[Form 4] PPG Industries, Inc. Insider Trading Activity

Q: What indices are the GS (NYSE:GS) notes linked to?

Each tranche references one index only: either the S&amp;P 500® Index or the Russell 2000® Index.

Q: How much upside can an investor earn on the Goldman Sachs leveraged buffered notes?

Upside is capped at at least $1,212.50 (SPX) or $1,273.50 (RTY) per $1,000 face, equating to ~21.25% and 27.35% maximum returns.

Q: What protection do the notes offer against downside moves?

A 10% buffer—investors start losing principal only if the final index level falls more than 10% below its initial level.

Q: When do the Goldman Sachs structured notes mature?

The stated maturity date is expected to be February 2 2028, roughly 2.5 years after issuance.

Q: Why is the estimated value ($925-$955) below the $1,000 issue price?

The gap reflects underwriting discount, hedging costs and issuer profit; buyers effectively pay a premium over fair value.

Q: Do the notes pay any coupons or interest during the term?

No. The notes are non-interest-bearing; all return (positive or negative) is delivered at maturity.

Filing Impact

(Low)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

GS Finance Corp., a subsidiary of The Goldman Sachs Group, Inc., has filed a preliminary Rule 424(b)(2) pricing supplement for two separate tranches of Leveraged Buffered Index-Linked Notes under its Medium-Term Notes, Series F program. Each tranche references a single equity index—the S&P 500® Index (CUSIP 40058JKF1) or the Russell 2000® Index (CUSIP 40058JKE4)—and is fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

Key economic terms (to be fixed on the July 28 2025 trade date):

Face amount: $1,000 denominations; initial issue expected July 31 2025.
Tenor: approximately 2.5 years, maturing on or about February 2 2028.
No coupons: the notes do not bear periodic interest.
Upside: 200% participation in positive index performance, capped at a maximum settlement amount of at least $1,212.50 (SPX) and $1,273.50 (RTY) per $1,000 face, translating to maximum gross returns of roughly 21.25% and 27.35%, respectively.
Downside protection: 10% buffer; investors absorb losses only if the index declines more than 10% from the initial level, after which losses are 1-for-1 beyond the buffer.
Estimated value: $925-$955 per $1,000 face at pricing, i.e., 4.5-7.5% below issue price, reflecting embedded fees and hedging costs.
Secondary market: Goldman Sachs & Co. LLC (GS&Co.) may act as market maker but is not obligated; liquidity and pricing will reflect GS&Co.’s bid-ask spread and declining embedded fees.

Risk highlights disclosed in “Additional Risk Factors” include credit risk of both the issuer and guarantor, capped upside, potential for substantial principal loss beyond the 10% buffer, valuation below issue price at inception, limited liquidity, conflicts of interest (GS&Co. is both underwriter and calculation agent) and uncertain tax treatment (pre-paid derivative characterization, FATCA exposure, possible future IRS guidance).

Investors should view the notes as short-dated, leveraged structured products that trade off limited downside protection against a hard cap on gains and significant embedded fees. Suitability hinges on a moderately bullish view of the chosen index within the buffer/cap parameters, tolerance for Goldman credit risk and acceptance of illiquidity and tax complexity.

GS Finance Corp., una controllata di The Goldman Sachs Group, Inc., ha presentato un supplemento preliminare di prezzo ai sensi della Regola 424(b)(2) per due tranche separate di Note Indicizzate a Indice Leveraged Buffered nell'ambito del suo programma Medium-Term Notes, Serie F. Ogni tranche fa riferimento a un singolo indice azionario—l'Indice S&P 500® (CUSIP 40058JKF1) o l'Indice Russell 2000® (CUSIP 40058JKE4)—ed è completamente e incondizionatamente garantita da The Goldman Sachs Group, Inc.

