PPG Form 4: Senior VP reports 14.3437 phantom stock units at $109.45

Rhea-AI Filing Summary

PPG Industries insider reported acquisition of phantom stock units. Amy R. Ericson, Senior Vice President, P&M Coatings, acquired 14.3437 phantom stock units on 09/15/2025 under the PPG Deferred Compensation Plan. Each phantom unit converts to one share of common stock on a one-for-one basis and the reported conversion-equivalent price is $109.45. After the transaction, the reporting person beneficially owns 117.6983 shares (reported as direct ownership). The filing was signed by an attorney-in-fact on 09/16/2025. The phantom units represent interests in an unfunded unitized stock fund whose attributed share count can change with market value and cash in the fund.

Insights

Securities Analyst

TL;DR: Routine deferred-compensation conversion reported; transaction appears administrative, not market-moving.

The Form 4 discloses an acquisition of 14.3437 phantom stock units by a senior officer, with conversion to common stock on a one-for-one basis and an implied unit value of $109.45. The resulting 117.6983 shares reported as beneficially owned reflect holdings in PPG's Deferred Compensation Plan rather than open-market purchases. This type of filing typically documents plan-related unit allocations and does not by itself signal a change in executive ownership intent or a material corporate event.

Corporate Governance Expert

TL;DR: Disclosure fulfills Section 16 reporting for plan-based awards; no governance red flags shown.

The statement identifies the reporting person and relationship to the issuer, confirms the transaction date and details of the phantom unit award, and includes the required signature by attorney-in-fact. The explanation clarifies plan mechanics and that unit counts fluctuate with fund value. There are no indications of unusual timing, related-party concerns, or amendments that would raise governance issues based on the information provided.

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^*

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)
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		14.3437		(2)	(2)	Common Stock	14.3437	$109.45	117.6983(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	09/16/2025
	** 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 transaction did Amy R. Ericson report on Form 4 for PPG (PPG)?

The Form 4 reports acquisition of 14.3437 phantom stock units on 09/15/2025 under PPG's Deferred Compensation Plan.

How many shares does the Form 4 show Amy R. Ericson beneficially owns after the transaction?

The filing shows 117.6983 shares beneficially owned following the reported transaction.

What is the conversion basis and reported price for the phantom stock units?

Phantom units convert to common stock on a one-for-one basis and the report lists an implied price of $109.45 per unit.

When was the Form 4 signed and who signed it?

The form was signed by Greg E. Gordon, Attorney-in-Fact for Amy R. Ericson on 09/16/2025.

What does the filing say about the nature of the phantom stock units?

The filing states phantom stock units are interests in an unfunded unitized company stock fund of stock and cash and that attributed shares may change with the fund's fair market value and cash composition.