Form 4: Packaging Corp of America CEO Sells Shares to Cover Tax Obligations

Mark W. Kowlzan, Chairman & CEO of Packaging Corp of America, disposed of shares to cover withholding tax obligations related to vesting equity awards.

Summary

• On February 26, 2024, Mark W. Kowlzan, the Chairman & CEO of Packaging Corp of America (PKG), disposed of 8,732 shares of common stock.
• The shares were disposed of at a price of $174.08 per share.
• This transaction was to cover the withholding tax obligation associated with equity awards vesting on that date, as part of the company's Long-Term Equity Incentive Plan.
• Following the transaction, Kowlzan directly owns 495,064 shares of PKG common stock.
• Kowlzan also indirectly owns 18,872 shares through a 401k plan and 2,565 shares held by his spouse, for which he disclaims beneficial ownership.

Sentiment

Score: 5

Explanation: This is a neutral event. It's a routine transaction related to tax obligations and doesn't necessarily indicate a positive or negative outlook for the company.

Industry Context

Form 4 filings are a routine part of corporate governance, providing transparency into the transactions of company insiders. This particular filing indicates a standard practice of covering tax obligations related to equity awards.

Stakeholder Impact

• The transaction has a minimal impact on shareholders as it is a routine sale to cover tax obligations.

Key Dates