# EDGAR Filing Document

**Accession Number:** 0000091767
**File Stem:** 0000091767-26-000008
**Filing Date:** 2026-2
**Character Count:** 896996
**Document Hash:** 7a1570416518fb7bb3c3a2120767adf3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000091767-26-000008.hdr.sgml**: 20260226

**ACCESSION NUMBER**: 0000091767-26-000008

**CONFORMED SUBMISSION TYPE**: 10-K

**PUBLIC DOCUMENT COUNT**: 149

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260226

**DATE AS OF CHANGE**: 20260226

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SONOCO PRODUCTS CO
- **CENTRAL INDEX KEY:** 0000091767
- **STANDARD INDUSTRIAL CLASSIFICATION:** PAPERBOARD CONTAINERS & BOXES [2650]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 570248420
- **STATE OF INCORPORATION:** SC
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-11261
- **FILM NUMBER:** 26682107

**BUSINESS ADDRESS:**
- **STREET 1:** ONE NORTH SECOND ST
- **STREET 2:** P O BOX 160
- **CITY:** HARTSVILLE
- **STATE:** SC
- **ZIP:** 29551-0160
- **BUSINESS PHONE:** 8433837000

**MAIL ADDRESS:**
- **STREET 1:** ONE N. SECOND STREET
- **CITY:** HARTSVILLE
- **STATE:** SC
- **ZIP:** 29550

?xml version='1.0' encoding='ASCII'? son-20251231

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-K

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the Fiscal Year Ended December 31, 2025

or

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> to <u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u>

Commission File Number: 001-11261

SONOCO PRODUCTS COMPANY

(Exact name of registrant as specified in its charter)

---

| | |
|:---|:---|
| South Carolina (State or other jurisdiction of incorporation or organization) | 57-0248420 (I.R.S. Employer Identification No.) |
| 1 N. Second St. Hartsville, South Carolina (Address of principal executive offices) | 29550 (Zip Code) |

---

Telephone: (843) 383-7000

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

<u>Title of each class</u> <u>Trading Symbol(s)</u> <u>Name of each exchange on which registered</u> <br> No par value common stock SON New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act:&nbsp;&nbsp;&nbsp;&nbsp;None

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15 (d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit such files).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☒&nbsp;&nbsp;&nbsp;&nbsp;No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C.7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).&nbsp;&nbsp;&nbsp;&nbsp;☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).&nbsp;&nbsp;&nbsp;&nbsp;Yes ☐&nbsp;&nbsp;&nbsp;&nbsp;No ☒

The aggregate market value of voting common stock held by nonaffiliates of the registrant (based on the New York Stock Exchange closing price) on June 29, 2025, which was the last business day of the registrant's most recently completed second fiscal quarter, was $4,289,986,457.

As of February 13, 2026, there were 98,644,015 shares of no par value common stock outstanding.

**DOCUMENTS INCORPORATED BY REFERENCE**

Portions of the Proxy Statement for the annual meeting of shareholders to be held on April 15, 2026, which statement shall be filed with the Securities and Exchange Commission within 120 days after the end of the fiscal year to which this Report relates, are incorporated by reference in Part III.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**TABLE OF CONTENTS**

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| | | |
|:---|:---|:---|
|  |  | *Page* |
| Part I | | |
| Item 1. | <u>[Business](#i3b93a460eb5e43e886ce80dda90a77cc_16)</u>. | <u>[4](#i3b93a460eb5e43e886ce80dda90a77cc_16)</u> |
| Item 1A. | <u>[Risk Factors](#i3b93a460eb5e43e886ce80dda90a77cc_28)</u>. | <u>[9](#i3b93a460eb5e43e886ce80dda90a77cc_28)</u> |
| Item 1B. | <u>[Unresolved Staff Comments](#i3b93a460eb5e43e886ce80dda90a77cc_31)</u>. | <u>[22](#i3b93a460eb5e43e886ce80dda90a77cc_31)</u> |
| Item 1C. | <u>[Cybersecurity](#i3b93a460eb5e43e886ce80dda90a77cc_34)</u>. | <u>[22](#i3b93a460eb5e43e886ce80dda90a77cc_34)</u> |
| Item 2. | <u>[Properties](#i3b93a460eb5e43e886ce80dda90a77cc_37)</u>. | <u>[23](#i3b93a460eb5e43e886ce80dda90a77cc_37)</u> |
| Item 3. | <u>[Legal Proceedings](#i3b93a460eb5e43e886ce80dda90a77cc_40)</u>. | <u>[23](#i3b93a460eb5e43e886ce80dda90a77cc_40)</u> |
| Item 4. | <u>[Mine Safety Disclosures](#i3b93a460eb5e43e886ce80dda90a77cc_43)</u>. | <u>[23](#i3b93a460eb5e43e886ce80dda90a77cc_43)</u> |
| Part II | | |
| Item 5. | <u>[Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](#i3b93a460eb5e43e886ce80dda90a77cc_49)</u>. | <u>[24](#i3b93a460eb5e43e886ce80dda90a77cc_49)</u> |
| Item 6. | <u>[\[Reserved\]](#i3b93a460eb5e43e886ce80dda90a77cc_52)</u> | <u>[25](#i3b93a460eb5e43e886ce80dda90a77cc_52)</u> |
| Item 7. | <u>[Management's Discussion and Analysis of Financial Condition and Results of Operations](#i3b93a460eb5e43e886ce80dda90a77cc_58)</u>. | <u>[25](#i3b93a460eb5e43e886ce80dda90a77cc_58)</u> |
| Item 7A. | <u>[Quantitative and Qualitative Disclosures About Market Risk](#i3b93a460eb5e43e886ce80dda90a77cc_154)</u>. | <u>[44](#i3b93a460eb5e43e886ce80dda90a77cc_154)</u> |
| Item 8. | <u>[Financial Statements and Supplementary Data](#i3b93a460eb5e43e886ce80dda90a77cc_157)</u>. | <u>[44](#i3b93a460eb5e43e886ce80dda90a77cc_157)</u> |
| Item 9. | <u>[Changes in and Disagreements With Accountants on Accounting and Financial Disclosure](#i3b93a460eb5e43e886ce80dda90a77cc_259)</u>. | <u>[45](#i3b93a460eb5e43e886ce80dda90a77cc_259)</u> |
| Item 9A. | <u>[Controls and Procedures](#i3b93a460eb5e43e886ce80dda90a77cc_262)</u>. | <u>[45](#i3b93a460eb5e43e886ce80dda90a77cc_262)</u> |
| Item 9B. | <u>[Other Information](#i3b93a460eb5e43e886ce80dda90a77cc_265)</u>. | <u>[45](#i3b93a460eb5e43e886ce80dda90a77cc_265)</u> |
| Item 9C. | <u>[Disclosure Regarding Foreign Jurisdictions that Prevent Inspections](#i3b93a460eb5e43e886ce80dda90a77cc_268)</u>. | <u>[45](#i3b93a460eb5e43e886ce80dda90a77cc_265)</u> |
| Part III | | |
| Item 10. | <u>[Directors, Executive Officers and Corporate Governance](#i3b93a460eb5e43e886ce80dda90a77cc_274)</u>. | <u>[46](#i3b93a460eb5e43e886ce80dda90a77cc_274)</u> |
| Item 11. | <u>[Executive Compensation](#i3b93a460eb5e43e886ce80dda90a77cc_277)</u>. | <u>[46](#i3b93a460eb5e43e886ce80dda90a77cc_277)</u> |
| Item 12. | <u>[Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](#i3b93a460eb5e43e886ce80dda90a77cc_280)</u>. | <u>[46](#i3b93a460eb5e43e886ce80dda90a77cc_280)</u> |
| Item 13. | <u>[Certain Relationships and Related Transactions, and Director Independence](#i3b93a460eb5e43e886ce80dda90a77cc_283)</u>. | <u>[47](#i3b93a460eb5e43e886ce80dda90a77cc_283)</u> |
| Item 14. | <u>[Principal Accountant Fees and Services](#i3b93a460eb5e43e886ce80dda90a77cc_286)</u>. | <u>[47](#i3b93a460eb5e43e886ce80dda90a77cc_286)</u> |
| Part IV | | |
| Item 15. | <u>[Exhibits and Financial Statement Schedules](#i3b93a460eb5e43e886ce80dda90a77cc_292)</u>. | <u>[47](#i3b93a460eb5e43e886ce80dda90a77cc_292)</u> |
| Item 16. | <u>[Form 10-K Summary](#i3b93a460eb5e43e886ce80dda90a77cc_295)</u>. | <u>[47](#i3b93a460eb5e43e886ce80dda90a77cc_295)</u> |

---

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SONOCO PRODUCTS COMPANY

Forward-Looking Statements

Statements included in this Annual Report on Form 10-K that are not historical in nature, including estimates, projections, statements relating to our business plans, objectives and expected operating results, and the assumptions upon which those statements are based, are intended to be, and are hereby identified as, "forward-looking statements" for purposes of the safe harbor provided by Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). In addition, Sonoco Products Company (the "Company" or "Sonoco") and its representatives may from time to time make other oral or written statements that are also "forward-looking statements." Words such as "aim," "achieve," "anticipate," "assume," "believe," "can," "commit," "consider," "continue," "could," "develop," "estimate," "expect," "focus," "forecast," "foresee," "future," "goal," "guidance," "intend," "is designed to," "likely," "maintain," "may," "might," "objective," "ongoing," "opportunity," "outlook," "persist," "plan," "position," "possible," "potential," "predict," "project," "remain," "seek," "should," "strategy," "target," "will," "would," or the negative thereof, and similar expressions identify forward-looking statements. Forward-looking statements in this Annual Report on Form 10-K include, but are not limited to, statements regarding:

• supply chain disruptions and availability and supply of raw materials and energy, and offsetting high raw material and energy costs;

• the effects of economic downturns, changing tariffs or trade policy, inflation, volatility and other macroeconomic factors on the Company and its industry, including the Company's ability to manage such matters and their effects on consumers and customers;

• the resiliency of the Company's operating model;

• consumer and customer actions in connection with political, social, and economic instability, war and other geopolitical tensions;

• the Company's ability to improve productivity, reduce its cost structure and the effects thereof;

• the Company's integration of Titan Holdings I B.V. ("Eviosys") and the Company's ability to realize the anticipated benefits of the acquisition, including with respect to market leadership, strategic alignment, customer relationships, sustainability, innovation and cost synergies;

• effects and timing of, and anticipated costs, synergies and gains resulting from any other contemplated, pending and completed acquisitions;

• effects and timing of, and anticipated gains and costs, of the Company's restructuring and portfolio simplification activities, including with respect to streamlining of the Company's organizational structure and any contemplated, pending and completed divestitures, including the Company's sale of its Thermoformed and Flexibles Packaging business and its global Trident business (collectively, "TFP") and its ThermoSafe business ("ThermoSafe");

• adequacy and anticipated amounts and uses of cash flows;

• capital allocation, including expected amounts of capital spending;

• the Company's capital structure, including the incurrence of debt and the repayment of debt;

• the Company's ability to adhere to restrictive covenants in its debt agreements;

• financial and business strategies and the results expected of them;

• producing improvements in earnings;

• profitable sales growth and rates of growth;

• market opportunities and anticipated growth thereof;

• the Company's human capital management strategy;

• expected impact and costs of resolution of legal proceedings;

• extent and adequacy of provisions for, environmental liabilities and the cost of compliance with environmental laws and regulations;

• the Company's ability to achieve its sustainability goals;

• adequacy of income tax provisions, realization of deferred tax assets, outcomes of uncertain tax issues and tax rates;

• goodwill impairment charges and fair values of reporting units;

• future asset impairment charges and fair values of assets;

• anticipated contributions to pension and postretirement benefit plans, fair values of plan assets, long-term rates of return on plan assets, and projected benefit obligations ("PBO") and payments;

• expected impact of implementation of new accounting pronouncements;

• creation of near-term and long-term value and returns for shareholders, including through the continued payment of dividends; and

• planned stock repurchases.

Such forward-looking statements are based on current expectations, estimates and projections about our industry, management's beliefs and certain assumptions made by management. Such information includes, without limitation, discussions as to guidance and other estimates, perceived opportunities, expectations, beliefs, plans, strategies, goals and objectives concerning our future financial and operating performance. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, actual results may differ materially from those expressed or forecasted in such forward-looking statements. Such risks, uncertainties and assumptions include, without limitation:

• ability to manage the mix of business and execute on the Company's portfolio simplification strategy, including with respect to divestitures, such as the divestitures of TFP and ThermoSafe;

• ability to identify suitable acquisitions at the levels needed to meet growth targets;

• ability to satisfy closing conditions and close acquisitions, and to finance such acquisitions on acceptable terms;

• ability to successfully integrate newly acquired businesses, including Eviosys, into the Company's operations, retain key employees, maintain relationships with customers and other third parties, and realize expected cost savings, synergies and other anticipated benefits relating thereto within the expected time period, or at all;

• availability, transportation and pricing of raw materials, energy and transportation, including the impact of changes in tariffs or sanctions and escalating trade wars, and the impact of war, general regional instability and other geopolitical tensions (such as the ongoing conflict between Russia and Ukraine as well as the economic sanctions related thereto, and uncertainty in the Middle East, the potential escalation of tensions between China and Taiwan, and the potential impact of recent events in Venezuela on Latin America), and the Company's ability to continue to pass raw material, energy and transportation price increases and surcharges through to customers or otherwise manage these commodity pricing risks;

• costs of labor and employment, including the cost of employee and retiree medical, health, and life insurance benefits and the impact of any work stoppages due to labor disputes;

• success of new product development, introduction and sales, including successful timing of new product or product innovation introductions and success of implementation of new manufacturing technologies, installation of manufacturing equipment, the startup of new facilities and lines, and integration of artificial intelligence ("AI") to drive productivity and efficiency;

• consumer demand for products and changing consumer preferences, including changes related to inflation, tariffs, and other macroeconomic factors, and changes in consumer attitudes toward plastic packaging;

• ability to be the low-cost global leader in customer-preferred packaging solutions within targeted segments;

2 FORM 10-K SONOCO 2025 ANNUAL REPORT

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• competitive pressures, including new product development, and technological market leadership, reputation for quality, industry overcapacity, customer and supplier consolidation, and changes in competitors' pricing for products;

• financial conditions of customers and suppliers;

• ability to maintain or increase productivity levels, contain or reduce costs, and maintain positive price/cost relationships;

• ability to negotiate or retain contracts with customers, including in segments with concentration of sales volume;

• inventory management strategies of customers;

• collection of receivables from customers;

• ability to maintain or improve margins and leverage cash flows and financial position;

• ability to attract and retain talented and qualified employees, managers, and executives;

• ability to profitably maintain and grow existing domestic and international business and market share;

• availability of credit to us, our customers and suppliers in needed amounts and on reasonable terms;

• effects of our indebtedness on our cash flow and business activities;

• fluctuations in interest rates and our borrowing costs;

• fluctuations in obligations and earnings of pension and postretirement benefit plans, including the timing of funding plan obligations, and the accuracy of assumptions of underlying projections of benefit plan obligations and payments, valuation of plan assets, and projections of long-term rates of return;

• foreign currency exchange rate fluctuations, interest rate and commodity price risk and the effectiveness of related hedges;

• resolution of income tax contingencies;

• changes in U.S. and foreign tariffs, tax rates, tax laws, regulations, judicial decisions and interpretations thereof, including income, sales and use, property, value added, employment, and other taxes;

• accuracy in valuation of deferred tax assets;

• the adoption of new, or changes in, accounting standards or interpretations;

• accuracy of assumptions underlying projections related to goodwill impairment testing, and accuracy of management's assessment of goodwill impairment;

• accuracy of assumptions underlying fair value measurements, accuracy of management's assessments of fair value and fluctuations in fair value;

• ability to maintain effective disclosure controls and internal controls, including with regard to financial reporting, to prevent or detect errors or acts of fraud;

• liability for and costs of resolution of litigation, regulatory actions, or other legal proceedings;

• liability for and anticipated costs of environmental remediation actions;

• effects of environmental laws and regulations, including with respect to climate change and emissions reporting;

• operational disruptions at our major facilities;

• failure or disruptions in our information technology ("IT") systems;

• loss of consumer or investor confidence, including as a result of public concerns about products packaged in our containers, or chemicals or substances used in raw materials or in the manufacturing process;

• ability to protect our intellectual property rights;

• changing climate and greenhouse gas effects;

• ability to meet environmental, sustainability and other similar goals;

• actions of domestic or foreign government agencies, the impact of new and evolving laws, regulations, rules and standards affecting the Company, including laws and regulations relating to packaging for food products and foods packaged therein, and increased costs of compliance;

• international, national, and local economic and market conditions and levels of unemployment;

• economic disruptions resulting from changing tariff policies and trade wars, the overall uncertainty surrounding international trade relations, war and other geopolitical tensions (such as the ongoing military conflict between Russia and Ukraine and uncertainty in the Middle East, the potential escalation of tensions between China and Taiwan, and the potential impact of recent events in Venezuela on Latin America), public health events, terrorist activities, and natural disasters, and our ability to successfully mitigate any negative impacts of such disruptions; and

• inflation and the activities and operations in highly inflationary economies.

