PPG (PPG) Insider Filing: Phantom Stock Units Credited to Kevin Braun

Rhea-AI Filing Summary

Kevin D. Braun, identified as Sr. VP, Operations of PPG Industries, reported a transaction on 08/15/2025 involving phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan. The filing records an acquisition of 0.7262 units (reported as an A transaction) tied to phantom stock that converts to common stock on a one-for-one basis. The filing shows a price reference of $111.8 and indicates the reporting person beneficially owns 623.8924 units following the transaction. The filing explains phantom units represent interests in an unfunded unitized company stock fund and may change with fair market value and cash components. The form was signed by an attorney-in-fact on 08/18/2025.

Positive

• Transparent disclosure of phantom stock unit accrual and total beneficial ownership (623.8924 units) under the deferred compensation plan
• Conversion mechanism explicitly stated as one-for-one to common stock, clarifying underlying economics

Negative

• None.

Insights

Executive Compensation Analyst

TL;DR: Routine deferred compensation phantom-unit credit; not a market-moving insider trade.

The Form 4 documents an accrual/credit of phantom stock units to a senior officer under the company's deferred compensation plan, which convert one-for-one into common shares after plan conditions (noted to occur after termination of employment). The reported 0.7262 unit increment and a referenced value of $111.8 appear consistent with periodic unit accounting rather than an open-market purchase or sale. The total reported beneficial position of 623.8924 units provides transparency on aggregate exposure. This is a compensation accounting event with limited immediate liquidity or voting impact.

Corporate Governance Expert

TL;DR: Disclosure meets Section 16 reporting; transaction reflects plan mechanics, not a discretionary trade.

The filing explains the phantom units are part of an unfunded unitized stock fund and may fluctuate with stock value and fund cash. The one-for-one conversion statement and the note that conversion occurs after termination of employment clarify transferability constraints. Signature by an attorney-in-fact is documented. From a governance perspective, this is a standard disclosure of executive deferred compensation and does not indicate a change in control, major share disposition, or immediate dilution.

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^*

Braun Kevin D.

(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, Operations

3. Date of Earliest Transaction (Month/Day/Year)
08/15/2025

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)	08/15/2025		A		0.7262		(2)	(2)	Common Stock	0.7262	$111.8	623.8924(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 Kevin D. Braun	08/18/2025
	** 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 did Kevin D. Braun report on Form 4 for PPG (PPG)?

The Form 4 reports an acquisition of phantom stock units in the PPG Deferred Compensation Plan on 08/15/2025, recorded as 0.7262 units and showing a total beneficial position of 623.8924 units.

Do the phantom stock units convert to PPG common stock?

Yes. The filing states the phantom stock converts to common stock on a one-for-one basis.

What value is associated with the reported phantom stock units?

The filing shows a price reference of $111.8 associated with the reported units.

When was the Form 4 signed and by whom?

The Form 4 was signed by Greg E. Gordon, Attorney-in-Fact for Kevin D. Braun on 08/18/2025.

Do the phantom units give current voting rights or are they paid out later?

The filing describes the units as interests in an unfunded unitized company stock fund; it notes conversion occurs after termination of employment, indicating payout timing is subject to plan rules.