Velarion · Company Intelligence
Compensation Brief
Fiscal year 2025 · Filings through 2026-08-24

Packaging Corp of America (PKG)

CEO Mark Kowlzan was paid $16,992,255 in fiscal year 2025, ↑ up 8.4% from fiscal year 2024, the 88th percentile of its disclosed peer group (SEC filing 0001193125-26-127602 ↗): executive and director compensation, incentive-plan design, equity activity, and governance — every figure in this brief is traceable to its exact location in the company’s SEC filing — the document, the section, the page, and the table, linked directly.

$16,992,255 ↑
Mark Kowlzan total, FY2025
88th
CEO pay percentile vs peers
189.1:1
CEO-to-median pay ratio
97.07%
Say-on-pay support, latest vote

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Sample answer — “What is the CEO’s total compensation?”
- Mark Kowlzan (Chief Executive Officer), FY2025 total compensation $16,992,255 (base salary $1,539,396) [exec_comp, SEC accession 0001193125-26-127602, filed 2026-03-27]

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PKG's next annual pay disclosure, estimated March 27, 2027.est. Filing ↗

01

Summary Compensation Table — fiscal year 2025

Named executive officerSalaryBonusStock awardsOption awardsNon-equity incentivePension / NQDCAll otherTotal
Mark Kowlzan$1,539,396$0$11,484,123$0$3,100,700$790,434$77,602$16,992,255
Chief Executive Officer
Thomas Hassfurther1,214,95907,920,09102,110,925792,287142,05812,180,320
President
Charles Carter822,96002,847,66501,388,7500123,9075,183,282
Executive Vice President-- Mill Operations
Donald Shirley736,59501,875,06101,010,000386,72533,9014,042,283
Executive Vice President, Corrugated Products
Kent Pflederer712,13201,875,06101,010,0000107,2343,704,428
Executive Vice President and Chief Financial Officer
Robert Mundy822,960000460,0260122,1571,405,143
Retired Executive Vice President and Chief Financial Officer

A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.

Three-year trend — total compensation per named executive

Named executive officerFY2025 totalFY2024 totalFY2023 totalΔ FY2024→2025
Mark Kowlzan$16,992,255$15,672,470$15,228,190↑ +1,319,785
Thomas Hassfurther12,180,32010,960,12011,023,183↑ +1,220,200
Charles Carter5,183,2824,152,4633,884,130↑ +1,030,819
Donald Shirley4,042,2833,091,2403,143,314↑ +951,043
Kent Pflederer3,704,4282,817,0802,643,017↑ +887,348
Robert Mundy1,405,1434,811,8544,497,542↓ −3,406,711

Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.

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Companies that benchmark against PKG
18 companies name PKG as a compensation peer

Each company listed discloses PKG in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named PKG in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.

01b

Executives — the named officers

One page per officer: the same table above, read for one person at a time — his own figure and every fiscal year the register holds.

ExecutiveRoleFY2025 total
Donald ShirleyEVP$4,042,283
Charles CarterEVP$5,183,282
Kent PfledererCFO$3,704,428
Robert MundyCFO$1,405,143
Mark KowlzanCEO$16,992,255
Thomas HassfurtherPresident$12,180,320
01c

Board of directors

One page per director: the seat, the committees and the fee table, read for one person at a time.

DirectorRoleFY2025 total
Cheryl K. BeebeIndependent Director$299,980
Donna A. HarmanIndependent Director$294,980
Duane C. FarringtonIndependent Director$274,980
Karen E. GowlandIndependent Director$347,901
Paul T. SteckoDirector$315,847
Robert C. LyonsIndependent Director$274,980
Roger B. PorterIndependent Director$294,980
Samuel M. MencoffLead Independent Director$299,980
Thomas S. SoulelesIndependent Director$294,980
02

Equity transactions since the proxy statement was filed

Every insider equity transaction reported on Form 4 after the 2025 proxy statement — acquisitions, dispositions, exercises, and withholdings — and therefore not reflected in any table in that document.

