PPG Insider Filing: Vincent Morales Receives Phantom Stock Units

Rhea-AI Filing Summary

Vincent J. Morales, Senior VP & CFO of PPG Industries (PPG), reported a grant of 26,981.4216 phantom stock units on 08/15/2025. The filing states these phantom units convert to common stock one-for-one and represent interests in an unfunded unitized company stock fund comprised of stock and cash. The report lists the ownership form as Direct (D) and includes a reported figure of $111.8 in the transaction table. The units are payable after termination of employment and the number of shares attributed to the participant may change based on the fund's fair market value and cash amounts. The form was signed by an attorney-in-fact on 08/18/2025.

Insights

Financial Analyst

TL;DR: Routine deferred-compensation award to a senior executive; not clearly material to investors on its face.

The Form 4 records a grant of 26,981.4216 phantom stock units to the reporting person, dated 08/15/2025, with direct beneficial ownership. The filing explicitly states units convert one-for-one to common stock and are part of an unfunded stock-and-cash fund whose attributed share count can vary with market value. No sale, purchase of underlying common shares, or exercised options are reported. Based solely on the disclosed facts, this appears to be a compensation-related award rather than a market-moving transaction.

Compensation Specialist

TL;DR: The disclosure documents a deferred compensation vehicle (phantom units) with post-employment payout terms, typical for senior executives.

The explanations in the filing confirm these are phantom stock units in the PPG Deferred Compensation Plan that convert one-for-one to common stock and are payable after termination of employment. The filing notes the participant's credited share count may fluctuate with the fund's fair market value and cash balance, which is a standard design for unfunded unitized stock funds. The reported datum of $111.8 appears in the table but the filing does not clarify whether that is per-unit value or aggregate; no additional compensation schedule details are provided in this Form 4.

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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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^*

Morales Vincent J

(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)
	Senior VP & CFO

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		14.2543		(2)	(2)	Common Stock	14.2543	$111.8	26,981.4216(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 Vincent J. Morales	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 Vincent J. Morales report on the Form 4 for PPG (PPG)?

The Form 4 reports a grant of 26,981.4216 phantom stock units dated 08/15/2025, with direct beneficial ownership and a listed figure of $111.8 in the transaction table.

What are phantom stock units as described in this filing?

The filing explains phantom stock units convert to common stock on a one-for-one basis and represent interests in an unfunded unitized company stock fund comprised of stock and cash.

When are these phantom stock units payable according to the Form 4?

The filing states the phantom stock units are payable after termination of employment with PPG.

Can the number of shares attributed to Morales change over time?

Yes. The filing explicitly states the number of shares attributed to a Plan participant may change depending on the fair market value of PPG common stock and the amount of cash in the fund.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Greg E. Gordon, Attorney-in-Fact for Vincent J. Morales on 08/18/2025.