[Form 4] Smurfit Westrock plc Insider Trading Activity

Rhea-AI Filing Summary

Lourdes Melgar, a director of Smurfit Westrock plc (SW), was granted 41 restricted stock units (RSUs) on 09/18/2025 as dividend equivalents tied to the issuer's quarterly dividend of $0.4308 per ordinary share. Each RSU represents the right to receive one ordinary share and the awarded RSUs are subject to the same terms as the underlying awards. Following the transaction, Melgar beneficially owns 6,131 ordinary shares, which includes 4,323 RSUs that will vest on the earlier of May 2, 2026 or the date of the next annual meeting of Smurfit Westrock plc stockholders.

Positive

• 41 restricted stock units were accrued to Lourdes Melgar as dividend equivalents on 09/18/2025
• The filing confirms each RSU represents one ordinary share
• Total beneficial ownership reported at 6,131 ordinary shares
• Document discloses that 4,323 RSUs will vest on the earlier of May 2, 2026 or the date of the next annual meeting

Negative

• None.

Insights

Corporate Governance Expert

TL;DR: Director received 41 RSUs as dividend equivalents; total beneficial ownership is 6,131 shares including 4,323 time-vesting RSUs.

The Form 4 discloses a non-cash accrual of 41 restricted stock units to Lourdes Melgar on 09/18/2025, recorded as dividend equivalents following a $0.4308 quarterly dividend. The filing shows these RSUs carry the same terms as the underlying awards and that 4,323 RSUs remain subject to vesting tied to the earlier of May 2, 2026 or the next annual meeting. This is a routine equity comp/dividend-equivalent adjustment for an insider and provides transparency on current beneficial ownership.

Securities Analyst

TL;DR: Small award of 41 RSUs recorded at $0, increasing disclosed ownership to 6,131 shares; 4,323 RSUs are outstanding and time‑vesting.

The transaction is coded as acquisition (A) with a reported price of $0, consistent with dividend-equivalent RSU accruals rather than a market purchase. The disclosure clarifies that each RSU equals one ordinary share and identifies the vesting schedule for a substantial portion of the position (4,323 RSUs). This filing is informational and does not indicate a market transaction.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

Melgar Lourdes

(Last) (First) (Middle)

BEECH HILL, CLONSKEAGH

(Street)

DUBLIN 4 L2 D04 N2R2

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Smurfit Westrock plc [ SW ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
09/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Ordinary Shares	09/18/2025		A		41	A	$0(1)	6,131(2)	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

1. In accordance with the terms of outstanding restricted stock units, additional restricted stock units accrued as dividend equivalents in connection with the Issuer's payment of a quarterly dividend of $0.4308 per ordinary share. Such additional restricted stock units are subject to the same terms and conditions as the underlying award. Each restricted stock unit represents the right to receive one ordinary share.

2. Includes 4,323 restricted stock units which will vest on the earlier of (i) May 2, 2026, or (ii) the date of the next annual meeting of Smurfit Westrock plc's stockholders.

Remarks:

Exhibit 24.1 Power of Attorney

	/s/ Ciara O'Riordan, attorney-in-fact for Lourdes Melgar	09/22/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What did Lourdes Melgar report on the Form 4 for Smurfit Westrock (SW)?

The Form 4 reports that on 09/18/2025 Lourdes Melgar was credited with 41 restricted stock units as dividend equivalents; total beneficial ownership is 6,131 ordinary shares.

Why were 41 restricted stock units granted to the reporting person?

The 41 RSUs were accrued as dividend equivalents in connection with the issuer's quarterly dividend of $0.4308 per ordinary share.

How many of the reported RSUs are subject to vesting and when do they vest?

The filing states that 4,323 restricted stock units will vest on the earlier of May 2, 2026 or the date of the next annual meeting of stockholders.

What price was reported for the RSU transaction on the Form 4?

The transaction is reported with a price of $0, consistent with accrual of dividend-equivalent RSUs rather than a purchase.

Who signed the Form 4 filing for Lourdes Melgar?

The Form 4 is signed by Ciara O'Riordan, attorney-in-fact for Lourdes Melgar on 09/22/2025.