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PPG Industries (PPG) CFO adds phantom stock units in deferred plan

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
4

Rhea-AI Filing Summary

PPG Industries (PPG) Senior VP & CFO Vincent J. Morales reported a routine change in his deferred compensation holdings. On 12/31/2025, he acquired 19.1671 phantom stock units tied to PPG common stock at a reference price of $102.46 per unit through the PPG Industries, Inc. Deferred Compensation Plan. These units are a form of non-cash compensation that track the value of PPG stock and convert into common shares on a one-for-one basis, generally after termination of employment. Following this transaction, Morales held a total of 27,499.9526 phantom stock units in the plan, which represents an interest in an unfunded company stock fund composed of PPG stock and cash, and can change over time with stock price movements and cash levels in the fund.

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Insights

Routine deferred compensation update with small phantom unit increase.

The report shows PPG’s Senior VP & CFO, Vincent J. Morales, acquiring 19.1671 phantom stock units on 12/31/2025 at $102.46 per unit under the company’s Deferred Compensation Plan. These phantom units mirror the value of PPG common stock and convert into shares on a one-for-one basis.

After this transaction, Morales held 27,499.9526 phantom stock units, which reflects his accumulated deferred compensation. The filing notes these interests are in an unfunded unitized company stock fund of stock and cash, and the attributed units may change as the stock’s fair market value and cash levels move.

This type of transaction is typical for senior executives participating in deferred compensation programs and does not by itself signal a change in the company’s outlook. Future company filings may provide additional context on overall executive equity exposure and compensation mix.

Insider Morales Vincent J
Role Senior VP & CFO
Type Security Shares Price Value
Grant/Award Phantom Stock Units 19.167 $102.46 $2K
Holdings After Transaction: Phantom Stock Units — 27,499.953 shares (Direct)
Footnotes (1)
  1. The security converts to common stock on a one-for-one basis. After termination of employment with PPG. 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.
Form 4 Insider Transactions: What Each Field Means →
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*
Morales Vincent J
(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)
Senior VP & CFO
3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025
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) 12/31/2025 A 19.1671 (2) (2) Common Stock 19.1671 $102.46 27,499.9526(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 Vincent J. Morales 01/02/2026
** 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.

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did PPG (PPG) report for Vincent J. Morales?

PPG reported that Senior VP & CFO Vincent J. Morales acquired 19.1671 phantom stock units on 12/31/2025 under the company’s Deferred Compensation Plan.

How many phantom stock units does the PPG CFO hold after this Form 4 transaction?

Following the reported transaction, Vincent J. Morales beneficially owned 27,499.9526 phantom stock units tied to PPG Industries, Inc. common stock.

What are phantom stock units in PPG’s Deferred Compensation Plan?

PPG’s phantom stock units represent interests in an unfunded unitized company stock fund made up of PPG common stock and cash. The units track PPG’s stock value and convert to common shares on a one-for-one basis, typically after termination of employment.

Does this PPG Form 4 involve actual PPG common stock being traded?

No, the reported transaction involves phantom stock units, a form of deferred, non-derivative exposure to PPG stock value, rather than an open-market purchase or sale of actual PPG common shares.

When do the PPG phantom stock units reported by the CFO convert into common shares?

The filing states that the security converts to PPG common stock on a one-for-one basis and that settlement occurs after termination of employment with PPG.

Is the PPG CFO’s phantom stock unit position fixed after this Form 4 filing?

No. The number of phantom stock units attributed to the reporting person may change over time as the fair market value of PPG common stock and the amount of cash in the fund fluctuate.