InsiderRoleTransaction dateCodeSharesPriceValueSecuritySource
Donald ShirleyExec. VP2026-03-27D2,650$212$562,463CommonForm 4 ↗
Donald ShirleyExec. VP2026-03-27A6,25400CommonForm 4 ↗
Thomas HassfurtherPresident2026-03-27A29,77800CommonForm 4 ↗
Darla J. OlivierSVP2026-03-27A2,26000CommonForm 4 ↗
Kent PfledererEVP & CFO2026-03-27A42800CommonForm 4 ↗
Charles CarterEVP-Mill Ops.2026-03-27D3,509212744,785CommonForm 4 ↗
Charles CarterEVP-Mill Ops.2026-03-27A63400CommonForm 4 ↗
Donald ShirleyExec. VP2026-03-27A47800CommonForm 4 ↗
Thomas HassfurtherPresident2026-03-27D12,6152122,677,534CommonForm 4 ↗
Kent PfledererEVP & CFO2026-03-27D2,670212566,708CommonForm 4 ↗
Kent PfledererEVP & CFO2026-03-27A5,59600CommonForm 4 ↗
Charles CarterEVP-Mill Ops.2026-03-27A8,28200CommonForm 4 ↗
Mark W. KowlzanDirector2026-03-27D20,5132124,353,884CommonForm 4 ↗
Mark W. KowlzanDirector2026-03-27A43,01000CommonForm 4 ↗
Thomas HassfurtherPresident2026-03-27A2,27900CommonForm 4 ↗
Darla J. OlivierSVP2026-03-27D1,055212223,924CommonForm 4 ↗
Darla J. OlivierSVP2026-03-27A17300CommonForm 4 ↗
Mark W. KowlzanDirector2026-03-27A3,29200CommonForm 4 ↗
Karen E. GowlandDirector2026-05-12A59100CommonForm 4 ↗
Robert C. LyonsDirector2026-05-12A59100CommonForm 4 ↗
Cheryl K. BeebeDirector2026-05-12A59100CommonForm 4 ↗
Samuel M. MencoffDirector2026-05-12A59100CommonForm 4 ↗
Roger B. PorterDirector2026-05-12A59100CommonForm 4 ↗
Duane C. FarringtonDirector2026-05-12A59100CommonForm 4 ↗
Donna A. HarmanDirector2026-05-12A59100CommonForm 4 ↗
Thomas S. SoulelesDirector2026-05-12A59100CommonForm 4 ↗
Mark W. KowlzanDirector2026-05-27D9,2662172,011,426Common, open-market saleForm 4 ↗
Thomas HassfurtherPresident2026-08-03D12,5312503,132,750CommonForm 4 ↗
Thomas HassfurtherPresident2026-08-05D8,7972572,260,829CommonForm 4 ↗
Thomas HassfurtherPresident2026-08-07D7,0632541,794,002CommonForm 4 ↗
Donald ShirleyExec. VP2026-08-20D12,0002513,008,496Common, open-market saleForm 4 ↗

Transaction codes per Form 4: A acquisition · S open-market sale · F tax withholding · M option exercise · G gift. Value = shares × price as reported. Dividend-equivalent and fractional-share accrual rows (derivative Class A, under $10,000 and under 2,000 shares) are aggregated per date; every row appears in full below.

03

Grants of plan-based awards — fiscal year 2025

ExecutiveAwardGrant dateThresholdTargetGrantedMaximumGrant-date fair value
Donald ShirleyPSU2025-02-261,1752,938—3,526$625,060
Thomas HassfurtherPSU2025-02-26010,971—21,9422,640,061
Kent PfledererPSU2025-02-2602,597—5,194624,942
Thomas HassfurtherRSU2025-02-26——12,409—2,640,015
Mark KowlzanRSU2025-02-26——17,993—3,828,011
Donald ShirleyRSU2025-02-26——2,938—625,060
Kent PfledererRSU2025-02-26——2,938—625,060
Charles CarterRSU2025-02-26——4,462—949,291
Mark KowlzanPSU2025-02-26015,908—31,8163,828,101
Donald ShirleyPSU2025-02-2602,597—5,194624,942
Charles CarterPSU2025-02-2603,944—7,888949,084
Thomas HassfurtherPSU2025-02-264,96412,409—14,8912,640,015
Mark KowlzanPSU2025-02-267,19717,993—21,5923,828,011
Charles CarterPSU2025-02-261,7854,462—5,354949,291
Kent PfledererPSU2025-02-261,1752,938—3,526625,060
03b

Vehicle mix — grant-date fair value by award type

Named executive officerTime-vested (RSU)Performance-vested (PSU)Options / SARs% performance-vested
Donald Shirley$625,060$1,250,002$066.7%
Thomas Hassfurther2,640,0155,280,076066.7%
Kent Pflederer625,0601,250,002066.7%
Mark Kowlzan3,828,0117,656,112066.7%
Charles Carter949,2911,898,375066.7%

% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.

04

Outstanding equity awards at fiscal year-end 2025

ExecutiveAwardShares unvestedExercise priceMarket value unvested
Donald ShirleyPSU20,788—$4,287,109
Mark KowlzanRSU78,493—16,187,611
Charles CarterRSU17,216—3,550,456
Mark KowlzanPSU133,194—27,468,598
Donald ShirleyRSU12,566—2,591,486
Thomas HassfurtherPSU91,981—18,969,241
Kent PfledererRSU11,554—2,382,781
Charles CarterPSU28,609—5,900,034
Robert MundyRSU15,034—3,100,462
Thomas HassfurtherRSU54,198—11,177,254
Robert MundyPSU23,816—4,911,574
Kent PfledererPSU19,184—3,956,316
05

Incentive-plan design — the Compensation Discussion & Analysis

The compensation program is designed to reinforce a results-oriented management culture, focus executives on annual and long-term business objectives to create stockholder value, and align executive interests with stockholders through equity-based compensation with rigorous performance metrics. The program emphasizes long-term performance, with equity awards comprising the majority of compensation for named executive officers, two-thirds of which are subject to long-term performance goals.

