PPG (PPG) Insider Filing: Knavish Credited Phantom Stock Units

Rhea-AI Filing Summary

PPG Industries insider filing (Form 4): Timothy M. Knavish, Chairman and CEO, reported acquisition of 34.2186 phantom stock units on 09/15/2025 under the PPG Industries, Inc. Deferred Compensation Plan. Each phantom unit converts one-for-one into common stock; the filing shows a unit price of $109.45 and records 11,992.1849 shares beneficially owned by the reporting person after the transaction. The phantom units are interests in an unfunded unitized stock fund of stock and cash and may fluctuate in share equivalence based on the fund's fair market value and cash composition. The units convert to common stock after termination of employment.

Positive

• Acquisition disclosed: Reporting person received 34.2186 phantom stock units under the Deferred Compensation Plan.
• Clear conversion terms: Units convert to common stock on a one-for-one basis, as stated in the filing.
• Current beneficial ownership disclosed: Reporting person beneficially owns 11,992.1849 shares following the transaction.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: CEO acquired deferred-compensation phantom units, increasing reported beneficial ownership to 11,992.1849 shares.

The Form 4 discloses a routine compensation-related acquisition: 34.2186 phantom stock units credited under the company's deferred compensation plan at a reported unit value of $109.45. These units are described as unfunded interests that convert one-for-one into common stock upon termination of employment, and their share-equivalent can change with the plan fund's fair market value and cash balance. For governance oversight, this is a compensation accounting event rather than a market purchase and should be viewed as part of executive pay structure and long-term alignment mechanics rather than open-market trading.

Securities Analyst

TL;DR: The transaction is a non-market, plan-based grant; it modestly increases reported beneficial holdings but is not a liquidity event.

The filing indicates a plan-credited acquisition (phantom stock units) rather than an open-market purchase or sale. The 34.2186-unit increase and the resulting 11,992.1849 share beneficial ownership figure are explicitly disclosed. The report notes conversion occurs at termination and that unit share equivalence may vary with the plan's fund composition. From an investor-impact perspective, this is a routine compensation disclosure with limited immediate market significance.

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^*

KNAVISH TIMOTHY M

(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)

X	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Chairman and CEO

3. Date of Earliest Transaction (Month/Day/Year)
09/15/2025

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)	09/15/2025		A		34.2186		(2)	(2)	Common Stock	34.2186	$109.45	11,992.1849(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 Timothy M. Knavish	09/16/2025
	** 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 Timothy M. Knavish report on the Form 4 for PPG (PPG)?

He reported acquisition of 34.2186 phantom stock units under the PPG Deferred Compensation Plan on 09/15/2025, increasing beneficial ownership to 11,992.1849 shares.

Do the phantom stock units convert to common stock?

Yes. The filing states the phantom stock units convert to common stock on a one-for-one basis.

At what price were the phantom units reported?

The filing shows a unit price of $109.45 associated with the phantom stock units.

When do the phantom units become exercisable or convert?

The filing specifies conversion occurs after termination of employment with PPG.

Can the number of shares attributed to the reporting person change over time?

Yes. The filing explains the number of shares attributed may change depending on the fair market value of the issuer's common stock and the amount of cash in the plan's fund.