PPG HR chief granted phantom stock units

PPG Industries Inc senior vice president and chief HR officer Robert L. Massy received a grant of phantom stock units tied to PPG common stock.

Rhea-AI Filing Summary

PPG Industries Inc senior vice president and chief HR officer Robert L. Massy received a grant of phantom stock units tied to PPG common stock. He acquired 0.3234 phantom stock units at a reference price of $108.50 per unit, bringing his total phantom stock holdings in the deferred compensation plan to 170.5756 units. These units convert into common stock on a one-for-one basis after his employment with PPG ends.

Insider Trade Summary

Grant/Award: 0.3234 shares

Grant/Award 1 txn

Insider Massy Robert L.

Role Sr. VP and Chief HR Officer

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	0.3234	$108.50	$35.09

Holdings After Transaction: Phantom Stock Units — 170.5756 contracts (Direct)

Footnotes (3)

1. F1. The security converts to common stock on a one-for-one basis.
2. F2. After termination of employment with PPG.
3. F3. 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.

Key Figures

Phantom units granted: 0.3234 units Reference price per unit: $108.50 Total phantom units after grant: 170.5756 units +1 more

4 metrics

Phantom units granted 0.3234 units Grant of phantom stock units on April 30, 2026

Reference price per unit $108.50 Value used for the phantom stock unit grant

Total phantom units after grant 170.5756 units Total phantom stock units held after transaction

Conversion ratio 1-to-1 Each phantom stock unit converts into one common share

Key Terms

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

4 terms

Phantom Stock Units financial

"Total of all phantom stock units held by the reporting person"

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 financial

"held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan"

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

unfunded unitized company stock fund financial

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

fair market value financial

"may change from time to time ... 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) report for Robert L. Massy?

PPG reported that Robert L. Massy received 0.3234 phantom stock units as a grant. These units reference PPG common stock at $108.50 per unit and are part of his deferred compensation, increasing his total phantom stock holdings in the plan to 170.5756 units.

What are phantom stock units in the PPG (PPG) deferred compensation plan?

Phantom stock units in PPG’s deferred compensation plan represent interests in an unfunded unitized company stock fund. The fund is comprised of PPG stock and cash, and the number of units attributed to a participant changes with PPG’s fair market value and cash levels in the fund.

How many phantom stock units does Robert L. Massy hold at PPG (PPG)?

After the reported grant, Robert L. Massy holds a total of 170.5756 phantom stock units. This figure represents all phantom units credited to him in the PPG Industries, Inc. Deferred Compensation Plan as described in the Form 4 filing footnote.

At what price were the new PPG (PPG) phantom stock units granted to Robert L. Massy?

The 0.3234 phantom stock units granted to Robert L. Massy were valued at $108.50 per unit. This reference price reflects the fair market value of PPG’s common stock used to determine the number of phantom units credited to his deferred compensation account.

When do PPG (PPG) phantom stock units convert into common stock for Robert L. Massy?

According to the filing, the phantom stock units convert into PPG common stock on a one-for-one basis after termination of employment. This means Massy’s accumulated units become deliverable as common shares once his employment with PPG ends.

Why can Robert L. Massy’s PPG (PPG) phantom stock unit balance change over time?

His phantom stock unit balance can change without his volition because it depends on the fair market value of PPG common stock and the amount of cash in the plan’s unitized company stock fund. These market-driven changes affect the number of units attributed to him.

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

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Accepted by SEC EDGAR 05/01/2026 - 11:00 AM EDT 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^*

Massy Robert L.

(Last) (First) (Middle)

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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. VP and Chief HR Officer

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/30/2026

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)	04/30/2026		A		0.3234		(2)	(2)	Common Stock	0.3234	$108.5	170.5756(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 Robert L. Massy	05/01/2026
	** 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)