PPG director granted 145.6 phantom stock units

PPG director Michael W. Lamach received additional phantom stock units under the company’s deferred compensation plan, increasing his notional equity-based holdings.

Rhea-AI Filing Summary

PPG INDUSTRIES INC (PPG) reported that director Michael W. Lamach received a grant of 145.5612 Phantom Stock Units on September 11, 2026 at a reference value of $105.50 per unit. These units convert into an equal number of common shares on a one-for-one basis after his termination of service as a director and are credited under PPG’s Deferred Compensation Plan for Directors, bringing his total phantom stock holdings in the plan to 16,173.3187 units. Phantom stock units track the fair market value of PPG common stock within an unfunded, unitized company stock fund, so the number of units attributed to him may change over time without his action. No Rule 10b5-1 trading plan is reported for this grant.

Insider Trade Summary

Grant/Award: 145.5612 shares

Grant/Award 1 txn

Insider LAMACH MICHAEL W

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units F1, F2, F3	145.5612	$105.50	$15K

Holdings After Transaction: Phantom Stock Units — 16,173.3187 contracts (Direct)

Footnotes (3)

1. F1. The security converts to common stock on a one-for-one basis.
2. F2. After termination of service as a Director of PPG Industries, Inc.
3. F3. Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan for Directors. 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.

Key Figures

Phantom Stock Units granted: 145.5612 units Reference value per Phantom Stock Unit: $105.50 Total Phantom Stock Units after grant: 16,173.3187 units +1 more

4 metrics

Phantom Stock Units granted 145.5612 units Grant to director Michael W. Lamach on September 11, 2026

Reference value per Phantom Stock Unit $105.50 Transaction price per unit for the September 11, 2026 grant

Total Phantom Stock Units after grant 16,173.3187 units Aggregate phantom stock units held in the Deferred Compensation Plan for Directors

Conversion ratio to common stock 1 unit per 1 share Phantom stock units convert to common stock on a one-for-one basis

Key Terms

Phantom Stock Units, Deferred Compensation Plan for Directors, unfunded unitized company stock fund, fair market value

4 terms

Phantom Stock Units financial

"Phantom stock units represent interests in an unfunded unitized company stock fund"

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

Deferred Compensation Plan for Directors financial

"Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan for Directors"

A deferred compensation plan for directors is an arrangement that lets board members postpone receiving part of their pay until a later date—often retirement or a set future time—so the money can grow or be paid under specified conditions. Think of it like directing a portion of your paycheck into a locked savings account that pays out later; investors care because it creates future cash or stock obligations, signals how the company motivates and retains leadership, and can affect shareholder value through timing of payouts or potential dilution.

unfunded unitized company stock fund financial

"Phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash"

fair market value financial

"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"

The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What insider transaction did PPG (PPG) disclose for Michael W. Lamach?

PPG disclosed that director Michael W. Lamach received a grant of 145.5612 Phantom Stock Units on September 11, 2026, credited to the PPG Industries, Inc. Deferred Compensation Plan for Directors as a compensation-related acquisition.

At what value were the new phantom stock units for PPG (PPG) recorded?

The 145.5612 Phantom Stock Units granted to Michael W. Lamach were recorded at a reference value of $105.50 per unit, as shown in the Form 4 transaction price field for this award.

How many phantom stock units in total does Michael W. Lamach now hold at PPG (PPG)?

After this award, Michael W. Lamach holds a total of 16,173.3187 Phantom Stock Units in the PPG Industries, Inc. Deferred Compensation Plan for Directors, representing his aggregate notional interest in the plan’s unitized company stock fund.

When do Michael W. Lamach’s PPG (PPG) phantom stock units convert into common stock?

The phantom stock units convert into PPG common stock on a one-for-one basis, and this conversion occurs after termination of his service as a Director of PPG Industries, Inc., according to the Form 4 footnotes.

Are Michael W. Lamach’s PPG (PPG) phantom stock units impacted by stock price changes?

Yes. The phantom stock units represent interests in an unfunded unitized company stock fund of stock and cash, so the number of units may change over time depending on the fair market value of PPG common stock and cash in the fund.

Was the PPG (PPG) phantom stock unit grant to Michael W. Lamach under a Rule 10b5-1 plan?

No. The document-level Rule 10b5-1 checkbox is unchecked, so this Form 4 explicitly indicates that the reported grant was not made pursuant to a Rule 10b5-1 trading plan.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Form 4 Insider Transactions: What Each Field Means →

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Available on EDGAR 09/14/2026 - 02:10 PM Accepted by SEC EDGAR 09/14/2026 - 02:10 PM Learn about SEC filing dates

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^*

LAMACH MICHAEL W

(Last) (First) (Middle)

C/O PPG INDUSTRIES, INC.

ONE PPG PLACE

(Street)

PITTSBURGH PENNSYLVANIA 15272

(City) (State) (Zip)

UNITED STATES

(Country)

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
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
09/11/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)	09/11/2026		A		145.5612		(2)	(2)	Common Stock	145.5612	$105.5	16,173.3187(3)	D

Explanation of Responses:

1. The security converts to common stock on a one-for-one basis.

2. After termination of service as a Director of PPG Industries, Inc.

3. Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan for Directors. 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 Michael W. Lamach	09/14/2026
	** 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.
* Form 4: SEC 1474 (03-26)