PPG Industries Inc. (PPG) director reports new phantom stock unit grant

Rhea-AI Filing Summary

PPG Industries Inc. director and reporting person Michael Nally reported an acquisition of additional deferred phantom stock units tied to the company’s common stock. On 12/12/2025, a Form 4 transaction coded "A" recorded the purchase of 75.3962 phantom stock units at a reference price of $103.54 per unit.

Each phantom stock unit is designed to convert into one share of common stock after the reporting person’s service as a director ends. Following this transaction, the reporting person holds a total of 8,360.7502 phantom stock units in the PPG Industries Inc. Deferred Compensation Plan for Directors.

The phantom units represent interests in an unfunded unitized company stock fund that includes PPG common stock and cash. The number of shares attributed to the participant can change over time without the participant’s action, based on movements in the fair market value of PPG’s common stock and the amount of cash in the fund.

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^*

Nally Michael

(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)
12/12/2025

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)	12/12/2025		A		75.3962		(2)	(2)	Common Stock	75.3962	$103.54	8,360.7502(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 Michael Nally	12/15/2025
	** 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 insider transaction did PPG (PPG) report for its director on 12/12/2025?

PPG Industries Inc. reported that director and reporting person Michael Nally acquired 75.3962 phantom stock units on 12/12/2025 in a transaction coded "A" (acquisition) on a Form 4.

How many phantom stock units does the PPG (PPG) director hold after this Form 4 filing?

After the reported transaction, the director beneficially owns 8,360.7502 phantom stock units in the PPG Industries Inc. Deferred Compensation Plan for Directors, according to the filing.

What are phantom stock units in the PPG Industries Inc. Deferred Compensation Plan for Directors?

The filing explains that these phantom stock units represent interests in an unfunded unitized company stock fund made up of PPG common stock and cash. The number of shares attributed to the participant may change over time without the participant’s volition, depending on the fair market value of PPG’s common stock and the amount of cash in the fund.

When do the PPG (PPG) phantom stock units convert into common stock?

According to the disclosure, each phantom stock unit converts to common stock on a one-for-one basis and does so after termination of service as a Director of PPG Industries, Inc.

What price was used for the new phantom stock unit acquisition reported by PPG (PPG)?

The Form 4 states that the price of the derivative security for this transaction was $103.54 per phantom stock unit.

Is the PPG (PPG) director’s phantom stock unit position reported as direct or indirect ownership?

The filing classifies the 8,360.7502 phantom stock units reported after the transaction as direct (D) beneficial ownership by the reporting person.