PPG Industries (NYSE: PPG) CFO receives phantom stock unit grant

Rhea-AI Filing Summary

PPG Industries Senior VP & CFO Vincent J. Morales received a grant of 193.3824 phantom stock units on PPG common stock. These units convert into common shares on a one-for-one basis after his termination of employment with PPG.

Following this award, Morales holds a total of 27,693.335 phantom stock units in the PPG Industries Deferred Compensation Plan. These units represent interests in an unfunded company stock fund whose value changes with PPG’s share price and the cash held in the fund, without day-to-day trading decisions by Morales.

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
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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)
03/12/2026

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)	03/12/2026		A		193.3824		(2)	(2)	Common Stock	193.3824	$100.73	27,693.335(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	03/13/2026
	** 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.

FAQ

What did PPG (PPG) CFO Vincent Morales report in this Form 4?

PPG Senior VP & CFO Vincent J. Morales reported a grant of 193.3824 phantom stock units tied to PPG common stock. The award is a compensation-related acquisition, not an open-market purchase or sale, and increases his deferred compensation plan holdings linked to PPG’s share performance.

How many phantom stock units does the PPG (PPG) CFO now hold?

After this grant, Vincent J. Morales holds 27,693.335 phantom stock units in the PPG Industries Deferred Compensation Plan. These units track the value of PPG’s common stock and cash in the unitized fund, and the reported total reflects all phantom units attributed to him as a participant.

What are phantom stock units in the context of PPG (PPG)?

For PPG, phantom stock units represent interests in an unfunded unitized company stock fund comprised of PPG stock and cash. Their value changes with PPG’s share price and fund cash levels, so the number of shares attributed can fluctuate without any trading action by the participant.

When can the PPG (PPG) CFO’s phantom stock units convert into common shares?

The phantom stock units held by PPG’s CFO convert into PPG common stock on a one-for-one basis after his termination of employment with PPG. Until then, the units remain in the deferred compensation plan and track the value of the underlying company stock fund.

Did the PPG (PPG) CFO buy or sell PPG shares in the market?

The filing shows a grant of phantom stock units classified as a compensation-related acquisition, not a market trade. There were no open-market purchases or sales of PPG common stock reported; instead, his deferred compensation position linked to PPG’s stock value increased through this award.