Form 4: Sonoco Director Acquires Phantom Stock Units

Sonoco Products Co. Director Eleni Istavridis acquired 842.2 phantom stock units, increasing her beneficial ownership to 13,685.5 units.

Summary

• Eleni Istavridis, a Director of Sonoco Products Co. (SON), acquired 842.2 phantom stock units.
• The transaction occurred on October 1, 2025, with each unit valued at $43.04.
• These phantom stock units are the economic equivalent of one share of Sonoco Products Company common stock.
• The units were accrued under the Sonoco Products Company directors deferred compensation plan.
• Following this acquisition, Eleni Istavridis beneficially owns a total of 13,685.5 phantom stock units.
• The phantom stock units are to be settled in Sonoco Products Company common stock six months after the reporting person's retirement.

Sentiment

Score: 6

Explanation: The transaction is a routine, positive event reflecting director compensation and increased alignment with shareholder interests, but not a significant market-moving development.

Positives

• Increased beneficial ownership by a director, aligning management interests with shareholders.
• The acquisition is part of a structured directors deferred compensation plan, indicating a routine and planned compensation event.

Future Outlook

The acquired phantom stock units will be settled in Sonoco Products Company common stock six months after the reporting person's retirement, providing a future equity payout.

Industry Context

Director compensation often includes equity-based awards like phantom stock units, which are common mechanisms to align director interests with long-term shareholder value without immediate share issuance. This practice is standard across many publicly traded companies.

Comparison to Industry Standards

• The use of phantom stock units as part of a deferred compensation plan for directors is a common practice in corporate governance, aligning with compensation strategies seen in peer companies within the manufacturing and packaging sectors.
• This type of equity award is comparable to those offered by companies like WestRock Company or Packaging Corporation of America, which also utilize deferred equity compensation to retain and incentivize their board members.

Stakeholder Impact

• Shareholders: Increased alignment of a director's financial interests with long-term shareholder value due to increased beneficial ownership.

Next Steps

• Settlement of phantom stock units in Sonoco Products Company common stock six months after Eleni Istavridis's retirement.

Key Dates

Recommendation

This Form 4 filing details a routine acquisition of phantom stock units by a director as part of a deferred compensation plan. While it indicates continued director alignment with shareholder interests, it does not present new fundamental information or a significant change in the company's outlook that would warrant a 'buy' or 'sell' recommendation. The transaction is expected and does not materially alter the investment thesis for Sonoco Products Co.

Keywords

Sonoco Products Co., SON, Eleni Istavridis, Director, Phantom Stock Units, Insider Transaction, Deferred Compensation, Beneficial Ownership