PPG Industries (PPG) CFO adds phantom stock units in deferred plan

Rhea-AI Filing Summary

PPG Industries disclosed an insider equity transaction by Senior VP & CFO Vincent J. Morales. On 12/12/2025, he acquired 174.1504 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan at a price of $103.54 per unit. The security converts to common stock on a one-for-one basis after termination of employment with PPG and represents interests in an unfunded unitized company stock fund comprised of stock and cash. Following this transaction, Morales beneficially owns 27,465.9217 phantom stock units in the plan, with the number of units able to change over time based on the fund’s value.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Morales Vincent J

Role Senior VP & CFO

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	174.15	$103.54	$18K

Holdings After Transaction: Phantom Stock Units — 27,465.922 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
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)
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		174.1504		(2)	(2)	Common Stock	174.1504	$103.54	27,465.9217(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	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 CFO?

PPG reported that Senior VP & CFO Vincent J. Morales acquired 174.1504 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan on 12/12/2025 at $103.54 per unit.

What are the phantom stock units reported by PPG (PPG)?

Phantom stock units convert to PPG common stock on a one-for-one basis and represent interests in an unfunded unitized company stock fund comprised of stock and cash under the PPG Industries, Inc. Deferred Compensation Plan.

When do the phantom stock units for PPG (PPG) CFO become payable or convertible?

According to the filing, the phantom stock units convert to PPG common stock on a one-for-one basis after termination of employment with PPG.

How many phantom stock units does the PPG (PPG) CFO hold after this transaction?

After the reported acquisition, Vincent J. Morales beneficially owns 27,465.9217 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan.

Does this PPG (PPG) insider filing show any direct common stock trades?

The excerpted filing shows activity only in derivative phantom stock units in the deferred compensation plan, and the non-derivative common stock table does not list any transactions.

Can the number of phantom stock units held by the PPG (PPG) CFO change over time?

Yes. The filing states that the number of phantom stock units attributed to the participant may change without the reporting person’s volition, depending on the fair market value of PPG common stock and the amount of cash in the fund.