PPG Insider Filing: Bellezza Adds Phantom Stock, Beneficial Ownership 75.49 Shares

Rhea-AI Filing Summary

Alisha E. Bellezza, Sr. VP, Automotive Coatings at PPG Industries (PPG), reported a Form 4 disclosing a non-cash acquisition of phantom stock units under PPG’s Deferred Compensation Plan. On 09/12/2025 she was credited with 0.4646 phantom stock units at a reported per-share value of $110.72. Those units convert one-for-one into common stock after termination of employment. Following the transaction she beneficially owns 75.4923 shares (direct). The filing was signed by an attorney-in-fact on 09/15/2025.

Positive

• Timely compliance: Form 4 filed and signed, satisfying Section 16 disclosure requirements.
• Clear conversion terms: Phantom units convert one-for-one to common stock after termination, explicitly stated.
• Modest increase in reported ownership: Beneficial ownership now 75.4923 shares following the credited units.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine deferred-compensation credit increases reported beneficial ownership modestly; no cash purchase or option exercise disclosed.

The Form 4 documents a non-derivative increase via phantom stock units under the issuer’s Deferred Compensation Plan. The reported 0.4646-unit credit at $110.72 per share increases reported beneficial ownership to 75.4923 shares and converts one-for-one to common stock upon termination. This is a standard payroll/deferred-compensation accounting event rather than an open-market trade and carries limited immediate liquidity or dilution implications.

Corporate Governance Expert

TL;DR: Disclosure aligns with Section 16 requirements for insiders; transaction appears administrative and plan-driven.

The reporting person is identified as an officer and the filing states the units are part of an unfunded unitized stock fund. The explanation clarifies conversion terms and that unit counts may change with fund valuation. The form is properly signed by an attorney-in-fact, meeting execution and disclosure formalities required for timely insider reporting.

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
Estimated average burden
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^*

Bellezza Alisha

(Last) (First) (Middle)

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. VP, Automotive Coatings

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		0.4646		(2)	(2)	Common Stock	0.4646	$110.72	75.4923(3)	D

Explanation of Responses:

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

2. After termination of employment with PPG.

3. Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan. 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 Alisha E. Bellezza	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 Alisha Bellezza report on Form 4 for PPG (PPG)?

She reported a non-cash credit of 0.4646 phantom stock units on 09/12/2025 under PPG’s Deferred Compensation Plan.

How many shares does the Form 4 show Alisha Bellezza beneficially owns after the transaction?

The filing shows she beneficially owns 75.4923 shares following the reported transaction.

At what value were the phantom stock units reported?

The phantom stock units were reported with a per-share value of $110.72.

Do the phantom stock units convert to common stock?

Yes. The filing states the security converts to common stock on a one-for-one basis, typically upon termination of employment.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Greg E. Gordon, Attorney-in-Fact for Alisha E. Bellezza and dated 09/15/2025.