PPG Industries (NYSE: PPG) director awarded new phantom stock units

Rhea-AI Filing Summary

PPG Industries director Leon J. Topalian received a grant of 8.6437 phantom stock units tied to PPG common stock. These units were awarded at a reference price of $100.7300 per unit and convert into common stock on a one-for-one basis after his service as a director ends. Following this award, he holds a total of 24.7589 phantom stock units in the PPG Deferred Compensation Plan for Directors, which is an unfunded stock-based plan rather than an open-market share purchase.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Topalian Leon J

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	8.644	$100.73	$870.68

Holdings After Transaction: Phantom Stock Units — 24.759 shares (Direct)

Footnotes (1)

1. The security converts to common stock on a one-for-one basis. After termination of service as a Director of PPG Industries, Inc. 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.

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Form 4 Insider Transactions: What Each Field Means →

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^*

Topalian Leon J

(Last) (First) (Middle)

C/O 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
	Officer (give title below)		Other (specify below)

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		8.6437		(2)	(2)	Common Stock	8.6437	$100.73	24.7589(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 Leon J. Topalian	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 insider transaction did PPG (PPG) director Leon J. Topalian report?

Leon J. Topalian reported receiving a grant of 8.6437 phantom stock units linked to PPG common stock. The award was made as a compensation-related acquisition, not an open-market share purchase, and is recorded as a derivative transaction on his Form 4 filing.

What are phantom stock units in PPG (PPG) director compensation?

Phantom stock units represent interests in an unfunded unitized company stock fund that holds PPG stock and cash. Their value changes with PPG’s share price and cash in the fund, providing stock-based compensation without immediate issuance of actual common shares to the director.

When do PPG (PPG) phantom stock units held by Leon J. Topalian convert to common stock?

The phantom stock units convert into PPG common stock on a one-for-one basis after Leon J. Topalian’s termination of service as a director. Until then, they remain as units in the Deferred Compensation Plan for Directors rather than freely tradable common shares.

How many PPG (PPG) phantom stock units does Leon J. Topalian hold after this grant?

After the 8.6437-unit grant, Leon J. Topalian holds a total of 24.7589 phantom stock units in PPG’s Deferred Compensation Plan for Directors. This total reflects all phantom stock interests attributed to him within the plan as of the reported transaction date.

Is Leon J. Topalian’s PPG (PPG) phantom stock grant an open-market purchase or sale?

The Form 4 classifies the transaction as a grant or award acquisition of phantom stock units, not an open-market purchase or sale. It is part of director compensation and is recorded as a derivative transaction rather than a direct trading decision in PPG common shares.

Can the number of PPG (PPG) phantom stock units change without Leon J. Topalian trading?

Yes. The number of shares attributed to him in the phantom stock fund may change over time without his volition, depending on PPG’s share price and the amount of cash in the unitized company stock fund that backs these phantom stock units.