PPG Form 4: Vincent Morales Reports Deferred Compensation Units

Rhea-AI Filing Summary

Vincent J. Morales, Senior VP & CFO of PPG Industries (PPG), reported acquisition of phantom stock units under the PPG Deferred Compensation Plan on 09/30/2025. The filing shows 27,200.0318 phantom stock units reported, valued at $105.11 per share for a total reported amount expressed as units. The units convert to common stock on a one-for-one basis and represent interests in an unfunded unitized company stock fund that may change with the fair market value of PPG stock and cash in the fund. The Form 4 was signed by an attorney-in-fact on 10/01/2025.

Positive

• Full disclosure of executive deferred compensation holdings (27,200.0318 phantom stock units) improves transparency for investors
• Units convert one-for-one to common stock, making the economic exposure straightforward to understand

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Reporting of deferred compensation units by the CFO increases transparency about executive holdings without indicating a market trade.

The Form 4 discloses that CFO Vincent J. Morales holds 27,200.0318 phantom stock units in PPG's Deferred Compensation Plan, which convert one-for-one to common stock. This is a compensation-related holding rather than an open-market purchase or sale. The disclosure meets Section 16 reporting requirements and provides investors visibility into executive economic exposure to PPG equity.

Compensation & Risk Analyst

TL;DR: Materiality is limited: these are plan units that track PPG stock value and are typical for executive deferred compensation.

The filing notes the units are part of an unfunded unitized company stock fund where share equivalents may fluctuate with market value and cash allocations. The units become common stock on a one-for-one conversion and are recorded as a non-derivative holding. There is no exercise price or market transaction reported, so there is no immediate cash flow or market impact disclosed in this Form 4.

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^*

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)
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		15.1615		(2)	(2)	Common Stock	15.1615	$105.11	27,200.0318(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	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 Vincent J. Morales report on the PPG Form 4?

The filing reports acquisition of 27,200.0318 phantom stock units under the PPG Deferred Compensation Plan on 09/30/2025.

Do the phantom stock units convert to PPG common stock?

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

What is the per-share value reported for the phantom stock units?

The filing shows a value of $105.11 per share for the units reported.

Are these units a market trade or part of a compensation plan?

They are part of the PPG Deferred Compensation Plan and represent interests in an unfunded unitized company stock fund, not an open-market trade.

When was the Form 4 signed and filed?

The Form 4 shows a signature by an attorney-in-fact on 10/01/2025 and the transaction date as 09/30/2025.