Termini economici chiave (da fissare alla data di negoziazione del 28 luglio 2025):

Importo nominale: tagli da $1.000; emissione iniziale prevista per il 31 luglio 2025.
Durata: circa 2,5 anni, con scadenza intorno al 2 febbraio 2028.
Assenza di cedole: le note non pagano interessi periodici.
Potenziale di guadagno: partecipazione del 200% all’andamento positivo dell’indice, con un tetto a un importo di liquidazione massimo di almeno $1.212,50 (SPX) e $1.273,50 (RTY) per ogni $1.000 nominali, corrispondente a rendimenti lordi massimi di circa il 21,25% e il 27,35%, rispettivamente.
Protezione al ribasso: buffer del 10%; gli investitori sopportano perdite solo se l’indice scende oltre il 10% rispetto al livello iniziale, dopodiché le perdite sono 1 a 1 oltre il buffer.
Valore stimato: tra $925 e $955 per $1.000 nominali al momento del prezzo, cioè dal 4,5% al 7,5% sotto il prezzo di emissione, riflettendo costi incorporati e di copertura.
Mercato secondario: Goldman Sachs & Co. LLC (GS&Co.) può agire come market maker ma non è obbligata; liquidità e prezzi rispecchieranno lo spread denaro-lettera di GS&Co. e la diminuzione dei costi incorporati.

Principali rischi indicati nei “Fattori di rischio aggiuntivi” includono il rischio di credito dell’emittente e del garante, il tetto al guadagno, la possibilità di perdite significative oltre il buffer del 10%, una valutazione inferiore al prezzo di emissione all’inizio, liquidità limitata, conflitti di interesse (GS&Co. è sia sottoscrittore che agente di calcolo) e incertezza fiscale (classificazione come derivato prepagato, esposizione FATCA, possibili future indicazioni IRS).

Gli investitori dovrebbero considerare queste note come prodotti strutturati a breve termine e con leva finanziaria che bilanciano una protezione limitata al ribasso con un tetto rigido ai guadagni e costi incorporati rilevanti. L’idoneità dipende da una visione moderatamente rialzista sull’indice scelto entro i parametri di buffer e tetto, dalla tolleranza al rischio di credito di Goldman e dall’accettazione della scarsa liquidità e complessità fiscale.

GS Finance Corp., una subsidiaria de The Goldman Sachs Group, Inc., ha presentado un suplemento preliminar de precio conforme a la Regla 424(b)(2) para dos tramos separados de Notas Indexadas con Apalancamiento y Amortiguador bajo su programa Medium-Term Notes, Serie F. Cada tramo hace referencia a un índice bursátil único—el Índice S&P 500® (CUSIP 40058JKF1) o el Índice Russell 2000® (CUSIP 40058JKE4)—y está totalmente y incondicionalmente garantizado por The Goldman Sachs Group, Inc.

Términos económicos clave (a fijar en la fecha de negociación del 28 de julio de 2025):

Importe nominal: denominaciones de $1,000; emisión inicial prevista para el 31 de julio de 2025.
Plazo: aproximadamente 2,5 años, con vencimiento alrededor del 2 de febrero de 2028.
Sin cupones: las notas no pagan intereses periódicos.
Potencial alcista: participación del 200% en el rendimiento positivo del índice, con un límite en un importe máximo de liquidación de al menos $1,212.50 (SPX) y $1,273.50 (RTY) por cada $1,000 nominales, lo que se traduce en rendimientos brutos máximos de aproximadamente 21,25% y 27,35%, respectivamente.
Protección a la baja: amortiguador del 10%; los inversores absorben pérdidas solo si el índice cae más del 10% desde el nivel inicial, después de lo cual las pérdidas son 1 a 1 más allá del amortiguador.
Valor estimado: $925-$955 por cada $1,000 nominales al momento de la fijación de precio, es decir, 4.5-7.5% por debajo del precio de emisión, reflejando costos incorporados y de cobertura.
Mercado secundario: Goldman Sachs & Co. LLC (GS&Co.) puede actuar como creador de mercado pero no está obligado; la liquidez y los precios reflejarán el diferencial de compra-venta de GS&Co. y la disminución de costos incorporados.

Aspectos destacados de riesgo divulgados en “Factores de Riesgo Adicionales” incluyen riesgo crediticio tanto del emisor como del garante, límite al alza, potencial para pérdidas significativas de capital más allá del amortiguador del 10%, valoración por debajo del precio de emisión al inicio, liquidez limitada, conflictos de interés (GS&Co. es tanto suscriptor como agente de cálculo) y tratamiento fiscal incierto (caracterización como derivado prepagado, exposición FATCA, posibles futuras directrices del IRS).

