PPG Form 4 Filing: Timothy Knavish Adds 33.4316 Deferred Units

Rhea-AI Filing Summary

PPG Industries (PPG) director and Chairman/CEO Timothy M. Knavish reported acquisition of 33.4316 phantom stock units under the PPG Deferred Compensation Plan on 09/30/2025. Each unit converts one-for-one into common stock and is reported at a unit value of $105.11, with 12,025.6165 shares held by Mr. Knavish following the transaction. The filing notes these phantom units represent interests in an unfunded unitized stock-and-cash fund and that the number of shares attributed may change with the fair market value of PPG stock and cash in the fund. The units become payable after termination of employment. The Form 4 was signed by an attorney-in-fact on 10/01/2025.

Positive

• Transparent disclosure of deferred compensation activity by the CEO
• Phantom units convert one-for-one to common stock, providing clear conversion mechanics

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Routine deferred-compensation crediting; non-cash phantom units added to CEO's plan balance.

The report documents a non-derivative acquisition of 33.4316 phantom stock units for the Chairman/CEO, increasing his plan balance to 12,025.6165 shares equivalent. These units are unfunded and reflect participation in the company's deferred compensation arrangement rather than an open-market purchase or option exercise. The filing explicitly states conversion is one-for-one to common stock and payout is after employment termination, indicating this is compensation deferral mechanics rather than an immediate equity stake change. No cash purchase, sale, or exercised option is recorded, and there is no indication of material change to outstanding common shares.

Securities/Compensation Analyst

TL;DR: Compensation plan adjustment, immaterial market impact.

The transaction records an addition of 33.4316 phantom units at a reported unit value of $105.11. Phantom units are bookkeeping credits that track the company’s stock performance; they do not represent immediately issued shares and are payable following termination of employment. The disclosure clarifies that unit counts can fluctuate with the plan's fund value, which aligns with standard deferred compensation accounting. Based on the information provided, this is a routine plan credit with no immediate dilution or cash transfer disclosed.

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^*

KNAVISH TIMOTHY M

(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)

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

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		33.4316		(2)	(2)	Common Stock	33.4316	$105.11	12,025.6165(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 Timothy M. Knavish	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 Timothy M. Knavish report on Form 4 for PPG (PPG)?

He reported acquisition of 33.4316 phantom stock units under PPG's Deferred Compensation Plan on 09/30/2025, increasing his total to 12,025.6165 shares equivalent.

Do the phantom stock units represent actual shares of PPG common stock?

The units convert one-for-one to common stock but are described as interests in an unfunded unitized stock-and-cash fund; they are not immediately issued shares and are payable after termination of employment.

What unit value was reported for the phantom stock units?

The filing shows a unit value of $105.11 for the reported phantom stock units.

When will the phantom units be payable or exercisable?

The filing states the phantom units are payable after termination of employment.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by an attorney-in-fact for Timothy M. Knavish on 10/01/2025.