PPG executive receives phantom stock unit award

PPG Industries senior vice president Juliane M. Hefel received a grant of 242.2845 Phantom Stock Units as compensation, based on a reference price of $106.88 per unit.

Rhea-AI Filing Summary

PPG Industries senior vice president Juliane M. Hefel received a grant of 242.2845 Phantom Stock Units as compensation, based on a reference price of $106.88 per unit. This award increases her total Phantom Stock Units in PPG’s Deferred Compensation Plan to 1,390.6329 units.

Each Phantom Stock Unit is designed to convert into one share of PPG common stock after termination of employment, and represents an interest in an unfunded unitized company stock fund that includes both stock and cash, with the attributed unit balance changing over time as the fund’s value moves.

Insider Trade Summary

Grant/Award: 242.2845 shares

Grant/Award 1 txn

Insider Hefel Juliane M.

Role Sr. VP, Ind Coatings & Sp Prod

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	242.2845	$106.88	$26K

Holdings After Transaction: Phantom Stock Units — 1,390.6329 contracts (Direct)

Footnotes (3)

1. F1. The security converts to common stock on a one-for-one basis.
2. F2. After termination of employment with PPG.
3. F3. 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.

Key Figures

Phantom units granted: 242.2845 units Reference price per unit: $106.88 per unit Total phantom units after grant: 1,390.6329 units +1 more

4 metrics

Phantom units granted 242.2845 units Grant of Phantom Stock Units on 2026-03-31

Reference price per unit $106.88 per unit Transaction price used for the phantom unit grant

Total phantom units after grant 1,390.6329 units Total Phantom Stock Units held in Deferred Compensation Plan

Conversion ratio 1 unit : 1 share Each Phantom Stock Unit converts into one PPG common share

Key Terms

Phantom Stock Units, Deferred Compensation Plan, unfunded unitized company stock fund

3 terms

Phantom Stock Units financial

"Phantom stock units represent interests in an unfunded unitized company stock fund"

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

Deferred Compensation Plan financial

"held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan"

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

unfunded unitized company stock fund financial

"interests in an unfunded unitized company stock fund comprised of stock and cash"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did PPG (PPG) executive Juliane Hefel report in this Form 4 filing?

Juliane M. Hefel reported receiving 242.2845 Phantom Stock Units as a compensation grant. The units are tied to a reference price of $106.88 and increase her total holdings in PPG’s Deferred Compensation Plan to 1,390.6329 Phantom Stock Units.

What are Phantom Stock Units in the PPG (PPG) Deferred Compensation Plan?

Phantom Stock Units represent interests in an unfunded unitized company stock fund of PPG stock and cash. They track the value of PPG common stock, and the number of units attributed to the participant can change as the fund’s fair market value and cash balance fluctuate.

How many Phantom Stock Units does Juliane Hefel hold after this PPG (PPG) grant?

After the reported grant, Juliane M. Hefel holds a total of 1,390.6329 Phantom Stock Units. This figure reflects all Phantom Stock Units credited to her account in the PPG Industries, Inc. Deferred Compensation Plan as described in the filing’s footnotes.

When do PPG (PPG) Phantom Stock Units convert into common stock?

According to the filing, the Phantom Stock Units convert into PPG common stock on a one-for-one basis after termination of employment with PPG. This means each unit is intended to become one share once that employment condition is met.

Is this PPG (PPG) Form 4 transaction a market purchase or sale of shares?

No, the filing describes a grant or award acquisition of Phantom Stock Units, not an open-market trade. The transaction code is “A,” indicating a compensation-related award, rather than a purchase or sale of PPG common stock in the market.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/01/2026 - 12:05 PM EDT Learn about SEC filing dates

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^*

Hefel Juliane M.

(Last) (First) (Middle)

PPG INDUSTRIES, INC.

ONE PPG PLACE

(Street)

PITTSBURGH PENNSYLVANIA 15272

(City) (State) (Zip)

UNITED STATES

(Country)

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

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
03/31/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)	03/31/2026		A		242.2845		(2)	(2)	Common Stock	242.2845	$106.88	1,390.6329(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	04/01/2026
	** 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.
* Form 4: SEC 1474 (03-26)