PPG exec granted phantom stock units

PPG Industries senior vice president Anne M. Foulkes received a small compensation-related grant of phantom stock units tied to the company’s common stock.

Rhea-AI Filing Summary

PPG Industries senior vice president Anne M. Foulkes received a small compensation-related grant of phantom stock units tied to the company’s common stock. She acquired 0.5946 phantom stock units at a reference price of $107.72 per unit, increasing her total phantom stock holdings in the deferred compensation plan to 765.8144 units.

Each phantom stock unit is designed to convert into one share of PPG common stock on a one-for-one basis after termination of employment. The units represent interests in an unfunded company stock fund made up of PPG stock and cash, so the number of units attributed to her may change over time with movements in PPG’s share price and cash levels in the fund. This is not an open-market stock purchase or sale, but part of a deferred compensation arrangement.

Insider Trade Summary

Grant/Award: 0.5946 shares

Grant/Award 1 txn

Insider Foulkes Anne M.

Role Sr. VP, Legal & Spl. Projects

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	0.5946	$107.72	$64.05

Holdings After Transaction: Phantom Stock Units — 765.8144 contracts (Direct)

Footnotes (3)

1. F1. The security converts to common stock on a one-for-one basis.
2. F2. After termination of employment with PPG.
3. F3. 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.

Key Figures

Phantom units granted: 0.5946 units Reference price per unit: $107.72 per unit Total phantom units after grant: 765.8144 units +1 more

4 metrics

Phantom units granted 0.5946 units Grant on April 15, 2026

Reference price per unit $107.72 per unit Value used for phantom stock grant

Total phantom units after grant 765.8144 units Holdings in PPG deferred compensation plan

Conversion ratio 1 unit : 1 share Each phantom unit converts into one PPG common share

Key Terms

Phantom Stock Units, Deferred Compensation Plan, unfunded unitized company stock fund

3 terms

Phantom Stock Units financial

"The security converts to common stock on a one-for-one basis."

Phantom stock units are company promises that pay a cash or stock-equivalent award tied to the firm’s share price or value growth, but they do not issue actual shares. Think of them as a bonus check that moves with the stock like a mirror rather than handing over an ownership slice. Investors care because these awards can affect a company’s future cash obligations, executive incentives and reported expenses without causing share dilution.

Deferred Compensation Plan financial

"Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan."

A deferred compensation plan is an arrangement where an employer agrees to pay part of an employee’s pay or bonus at a later date instead of immediately, often to reduce current tax bills or to tie rewards to long-term performance. For investors it matters because these promises create future cash obligations and influence executive incentives and retention; they can affect a company’s reported liabilities, cash flow planning and the risk profile if the business faces financial trouble.

unfunded unitized company stock fund financial

"Phantom stock units represent interests in an unfunded unitized company stock fund comprised of stock and cash."

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did PPG (PPG) executive Anne Foulkes report in this Form 4 filing?

Anne Foulkes reported receiving 0.5946 phantom stock units as compensation. The units are valued at a reference price of $107.72 and increase her total phantom stock holdings in PPG’s deferred compensation plan to 765.8144 units, all tied to PPG common stock performance.

Are the PPG (PPG) phantom stock units an open-market stock purchase or sale?

No, the phantom stock units are not an open-market transaction. They are a grant under PPG’s deferred compensation plan, representing units linked to a company stock fund of PPG shares and cash, rather than actual shares bought or sold on the market.

How do PPG (PPG) phantom stock units convert into common stock?

Each phantom stock unit converts into one share of PPG common stock on a one-for-one basis. According to the filing, this conversion occurs after the executive’s termination of employment with PPG, aligning the deferred compensation with the company’s long-term share performance.

What is Anne Foulkes’ total phantom stock position in PPG’s deferred compensation plan?

After the reported grant, Anne Foulkes holds 765.8144 phantom stock units in PPG’s deferred compensation plan. These units track the value of an unfunded, unitized company stock fund, which consists of PPG common stock and cash, so attributed units may fluctuate over time.

Why can the number of PPG (PPG) phantom stock units change without the executive’s action?

The filing explains that phantom stock units represent interests in an unfunded, unitized company stock fund of PPG stock and cash. As the fair market value of PPG common stock and the cash balance change, the number of units attributed to the participant may adjust without any voluntary transaction.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 04/16/2026 - 02:52 PM EDT Learn about SEC filing dates

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^*

Foulkes Anne M.

(Last) (First) (Middle)

PPG INDUSTRIES, INC.

ONE PPG PLACE

(Street)

PITTSBURGH PENNSYLVANIA 15272

(City) (State) (Zip)

UNITED STATES

(Country)

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, Legal & Spl. Projects

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
04/15/2026

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

4. If Amendment, Date of Original Filed (Month/Day/Year)

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)	04/15/2026		A		0.5946		(2)	(2)	Common Stock	0.5946	$107.72	765.8144(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 Anne M. Foulkes	04/16/2026
	** 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.
* Form 4: SEC 1474 (03-26)