PPG Insider Filing: Vincent Morales Adds Phantom Stock Units

Rhea-AI Filing Summary

Vincent J. Morales, Senior VP & CFO of PPG Industries, reported on Form 4 an acquisition of 169.5217 phantom stock units on 09/12/2025 tied to the company's Deferred Compensation Plan. The filing shows a per-unit value of $110.72 and reports 27,165.5107 shares or share-equivalents beneficially owned after the transaction. The phantom units convert to common stock one-for-one and are described as interests in an unfunded unitized stock fund that may change in share equivalent value based on the fair market value of PPG common stock and cash in the fund. The Form 4 was filed on 09/15/2025 and signed by an attorney-in-fact.

Positive

• Disclosure completeness: The Form 4 provides clear details on transaction date, unit count, valuation, and post-transaction beneficial ownership.
• Alignment with shareholders: The reported phantom units increase the CFOs equity-linked compensation, aligning management incentives with shareholder value.

Negative

• None.

Insights

Financial Analyst

TL;DR: Routine deferred-compensation credit increases reported holdings but has limited near-term market impact.

The reported acquisition of 169.5217 phantom stock units valued at $110.72 each reflects a non-cash increase in the reporting persons deferred compensation tied to PPGs stock price. Because the units are phantom (unfunded) and convert one-for-one on termination, this is a compensation accounting event rather than an outright open-market purchase of shares. The change increases the reporting persons notional exposure to PPG by 169.5217 share-equivalents and brings total beneficial ownership to 27,165.5107 shares. For investors, this filing documents insider alignment with equity performance but does not itself alter PPGs share count or cash flows.

Corporate Governance Expert

TL;DR: Governance disclosure is complete and customary for deferred compensation plan activity.

The Form 4 clearly identifies the reporting person as Senior VP & CFO and provides required details: transaction date 09/12/2025, number of phantom units (169.5217), and post-transaction beneficial ownership (27,165.5107). The explanatory notes state the units are part of the PPG Deferred Compensation Plan and fluctuate with fund value, satisfying disclosure norms for indirect holdings and plan-based awards. There are no red flags regarding missing information in the filing.

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
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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^*

Morales Vincent J

(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)
	Senior VP & CFO

3. Date of Earliest Transaction (Month/Day/Year)
09/12/2025

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)	09/12/2025		A		169.5217		(2)	(2)	Common Stock	169.5217	$110.72	27,165.5107(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 Vincent J. Morales	09/15/2025
	** 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 Vincent J. Morales report on the Form 4 for PPG (PPG)?

He reported acquisition of 169.5217 phantom stock units on 09/12/2025, valued at $110.72 per unit, resulting in 27,165.5107 share-equivalents beneficially owned.

Are the reported phantom stock units actual shares of PPG?

No. The units are phantom (unfunded) and represent interests in a unitized stock/cash fund; they convert to common stock one-for-one upon specified conditions such as termination of employment.

When was the Form 4 filed and who signed it?

The Form 4 was filed on 09/15/2025 and is signed by Greg E. Gordon as Attorney-in-Fact for Vincent J. Morales.

How does the value of the phantom units change over time?

The number of share-equivalents may change based on the fair market value of PPG common stock and the amount of cash in the Deferred Compensation Plans fund, per the filing.

Does this transaction change PPGs outstanding share count?

No. Phantom unit credits are plan-based and do not immediately alter the companys issued and outstanding common shares.