[Form 4] PPG INDUSTRIES INC Insider Trading Activity

Rhea-AI Filing Summary

Juliane M. Hefel, Senior Vice President of Industrial Coatings & Special Products at PPG Industries (PPG), received phantom stock units under PPG's Deferred Compensation Plan. On 09/12/2025 the filing reports acquisition of phantom stock units equivalent to 0.7863 shares each at a reported per-unit value of $110.72; the filing lists 129.0034 as the number of shares attributed following the transaction. The phantom units convert to common stock on a one-for-one basis and represent interests in an unfunded unitized company stock fund composed of stock and cash. The units are payable after termination of employment and the filing was signed by an attorney-in-fact on 09/15/2025.

Insights

Financial Analyst

TL;DR: Routine deferred-compensation crediting of phantom stock units to a senior officer; not material to near-term financials.

The Form 4 documents a non-cash accrual of phantom stock units under an existing Deferred Compensation Plan for a senior officer. The units convert one-for-one into common shares and track a unitized stock-and-cash fund, so reported share equivalents (129.0034) reflect plan accounting rather than an open-market purchase or sale. There is no cash transaction affecting PPG's balance sheet reported here, and the disclosure aligns with standard Section 16 reporting for executives receiving plan-based equity credits.

Corporate Governance Expert

TL;DR: Administrative insider filing showing plan-based compensation; routine governance disclosure with no adverse signals.

The filing identifies the reporting person as an officer and discloses plan-derived phantom stock units credited on 09/12/2025. The conversion feature and post-termination payout timing are explicitly disclosed, which supports transparency around executive compensation mechanics. Signature by an attorney-in-fact is documented, and there are no indications of discretionary trading or Rule 10b5-1 reliance disclosed on this form.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Hefel Juliane M.

Role Sr. VP, Ind Coatings & Sp Prod

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	0.786	$110.72	$87.06

Holdings After Transaction: Phantom Stock Units — 129.003 shares (Direct)

Footnotes (1)

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

Form 4 Insider Transactions: What Each Field Means →

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^*

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)
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		0.7863		(2)	(2)	Common Stock	0.7863	$110.72	129.0034(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	09/15/2025
	** 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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