Bowles Ken 4

What Happened
Ken Bowles, Executive VP, Group CFO and a director of Smurfit Westrock plc (SW), was awarded restricted stock units (RSUs) and had a small number of shares withheld to satisfy tax withholding. On 2026-03-18 Bowles received two RSU items: 225 RSUs (award) and 489 RSUs (dividend-equivalent RSUs) — both reported at $0.00 since these are awards, not purchases. On 2026-03-19, 39 ordinary shares were withheld/disposed at $38.58 per share to satisfy a tax withholding obligation, totaling $1,505.

Key Details

• Transaction dates and prices:
  • 2026-03-18: 225 RSUs granted @ $0.00 (award)
  • 2026-03-18: 489 RSUs granted (derivative/dividend equivalents) @ $0.00
  • 2026-03-19: 39 shares withheld/disposed to cover taxes @ $38.58 each = $1,505
• Total RSUs received in this filing: 714 (225 + 489)
• Shares owned after the reported transactions: not specified in the filing
• Footnotes of note:
  • F1: The 489 RSUs reflect dividend equivalents that accrued on the issuer’s quarterly dividend; each RSU equals the right to one ordinary share.
  • F2: 39 shares were withheld to satisfy the reporting person’s tax withholding obligation related to dividend-equivalent RSUs that vested/settled in mid-March 2026.
  • F3: Separately, 42,280 RSUs are scheduled to vest and be settled in February 2027 (disclosed in the filing).
• Filing timeliness: Form 4 filed 2026-03-20 reporting transactions with an effective date of 2026-03-18–03-19 (filed within the standard two-business-day window).

Context
These transactions are awards and routine tax-withholding actions — RSU grants are not open-market purchases (so they’re not a direct bullish signal like a buy). The 489 RSUs were dividend equivalents (extra RSUs credited because the company paid a quarterly dividend), and the 39-share disposition was a tax-withholding (code F), not a voluntary market sale. The filing also discloses a larger RSU grant (42,280 RSUs) scheduled to vest in Feb 2027, which investors may watch for future insider-related share activity.