PPG Form 4: SVP Alisha Bellezza Records Phantom Units Worth $105.11 Each

Rhea-AI Filing Summary

Alisha E. Bellezza, Senior Vice President, Automotive Coatings at PPG Industries (PPG), reported a change in beneficial ownership on 09/30/2025. The filing shows an acquisition of 0.5899 phantom stock units credited at a price of $105.11. After the reported transaction the filing indicates the reporting person beneficially owns 76.6621 shares (direct) through phantom stock units in PPG's Deferred Compensation Plan. The filing explains phantom units convert to common stock one-for-one and are payable after termination of employment; unit balances may change based on the plan fund's fair market value and cash holdings.

Insights

Corporate Governance Expert

TL;DR: Routine Section 16 disclosure of deferred compensation units; no new open-market trades or option exercises reported.

The Form 4 documents a non-derivative economic interest increase through the companys Deferred Compensation Plan via phantom stock units rather than an open-market purchase or sale. The filing confirms disclosure compliance by an officer and clarifies the conversion mechanics and timing (one-for-one conversion to common stock and payable after termination). There are no indications of cash purchases, sales, or stock option exercises that would materially alter outstanding share count or signal immediate voting changes.

Compensation & Benefits Analyst

TL;DR: Compensation accrual recorded as phantom units; value tied to plans unitized stock-and-cash fund.

The report details an accrual event for 0.5899 phantom stock units at a unit value of $105.11, reflecting an accounting or plan credit rather than an active purchase. The filing reiterates that phantom units represent interests in an unfunded stock-and-cash fund and that reported unit totals can fluctuate without the reporting person's action based on the funds fair market value and cash composition. This is a routine deferred-compensation disclosure with limited immediate market impact.

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).

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)
09/30/2025

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)	09/30/2025		A		0.5899		(2)	(2)	Common Stock	0.5899	$105.11	76.6621(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	10/01/2025
	** 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 change did Alisha E. Bellezza report on Form 4 for PPG (PPG)?

The Form 4 reports an acquisition of 0.5899 phantom stock units for PPG, recorded on 09/30/2025 at an attributed price of $105.11.

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

Following the reported transaction the filing shows 76.6621 shares beneficially owned directly via phantom stock units in the Deferred Compensation Plan.

What are phantom stock units according to the filing?

The filing states phantom stock units convert to common stock one-for-one and represent interests in an unfunded unitized company stock fund made up of stock and cash.

When are the phantom stock units payable or convertible?

The filing indicates phantom stock units are payable or convertible after termination of employment.

Who signed the Form 4 and when was it signed?

The Form 4 was signed by Greg E. Gordon, Attorney-in-Fact for Alisha E. Bellezza on 10/01/2025.