PPG Insider Filing: Kevin Braun Adds Deferred Compensation Units

Rhea-AI Filing Summary

The filing shows that Kevin D. Braun, Senior Vice President, Operations at PPG Industries, acquired 9.5927 phantom stock units on September 15, 2025. Each phantom unit converts one-for-one into common stock and is tied to a deferred compensation plan that holds stock and cash; the units are payable after termination of employment. The filing reports 9.5927 underlying shares attributable to this transaction and a total of 644.2825 phantom stock units beneficially owned following the transaction. The reported per-share reference price is $109.45. The form is signed by an attorney-in-fact on behalf of Mr. Braun.

Positive

• Acquisition of additional deferred-equity aligns executive incentives with shareholder value through phantom stock units
• Full disclosure provided about conversion, plan mechanics, and post-termination payout timing

Negative

• None.

Insights

Financial Analyst

TL;DR: Officer acquired a small additional stake via deferred-compensation phantom units; ownership remains modest relative to institutional holdings.

The reported acquisition of 9.5927 phantom stock units increases the executive's deferred-equity exposure to PPG common stock and ties compensation value to share performance. Phantom units convert one-for-one to common shares and are payable after employment ends, so this is a long-dated, compensation-related holding rather than an open-market purchase. The filing cites a reference price of $109.45 per share, but no cash purchase or sale price is reported because these are plan units. For investors, this is a routine insider compensation event with limited immediate market impact given the modest size (total 644.2825 units after the transaction).

Corporate Governance Expert

TL;DR: This Form 4 documents a standard deferred-compensation award; disclosure is complete and consistent with Section 16 requirements.

The disclosure clarifies that phantom stock units are part of PPG's Deferred Compensation Plan and that unit counts may change with fund valuation. The units convert one-for-one to common stock and vest/payout provisions (payable after termination) are noted, reducing concerns about immediate insider selling. The form is signed by an attorney-in-fact, which is acceptable; no amendments or footnoted complications are present. Materiality is low; this is a routine governance/compensation disclosure rather than a material corporate action.

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^*

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)
09/15/2025

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
Phantom Stock Units	(1)	09/15/2025		A		9.5927		(2)	(2)	Common Stock	9.5927	$109.45	644.2825(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	09/16/2025
	** 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 Kevin D. Braun report on the PPG Form 4?

He reported the acquisition of 9.5927 phantom stock units on September 15, 2025, increasing his holdings to 644.2825 phantom units.

Do the phantom stock units convert into PPG common shares?

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

When are the phantom stock units payable or exercisable?

The filing notes the units are payable after termination of employment.

What price is referenced in the Form 4?

The filing lists a reference price of $109.45 per share associated with the underlying common stock.

Does this Form 4 indicate a market sale or purchase of shares?

No. The transaction involved phantom stock units in a deferred compensation plan, not an open-market purchase or sale of shares.