Spence Elizabeth 4

What Happened
Elizabeth Spence, Executive VP of Human Resources at Graphic Packaging (GPK), had 3,627 service-based restricted stock units convert into common shares on 2026-02-26. Of those, 1,304 shares were withheld to cover tax withholding at a price of $12.10 per share, equal to approximately $15,778. The RSUs had no exercise price; the conversion generated 3,627 shares and a net delivery of roughly 2,323 shares after tax withholding.

Key Details

• Transaction date: 2026-02-26; Form 4 filed 2026-03-02 (timely within required reporting window).
• Actions reported: Conversion/exercise of derivative (code M) — 3,627 RSUs converted to shares (acquired); Tax withholding (code F) — 1,304 shares withheld and disposed at $12.10/share ($15,778). The filing also shows the derivative units extinguished.
• Net shares delivered to insider: ~2,323 shares (3,627 converted − 1,304 withheld).
• Shares owned after transaction: Not specified in the provided filing.
• Footnote: The converted units were service-based RSUs that expire upon conversion and payout in shares (Footnote F1).
• Transaction codes: M = exercise/conversion of a derivative (RSU conversion here); F = shares withheld to satisfy tax obligations.

Context
This was a routine conversion of vested RSUs with shares withheld for taxes (a common cashless-like settlement); it is not an open-market purchase or sale indicating directional trading. The withholding simply satisfies tax liability arising from the RSU payout.