CEO STI target (% of salary)—
CEO LTI target (% of salary)—
Independent consultantFW Cook
Clawback policytrue
Anti-hedgingtrue
Anti-pledgingtrue
06

Say-on-pay — recent advisory votes

Meeting yearMeeting dateForAgainstAbstainSupportOutcome
20262026-05-1276,265,2062,299,0221,021,67597.07%Passed
20252025-05-0769,405,0534,174,4071,259,27294.33%Passed
20242024-05-0871,793,2324,930,720121,01893.57%Passed
20232023-05-0272,343,4473,968,815130,87894.8%Passed
20222022-05-1774,716,3865,332,2001,171,25893.34%Passed
20212021-05-0478,186,4323,163,960176,76696.11%Passed

Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year's compensation.

Say-on-pay — history, company's computation

Meeting yearMeeting dateApproval — company's computation
20262026-05-1297.07%a
20252025-05-0794.33%b
20242024-05-0893.57%c

a. Voting standard not stated in the filing.

b. Voting standard not stated in the filing.

c. Voting standard not stated in the filing.

Approval percentages are the company's own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.

07

CEO pay ratio

Ratio (CEO : median employee)189.1 : 1
CEO total compensation$16,992,255
Median employee compensation$89,867
08

Director compensation — fiscal year 2025

DirectorCash feesStock awardsOption awardsNon-equity incentiveAll otherTotal
Karen E. GowlandIndependent · Compensation · Nominating and Governance$165,000$109,980———$347,901
Paul T. SteckoNot independent · Not standing for re-election165,000109,980———315,847
Samuel M. MencoffIndependent · Lead Independent Director · Compensation · Nominating and Governance190,000109,980———299,980
Cheryl K. BeebeIndependent · Audit (Chair)190,000109,980———299,980
Thomas S. SoulelesIndependent · Compensation (Chair) · Nominating and Governance185,000109,980———294,980
Donna A. HarmanIndependent · Audit · Sustainability (Chair)185,000109,980———294,980
Roger B. PorterIndependent · Compensation · Sustainability · Nominating and Governance (Chair)185,000109,980———294,980
Robert C. LyonsIndependent · Audit165,000109,980———274,980
Duane C. FarringtonIndependent · Audit · Sustainability165,000109,980———274,980
Mark W. KowlzanEmployee director · Sustainability—————0
09

Board fee structure and ownership guideline

Annual cash retainer$165,000
Annual equity retainer$110,000
Per board meeting fee—
Committee chair fees (audit / comp / nom-gov)25,000 / 20,000 / 20,000
Stock ownership guidelineParticipants are required to achieve their guideline within five years of becoming subject to the guidelines. All of our non-management directors and named executive officers are in compliance with, or are making adequate progress toward compliance with, the guidelines.
09b

Total cost of the board

ComponentFY2025
Cash retainers and fees$1,595,000
Equity awards (grant-date value)$989,820
All other compensation$0
Total cost of the board$2,584,820

Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.

10

Disclosed peer group — fiscal year 2025

The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.

10a

Peer reciprocity

Of the companies Packaging Corp of America names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.

Reciprocity shown where the peer's own current proxy has been read — each mark is cited in the register to that peer's filing. A dash means the peer's current proxy was read and names no reciprocal group including Packaging Corp of America.

10b

Chief executive pay against the peer group

Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company's own proxy statement.

RankCompanyFYChief executiveSalaryStock awardsOption awardsNon-equity incentiveTotal
1Eastman Chemical Co2025Mark Costa$1,406,958$12,682,200$3,278,151$987,000$19,498,966
2Crown Holdings Inc2025Timothy Donahue1,450,0008,627,475—4,205,00017,501,363
3Packaging Corp of America2025Mark Kowlzan1,539,39611,484,12303,100,70016,992,255
4Smurfit WestRock Plc2025Anthony Smurfit1,565,19411,653,64502,998,20816,429,689
5The Sherwin Williams Corporation2025Heidi Petz1,373,0776,456,2074,253,8592,390,00014,914,317
6PPG Industries Inc.2025Timothy Knavish1,300,0007,333,5423,666,6901,924,00014,885,022
7International Paper Company2025Andrew Silvernail1,000,00012,174,81801,318,50014,838,324
8Weyerhaeuser Company2025Devin Stockfish1,300,00010,155,81002,102,00013,983,685
9Ingredion Incorporated2025James Zallie1,290,9296,509,2371,999,9642,185,98012,932,234
10Sealed Air Corporation2024Patrick Kivits550,0008,644,0120012,820,613
11Silgan Holdings Inc.2025Adam Greenlee1,155,6609,487,80001,444,57512,229,234
12OI Glass, Inc2025Gordon Hardie1,200,0008,138,139—1,976,40011,462,530
13AptarGroup, Inc2025Stephan Tanda1,175,0006,096,6701,681,509518,43310,226,911
14Sonoco Products Company2025R. Howard Coker1,248,1566,872,02201,512,72810,142,078
15Celanese Corporation2025Scott Richardson—5,249,9582,249,9901,342,62510,137,072
16Magnera Corporation2025Curtis Begle910,0007,274,307—846,4009,792,264
17Avery Dennison Corporation2025Deon Stander1,136,5387,649,4300605,4759,538,375
18Greif, Inc.2025Ole Rosgaard1,042,3086,121,85001,964,2119,439,962
19Graphic Packaging Holding Company2025Michael Doss1,316,3007,495,753009,104,747
20Ashland Global Holdings2025Guillermo Novo1,152,3325,233,86301,313,8307,907,423
21Clearwater Paper Corporation2025Arsen Kitch1,000,0003,107,2770937,5005,201,341
22Ball Corporation2025Ronald Lewis822,7201,197,841429,9181,592,1024,218,225
—Cascades, Inc.——————not in coverage universe
—Smurfit WestRock plc——————not in coverage universe
—Sylvamo Company——————not in coverage universe

