PKG insider ownership: who sold, why, and what they still hold

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Donald Shirley Exec. VP	12,000	$250.71	32%	25K	Aug 20, 2026	Aug 24, 2026

What stands out

Donald Shirley sold 40% of vested holdings: 12K shares for $3.0M, none under a disclosed plan.Largest sale, Aug 20, 2026

Two officers sold $12.0M with no disclosed plan: Thomas Hassfurther ($10.0M, 13% of holdings) and Mark Kowlzan ($2.0M, 2.0%). The filings don't state a reason.Thomas Hassfurther: largest such sale, Aug 3, 2026 · Mark Kowlzan: largest such sale, May 27, 2026

Selling picked up in the last 90 days: officers and directors sold 40K shares, against an average of 7K per 90 days earlier in the period. Most of it was Thomas Hassfurther (28K shares in the last 90 days, 9.2% of holdings) and Donald Shirley (12K shares in the last 90 days, 40% of holdings); 0% of these sales were under disclosed plans.Thomas Hassfurther: largest recent sale, Aug 3, 2026 · Donald Shirley: largest recent sale, Aug 20, 2026

Percentages cover 16 of 19 officers and directors. Left out: Samuel Mencoff (most holdings were last confirmed in 2007); Darla Olivier (holdings couldn't be fully reconciled); Paul Stecko (most holdings were last confirmed in 2015). Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period

Thomas Hassfurther

President

13% · $10.0MNo plan disclosed

Donald Shirley

Exec. VP

40% · $3.0MNo plan disclosed

Mark Kowlzan

Chairman & CEO, Director

2.0% · $2.0MNo plan disclosed

Amounts, filings and trading plans for each seller

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed

Outside holders, reported separately

Samuel Mencoff reported no open-market sales in the past 12 months. Large shareholders and the funds or companies that board members represent are not part of management, so they are left out of the figures above.

Details

Common questions

Is the Packaging Corporation of America CEO selling stock?

Yes. Mark Kowlzan sold 9.3K shares ($2.0M, 2.0% of starting holdings) in the past 12 months, none of it under a trading plan disclosed in the filings.

Why are Packaging Corporation of America insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 0% of sales by value ran under 10b5-1 trading plans disclosed in the filings and 100% had no disclosed plan. A trading plan schedules sales in advance.

Are any Packaging Corporation of America insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did Packaging Corporation of America insiders sell?

About 5.9% overall. As a group they ended with more shares than they started with. The biggest individual seller, Thomas Hassfurther, gave up 13% of starting holdings. These figures leave out Samuel Mencoff, the largest holder (most holdings were last confirmed in 2007). That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold3 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Thomas Hassfurther President	$10.0M 41K shares	13%	No plan disclosed
Donald Shirley Exec. VP	$3.0M 12K shares	40%	No plan disclosed
Mark Kowlzan Chairman & CEO, Director	$2.0M 9.3K shares	2.0%	No plan disclosed

Board members representing outside shareholders, reported separately: Samuel Mencoff. Details

The full ownership picture18 of 19 insiders fully reconciled · 19 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 8, 2025

Sold

Held Oct 8, 2026

Still held

Mark Kowlzan

Minor difference of 935 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Chairman & CEO, Director

460K

−9.3K

497K

+8.1%

Vesting, gifts, unvested awards and holding lines for Mark Kowlzan

0shares vested or exercised

0gifted (net of own trusts)

−36Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock	437,378	473,610
401k plan	Common Stock	19,568	20,503
Spouse	Common Stock	2,565	2,565

Additional holdings last reported Feb 27, 2019, not confirmed since: 15,416 shares. Not included in any total or percentage on this page.

401(k) plan, Common Stock: 14,645 shares, last reported Feb 27, 2019
Through 401(k) plan, Common Stock: 771 shares, last reported Oct 22, 2007

Reconciliation: minor difference of 935 shares. Difference is under 0.5% of holdings.

Samuel Mencoff

Most of this insider's holdings were last confirmed in 2007. Confirmed in the last three years: 345,720 shares. Not confirmed since: 24,080,539 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.

