Form 4: Packaging Corp of America Executive Charles J. Carter Reports Changes in Beneficial Ownership

EVP-Mill Ops. Charles J. Carter reports acquisition and disposal of Packaging Corp of America stock due to vesting of performance units and tax withholding.

Summary

• Charles J. Carter, EVP-Mill Ops. of Packaging Corp of America, filed a Form 4 on March 1, 2024, reporting changes in beneficial ownership of the company's stock.
• On February 28, 2024, Carter acquired 3,846 shares of common stock through an award of restricted stock.
• He also acquired 4,271 shares due to the certification of performance measure attainment under performance units awarded on February 25, 2020, with performance achieved at the 100% level.
• An additional 414 shares were acquired as a payout of accumulated dividends on vesting performance units.
• Carter disposed of 1,844 shares to cover the withholding tax obligation associated with equity awards vesting on the transaction date at a price of $176.36 per share.
• Following these transactions, Carter directly owns 30,928 shares of common stock and indirectly owns 5,804 shares through a 401(k) plan.

Sentiment

Score: 6

Explanation: The sentiment is neutral. The filing reflects routine transactions related to executive compensation and does not indicate any significant positive or negative developments for the company.

Positives

• The vesting of performance units at 100% suggests the company met its performance goals.

Industry Context

Form 4 filings are routine disclosures required by the SEC to provide transparency into the transactions of company insiders. They are closely watched by investors to gauge management's sentiment and confidence in the company's prospects.

Stakeholder Impact

• The transactions have a minor impact on shareholders as they involve a relatively small number of shares compared to the company's total outstanding shares.

Key Dates