More information about the risks, uncertainties, and assumptions that may cause actual results to differ materially from those expressed or forecasted in forward-looking statements is provided in this Annual Report on Form 10-K under Item 1A - "Risk Factors" and throughout other sections of this report and in other reports filed with the Securities and Exchange Commission ("SEC"). In light of these various risks, uncertainties, and assumptions, the forward-looking events discussed in this Annual Report on Form 10-K might not occur.

The Company undertakes no obligation to publicly update or revise forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by law. You are, however, advised to review any further disclosures we make on related subjects, and about new or additional risks, uncertainties and assumptions, in our future filings with the SEC on Forms 10-K, 10-Q, and 8-K.

References to our website address

References to our website address and domain names throughout this Annual Report on Form 10-K are for informational purposes only, or to fulfill specific disclosure requirements of the SEC's rules or the New York Stock Exchange Listing Standards. These references are not intended to, and do not, incorporate the contents of our websites by reference into this Annual Report on Form 10-K.

3 FORM 10-K SONOCO 2025 ANNUAL REPORT

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PART I

Item 1. Business.

(a) General Development of Business –

Sonoco Products Company ("Sonoco," "the Company," "we," "us," or "our") is a South Carolina corporation founded in Hartsville, South Carolina, in 1899 as the Southern Novelty Company with the guiding principle that People Build Businesses by doing the right things. At its beginnings in 1899, a team of 12 people worked from a rented warehouse to produce the Company's first product, a cone-shaped paper yarn carrier used for winding and transporting yarn. Since most of the textile cones of that day were wooden, paper cones were a novelty. The Company soon became the leading producer of cones in the United States. The Southern Novelty Company continued to diversify its product line and add new operations around the country. In 1923, the Southern Novelty Company name was changed to Sonoco Products Company, or "Sonoco," using the first two letters from each word of its original name.

Sonoco is now a multi-billion dollar global designer, developer, and manufacturer of a variety of highly engineered and sustainable packaging serving multiple end markets. As of December 31, 2025, the Company had approximately 265 locations in 37 countries, serving some of the world's best-known brands around the globe. Sonoco is committed to creating sustainable products, services, and programs for the environment and our customers, employees, and communities that support our corporate purpose: *Better Packaging. Better Life*. Our goal is to bring more to packaging than just the package by offering integrated packaging solutions that help define brand personalities, create unique customer experiences, and enhance the quality of products. We seek to help our customers solve their packaging challenges by connecting insights to innovation and developing customized solutions that are tailored to the customers' goals and objectives.

On December 4, 2024, the Company completed the acquisition of Eviosys, Europe's leading food cans, ends and closures manufacturer, from KPS Capital Partners, LP ("KPS"), for an aggregate purchase price of approximately $3.8 billion. The transaction advanced Sonoco's portfolio transformation strategy to simplify and realign its portfolio. The transaction, the largest in the Company's history, expanded Sonoco's global leadership in metal food can and aerosol packaging and facilitates Sonoco's ability to partner with global customers and advance innovation and sustainability in metal packaging offerings. Eviosys operates under the Consumer Packaging segment as Sonoco Metal Packaging, Europe, Middle East, and Africa ("EMEA").

The Company's decision in December 2024 to sell TFP represented a major strategic shift in operations. Therefore, in accordance with applicable accounting guidance, the results of TFP are presented as discontinued operations in the Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for all periods presented in this Annual Report on Form 10-K and the assets and liabilities of TFP are classified as assets and liabilities of discontinued operations in the Consolidated Balance Sheets. The Consolidated Statements of Comprehensive Income, Changes in Total Equity, and Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages and disclosures for all periods presented in this Annual Report on Form 10-K reflect only the continuing operations of Sonoco unless otherwise noted. On April 1, 2025, the Company completed the sale of TFP to TOPPAN Holdings Inc. ("Toppan") for approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments. See Notes 1 and 2 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K for additional information.

On November 3, 2025, the Company completed the sale of ThermoSafe, its temperature-assured packaging business and part of the All Other group of businesses, to Arsenal Capital Partners ("Arsenal"), a private equity firm, for net cash consideration of $656 million paid at closing on a cash-free and debt-free basis and subject to customary adjustments. The sale of ThermoSafe substantially concluded the Company's portfolio transformation goal of streamlining its operations from a large portfolio of diversified businesses into two core global business segments.

(c) Description of Business –

Segment Reporting

The Company currently reports its financial results in two reportable segments – Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as All Other. Further information about the Company's reportable segments is provided in Note 20 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.

Following the sale of ThermoSafe, the Company's industrial and specialty plastics business is the only remaining business in the All Other category. Effective January 1, 2026, this business will be reported within the Industrial Paper Packaging segment and the use of the All Other category will be discontinued.

Effective January 1, 2024, the Company began conducting its recycling operations, part of the Industrial Paper Packaging segment, as a procurement function. As a result, no recycling net sales were recorded and the margin from the Company's recycling operations reduced "Cost of sales" in the Company's Consolidated Statements of Income for the years ended December 31, 2025 and 2024 as these activities are no longer a part of ongoing major operations.

**Consumer Packaging**

The Consumer Packaging segment accounted for approximately 65%, 48%, and 45% of the Company's consolidated net sales in the years ended December 31, 2025, 2024, and 2023, respectively. The operations in this segment consisted of approximately 102 plants throughout the world as of December 31, 2025. Products within the Consumer Packaging segment consist of rigid packaging (paper, metal, and plastic), primarily serving the consumer staples market focused on food, beverage, household, personal, and pharmaceutical products.

Our rigid paper containers are manufactured from 100% recycled paperboard provided primarily from Sonoco global paper operations. These paper products are primarily used in the food and beverage markets including snacks, baked goods, powdered drinks, and confectionary goods. With the acquisitions of Eviosys in December 2024 and Metal Packaging in January 2022, we expanded our manufacturing capability in steel and aluminum metal fabrication beyond our existing metal ends and closures products to include metal food and household packaging products for vegetables, tomatoes, fruit, spray cleaners, paint, and other products.

In 2025, metal cans and rigid paper containers were the Company's largest revenue-producing groups of products and services representing approximately 45% and 20%, respectively, of the Company's consolidated net sales. In 2024 and 2023, rigid paper containers were the Company's largest revenue-producing group of products and services, representing 27% and 28%, respectively, of consolidated net sales.

4 FORM 10-K SONOCO 2025 ANNUAL REPORT

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The Company is consolidating its global metal packaging and rigid paper containers businesses under one structure based on two geographies - Consumer Packaging, EMEA and Asia-Pacific ("APAC") and Consumer Packaging, Americas. The Company believes the new geographically integrated structure creates a simpler and more efficient operating model that will lead to further innovation, collaboration and growth opportunities.

**Industrial Paper Packaging**

The Industrial Paper Packaging segment accounted for approximately 30%, 44%, and 44% of the Company's consolidated net sales in the years ended December 31, 2025, 2024, and 2023, respectively. This segment served its markets through approximately 158 plants on five continents as of December 31, 2025. Sonoco's paper operations provide the primary raw material for the Company's fiber-based packaging. Sonoco uses approximately 56% of the paper it manufactures, and the remainder is sold to third parties. This vertical integration strategy was supported by 19 paper mills with 25 paper machines throughout the world as of December 31, 2025. The Company also operates 16 recycling facilities in the United States capable of recycling old corrugated containers, paper, plastics, metals, and other recyclable materials that can be processed back through the Sonoco manufacturing ecosystem. In 2025, Sonoco had the capacity to manufacture approximately 1.8 million tons of recycled paperboard per year. Products within the Industrial Paper Packaging segment consist primarily of goods produced from recycled fiber including paperboard tubes, cores, cones and cans; partitions; paper-based protective materials; and uncoated recycled paperboard for high-end applications such as folding cartons, can board, and laminated structures.

Products across this segment support multiple end markets in consumer staples (food and beverage, food distribution, household and personal products), consumer discretionary (home building, appliances, apparel, and home furnishings), and industrials (construction and building products, and industrial distribution), as well as various other end markets.

In 2025, Sonoco's tubes and cores products were the Company's third largest revenue-producing group of products, representing approximately 16% of the Company's consolidated net sales in the year ended December 31, 2025. This group comprised 23% of consolidated net sales in both 2024 and 2023.

**All Other**

The businesses grouped as All Other accounted for approximately 5%, 8%, and 11% of the Company's consolidated net sales in the years ended December 31, 2025, 2024 and 2023, respectively. The declining percentages reflect the divestitures of the Protective Solutions business ("Protexic"), a business that provided foam components and integrated material solutions for various industrial end markets, on April 1, 2024, and ThermoSafe, the Company's temperature-assured packaging business, on November 3, 2025.

As of December 31, 2025, the operations in All Other consisted of approximately 5 plants in the Company's industrial and specialty plastics business. As noted above, effective January 1, 2026, this business will be reported within the Industrial Paper Packaging segment and the use of All Other will be discontinued.

Other Aspects of the Company's Business

**Product Distribution** – Each of the Company's operating units has its own sales staff and maintains direct sales relationships with its customers. Some of the units have service staff at the manufacturing facility that interact directly with customers. The Industrial Paper Packaging segment and certain operations within the Consumer Packaging segment have customer service centers located in Hartsville, South Carolina, which are the main contact points between their North American business units and their customers. Divisional sales personnel also provide sales management, marketing, and product development assistance as needed. Typically, product distribution is directly from the manufacturing plant to the customer, but in some cases, product is warehoused in a mutually advantageous location to be shipped to the customer as needed.

**Raw Materials** – The principal raw materials used by the Company are recovered paper, paperboard, steel, and aluminum. Raw materials are purchased from several outside sources. After a number of global supply chain challenges in the past several years, the Company considers the supply and availability of raw materials to be adequate to meet its needs.

**Seasonality** – Although demand for the Company's rigid paper containers and tube and cores products is not seasonal to any significant degree, the Company's Metal Packaging operations generally experience higher sales and operating profits during the second and third quarters of the year as demand for certain products increases during the peak of the food packaging season.

**Dependence on Customers** – On an aggregate basis during 2025, the five largest customers in the Consumer Packaging and Industrial Paper Packaging segments accounted for approximately 23% and 11%, respectively, of each segment's net sales. The five largest customers in the All Other group of businesses accounted for approximately 20% of the group's net sales.

None of the Company's customers represented 10% or more of consolidated revenues in 2025.

Additional information regarding Sonoco's customers is provided in Item 1A - Risk Factors under the caption "Risks Related to Competition, Customers and Suppliers."

**Backlog** – The Company provides a wide variety of products to multiple end markets and relies on its customers' forecasts to position raw materials for manufacturing within its facilities. The Company does not carry a significant backlog and, in general, aligns its customer deliveries on a built-to-order basis.

**Competition** – The Company sells its products in highly competitive markets, which include paper, packaging, textile, film, food, construction, and wire and cable. All of these markets are influenced by the overall rate of economic activity, and their behavior is principally driven by supply and demand. Because we operate in highly competitive markets, we regularly bid for new and continuing business. Losses or awards of business from our largest customers, customer changes to alternative forms of packaging, and the repricing of business can have a significant effect on

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our operating results. The Company manufactures and sells many of its products globally. The Company, having operated internationally since 1923, considers its ability to serve its customers worldwide in a timely and consistent manner a competitive advantage. The Company also believes that its technological leadership, reputation for quality, and vertical integration are competitive advantages. Expansion of the Company's product lines and global presence is driven by the rapidly changing needs of its major customers, who demand high-quality, state-of-the-art, environmentally compatible packaging, wherever they choose to do business. It is important to be a low-cost producer in order to compete effectively. The Company is focused on productivity improvements and other cost-reduction initiatives utilizing the latest in technology. Additional information regarding competition is provided in Item 1A - Risk Factors under the caption "Risks Related to Competition, Customers and Suppliers."

**Compliance with Government Regulations and Laws** – The Company must comply with extensive laws, rules, and regulations in the United States and in each of the countries where it conducts business with respect to a variety of matters. Information regarding compliance with government regulations, including environmental laws, is provided in Item 1A - Risk Factors, in Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations under the caption "Risk Management," and in Note 18 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.

**Culture** – At Sonoco, our purpose is ingrained in our culture. In fact, it drives our culture. It drives our product development. It drives how we work with our customers and each other. It drives what we do, and the decisions we make. Our purpose isn't just a collection of words; it represents the collective spirit of an organization focused on one thing: *Better Packaging. Better Life*.

**Sustainability** – Packaging plays a fundamental role in providing safe and hygienic delivery systems for food, medicines, and other essential products around the world. Since 2024, our VP-led Global Sustainability team, which leads the Company's global sustainability programs, has been part of our Legal & Compliance department, allowing us to continue our focus on global sustainability efforts to provide our customers with a wide selection of sustainable products and support related disclosure requirements.

In partnership with our employees, we are committed to promoting sustainable practices in our business. We emphasize a culture of accountability and strive to conduct our business in a manner that is fair, ethical, and responsible to earn the trust of our employees.

