PPG Industries director receives phantom stock grant

PPG Industries director Guillermo Novo received a grant of phantom stock units as part of his director compensation.

Rhea-AI Filing Summary

PPG Industries director Guillermo Novo received a grant of phantom stock units as part of his director compensation. On this date, he was awarded 91.6158 phantom stock units, each tied to the value of PPG common stock at a reference price of $100.73.

The units are held in PPG’s Deferred Compensation Plan for Directors and track an unfunded unitized company stock fund made up of stock and cash. The phantom units convert into PPG common stock on a one-for-one basis after Novo’s service as a director ends. Following this award, his total phantom stock unit balance in the plan is 10,905.7174 units.

Insider Trade Summary

Grant/Award: 91.6158 shares

Grant/Award 1 txn

Insider NOVO GUILLERMO

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	91.6158	$100.73	$9K

Holdings After Transaction: Phantom Stock Units — 10,905.7174 contracts (Direct)

Footnotes (3)

1. F1. The security converts to common stock on a one-for-one basis.
2. F2. After termination of service as a Director of PPG Industries, Inc.
3. F3. Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan for Directors. 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.

FAQ

What insider transaction did PPG (PPG) director Guillermo Novo report?

Guillermo Novo reported receiving a grant of phantom stock units as director compensation. The Form 4 shows an award of 91.6158 phantom stock units linked to PPG common stock within the company’s Deferred Compensation Plan for Directors.

How many phantom stock units did Guillermo Novo receive at PPG (PPG)?

Guillermo Novo received 91.6158 phantom stock units in this transaction. These units are part of PPG’s Deferred Compensation Plan for Directors and are tied to the value of PPG common stock through an unfunded unitized company stock fund.

What are PPG (PPG) phantom stock units as reported in this Form 4?

The phantom stock units represent interests in an unfunded unitized company stock fund made up of PPG stock and cash. Their value changes with PPG’s common stock price and fund cash levels, and they convert to common shares on a one-for-one basis after board service ends.

When do Guillermo Novo’s PPG (PPG) phantom stock units convert to common stock?

Novo’s phantom stock units convert to PPG common stock on a one-for-one basis after his termination of service as a director. Until then, they remain as bookkeeping units within the Deferred Compensation Plan for Directors, tracking the value of PPG’s stock and related cash component.

How many phantom stock units does Guillermo Novo hold at PPG (PPG) after this grant?

After this award, Guillermo Novo holds a total of 10,905.7174 phantom stock units. This figure represents his entire balance in PPG’s Deferred Compensation Plan for Directors, which fluctuates over time with PPG’s stock price and cash levels in the unitized fund.

Was Guillermo Novo’s PPG (PPG) Form 4 transaction an open-market stock purchase?

No, the transaction was not an open-market purchase. It was a grant or award acquisition of 91.6158 phantom stock units reported with code “A,” reflecting director compensation within PPG’s Deferred Compensation Plan rather than buying shares on the open market.

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Accepted by SEC EDGAR 03/13/2026 - 12:43 PM 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^*

NOVO GUILLERMO

(Last) (First) (Middle)

C/O 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/12/2026

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)	03/12/2026		A		91.6158		(2)	(2)	Common Stock	91.6158	$100.73	10,905.7174(3)	D

Explanation of Responses:

1. The security converts to common stock on a one-for-one basis.

2. After termination of service as a Director of PPG Industries, Inc.

3. Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan for Directors. 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 Guillermo Novo	03/13/2026
	** 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.