PPG Form 4: Juliane Hefel Credited 1.4301 Deferred Compensation Units

Rhea-AI Filing Summary

Juliane M. Hefel, Senior Vice President, Industrial Coatings & Special Products at PPG Industries, reported a transaction dated 08/15/2025 on Form 4. The filing shows the acquisition of 1.4301 phantom stock units under the PPG Industries, Inc. Deferred Compensation Plan.

The filing states the phantom stock units convert to common stock on a one-for-one basis and are interests in an unfunded unitized company stock fund of stock and cash. Following the reported transaction, the reporting person beneficially owned 126.6516 shares (direct). The form was signed by an attorney-in-fact on 08/18/2025.

Positive

• Transaction disclosed promptly with reporting and attorney-in-fact signature, meeting Section 16 filing requirements
• Units convert one-for-one to common stock, providing clear conversion mechanics
• Units held in Deferred Compensation Plan, with explanatory note describing valuation mechanics

Negative

• None.

Insights

Financial Analyst

TL;DR: A small deferred-compensation unit acquisition was reported; no direct cash purchase or sale disclosed.

The Form 4 documents the acquisition of 1.4301 phantom stock units tied to PPG's Deferred Compensation Plan, converting one-for-one into common shares. The filing lists direct beneficial ownership of 126.6516 shares after the transaction. There is no cash payment, sale, or option exercise reported; the entry reflects plan accounting for phantom units which track stock value. The transaction appears to be an administrative change within a compensation plan rather than an open-market trade.

Corporate Governance Expert

TL;DR: Insider reported a routine deferred-compensation credit; disclosure meets Section 16 requirements.

The submission identifies the reporting person, relationship to issuer, and the nature of the instrument (phantom stock units converting one-for-one). The explanation clarifies these are unfunded plan interests whose credited shares may fluctuate with fair market value and cash in the fund. The form is signed via attorney-in-fact and includes the required descriptive notes, satisfying standard disclosure practices for plan-based equity awards.

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^*

Hefel Juliane M.

(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, Ind Coatings & Sp Prod

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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)	08/15/2025		A		1.4301		(2)	(2)	Common Stock	1.4301	$111.8	126.6516(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	08/18/2025
	** 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)?

Juliane M. Hefel, Senior Vice President, Industrial Coatings & Special Products, is the reporting person.

What was the transaction reported on 08/15/2025?

The filing reports the acquisition of 1.4301 phantom stock units under PPG's Deferred Compensation Plan on 08/15/2025.

How do the phantom stock units convert to PPG common stock?

The filing states the security converts to common stock on a one-for-one basis.

How many shares did the reporting person beneficially own after the transaction?

The Form 4 reports 126.6516 shares beneficially owned following the reported transaction.

Where are the phantom stock units held?

They are held in the PPG Industries, Inc. Deferred Compensation Plan as interests in an unfunded unitized company stock fund.