PPG Insider Filing: SVP Massy Credited 16.6207 Phantom Units

Rhea-AI Filing Summary

Robert L. Massy, Senior Vice President and Chief Human Resources Officer of PPG Industries (PPG), acquired phantom stock units under PPG's Deferred Compensation Plan on 09/30/2025. The units convert to common stock one-for-one at termination of employment. The filing shows an acquisition at a per-unit value of $105.11, with 16.6207 units acquired in this transaction and 61.9542 units held following the transaction. Phantom stock units are unfunded interests in a unitized company stock fund that can change in number based on the fair market value of PPG common stock and cash in the fund. The Form 4 was signed by an attorney-in-fact on behalf of Mr. Massy.

Positive

• Acquisition recorded: Reporting person received 16.6207 phantom stock units on 09/30/2025 under the Deferred Compensation Plan.
• Clear conversion terms: Units convert to common stock on a one-for-one basis upon termination of employment.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine insider accrual of deferred-compensation units; not a cash sale or purchase of common stock and appears non-material to shareholders.

The Form 4 documents an accrual of phantom stock units that convert one-for-one to common shares upon termination, valued here at $105.11 per unit with 16.6207 units acquired and 61.9542 total held post-transaction. This is a deferred compensation accounting event rather than an open-market trade and does not immediately change the company’s outstanding share count. For investors, the filing clarifies management's deferred equity exposure but does not reflect a direct purchase or disposition of common stock today.

Compensation Specialist

TL;DR: Compensation-related issuance of phantom units under the Deferred Compensation Plan; typical for executive long-term pay.

The reporting shows phantom stock units credited to an executive account within PPG's Deferred Compensation Plan. Such units are common for aligning executive incentives with shareholder value while deferring taxation and settlement until separation from service. The units are described as an unfunded, unitized stock-and-cash fund and may fluctuate based on fund value. This is a standard plan operation and signals continued use of equity-linked deferred compensation for senior HR leadership.

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).

1. Name and Address of Reporting Person^*

Massy Robert L.

(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 and Chief HR Officer

3. Date of Earliest Transaction (Month/Day/Year)
09/30/2025

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)	09/30/2025		A		16.6207		(2)	(2)	Common Stock	16.6207	$105.11	61.9542(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 Robert L. Massy	10/01/2025
	** 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 Robert L. Massy report on the Form 4 for PPG (PPG)?

The Form 4 reports an acquisition of 16.6207 phantom stock units under PPG's Deferred Compensation Plan on 09/30/2025, bringing his total to 61.9542 units.

Do the reported phantom stock units immediately increase PPG's outstanding shares?

No. The phantom stock units are unfunded interests that convert one-for-one to common stock only upon termination of employment, so they do not immediately change outstanding shares.

What was the per-unit value reported for the phantom stock units?

The filing shows a per-unit reference value of $105.11 for the underlying common stock used in the unit valuation.

When do these phantom units convert to common stock?

The filing states the units convert to common stock on a one-for-one basis upon termination of employment with PPG.

Who signed the Form 4 on behalf of the reporting person?

The Form 4 was signed by Greg E. Gordon, Attorney-in-Fact for Robert L. Massy on 10/01/2025.