PPG Industries Inc. reported a Form 4 ownership update for Robert L. Massy, with the reported event dated July 15, 2026 and the filing signed on July 16, 2026 by Greg E. Gordon as attorney-in-fact for Massy. The filing concerns derivative securities tied to PPG common stock, specifically phantom stock units held through the PPG Industries, Inc. Deferred Compensation Plan. According to the explanatory notes, each security converts into PPG common stock on a one-for-one basis, but only after the reporting person’s termination of employment with PPG. The phantom stock units represent interests in an unfunded, unitized company stock fund made up of stock and cash. The document does not provide a visible transaction table with a transaction code, number of units acquired or disposed, transaction price, or the precise number of derivative securities beneficially owned after the reported event. It states that the filing reports ownership changes “in Number of derivative Securities Beneficially Owned Following Reported Transaction(s),” but the actual numerical values are not included in the provided text. An important note in the filing explains that the number of PPG shares attributed to Massy under the deferred compensation plan may change from time to time without any voluntary action by him. Those changes can occur based on the fair market value of PPG’s common stock and the amount of cash held in the unitized fund. As a result, the filing appears to reflect an administrative or plan-accounting change in derivative ownership rather than an open-market purchase or sale. Because the reported securities are phantom stock units rather than directly held common shares, they do not necessarily indicate an immediate stock transaction in the market. The filing matters because it updates Massy’s beneficial ownership of PPG-linked deferred compensation interests, which are economically tied to the company’s common stock and ultimately convertible on a one-for-one basis after termination of employment.