PPG Industries awards phantom stock units to VP

Bellezza Alisha reported acquisition or exercise transactions in this Form 4 filing.

Rhea-AI Filing Summary

Bellezza Alisha reported acquisition or exercise transactions in this Form 4 filing.

PPG Industries senior vice president Alisha Bellezza received a grant of 0.7164 Phantom Stock Units linked to PPG common stock at a reference price of $115.31 per unit. Following this award, she holds 165.0544 Phantom Stock Units in PPG’s Deferred Compensation Plan, convertible one-for-one into common shares after employment ends.

These units represent interests in an unfunded company stock fund made up of PPG stock and cash. The number of units attributed to her may change over time based on the fund’s value, without additional discretionary transactions.

Insider Trade Summary

Grant/Award: 0.7164 shares

Grant/Award 1 txn

Insider Bellezza Alisha

Role Sr. VP, Automotive Coatings

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units F1, F2, F3	0.7164	$115.31	$82.61

Holdings After Transaction: Phantom Stock Units — 165.0544 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: 0.7164 units Reference price per unit: $115.31 Total phantom units after grant: 165.0544 units +2 more

5 metrics

Phantom units granted 0.7164 units Grant/award of Phantom Stock Units on 2026-07-15

Reference price per unit $115.31 Transaction price per Phantom Stock Unit for the grant

Total phantom units after grant 165.0544 units Total Phantom Stock Units held in the Deferred Compensation Plan following the transaction

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

Underlying common shares for grant 0.7164 shares Underlying PPG common stock associated with the granted Phantom Stock Units

Key Terms

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

4 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

"Total of all phantom stock units 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

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

fair market value financial

"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"

The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.

FAQ

What insider transaction did PPG (PPG) report for Alisha Bellezza?

PPG reported that senior vice president Alisha Bellezza received a grant of 0.7164 Phantom Stock Units. These units are linked to PPG common stock and were awarded at a reference price of $115.31 per unit as part of a deferred compensation arrangement.

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

After the grant, Alisha Bellezza holds a total of 165.0544 Phantom Stock Units. This total reflects all phantom units credited to her account in PPG’s Deferred Compensation Plan, which may fluctuate with the underlying fund’s value over time.

What do PPG (PPG) phantom stock units represent for Alisha Bellezza?

The Phantom Stock Units represent interests in an unfunded unitized company stock fund holding PPG stock and cash. Their value and the units attributed to her can change as the fair market value of PPG common stock and the fund’s cash balance change.

When can Alisha Bellezza’s PPG (PPG) phantom stock units convert into common stock?

According to the disclosure, the phantom stock units convert into PPG common stock on a one-for-one basis after termination of employment with PPG. Until then, they remain as bookkeeping units in the Deferred Compensation Plan.

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

No. The Form 4 shows a grant/award acquisition of 0.7164 Phantom Stock Units, not an open-market buy or sell of PPG shares. Changes in the reported unit balance can also occur automatically based on the plan’s stock-and-cash fund value.

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

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Available on EDGAR 07/16/2026 - 09:40 AM Accepted by SEC EDGAR 07/16/2026 - 09:39 AM 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^*

Bellezza Alisha

(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, Automotive Coatings

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/15/2026

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)	07/15/2026		A		0.7164		(2)	(2)	Common Stock	0.7164	$115.31	165.0544(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 Alisha E. Bellezza	07/16/2026
	** 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)