Los inversores deben considerar las notas como productos estructurados apalancados de corto plazo que equilibran una protección limitada a la baja frente a un límite estricto en las ganancias y costos incorporados significativos. La idoneidad depende de una visión moderadamente alcista sobre el índice elegido dentro de los parámetros de amortiguador/límite, tolerancia al riesgo crediticio de Goldman y aceptación de la baja liquidez y complejidad fiscal.

GS 파이낸스 코퍼레이션은 골드만 삭스 그룹(The Goldman Sachs Group, Inc.)의 자회사로서, Medium-Term Notes, Series F 프로그램 하에 두 개의 별도 트랜치 레버리지 버퍼드 인덱스 연계 노트에 대한 예비 Rule 424(b)(2) 가격 보충서를 제출했습니다. 각 트랜치는 단일 주가지수—S&P 500® 지수 (CUSIP 40058JKF1) 또는 러셀 2000® 지수 (CUSIP 40058JKE4)—를 참조하며, 골드만 삭스 그룹이 전액 무조건 보증합니다.

주요 경제 조건 (2025년 7월 28일 거래일에 확정 예정):

액면 금액: $1,000 단위; 최초 발행 예상일 2025년 7월 31일.
만기: 약 2.5년, 2028년 2월 2일경 만기 예정.
이자 없음: 노트는 정기 이자를 지급하지 않음.
상승 잠재력: 지수 상승 시 200% 참여, 상한선은 $1,000당 최소 $1,212.50 (SPX), $1,273.50 (RTY)로 최대 총 수익률 약 21.25% 및 27.35%에 해당.
하락 보호: 10% 버퍼; 투자자는 지수가 초기 수준에서 10% 이상 하락할 경우에만 손실을 부담하며, 그 이후 손실은 버퍼를 초과하는 부분에 대해 1대1로 발생.
예상 가치: 가격 책정 시 $1,000당 $925~$955, 즉 발행가 대비 4.5~7.5% 낮음, 내재 수수료 및 헤지 비용 반영.
2차 시장: Goldman Sachs & Co. LLC (GS&Co.)가 시장 조성자 역할을 할 수 있으나 의무는 없음; 유동성과 가격은 GS&Co.의 매수-매도 스프레드 및 감소하는 내재 수수료를 반영.

위험 요점은 “추가 위험 요소”에 공개되어 있으며, 발행자 및 보증인의 신용 위험, 상한선, 10% 버퍼를 초과하는 상당한 원금 손실 가능성, 발행 시점 평가액이 발행가보다 낮음, 제한된 유동성, 이해 상충(GS&Co.는 인수자 및 계산 대리인 역할) 및 불확실한 세무 처리(선불 파생상품 성격, FATCA 노출, 향후 IRS 지침 가능성) 등을 포함합니다.

투자자는 이 노트를 단기 레버리지 구조화 상품으로 간주해야 하며, 제한된 하락 보호와 엄격한 이익 상한, 그리고 상당한 내재 수수료를 감수하는 구조입니다. 적합성은 버퍼/상한선 내에서 선택한 지수에 대해 다소 강세인 전망, 골드만 신용 위험에 대한 허용도, 그리고 유동성 부족 및 세무 복잡성 수용 여부에 달려 있습니다.

GS Finance Corp., une filiale de The Goldman Sachs Group, Inc., a déposé un supplément de prix préliminaire conformément à la règle 424(b)(2) pour deux tranches distinctes de Notes à effet de levier avec protection tampon liées à un indice dans le cadre de son programme Medium-Term Notes, Série F. Chaque tranche référence un indice boursier unique—l'Indice S&P 500® (CUSIP 40058JKF1) ou l'Indice Russell 2000® (CUSIP 40058JKE4)—et est entièrement et inconditionnellement garantie par The Goldman Sachs Group, Inc.

