PPG Industries Insider Filing: CFO Morales Reports Minor Phantom Stock Accrual

Rhea-AI Filing Summary

PPG Industries (PPG) – Form 4: Senior VP & CFO Vincent J. Morales acquired 41.2693 phantom stock units on 31 Jul 2025 through the company’s Deferred Compensation Plan. Each unit converts to one common share only after employment ends, so the move does not alter the public float. The reference price was $105.50, giving the transaction an estimated notional value of roughly $4,356.

Morales now holds 26,994.4036 phantom stock units directly. No common shares were bought or sold, and the filing does not cite a Rule 10b5-1 plan. This appears to be a routine compensation-related accrual with minimal market impact.

Insights

Financial Analyst

TL;DR: Routine deferred-comp accrual; immaterial to valuation.

The CFO’s purchase of 41 phantom units (<~$4k) is negligible versus PPG’s $30 bn market cap and does not signal directional sentiment. Phantom units settle post-employment, so liquidity and share-count effects are nil. Investors can safely treat this as administrative rather than indicative of insider confidence or concern.

Corporate Governance Expert

TL;DR: Standard Form 4, no governance red flags.

The filing complies with Section 16 reporting timelines and reflects normal deferred-comp activity. No 10b5-1 safe-harbor box was marked, but the absence is inconsequential given the non-trading nature of phantom units. Overall impact on governance perception: neutral.

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^*

Morales Vincent J

(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)
	Senior VP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2025

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)	07/31/2025		A		41.2693		(2)	(2)	Common Stock	41.2693	$105.5	26,994.4036(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 Vincent J. Morales	08/01/2025
	** 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

How many phantom stock units did PPG CFO Vincent J. Morales acquire?

He acquired 41.2693 phantom stock units on 31 Jul 2025.

What is the total phantom stock balance now held by Morales?

After the transaction he beneficially owns 26,994.4036 units.

Does this Form 4 filing involve the purchase or sale of PPG common shares?

No. It only reports phantom stock units, which do not affect the public share count.

At what reference price were the phantom units recorded?

The units were valued at $105.50 per unit.

Is this transaction likely to impact PPG's stock price?

Given its small size and non-cash-settled nature, the market impact is expected to be immaterial.