of Responses:

1. The security converts to common stock on a one-for-one basis.

2. After termination of service as a Director of PPG Industries, Inc.

3. 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's common stock and the amount of cash in the fund.

Remarks:

	/s/ Greg E. Gordon, Attorney-in-Fact for Guillermo Novo	09/15/2025
	** Signature of Reporting Person	Date
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.

FAQ

What transaction did Guillermo Novo report on Form 4 for PPG (PPG)?

The Form 4 reports acquisition on 09/12/2025 of 76.7957 phantom stock units under the PPG Deferred Compensation Plan for Directors.

How many phantom stock units does Guillermo Novo own after the reported transaction?

The filing shows he beneficially owns 9,981.0159 phantom stock units following the transaction.

What is the reported per-unit value for the phantom stock units in this Form 4?

The Form 4 lists a per-unit price/value of $110.72 for the reported units.

Do the phantom stock units convert into common stock?

Yes. The filing states the security converts to common stock on a one-for-one basis.

When was the Form 4 signed and by whom?

The Form 4 bears a signature line dated 09/15/2025 signed by Greg E. Gordon as Attorney-in-Fact for Guillermo Novo.