PPG Insider Filing: Healey Adds 36.5747 Deferred Phantom Stock Units

Rhea-AI Filing Summary

Melanie Healey, a director of PPG Industries, reported a non‑derivative acquisition of phantom stock units under the companys Deferred Compensation Plan for Directors. On 09/12/2025 she was credited with 36.5747 phantom stock units at an indicated per‑unit value of $110.72. These phantom units convert one‑for‑one into common stock and the report shows the reporting person holds a total of 4,019.1137 units following the transaction. The phantom units represent interests in an unfunded unitized stock fund composed of stock and cash and may change in number based on the fair market value of PPGs common stock and cash in the fund. The form is signed by an attorney‑in‑fact on behalf of Ms. Healey.

Insights

Financial Analyst

TL;DR: Routine director deferred‑compensation credit; small incremental economic exposure to PPG via phantom units.

The filing reports a grant/credit of 36.5747 phantom stock units to Director Melanie Healey, recorded 09/12/2025, at a per‑unit value of $110.72, resulting in 4,019.1137 units held. These units are non‑derivative interests in a deferred compensation fund that convert one‑for‑one into common shares. For investors, this is a standard director compensation entry that modestly increases insider alignment with shareholder outcomes but does not, by itself, signal a material change to company capital structure or control.

Corporate Governance Expert

TL;DR: Standard disclosure of director deferred compensation; no governance red flags evident.

The Form 4 shows Ms. Healeys participation in PPGs Deferred Compensation Plan for Directors via phantom stock units. The disclosure specifies conversion mechanics (one‑for‑one to common stock) and notes the units value is tied to an unfunded unitized stock/cash fund. The filing is procedurally complete and signed by an attorney‑in‑fact. There are no indications of accelerated vesting, sales, or unusual derivative structures that would raise governance concerns.

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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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^*

Healey Melanie

(Last) (First) (Middle)

C/O 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

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)	09/12/2025		A		36.5747		(2)	(2)	Common Stock	36.5747	$110.72	4,019.1137(3)	D

Explanation of Responses:

1. The security converts to common stock on a one-for-one basis.

2. After termination of service as a Director of PPG Industries, Inc.

3. Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan for Directors. 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 Melanie Healey	09/15/2025
	** 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 Melanie Healey report on Form 4 for PPG (PPG)?

The Form 4 reports an acquisition of 36.5747 phantom stock units on 09/12/2025 under PPGs Deferred Compensation Plan for Directors.

How many phantom stock units does Melanie Healey hold after the reported transaction?

The filing shows a total of 4,019.1137 phantom stock units held following the transaction.

What is the reported per‑unit value for the phantom stock units?

The transaction lists a per‑unit value of $110.72 for the phantom stock units credited on 09/12/2025.

Do the phantom stock units convert to PPG common stock?

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

Are the phantom stock units part of an actual funded plan?

No. The filing describes the units as interests in an unfunded unitized company stock fund comprised of stock and cash, i.e., a deferred compensation arrangement.