PPG Insider Filing: Braun Adds 3.9137 Deferred Phantom Units Valued $110.72

Rhea-AI Filing Summary

Kevin D. Braun, Senior Vice President, Operations at PPG Industries, acquired 3.9137 phantom stock units on 09/12/2025 under the PPG Industries, Inc. Deferred Compensation Plan. The filing reports a unit value of $110.72, and after the transaction the reporting person is credited with 634.6898 phantom stock units held directly. The phantom units convert to common stock on a one-for-one basis and are payable after termination of employment. Phantom units track an unfunded unitized stock fund whose share equivalent can change with the plan's fair market value and cash components.

Insights

Financial Analyst

TL;DR Small incremental accrual of phantom units; no material change to share count or ownership stake.

The reported acquisition of 3.9137 phantom stock units at a unit value of $110.72 is a routine deferred compensation credit under the firm's plan. The total 634.6898 units reflect accumulated deferred compensation rather than a direct cash purchase of common stock. Because these are phantom units that convert one-for-one after employment termination and are unfunded, they do not immediately dilute outstanding common shares or change voting power. The dollar value noted is a bookkeeping attribution based on the plan's unit valuation at the report date.

Corporate Governance Expert

TL;DR Typical executive deferred-compensation entry; disclosure aligns with Section 16 reporting requirements.

The Form 4 discloses a compensation-plan credit rather than an open-market transaction. The explanation clarifies conversion mechanics and timing (post-termination) and that the units are part of an unfunded plan vehicle. The filing is complete in describing the nature of the instrument and the holding amount. There are no indications of related-party transfers or exceptional governance events in this submission.

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^*

Braun Kevin D.

(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, Operations

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

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)	09/12/2025		A		3.9137		(2)	(2)	Common Stock	3.9137	$110.72	634.6898(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 Kevin D. Braun	09/15/2025
	** 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 Kevin D. Braun report on Form 4 for PPG (PPG)?

The Form 4 reports the acquisition of 3.9137 phantom stock units on 09/12/2025 under PPG's Deferred Compensation Plan.

How many phantom stock units does Kevin D. Braun hold after the reported transaction?

Following the transaction the filing shows 634.6898 phantom stock units beneficially owned by the reporting person.

What is the reported unit value for the phantom stock units in this filing?

The filing lists a unit value of $110.72 for the phantom stock units associated with the transaction.

Do the phantom stock units convert to common stock and when?

Yes, the filing states the phantom stock units convert to common stock on a one-for-one basis and are payable after termination of employment.

Does this Form 4 indicate voting dilution or immediate share issuance?

No. The units are described as unfunded phantom units in a unitized fund and do not represent immediate issuance of common shares or voting rights until conversion and payout conditions are met.