PPG Insider Filing: Phantom Stock Units Purchased at $110.72

Rhea-AI Filing Summary

Form 4 filing for Amy R. Ericson at PPG Industries (PPG). The filing reports an acquisition of phantom stock units on 09/12/2025. The phantom units convert to common stock on a one-for-one basis. The report shows a price of $110.72 and indicates 103.3546 shares beneficially owned following the reported transaction. The reporting person is listed as Amy R. Ericson, Senior Vice President, P&M Coatings. The form is signed by an attorney-in-fact on behalf of Ms. Ericson and dated 09/15/2025. The filing notes that phantom stock units are interests in an unfunded unitized company stock fund and that the attributed share count may change with the fund's fair market value and cash amounts.

Positive

• Acquisition recorded: The filing explicitly reports an acquisition of phantom stock units on 09/12/2025.
• Clear conversion mechanics: The units convert one-for-one to common stock as stated in the filing.

Negative

• None.

Insights

Securities/Insider Activity Analyst

TL;DR: Reported acquisition of phantom stock units by a named officer, resulting in 103.3546 shares beneficially owned.

The filing documents a non-derivative acquisition of phantom stock units by Amy R. Ericson on 09/12/2025, recorded on Form 4 and executed under the company’s deferred compensation arrangement. The units convert one-for-one into common stock and are described as interests in an unfunded unitized stock-and-cash fund; the filing explicitly warns that the reported share equivalent may fluctuate with the fund’s fair market value and cash composition. The transaction price is shown as $110.72 and the reported beneficial ownership after the transaction is 103.3546 shares. This is a routine officer deferred-compensation reporting event as presented in the document.

Executive Compensation Specialist

TL;DR: Deferred compensation phantom units were acquired and remain subject to plan valuation dynamics.

The disclosure clarifies that the reported instruments are phantom stock units in the PPG Industries Deferred Compensation Plan that convert one-for-one to common shares. The filing explicitly states the units represent an unfunded unitized company stock fund made up of stock and cash and that the number of shares attributed to the participant may change without the participant’s volition based on fair market value and cash in the fund. The document records the mechanics and resulting beneficial ownership but provides no additional plan terms or timing for conversion beyond 'after termination of employment' language present in the table fields.

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^*

Ericson Amy R.

(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, P&M Coatings

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		0.4695		(2)	(2)	Common Stock	0.4695	$110.72	103.3546(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 Amy R. Ericson	09/15/2025
	** 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 transaction did Amy R. Ericson report on Form 4 for PPG (PPG)?

The Form 4 reports an acquisition of phantom stock units on 09/12/2025 by Amy R. Ericson.

How many shares are reported as beneficially owned after the transaction?

The filing shows 103.3546 shares beneficially owned following the reported transaction.

What is the reported price associated with the reported units?

The Form 4 lists a price of $110.72 in the transaction table.

What type of instrument was acquired and how does it convert?

The instrument is phantom stock units that the filing states convert to common stock on a one-for-one basis.

What is the reporting person's role at PPG as stated in the filing?

The filing identifies the reporting person as Amy R. Ericson, Senior Vice President, P&M Coatings.

When was the Form 4 signed and by whom?

The signature block shows the form signed by Greg E. Gordon, Attorney-in-Fact for Amy R. Ericson and dated 09/15/2025.