Each peer's compensation is from its most recently filed proxy; fiscal years differ by company. Each peer's figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.

10c

Incentive design against the same peers

CompanyAnnual incentive payoutLong-term vehicle mixPSU measures include TSRCompensation consultant
Packaging Corp of Americanot disclosedMSU 34 · RSU 33 · PSU 33Yes — TSRFW Cook
AptarGroup, Inc67.9%PSU 50 · RSU 25 · Options 25NoPay Governance LLC
Ashland Global Holdings90.4%not disclosedYes — Relative Total Shareholder Return (rTSR)Meridian Compensation Partners
Avery Dennison Corporation39%PSU 100Yes — Relative TSRWillis Towers Watson (WTW) and Semler Brossy
Ball Corporationnot disclosedPSU 50 · Option 25 · RSU 25not disclosedFarient Advisors LLC
Cascades, Inc.not disclosednot disclosednot disclosednot disclosed
Celanese Corporation93.4%PSU 70 · Options 30NoWillis Towers Watson PLC
Clearwater Paper Corporationnot disclosedPSU 60 · RSU 40not disclosedSemler Brossy
Crown Holdings Inc200%PSU 67 · RSU 33NoNot determinable from source text
Eastman Chemical Co47%PSA 60 · Option 20 · RSU 20Yes — Relative total shareholder return (rTSR)Aon plc
Graphic Packaging Holding Companynot disclosedPRSU 67 · RSU 33not disclosedWTW
Greif, Inc.not disclosedPSU 70 · RSU 30not disclosedWillis Towers Watson
Ingredion Incorporated112.5%PSU 50 · RSU 25 · Options 25Yes — Relative Total Shareholder Return (rTSR)Meridian
International Paper Company87.9%PSU 100Yes — Relative TSRFrederic W. Cook
Magnera Corporationnot disclosednot disclosednot disclosedMeridian Compensation Partners LLC
OI Glass, Incnot disclosedPSU 60 · RSU 40not disclosedPay Governance
PPG Industries Inc.93%MSU 34 · Options 33 · PSU 33NoFW Cook
Sealed Air Corporation122.1%PSU 50 · RSU 50NoPearl Meyer & Partners LLC
Silgan Holdings Inc.125%RSU 100not disclosednot disclosed
Smurfit WestRock plcnot disclosednot disclosednot disclosednot disclosed
Smurfit WestRock Plc109.5%PSU 75 · RSU 25Yes — Relative total shareholder return (rTSR)Semler Brossy
Sonoco Products Companynot disclosedPCSUs 60 · RSUs 40not disclosedFW Cook
Sylvamo Companynot disclosednot disclosednot disclosednot disclosed
The Sherwin Williams Corporation110.86%PSU 60 · Options 40NoMercer (US) LLC
Weyerhaeuser Company98%PSU 60 · RSU 40Yes — Three-year relative TSR vs industry peer groupFW Cook

Read from each company's Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company's filing does not state the item.

10d

Frequently asked questions

Who was the highest-paid executive at Packaging Corp of America in fiscal 2025?
As disclosed, Mark Kowlzan (Chief Executive Officer) was the highest-paid executive at Packaging Corp of America in fiscal 2025, with total compensation of $16,992,255.
How does Packaging Corp of America's chief executive pay compare to its disclosed peer group?
As disclosed, Mark Kowlzan's total compensation ranked at the 88th percentile of Packaging Corp of America's disclosed peer group.
What is Packaging Corp of America's CEO-to-median employee pay ratio?
As disclosed, Packaging Corp of America's CEO-to-median employee pay ratio was 189.1:1.
How did shareholders vote on Packaging Corp of America's executive compensation?
As disclosed, 97.07% of shareholders supported Packaging Corp of America's executive compensation in the latest say-on-pay vote.
How much does Packaging Corp of America spend in total on board compensation for fiscal 2025?
As disclosed, Packaging Corp of America reported total board compensation of $2,584,820 for fiscal 2025.

Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.

