PPG Industries Form 4: CFO Vincent Morales Ups Deferred Stake Slightly

Rhea-AI Filing Summary

This Form 4 discloses a routine insider transaction by Vincent J. Morales, Senior VP & CFO of PPG Industries (PPG).

• Transaction date: 06/30/2025
• Security: Phantom Stock Units that convert 1-for-1 into common stock upon termination of employment
• Amount acquired: 12.0066 units at an indicative price of $113.75
• Post-transaction holding: 26,938.5038 phantom units held directly

The acquisition occurred under the company’s Deferred Compensation Plan and was coded “A” (acquired). No non-derivative common stock trades were reported. Given the small size (≈ $1.4 k) relative to both Mr. Morales’s existing holdings and PPG’s market capitalization, the filing is not considered materially impactful to investors but does slightly increase executive alignment with shareholders.

Insights

Securities Analyst

TL;DR Minor phantom-unit purchase by PPG’s CFO; insignificant to valuation or sentiment.

The 12-unit addition represents less than 0.05 % of Mr. Morales’s deferred share balance and an immaterial dollar value versus PPG’s daily trading volume. No sale was reported, so there is no negative signal. Because phantom units settle only after employment ends, the purchase reflects routine compensation deferral rather than active insider conviction. I view the filing as neutral for PPG’s investment outlook.

Corporate Governance Expert

TL;DR Routine deferred-comp transaction; governance posture unchanged.

Deferred Compensation Plan phantom units are typical for large-cap boards. The CFO’s continued participation suggests ongoing alignment with shareholder returns, yet the quantity is negligible. No Rule 10b5-1 box was checked, implying the move was not under a pre-planned trading program, but given its scale, compliance risk is minimal. Overall governance impact: not material.

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^*

Morales Vincent J

(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)
	Senior VP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2025

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)	06/30/2025		A		12.0066		(2)	(2)	Common Stock	12.0066	$113.75	26,938.5038(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 Vincent J. Morales	07/01/2025
	** 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

How many PPG phantom stock units did CFO Vincent Morales acquire on 06/30/2025?

He acquired 12.0066 phantom stock units.

What is the total phantom stock balance held by Vincent Morales after this transaction?

His direct holding increased to 26,938.5038 phantom stock units.

At what price were the phantom stock units credited in the PPG Deferred Compensation Plan?

The units were valued at $113.75 per share equivalent.

Do the phantom stock units convert to PPG common stock?

Yes, they convert on a 1-for-1 basis upon termination of employment.

Was any PPG common stock bought or sold by the CFO in this Form 4 filing?

No common-stock transactions were reported; only phantom units were acquired.