PPG (PPG) Form 4: 14.9168 Deferred Phantom Stock Units Reported

Rhea-AI Filing Summary

Amy R. Ericson, Senior Vice President, Performance & Materials Coatings at PPG Industries (PPG), reported an acquisition of 14.9168 phantom stock units in the PPG Deferred Compensation Plan on 09/30/2025. The filing states these phantom units convert to common stock on a one-for-one basis and are valued at $105.11 per share for purposes of the report. After the reported transaction the filing shows 132.6151 shares attributable to Ms. Ericson under the plan. The phantom units represent interests in an unfunded unitized stock fund and may change in number based on the fair market value of PPG common stock and cash in the fund; conversion to actual shares occurs after termination of employment.

Positive

• Transparent disclosure of deferred-compensation units by an officer under Section 16
• Phantom units convert one-for-one to common stock, making future ownership impact clear
• Valuation provided in the filing at $105.11 per share for the reported units

Negative

• None.

Insights

Financial Analyst

TL;DR: Insider acquired a small number of deferred-share units tied to PPG stock value; transaction is routine and non-dilutive.

The Form 4 documents an award of 14.9168 phantom stock units that convert one-for-one to common shares after employment termination. Valued at $105.11 each in the filing, the units increase Ms. Ericson's plan-linked position to 132.6151 shares equivalent. This is a deferred-compensation mechanism rather than an open-market purchase or sale, so it does not immediately affect outstanding share count. The entry is informational for ownership tracking but is not a material corporate event.

Corporate Governance Expert

TL;DR: Transaction appears to be standard deferred-compensation reporting by an officer; disclosure aligns with Section 16 requirements.

The filing identifies Ms. Ericson as an officer and reports phantom stock units held in the company Deferred Compensation Plan. The explanatory note clarifies conversion timing and valuation mechanics, which is consistent with typical executive deferred equity arrangements. The use of an attorney-in-fact signature is documented. There are no indications of unusual terms or immediate insider trading activity 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
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^*

Ericson Amy R.

(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, P&M 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		14.9168		(2)	(2)	Common Stock	14.9168	$105.11	132.6151(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 Amy R. Ericson	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 did Amy R. Ericson report on Form 4 for PPG (PPG)?

She reported an acquisition of 14.9168 phantom stock units in PPG's Deferred Compensation Plan on 09/30/2025.

How many shares is Amy Ericson reported to own after the transaction?

The filing shows 132.6151 shares attributable to her under the Deferred Compensation Plan following the reported transaction.

When do the phantom stock units convert to common stock?

The filing states the phantom stock units convert to common stock on a one-for-one basis after termination of employment.

What is the reported valuation per share for the phantom units?

The Form 4 lists a price of $105.11 per share for the reported phantom stock units.

Does this Form 4 indicate an open-market purchase or sale?

No; the Form 4 records phantom stock units granted/acquired in a deferred-compensation plan, not an open-market trade.