PPG executive granted phantom stock units

PPG Industries senior vice president Juliane M. Hefel reported a routine compensation-related award of phantom stock units.

Rhea-AI Filing Summary

PPG Industries senior vice president Juliane M. Hefel reported a routine compensation-related award of phantom stock units. On April 15, 2026, she acquired 1.8078 phantom stock units at a reference price of $107.72 per unit, each convertible into one share of common stock after employment ends with PPG.

Following this grant, Hefel holds a total of 1,392.4407 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan. These phantom units represent interests in an unfunded unitized company stock fund made up of PPG stock and cash, and the number of units can change over time with the fair market value of PPG’s common stock and cash levels in the fund.

Insider Trade Summary

Grant/Award: 1.8078 shares

Grant/Award 1 txn

Insider Hefel Juliane M.

Role Sr. VP, Ind Coatings & Sp Prod

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	1.8078	$107.72	$194.74

Holdings After Transaction: Phantom Stock Units — 1,392.4407 contracts (Direct)

Footnotes (3)

1. F1. The security converts to common stock on a one-for-one basis.
2. F2. After termination of employment with PPG.
3. F3. 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.

Key Figures

Phantom units granted: 1.8078 units Reference price per unit: $107.72 Total phantom units after grant: 1,392.4407 units +1 more

4 metrics

Phantom units granted 1.8078 units Grant on April 15, 2026

Reference price per unit $107.72 Transaction price per phantom stock unit

Total phantom units after grant 1,392.4407 units Held in PPG Deferred Compensation Plan

Conversion ratio 1:1 Each phantom unit converts into one share of common stock

Key Terms

Phantom stock units, Deferred Compensation Plan, unfunded unitized company stock fund, fair market value

4 terms

Phantom stock units financial

"Phantom stock units represent interests in an unfunded unitized company stock fund"

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

Deferred Compensation Plan financial

"held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan"

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

unfunded unitized company stock fund financial

"represent interests in an unfunded unitized company stock fund comprised of stock and cash"

fair market value financial

"may change from time to time ... depending on the fair market value of the issuer's common stock"

The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did PPG (PPG) executive Juliane Hefel report?

Juliane M. Hefel reported receiving 1.8078 phantom stock units as a grant. The award is part of her compensation and is tied to PPG’s stock, rather than an open-market stock purchase or sale.

How many phantom stock units does Juliane Hefel now hold at PPG (PPG)?

After the latest grant, Juliane Hefel holds 1,392.4407 phantom stock units. These units are credited within PPG Industries, Inc.’s Deferred Compensation Plan and track a fund invested in PPG stock and cash over time.

What are phantom stock units in PPG (PPG) deferred compensation?

Phantom stock units represent interests in an unfunded unitized company stock fund. At PPG, that fund is composed of company stock and cash, and unit balances change with PPG’s share price and the amount of cash in the fund.

When can Juliane Hefel’s PPG (PPG) phantom stock units convert to common stock?

The phantom stock units convert into PPG common stock on a one-for-one basis. Conversion occurs after Hefel’s termination of employment with PPG, aligning payout timing with her eventual separation from the company.

Did Juliane Hefel buy or sell PPG (PPG) stock in the market?

The filing shows a grant of phantom stock units, not a market trade. Code A indicates a grant or award acquisition, meaning this is compensation-related and does not reflect an open-market buy or sell transaction in PPG shares.

How is the value of PPG (PPG) phantom stock units determined over time?

The number of phantom stock units attributed to Juliane Hefel may change over time. Changes depend on the fair market value of PPG’s common stock and the amount of cash in the unfunded unitized company stock fund within the deferred compensation plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/16/2026 - 02:53 PM EDT Learn about SEC filing dates

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^*

Hefel Juliane M.

(Last) (First) (Middle)

PPG INDUSTRIES, INC.

ONE PPG PLACE

(Street)

PITTSBURGH PENNSYLVANIA 15272

(City) (State) (Zip)

UNITED STATES

(Country)

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, Ind Coatings & Sp Prod

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/15/2026

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

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

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

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)	04/15/2026		A		1.8078		(2)	(2)	Common Stock	1.8078	$107.72	1,392.4407(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 Juliane M. Hefel	04/16/2026
	** 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.
* Form 4: SEC 1474 (03-26)