PPG Insider Report: Chancey Hagerty Adds 16.54 Deferred Compensation Units

Rhea-AI Filing Summary

Chancey E. Hagerty, Senior Vice President, Automotive Refinish Coatings at PPG Industries (PPG), reported on Form 4 the acquisition of phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan on 09/30/2025. The transaction records 16.5378 phantom stock units acquired at an indicated value of $105.11 per unit, bringing the reporting person's total phantom units to 81.8167. The filing notes these phantom units convert to common stock on a one-for-one basis and are payable after termination of employment. The filing was signed by an attorney-in-fact on 10/01/2025. The form clarifies that phantom units represent interests in an unfunded unitized stock fund whose credited share amount can change with the fair market value of PPG common stock and fund cash balances.

Positive

• Increased equity alignment: Acquisition of phantom stock units enhances the reporting person's alignment with shareholder returns by tying compensation to PPG common stock value.
• Transparent disclosure: Form 4 provides specific unit amounts (16.5378 acquired, 81.8167 total) and a per-unit value ($105.11), improving investor visibility into insider holdings.

Negative

• None.

Insights

Corporate Governance Expert

TL;DR Insider acquired deferred compensation units that convert to shares, indicating routine executive compensation activity.

The reported acquisition of 16.5378 phantom stock units is a standard deferred compensation credit rather than an open-market stock purchase. Because these units convert one-for-one to common stock and are payable after termination, the transaction aligns executive pay with equity performance without immediate dilution. The filing discloses the total phantom units (81.8167) and the per-unit value ($105.11), providing transparency about the executive's equity-linked holdings. This disclosure is compliant with Section 16 reporting and does not by itself indicate a change in corporate control or compensation policy.

Executive Compensation Analyst

TL;DR Deferred compensation credit increases executive's long-term equity exposure; typical plan mechanics described.

The phantom stock unit acquisition represents a deferred compensation mechanism that mirrors stock performance. The filing specifies conversion is one-for-one to common stock and payment is post-employment, which is consistent with retention and alignment objectives. The noted per-unit value ($105.11) and the cumulative balance (81.8167 units) help quantify the executive's vested exposure under the plan. No immediate cash or open-market transaction is reported, and the disclosure contains necessary plan mechanics but no further changes to compensation structure.

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^*

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)
09/30/2025

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
Phamtom Stock Units	(1)	09/30/2025		A		16.5378		(2)	(2)	Common Stock	16.5378	$105.11	81.8167(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	10/01/2025
	** 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

What did Chancey E. Hagerty report on Form 4 for PPG (PPG)?

The filing reports the acquisition of 16.5378 phantom stock units on 09/30/2025, bringing total phantom units to 81.8167.

How do the phantom stock units reported by PPG convert to common shares?

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

What per-unit value was disclosed for the phantom stock units in the Form 4?

The Form 4 shows an indicated per-unit value of $105.11 for the phantom stock units acquired.

When was the Form 4 signed and who signed it?

The Form 4 was signed by Greg E. Gordon, Attorney-in-Fact for Chancey E. Hagerty on 10/01/2025.

Do the phantom stock units fluctuate in reported share amount?

Yes. The filing explains the number of shares attributed to the reporting person may change based on the fair market value of PPG common stock and the amount of cash in the unfunded unitized company stock fund.