Olivier Darla J. 4

What Happened

• Olivier Darla, Senior Vice President at Packaging Corporation of America (PKG), was granted 1,157 restricted stock units (RSUs) on February 25, 2026. The grant is reported as an award (transaction code A) at $0.00 per share because RSUs are compensation awards, not open-market purchases.
• Each RSU represents a contingent right to receive one share of PKG common stock upon vesting (see footnote). The Form 4 reports the reporting person's total beneficial ownership as 22,217 shares after correcting a prior reporting error.

Key Details

• Transaction date: 2026-02-25; Form 4 filed: 2026-02-27 (timely filing).
• Award: 1,157 RSUs; reported acquisition price: $0.00 (compensation grant).
• Shares beneficially owned after transaction (corrected): 22,217.
• Footnotes: F1 explains RSUs equal contingent rights to one share each; F2 corrects a previous Form 4 that overstated holdings (previously reported 55,627 should have been 22,217).
• No 10b5-1 plan, tax-withholding sale, or immediate sale noted in this filing.

Context

• RSU grants are a form of compensation and typically vest over time; they are not the same as an open-market purchase and do not alone signal a buy/sell decision by the insider.
• The corrected ownership figure addresses a prior reporting error and does not change the nature of this award transaction.