PPG director granted 324 phantom stock units

PPG Industries director Guillermo Novo received a grant of phantom stock units as part of his director compensation.

Rhea-AI Filing Summary

PPG Industries director Guillermo Novo received a grant of phantom stock units as part of his director compensation. He was awarded 323.9525 phantom stock units, each tied to PPG common stock valued at $122.61 per unit. Following this award, he holds a total of 13,504.4712 phantom stock units in the company’s Deferred Compensation Plan for Directors. These units track a company stock fund of PPG shares and cash and will convert into common stock on a one-for-one basis after his service as a director ends.

Insider Trade Summary

Grant/Award: 323.9525 shares

Grant/Award 1 txn

Insider NOVO GUILLERMO

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units	323.9525	$122.61	$40K

Holdings After Transaction: Phantom Stock Units — 13,504.4712 contracts (Direct)

Footnotes (3)

1. F1. The security converts to common stock on a one-for-one basis.
2. F2. After termination of service as a Director of PPG Industries, Inc.
3. F3. Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan for Directors. 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: 323.9525 units Reference price per unit: $122.61 per unit Total phantom units after grant: 13,504.4712 units +2 more

5 metrics

Phantom units granted 323.9525 units Grant of phantom stock units to director on 2026-07-01

Reference price per unit $122.61 per unit Value used for the phantom stock unit grant

Total phantom units after grant 13,504.4712 units Director’s aggregate phantom stock holdings after this award

Conversion ratio 1 unit : 1 share Phantom stock converts to PPG common stock one-for-one

Exercise price $0.00 Phantom units convert to common stock without exercise cost

Key Terms

Phantom Stock Units, Deferred Compensation Plan for Directors, unfunded unitized company stock fund, fair market value, +1 more

5 terms

Phantom Stock Units financial

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

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 for Directors financial

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

A deferred compensation plan for directors is an arrangement that lets board members postpone receiving part of their pay until a later date—often retirement or a set future time—so the money can grow or be paid under specified conditions. Think of it like directing a portion of your paycheck into a locked savings account that pays out later; investors care because it creates future cash or stock obligations, signals how the company motivates and retains leadership, and can affect shareholder value through timing of payouts or potential dilution.

unfunded unitized company stock fund financial

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

fair market value financial

"may change from time to time ... depending on the fair market value of the issuer's common stock and the amount of cash in the fund."

The price a willing buyer and a willing seller would agree on for an asset or security when neither is under pressure and both have access to the same information. Think of it as the market’s neutral estimate of what something is worth, like the price two neighbors would settle on for a car after comparing similar listings. Investors care because fair market value guides buying and selling decisions, tax reporting, portfolio valuation, and how accurately company assets are reflected in financial statements.

common stock financial

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

Common stock represents ownership shares in a company, giving investors a stake in its success and a say in important decisions through voting rights. It is the most common type of stock traded on markets and can provide income through dividends, as well as potential for value growth. For investors, holding common stock means sharing in the company’s profits and risks.

FAQ

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

What did PPG (PPG) director Guillermo Novo report in this Form 4?

Guillermo Novo reported receiving 323.9525 phantom stock units as a grant under PPG’s Deferred Compensation Plan for Directors. These units are linked to PPG common stock and increase his total phantom stock holdings to 13,504.4712 units.

Are Guillermo Novo’s PPG phantom stock units an open-market purchase or sale?

The reported transaction is a grant of phantom stock units, not an open-market purchase or sale. It reflects director compensation credited in units that track PPG common stock, rather than a voluntary trade in the open market.

How many PPG phantom stock units does Guillermo Novo hold after this transaction?

After this grant, Guillermo Novo holds a total of 13,504.4712 phantom stock units. This total represents all phantom stock interests credited to him in PPG’s Deferred Compensation Plan for Directors as of the transaction date.

At what price were the newly granted PPG phantom stock units valued?

The 323.9525 phantom stock units granted to Guillermo Novo were valued at $122.61 per unit. That price reflects the reference value for PPG common stock used to credit the phantom units in the directors’ deferred compensation plan.

When do Guillermo Novo’s PPG phantom stock units convert into common stock?

The phantom stock units convert into PPG common stock on a one-for-one basis after Guillermo Novo’s service as a director ends. Until then, they remain plan units that track a company stock fund of PPG shares and cash.

What is the PPG Deferred Compensation Plan for Directors mentioned in the Form 4?

The plan credits directors with phantom stock units representing interests in an unfunded, unitized company stock fund. The fund is comprised of PPG stock and cash, and the number of units can change over time as the stock’s fair market value and cash levels fluctuate.

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

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Accepted by SEC EDGAR 07/02/2026 - 11:34 AM 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^*

NOVO GUILLERMO

(Last) (First) (Middle)

C/O 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)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

2a. Foreign Trading Symbol

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2026

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)	07/01/2026		A		323.9525		(2)	(2)	Common Stock	323.9525	$122.61	13,504.4712(3)	D

Explanation of Responses:

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

2. After termination of service as a Director of PPG Industries, Inc.

3. Total of all phantom stock units held by the reporting person in the PPG Industries, Inc. Deferred Compensation Plan for Directors. 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 Guillermo Novo	07/02/2026
	** 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)