Hefel Juliane M. 4

What Happened

• Juliane M. Hefel, Senior Vice President, Industrial Coatings & Special Products at PPG Industries (PPG), was credited with 918 units on 2026-02-18 as an award/acquisition (A). The filing shows these are phantom stock units received in lieu of 918 settled 2023 restricted stock units (RSUs). No cash price or market value is reported in the Form 4.

Key Details

• Transaction date: 2026-02-18; Form 4 filed: 2026-02-20 (timely; within standard 2-business-day window).
• Reported acquisition: 918 phantom stock units (derivative units), labeled as an award/grant (code A).
• Price/market value: N/A in filing.
• Shares/units owned after transaction: the filing credits 918 phantom units from this deferral; the aggregate total of phantom units held by the reporting person is not specified in the transaction line.
• Relevant footnotes:
  • F1: Hefel deferred receipt of 918 settled 2023 performance RSUs and received 918 phantom stock units under PPG’s Deferred Compensation Plan.
  • F2: Benefits tied to these units are described as payable after termination of employment.
  • F3: Phantom stock units represent interests in an unfunded unitized company stock fund (stock and cash), and the number/attributed value can change with the fund’s composition and PPG share price.

Context

• Phantom stock units are derivative compensation that track the value of company stock but are not currently tradable shares; they are typically settled in stock and/or cash per the plan terms and do not necessarily indicate a buy/sell market signal.
• This is an internal compensation deferral rather than an open-market purchase or sale.