Our sustainability goals include reducing greenhouse gas emissions, energy and water usage, and using life cycle assessment to measure and reduce the environmental impact of our packaging products.

We are working to continue to ensure we can make relevant on-pack recyclability claims for our consumer-based product portfolio, while also ensuring we are closing the loop through continued use of post-consumer recycled content.

We also serve as a valued partner to our customers to reduce the environmental impact of their packaging. We continue to develop a range of products made from renewable materials and materials that can be recycled or composted at the end of their life.

We engage in activities and make investments that we believe will enable us to innovate our products and improve our operational infrastructure as well as drive end-of-life solutions for our products and develop partnerships with key stakeholders across our value chain to help deliver sustainable solutions.

**Human Capital Management** *-* Sonoco's core belief in "People and Packaging with a Purpose" underlies our efforts to attract, develop, integrate, and retain talented employees for our global businesses. We bring more to packaging than just the package.

We depend on our employees to achieve our mission of creating sustainable packaging solutions that help build our customers' brands, enhance the quality of their products, and improve the quality of life for people around the world. We work towards this goal by establishing a foundation for actions that support sustainability, health and safety, and talent development. Integrity is a hallmark of the Sonoco culture.

We seek to engage, develop, and reward our employees so they can successfully pursue our purpose of *Better Packaging. Better Life.* The Company believes that a strong focus on human capital through the talent we hire and retain, and the talent we gain and integrate through acquisitions, is critical to maintaining our competitiveness. This focus on human capital is reinforced by our global Policies on Business Conduct and through increasing employee awareness, education, communication, and training.

Following the divestitures of TFP and ThermoSafe in 2025, Sonoco had approximately 22,000 full-time equivalent employees as of December 31, 2025, of which approximately 35% are located in the United States, 42% in Europe, and 23% in other geographies. The majority of our employees were historically concentrated in the United States; however, with the divestitures of TFP and ThermoSafe in 2025 and the acquisition of Eviosys in December 2024, a significant portion of our employees are now also concentrated in Europe.

We have labor unions in all regions of our operations. In North America, approximately 16.5% of our employees were represented by unions as of December 31, 2025. In Europe, many of our employees were represented by unions, work councils or other labor organizations.

We rely on the specialized qualities and talents of our employees to help us meet our strategic priorities. We have focused on attracting qualified candidates, the professional development of our employees, our promotion and compensation structure, and employee retention efforts. We believe talent acquisition remained a strength for the organization in 2025 despite challenging labor market conditions globally.

**People Objectives** 

We rely on the personal relationships and service provided by employees to support our business. As such, we believe attracting, recruiting, developing, integrating and retaining talent is vital to our success. The Company is focused on supporting our employees, and we consider the management of our talent to be essential to the ongoing success of our business. Our Board of Directors (the "Board") and its Executive Compensation Committee and Employee & Public Responsibility Committee provide oversight of our human capital management strategy.

<u>Health and Safety</u>

We take the health and safety of our employees very seriously. Protecting the health and safety of our employees is a priority, and we are committed to providing a safe and healthy working environment for all our employees.

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We use global and local incident data, along with a strong set of leading indicators, to create program and safety improvement action plans to reduce exposures that lead to at-risk situations. Injury rates in 2025 were generally stable year over year with decreases observed in total injuries, high potential injuries and serious injuries compared to 2024. We continue to focus on preventing serious and disabling injuries across the organization and have demonstrated progress in reducing exposure to high-risk hazards within the manufacturing operations. Focused audit processes, detailed standards, executive leadership, and dedicated capital are focused on driving long-term exposure reductions, with a 97% completion rate on our annual safety improvement plans as of December 31, 2025. Our global Doing Safety Differently initiative focuses on further strengthening the culture around safety leadership and employee engagement. In addition, our Making Decisions Differently initiative, which we started in October 2023, aims to enhance employees' ability to make better safety decisions on the manufacturing floor. This initiative has been administered to manufacturing employees globally and continues to grow as a routine part of our daily operations to identify and communicate about workplace exposures. We believe that this initiative has positively impacted our safety, quality and productivity by increasing engagement using improved decision making techniques.

Other employee well-being resources include wellness courses and a variety of online training classes, as well as other programs to promote mental and physical health. We continue to utilize employee feedback and surveys to gather information to better serve our team members. Members of our human resources department annually review benefits to ensure we can support the well-being of our employees and their families.

<u>Talent Development</u>

Attracting, developing, integrating, and retaining talented employees is critical to our success and is an integral part of our human capital strategy. We have created a Global Talent Acquisition and Organizational Development team to provide a more holistic approach to managing the employee lifecycle through continuous training and comprehensive succession planning. Our focus continues to be on hiring, developing, integrating and promoting talent based on a set of core competencies that drives high performance. Our training and development efforts include SONOCO University, our internal learning platform that offers a wide array of in-person and online learning opportunities to build employee competencies. Our professional training staff curates and delivers foundational leadership training to our employees to focus on leadership development as a core competency. We also utilize external organizations and local universities to support our development needs. We have apprenticeship programs with local technical schools and high schools. Other key components of our talent management system include coaching and a formal mentorship program for emerging leaders and high-potential employees. In addition, we conduct regular talent succession assessments along with individual performance reviews for salaried employees in which managers provide regular feedback and coaching to assist with the development of our employees, including the use of individual development plans to assist with individual career development.

We offer competitive benefits packages that we believe reflect the needs of our workforce. In the United States, we provide medical, dental, and vision benefits, life and disability coverage, education reimbursement, and paid time off. We provide retirement benefits including a 401(k)-match program. Our executive compensation program is designed to align incentives with achievement of the Company's strategic plan and both short- and long-term operating objectives.

(e) Available Information –

The Company electronically files with the SEC its annual reports on Form 10-K, its quarterly reports on Form 10-Q, its periodic reports on Form 8-K, and amendments to those reports filed or furnished pursuant to Section 13(a) of the Exchange Act, and proxy materials pursuant to Section 14 of the Exchange Act. The SEC maintains a site on the Internet, *www.sec.gov*, that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. Sonoco also makes its filings available, free of charge, through its Investor Relations website, *www.investor.sonoco.com*, as soon as reasonably practical after the electronic filing of such material with the SEC. Sonoco uses its Investor Relations website as a means of disclosing material non-public information. Accordingly, investors should monitor Sonoco's Investor Relations website, in addition to following its press releases, SEC filings, and public conference calls and webcasts. The information posted on or accessible through Sonoco's website is not incorporated into this Annual Report on Form 10-K. All references to Sonoco's websites are intended to be inactive textual references only.

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Information About our Executive Officers –

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| | | |
|:---|:---|:---|
| *Name* | *Age* | *Position and Business Experience for the Past Five Years* |
| **Executive Officers** |  |  |
| R. Howard Coker | 63 | Director, President and Chief Executive Officer since 2020. Previously, Senior Vice President, Global Paper and Industrial Converted Products, 2019-2020; Senior Vice President, Rigid Paper Containers and Paper/Engineered Carriers International, 2017-2018; Group Vice President, Global Rigid Paper and Closures, and Paper and Industrial Converted Products, EMEA, Asia, Australia / New Zealand, 2015-2017. Joined Sonoco in 1985. Mr. Coker is the brother-in-law of John R. Haley, Chairman of Sonoco's Board of Directors. |
| Paul Joachimczyk | 53 | Chief Financial Officer since June 30, 2025. Previously, Senior Vice President, Chief Financial Officer and Corporate Secretary of American Woodmark Corporation, 2022-2025; Vice President, Chief Financial Officer and Corporate Secretary of American Woodmark Corporation, 2020-2022. Joined Sonoco in 2025. |
| Rodger D. Fuller | 64 | Chief Operating Officer since 2022. Retiring effective April 11, 2026. Previously, Executive Vice President, Global Industrial and Consumer, 2020-2022; Senior Vice President, Global Consumer Packaging, Display and Packaging and Protective Solutions, 2019-2020; Senior Vice President, Paper/Engineered Carriers U.S./Canada and Display and Packaging, 2017-2018. Joined Sonoco in 1985. |
| John M. Florence, Jr. | 47 | Vice President, General Counsel and Secretary since 2016. Additionally, General Counsel, Secretary, and Vice President and General Manager, Industrial Paper Packaging, North America 2025; General Counsel, Secretary, Vice President and General Manager, Converted Paper Products, North America, 2022-2025; Vice President, General Counsel, Human Resources and Secretary, 2019-2022. Corporate Vice President, General Counsel and Secretary, 2016-2019. Joined Sonoco in 2015. |
| Sean Cairns | 55 | President, Consumer Packaging, EMEA/APAC since November 2025. Previously, President, Global Rigid Paper Packaging, 2022-2025. Vice President and General Manager, Rigid Paper Products Europe, 2008-2022. Joined Sonoco in 2008. |
| James A. Harrell III | 64 | President, Global Industrial Paper Packaging Division since 2022. Previously, Vice President, Industrial Americas, Asia and Conitex, 2020-2022; Vice President Tubes & Cores, US and Canada, 2016-2020. Joined Sonoco in 1985. |
| Ernest D. Haynes III | 53 | President, Consumer Packaging, Americas since November 2025. Previously, President, Sonoco Metal Packaging Division, 2022-2025. Vice President, Rigid Paper Containers, North America, 2021-2022; Division Vice President and General Manager of Rigid Paper and Containers, North America, 2018-2021. Division Vice President and General Manager of Tubes and Cores, U.S. and Canada, 2015-2018. Joined Sonoco in 1997. |
| Jerry A. Cheatham | 63 | Vice President, Corporate FP&A since July 2025. Previously, Interim Chief Financial Officer, January 2025 - June 2025; Vice President, Global Finance, Industrial Paper Packaging 2022-2025; Staff Vice President of Finance, Industrial North America, 2019-2022; Director of Finance - Global Tubes and Cores, 2015-2022. Joined Sonoco in 1988. |
| Andrea B. White | 51 | Vice President, Global Human Resources since 2023. Previously, Vice President, Global Operational Excellence, and Interim Head of Global IT, 2022-2023; Vice President, Global Operational Excellence (Operations, Commercial, Automation & Maintenance), 2022; Vice President, Global Talent, Operational and Commercial Excellence – HR Chief of Staff, 2021; Senior Director, Global Organizational Development/Operational Excellence, 2020. Joined Sonoco in 2006. |
| Adam Wood | 57 | Vice President, Paper Products-Europe since 2022. Previously, Vice President, Paper and Industrial Converted Products, EMEA, Australia and New Zealand, 2015-2022. Joined Sonoco in 2003. |

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Item 1A. Risk Factors.

We are subject to risks and uncertainties that could adversely affect our business, reputation, consolidated financial condition, results of operations and cash flows, ability to pay dividends, and the trading price of our securities. These factors could also cause our actual results to materially differ from the results contemplated by forward-looking statements we make in this report, in our other filings with the SEC, and in our public announcements. You should consider the risk factors described below, as well as other factors described elsewhere in this report and in our other filings with the SEC, in evaluating us, our business, and any investment in our securities. Although these are the most significant risk factors of which we are currently aware, they are not the only risk factors to which we are subject. Additional risk factors not currently known to us, or that we currently deem immaterial, could also adversely affect our business operations and financial results.

**Risks Related to the Domestic and Global Economies and to Doing Business Globally**

Our international operations subject us to various risks that could adversely affect our business operations and financial results.

We have operations throughout North and South America, Europe, Australia and Asia, with approximately 265 owned and leased facilities in 37 countries as of December 31, 2025. In 2025, approximately 52% of consolidated sales came from operations outside of the United States, reflecting the significant expansion of our international operations with the December 2024 acquisition of Eviosys. Management of global operations is extremely complex, and operations in foreign countries are subject to local statutory and regulatory requirements, differing legal environments, and other additional risks that may not exist, or be as significant, in the United States. These additional risks, which can vary substantially by country and by region, can adversely affect our business operations and financial results, and include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;• foreign currency exchange rate fluctuations and foreign currency exchange controls;

&nbsp;&nbsp;&nbsp;&nbsp;• hyperinflation and currency devaluation;

&nbsp;&nbsp;&nbsp;&nbsp;• possible limitations on conversion of foreign currencies into dollars, or payment of dividends and other payments by non-U.S. subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;• tariffs, non-tariff barriers, duties, taxes, government royalties, including the imposition or increase of withholding and other taxes on remittances and other payments by non-U.S. subsidiaries, or other restrictions on foreign trade or changes in restrictions on trade between the United States and the countries where Sonoco's products are manufactured or sold;

&nbsp;&nbsp;&nbsp;&nbsp;• the risk that our interpretation of our rights and responsibilities under local statutory and regulatory rules for sales taxes, VAT and similar taxes, statutory accounting requirements, licenses and permits, etc. may prove to be incorrect or unsupportable, resulting in fines, penalties, or other liabilities related to non-compliance, damage to our reputation, unanticipated operational restrictions or other consequences as a result of our actions, or inaction, taken to perform our responsibilities or protect our rights;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in tax laws, or the interpretation of such laws, affecting taxable income, tax deductions, or other attributes relating to our non-U.S. earnings or operations;

&nbsp;&nbsp;&nbsp;&nbsp;• inconsistent product regulation or policy changes by foreign agencies or governments;

&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in enforcement of contractual obligations and intellectual property rights;

&nbsp;&nbsp;&nbsp;&nbsp;• high social benefit costs for labor, including more expansive rights of foreign unions and works councils, and costs associated with restructuring activities;

&nbsp;&nbsp;&nbsp;&nbsp;• national and regional labor strikes;

&nbsp;&nbsp;&nbsp;&nbsp;• changes in immigration and labor laws that may adversely impact our access to technical and professional talent;

&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in staffing and managing international operations;

&nbsp;&nbsp;&nbsp;&nbsp;• geographic, language, and cultural differences between personnel in different areas of the world;

&nbsp;&nbsp;&nbsp;&nbsp;• differences in local business practices;

&nbsp;&nbsp;&nbsp;&nbsp;• foreign governments' restrictive trade policies, customs, import/export and other trade compliance regulations;

&nbsp;&nbsp;&nbsp;&nbsp;• changes to multilateral conventions, treaties, tariffs and trade measures or other arrangements between or among sovereign nations;

&nbsp;&nbsp;&nbsp;&nbsp;• compliance with and changes in applicable foreign laws and regulations, including with respect to data privacy, AI, consumer protection, environmental and antitrust matters;

&nbsp;&nbsp;&nbsp;&nbsp;• compliance with U.S. laws, including those affecting trade and foreign investment (including economic sanctions compliance) and the Foreign Corrupt Practices Act;

&nbsp;&nbsp;&nbsp;&nbsp;• loss or non-renewal of treaties between foreign governments and the United States;

&nbsp;&nbsp;&nbsp;&nbsp;• product boycotts, including with respect to products of our multi-national customers;

&nbsp;&nbsp;&nbsp;&nbsp;• increased costs of maintaining international manufacturing facilities and undertaking international marketing programs;

&nbsp;&nbsp;&nbsp;&nbsp;• supply chain and distribution challenges, including fluctuations in shipping costs, limitations on shipping and receiving capacity, and other supply chain and distribution disruptions;

&nbsp;&nbsp;&nbsp;&nbsp;• difficulty in collecting international accounts receivable and potentially longer payment cycles;

&nbsp;&nbsp;&nbsp;&nbsp;• the potential for nationalization or expropriation of our enterprises or facilities without appropriate compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;• political, social, legal and economic instability, civil unrest, war, expansion of same and other geopolitical tensions (such as the ongoing conflict between Russia and Ukraine and uncertainty in the Middle East, the potential escalation of tensions between China and Taiwan, and the potential impact of recent events in Venezuela on Latin America), catastrophic events, acts of terrorism, and health emergencies or widespread outbreaks of infectious diseases.

