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Form 4 overview: Director Guillermo Novo reported the acquisition of 329.5435 phantom stock units of PPG Industries, Inc. (ticker: PPG) on 07 / 01 / 2025. Phantom stock units are deferred-compensation derivatives that convert to common shares on a one-for-one basis after the director leaves the board. Following the transaction, Novo now beneficially owns 9,904.2202 phantom stock units within PPG鈥檚 Deferred Compensation Plan for Directors.

The transaction was coded 鈥淎,鈥� indicating an acquisition rather than a sale, and was effected at a reference price of $116.41 per underlying share. Ownership remains direct (D); no indirect holdings were reported. The filing contains no open-market purchases or sales of PPG common stock and no changes to executive roles or company strategy.

Because phantom units are non-tradable, unfunded, and settled only upon board departure, the event is largely administrative and has negligible impact on public float, cash flow, or near-term earnings. It does, however, signal continued alignment of the director鈥檚 economic interests with long-term shareholder value.

GS Finance Corp., a subsidiary of The Goldman Sachs Group, Inc., has filed a preliminary Rule 424(b)(2) pricing supplement for two separate tranches of Leveraged Buffered Index-Linked Notes under its Medium-Term Notes, Series F program. Each tranche references a single equity index鈥攖he S&P 500庐 Index (CUSIP 40058JKF1) or the Russell 2000庐 Index (CUSIP 40058JKE4)鈥攁nd is fully and unconditionally guaranteed by The Goldman Sachs Group, Inc.

Key economic terms (to be fixed on the July 28 2025 trade date):

• Face amount: $1,000 denominations; initial issue expected July 31 2025.
• Tenor: approximately 2.5 years, maturing on or about February 2 2028.
• No coupons: the notes do not bear periodic interest.
• Upside: 200% participation in positive index performance, capped at a maximum settlement amount of at least $1,212.50 (SPX) and $1,273.50 (RTY) per $1,000 face, translating to maximum gross returns of roughly 21.25% and 27.35%, respectively.
• Downside protection: 10% buffer; investors absorb losses only if the index declines more than 10% from the initial level, after which losses are 1-for-1 beyond the buffer.
• Estimated value: $925-$955 per $1,000 face at pricing, i.e., 4.5-7.5% below issue price, reflecting embedded fees and hedging costs.
• Secondary market: Goldman Sachs & Co. LLC (GS&Co.) may act as market maker but is not obligated; liquidity and pricing will reflect GS&Co.鈥檚 bid-ask spread and declining embedded fees.

Risk highlights disclosed in 鈥淎dditional Risk Factors鈥� include credit risk of both the issuer and guarantor, capped upside, potential for substantial principal loss beyond the 10% buffer, valuation below issue price at inception, limited liquidity, conflicts of interest (GS&Co. is both underwriter and calculation agent) and uncertain tax treatment (pre-paid derivative characterization, FATCA exposure, possible future IRS guidance).

Investors should view the notes as short-dated, leveraged structured products that trade off limited downside protection against a hard cap on gains and significant embedded fees. Suitability hinges on a moderately bullish view of the chosen index within the buffer/cap parameters, tolerance for Goldman credit risk and acceptance of illiquidity and tax complexity.

This Form 4 discloses a routine insider transaction by Vincent J. Morales, Senior VP & CFO of PPG Industries (PPG).

• Transaction date: 06/30/2025
• Security: Phantom Stock Units that convert 1-for-1 into common stock upon termination of employment
• Amount acquired: 12.0066 units at an indicative price of $113.75
• Post-transaction holding: 26,938.5038 phantom units held directly

The acquisition occurred under the company鈥檚 Deferred Compensation Plan and was coded 鈥淎鈥� (acquired). No non-derivative common stock trades were reported. Given the small size (鈮� $1.4 k) relative to both Mr. Morales鈥檚 existing holdings and PPG鈥檚 market capitalization, the filing is not considered materially impactful to investors but does slightly increase executive alignment with shareholders.

Smith & Nephew plc (NYSE: SNN) has filed a Form 6-K dated 1 July 2025 to update the market on its share capital and voting rights in accordance with the UK FCA鈥檚 Disclosure Guidance and Transparency Rule 5.6.1.

• Total issued share capital at 30 June 2025: 877,710,150 ordinary shares of US 20垄 each.
• Treasury shares (non-voting): 1,753,173.
• Voting shares outstanding: 875,956,977 ordinary shares, each carrying one vote.

The updated denominator enables shareholders and investors to calculate whether their holdings reach disclosure thresholds under UK transparency rules. No other financial metrics, strategic announcements or transactions were disclosed in this filing.