Director

337K

346K

see note

Vesting, gifts, unvested awards and holding lines for Samuel Mencoff

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Exempt acquisition noted in a footnote; amount derived from the balance change.
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.
Held through Through PCA Holdings LLC F2; the director disclaims ownership beyond their own interest.
Shares held through Madison Dearborn Partners, LLC, Through Madison Dearborn Partners III, L.P, Through Madison Dearborn Partners, LLC and others belong to an outside shareholder this director represents; they are listed under "Board members representing outside shareholders", not here.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	262,875	270,194
Through family limited partnership	Common Stock	73,739	75,526

Additional holdings last reported Oct 22, 2007, not confirmed since: 24,080,539 shares. Not included in any total or percentage on this page.

Through PCA Holdings LLC F2, Common Stock: 21,773,010 shares, last reported Dec 21, 2005
Direct, Common Stock, $.01 par value: 226,006 shares, last reported Oct 22, 2007
Through Emily Case Mencoff Dynasty Trust, Common Stock, $.01 par value: 20,446 shares, last reported Oct 22, 2007
Through Samuel Keefer Mencoff Dynasty Trust, Common Stock, $.01 par value: 20,446 shares, last reported Oct 22, 2007
Through George Grove Mencoff Dynasty Trust, Common Stock, $.01 par value: 20,446 shares, last reported Oct 22, 2007
Through Emily Case Mencoff Dynasty Trust F2, Common Stock, $.01 par value: 17,930 shares, last reported Jul 23, 2007
Through Samuel Keefer Mencoff Dynasty Trust F2, Common Stock, $.01 par value: 17,930 shares, last reported Jul 23, 2007
Through George Grove Mencoff Dynasty Trust F2, Common Stock, $.01 par value: 17,930 shares, last reported Jul 23, 2007
Direct, Common Stock, $0.01 par value: 152,159 shares, last reported Apr 20, 2007
Through PCA Holdings LLC F2, Common Stock, $0.01 par value: 1,773,010 shares, last reported Jul 23, 2007
Through Emily Case Mencoff - Dynasty Trust, Common Stock, $0.01 par value: 13,742 shares, last reported Apr 20, 2007
Through Samuel Keefer Mencoff - Dynasty Trust, Common Stock, $0.01 par value: 13,742 shares, last reported Apr 20, 2007
Through George Grove Mencoff - Dynasty Trust, Common Stock, $0.01 par value: 13,742 shares, last reported Apr 20, 2007

Reconciliation: minor difference of 8,515 shares. Footnote reports an exempt acquisition without its size; amount derived from the balance change.

Thomas Hassfurther

Minor difference of 396 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

President

309K

−41K

303K

98%

Vesting, gifts, unvested awards and holding lines for Thomas Hassfurther

0shares vested or exercised

0gifted (net of own trusts)

−22Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock	209,191	202,891
Spouse	Common Stock	53,862	53,862
Through investment entity	Common Stock	34,293	34,293
401(k) plan	Common Stock	11,780	12,176

Additional holdings last reported Jul 24, 2007, not confirmed since: 3,688 shares. Not included in any total or percentage on this page.

Held through 401(k) plan, Common Stock: 3,688 shares, last reported Jul 24, 2007

Reconciliation: minor difference of 396 shares. Difference is under 0.5% of holdings.

Kent Pflederer

Minor difference of 126 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed. Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

EVP & CFO

71K

77K

no sales

Vesting, gifts, unvested awards and holding lines for Kent Pflederer

0shares vested or exercised

0gifted (net of own trusts)

−5.4Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock	66,457	73,061
through 401(k) plan	Common Stock	4,116	4,242

Additional holdings last reported Dec 18, 2017, not confirmed since: 3,341 shares. Not included in any total or percentage on this page.

Through 401k plan, Common Stock: 3,341 shares, last reported Dec 18, 2017

Reconciliation: minor difference of 126 shares. Difference is under 0.5% of holdings.

Darla Olivier

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -33,403 shares on Feb 25, 2026 (Direct). See the filing Sales and other transactions for Darla Olivier are complete.

SVP

n/a

Vesting, gifts, unvested awards and holding lines for Darla Olivier

0shares vested or exercised

0gifted (net of own trusts)

−2.1Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Holdings couldn't be fully reconciled. Balance changed without a matching transaction, and the footnote does not state the amount: -33,403 shares on Feb 25, 2026 (Direct). The balances below are as reported, not verified totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock	58,051	27,397

Charles Carter

Minor difference of 410 shares. Small increase from a 401(k) plan. Includes unvested RSUs, amount not disclosed. Small increase from a 401(k) plan.

