PPG insider: SVP Alisha Bellezza reports phantom stock unit credit

Rhea-AI Filing Summary

PPG Industries insider report: Senior Vice President, Automotive Coatings Alisha Bellezza reported an acquisition of phantom stock units on 08/15/2025 under the PPG Industries, Inc. Deferred Compensation Plan. The filing shows an incremental amount of 0.4798 (converted one-for-one to common stock) credited at a value tied to the plan (listed as $111.8), resulting in 74.4697 shares beneficially owned following the reported transaction. The units represent interests in an unfunded unitized company stock fund that can fluctuate with the fair market value of PPG common stock and cash in the fund. The form is signed by an attorney-in-fact for the reporting person.

Positive

• Reported acquisition under deferred compensation plan increases beneficial ownership to 74.4697 shares
• Disclosure explains plan mechanics: phantom units convert one-for-one to common stock and track a unitized stock/cash fund

Negative

• None.

Insights

Securities Analyst

TL;DR: An officer received a small additional allocation of deferred phantom stock units, modestly increasing reported beneficial ownership.

The filing documents a routine deferred compensation credit of 0.4798 phantom stock units that convert one-for-one to common stock. The resulting aggregate reported beneficial ownership is 74.4697 shares. This appears to be an administrative/compensation-related transaction under the company's deferred compensation plan rather than an open-market buy or sale. No cash purchase or sale, no exercise, and no disposition are reported in this Form 4.

Corporate Governance Expert

TL;DR: The Form 4 records a standard deferred-compensation credit; disclosure is consistent with Section 16 timing and plan mechanics.

The disclosure clarifies that the phantom units are interests in an unfunded stock/cash fund and that the credited amount may change with fair market value and cash in the fund. The reporting was executed via attorney-in-fact and signed on 08/18/2025, indicating procedural compliance. There are no indications of unusual timing, related-party transactions, or departures from plan terms in the text provided.

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^*

Bellezza Alisha

(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, Automotive Coatings

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		0.4798		(2)	(2)	Common Stock	0.4798	$111.8	74.4697(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 Alisha E. Bellezza	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 transaction did Alisha Bellezza report on the Form 4 for PPG (PPG)?

The Form 4 reports an acquisition of 0.4798 phantom stock units on 08/15/2025 under PPG's Deferred Compensation Plan.

How many shares does the reporting person beneficially own after the transaction?

The filing shows 74.4697 shares beneficially owned following the reported transaction.

What is the nature of the phantom stock units disclosed in the Form 4?

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

Was there a cash price or open-market purchase recorded in this Form 4?

No cash purchase or open-market transaction is reported; the entry is an allocation under the deferred compensation plan (listed value noted as $111.8 in the filing).

Who signed the Form 4 for the reporting person?

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