PPG Form 4: Director's 97.3171 phantom units added at $110.72

Rhea-AI Filing Summary

Michael W. Lamach, a director of PPG Industries, reported on Form 4 that on 09/12/2025 he was credited with 97.3171 phantom stock units under the PPG Deferred Compensation Plan for Directors. Each phantom unit converts one-for-one into common stock, and the filing lists a per-share price of $110.72. After this transaction the reporting person beneficially owns 13,866.8494 shares (direct ownership). The filing explains phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash and that the number of shares attributed may change with the fair market value and cash in the fund. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Lamach on 09/15/2025.

Positive

• Disclosure of director holdings: Filing reports 13,866.8494 shares beneficially owned, improving transparency
• Phantom units convert one-for-one: The filing states the phantom stock units convert on a 1:1 basis into common stock

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine director deferred compensation credit; disclosure increases transparency about director holdings.

The Form 4 documents a non-cash credit of phantom stock units to a director’s deferred compensation account, a common practice to align director interests with shareholders without immediate stock issuance. The filing clearly states conversion is one-for-one to common stock and quantifies post-transaction beneficial ownership as 13,866.8494 shares, which helps investors assess insider alignment. No extraordinary governance actions or departures are indicated.

Compensation Analyst

TL;DR: Deferred compensation units were granted/credited; impact appears routine and plan-driven.

The entry shows 97.3171 phantom stock units were credited on 09/12/2025 to the director’s deferred compensation plan, priced at $110.72 per share in the filing. The disclosure explains these phantom units track a unitized fund of stock and cash and may fluctuate with fair market value, indicating this is a plan mechanics transaction rather than a market-facing equity grant aimed at near-term transferability.

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^*

LAMACH MICHAEL W

(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		97.3171		(2)	(2)	Common Stock	97.3171	$110.72	13,866.8494(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 Michael W. Lamach	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 did Michael W. Lamach report on Form 4 for PPG (PPG)?

He reported crediting 97.3171 phantom stock units on 09/12/2025 and beneficial ownership of 13,866.8494 shares following the transaction.

Are the phantom stock units convertible into PPG common stock?

Yes. The filing states the phantom stock units convert to common stock on a one-for-one basis.

What price is listed for the reported units in the Form 4?

The Form 4 shows a per-share price of $110.72 associated with the reported units.

Where are the phantom stock units held for Mr. Lamach?

They are held in the PPG Industries, Inc. Deferred Compensation Plan for Directors, which the filing describes as an unfunded unitized company stock fund comprised of stock and cash.

When was the Form 4 signed and filed for this transaction?

The signature block shows the form was signed by an attorney-in-fact on behalf of Mr. Lamach on 09/15/2025.