Principaux termes économiques (à fixer à la date de transaction du 28 juillet 2025) :

Montant nominal : coupures de 1 000 $ ; émission initiale prévue le 31 juillet 2025.
Durée : environ 2,5 ans, échéance autour du 2 février 2028.
Pas de coupons : les notes ne portent pas d’intérêts périodiques.
Potentiel de gain : participation à 200 % à la performance positive de l’indice, plafonnée à un montant de règlement maximal d’au moins 1 212,50 $ (SPX) et 1 273,50 $ (RTY) par tranche de 1 000 $, soit des rendements bruts maximaux d’environ 21,25 % et 27,35 %, respectivement.
Protection à la baisse : tampon de 10 % ; les investisseurs supportent les pertes uniquement si l’indice baisse de plus de 10 % par rapport au niveau initial, après quoi les pertes sont au prorata au-delà du tampon.
Valeur estimée : entre 925 $ et 955 $ par tranche de 1 000 $ au moment de la tarification, soit 4,5 à 7,5 % en dessous du prix d’émission, reflétant les frais intégrés et les coûts de couverture.
Marché secondaire : Goldman Sachs & Co. LLC (GS&Co.) peut agir en tant que teneur de marché mais n’est pas obligé ; la liquidité et les prix refléteront l’écart acheteur-vendeur de GS&Co. ainsi que la diminution des frais intégrés.

Points clés de risque divulgués dans les « Facteurs de Risque Supplémentaires » incluent le risque de crédit de l’émetteur et du garant, le plafond de gain, le potentiel de perte importante du capital au-delà du tampon de 10 %, une valorisation inférieure au prix d’émission au départ, une liquidité limitée, des conflits d’intérêts (GS&Co. est à la fois souscripteur et agent de calcul) et un traitement fiscal incertain (caractérisation comme dérivé prépayé, exposition FATCA, éventuelles futures directives de l’IRS).

Les investisseurs devraient considérer ces notes comme des produits structurés à effet de levier et à court terme qui équilibrent une protection limitée à la baisse avec un plafond strict sur les gains et des frais intégrés importants. L’adéquation dépend d’une vision modérément haussière de l’indice choisi dans le cadre des paramètres tampon/plafond, d’une tolérance au risque de crédit Goldman et de l’acceptation de la faible liquidité et de la complexité fiscale.

GS Finance Corp., eine Tochtergesellschaft der The Goldman Sachs Group, Inc., hat einen vorläufigen Preiszusatz gemäß Regel 424(b)(2) für zwei separate Tranchen von Leveraged Buffered Index-Linked Notes im Rahmen ihres Medium-Term Notes, Serie F Programms eingereicht. Jede Tranche referenziert einen einzelnen Aktienindex—den S&P 500® Index (CUSIP 40058JKF1) oder den Russell 2000® Index (CUSIP 40058JKE4)—und ist vollständig und bedingungslos von The Goldman Sachs Group, Inc. garantiert.

Wesentliche wirtschaftliche Bedingungen (festzulegen am Handelstag 28. Juli 2025):

Nennbetrag: $1.000 Stückelungen; Erstemission voraussichtlich am 31. Juli 2025.
Laufzeit: ca. 2,5 Jahre, Fälligkeit etwa am 2. Februar 2028.
Keine Kupons: die Notes zahlen keine periodischen Zinsen.
Aufwärtspotenzial: 200% Partizipation an positiver Indexentwicklung, gedeckelt auf einen maximalen Rückzahlungsbetrag von mindestens $1.212,50 (SPX) bzw. $1.273,50 (RTY) pro $1.000 Nennwert, was einer maximalen Bruttorendite von ca. 21,25% bzw. 27,35% entspricht.
Abwärtsschutz: 10% Buffer; Anleger tragen Verluste nur, wenn der Index mehr als 10% vom Anfangsniveau fällt, danach sind Verluste 1:1 über den Buffer hinaus.
Geschätzter Wert: $925-$955 pro $1.000 Nennwert bei Preisfeststellung, d.h. 4,5-7,5% unter dem Ausgabepreis, was eingebettete Gebühren und Hedging-Kosten widerspiegelt.
Zweitmarkt: Goldman Sachs & Co. LLC (GS&Co.) kann als Market Maker auftreten, ist jedoch nicht verpflichtet; Liquidität und Preise spiegeln den Geld-Brief-Spanne von GS&Co. und sinkende eingebettete Gebühren wider.

