[Form 4] PPG INDUSTRIES INC Insider Trading Activity

Rhea-AI Filing Summary

Robert L. Massy, Sr. VP & Chief HR Officer and director of PPG Industries, reported a transaction dated 09/15/2025 involving phantom stock units held in the PPG Industries, Inc. Deferred Compensation Plan. The filing shows an acquisition code (A) with an attributed amount of 0.1267 (shares) tied to a per-share value of $109.45, and reports 45.3335 shares beneficially owned following the reported transaction. The filing explains phantom stock units convert to common stock on a one-for-one basis and are payable after termination of employment; units represent interests in an unfunded unitized company stock fund whose attributed share count may change with the fair market value of PPG common stock and cash contributions.

Insights

Corporate Governance Expert

TL;DR: Routine deferred-compensation entry; no immediate governance red flags.

The Form 4 documents a standard deferred compensation holding by a senior executive who is also a director. The filing discloses phantom stock units that convert one-for-one to common shares and are payable after termination, which is a typical structure to defer compensation and align long-term interests without immediate equity issuance. The reported beneficial ownership of 45.3335 shares appears modest relative to typical director/executive holdings and the filing contains no indications of option exercises, share sales, or unusual timing.

Executive Compensation Analyst

TL;DR: Compensation-related disclosure showing deferred equity exposure, not a material transaction.

The filing records an acquisition of phantom stock units within PPG's Deferred Compensation Plan at an attributed per-share value of $109.45. The instrument is described as an unfunded unitized stock fund interest that fluctuates with fair market value and cash in the fund, and converts one-for-one to common stock upon settlement after employment termination. This is consistent with deferred-pay/retention mechanisms rather than a cash or equity market transaction affecting outstanding shares.

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

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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^*

Massy Robert L.

(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 and Chief HR Officer

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		0.1267		(2)	(2)	Common Stock	0.1267	$109.45	45.3335(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 Robert L. Massy	09/16/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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