11

Source register

Each figure's location is given both for the eye (section · page · table · row · column) and for a script (table/row/column index and exact character span in the filed document). Any figure can be independently confirmed against the source.

#SupportsDocumentFiledAccessionLocation in document
1Section 01, Mark KowlzanDEF 14A2026-03-270001193125-26-127602Section “Executive Compensation”. As printed: 16,992,255. Filing ↗
2Section 01, Thomas HassfurtherDEF 14A2026-03-270001193125-26-127602Section “Executive Compensation”. As printed: 12,180,320. Filing ↗
3Section 01, Charles CarterDEF 14A2026-03-270001193125-26-127602Section “Executive Compensation”. As printed: 5,183,282. Filing ↗
4Section 01, Donald ShirleyDEF 14A2026-03-270001193125-26-127602Section “Executive Compensation”. As printed: 4,042,283. Filing ↗
5Section 01, Kent PfledererDEF 14A2026-03-270001193125-26-127602Section “Executive Compensation”. As printed: 3,704,428. Filing ↗
6Section 01, Robert MundyDEF 14A2026-03-270001193125-26-127602Section “Executive Compensation”. As printed: 1,405,143. Filing ↗
7Section 03, Donald Shirley PSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
8Section 03, Thomas Hassfurther PSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
9Section 03, Kent Pflederer PSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
10Section 03, Thomas Hassfurther RSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
11Section 03, Mark Kowlzan RSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
12Section 03, Donald Shirley RSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
13Section 03, Kent Pflederer RSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
14Section 03, Charles Carter RSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
15Section 03, Mark Kowlzan PSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
16Section 03, Donald Shirley PSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
17Section 03, Charles Carter PSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
18Section 03, Thomas Hassfurther PSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
19Section 03, Mark Kowlzan PSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
20Section 03, Charles Carter PSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
21Section 03, Kent Pflederer PSUDEF 14A1900-01-010001193125-26-127602Section “Executive Compensation” · grants of plan-based awards table. Filing ↗
22Section 07, pay ratioDEF 14A2026-03-270001193125-26-127602Section “CEO Pay Ratio”. As printed: 189.1 : 1. Filing ↗
23Section 08, Karen E. GowlandDEF 14A2026-03-270001193125-26-127602Section “Director Compensation”. As printed: 347,901. Filing ↗machine: span 727569–727576
24Section 08, Paul T. SteckoDEF 14A2026-03-270001193125-26-127602Section “Director Compensation”. As printed: 315,847. Filing ↗machine: span 735025–735032
25Section 08, Samuel M. MencoffDEF 14A2026-03-270001193125-26-127602Section “Director Compensation”. As printed: 299,980. Filing ↗machine: span 732036–732043
26Section 08, Cheryl K. BeebeDEF 14A2026-03-270001193125-26-127602Section “Director Compensation”. As printed: 299,980. Filing ↗machine: span 724574–724581
27Section 08, Thomas S. SoulelesDEF 14A2026-03-270001193125-26-127602Section “Director Compensation”. As printed: 294,980. Filing ↗machine: span 736533–736540
28Section 08, Donna A. HarmanDEF 14A2026-03-270001193125-26-127602Section “Director Compensation”. As printed: 294,980. Filing ↗machine: span 729049–729056
29Section 08, Roger B. PorterDEF 14A2026-03-270001193125-26-127602Section “Director Compensation”. As printed: 294,980. Filing ↗machine: span 733541–733548
30Section 08, Robert C. LyonsDEF 14A2026-03-270001193125-26-127602Section “Director Compensation”. As printed: 274,980. Filing ↗machine: span 730554–730561
31Section 08, Duane C. FarringtonDEF 14A2026-03-270001193125-26-127602Section “Director Compensation”. As printed: 274,980. Filing ↗machine: span 726058–726065
32Section 08, Mark W. KowlzanDEF 14A2026-03-270001193125-26-127602Section “Director Compensation”. As printed: 0. Filing ↗
33Section 02, Donald Shirley 2026-03-27Form 42026-03-310001193125-26-133735Insider equity transaction reported since the proxy statement. Filing ↗
34Section 02, Donald Shirley 2026-03-27Form 42026-03-310001193125-26-133735Insider equity transaction reported since the proxy statement. Filing ↗
35Section 02, Thomas Hassfurther 2026-03-27Form 42026-03-310001193125-26-134309Insider equity transaction reported since the proxy statement. Filing ↗
36Section 02, Darla J. Olivier 2026-03-27Form 42026-03-310001193125-26-134532Insider equity transaction reported since the proxy statement. Filing ↗
