PPG Insider Filing: 15.5301 Phantom Units Added; Holdings 33.6469 Units

Rhea-AI Filing Summary

PPG Industries insider filing: This Form 4, signed 08/18/2025, reports that Chancey E. Hagerty (Senior Vice President, Automotive Refinish Coatings) acquired 15.5301 phantom stock units on 08/15/2025 under the PPG Industries, Inc. Deferred Compensation Plan. The filing shows 15.5301 units tied to common stock and lists 33.6469 as the total phantom stock units held by the reporting person following the transaction. The entry includes a value reference of $111.8. The filing explains these phantom stock units convert to common stock on a one-for-one basis and that the units represent interests in an unfunded unitized company stock fund whose attributed share count may change with the fair market value of PPG common stock and cash in the fund. The conversion may occur after termination of employment.

Positive

• Disclosure of deferred compensation tied to company stock increases transparency about executive alignment with shareholders
• Phantom units convert one-for-one to common stock, making the economic link to ordinary shares explicit

Negative

• None.

Insights

Securities Analyst

TL;DR: Officer acquired deferred-compensation phantom stock units that convert one-for-one to common shares; reported holdings rise to 33.6469 units.

This Form 4 documents a routine deferred compensation credit rather than an open-market purchase or sale. The reported 15.5301 phantom stock units were credited on 08/15/2025 and the filing states these units convert to common stock one-for-one and are held in an unfunded stock fund that tracks share value plus cash. For investors, this is a transparency and disclosure item showing executive compensation tied to stock performance; it does not report an outright cash purchase or sale of common stock and therefore typically has limited immediate market impact.

Corporate Governance Expert

TL;DR: The filing reflects a compensation plan credit and clarifies conversion and post-employment treatment of phantom units.

The Form 4 clarifies plan mechanics: phantom units convert one-for-one to common shares and may be settled after employment ends. The filing also notes the number of credited units can vary with fund valuation, which is standard for unfunded unitized stock funds. This is a governance-level disclosure that affirms alignment between executive compensation and shareholder returns, while providing the required beneficial ownership update.

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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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^*

Hagerty Chancey E.

(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, Auto. Refinish Ctgs.

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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
Phamtom Stock Units	(1)	08/15/2025		A		15.5301		(2)	(2)	Common Stock	15.5301	$111.8	33.6469(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 Chancey E. Hagerty	08/18/2025
	** 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 Chancey E. Hagerty report on the Form 4 for PPG (PPG)?

The Form 4 reports the acquisition of 15.5301 phantom stock units on 08/15/2025, increasing the reporting person’s total to 33.6469 phantom stock units.

Do the phantom stock units convert to PPG common stock?

Yes. The filing states the security converts to common stock on a one-for-one basis.

When may phantom stock units be converted or settled?

The filing notes conversion or settlement may occur after termination of employment with PPG.

What is the economic nature of the phantom stock units reported?

They represent interests in an unfunded unitized company stock fund comprised of stock and cash; attributed shares may change with the fair market value of PPG common stock and fund cash.

When was the Form 4 signed and filed?

The signature on the filing is dated 08/18/2025.