PPG director granted 98 phantom stock units

PPG director Michael Nally received an additional phantom stock unit award tied to PPG common stock, increasing his deferred plan balance.

Rhea-AI Filing Summary

PPG INDUSTRIES INC (PPG) reported that director Michael Nally received an award of 98.0881 Phantom Stock Units on September 11, 2026, as a derivative equity-based compensation grant. These units convert into an equal number of shares of common stock on a one-for-one basis after his termination of service as a director.

Following this award, Nally now holds a reported total of 10,436.9316 Phantom Stock Units in the company’s Deferred Compensation Plan for Directors. These units represent interests in an unfunded unitized company stock fund whose attributed share count may change over time with the fair market value of PPG common stock and the cash balance in the fund.

Insider Trade Summary

Grant/Award: 98.0881 shares

Grant/Award 1 txn

Insider Nally Michael

Role Director

Type	Security	Shares	Price	Value
Grant/Award	Phantom Stock Units F1, F2, F3	98.0881	$105.50	$10K

Holdings After Transaction: Phantom Stock Units — 10,436.9316 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 Stock Units granted: 98.0881 units Reference value per Phantom Stock Unit: $105.50 per unit Total Phantom Stock Units after transaction: 10,436.9316 units +1 more

4 metrics

Phantom Stock Units granted 98.0881 units Equity-based award to director Michael Nally on September 11, 2026

Reference value per Phantom Stock Unit $105.50 per unit Reported transaction price per unit for the September 11, 2026 grant

Total Phantom Stock Units after transaction 10,436.9316 units Total phantom stock units held by Michael Nally in the Deferred Compensation Plan for Directors after the award

Conversion ratio to common stock 1 unit per 1 share Phantom Stock Units convert into PPG common stock on a one-for-one basis

Key Terms

Phantom Stock Units, Deferred Compensation Plan for Directors, unfunded unitized company stock fund

3 terms

Phantom Stock Units financial

"Phantom stock units represent interests in an unfunded unitized company stock fund"

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

"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"

FAQ

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

What transaction did PPG (PPG) report for director Michael Nally on this Form 4?

Director Michael Nally received a grant of 98.0881 Phantom Stock Units on September 11, 2026, as an equity-based award that is tied to PPG’s common stock and reported as a derivative acquisition.

At what reference price were the new Phantom Stock Units for PPG (PPG) recorded?

The 98.0881 Phantom Stock Units awarded to director Michael Nally were recorded at a reference value of $105.50 per unit, according to the Form 4 transaction details.

How many Phantom Stock Units in PPG (PPG) does Michael Nally hold after this award?

After the September 11, 2026 award, Michael Nally holds a total of 10,436.9316 Phantom Stock Units in the PPG Industries, Inc. Deferred Compensation Plan for Directors, as reported in the filing footnotes.

How do Michael Nally’s Phantom Stock Units in PPG (PPG) relate to common stock?

Each Phantom Stock Unit converts to one share of PPG common stock on a one-for-one basis. Conversion occurs after termination of service as a director of PPG Industries, Inc., as stated in the footnotes.

Are Michael Nally’s Phantom Stock Units in PPG (PPG) held in a funded plan?

The filing states the Phantom Stock Units represent interests in an unfunded unitized company stock fund within the PPG Industries, Inc. Deferred Compensation Plan for Directors, consisting of stock and cash.

Was this PPG (PPG) Form 4 transaction made under a Rule 10b5-1 trading plan?

The document-level Rule 10b5-1 checkbox is reported as false, so this Form 4 does not affirm that the September 11, 2026 Phantom Stock Unit grant was made under a Rule 10b5-1 trading plan.

Can the number of Phantom Stock Units reported for PPG (PPG) change without director action?

Yes. The footnote explains that the number of Phantom Stock Units attributed to Michael Nally may change without his volition, depending on the fair market value of PPG common stock and the amount of cash in the unitized company stock fund.

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

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Available on EDGAR 09/14/2026 - 02:12 PM Accepted by SEC EDGAR 09/14/2026 - 02:11 PM 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^*

Nally Michael

(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)
09/11/2026

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)	09/11/2026		A		98.0881		(2)	(2)	Common Stock	98.0881	$105.5	10,436.9316(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 Michael Nally	09/14/2026
	** 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)