KOWLZAN MARK W 4

What Happened
Mark W. Kowlzan, Chairman, Chief Executive Officer and a director of Packaging Corporation of America (PKG), was granted 16,992 restricted stock units (RSUs) on February 25, 2026. The grant was reported at $0.00 per share (no cash exchanged at grant). Each RSU represents a contingent right to receive one share of the company's common stock upon vesting.

Key Details

• Transaction date: 2026-02-25; Form 4 filed 2026-02-26 (appears timely).
• Transaction type/code: Award/Grant (A).
• Shares/units granted: 16,992 RSUs; reported acquisition price $0.00.
• Shares owned after transaction: Not specified in the filing.
• Footnotes: F1 — RSUs each convert to one share upon vesting; F2 — reporting person disclaims beneficial ownership of shares held by spouse.
• No indication of a sale, exercise, or 10b5-1 plan in this filing.

Context
RSU grants are a form of equity compensation and do not represent an immediate cash purchase or sale. They typically vest over time or upon meeting performance conditions and become shares only when vested (then may be subject to tax withholding). This grant should be viewed as a compensation award rather than a direct market sentiment signal.