PPG Form 4: Director Adds 381.18 Phantom Units; Holdings 10,362.19

Rhea-AI Filing Summary

Guillermo Novo, a Director of PPG Industries, Inc. (PPG), reported on Form 4 that on 10/01/2025 he was credited with 381.1762 phantom stock units under the PPG Deferred Compensation Plan for Directors at an attributable per-share value of $104.09. Phantom stock units convert to common stock on a one-for-one basis and are payable after termination of service as a director. Following the transaction, the reporting person had a total of 10,362.1921 shares (units) beneficially owned, held directly. The Form 4 was signed by an attorney-in-fact on 10/03/2025. The filing explains the phantom units represent interests in an unfunded unitized stock-and-cash fund and that unit counts may change with the fair market value of PPG common stock and cash in the fund.

Positive

• 381.1762 phantom stock units credited to a director, increasing alignment with shareholders
• Units convert one-for-one to common stock and are payable after termination, linking compensation to stock performance
• 10,362.1921 total units held provides transparency on the director's current stake

Negative

• None.

Insights

Compensation & Governance Analyst

Routine director deferred-compensation credit; aligns pay with shareholder value.

This Form 4 shows a director credit of 381.1762 phantom stock units under PPG's director deferred compensation plan, a standard component of non-cash board compensation. The units convert one-for-one to common shares and are paid after service termination, which ties realized value to future stock performance.

The filing shows 10,362.1921 total units held by the reporting person and states unit counts may change with the plan fund's fair market value, meaning the reported amount is dynamic and not a fixed share grant.

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).

1. Name and Address of Reporting Person^*

NOVO GUILLERMO

(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)
10/01/2025

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)	10/01/2025		A		381.1762		(2)	(2)	Common Stock	381.1762	$104.09	10,362.1921(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 Guillermo Novo	10/03/2025
	** 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 transaction did Guillermo Novo report on Form 4 for PPG (PPG)?

On 10/01/2025 Guillermo Novo was credited with 381.1762 phantom stock units under PPG's Deferred Compensation Plan for Directors, reported on Form 4.

How many phantom stock units does Guillermo Novo hold after the reported transaction?

The Form 4 reports 10,362.1921 shares (units) beneficially owned following the transaction.

At what value were the phantom stock units reported?

The filing lists an attributable per-share value of $104.09 for the underlying common stock.

When do the phantom stock units convert to common stock or become payable?

The filing states the units convert one-for-one to common stock and are payable after termination of service as a director.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by an attorney-in-fact, Greg E. Gordon, on 10/03/2025.