EVP-Mill Ops.

46K

57K

no sales

Vesting, gifts, unvested awards and holding lines for Charles Carter

0shares vested or exercised

0gifted (net of own trusts)

−7.1Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Small increase from a 401(k) plan. Filing 1 Filing 2

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock	39,848	50,621
Through 401(k) plan	Common Stock	6,140	6,550

Reconciliation: minor difference of 410 shares. Small increase from a 401(k) plan.

Robert Mundy

EVP & CFO

44K

no sales

Vesting, gifts, unvested awards and holding lines for Robert Mundy

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	44,408	44,408

Donald Shirley

Minor difference of 212 shares. Small increase from a 401(k) plan. Includes unvested RSUs, amount not disclosed. Small increase from a 401(k) plan.

Exec. VP

30K

−12K

26K

86%

Vesting, gifts, unvested awards and holding lines for Donald Shirley

0shares vested or exercised

0gifted (net of own trusts)

−5.3Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Small increase from a 401(k) plan. Filing 1 Filing 2 Filing 3

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock	23,383	19,110
401(k) plan	Common Stock	6,289	6,501

Reconciliation: minor difference of 212 shares. Small increase from a 401(k) plan.

Roger Porter

Director

22K

23K

no sales

Vesting, gifts, unvested awards and holding lines for Roger Porter

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	22,013	22,604

Cheryl Beebe

Director

15K

no sales

Vesting, gifts, unvested awards and holding lines for Cheryl Beebe

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	14,513	15,104

Robert Lyons

Director

13K

no sales

Vesting, gifts, unvested awards and holding lines for Robert Lyons

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	12,838	13,429

Joseph Vaughn

Minor difference of 18 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed.

SVP

11K

12K

no sales

Vesting, gifts, unvested awards and holding lines for Joseph Vaughn

0shares vested or exercised

0gifted (net of own trusts)

−531withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock	10,218	11,167
Through 401k plan	Common Stock	436	436
401(k) plan	Common Stock	433	451

Reconciliation: minor difference of 18 shares. Difference is under 0.5% of holdings.

Thomas Souleles

New Form 3 filed 2010-09-08; earlier filings set aside.

Director

11K

no sales

Vesting, gifts, unvested awards and holding lines for Thomas Souleles

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

New Form 3 filed 2010-09-08; earlier filings set aside.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	10,611	11,202

Paul Stecko

Most of this insider's holdings were last confirmed in 2015. Confirmed in the last three years: 9,492 shares. Not confirmed since: 276,705 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part.

Director

9.5K

see note

Vesting, gifts, unvested awards and holding lines for Paul Stecko

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	9,492	9,492

Additional holdings last reported Jul 28, 2015, not confirmed since: 276,705 shares. Not included in any total or percentage on this page.

Unresolved (see footnote), Common Stock: 180,000 shares, last reported Jul 28, 2004
Paul T. Stecko Dynastic Trust, Common Stock: 60,000 shares, last reported Jul 27, 2009
Grantor Retained Annuity Trust, Common Stock: 20,279 shares, last reported Jul 28, 2015
through 401(k) plan, Common Stock: 8,456 shares, last reported Feb 18, 2014
401(k) plan, Common Stock: 7,970 shares, last reported Oct 22, 2012

Heidi Patton

Minor difference of 73 shares. Small increase from a 401(k) plan. Includes unvested RSUs, amount not disclosed. Small increase from a 401(k) plan.

SVP

7.7K

7.9K

no sales

Vesting, gifts, unvested awards and holding lines for Heidi Patton

0shares vested or exercised

0gifted (net of own trusts)

−681withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Small increase from a 401(k) plan. Filing

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Common Stock	6,346	6,479
401k Plan	Common Stock	1,321	1,394

Reconciliation: minor difference of 73 shares. Small increase from a 401(k) plan.

Duane Farrington

Director

6.7K

7.2K

no sales

Vesting, gifts, unvested awards and holding lines for Duane Farrington

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	6,652	7,243

Donna Harman

Director

4.6K

5.2K

no sales

Vesting, gifts, unvested awards and holding lines for Donna Harman

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	4,588	5,179

Fabian Strauss

Unvested RSUs stated in footnotes are excluded from owned shares. Started reporting during the period; starting holdings are from the Form 3.

