Does the PPG (PPG) Phantom Stock Unit award involve immediate cash or share delivery?

The award does not involve immediate cash or share delivery. Phantom Stock Units represent an interest in an unfunded company stock fund and convert to PPG common stock after employment ends, so they function as deferred, stock-linked compensation rather than an instant payout.

PPG (PPG) senior VP receives additional phantom stock unit award

Filing Impact

(Neutral)

Filing Sentiment

(Neutral)

Form Type

Rhea-AI Filing Summary

Foulkes Anne M. reported acquisition or exercise transactions in this Form 4 filing.

PPG Industries senior vice president Anne M. Foulkes received an automatic grant of 15.9819 Phantom Stock Units tied to PPG common stock at a reference price of $121.29 per unit. This award increased her deferred Phantom Stock Units balance to 801.7599 units, payable in common stock after her employment ends.

Insider Trade Summary

1 transaction reported

Mixed 1 txn

Insider Foulkes Anne M.

Role Sr. VP, Legal & Spl. Projects

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	15.982	$121.29	$2K

Holdings After Transaction: Phantom Stock Units — 801.76 shares (Direct, null)

Footnotes (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.

Key Figures

Phantom units granted: 15.9819 units Reference price per unit: $121.29 per unit Total phantom units after grant: 801.7599 units +1 more

4 metrics

Phantom units granted 15.9819 units Grant of Phantom Stock Units on 2026-06-30

Reference price per unit $121.29 per unit Grant valuation for Phantom Stock Units

Total phantom units after grant 801.7599 units Total Phantom Stock Units held after transaction

Conversion ratio 1 unit : 1 share Phantom Stock Units convert to common stock one-for-one

Key Terms

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

3 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"

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Form 4 Insider Transactions: What Each Field Means →

Available on EDGAR 07/01/2026 - 01:48 PM Accepted by SEC EDGAR 07/01/2026 - 01:47 PM

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^*

Foulkes Anne M.

(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, Legal & Spl. Projects

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
06/30/2026

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)
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	Code	V	Amount	(A) or (D)	Price		6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)

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)
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)	Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	8. Price of Derivative Security (Instr. 5)		10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
Phantom Stock Units	⁽¹⁾	06/30/2026		A		15.9819		⁽²⁾	⁽²⁾	Common Stock	15.9819	$121.29	801.7599⁽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 Anne M. Foulkes	07/01/2026
	** 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)

Source: View Original Filing on SEC EDGAR

FAQ

What insider transaction did PPG (PPG) report for Anne M. Foulkes?

PPG reported that senior vice president Anne M. Foulkes acquired 15.9819 Phantom Stock Units as a compensation award. These units track PPG common stock value and are held in a deferred compensation plan, increasing her total phantom holdings to 801.7599 units.

What are Phantom Stock Units in the PPG (PPG) Form 4 filing?

Phantom Stock Units are bookkeeping entries that mirror PPG common stock performance on a one-for-one basis. They are held in an unfunded unitized company stock fund of stock and cash, with values fluctuating as PPG’s share price and fund cash position change over time.

At what price were the new Phantom Stock Units for PPG (PPG) valued?

The newly awarded 15.9819 Phantom Stock Units for Anne M. Foulkes were valued at a reference price of $121.29 per unit. This figure reflects the fair market value used for the grant calculation, not a cash transaction in the open market.

When can the PPG (PPG) Phantom Stock Units held by Anne M. Foulkes be converted?

According to the filing, the Phantom Stock Units convert into PPG common stock on a one-for-one basis after termination of employment with PPG. This means she generally receives the underlying shares only when her service with the company ends.

How many total Phantom Stock Units does the PPG (PPG) executive hold after this grant?

After this grant, Anne M. Foulkes holds a total of 801.7599 Phantom Stock Units in PPG’s Deferred Compensation Plan. This total reflects all phantom units attributed to her account, which may fluctuate with stock price and cash movements in the plan’s stock fund.