As discussed further elsewhere in this Annual Report on Form 10-K and in our other filings with the SEC, some of these risks have already affected us.

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Global economic conditions and disruptions in the credit markets could adversely affect our business, financial condition, and results of operations.

We have extensive international operations and are dependent on customers and suppliers that operate in local economies around the world. In addition, we access global credit markets as part of our capital allocation strategy. Adverse global macroeconomic conditions could adversely impact our ability to access credit, or the price at which funding could be obtained. Likewise, uncertainty about or a decline in global or regional economic conditions has in the past and could in the future have a significant impact on the financial stability of our suppliers and customers, and has and can in the future adversely impact demand for our products. For example, during the COVID-19 pandemic, we experienced adverse effects on customer stability and demand for our products. Potential effects on us include financial instability, inability to obtain credit to finance operations, and insolvency.

We are subject to governmental export and import control laws, economic sanctions, anti-corruption laws and other regulations in certain jurisdictions where we do business that could subject us to liability or impair our ability to compete in these markets.

Certain products are subject to export control laws and regulations and may be exported only with an export license or through an applicable export license exception. If we fail to comply with export licensing, customs regulations, economic sanctions or other laws, we could be subject to substantial civil or criminal fines and penalties, including economic sanctions against us, disgorgement of profits, injunctions, incarceration for responsible employees and managers, the possible loss of export or import privileges, lawsuits and other remedial measures, and reputational harm. In addition, if our distributors fail to obtain appropriate import, export or re-export licenses or permits, we may also be materially and adversely affected through reputational harm and penalties. Obtaining the necessary import, export, and re-export licenses for a particular sale may be time-consuming and expensive and could result in the delay or loss of sales opportunities.

Furthermore, export control laws and economic sanctions may prohibit the shipment of certain products to, and related transactions involving, embargoed or otherwise sanctioned countries, governments and persons, and may prohibit us from engaging in certain activities in connection with such countries, governments, and persons. Despite our efforts to ensure compliance with applicable law, we cannot guarantee that a violation of export control laws or economic sanctions will not occur. A prohibited shipment, transaction, or activity could have adverse consequences, including government investigations, inquiries, or subpoenas, penalties, fines, civil and criminal sanctions, and reputational harm. Any change in export or import regulations, economic sanctions or related legislation, shift in the enforcement or scope of existing regulations, or change in the countries, governments, persons, activities, or technologies targeted by such regulations, could decrease our ability to export or sell our products internationally. Any limitation on our ability to export or sell our products could adversely affect our business. For example, in 2022, following Russia's invasion of Ukraine and the imposition of economic sanctions against Russia by the United States and other countries, we finalized the exit from our operations in Russia, which consisted of two small manufacturing operations, and incurred asset impairment charges as a result of our exit. We also ceased sourcing from Russian suppliers. As part of the Eviosys acquisition in December 2024, we acquired certain existing operations in Russia. These operations carry a heightened risk from an export controls and sanctions perspective, including export control restrictions and restrictions concerning transactions involving sanctioned persons and the provision of certain services and investments. These export controls and sanctions may impair our ability to leverage these Russian operations. We expect that continuing to operate in Russia in compliance with applicable U.S., EU, UK, and other laws and regulations will require us to expend substantial resources and devote significant management attention. Any failure to comply with applicable requirements could expose us to significant penalties, expenses incurred relating to government investigations, inquiries, or subpoenas, and reputational harm. Although we have policies and procedures in place to promote compliance with such laws, there can be no assurance that they will be followed at all times or effectively detect and prevent all violations of export control laws and economic sanctions in connection with these operations in Russia. U.S., EU, UK, and other economic sanctions, export controls and related laws and regulations may increase and make continuing such Russia operations impracticable or impossible. Further, the Russian government has recently seized the assets of several Western companies, including metal can manufacturers, placing them under state control, or "temporary administration," and Russia or another country could take similar actions in the future. Our operations in Russia accounted for approximately 1% of the Company's net sales in 2025 and approximately 0.5% of the Company's total assets at December 31, 2025.

Export control laws and economic sanctions may also have an indirect adverse effect on our business. For example, some of our customers previously exported their products to Russia, and any reduction in demand for such customers' products could in turn reduce demand for our products. Economic sanctions against Russia have also contributed to adverse changes in the global price and availability of natural gas, raw materials and finished goods, which could reduce our sales and earnings or otherwise have an adverse effect on our operations. Any future additional export controls or sanctions imposed by the US, the UK, the EU, or other countries could further exacerbate these effects.

Further, our operations are subject to anti-corruption laws and sanctions regulations concerning both private and public-sector corruption in various jurisdictions where we do business. The nature of our operations may bring us, our employees and third parties acting on our behalf into contact with government officials, including employees of state-owned business enterprises and others who may be considered government officials under applicable anti-corruption laws. Although we have policies and procedures in place to promote compliance with such laws, there can be no assurance that they will be followed at all times or effectively detect and prevent all violations of applicable laws by our employees, consultants, third parties or others for which we could be held responsible.

Changes in United States trade policies and global regulations, as well as the overall uncertainty surrounding international trade relations, could materially and adversely affect our consolidated financial condition and results of operations.

We continue to face uncertainty with respect to trade relations between the United States and many of its trading partners. For example, during 2025, the U.S. government announced, delayed, re-imposed and revised a series of broad-based, as well as country-, bloc- and sector-specific, tariffs on imports, as well as other trade policy changes. In August 2025, the U.S. government set firmly established reciprocal tariff rates for various countries that were, for the most part, incremental increases over the previously established baseline rate of 10%. Some countries announced retaliatory actions or plans for retaliatory actions, which gave rise to further escalations of trade measures by the United States and impacted countries. Such tariffs and other trade restrictions, and uncertainty related thereto, have had, and may in the future have, an adverse direct effect on our costs of products sold and margins and have had, and may in the future have, an adverse indirect effect due to reduced demand for our products or other impacts to our customers, suppliers or other business partners. On February 20, 2026, the U.S. Supreme Court invalidated certain of the tariffs implemented by the U.S. government. This ruling and any future changes in tariffs or other trade policies may result in additional changes and have further direct and indirect adverse effects on our consolidated financial

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condition and results of operations. The Company is continuing to monitor and evaluate the full impact of the U.S. Supreme Court ruling and changing trade policies and regulations.

In addition, in response to the United States-Mexico-Canada Agreement ("USMCA"), other countries may change their own trade policies, including the imposition of additional tariffs and quotas, which could also adversely affect our business outside the United States. If further tariffs are imposed on a broader range of imports, further retaliatory trade measures are taken by countries in response to tariffs, or efforts are made to withdraw from or substantially modify such agreements, then we may be required to raise our prices or incur additional expenses, which may result in the loss of customers and harm our sales, earnings, business, financial condition, and results of operations. Furthermore, the duty preferential treatment for goods that qualify for the USMCA was temporarily exempted from the United States 25% tariff on Mexican and Canadian goods, and although Canada imposed retaliatory tariffs on goods coming from the United States that did not originally exempt USMCA-qualified goods, Canada lifted many of its retaliatory tariffs in September 2025, apart from those on steel, aluminum, and autos. Some of the enumerated goods subject to these tariffs include products and materials shipped to Sonoco's plants in Canada, and the Company may be unable to claim end-use exemptions to mitigate the impact of such tariffs. These or any future retaliatory measures, the removal of the exemption by the United States, or other changes to the USMCA or other trade arrangements, could impact our operations by increasing the cost of imported raw materials and finished goods from Canada and Mexico.

Tariff increases have in the past had, and we expect that such measures and any additional measures will in the future have, an adverse effect on our costs of products sold and margins, including by increasing the cost of imported raw materials, which costs we may be unable to pass on to our customers without affecting demand, and potentially disrupting supply chains, causing delays and logistical challenges. In order to mitigate the impact of these trade-related increases on our costs of products sold, we have increased, and may further increase in the future, prices in certain markets and, over the longer term, make changes in our supply chain and potentially, our global manufacturing strategy. For example, in 2025, the U.S. government announced the expansion of Section 232 tariffs on steel and aluminum imported into the United States ("Section 232 Tariffs"). As a result, imported steel and aluminum originating from most foreign countries is currently subject to a 50% duty. A portion of the steel and aluminum we purchase for our metal packaging and industrial paper packaging businesses is sourced from outside the United States, and although we generally negotiate agreements to share tariff costs with brokers from which we purchase certain raw materials and have the contractual ability to pass on cost increases due to tariffs to our customers, we may be unable to maintain such cost sharing and cost pass-on practices, and any price increases may cause our customers to find alternative suppliers and result in reduced demand for our products. If we are unable to successfully reduce or pass on these costs through price increases, adjust our supply chain without incurring significant costs, or locate alternative suppliers for raw materials or finished goods at acceptable costs or in a timely manner, our net sales, costs, and margins could be adversely affected.

Higher tariffs also may increase the cost of purchasing and maintaining manufacturing equipment used in our operations. We believe the impact of higher tariffs on purchases of manufacturing equipment, while modest to our results of operations, will result in higher cash costs of such items and may therefore reduce both the number of capital projects we are able to undertake and the return on investment on such capital projects. Further, the Company may incur higher costs due to tariffs on maintenance and repair spending. If we are unable to effectively manage the impact of higher tariffs on our capital expenditures and repairs and maintenance spending through price pass-through mechanisms or locating lower-cost alternative suppliers, our results of operations, including our cash flows, could be materially and adversely affected.

Further, the uncertainty surrounding global trade policy and its broader economic impacts requires significant management attention and makes it difficult to make long-term strategic decisions regarding the best way to respond to these pressures. Such uncertainty has in the past increased, and may in the future increase the volatility of currency exchange rates. In addition, even if we are able to mitigate the direct impacts to our operations from changes in U.S. and foreign trade policy, our sales volumes have been, and may in the future be, adversely affected by reduced sales of or demand for end products incorporating our packaging products or changes in consumer behavior, whether resulting from increased costs of such products attributable to increased tariffs or other trade barriers or the broader economic impact of such measures, such as increased inflation, decreased consumer spending or other adverse macroeconomic trends.

Our inability to effectively manage the adverse impacts of changing U.S. and foreign trade policies could materially and adversely impact our consolidated financial condition and results of operations.

Currency exchange rate fluctuations may adversely affect our results of operations and shareholders' equity.

Fluctuations in currency exchange rates can cause, and have in the past caused, translation, transaction and other losses that can unpredictably and adversely affect our consolidated results of operations. Our reporting currency is the U.S. dollar. However, as a result of operating globally, a portion of our consolidated net sales, costs, assets, and liabilities are denominated in currencies other than the U.S. dollar. In our consolidated financial statements, we translate the local currency financial results of our foreign operations into U.S. dollars based on their respective exchange rates. Depending on the direction, changes in those rates will either increase or decrease net sales, costs, net income, and other balances reported in U.S. dollars. Our acquisition of Eviosys increased our exposure to the effects of such changes. Although we monitor our exposures and, from time to time, may use forward currency contracts to hedge certain forecasted foreign currency transactions or foreign currency denominated assets and liabilities, our hedging activities do not completely insulate us from the effects of foreign currency fluctuations and also expose us to counterparty risk of nonperformance.

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Changes in domestic and global economic conditions may have an adverse impact on our business operations and financial results.

Because of the nature of our products and services, general economic downturns in the United States and globally can adversely affect our business operations and financial results. Current global economic challenges, including inflationary pressures, supply chain disruptions, changing tariffs and other trade restrictions, currency fluctuations, geopolitical uncertainty, military conflicts, increased interest rates and recession risks, as well as the rising debt levels of the United States and other countries, are likely to continue to put pressure on the economy, and on us. For example, the U.S. Federal Reserve raised its benchmark interest rate by a total of 525 basis points during 2022 and 2023 in order to combat inflation. Although the Federal Reserve subsequently lowered rates by a total of 175 basis points during 2024 and 2025, relatively high interest rates may persist and may, among other things, reduce the availability and increase the costs of obtaining new variable rate debt and refinancing existing indebtedness, and adversely impact our financial condition and results of operations. Additionally, such increases in rates put additional pressure on consumers and the economy in general, which can in turn lead, and has in recent periods led, to reduced consumption of products incorporating our packaging. Bank failures or issues in the broader U.S. or global financial systems may have an impact on the broader capital markets and, in turn, our ability to access those markets. As evidenced in recent years, changes in fiscal and monetary policies and tightening of credit availability and financial difficulties, leading to declines in consumer and business confidence and spending, may adversely affect us, or our customers, suppliers, and distributors. When such conditions exist, customers may delay, decrease or cancel purchases from us, and may also delay payment or fail to pay us altogether. Suppliers may have difficulty filling our orders and distributors may have difficulty getting our products to market, which may affect our ability to meet customer demands, and result in loss of business. Weakened global economic conditions may also result in unfavorable changes in our product price/mix and lower profit margins. All of these factors may have a material and adverse effect on our business, results of operations, financial condition, and prospects.

**Risks Related to Manufacturing Operations**

Raw materials, energy and other price increases or shortages may impact our results of operations.

As a manufacturer, our sales and profitability are dependent on the availability and cost of raw materials, labor, and other inputs. Most of the raw materials we use are purchased from third parties. Principal examples are recovered paper, paperboard, steel, aluminum and plastic resins. Prices and availability of these raw materials are subject to substantial fluctuations that are beyond our control due to factors such as changing economic conditions, inflation, currency and commodity price fluctuations, tariffs, resource availability, transportation costs, weather conditions and natural disasters, war, political unrest and instability (such as the ongoing conflict between Russia and Ukraine and uncertainty in the Middle East, the potential escalation of tensions between China and Taiwan, and the potential impact of recent events in Venezuela on Latin America), and other factors impacting supply and demand pressures. Increases in costs can have an adverse effect on our business and financial results. Our performance depends, in part, on our ability to pass on cost increases to our customers by raising selling prices and to offset the impact by improving productivity. Although many of our long-term contracts and non-contractual pricing arrangements with customers permit limited price adjustments to reflect increased raw material costs, such adjustments may not occur quickly enough, or be sufficient to prevent a material and adverse effect on net income and cash flow. Furthermore, we may not be able to improve productivity or realize sufficient savings from our cost reduction initiatives to offset the impact of increased costs.