SVP Finance

3.6K

no sales

Vesting, gifts, unvested awards and holding lines for Fabian Strauss

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Unvested RSUs stated in footnotes are excluded from owned shares.
Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	3,594	3,594

Karen Gowland

Director

1.5K

2.1K

no sales

Vesting, gifts, unvested awards and holding lines for Karen Gowland

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Common Stock	1,527	2,118

18 of 19 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (10 exactly, 8 with a minor or footnoted difference). For 1 we show sales but not holdings; the ! icon on that row explains why. Percentages cover 16 of 19 officers and directors. Left out: Samuel Mencoff (most holdings were last confirmed in 2007); Darla Olivier (holdings couldn't be fully reconciled); Paul Stecko (most holdings were last confirmed in 2015). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$15.0M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $15.0M across 61,786 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

No plan disclosed · $15.0M

Sales with no 10b5-1 plan and no tax reference in the filing. $10.0M of it is Thomas Hassfurther. No plan disclosed is a statement about the filing, not about why the sale happened. Largest such sale: Thomas Hassfurther, Aug 3, 2026

Taxes

79,085 shares ($17.2M) were withheld by the company for taxes, which isn't a market sale.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Thomas Hassfurther President	41K	$10.0M	0%	67%	Feb 5, 2026 to Aug 7, 2026
Donald Shirley Exec. VP	12K	$3.0M	0%	20%	Aug 20, 2026 to Aug 20, 2026
Mark Kowlzan Chairman & CEO, Director	9.3K	$2.0M	0%	13%	May 27, 2026 to May 27, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$0	$0	$0	$0
Dec 2025	$0	$0	$0	$0
Jan 2026	$0	$0	$0	$0
Feb 2026	$2.8M	$0	$0	$2.8M
Mar 2026	$0	$0	$0	$0
Apr 2026	$0	$0	$0	$0
May 2026	$2.0M	$0	$0	$2.0M
Jun 2026	$0	$0	$0	$0
Jul 2026	$0	$0	$0	$0
Aug 2026	$10.2M	$0	$0	$10.2M
Sep 2026	$0	$0	$0	$0
Oct 2026	$0	$0	$0	$0

Board members representing outside shareholders (1)Listed and sourced; not part of the management totals or the answer line

Directors whose reported holdings sit mostly in an investment fund or a corporate shareholder they represent, not in their own name, with beneficial ownership disclaimed except for their own financial interest. Listed and sourced here; not part of the management totals or the answer line. Shares a fund hands to its own investors are distributions, not sales.

Board member	Held Oct 8, 2025	Sold	Held Oct 8, 2026	Still held
Samuel Mencoff ! Most of this insider's holdings were last confirmed in 2011. Confirmed in the last three years: 0 shares. Not confirmed since: 1,543,900 shares, left out of this row. "Still held" is not shown because it would cover only the smaller, confirmed part. Director	0	0	0	see note
Vesting, gifts, unvested awards and holding lines for Samuel Mencoff 0shares vested or exercised 0gifted (net of own trusts) none reportedunvested awards, start → end Additional holdings last reported more than 3 years ago are shown separately and excluded from totals. Additional holdings last reported May 10, 2011, not confirmed since: 1,543,900 shares. Not included in any total or percentage on this page. Madison Dearborn Partners, LLC, Common Stock: 7,249 shares, last reported May 10, 2011 Through Madison Dearborn Partners, III, L.P, Common Stock, $.01 par value: 571,894 shares, last reported Dec 7, 2006 Through Madison Dearborn Partners, LLC, Common Stock, $.01 par value: 7,249 shares, last reported Oct 22, 2007 Through Madison Dearborn Partners III, L.P, Common Stock, $0.01 par value: 942,434 shares, last reported Sep 6, 2006 Through Madison Dearborn Partners, LLC, Common Stock, $0.01 par value: 15,074 shares, last reported Apr 20, 2007

