Spence Elizabeth 4

What Happened

• Elizabeth Spence, EVP Human Resources of Graphic Packaging (GPK), converted a mix of performance- and service-based restricted stock units (RSUs) on Feb 15, 2026. The filing shows 21,853 shares were issued to her (11,233 + 3,655 from derivative conversion, and 6,965 from a grant).
• To cover tax withholding, 9,324 shares were withheld (valued at $12.42 per share), totaling about $115,805. Net new shares received after withholding = 12,529.
• These were not open-market purchases or sales of company stock but the conversion/payout and settlement of equity awards tied to compensation.

Key Details

• Transaction date: 2026-02-15; Form 4 filed: 2026-02-18.
• Shares issued/acquired: 21,853 total (11,233; 3,655 via derivative conversion; 6,965 grant).
• Shares withheld for taxes (disposed): 9,324 shares at $12.42 each; total withholding value ≈ $115,805.
• Net new shares after withholding: 12,529.
• Codes: M = exercise/conversion of derivative (RSU conversion), A = grant/award (service-based RSUs), F = shares withheld to pay taxes (settlement of performance RSUs per footnote).
• Footnotes from the filing: F1 — some withheld/disposed shares relate to settlement of previously-granted performance-based RSUs; F2 — service-based RSUs expire upon conversion/payout.
• Shares owned after the transaction are not reported in the provided data.

Context

• This is a routine equity-compensation event (conversion/payout of RSUs with share withholding for taxes), not an open-market sale or purchase. Such withholding is common and reflects tax obligations rather than a directional trade.
• For retail investors: these transactions mainly show management receiving vested compensation; they do not necessarily signal buying or selling intent.