[Form 4] PPG Industries, Inc. Insider Trading Activity

Rhea-AI Filing Summary

Amy R. Ericson, Sr. Vice President, P&M Coatings at PPG Industries (PPG), reported a Section 16 transaction dated 08/29/2025. The filing shows acquisition of 14.0968 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan at an attributed price of $111.23 per share equivalent, increasing her total phantom units attributable to 102.8851 (direct ownership). The filing notes phantom stock units convert one-for-one into common stock after termination of employment and that unit counts may change with the Plan's fund value. The Form 4 was signed by an attorney-in-fact on behalf of Ms. Ericson on 09/02/2025.

Positive

• Transaction disclosed promptly under Section 16 with a signed Form 4 filed
• Units held in Deferred Compensation Plan align executive compensation with company stock performance
• One-for-one conversion to common stock ensures eventual alignment with shareholders upon employment termination

Negative

• Limited immediate economic stake because phantom units convert only after termination of employment
• Unit amounts may fluctuate without reporting changes to number attributed when fund value shifts

Insights

Financial Analyst

TL;DR Insider acquired a small number of deferred-comp phantom units, reflecting routine compensation plan activity.

The reported acquisition of 14.0968 phantom stock units is modest in size relative to typical equity grants for senior executives and appears to be a deferred compensation allocation rather than an open-market purchase. The units are held in an unfunded unitized stock fund and convert one-for-one to common stock only upon termination of employment, which limits immediate liquidity and voting implications. The filing does not indicate a cash outlay by the reporting person beyond the Plan mechanics, nor does it show disposition of existing holdings.

Corporate Governance Expert

TL;DR Transaction aligns with standard executive deferred-compensation arrangements, not a governance red flag.

The disclosure describes Plan-held phantom stock units that fluctuate with fund value and convert to shares post-employment. This structure is common for aligning executive pay with shareholder value without immediate share issuance. Filing by attorney-in-fact and direct ownership classification are routine. No unusual timing, accelerated vesting, or removal of restrictions is disclosed in the Form 4.

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^*

Ericson Amy R.

(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, P&M Coatings

3. Date of Earliest Transaction (Month/Day/Year)
08/29/2025

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)	08/29/2025		A		14.0968		(2)	(2)	Common Stock	14.0968	$111.23	102.8851(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 Amy R. Ericson	09/02/2025
	** 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

Who filed the Form 4 for PPG (PPG)?

The Form 4 reports transactions by Amy R. Ericson, Sr. VP, P&M Coatings; it was signed by an attorney-in-fact on her behalf.

What securities were reported in the Form 4 dated 08/29/2025?

Acquisition of 14.0968 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan, attributed at $111.23 per share equivalent.

How many phantom stock units does Amy R. Ericson own after the reported transaction?

The filing shows 102.8851 phantom stock units beneficially owned following the transaction.

When do these phantom units convert to common stock?

The filing states the security converts to common stock one-for-one after termination of employment.

Do the phantom stock unit counts remain fixed?

No. The filing explains the number of shares attributed may change over time based on the Plan's fair market value and cash in the fund.