PPG Industries (PPG) SVP reports change in phantom stock units in deferred plan

Rhea-AI Filing Summary

PPG Industries senior vice president Juliane M. Hefel reported a routine change in deferred compensation holdings. On 12/31/2025, she acquired 15.2419 phantom stock units tied to PPG common stock at a derivative price of $102.46 per unit, bringing her total to 227.1875 phantom stock units held directly in the company’s Deferred Compensation Plan.

These phantom stock units represent interests in an unfunded company stock fund made up of PPG stock and cash, and convert to common stock on a one-for-one basis after termination of employment with PPG. The number of units can change over time based on the fair market value of PPG’s common stock and the cash balance in the fund, without any action by the executive.

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
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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^*

Hefel Juliane M.

(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, Ind Coatings & Sp Prod

3. Date of Earliest Transaction (Month/Day/Year)
12/31/2025

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)	12/31/2025		A		15.2419		(2)	(2)	Common Stock	15.2419	$102.46	227.1875(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 Juliane M. Hefel	01/02/2026
	** 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.

FAQ

What insider transaction did PPG (PPG) report in this Form 4?

The filing reports that senior vice president Juliane M. Hefel acquired 15.2419 phantom stock units linked to PPG common stock in the company’s Deferred Compensation Plan on 12/31/2025.

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

Following the reported transaction, Juliane M. Hefel beneficially owns a total of 227.1875 phantom stock units in the PPG Industries, Inc. Deferred Compensation Plan.

What are phantom stock units in the PPG Industries Deferred Compensation Plan?

Phantom stock units represent interests in an unfunded unitized company stock fund comprised of PPG stock and cash. The number of units attributed to the participant can change over time based on the fair market value of PPG’s common stock and the amount of cash in the fund.

When do the PPG (PPG) phantom stock units convert into common stock?

The filing states that each phantom stock unit converts to PPG common stock on a one-for-one basis after termination of employment with PPG.

Is this PPG (PPG) Form 4 transaction direct or indirect ownership?

The 227.1875 phantom stock units are reported as being held under direct (D) ownership by the executive within the PPG Industries, Inc. Deferred Compensation Plan.

Does this PPG (PPG) phantom stock position change without the executive taking action?

Yes. The number of phantom stock units may change from time to time without the volition of the reporting person, depending on the fair market value of PPG common stock and the amount of cash in the fund.