Hefel Juliane M. 4

What Happened
Juliane M. Hefel, Senior Vice President, Industrial Coatings & Special Products at PPG Industries (PPG), received an award of 0.808 shares (derivative/phantom stock units) on February 13, 2026. The units were valued at $131.34 per share, for a total reported value of $106. This was an award/grant (code A), not an open-market purchase or sale.

Key Details

• Transaction date: 2026-02-13; Price per share reported: $131.34; Total value: $106.
• Security type: Derivative/phantom stock units (reported as converting one-for-one to common stock — see footnote F1).
• Plan: Units are part of PPG’s Deferred Compensation Plan (phantom stock units) and reflect interests in an unfunded unitized stock/cash fund (footnote F3).
• Footnote F2 notes conversion/vesting detail "after termination of employment with PPG."
• Filing date: 2026-02-18 for a 2026-02-13 transaction — filed several days after the trade; Form 4s are generally due within 2 business days, so this appears to have been filed late.

Context
Phantom stock units are deferred-compensation awards that track the value of the company’s common stock but are paid in stock or cash per plan rules; they do not represent an immediate cash purchase of shares. This small award (0.808 units, ~$106) is routine compensation/deferral activity and not the same signal as an open-market purchase or sale by the insider.