PPG Insider Filing: Phantom Stock Units Credited to Senior VP

Rhea-AI Filing Summary

Alisha E. Bellezza, Senior Vice President, Automotive Coatings at PPG Industries, acquired phantom stock units on 09/15/2025. The Form 4 reports an acquisition of phantom stock units credited at 0.5799 units (transaction labeled as acquired) with an attributed value per unit shown as $109.45. After the reported transaction the filing shows 76.0722 units beneficially owned by the reporting person.

These phantom stock units convert to common stock on a one-for-one basis and are held in the PPG Deferred Compensation Plan as interests in an unfunded unitized stock fund that may change in share count based on the fund's fair market value and cash components. The filing was signed by an attorney-in-fact on 09/16/2025.

Insights

Corporate Governance Expert

TL;DR: Routine deferred-compensation credit; aligns executive pay with equity value but appears non-material to shareholders.

The reported transaction is an internal credit of phantom stock units under PPG's Deferred Compensation Plan for Alisha Bellezza, a senior officer. Phantom units convert one-for-one into common shares upon plan conditions and represent an unfunded interest in a stock-and-cash fund. This is a standard compensation mechanism rather than an open-market purchase or sale. It does not directly change PPG's outstanding shares or immediate market liquidity. From a governance perspective, such awards align executive incentives with shareholder value but do not constitute a material capital event disclosed here.

Compensation Analyst

TL;DR: Deferred-compensation accrual recorded; reflects compensation accounting rather than active insider trading.

The Form 4 shows a phantom unit credit of 0.5799 units at an indicated unit price of $109.45, resulting in 76.0722 units held post-transaction. Phantom units are typical in executive deferred-pay programs and may fluctuate with fund value. This transaction appears to be a plan credit tied to employment/plan terms, not a discretionary market transaction. It is informative for understanding executive equity exposure but not a standalone material event affecting company valuation.

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)
09/15/2025

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)	09/15/2025		A		0.5799		(2)	(2)	Common Stock	0.5799	$109.45	76.0722(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	09/16/2025
	** 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 E. Bellezza report on the Form 4 for PPG (PPG)?

The Form 4 reports an acquisition of phantom stock units on 09/15/2025 credited at 0.5799 units with an indicated unit price of $109.45.

How many phantom stock units does the reporting person beneficially own after the transaction?

The filing shows 76.0722 phantom stock units beneficially owned following the reported transaction.

What is the relationship of the reporting person to PPG Industries?

Alisha E. Bellezza is reported as a Senior Vice President, Automotive Coatings and an officer of PPG Industries.

Do these phantom stock units convert to common shares?

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

Where are the phantom stock units held?

They are held in the PPG Industries, Inc. Deferred Compensation Plan as interests in an unfunded unitized company stock fund.