PPG Insider Filing: Braun's Deferred Compensation Balance Rises to 674.6139 Units

Rhea-AI Filing Summary

Kevin D. Braun, Senior Vice President, Operations at PPG Industries (PPG) reported an acquisition of phantom stock units under the PPG Industries, Inc. Deferred Compensation Plan on 09/30/2025. The filing shows 30.3314 phantom stock units newly acquired that convert one-for-one into common stock, and the reporting person currently holds a total of 674.6139 phantom stock units in the Plan. The filing records a reference value of $105.11 per share for the underlying common stock. Phantom stock units are unfunded interests in a unitized stock-and-cash fund and may change in share equivalent over time based on the fund's fair market value and cash amounts. The units convert to common stock after termination of employment.

Positive

• Transparent disclosure of insider deferred-compensation holdings under Section 16
• Executive alignment with shareholder value via participation in a phantom stock plan that tracks common stock value

Negative

• None.

Insights

Securities Analyst

TL;DR Insider acquired phantom stock units, increasing deferred ownership in PPG without immediate share issuance.

Kevin D. Braun's reported acquisition of 30.3314 phantom stock units increases his total deferred holding to 674.6139 units under PPG's Deferred Compensation Plan. Phantom units are not currently issued shares but track the economic value of common stock and convert one-for-one to common stock after employment termination. This disclosure is routine for executive deferred compensation and provides transparency on executive equity exposure; it does not represent an immediate dilution or open-market trade.

Corporate Governance Expert

TL;DR This is a routine executive deferred-compensation update with limited immediate governance impact.

The Form 4 documents a grant/accrual of phantom stock units and reports the aggregate balance of such units. From a governance perspective, the filing confirms executive participation in a deferred equity-like plan tied to shareholder value. Material governance implications are limited because the units are unfunded and do not currently convey voting rights or issued shares; conversion occurs upon termination of employment. The disclosure meets Section 16 transparency standards.

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^*

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)
09/30/2025

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
Phantom Stock Units	(1)	09/30/2025		A		30.3314		(2)	(2)	Common Stock	30.3314	$105.11	674.6139(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	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 Kevin D. Braun report on Form 4 for PPG (PPG)?

He reported acquiring 30.3314 phantom stock units on 09/30/2025 and now holds 674.6139 phantom stock units in PPG's Deferred Compensation Plan.

Do the phantom stock units reported on the Form 4 represent issued PPG shares?

No. The phantom stock units are unfunded interests in a unitized stock-and-cash fund and are not currently issued common stock; they convert one-for-one to common stock after termination of employment.

What value per share is shown in the filing?

The filing references a per-share value of $105.11 for the underlying common stock.

When do the phantom stock units convert to common stock?

The Form 4 states conversion to common stock occurs after termination of employment.

Does this Form 4 indicate an open-market purchase or sale?

No. The transaction is labeled as acquisition of phantom stock units under a deferred compensation plan, not an open-market trade.