[Form 4] Smurfit Westrock plc Insider Trading Activity

Rhea-AI Filing Summary

Smurfit Westrock plc (SW) – Form 4 insider filing

The company’s Chief Accounting Officer, Irene Page, reported routine share accruals related to quarterly dividend equivalents on 18 June 2025.

• Ordinary shares: 31 new shares were credited at a price of $0, lifting her direct share ownership to 49,367 shares.
• Restricted Stock Units (RSUs): 301 additional performance‐share RSUs were accrued, bringing her total unvested RSU balance to 30,062 units.
• The RSUs vest in two tranches: 16,463 units in Feb-2026 and 13,599 units in Feb-2027. An additional 3,130 time-based RSUs included in the ownership figure are scheduled to vest in equal thirds starting 11 Mar 2026.
• All new units were recorded at $0 cost because they represent dividend equivalents under the existing award terms; no open-market purchase or sale occurred.

There were no derivative exercises, sales, or cash purchases. The filing therefore reflects standard compensation mechanics rather than a discretionary investment decision. Given the de-minimis number of ordinary shares relative to the company’s total outstanding shares, the transaction is not expected to have a material market impact, but it modestly increases management’s equity alignment.

Insights

Securities Analyst

TL;DR: Routine dividend-equivalent credits; immaterial to valuation, mildly positive for alignment.

The Form 4 shows Irene Page receiving 31 ordinary shares and 301 RSUs at no cost under existing compensation plans. Her stake now totals 49,367 shares plus 30,062 RSUs, still well below 1 % of shares outstanding. Because the credits stem from the company’s $0.4308 quarterly dividend, no signal about insider sentiment can be inferred. From a capital-markets perspective, the issuance is non-dilutive given its negligible size, yet it incrementally aligns management with shareholders through additional equity exposure. I view the disclosure as neutral to slightly positive, with no earnings or cash-flow implications.

Corporate Governance Expert

TL;DR: Standard Section 16 compliance; reflects healthy disclosure, neutral impact.

The filing demonstrates timely Section 16 reporting and transparent breakdown of dividend-equivalent RSUs, supporting governance best practices. Vesting schedules extend to 2027, reinforcing long-term incentive alignment. There are no red flags—no 10b5-1 usage, no sales, and no accelerated vesting. Because the awards were automatic and immaterial, the event neither strengthens nor weakens governance posture in a material way. Overall governance impact: neutral.

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)
06/18/2025

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	06/18/2025		A		31	A	$0(1)	49,367(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)	06/18/2025		A		301		(3)	(3)	Ordinary Shares	301	$0	30,062	D

Explanation of Responses:

1. In accordance with the terms of the applicable outstanding restricted stock unit award, 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 3,130 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 30,062 restricted stock units vest and are settled as follows:(i) 16,463 restricted stock units in February 2026, (ii) and 13,599 restricted stock units in February 2027.

	/s/ Ciara O'Riordan, attorney-in-fact for Irene Page	06/23/2025
	** 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

How many Smurfit Westrock (SW) ordinary shares did Irene Page acquire?

31 ordinary shares were credited as dividend equivalents on 18 June 2025.

What is Irene Page’s total shareholding in SW after the transaction?

She now directly owns 49,367 ordinary shares, plus 30,062 unvested RSUs.

Were any shares purchased on the open market?

No. All shares and RSUs were granted at $0 cost as dividend equivalents.

When will the newly reported RSUs vest?

They vest in two tranches: 16,463 units in Feb-2026 and 13,599 units in Feb-2027.

Does this Form 4 signal insider buying or selling sentiment?

Not necessarily; the credits are automatic compensation accruals, so they are considered neutral events.