37Section 02, Kent Pflederer 2026-03-27Form 42026-03-310001193125-26-133589Insider equity transaction reported since the proxy statement. Filing ↗
38Section 02, Charles Carter 2026-03-27Form 42026-03-310001193125-26-133646Insider equity transaction reported since the proxy statement. Filing ↗
39Section 02, Charles Carter 2026-03-27Form 42026-03-310001193125-26-133646Insider equity transaction reported since the proxy statement. Filing ↗
40Section 02, Donald Shirley 2026-03-27Form 42026-03-310001193125-26-133735Insider equity transaction reported since the proxy statement. Filing ↗
41Section 02, Thomas Hassfurther 2026-03-27Form 42026-03-310001193125-26-134309Insider equity transaction reported since the proxy statement. Filing ↗
42Section 02, Kent Pflederer 2026-03-27Form 42026-03-310001193125-26-133589Insider equity transaction reported since the proxy statement. Filing ↗
43Section 02, Kent Pflederer 2026-03-27Form 42026-03-310001193125-26-133589Insider equity transaction reported since the proxy statement. Filing ↗
44Section 02, Charles Carter 2026-03-27Form 42026-03-310001193125-26-133646Insider equity transaction reported since the proxy statement. Filing ↗
45Section 02, Mark W. Kowlzan 2026-03-27Form 42026-03-310001193125-26-134013Insider equity transaction reported since the proxy statement. Filing ↗
46Section 02, Mark W. Kowlzan 2026-03-27Form 42026-03-310001193125-26-134013Insider equity transaction reported since the proxy statement. Filing ↗
47Section 02, Thomas Hassfurther 2026-03-27Form 42026-03-310001193125-26-134309Insider equity transaction reported since the proxy statement. Filing ↗
48Section 02, Darla J. Olivier 2026-03-27Form 42026-03-310001193125-26-134532Insider equity transaction reported since the proxy statement. Filing ↗
49Section 02, Darla J. Olivier 2026-03-27Form 42026-03-310001193125-26-134532Insider equity transaction reported since the proxy statement. Filing ↗
50Section 02, Mark W. Kowlzan 2026-03-27Form 42026-03-310001193125-26-134013Insider equity transaction reported since the proxy statement. Filing ↗
51Section 02, Karen E. Gowland 2026-05-12Form 42026-05-120001193125-26-220020Insider equity transaction reported since the proxy statement. Filing ↗
52Section 02, Robert C. Lyons 2026-05-12Form 42026-05-120001193125-26-220079Insider equity transaction reported since the proxy statement. Filing ↗
53Section 02, Cheryl K. Beebe 2026-05-12Form 42026-05-120001193125-26-219977Insider equity transaction reported since the proxy statement. Filing ↗
54Section 02, Samuel M. Mencoff 2026-05-12Form 42026-05-130001193125-26-221422Insider equity transaction reported since the proxy statement. Filing ↗
55Section 02, Roger B. Porter 2026-05-12Form 42026-05-120001193125-26-219960Insider equity transaction reported since the proxy statement. Filing ↗
56Section 02, Duane C. Farrington 2026-05-12Form 42026-05-120001193125-26-220008Insider equity transaction reported since the proxy statement. Filing ↗
57Section 02, Donna A. Harman 2026-05-12Form 42026-05-120001193125-26-220052Insider equity transaction reported since the proxy statement. Filing ↗
58Section 02, Thomas S. Souleles 2026-05-12Form 42026-05-120001193125-26-220093Insider equity transaction reported since the proxy statement. Filing ↗
59Section 02, Mark W. Kowlzan 2026-05-27Form 42026-05-280001193125-26-245605Insider equity transaction reported since the proxy statement. Filing ↗
60Section 02, Thomas Hassfurther 2026-08-03Form 42026-08-050001193125-26-334657Insider equity transaction reported since the proxy statement. Filing ↗
61Section 02, Thomas Hassfurther 2026-08-05Form 42026-08-050001193125-26-334657Insider equity transaction reported since the proxy statement. Filing ↗
62Section 02, Thomas Hassfurther 2026-08-07Form 42026-08-110001193125-26-343705Insider equity transaction reported since the proxy statement. Filing ↗
63Section 02, Donald Shirley 2026-08-20Form 42026-08-240001193125-26-363053Insider equity transaction reported since the proxy statement. Filing ↗
64Section 06, 2026 voteForm 8-K2026-05-130001193125-26-221672Item 5.07 · say-on-pay result. As reported: 97.07% (votes for as printed: 76,265,206). Filing ↗
65Section 06, 2025 voteForm 8-K2025-05-120001193125-25-117763Item 5.07 · say-on-pay result. As reported: 94.33% (votes for as printed: 69,405,053). Filing ↗
66Section 06, 2024 voteForm 8-K2024-05-090001193125-24-134991Item 5.07 · say-on-pay result. As reported: 93.57% (votes for as printed: 71,793,232). Filing ↗
67Section 01 trend, Δ column (computed)Computed——Δ = current-FY total − prior-FY total per named officer.machine: formula: Δ = FY(n) − FY(n−1)
68Section 03b vehicle mix (computed)Computed——RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).machine: formula: sums + PSU ratio
