[Form 4] PPG INDUSTRIES INC Insider Trading Activity

Rhea-AI Filing Summary

PPG Industries Inc. (PPG) filed a Form 4 reporting a deferred equity transaction by a senior executive. Sr. VP and General Counsel Anne M. Foulkes acquired 19.2088 phantom stock units on 11/14/2025 in a transaction coded "A" at a reference price of $97.03 per unit. After this transaction, she beneficially owns 699.8047 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan.

The phantom stock units track PPG common stock and convert to common shares on a one-for-one basis after termination of employment. These units represent an interest in an unfunded company stock fund made up of stock and cash, and the attributed number of shares may change over time with movements in PPG’s share price and cash levels in the fund.

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^*

Foulkes Anne 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. VP and General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
11/14/2025

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)	11/14/2025		A		19.2088		(2)	(2)	Common Stock	19.2088	$97.03	699.8047(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 Anne M. Foulkes	11/17/2025
	** 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 PPG (PPG) disclose in this Form 4 filing?

The filing reports that Sr. VP and General Counsel Anne M. Foulkes acquired 19.2088 phantom stock units on 11/14/2025, bringing her total beneficial holdings in the deferred compensation plan to 699.8047 phantom stock units.

What are the phantom stock units reported for PPG (PPG)?

The phantom stock units represent interests in an unfunded, unitized company stock fund within the PPG Industries, Inc. Deferred Compensation Plan, comprised of PPG stock and cash. They are designed to mirror the value of PPG common stock.

How do the phantom stock units convert into PPG common stock?

According to the filing, each phantom stock unit converts to common stock on a one-for-one basis. This conversion occurs after termination of employment with PPG.

What was the reference price for the PPG phantom stock unit transaction?

The reported acquisition of 19.2088 phantom stock units on 11/14/2025 used a price of $97.03 per unit, as shown in Table II of the Form 4.

Why can the number of PPG phantom stock units change over time?

The filing notes that the number of shares attributed to the participant may change from time to time depending on the fair market value of PPG common stock and the amount of cash in the fund, even without any new transactions by the reporting person.

What is Anne M. Foulkes’ role at PPG Industries Inc.?

The Form 4 identifies the reporting person as an Officer, specifically Sr. VP and General Counsel of PPG Industries Inc.