Risikohighlights, die in den „Zusätzlichen Risikofaktoren“ offengelegt sind, umfassen Kreditrisiko des Emittenten und Garanten, gedeckeltes Aufwärtspotenzial, Möglichkeit erheblicher Kapitalverluste über den 10% Buffer hinaus, Bewertung unter Ausgabepreis bei Emission, eingeschränkte Liquidität, Interessenkonflikte (GS&Co. ist sowohl Underwriter als auch Berechnungsagent) und unsichere steuerliche Behandlung (Vorausbezahlte Derivat-Charakteristik, FATCA-Exposition, mögliche zukünftige IRS-Richtlinien).

Anleger sollten die Notes als kurzfristige, gehebelte strukturierte Produkte betrachten, die einen begrenzten Abwärtsschutz gegen eine harte Obergrenze bei Gewinnen und erhebliche eingebettete Gebühren abwägen. Die Eignung hängt von einer moderat bullischen Sicht auf den gewählten Index innerhalb der Buffer/Cap-Parameter, der Toleranz gegenüber dem Goldman-Kreditrisiko sowie der Akzeptanz von Illiquidität und steuerlicher Komplexität ab.

Positive

200% participation provides double-leveraged upside within the capped range.
10% downside buffer absorbs moderate market declines before principal loss begins.
Full and unconditional guarantee by The Goldman Sachs Group, Inc. enhances credit profile versus many structured issuers.

Negative

Capped maximum returns (≈21.25% for SPX, 27.35% for RTY) constrain profit even if indices rally strongly.
Principal-at-risk beyond a 10% decline; losses can be substantial in bear scenarios.
Estimated fair value 4.5-7.5% below issue price implies immediate negative carry for buyers.
No periodic interest, so investors earn nothing if indices are flat or modestly up and capped.
Liquidity and valuation risk: GS&Co. is not obliged to make a market; secondary prices may be well below theoretical value.
Conflicts of interest: GS&Co. acts as underwriter, calculation agent and potential market maker.
Tax treatment uncertain; future IRS guidance could impose current income or withholding.

Insights

TL;DR – 200% leveraged notes give 10% downside buffer and ~21-27% capped upside over 2.5 yrs, but embed fees and issuer credit risk.

The filing offers retail investors geared exposure to two major U.S. equity benchmarks. A 200% participation rate is attractive versus traditional buffered notes, yet the hard cap—roughly 11-14 percentage points above the buffer threshold—limits total payoff. The 10% buffer provides modest protection but leaves investors exposed to full market downside thereafter. The indicative valuation discount (~5-7%) plus underwriting spread signals material frictional cost, while the lack of coupons eliminates carry. For investors comfortable with Goldman Sachs credit and seeking defined-outcome exposure for 30 months, the structure may complement a tactical equity view; otherwise, ETFs or direct equity may deliver better risk-adjusted returns.

TL;DR – Capped upside, principal-at-risk beyond 10%, and 5-7% initial value drag make these notes high-risk relative to potential reward.

The prospectus underscores several red flags: (1) investors fund an immediate negative carry because fair value is below par; (2) payoff is determined solely on a single observation at maturity, exposing holders to timing risk; (3) credit exposure to GS during a volatile macro backdrop; (4) limited secondary liquidity, where bid-asks can widen significantly. Although the guarantee mitigates affiliate risk, holders rank pari passu with GS senior debt. From a portfolio-level perspective, the asymmetric payout (limited upside vs. large tail risk) may worsen risk-return efficiency unless bought at a meaningful discount in the secondary market.

Termini economici chiave (da fissare alla data di negoziazione del 28 luglio 2025):

Importo nominale: tagli da $1.000; emissione iniziale prevista per il 31 luglio 2025.
Durata: circa 2,5 anni, con scadenza intorno al 2 febbraio 2028.
Assenza di cedole: le note non pagano interessi periodici.
Potenziale di guadagno: partecipazione del 200% all’andamento positivo dell’indice, con un tetto a un importo di liquidazione massimo di almeno $1.212,50 (SPX) e $1.273,50 (RTY) per ogni $1.000 nominali, corrispondente a rendimenti lordi massimi di circa il 21,25% e il 27,35%, rispettivamente.
Protezione al ribasso: buffer del 10%; gli investitori sopportano perdite solo se l’indice scende oltre il 10% rispetto al livello iniziale, dopodiché le perdite sono 1 a 1 oltre il buffer.
Valore stimato: tra $925 e $955 per $1.000 nominali al momento del prezzo, cioè dal 4,5% al 7,5% sotto il prezzo di emissione, riflettendo costi incorporati e di copertura.
Mercato secondario: Goldman Sachs & Co. LLC (GS&Co.) può agire come market maker ma non è obbligata; liquidità e prezzi rispecchieranno lo spread denaro-lettera di GS&Co. e la diminuzione dei costi incorporati.