69Section 09b board cost (computed)Computed——Cash 1,595,000 + equity 989,820 + all other 0 = 2,584,820, summed across the director compensation table rows.machine: formula: Σ = 2,584,820
70Eastman Chemical Co, Section 10b CEO totalDEF 14A2026-03-240000915389-26-000074CEO total compensation as printed in Eastman Chemical Co's own proxy. As printed: 19,498,966. Filing ↗machine: r2 · c27 · span 1263333–1263343
71Crown Holdings Inc, Section 10b CEO totalDEF 14A2026-03-230002039852-26-000055CEO total compensation as printed in Crown Holdings Inc's own proxy. As printed: 17,501,363. Filing ↗
72Packaging Corp of America (subject), Section 10b CEO totalDEF 14A2026-03-270001193125-26-127602CEO total compensation as printed in Packaging Corp of America's own proxy. As printed: 16,992,255. Filing ↗
73Smurfit WestRock Plc, Section 10b CEO totalDEF 14A2026-03-110001104659-26-026094CEO total compensation as printed in Smurfit WestRock Plc's own proxy. As printed: 16,429,689. Filing ↗machine: t228 · r5 · c14 · span 1570711–1570721
74The Sherwin Williams Corporation, Section 10b CEO totalDEF 14A2026-03-110000089800-26-000025CEO total compensation as printed in The Sherwin Williams Corporation's own proxy. As printed: 14,914,317. Filing ↗machine: r2 · c8 · span 1976552–1976562
75PPG Industries Inc., Section 10b CEO totalDEF 14A2026-03-050000079879-26-000088CEO total compensation as printed in PPG Industries Inc.'s own proxy. As printed: 14,885,022. Filing ↗machine: span 1300546–1300556
76International Paper Company, Section 10b CEO totalDEF 14A2026-03-270001628280-26-021729CEO total compensation as printed in International Paper Company's own proxy. As printed: 14,838,324. Filing ↗machine: r2 · c9 · span 2931849–2931859
77Weyerhaeuser Company, Section 10b CEO totalDEF 14A2026-04-010001140361-26-012453CEO total compensation as printed in Weyerhaeuser Company's own proxy. As printed: 13,983,685. Filing ↗
78Ingredion Incorporated, Section 10b CEO totalDEF 14A2026-04-080001046257-26-000151CEO total compensation as printed in Ingredion Incorporated's own proxy. As printed: 12,932,234. Filing ↗machine: r2 · c17 · span 1721497–1721507
79Sealed Air Corporation, Section 10b CEO totalDEF 14A2025-04-170001140361-25-014374CEO total compensation as printed in Sealed Air Corporation's own proxy. As printed: 12,820,613. Filing ↗machine: t225 · r2 · c22 · span 800254–800264
80Silgan Holdings Inc., Section 10b CEO totalDEF 14A2026-04-160001193125-26-158049CEO total compensation as printed in Silgan Holdings Inc.'s own proxy. As printed: 12,229,234. Filing ↗machine: t67 · r4 · c26 · span 307628–307638
81OI Glass, Inc, Section 10b CEO totalDEF 14A2026-03-310001104659-26-037803CEO total compensation as printed in OI Glass, Inc's own proxy. As printed: 11,462,530. Filing ↗
82AptarGroup, Inc, Section 10b CEO totalDEF 14A2026-03-270001104659-26-035722CEO total compensation as printed in AptarGroup, Inc's own proxy. As printed: 10,226,911. Filing ↗machine: t187 · r9 · c18 · span 1230224–1230234
83Sonoco Products Company, Section 10b CEO totalDEF 14A2026-03-130001104659-26-027659CEO total compensation as printed in Sonoco Products Company's own proxy. As printed: 10,142,078. Filing ↗machine: t76 · r2 · c48 · span 1281982–1281992
84Celanese Corporation, Section 10b CEO totalDEF 14A2026-03-040001306830-26-000052CEO total compensation as printed in Celanese Corporation's own proxy. As printed: 10,137,072. Filing ↗
85Magnera Corporation, Section 10b CEO totalDEF 14A2026-01-140001140361-26-001150CEO total compensation as printed in Magnera Corporation's own proxy. As printed: 9,792,264. Filing ↗
86Avery Dennison Corporation, Section 10b CEO totalDEF 14A2026-03-120001193125-26-102965CEO total compensation as printed in Avery Dennison Corporation's own proxy. As printed: 9,538,375. Filing ↗machine: span 1488950–1488959
87Greif, Inc., Section 10b CEO totalDEF 14A2026-01-090001628280-26-001556CEO total compensation as printed in Greif, Inc.'s own proxy. As printed: 9,439,962. Filing ↗machine: r2 · c27 · span 635921–635930
88Graphic Packaging Holding Company, Section 10b CEO totalDEF 14A2026-04-280001193125-26-186948CEO total compensation as printed in Graphic Packaging Holding Company's own proxy. As printed: 9,104,747. Filing ↗machine: r3 · c38 · span 704335–704344
89Ashland Global Holdings, Section 10b CEO totalDEF 14A2025-12-090001193125-25-312753CEO total compensation as printed in Ashland Global Holdings's own proxy. As printed: 7,907,423. Filing ↗machine: t125 · r3 · c21 · span 2021429–2021438
90Clearwater Paper Corporation, Section 10b CEO totalDEF 14A2026-03-270001441236-26-000018CEO total compensation as printed in Clearwater Paper Corporation's own proxy. As printed: 5,201,341. Filing ↗
