PPG Industries officer awarded phantom stock units

PPG INDUSTRIES INC (PPG) reported that officer Juliane M. Hefel received an award of 2.1444 Phantom Stock Units linked to PPG common stock.

Rhea-AI Filing Summary

PPG INDUSTRIES INC (PPG) reported that officer Juliane M. Hefel received an award of 2.1444 Phantom Stock Units linked to PPG common stock. These units convert into common shares on a one-for-one basis after termination of employment and are held in a deferred compensation plan, where the attributed unit balance can change with stock price and cash levels in the fund. Following this grant, Hefel holds 1415.0958 Phantom Stock Units directly.

Insider Trade Summary

Grant/Award: 2.1444 shares

Grant/Award 1 txn

Insider Hefel Juliane M.

Role Sr. VP, Ind Coatings & Sp Prod

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units F1, F2, F3	2.1444	$112.17	$240.54

Holdings After Transaction: Phantom Stock Units — 1,415.0958 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 Stock Units granted: 2.1444 units Grant reference price per unit: $112.1700 Total Phantom Stock Units after transaction: 1415.0958 units +1 more

4 metrics

Phantom Stock Units granted 2.1444 units Grant to Juliane M. Hefel on 2026-08-31

Grant reference price per unit $112.1700 Price field associated with 2.1444 Phantom Stock Units

Total Phantom Stock Units after transaction 1415.0958 units Total units held by Juliane M. Hefel in Deferred Compensation Plan after grant

Conversion ratio 1 unit for 1 share of common stock Phantom Stock Units convert to PPG common stock on a one-for-one basis

Key Terms

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

4 terms

Phantom Stock Units financial

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

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 transaction did PPG (PPG) report for Juliane M. Hefel in this Form 4?

PPG reported that Juliane M. Hefel received a grant of 2.1444 Phantom Stock Units on PPG common stock, increasing her total holdings in the PPG Industries, Inc. Deferred Compensation Plan to 1415.0958 Phantom Stock Units.

What are Phantom Stock Units reported in PPG (PPG)'s Form 4 for Juliane M. Hefel?

The Phantom Stock Units are interests in an unfunded unitized company stock fund in the PPG Deferred Compensation Plan, comprised of PPG stock and cash. They are credited as units that track PPG’s common stock and convert into common shares on a one-for-one basis.

When do Juliane M. Hefel’s Phantom Stock Units at PPG (PPG) convert into common stock?

The filing states that the Phantom Stock Units convert to PPG common stock on a one-for-one basis after termination of employment with PPG.

How many Phantom Stock Units does Juliane M. Hefel hold after this PPG (PPG) transaction?

After the reported grant, Juliane M. Hefel holds a total of 1415.0958 Phantom Stock Units in the PPG Industries, Inc. Deferred Compensation Plan.

Does the value of PPG (PPG) Phantom Stock Units change over time for Juliane M. Hefel?

Yes. The filing notes that the number of Phantom Stock Units attributed to Hefel can change without her volition, depending on the fair market value of PPG common stock and the amount of cash in the fund.

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

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Available on EDGAR 09/01/2026 - 11:37 AM EDT Accepted by SEC EDGAR 09/01/2026 - 11:36 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^*

Hefel Juliane M.

(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, Ind Coatings & Sp Prod

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
08/31/2026

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)	08/31/2026		A		2.1444		(2)	(2)	Common Stock	2.1444	$112.17	1,415.0958(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 Juliane M. Hefel	09/01/2026
	** 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)