Is this normal? Selling year by year5 earlier years to compare with

In line with the past 5 years. 3 insiders sold; the average is 6 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 8, 2026 Latest 12 months	62K	3	$15.0M
Oct 8, 2025 1 year earlier	145K	6	$34.2M
Oct 8, 2024 2 years earlier	116K	7	$21.1M
Oct 9, 2023 3 years earlier	60K	5	$9.0M
Oct 9, 2022 4 years earlier	25K	3	$3.9M
Oct 9, 2021 5 years earlier	88K	7	$11.9M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertainty1 insider whose holdings couldn't be fully reconciled

Darla Olivier: holdings couldn't be fully reconciled (difference of -33,403 shares). Balance changed without a matching transaction, and the footnote does not state the amount: -33,403 shares on Feb 25, 2026 (Direct). Filing, Feb 25, 2026

Footnote: "Represents restricted stock units ("RSUs") issued to the reporting person. Each RSU represents a contingent right to receive one share of the registrant's common stock. | Due to an administrative error, the total number of shares beneficially owned by the reporting person was incorrectly reported as 55,627 shares on the Form 4 filed on February 25, 2025. The correct total should have been 22,217 shares. The total shares beneficially owned as reported on this form reflects a correction of that error."

Mark Kowlzan: minor difference of 935 shares. Difference is under 0.5% of holdings.

Samuel Mencoff: minor difference of 8,515 shares. Footnote reports an exempt acquisition without its size; amount derived from the balance change.

Thomas Hassfurther: minor difference of 396 shares. Difference is under 0.5% of holdings.

Kent Pflederer: minor difference of 126 shares. Difference is under 0.5% of holdings.

Charles Carter: minor difference of 410 shares. Small increase from a 401(k) plan.

Donald Shirley: minor difference of 212 shares. Small increase from a 401(k) plan.

Joseph Vaughn: minor difference of 18 shares. Difference is under 0.5% of holdings.

Heidi Patton: minor difference of 73 shares. Small increase from a 401(k) plan.

Inferred rename: "Through trust" is treated as the same holder as "Paul T. Stecko Dynastic Trust", because the old name was never reported again and the new one opened with the same balance (60,000 shares). Old name, new name

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology856 filings from SEC EDGAR, and how we read them

All 856 Forms 3, 4 and 5 filed for Packaging Corporation of America (SEC CIK 75677) from Jul 25, 2003 to Aug 24, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (16)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Thomas Maurer	May 10, 2024	8,764 shares, last reported balance as of May 8, 2024
Pamela Barnes	Mar 27, 2024	44,501 shares, last reported balance as of Mar 25, 2024
Bruce Ridley	Mar 27, 2024	16,623 shares, last reported balance as of Mar 25, 2024
Robert Schneider	Mar 27, 2024	26,381 shares, last reported balance as of Mar 25, 2024
Jeffrey Kaser	Mar 27, 2024	17,398 shares, last reported balance as of Mar 25, 2024
Thomas Walton	Jul 22, 2021	37,997 shares, last reported balance as of Jul 20, 2021
James Woodrum	May 5, 2021	12,615 shares, last reported balance as of May 4, 2021
Hasan Jameel	May 8, 2019	9,339 shares, last reported balance as of May 7, 2019
Richard West	Jul 27, 2015	120,626 shares, last reported balance as of Jul 23, 2015
Judith Lassa	Jun 25, 2014	4,916 shares, last reported balance as of Jun 23, 2014
Stephen Calhoun	Dec 13, 2012	81,178 shares, last reported balance as of Dec 12, 2012
Henry Frigon	Jun 6, 2011	1,000 shares, last reported balance as of Feb 20, 2008
William Sweeney	Jul 28, 2009	125,384 shares, last reported balance as of Jul 24, 2009
Louis Holland	Apr 28, 2008	13,000 shares, last reported balance as of Apr 24, 2008
Rayford Williamson	Feb 21, 2008	9,500 shares, last reported balance as of Feb 20, 2008
MADISON DEARBORN PARTNERS LLC	Jul 23, 2007	102,714,666 shares, last reported balance as of Jul 23, 2007

Packaging Corporation of America insiders sold $15.0M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Outside holders, reported separately

Common questions

Is the Packaging Corporation of America CEO selling stock?

Why are Packaging Corporation of America insiders selling?

Are any Packaging Corporation of America insiders buying?

How much of their stake did Packaging Corporation of America insiders sell?

The evidence

No plan disclosed · $15.0M

Taxes

Sales by month