Términos económicos clave (a fijar en la fecha de negociación del 28 de julio de 2025):

Importe nominal: denominaciones de $1,000; emisión inicial prevista para el 31 de julio de 2025.
Plazo: aproximadamente 2,5 años, con vencimiento alrededor del 2 de febrero de 2028.
Sin cupones: las notas no pagan intereses periódicos.
Potencial alcista: participación del 200% en el rendimiento positivo del índice, con un límite en un importe máximo de liquidación de al menos $1,212.50 (SPX) y $1,273.50 (RTY) por cada $1,000 nominales, lo que se traduce en rendimientos brutos máximos de aproximadamente 21,25% y 27,35%, respectivamente.
Protección a la baja: amortiguador del 10%; los inversores absorben pérdidas solo si el índice cae más del 10% desde el nivel inicial, después de lo cual las pérdidas son 1 a 1 más allá del amortiguador.
Valor estimado: $925-$955 por cada $1,000 nominales al momento de la fijación de precio, es decir, 4.5-7.5% por debajo del precio de emisión, reflejando costos incorporados y de cobertura.
Mercado secundario: Goldman Sachs & Co. LLC (GS&Co.) puede actuar como creador de mercado pero no está obligado; la liquidez y los precios reflejarán el diferencial de compra-venta de GS&Co. y la disminución de costos incorporados.

주요 경제 조건 (2025년 7월 28일 거래일에 확정 예정):

액면 금액: $1,000 단위; 최초 발행 예상일 2025년 7월 31일.
만기: 약 2.5년, 2028년 2월 2일경 만기 예정.
이자 없음: 노트는 정기 이자를 지급하지 않음.
상승 잠재력: 지수 상승 시 200% 참여, 상한선은 $1,000당 최소 $1,212.50 (SPX), $1,273.50 (RTY)로 최대 총 수익률 약 21.25% 및 27.35%에 해당.
하락 보호: 10% 버퍼; 투자자는 지수가 초기 수준에서 10% 이상 하락할 경우에만 손실을 부담하며, 그 이후 손실은 버퍼를 초과하는 부분에 대해 1대1로 발생.
예상 가치: 가격 책정 시 $1,000당 $925~$955, 즉 발행가 대비 4.5~7.5% 낮음, 내재 수수료 및 헤지 비용 반영.
2차 시장: Goldman Sachs & Co. LLC (GS&Co.)가 시장 조성자 역할을 할 수 있으나 의무는 없음; 유동성과 가격은 GS&Co.의 매수-매도 스프레드 및 감소하는 내재 수수료를 반영.

Principaux termes économiques (à fixer à la date de transaction du 28 juillet 2025) :

Montant nominal : coupures de 1 000 $ ; émission initiale prévue le 31 juillet 2025.
Durée : environ 2,5 ans, échéance autour du 2 février 2028.
Pas de coupons : les notes ne portent pas d’intérêts périodiques.
Potentiel de gain : participation à 200 % à la performance positive de l’indice, plafonnée à un montant de règlement maximal d’au moins 1 212,50 $ (SPX) et 1 273,50 $ (RTY) par tranche de 1 000 $, soit des rendements bruts maximaux d’environ 21,25 % et 27,35 %, respectivement.
Protection à la baisse : tampon de 10 % ; les investisseurs supportent les pertes uniquement si l’indice baisse de plus de 10 % par rapport au niveau initial, après quoi les pertes sont au prorata au-delà du tampon.
Valeur estimée : entre 925 $ et 955 $ par tranche de 1 000 $ au moment de la tarification, soit 4,5 à 7,5 % en dessous du prix d’émission, reflétant les frais intégrés et les coûts de couverture.
Marché secondaire : Goldman Sachs & Co. LLC (GS&Co.) peut agir en tant que teneur de marché mais n’est pas obligé ; la liquidité et les prix refléteront l’écart acheteur-vendeur de GS&Co. ainsi que la diminution des frais intégrés.