In addition, some of our manufacturing operations require the use of substantial amounts of electricity and natural gas, which may be subject to significant price increases as the result of changes in overall supply and demand and the impacts of legislation and regulatory action. In addition, we operate manufacturing sites throughout Europe and, in many instances, continued normal operations at those sites depend on the availability of natural gas and other inputs. Any current and future government sanctions or an escalation or widening of the Russia-Ukraine conflict could contribute to further increased volatility of energy and commodity prices, cause further supply chain disruptions, and further adversely affect the cost and availability of energy supplies and other inputs in our European operations. Any energy shortages could impair our ability to continue our operations at such sites at normal levels or at acceptable cost levels, and therefore adversely affect our business operations, financial condition, and results of operations. We forecast and monitor energy usage, and, from time to time, use commodity futures or swaps in an attempt to reduce the impact of energy price increases. However, these efforts may be insufficient to protect us against fluctuations in energy prices or shortages of natural gas, and we could suffer adverse effects to net income and cash flow should we be unable to either offset or pass higher energy costs through to our customers in a timely manner or at all.

Supply shortages or disruptions in our supply chains could affect our ability to obtain timely delivery of materials, equipment, and supplies from our suppliers, and in turn, adversely affect our ability to supply products to our customers. Such disruptions could have a material and adverse effect on our business and financial results.

We depend on third parties for transportation services.

We rely primarily on third parties for transportation of the products we manufacture and distribute, as well as for delivery of our raw materials. In particular, a significant portion of the goods we manufacture and raw materials we use are transported by railroad or trucks, which are highly regulated. If any of our third-party transportation providers were to fail to deliver the goods that we manufacture or distribute in a timely manner, we might be unable to sell those products at full value, or at all. Similarly, if any of these providers were to fail to deliver raw materials to us in a timely manner, we might be unable to manufacture our products in response to customer demand. In addition, if any of these third parties were to cease operations or cease doing business with us, we might be unable to replace them at a reasonable cost. Any failure of a third-party transportation provider to deliver raw materials or finished products in a timely manner could harm our reputation, adversely impact our customer relationships, and have a material and adverse effect on our financial condition and results of operations.

We may be unable to achieve, or may be delayed in achieving, adequate returns from our efforts to optimize our operations, which could have an adverse effect on our financial condition and results of operations.

We continually strive to serve our customers and increase returns to our shareholders through innovation and improved operating performance by investing in productivity improvements, manufacturing efficiencies, manufacturing cost reductions, and the rationalization of our manufacturing facilities footprints. However, our operations include complex manufacturing systems as well as intricate scheduling and numerous geographic and logistical complexities, and our business initiatives are subject to significant business, economic, and competitive uncertainties and contingencies. We may not meet anticipated implementation timetables or stay within budgeted costs, and we may not fully achieve expected results. These initiatives could also adversely impact customer or employee retention or our operations. Additionally, our business strategies may change from time to time in light of our ability to implement new business initiatives, competitive pressures, economic uncertainties or developments, or other factors. A variety of risks could cause us not to realize some or all of the expected benefits of these initiatives. These risks include, among others, delays in the anticipated timing of activities related to such initiatives, strategies, and operating plans; increased difficulty and costs in implementing these efforts; and the incurrence of other unexpected costs associated with operating the

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business. As a result, there can be no assurance that we will realize these benefits. If, for any reason, the benefits we realize are substantially less than our estimates, or the implementation of these growth initiatives and business strategies adversely affects our operations, costs significantly more or takes significantly longer to effectuate than we expect, or if our assumptions prove inaccurate, our results of operations may be materially and adversely affected.

Material disruptions in our business operations could adversely affect our financial results.

Although we take measures to minimize the risks of disruption at our facilities, we from time to time encounter an unforeseen material operational disruption in one of our major facilities, which could adversely impact production and our financial results. Such a disruption could occur as a result of any number of events including but not limited to: political events, trade and other international disputes, war (such as the ongoing conflict between Russia and Ukraine as well as the economic sanctions related thereto, and uncertainty in the Middle East, the potential escalation of tensions between China and Taiwan, and the potential impact of recent events in Venezuela on Latin America), terrorism, industrial accidents, major equipment failure, labor stoppages, transportation failures affecting the supply and shipment of materials, disruptions at our suppliers, fire, severe weather conditions (including as a result of climate change), natural disasters and disruptions in utility services, as well as disruptions related to localized or widespread public health events (including epidemics or pandemics). These types of disruptions could materially and adversely affect our earnings to varying degrees depending upon the facility, the duration of the disruption, and our ability to shift business to another facility or find alternative sources of materials or energy. Any losses due to these events may not be covered by our existing insurance policies or may be subject to certain deductibles.

**Risks Related to Acquisitions, Divestitures and Joint Ventures**

We may fail to realize expected benefits from our acquisitions, which could have an adverse effect on our financial condition and results of operations.

We continually evaluate potential acquisitions and strategic investments that are significant to our business both in the United States and internationally. We have invested a substantial amount of capital in acquisitions, joint ventures, and strategic investments, including our acquisition of Eviosys in December 2024, the acquisition of a paper mill in Chattanooga, Tennessee (the "Chattanooga Mill") and the remaining equity interest in RTS Packaging, LLC in September 2023, and the acquisition of Metal Packaging in January 2022, and we expect that we will continue to evaluate potential acquisitions, joint ventures, and strategic investments in the future. Acquisitions, joint ventures, and strategic investments involve numerous risks. As has happened from time to time in the past, acquired businesses may not achieve the expected levels of revenue, profitability or productivity, or otherwise perform as expected, and acquisitions may involve significant cash expenditures, debt incurrence, operating losses, and expenses that could have a material and adverse effect on our financial condition and results of operations. Acquisitions also involve special risks, including, without limitation, the impairment of goodwill and other intangible assets, the potential assumption of unanticipated liabilities and contingencies, and the challenges of effectively integrating acquired businesses.

Other risks and challenges associated with acquisitions include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• substantial costs and indebtedness associated with negotiating and completing acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• demands on management related to increase in size of our businesses and additional responsibilities of management;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• diversion of management's attention;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• disruptions to our ongoing businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes to our pricing model;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• inaccurate estimates of fair value in accounting for acquisitions and amortization of acquired intangible assets, which could reduce future reported earnings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in assimilation and retention of employees;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in integration of departments, systems, technologies, books and records, controls (including internal financial and disclosure controls), procedures, and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential loss of major customers and suppliers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges associated with operating in new geographic regions and competitive environments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges associated with the operation of new, different or more complex operations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• challenges associated with integrating legacy compliance programs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in maintaining uniform standards, controls, procedures, and policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• difficulties in servicing and repaying indebtedness and limitations on flexibility from the financing of acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential failure to anticipate delays or restrictions resulting from regulatory review or required approvals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential failure to consummate an acquisition;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential failure to identify material problems and liabilities during due diligence review of acquisition targets; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• potential failure to obtain sufficient indemnification rights to fully offset possible liabilities associated with acquired businesses.

Even if we are successful in integrating our acquisitions, such acquisitions may not ultimately be successful or accretive to earnings, and we may not realize the expected benefits from such transactions within the anticipated time frame, or at all. If actual performance in an acquisition falls short of the projected results, or the assessment of the relevant facts and circumstances was inaccurate or changes, it is possible that a noncash impairment charge of any related goodwill would be required, and our results of operations and financial condition could be adversely affected.

We may not be able to identify suitable acquisition candidates, or complete acquisitions on our desired timing or terms, which could limit our potential for growth.

We have made numerous acquisitions in recent years and have been actively considering new acquisitions that provide meaningful opportunities for growth. However, we may not be able to identify suitable acquisition candidates or complete acquisitions on acceptable timing, terms, and conditions. Other companies in our industries have similar investment and acquisition strategies to ours, and competition

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for acquisitions may intensify. If we are unable to identify acquisition candidates that meet our criteria, our potential for growth may be restricted. Even if we do identify acquisition candidates that we believe meet our criteria, we may be unable to complete such acquisitions in a timely manner, on desirable terms or at all, including as a result of an inability to satisfy related closing conditions or obtain necessary government consents, or the expiration or termination of applicable regulatory waiting periods. For example, our ability to close certain of our prior acquisitions have in some cases been delayed due to regulatory review or other constraints. Our efforts to identify suitable acquisition candidates, even if successful, could also cause us to incur substantial search and transaction fees, divert the time and attention of our management, or fail to identify due diligence or other issues affecting the value and suitability of potential acquisition targets. Any of these results could have a material and adverse effect on our business, results of operations, financial condition, and prospects.

In connection with acquisitions, joint ventures, divestitures, or other strategic transactions, we may become subject to liabilities and legal claims.

In connection with acquisitions, joint ventures, divestitures, or other strategic transactions, we have in the past, and may in the future, become subject to liabilities or legal claims, including but not limited to: third party liability and other tort claims; claims for breach of contract; employment-related claims; environmental, health, and safety liabilities, conditions or damage; permitting, regulatory or other legal compliance issues (such as potential liabilities arising from anti-corruption laws and sanctions regulations); claims for contractual indemnification; or tax liabilities. In addition, we may assume risks and liabilities that our due diligence investigations with respect to acquisitions, joint ventures, and other strategic transactions fail to identify, including issues relating to inadequate internal controls and procedures relating to accounting, finance, cybersecurity, and data protection controls issues. If we become subject to any of these liabilities or claims with respect to any acquisition, joint venture, divestiture, or other strategic transaction, and they are not adequately covered by insurance or an enforceable indemnity or similar agreement from a creditworthy counterparty, we may be responsible for significant out-of-pocket expenditures. Such underinsured or non-indemnified liabilities, if they materialize, could have a material and adverse effect on our business, financial condition, and results of operations.

We may encounter difficulties restructuring operations or closing or disposing of facilities, assets or businesses.

From time to time, we have closed higher-cost facilities, implemented reductions in force, sold non-core assets and businesses, and otherwise restructured operations, and are likely to do so again, in an effort to improve cost competitiveness and profitability and reduce leverage. For example, in 2025 we completed the divestitures of TFP and ThermoSafe, and in 2024, we completed the divestiture of Protexic. In addition, during 2024 and 2025, we permanently closed a paper mill in Mexico and a paper mill in the United States as part of our strategy to rationalize our mill network and lower operating costs, closed metal can facilities in France and Spain, and closed several other high-cost operations. As a result, restructuring and divestiture costs have been, and are expected to continue to be, a recurring component of our operating costs, the magnitude of which could vary significantly from year to year depending on the scope of such activities. Divestitures and restructuring may result, and have in the past resulted, in significant financial charges for the write-off or impairment of assets, including goodwill and other intangible assets. Furthermore, such activities may divert the attention of management, disrupt our ordinary operations, or result in a reduction in the volume of products produced and sold, and the impact of divestitures on our revenue growth may be larger than we anticipate if we experience greater dis-synergies than we expect. In addition, in cases where we seek to divest or otherwise dispose of certain facilities, operations, assets, or other components of our business, we may be unable to find buyers or alternative exit strategies on acceptable terms, in a timely manner or at all, and we may dispose of facilities, operations, assets, or other components of our business at prices or on terms that are less desirable than we had anticipated. Moreover, we may be prevented from completing dispositions as a result of our own or our counterparties' failure to satisfy pre-closing conditions or obtain necessary regulatory or government approvals. We may also be exposed to continuing financial risks from any businesses we divest, including as a result of continuing equity ownership, guarantees, indemnities, responsibility for environmental clean-up, or other financial obligations. There is no guarantee that any such activities will achieve our goals, and if we cannot successfully manage the associated risks, our financial position and results of operations could be adversely affected.

We have investments in joint ventures that are not operated solely for our benefit.

Several of our operations are conducted through joint ventures. In joint ventures, we share ownership and, in some instances, management of a company with one or more parties who may or may not have the same goals, strategies, priorities, or resources as we do. In general, joint ventures are intended to be operated for the benefit of all co-owners, rather than for our exclusive benefit. Operating a business as a joint venture often requires additional organizational formalities, as well as time-consuming procedures for sharing information, accounting, and making decisions. In certain cases, our joint venture partners must agree in order for the applicable joint venture to take certain actions, including acquisitions, the sale of assets, budget approvals, borrowing money, and granting liens on joint venture property. Our inability to take unilateral action that we believe is in our best interests may have an adverse effect on the financial performance of the joint venture and the return on our investment. In joint ventures, we believe our relationship with our co-owners is an important factor to the success of the joint venture, and if a co-owner changes, our relationship may be adversely affected. In addition, the benefits from a successful joint venture are shared among the co-owners, so that we do not receive all the benefits from our successful joint ventures. Finally, we may be required on a legal or practical basis, or both, to accept liability for obligations of a joint venture beyond our economic interest, including in cases where our co-owner becomes bankrupt or is otherwise unable to meet its commitments.

In addition, because we share ownership and management with our joint venture partners, we may have limited control over the actions of a joint venture, particularly when we own a minority interest. As a result, we may be unable to prevent violations of applicable laws or other misconduct by a joint venture, or the failure to satisfy contractual obligations by one or more parties. Moreover, a joint venture may not be subject to or follow the same requirements regarding compliance, internal controls and internal control over financial reporting that we follow. To the extent another party makes decisions that adversely impact the joint venture or internal control issues arise within the joint venture, we may have to take responsive actions, or we may be subject to penalties, fines, or other punitive actions for these activities.

**Risks Related to Competition, Customers and Suppliers**

We face intense competition, and failure to compete effectively may have an adverse effect on our results of operations.

We sell our products in highly competitive markets. We regularly bid for new and continuing business, and being a responsive, high-quality, low-cost producer is a key component of competing effectively. We also face competition that may be larger, more diversified, or better funded than us. These competitive advantages may enable our competition to adapt more quickly to changing customer or consumer preferences, including with respect to more sustainable products and packaging; changes brought about by public health events, supply chain constraints,

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inflationary pressures, currency fluctuations, geopolitical uncertainty, and increased interest rates; or the introduction of new products, technologies, and equipment, including advanced technologies such as AI. For example, growing use of AI by our competitors could disrupt our business model and lower the barriers to entry in the markets we serve. If our competitors invest in, develop and utilize AI tools more effectively than us to innovate and introduce go-to-market solutions more rapidly and compete more effectively on quality and price, we could lose business and the profitability of our business could be reduced. We have started to introduce certain AI capabilities via Microsoft CoPilot in our environment, and some of our business solution partners have also added AI capabilities to their tooling, but usage is still minimal. Any impact arising from the use of AI by our competitors, as well as the loss of business from our larger customers, customer changes to alternative forms of packaging, or renewal of business with less favorable terms, could have a significant and adverse effect on our results of operations.

Continuing consolidation of our customer base and suppliers may intensify pricing pressure.

Like us, many of our larger customers have acquired companies with similar or complementary product lines, and many of our customers have been acquired. Additionally, many of our suppliers of raw materials are consolidating. This consolidation of customers and suppliers has increased the concentration of our business with our largest customers, and in some cases, increased pricing pressures. Similarly, consolidation of our larger suppliers has resulted in increased pricing pressures from our suppliers. Further consolidation of customers and suppliers could intensify pricing pressure, reduce our net sales, increase our costs, and adversely affect our results of operations.

The loss of a key customer, or a reduction in its production requirements, could have a significant and adverse effect on our sales and profitability.

