Form 4: Sonoco COO Acquires Restricted Stock Dividend Equivalents

Sonoco Products Co.'s Chief Operating Officer, Rodger D. Fuller, acquired 44.3 dividend equivalents on restricted stock units as part of a pre-arranged plan.

Summary

• Rodger D. Fuller, Chief Operating Officer of Sonoco Products Co. (SON), acquired 44.3 dividend equivalents on Restricted Stock Units (RSUs).
• The transaction occurred on December 12, 2025.
• These dividend equivalents are economically equivalent to one share of Sonoco common stock each.
• The acquisition was made pursuant to a Rule 10b5-1(c) plan, indicating a pre-scheduled transaction.
• Following this transaction, Mr. Fuller beneficially owns 415 dividend equivalents on Restricted Stock Units directly.
• These rights will be settled upon Mr. Fuller's retirement or other termination of service.

Sentiment

Score: 6

Explanation: Neutral to slightly positive. This is a routine insider transaction disclosure, indicating ongoing executive compensation and alignment with shareholder interests, but does not provide new operational or financial performance data.

Positives

• The acquisition of dividend equivalents on restricted stock units by a key executive (COO) aligns executive interests with shareholder value.
• The transaction was made under a Rule 10b5-1(c) plan, indicating a pre-planned and transparent transaction.

Future Outlook

The dividend equivalent rights will be settled upon the reporting person's retirement or other termination of service, aligning future compensation with long-term company performance.

Management Comments

• Acquired quarterly dividend equivalent rights on Restricted Stock which will be settled upon the reporting person's retirement or other termination of service.

Industry Context

This Form 4 filing reflects routine executive compensation practices, where long-term incentives like Restricted Stock Units and their dividend equivalents are used to align executive interests with shareholder returns, a common practice across various industries, including packaging and industrial products.

Comparison to Industry Standards

• The use of Restricted Stock Units (RSUs) with dividend equivalents is a standard executive compensation practice, comparable to programs at peers like WestRock Company or Packaging Corporation of America, which also utilize equity-based incentives to retain and motivate key management.
• The settlement upon retirement or termination of service is a common vesting schedule for such long-term incentives, ensuring executive commitment over an extended period.

Stakeholder Impact

• Shareholders: Executive's increased beneficial ownership through long-term incentives can align management's interests with shareholder value creation.

Next Steps

• Settlement of dividend equivalent rights upon Rodger D. Fuller's retirement or other termination of service.

Key Dates

Recommendation

This Form 4 filing details a routine executive compensation transaction involving the acquisition of dividend equivalents on restricted stock units. It reflects standard practice for aligning executive interests with long-term shareholder value through equity incentives. The filing does not contain information related to operational performance, financial results, or strategic shifts that would warrant a change in investment recommendation. Therefore, a 'hold' recommendation is appropriate as this disclosure does not alter the fundamental investment thesis for Sonoco Products Co.

Keywords

Sonoco Products Co., SON, Form 4, Insider Trading, Restricted Stock Units, Dividend Equivalents, Executive Compensation, Rodger D. Fuller, Chief Operating Officer