91Ball Corporation, Section 10b CEO totalDEF 14A2026-03-170001104659-26-029499CEO total compensation as printed in Ball Corporation's own proxy. As printed: 4,218,225. Filing ↗machine: r1 · c54 · span 1303105–1303114
92Section 10a, Ingredion Incorporated reciprocityDEF 14A—0001046257-26-000151Ingredion Incorporated's most recent proxy was read; its disclosed peer group does not include Packaging Corp of America. Filing ↗
93Section 10a, Ashland Global Holdings reciprocityDEF 14A—0000950170-24-134511Ashland Global Holdings's most recent proxy was read; its disclosed peer group does not include Packaging Corp of America. Filing ↗
94Section 10a, Avery Dennison Corporation reciprocityDEF 14A—0001193125-26-102965Avery Dennison Corporation names Packaging Corp of America in its own disclosed peer group (read from its most recent proxy). Filing ↗
95Section 10a, AptarGroup, Inc reciprocityDEF 14A—0001104659-26-035722AptarGroup, Inc's most recent proxy was read; its disclosed peer group does not include Packaging Corp of America. Filing ↗
96Section 10a, Smurfit WestRock Plc reciprocityDEF 14A—0001104659-26-026094Smurfit WestRock Plc names Packaging Corp of America in its own disclosed peer group (read from its most recent proxy). Filing ↗
97Section 10a, Greif, Inc. reciprocityDEF 14A—0001628280-26-001556Greif, Inc. names Packaging Corp of America in its own disclosed peer group (read from its most recent proxy). Filing ↗
98Section 10a, Sonoco Products Company reciprocityDEF 14A—0001104659-26-027659Sonoco Products Company names Packaging Corp of America in its own disclosed peer group (read from its most recent proxy). Filing ↗
99Section 10a, Silgan Holdings Inc. reciprocityDEF 14A—0001193125-26-158049Silgan Holdings Inc. names Packaging Corp of America in its own disclosed peer group (read from its most recent proxy). Filing ↗
100Section 10a, The Sherwin Williams Corporation reciprocityDEF 14A—0000089800-26-000025The Sherwin Williams Corporation's most recent proxy was read; its disclosed peer group does not include Packaging Corp of America. Filing ↗
101Section 10a, Celanese Corporation reciprocityDEF 14A—0001306830-26-000052Celanese Corporation's most recent proxy was read; its disclosed peer group does not include Packaging Corp of America. Filing ↗
102Section 10a, Sealed Air Corporation reciprocityDEF 14A—0001140361-25-014374Sealed Air Corporation names Packaging Corp of America in its own disclosed peer group (read from its most recent proxy). Filing ↗
103Section 10a, Weyerhaeuser Company reciprocityDEF 14A—0001140361-26-012453Weyerhaeuser Company names Packaging Corp of America in its own disclosed peer group (read from its most recent proxy). Filing ↗
104Section 10a, Ball Corporation reciprocityDEF 14A—0001104659-26-029499Ball Corporation names Packaging Corp of America in its own disclosed peer group (read from its most recent proxy). Filing ↗
105Section 10a, Crown Holdings Inc reciprocityDEF 14A—0002039852-25-000064Crown Holdings Inc names Packaging Corp of America in its own disclosed peer group (read from its most recent proxy). Filing ↗
106Section 10a, Eastman Chemical Co reciprocityDEF 14A—0000915389-26-000074Eastman Chemical Co's most recent proxy was read; its disclosed peer group does not include Packaging Corp of America. Filing ↗
107Section 10a, Graphic Packaging Holding Company reciprocityDEF 14A—0001193125-26-186948Graphic Packaging Holding Company names Packaging Corp of America in its own disclosed peer group (read from its most recent proxy). Filing ↗
108Section 10a, International Paper Company reciprocityDEF 14A—0001628280-26-021729International Paper Company names Packaging Corp of America in its own disclosed peer group (read from its most recent proxy). Filing ↗
109Section 10a, PPG Industries Inc. reciprocityDEF 14A—0000079879-26-000088PPG Industries Inc.'s most recent proxy was read; its disclosed peer group does not include Packaging Corp of America. Filing ↗
110Section 10a, OI Glass, Inc reciprocityDEF 14A—0001104659-26-037803OI Glass, Inc names Packaging Corp of America in its own disclosed peer group (read from its most recent proxy). Filing ↗
111Section 10a, Clearwater Paper Corporation reciprocityDEF 14A—0001441236-26-000018Clearwater Paper Corporation's most recent proxy was read; its disclosed peer group does not include Packaging Corp of America. Filing ↗
112Section 10a, Magnera Corporation reciprocityDEF 14A—0001140361-26-001150Magnera Corporation's most recent proxy was read; its disclosed peer group does not include Packaging Corp of America. Filing ↗

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