Each of our segments has large customers, and the loss of any of these could have a significant and adverse effect on the segment's sales and, depending on the magnitude of the loss, our results of operations and financial condition. Although a majority of our master customer contracts are long-term, they are terminable under certain circumstances, such as our failure to meet quality, pricing, or volume requirements, and the contracts themselves often do not require a specific level of purchasing. There is no assurance that existing customer relationships will be renewed at the same level of production, or at all, at the end of the contract term. Furthermore, the loss of any of our major customers, a reduction in their purchasing levels, or an adverse change in the terms of supply agreements with these customers could reduce our net sales and net income. Continued consolidation of our customers could exacerbate any such loss. For more information on concentration of sales volume in our reportable segments, see Item1(c), "Description of Business—Other Aspects of the Company's Business—Dependence on Customers."

Challenges to, or the loss of, our intellectual property rights could have an adverse effect on our ability to compete effectively.

Our ability to compete effectively depends, in part, on our ability to protect and maintain the proprietary nature of our owned and licensed intellectual property. We own a large number of patents on our products, aspects of our products, methods of use and methods of manufacturing; and we own, or have licenses to use, all of the material trademark and trade name rights used in connection with the packaging, marketing, and distribution of our major products. We also rely on trade secrets, know-how and other unpatented proprietary technology. We attempt to protect and restrict access to our intellectual property and proprietary information by relying on the patent, trademark, copyright, and trade secret laws of the United States and other countries, as well as non-disclosure agreements. However, it may be possible for a third party to obtain our information without our authorization, independently develop similar technologies, or breach a non-disclosure agreement entered into with us. Furthermore, many of the countries in which we operate do not have intellectual property laws that protect proprietary rights as fully as do laws in the United States. The use of our intellectual property by someone else without our authorization could reduce or eliminate certain competitive advantages, cause us to lose sales, or otherwise harm our business. The costs associated with protecting our intellectual property rights could also adversely impact our business.

In addition, we are from time to time subject to claims from third parties suggesting that we may be infringing on their intellectual property rights. If we were held liable for infringement, we could be required to pay damages, obtain licenses, or cease making or selling certain products.

Intellectual property litigation, which could result in substantial costs to us and divert the attention of management, may be necessary to protect our trade secrets or proprietary technology, or for us to defend against claimed infringement of the rights of others and to determine the scope and validity of others' proprietary rights. We may not prevail in any such litigation, and if we are unsuccessful, we may not be able to obtain any necessary licenses on reasonable terms, or at all. Failure to protect our patents, trademarks, and other intellectual property rights may have a material and adverse effect on our business, consolidated financial condition or results of operations.

**Risks Related to Our Products**

We may not be able to develop new products acceptable to the market.

For many of our businesses, organic growth depends on product innovation, new product development, and timely response to constantly changing consumer demands and preferences. Sales of our products and services depend heavily on the volume of sales made by our customers to consumers. Consumer preferences for products and packaging formats are constantly changing based on, among other factors, cost and convenience; and health, environmental and social concerns and perceptions. Our failure, or the failure of our customers, to develop new or better products in response to changing consumer preferences in a timely manner and attractive cost may hinder our growth potential and affect our competitive position, and adversely affect our business and results of operations.

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Product liability claims and other legal proceedings could adversely affect our operations and financial performance.

We produce products and provide services related to other parties' products. There can be no assurance that we or our customers will not experience operational process failures that could result in potential product, safety, regulatory, or environmental claims and associated litigation. We are also subject to a variety of legal proceedings and legal compliance risks in our areas of operation around the globe. Any such claims, whether with or without merit, could be time-consuming and expensive to defend, affect our reputation, and could divert management's attention and resources. In accordance with customary practice, we maintain insurance against some, but not all, of these potential claims; however, in the future, we may not be able to maintain such insurance at acceptable premium cost levels. In addition, the levels of insurance we maintain may not be adequate to fully cover any and all losses or liabilities. If any significant judgment or claim is not fully insured or indemnified against or imposes restrictions on our business operations, it could have a material and adverse effect on our business, financial condition, and results of operations.

We and the industries in which we operate are at times reviewed or investigated by regulators and other governmental authorities, which could lead to enforcement actions, fines and penalties, or the assertion of private litigation claims and damages. Responding to actual or threatened litigation or government investigations of our compliance with regulatory standards may require significant expenditures of time and other resources. While we have adopted risk management and compliance programs, the global and diverse nature of our operations means that legal and compliance risks will continue to exist and that legal proceedings and other contingencies, the outcome of which cannot be predicted with certainty, will arise from time to time, which could adversely affect our business, results of operations, and financial condition.

**Risks Related to Climate Change and Environmental, Health and Safety, and Corporate Social Responsibility Laws and Regulations**

Adverse weather and other effects of climate change may result in lower sales and higher costs. In addition, climate-related regulations may add cost and complexity to our operations.

We manufacture packaging products for foods, as well as products used in construction and industrial manufacturing. Adverse or varying weather conditions associated with climate change have impacted, and could in the future impact, crop yields and harvest timing, which in turn could impact the level and timing of demand for our containers. In addition, poor or extreme weather conditions have temporarily impacted, and could in the future temporarily impact, the level of construction and industrial activity and impact the efficiency of our manufacturing operations. Weather-related events, such as hurricanes, droughts, hail, frost, fires and floods, which may increase in frequency and severity due to climate change, have and could in the future result in lost production, supply chain disruptions, and increased material costs. Such disruptions could have, and have in the past had, a material and adverse effect on our results of operations.

There has been increased focus from investors, customers, the general public, and certain governmental and nongovernmental authorities on climate change and GHG emissions. The increasing concern over climate change has resulted, and will continue to result, in transition risks such as shifting customer preferences in favor of more environmentally friendly products, which we may be unable to address, and increased regulation intended to reduce overall GHG emissions. Such rules and regulations could include, among other things, cap-and-trade programs, carbon taxes, and mandates within certain industries or activities to reduce GHG emissions. Some of our facilities are subject to these regulations, and compliance with such rules and any other regulatory responses to climate change could in the future significantly increase costs and add complexity to our operations.

Additionally, in the United States, several states where we operate manufacturing facilities have enacted or are in the process of enacting regulations limiting GHG emissions or implementing cap-and-trade programs. Our facilities currently fall outside of the scope of these regulations but may be impacted in the future. Several of our manufacturing facilities outside of the United States have entered into GHG emissions trading programs as a result of local regulations. Certain countries where we have manufacturing facilities have set GHG reduction targets to align with an agreement signed in April 2016 between 170 countries establishing a framework to reduce global GHG emissions (also known as the "Paris Agreement"), that became effective in November 2016. Many of the other countries where we conduct business are developing or are expected to develop similar climate change related regulations. To the extent our facilities become subject to additional or changing regulations related to GHG emissions in the United States or internationally, compliance with such regulations could significantly increase costs and add complexity to our operations and limit our flexibility, which could have a material and adverse effect on our business, results of operations, financial condition, and prospects.

Any failure in our procedures to monitor climate related regulatory and policy changes in the jurisdictions in which we operate or in our processes and tools to track our GHG emissions and assess both operational and financial impacts of climate-related regulations, and any failure to comply with any such regulations and policies, could subject us to additional costs and penalties and harm to our reputation. We could also face increased costs related to defending and resolving legal claims and other litigation related to climate change and the alleged impact of our operations on climate change.

Expectations relating to ESG issues, including related reporting obligations, could expose us to potential liabilities, increased costs, reputational harm, and other adverse effects on our business.

In order to align with customer and other stakeholder expectations, we have voluntarily established and publicly disclosed our GHG reduction targets and other environmental, social and governance ("ESG") goals and sustainability targets. These targets could prove more costly or difficult to achieve than we expect, and we may be unable to achieve these targets at an acceptable cost or at all. If we are unable to meet these targets and goals on our projected timelines or at all, whether as a result of cost, operational or technological limitations, or if such targets or our progress against them are not perceived to be sufficiently robust, our reputation, as well as our relationships with investors, customers and other stakeholders, could be harmed, which could in turn adversely affect our business, results of operations and prospects. In addition, not all of our competitors may seek to establish climate or other ESG targets and goals, or may not establish targets and goals that are comparable to ours, which could result in our competitors achieving competitive advantages through lower supply chain or operating costs, which could adversely affect our business, results of operations, financial condition and prospects.

In addition, ESG matters have recently been the subject of increased regulatory and stakeholder attention, and emerging and evolving regulatory requirements and frameworks regarding ESG matters. The changes to existing or imposition of new laws, regulatory requirements, policies, international accords or changing interpretations thereof, changes in the enforcement priorities of regulators, and differing or competing regulations and standards across the markets where we manufacture, distribute and sell our products, as well as relating to matters beyond our core products, including environmental sustainability, climate change, human capital and employment matters, has in the

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past and could continue to result in higher production and manufacturing costs, compliance costs, capital expenditures and other costs, resulting in adverse effects on our business. In addition, we expect to need to be prepared to contend with overlapping, yet distinct, climate-related disclosure requirements in multiple jurisdictions. For instance, the State of California has enacted legislation that requires greater transparency on climate-related matters, including legislation that will require large U.S. companies doing business in California to make broad-based climate-related disclosures starting as early as 2026, and other states are also considering new climate change disclosure requirements. In the European Union, the Corporate Sustainability Reporting Directive, which became effective in 2023, but is in the process of being revised, applies to both E.U. and non-E.U. in-scope entities and would require them to provide expansive disclosures on various sustainability topics. We are assessing our obligations under these laws and expect that compliance with these and other future reporting obligations could require substantial cost and effort. Collecting, measuring, and reporting ESG information and metrics can be costly, difficult, and time-consuming, are subject to evolving reporting standards and interpretive guidance, and can present numerous operational, reputational, financial, legal, and other risks. Globally, a lack of harmonization in relation to ESG legal and regulatory reform across the jurisdictions in which we operate may increase the cost and difficulty of implementing and complying with rapidly developing ESG reporting standards and requirements, and any failure to comply with such legislation and regulations could result in fines to us and could adversely affect our business, financial condition, results of operations, and cash flows.

At the same time, compliance with ESG-related rules and efforts to meet increasingly divergent stakeholder expectations on business practices and company activities, including related to ESG matters, may place strain on our employees, systems, and resources. Within and among different stakeholder groups, including shareholders, customers, government regulators and actors and employees, there are differing views on sustainability and ESG matters, which increases the risk that any action or lack thereof with respect to sustainability or ESG matters will be perceived negatively by at least some stakeholders, could result in reputational harm, litigation, enforcement actions or other adverse consequences which may adversely impact our business. The current sociopolitical landscape has led to rapid and unpredictable shifts in public sentiment, which has resulted in dynamics that increase the risk of reputational damage, boycotts and shifts in consumer behavior, and we may not be able to align our practices with such evolving expectations within the timeframes expected by stakeholders or regulators, or without incurring significant costs to our business and reputation. This could adversely affect our sales and profitability, our ability to attract or retain employees, and our attractiveness as an investment, supplier, or business partner. Our ability to respond effectively, sensitively, and authentically to the expectations of our stakeholders is key to mitigating these risks. In addition, we could experience adverse effects on our reputation, business, and results of operations if we are targeted by those who disagree with our public positions on ESG issues or who inaccurately perceive or mischaracterize our public positions and disclosures on these topics. If we do not successfully manage ESG-related expectations across stakeholders, it could erode stakeholder trust, impact our reputation, and adversely affect our business, financial condition, results of operations and cash flows.

We are subject to costs and potential liabilities related to environmental, health and safety, and corporate social responsibility laws and regulations that could adversely affect our results of operations.

We must comply with extensive and sometimes inconsistent laws, rules, and regulations in the United States, Europe, United Kingdom, and in each of the other countries in which we do business regarding the environment, health and safety, and corporate social responsibility. Compliance with these laws and regulations can require significant expenditures of financial and employee resources.

Federal, state, provincial, foreign and local environmental requirements, including the Comprehensive Environmental Response, Compensation and Liability Act, and particularly those relating to air, soil and water quality, handling, discharge, storage and disposal of a variety of substances, and climate change are significant factors in our business and generally increase our costs of operations. We may be found to have environmental liability for the costs of remediating soil or water that is, or was, contaminated by us or a third party at various sites that we now own, use, or operate, or previously owned, used, or operated. Legal proceedings may result in the imposition of fines or penalties, as well as mandated remediation programs, that require substantial, and in some instances, unplanned capital expenditures.

In addition, existing laws and regulations could be revised or reinterpreted, and new laws and regulations could be adopted or become applicable to us or our facilities, thereby impacting the cost of compliance. Further, in June 2024, the U.S. Supreme Court overturned the Chevron deference doctrine, which provided for judicial deference to an administrative agency's reasonable statutory interpretation of regulations in litigation against those agencies. As a result, there is additional uncertainty going forward regarding current and future regulatory interpretations of the laws.

We have incurred in the past, and may incur in the future, fines, penalties and legal costs relating to environmental matters, and costs relating to the damage of natural resources, lost property values and toxic tort claims. We have made expenditures to comply with environmental regulations and expect to make additional expenditures in the future. As of December 31, 2025, approximately $1.8 million was reserved for environmental liabilities. Such reserves are established when it is considered probable that we have some liability. However, because the extent of potential environmental damage, and the extent of our liability for the damage, is usually difficult to assess and may only be ascertained over a long period of time, our actual liability in such cases may end up being substantially higher than the currently reserved amount. Accordingly, additional charges could be incurred and could have a material and adverse effect on our results of operations and financial condition.

Many of our products come into contact with the food and beverages packaged within, and therefore we are subject to risks and liabilities related to health and safety matters in connection with those products. Accordingly, our products must comply with various laws and regulations for food and beverages applicable to our customers. Changes in such laws and regulations could adversely impact customers' demand for our products as they comply with such changes and require us to make changes to our products. Such changes to our products could include modifications to the coatings and compounds we use, possibly resulting in the incurrence of additional costs. Additionally, because many of our products are used to package consumer goods, we are subject to a variety of risks that could influence consumer behavior and adversely impact demand for consumer packaged goods and, consequently, for our products, including changes in consumer preferences driven by various health-related concerns and perceptions.

In addition, our operations and those of our suppliers are governed by regulations focused on "conflict minerals" and restrictions on other materials. Disclosure regulations relating to the use of conflict minerals sourced from the Democratic Republic of the Congo and adjoining countries could affect the sourcing, availability, and cost of materials used in the manufacture of some of our products. We also incur costs associated with supply chain due diligence, and, if applicable, potential changes to products, processes, or sources of supply as a result of such due diligence. Because our supply chain is complex, we may also face reputational risk with our customers and other stakeholders if we are unable to sufficiently verify the origins of all such minerals used in our products.

Changes to laws and regulations dealing with environmental, health and safety, and corporate social responsibility issues (e.g., sustainability) are made or proposed with some frequency, and some of the proposals, if adopted, might, directly or indirectly, result in a material reduction in the results of operations of one or more of our operating units. For example, we may be subject to future policy changes and regulations that

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discourage the use of single-use plastics and packaging containing per- and polyfluoroalkyl substances (PFAs), mandate certain waste management practices, recycling or the use of recycled content, or place limitations on certain kinds of packaging materials. Such regulations could both result in customers switching to other packaging formats, and therefore result in lost revenue, and result in increased costs associated with sourcing recycled resins and designing and producing products with enhanced recyclability. These or any other such policy changes or new regulations are uncertain and we cannot predict the impact on our markets or the amount of additional capital expenditures or operating expenses that could be necessary for compliance.

