PPG Insider Filing: Juliane Hefel Increases Deferred Phantom Shares

Rhea-AI Filing Summary

Juliane M. Hefel, Sr. VP, Industrial Coatings & Special Products at PPG Industries (PPG), reported a Form 4 transaction dated 09/30/2025. The filing shows an acquisition of phantom stock units that convert one-for-one into common stock. The reported transaction added the economic equivalent of 1.7791 shares (priced at $105.11 per share) to her deferred compensation account, bringing her total reported phantom-equivalent ownership to 132.5137 shares on a direct basis. The units are part of the PPG Industries, Inc. Deferred Compensation Plan and represent interests in an unfunded unitized company stock fund whose attributed share count can change with the plan's fair market value and cash components. The filing was signed by an attorney-in-fact on behalf of Ms. Hefel on 10/01/2025.

Insights

Securities Analyst

TL;DR: Routine deferred-compensation crediting increased director's phantom stock units by a small amount; not a market-moving event.

The Form 4 documents a small, non-cash acquisition of phantom stock units that convert one-for-one into common shares. The transaction increased Ms. Hefel's deferred-compensation position by 1.7791 share-equivalents to 132.5137 share-equivalents. Phantom units are bookkeeping interests in an unfunded plan and do not represent immediate issuance of stock or cash until plan distribution events occur. Given the small size relative to typical insider holdings and lack of cash/stock transfer at filing, the filing appears procedural and immaterial to the company’s capital structure.

Corporate Governance Expert

TL;DR: Compliance disclosure reflecting routine plan mechanics; shows proper Section 16 reporting by an officer.

The Form 4 clearly discloses the nature of the instrument (phantom stock units), the one-for-one conversion feature, and the plan-based variability of credited units. The reporting identifies the filer’s role and relationship to the issuer and includes an authorized signature. From a governance and disclosure perspective, the filing meets Section 16 transparency requirements for non-derivative, plan-based accruals by an officer.

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^*

Hefel Juliane 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)

	Director		10% Owner
X	Officer (give title below)		Other (specify below)
	Sr. VP, Ind Coatings & Sp Prod

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		1.7791		(2)	(2)	Common Stock	1.7791	$105.11	132.5137(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 Juliane M. Hefel	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 transaction did Juliane M. Hefel report on Form 4 for PPG (PPG)?

The Form 4 reports an acquisition of phantom stock units on 09/30/2025 that convert one-for-one into common stock.

How many phantom stock units and share-equivalents did Ms. Hefel hold after the transaction?

After the transaction she held 132.5137 share-equivalents in the PPG Deferred Compensation Plan.

What was the per-share price listed for the reported phantom unit credit?

The filing lists a per-share price of $105.11 associated with the reported phantom unit credit of 1.7791 share-equivalents.

Do the phantom stock units represent issued common stock immediately?

No. The units are interests in an unfunded unitized company stock fund within the Deferred Compensation Plan and convert to common stock on a one-for-one basis upon plan terms.

Who signed the Form 4 and when?

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