Wesentliche wirtschaftliche Bedingungen (festzulegen am Handelstag 28. Juli 2025):

Nennbetrag: $1.000 Stückelungen; Erstemission voraussichtlich am 31. Juli 2025.
Laufzeit: ca. 2,5 Jahre, Fälligkeit etwa am 2. Februar 2028.
Keine Kupons: die Notes zahlen keine periodischen Zinsen.
Aufwärtspotenzial: 200% Partizipation an positiver Indexentwicklung, gedeckelt auf einen maximalen Rückzahlungsbetrag von mindestens $1.212,50 (SPX) bzw. $1.273,50 (RTY) pro $1.000 Nennwert, was einer maximalen Bruttorendite von ca. 21,25% bzw. 27,35% entspricht.
Abwärtsschutz: 10% Buffer; Anleger tragen Verluste nur, wenn der Index mehr als 10% vom Anfangsniveau fällt, danach sind Verluste 1:1 über den Buffer hinaus.
Geschätzter Wert: $925-$955 pro $1.000 Nennwert bei Preisfeststellung, d.h. 4,5-7,5% unter dem Ausgabepreis, was eingebettete Gebühren und Hedging-Kosten widerspiegelt.
Zweitmarkt: Goldman Sachs & Co. LLC (GS&Co.) kann als Market Maker auftreten, ist jedoch nicht verpflichtet; Liquidität und Preise spiegeln den Geld-Brief-Spanne von GS&Co. und sinkende eingebettete Gebühren wider.

07/02/2025 - 03:14 PM

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^*

Fortmann Kathy Lynn

(Last)

(First)

(Middle)

C/O PPG INDUSTRIES, INC.

ONE PPG PLACE

(Street)

PITTSBURGH

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)
07/01/2025

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock Units	⁽¹⁾	07/01/2025		A		289.1671		⁽²⁾	⁽²⁾	Common Stock	289.1671	$116.41	2,463.1462⁽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 Kathy Lynn Fortmann	07/02/2025
	** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What indices are the GS (NYSE:GS) notes linked to?

Each tranche references one index only: either the S&P 500® Index or the Russell 2000® Index.

How much upside can an investor earn on the Goldman Sachs leveraged buffered notes?

Upside is capped at at least $1,212.50 (SPX) or $1,273.50 (RTY) per $1,000 face, equating to ~21.25% and 27.35% maximum returns.

What protection do the notes offer against downside moves?

A 10% buffer—investors start losing principal only if the final index level falls more than 10% below its initial level.

When do the Goldman Sachs structured notes mature?

The stated maturity date is expected to be February 2 2028, roughly 2.5 years after issuance.

Why is the estimated value ($925-$955) below the $1,000 issue price?

The gap reflects underwriting discount, hedging costs and issuer profit; buyers effectively pay a premium over fair value.

Do the notes pay any coupons or interest during the term?

No. The notes are non-interest-bearing; all return (positive or negative) is delivered at maturity.

[Form 4] PPG Industries, Inc. Insider Trading Activity

Insights

FAQ

What indices are the GS (NYSE:GS) notes linked to?

How much upside can an investor earn on the Goldman Sachs leveraged buffered notes?

What protection do the notes offer against downside moves?

When do the Goldman Sachs structured notes mature?

Why is the estimated value ($925-$955) below the $1,000 issue price?

Do the notes pay any coupons or interest during the term?

NYSE:PPG

PPG Rankings

PPG Latest News

PPG Latest SEC Filings

PPG Stock Data

Trending News

[Form 4] PPG Industries, Inc. Insider Trading Activity

Insights

Structured Products Analyst neutral

Risk Analyst negative

FAQ

What indices are the GS (NYSE:GS) notes linked to?

How much upside can an investor earn on the Goldman Sachs leveraged buffered notes?

What protection do the notes offer against downside moves?

When do the Goldman Sachs structured notes mature?

Why is the estimated value ($925-$955) below the $1,000 issue price?

Do the notes pay any coupons or interest during the term?

NYSE:PPG

PPG Rankings

PPG Latest News

PPG Latest SEC Filings

PPG Stock Data