Further, future compliance with existing, developing and new laws and requirements has the potential to disrupt our business operations and may require significant expenditures, and our existing reserves for specific matters may not be adequate to cover future costs and we may have to increase our reserves. We could also incur substantial liabilities, including fines or sanctions, enforcement actions, natural resource damages claims, cleanup and closure costs, and third-party claims for property damage and personal injury under environmental and other laws. We have insurance coverage, subject to applicable deductibles or retentions, policy limits and other conditions, for certain environmental matters; however, we may not be successful with respect to any claim regarding these insurance or indemnification rights and, if we are successful, any amounts paid pursuant to the insurance or indemnification rights may not be sufficient to cover all our costs and expenses. To the extent that we face unforeseen compliance costs or remediation expenses or liabilities that are not covered by insurance, we may bear the full effect of such costs, expenses and liabilities, which could materially adversely affect our results of operations and financial condition. Further, we may not be able to obtain future insurance coverage at current levels or at all, and our premiums may increase significantly. The cost of coverage may increase to an extent that we may choose to reduce our policy limits, increase our deductibles or retentions, or agree to certain exclusions from coverage.

**Risks Related to Financing Activities**

We, or our customers, may not be able to obtain necessary credit or, if so, on reasonable terms.

At December 31, 2025, we had $3.7 billion of fixed-rate debt outstanding. We also operate a $1.25 billion commercial paper program, supported by a $1.25 billion revolving credit facility committed by a syndicate of banks until May 2029. We have the contractual right to draw funds directly on the underlying bank credit facility, which could possibly occur if there were a disruption in the commercial paper market. However, if these obligations were not met, we may be forced to seek more costly or cumbersome forms of credit. Should such credit be unavailable for an extended time, it would significantly affect our ability to operate our business and execute our plans. In addition, our customers may experience liquidity problems as a result of an adverse change in the economic environment, including the ability to obtain credit, that could limit their ability to purchase our products and services or satisfy their existing obligations.

In addition, our ability to issue commercial paper and access the credit markets, and the cost of these borrowings, is affected by the strength of our credit ratings and current market conditions. Failure to maintain credit ratings that are acceptable to investors, including as a result of increased leverage, may adversely affect the cost and other terms upon which we are able to obtain financing, as well as our access to the capital markets. Any downgrade in our credit rating could increase our cost of borrowing, which could have a material and adverse effect on our business, results of operations and financial condition, and our ability to pay dividends.

Our significant indebtedness could adversely affect our cash flow, increase our vulnerability to economic conditions, and limit or restrict our business activities.

We have incurred, and may incur in the future, significant indebtedness, including in connection with mergers or acquisitions, which may impact the manner in which we conduct business or our access to external sources of liquidity. For example, in connection with our December 2024 acquisition of Eviosys, we issued $1.8 billion aggregate principal amount of senior unsecured notes and borrowed a total of $2.2 billion through two unsecured term loan facilities. In addition to interest payments, a significant portion of our cash flow may need to be used to service our indebtedness, and, therefore, may not be available for use in our business. Although we used the net proceeds from our divestitures of TFP and ThermoSafe in 2025 to reduce our indebtedness, as required under the terms of such term loan facilities, our ability to generate cash from the sale of assets or divestitures of business in the future is limited following the simplification of our portfolio into two core global business segments. Our ability to generate cash flow is subject to general economic, financial, competitive, legislative, regulatory, and other factors that may be beyond our control. Our indebtedness could have a significant impact on us, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• increasing our vulnerability to general adverse economic and industry conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requiring us to dedicate a significant portion of our cash flow from operations to payments on our indebtedness, thereby reducing the amount of our cash flow available to fund working capital, acquisitions and capital expenditures, and for other general corporate purposes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our flexibility in planning for, or reacting to, changes in our business and our industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restricting us from making strategic acquisitions or exploiting business opportunities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• necessitating the divestiture of certain of our assets or businesses in order to generate cash to service our indebtedness;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to continue paying dividends; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• limiting our ability to borrow additional funds.

Certain of our debt agreements impose restrictions with respect to the maintenance of financial ratios and the disposition of assets. The most restrictive covenants currently require us to maintain a minimum level of interest coverage, and a minimum level of net worth. These restrictive covenants could adversely affect our ability to engage in certain business activities that would otherwise be in our best long-term interests.

Some of our indebtedness is subject to floating interest rates, which would result in our interest expense increasing if interest rates rise.

We on occasion utilize debt instruments with a variable rate of interest, including term loan facilities, under which we had outstanding indebtedness totaling $0.5 billion as of December 31, 2025. Fluctuations in interest rates can increase borrowing costs and, depending on the magnitude of variable-rate borrowings outstanding, could potentially have a material and adverse effect on our business. Other variable-rate borrowings at December 31, 2025 were approximately $0.1 billion.

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We may incur additional debt in the future, which could increase the risks associated with our leverage.

We are continually evaluating and pursuing acquisition opportunities and, as we have in the past, we may from time to time incur additional indebtedness to finance any such acquisitions and to fund any resulting increased operating needs. As new debt is added to our current debt levels, the related risks we face could increase. While we will have to effect any new financing in compliance with the agreements governing our then existing indebtedness, changes in our debt levels and or debt structure may impact our credit rating and costs to borrow, as well as constrain our future financial flexibility in the event of a deterioration in our financial operating performance or financial condition. At December 31, 2025, scheduled debt maturities in 2026 totaled approximately $0.5 billion.

**Risks Related to Information Technology and Cybersecurity** 

We rely on our information technology, and its failure or disruption could disrupt our operations and adversely affect our business, financial condition and results of operations.

We rely on the successful and uninterrupted functioning of our information technologies to securely manage operations and various business functions, and we rely on diverse technologies to process, store and report information about our business, and to interact with customers, vendors and employees around the world. As with all large environments, our IT systems may be susceptible to damage, disruption or shutdown due to natural disaster, hardware or software failure, obsolescence, cyberattack, support infrastructure failure, user errors or malfeasance resulting in malicious or accidental destruction of information or functionality, or other catastrophic events. In addition, we may be subject to cybersecurity-related liabilities from businesses or assets that we acquire.

From time to time, we have been, and we will likely continue to be, subject to cybersecurity-related incidents.

Information system damages, disruptions, shutdowns or compromises could result in production downtimes and operational disruptions, transaction errors, loss of customers and business opportunities, legal liability, regulatory fines, penalties or intervention, reputational damage, reimbursement or compensatory payments, and other costs, any of which could have a material and adverse effect on our business, financial position and operations. Although we attempt to mitigate these risks by employing a number of administrative, physical, technical and process-based measures, including employee training, comprehensive monitoring of our networks and systems, and maintenance of backup and protective systems, our systems, networks, products, and services remain potentially vulnerable to cyber threats. Furthermore, the tactics, techniques, and procedures used by malicious actors to obtain unauthorized access to IT systems and networks change frequently and often are not recognizable until launched against a target. Accordingly, we may be unable to anticipate these techniques or implement adequate preventative measures. It is possible that we may in the future suffer a criminal attack whereby unauthorized parties gain access to our IT networks and systems, including sensitive, confidential or proprietary data, and we may not be able to identify and respond to such an incident in a timely manner.

We have continued to explore AI use cases in our operations, but there is no guarantee that our investment in such technologies will result in improvements in productivity, efficiency, or other anticipated benefits. While we are continuing to analyze potential risks arising from our use of AI, because AI technology is highly complex and rapidly developing, we may not be able to predict all of the risks that may arise relating to our current or any future use of AI.

A security breach of customer, employee, supplier or company information may have a material and adverse effect on our business, financial condition and results of operations.

We maintain and have access to sensitive, confidential, proprietary and personal data and information that is subject to privacy and security laws, regulations and customer controls. This personal data and information is subject to the risk of intrusion, tampering and theft. Although we develop and maintain systems designed to prevent such events from occurring, the development and maintenance of these systems is costly and requires ongoing monitoring and updating as technologies change and efforts to overcome security measures become increasingly sophisticated. Moreover, despite our efforts to protect such sensitive, confidential, proprietary, and personal data or information, our facilities and systems and those of our customers, suppliers and third-party service providers may be vulnerable to security breaches, misplaced or lost data, and programming or user errors that could lead to the compromise of sensitive, confidential, proprietary or personal data and information. Similar security threats exist with respect to the IT systems of our lenders, suppliers, consultants, advisors and other third parties with whom we conduct business. Additionally, we provide confidential, proprietary and personal data and information to third parties when it is necessary to pursue business objectives and there is a risk that the confidentiality of personal data and information held by third parties may be compromised. Increasing use of AI may increase these risks.

The SEC adopted rules mandating disclosure regarding cybersecurity risk management and governance, as well as material cybersecurity incidents. We continue to see increased regulation of data privacy and security and the adoption of more stringent consumer privacy laws, as well as subject matter specific state laws and national laws regulating the collection and use of data, and security and data breach obligations – including the passage and expansion of data protection laws around the world. It is likely that new laws and regulations will continue to be adopted in the United States and internationally, and existing laws and regulations may be interpreted in new ways that would affect our business. Although we take reasonable efforts to comply with all applicable laws and regulations, the uncertainty and changes in the requirements of multiple jurisdictions may increase the cost of compliance, reduce demand for our services, restrict our ability to offer services in certain locations, and jeopardize business transactions across borders.

As a result of potential cyber threats and existing and new data protection requirements, we have incurred significant costs as part of our efforts to protect and safeguard our sensitive, confidential, proprietary and personal data and information, and the sensitive, confidential, proprietary and personal data and information of our customers, suppliers and third-party service providers. We expect to continue to incur such costs and may face increased costs and be required to expend substantial resources in the event of an actual or perceived security breach or incident and to comply with the SEC cybersecurity disclosure rules. These efforts also may divert management and employee attention from other business and growth initiatives. Failure to provide adequate privacy protections and maintain compliance with data privacy laws could result in interruptions or damage to our operations, legal or reputational risks, create liabilities for us, subject us to sanctions by data protection regulators and result in significant penalties, and increase our cost of doing business, all of which could have a material and adverse impact on our business, financial condition and results of operations.

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**Risks Related to Accounting, Human Resources, Financial, and Business Matters and Taxation**

Changes in pension plan assets or liabilities may reduce our results of operations and shareholders' equity.

We sponsor various defined benefit plans worldwide and had an aggregate PBO for these plans of approximately $483 million as of December 31, 2025. The difference between defined benefit plan obligations and assets (the funded status of the plans) significantly affects the net periodic benefit costs and the ongoing funding requirements of the plans. Among other factors, changes in discount rates and lower-than-expected investment returns could substantially increase our future plan funding requirements and have an adverse impact on our results of operations and cash flows. As of December 31, 2025, these plans held a total of approximately $320 million in assets consisting primarily of mutual funds and fixed income securities, funding a portion of the PBOs of the plans. If the performance of these assets does not meet our assumptions, or discount rates decline, the net underfunding of the plans may increase and we may be required to contribute additional funds to these plans, and our pension expense may increase, which could adversely affect results of operations and shareholders' equity.

Our ability to attract, develop and retain talented executives, managers and employees is critical to our success.

Our ability to attract, develop, integrate and retain talented employees, including executives and other key managers, is important to our business. The experience and industry contacts of our management team and other key personnel significantly benefit us, and we need expertise like theirs to carry out our business strategies and plans. We also rely on the specialized knowledge and experience of certain key technical employees. The loss of these key officers and employees, or the failure to attract and develop talented new executives, managers and employees, could have a material and adverse effect on our business. Effective succession planning is also important to our long-term success, and failure to ensure effective transfer of knowledge and smooth transitions involving key officers and employees could hinder our strategic planning and execution. We have from time to time experienced turnover on our senior management team, and if we are unable to attract, motivate and retain qualified personnel, or if we experience excessive turnover, we may experience declining sales, manufacturing delays or other inefficiencies, increased recruiting, training and relocation costs and other difficulties, and our results of operations, cash flows and financial condition may be adversely impacted.

Labor disruptions and a rise in labor costs could impact our business, financial condition and results of operations.

A portion of our workforce is unionized. We may experience labor shortages and work stoppages at one or more of our manufacturing plants due to localized or industry strikes. A prolonged work stoppage or strike at any plant with unionized employees could increase costs and affect our ability to supply products to our customers. In addition, upon the expiration of existing collective bargaining agreements, we may not reach new agreements without union action in certain jurisdictions and any such new agreements may not be on terms satisfactory to us. If we are unable to negotiate acceptable collective bargaining agreements, we may become subject to union-initiated work stoppages, including strikes. In addition, additional groups of employees may seek union representation in the future.

An increase in labor costs could adversely affect our results of operations. Most of the factors affecting labor costs are beyond our control and we may not be able to offset increased labor costs. A shortage of qualified employees, inflationary pressure on wages, increases in minimum wages or union-agreed wages in any of the jurisdictions in which we operate could increase labor costs and have a material and adverse effect on our business, financial condition and results of operations.

Changes in U.S. generally accepted accounting principles ("GAAP") and SEC rules and regulations could materially impact our reported results.

U.S. GAAP and SEC accounting and reporting changes are common and have become more frequent and significant in the past several years. These changes could have significant effects on our reported results when compared to prior periods and to other companies, and may even require us to retrospectively revise prior periods from time to time. Additionally, material changes to the presentation of transactions in the consolidated financial statements could impact key ratios that analysts and credit rating agencies use to rate our Company, increase our cost of borrowing, and ultimately our ability to access the credit markets in an efficient manner.

Our financial results are based upon estimates and assumptions that may differ from actual results.

In preparing our consolidated financial statements in accordance with U.S. GAAP, we make estimates and assumptions that affect the accounting for and recognition of assets, liabilities, revenues and expenses. These estimates and assumptions must be made due to certain information used in the preparation of our financial statements that is dependent on future events, cannot be calculated with a high degree of precision from data available, or is not capable of being readily calculated based on generally accepted methodologies. We believe that accounting for long-lived assets, defined benefit plans, share-based compensation, contingencies and litigation, and income taxes involves the more significant judgments and estimates used in the preparation of our consolidated financial statements. Actual results for all estimates could differ materially from the estimates and assumptions that we use, which could have a material and adverse effect on our financial condition and results of operations.

We have a significant amount of goodwill and other intangible assets, and a write down would adversely impact our results of operations and shareholders' equity.

At December 31, 2025, the carrying value of the goodwill and intangible assets of our continuing operations was approximately $5.2 billion. We are required to evaluate our goodwill for impairment annually, or more frequently when evidence of potential impairment exists. The impairment test requires us to analyze a number of factors and make estimates that require judgment. As a result of this testing, we have in the past recognized goodwill impairment charges, and we have identified two reporting units, Metal Packaging EMEA and Global Paper Products APAC, that are currently at risk of a future impairment charge if each does not perform in line with management's expectations, or if there is a negative change in the long-term financial outlook or in other factors such as each reporting unit's particular discount rate used. Total goodwill associated with the Metal Packaging EMEA and Global Paper Products APAC reporting units was $1.4 billion at December 31, 2025. Future changes in the cost of capital, expected cash flows, changes in our business strategy, and external market conditions, among other factors, could require us to record an impairment charge for goodwill, which could lead to decreased assets and reduced net income. If a significant write down were required, the charge could have a material and adverse effect on our results of operations and shareholders' equity.

