[Form 4] Smurfit Westrock plc Insider Trading Activity

Rhea-AI Filing Summary

Insider transaction by Smurfit Westrock plc (SW): The company's Chief Accounting Officer, Irene Page, acquired 30 ordinary shares and 292 restricted stock units (RSUs) on 09/18/2025 at no cost, arising from dividend-equivalent accruals tied to existing awards. After the transactions, Ms. Page beneficially owned 49,397 ordinary shares in total and held 30,354 RSUs that vest and settle into ordinary shares: 16,623 RSUs in February 2026 and 13,731 RSUs in February 2027. The filing was signed by an attorney-in-fact on behalf of the reporting person.

Positive

• Dividend-equivalent accruals were credited to RSUs, aligning executive compensation with shareholder distributions
• Clear vesting schedule disclosed: 16,623 RSUs vest in February 2026 and 13,731 RSUs vest in February 2027, providing transparency on future potential dilution and insider holdings
• Reporting compliance demonstrated by Form 4 filing and inclusion of Exhibit 24.1 Power of Attorney

Negative

• None.

Insights

Securities Analyst

TL;DR: Routine dividend-equivalent accruals increased an officer's share and RSU holdings; transaction appears non-material to valuation.

The Form 4 documents non-cash acquisitions by the Chief Accounting Officer resulting from dividend equivalents credited to outstanding restricted stock unit awards and scheduled vesting of existing RSUs. The 30 ordinary shares and 292 RSUs were recorded at $0 consistent with grant/dividend-credit mechanics rather than open-market purchases. Aggregate beneficial ownership totals (49,397 shares and 30,354 RSUs) reflect ongoing compensation settlement schedules with near-term vesting of a material portion in February 2026. For investors, this is a governance and compensation disclosure rather than an operational or financial performance signal.

Corporate Governance Expert

TL;DR: Disclosure shows standard executive compensation mechanics; timing and vesting schedule are clearly reported.

The filing transparently reports the mechanics of dividend-equivalent accruals and the vesting timetable for RSUs, which is important for assessing potential insider-aligned incentives and dilution timing. The attorney-in-fact signature is noted, and exhibits include a power of attorney. There are no indications of unusual trading, option exercises, or departures from standard award terms in this filing.

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^*

Page Irene

(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)

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

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		30	A	$0(1)	49,397(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
Restricted Stock Units (PSP)	(1)	09/18/2025		A		292		(3)	(3)	Ordinary Shares	292	$0	30,354	D

Explanation of Responses:

1. In accordance with the terms of outstanding restricted stock unit awards, 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 same terms and conditions as the underlying award. Each restricted stock unit represents the right to receive one ordinary share.

2. Includes 3,160 restricted stock units which are scheduled to vest in three equal annual installments beginning on March 11, 2026, the first anniversary of the grant date.

3. The 30,354 restricted stock units vest and are settled as follows:(i) 16,623 restricted stock units in February 2026, (ii) and 13,731 restricted stock units in February 2027.

Remarks:

Exhibit 24.1 Power of Attorney

	/s/ Ciara O'Riordan, attorney-in-fact for Irene Page	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 Smurfit Westrock (SW) Chief Accounting Officer report on Form 4?

Irene Page reported acquiring 30 ordinary shares and 292 RSUs on 09/18/2025, credited as dividend equivalents to existing awards.

How many shares and RSUs does the reporting person beneficially own after the transaction?

49,397 ordinary shares beneficially owned and 30,354 RSUs beneficially owned following the reported transactions.

When do the reported RSUs vest and settle into ordinary shares?

16,623 RSUs vest in February 2026 and 13,731 RSUs vest in February 2027; 3,160 RSUs are scheduled to vest in three equal installments beginning March 11, 2026.

Were the reported acquisitions purchased on market?

No; the ordinary shares and RSUs were recorded at $0, indicating they were credited as dividend equivalents under outstanding awards, not purchased in the open market.

Who signed the Form 4 filing?

Ciara O'Riordan, attorney-in-fact, signed the Form 4 on behalf of Irene Page on 09/22/2025.