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Full realization of our deferred tax assets may be affected by a number of factors.

Our annual effective tax rate and the amount of taxes we pay can change materially as a result of changes in U.S. and foreign tax laws, changes in the mix of our U.S. and foreign earnings, adjustments to our estimates for the potential outcome of any uncertain tax issues, and audits by federal, state and foreign tax authorities.

As a large multinational corporation, we are subject to U.S. federal, state and local, and many foreign tax laws and regulations, all of which are complex and subject to significant change and varying interpretations. Tax laws and regulations are continuously evolving with corporate tax reform, base-erosion efforts, global minimum tax, and increased transparency continuing to be high priorities in many tax jurisdictions in which we operate. For example, on July 4, 2025, the One Big Beautiful Bill Act (the "OBBBA") was signed into law in the United States. The OBBBA includes a broad range of tax reform provisions and extends certain provisions of the Tax Cuts and Jobs Act of 2017. While we do not currently anticipate any material effect on our effective tax rate, financial results, or cash flows for 2026 arising from the OBBBA, any changes in tax laws or regulations, or any change in the position of taxing authorities regarding their application, administration or interpretation, could have a material adverse effect on our business, consolidated financial condition or results of our operations.

The Organisation for Economic Co-operation and Development ("OECD") has issued the Base Erosion and Profit Shifting ("BEPS") Pillar II rules which generally provide for multinational organizations to have a minimum effective corporate tax rate of 15% in each jurisdiction in which they operate. While it is uncertain whether the United States will enact legislation to adopt Pillar II, certain countries in which we operate have enacted legislation, and other countries have introduced legislation to implement the minimum tax directive. Many aspects of Pillar II were effective for us in 2025, with additional components becoming effective in 2026.

On January 5, 2026, the OECD announced the implementation of a side-by-side ("SbS") system, which allows U.S.-parented multinationals to be exempt from certain components of the GMT due to having an eligible taxation system already in place under existing U.S. tax rules. The SbS system is effective for fiscal years beginning on or after January 1, 2026. As each country in which we operate evaluates their alignment with the recommendations and enacts GMT rules, the ultimate impact of any such changes on our effective tax rate remains uncertain.

We do not currently anticipate any material effect on our effective tax rate, financial results or cash flows for fiscal 2025 based on currently enacted laws as a result of Pillar II; however, our analysis is ongoing as the OECD continues to release additional guidance and countries enact legislation. To the extent additional legislative changes take place in the countries in which we operate, it is possible that these changes may yield an adverse impact on our effective tax rate, financial results and cash flows.

In the United States, the Inflation Reduction Act of 2022 (the "Inflation Reduction Act"), which was signed into law on August 16, 2022, includes a number of provisions that may impact us in the future, including a 1% excise tax on share repurchases. In addition, our products, and our customers' products, are subject to import and excise duties and/or sales or value-added taxes in many jurisdictions in which we operate. Increases in these indirect taxes could affect the affordability of our products and our customers' products, and, therefore, reduce demand.

Due to widely varying tax rates in the taxing jurisdictions applicable to our business, a change in income generation to higher taxing jurisdictions or away from lower taxing jurisdictions may also have an adverse effect on our financial condition and results of operations.

We make estimates of the potential outcome of uncertain tax issues based on our assessment of relevant risks and facts and circumstances existing at the time, and we use these assessments to determine the adequacy of our provision for income taxes and other tax-related accounts. These estimates are highly judgmental. Although we believe we adequately provide for any reasonably foreseeable outcome related to these matters, future results may include favorable or unfavorable adjustments to estimated tax liabilities, which may cause our effective tax rate to fluctuate significantly.

In addition, our income tax returns are subject to regular examination by domestic and foreign tax authorities. These taxing authorities may disagree with the positions we have taken or intend to take regarding the tax treatment or characterization of any of our transactions. If any tax authorities were to successfully challenge the tax treatment or characterization of any of our transactions, it could have a material and adverse effect on our business, consolidated financial condition or results of our operations. Furthermore, regardless of whether any such challenge is resolved in our favor, the final resolution of such matter could be expensive and time consuming to defend or settle. Future changes in tax law could significantly impact our provision for income taxes, the amount of taxes payable, and our deferred tax asset and liability balances.

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If we fail to continue to maintain effective internal control over financial reporting at a reasonable assurance level, we may not be able to accurately report our financial results, and may be required to restate previously published financial information, which could have a material and adverse effect on our operations, investor confidence in our business and the trading prices of our securities.

Effective internal controls are necessary to provide reliable financial reports and to assist in the effective prevention of fraud. Any inability to provide reliable financial reports or prevent fraud could harm our business. We are required to assess the effectiveness of our internal control over financial reporting annually, as required by Section 404 of the Sarbanes-Oxley Act. We need to maintain our processes and systems and adapt them as our business grows and changes. This continuous process of maintaining and adapting our internal controls and complying with Section 404 is expensive, time-consuming and requires significant management attention. As we grow our businesses and acquire other businesses, our internal controls will become increasingly complex and we may require significantly more resources. The integration of acquired businesses into our internal control over financial reporting has required, and will continue to require, significant time and resources from our management and other personnel and will increase our compliance costs. Additionally, maintaining effectiveness of our internal control over financial reporting is made more challenging by the fact that as of December 31, 2025, we had approximately 166 subsidiaries and joint ventures in 37 countries around the world. There is no assurance that, in the future, material weaknesses will not be identified that would cause management to change its current conclusion as to the effectiveness of our internal controls. If we fail to maintain the adequacy of our internal controls, as such standards are modified, supplemented or amended from time to time, we could be subject to regulatory scrutiny, civil or criminal penalties or litigation. In addition, failure to maintain adequate internal controls could result in financial statements that do not accurately reflect our financial condition, and we may be required to restate previously published financial information, which could have a material and adverse effect on our operations, investor confidence in our business and the trading prices of our securities.

Our disclosure controls and procedures and internal controls may not prevent or detect all errors or acts of fraud.

We designed our disclosure controls and procedures to reasonably assure that information we must disclose in reports we file or submit under the Exchange Act is accumulated and communicated to management and recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC. We believe that any disclosure controls and procedures or internal controls and procedures, no matter how well-conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. These inherent limitations include the realities that judgments in decision-making can be faulty and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people or by an unauthorized override of the controls. Accordingly, because of the inherent limitations in our control system, misstatements due to error or fraud may occur and not be detected.

Item 1B. Unresolved Staff Comments.

There are no unresolved written comments from the SEC staff regarding the Company's periodic or current Exchange Act reports.

Item 1C. Cybersecurity.

*Risk management and strategy.*

The Company's approach to risk management is designed to identify, assess, prioritize, and manage significant risk exposures that could affect the Company's ability to execute its corporate strategy and fulfill its business objectives. The Company manages enterprise risk through its Risk Management Committee ("RMC") chaired by the Company's Vice President of Compliance, Risk and Audit with direct oversight from the Company's General Counsel. The RMC, which is made up of senior leadership across a variety of business functions, defines the Company's enterprise risk framework based upon analysis of industry and peer benchmarking as well as company-specific data analysis.

As a component of the Company's enterprise risk management program, the Company's cybersecurity risk management program outlines the Company's cybersecurity risk management practices and capabilities, including the division of responsibilities for reviewing the Company's cybersecurity risk exposure and risk tolerance, tracking emerging information risks, and ensuring proper escalation of certain key risks for periodic review by the Board and its committees. Cybersecurity risk is evaluated within the population of all enterprise risks in the framework and is included in assessments overseen by the RMC that identify the risks of highest priority to the Company. For these highest priority risks, including cybersecurity risks, the RMC designates risk owners, sets common reporting processes, and monitors risk mitigation and treatment strategies to support business continuity.

The Company's cybersecurity risk management program leverages the National Institute of Standards and Technology ("NIST") Cybersecurity Framework for identifying, assessing, and managing material risks from cybersecurity threats. This approach combines prevention and detection techniques, informed by internal and external sources, to identify and analyze potential threat activities. When a threat is identified, a cyber incident response plan outlines the Company's procedures for containing, remediating, and recovering from the cybersecurity incident. Cybersecurity tenets are also incorporated into the Company's technology policies.

The Company's cybersecurity risk management program focuses on vulnerability management, access management, and user awareness training. Among other things, the Company implements scheduled patching and system updates, proactively scans for vulnerabilities, and engages qualified third-party experts to assess the Company's IT infrastructure and identify vulnerabilities and opportunities for continued focus and improvement. When vulnerabilities are identified, the Company's IT management team receives reports that assess each vulnerability and track progress in remediating that vulnerability. The IT management team also collaborates with supply chain management and the Company's third party risk management program to onboard and monitor key third-party service providers to address the potential risk of cybersecurity threats through the use of such third parties. Annual cybersecurity training is mandatory for all users with access to the Company's IT systems, and the Company conducts targeted monthly tests to promote phishing awareness. In addition to these prevention methods, the Company seeks to detect potential threats through external intelligence and monitoring solutions. External commercial or governmental agencies are also engaged to assess potential threat activity relevant to the Company where appropriate. The Company also monitors server and endpoint devices across the organization to detect signs of a cyberattack.

The Company has implemented and maintains an information security incident response plan ("IR Plan"), which includes processes to assess, escalate, contain, investigate, and remediate cybersecurity incidents. Upon notification of a potential cybersecurity threat, management defines the threat based on its nature as an information security event, alert, incident, or breach, and all cybersecurity incidents are categorized by level of severity based on the impact of the incident to the Company's operations. A technical incident response team is responsible for technical response activities, including information gathering and forensic analysis, containment, and remediation efforts. The Company's Crisis

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Management Team drives the Company's enterprise-level crisis response process, leads decisions around response strategies, coordinates resources required to execute such strategies, and oversees all cybersecurity incidents categorized as Critical and High.

Although the Company did not experience a material cybersecurity incident during the year ended December 31, 2025, the scope and impact of any future incident cannot be predicted. See "Item 1A. Risk Factors – Risks Related to Information Technology and Cybersecurity" for more information on the Company's cybersecurity-related risks.

*Governance.*

The Company's day-to-day management of cybersecurity risks is led by the Chief Information Security Officer ("CISO") with direct oversight from the Chief Information Officer ("CIO"). The Company's IR Plan includes a defined escalation matrix for critical or high severity information security events involving notifications to the CISO and CIO, who further escalate critical or high severity events to the Company's Crisis Management Team, which consists of senior management from IT, including the CIO and CISO, Human Resources, Risk and Internal Audit, Marketing and Communications, Legal, and Finance. The Crisis Management Team further elevates sufficiently critical and high severity events to the Company's Cyber Incident Review Committee ("CIRC"), which consists of the CIO, Chief Financial Officer, Chief Accounting Officer, VP of Investor Relations, VP of Compliance, Risk and Audit, and General Counsel, or their delegates. Additional senior management from relevant business units are added to the CIRC as needed based on the nature of identified cybersecurity incidents. The CIRC preliminarily evaluates whether an incident is material and provides a proposal to the CEO and CFO, who work in consultation with the committee to make a final determination of materiality. Such determination is communicated to the Audit Committee of the Board (the "Audit Committee").

The Company's Crisis Management Team has relevant expertise and experience to assess and remediate cyber threats. The CIO has over 18 years of experience in IT and security, and the CISO has over 30 years of IT experience and over 12 years of information security experience.

As part of its broader oversight activities, the Board oversees risks from information security threats and other risks identified by the RMC, both directly and by way of delegation to the Audit Committee. As reflected in its charter, the Audit Committee oversees and specifically discusses the guidelines and policies by which the Company assesses and manages its cybersecurity risk exposures, as well as the steps management has taken to monitor and control such exposures. The Audit Committee also oversees the Company's internal control over financial reporting, including with respect to financial reporting-related information systems. In addition to any communications of specifically identified cybersecurity events, the Audit Committee receives and discusses quarterly updates on cybersecurity activities, including review of annual external assessment results, training compliance and discussion of cybersecurity risks and resolutions, and is responsible for elevating significant matters to the full Board as events arise. The Board receives an annual update and provides feedback on the Company's cybersecurity governance processes, risk management plan, and any significant activities related thereto, and also reviews risk management practices in the course of its review of the Company's corporate strategy, business plans, Board committee reports, and other presentations. In addition to the ordinary-course Board and Audit Committee reporting and oversight described above, the Company also maintains disclosure controls and procedures designed for prompt reporting to the Board and timely public disclosure, as appropriate, of material events covered by our risk management framework, including information security risks.

Item 2. Properties.

The Company's corporate offices are owned and operated in Hartsville, South Carolina. As of December 31, 2025, there were a total of approximately 265 owned and leased facilities used by the Company in 37 countries around the world, including approximately 102 facilities in the Consumer Packaging segment, 158 in the Industrial Paper Packaging segment, and 5 in the All Other group of businesses. Approximately 51% of these facilities are located in North America, primarily the United States, 32% in EMEA, 11% in APAC, and 6% in South America.

The Company believes that its facilities have been well maintained, are generally in good condition and are suitable for the conduct of its business. The Company does not anticipate difficulty in renewing existing leases as they expire or in finding alternative facilities.

Item 3. Legal Proceedings.

The Company has been named as a potentially responsible party ("PRP") at several environmentally contaminated sites not owned by the Company. All of the sites are also the responsibility of other parties. The Company's liability, if any, is shared with such other parties, but the Company's share has not been finally determined in most cases. In some cases, the Company has cost-sharing agreements with other PRPs relating to the sharing of legal defense costs and cleanup costs for a particular site. The Company has assumed, for accrual purposes, that the other parties to these cost-sharing agreements will perform as agreed. Final resolution of some of the sites is years away, and actual costs to be incurred for these matters in future periods is likely to vary from current estimates because of the inherent uncertainties in evaluating environmental exposures. Accordingly, the ultimate cost to the Company with respect to such sites, beyond what has been accrued as of December 31, 2025, cannot be determined.

As of December 31, 2025 and 2024, the Company had accrued $1.8 million and $7.0 million, respectively, related to environmental contingencies. Of the total amount accrued as of December 31, 2024, $5.1 million was attributable to environmental contingencies at a site in Spartanburg, South Carolina that was part of the Company's Thermoformed and Flexibles Packaging business and included in the sale of TFP to Toppan on April 1, 2025.

The Company periodically reevaluates the assumptions used in determining the appropriate reserves for environmental matters as additional information becomes available and makes appropriate adjustments when warranted. For further information about legal proceedings, see Note 18 to the Company's Consolidated Financial Statements under Item 8 of this Annual Report on Form 10-K.

Other Legal Matters

Additional information regarding other legal matters is provided in Note 18 to the Consolidated Financial Statements of this Annual Report on Form 10-K.

Item 4. Mine Safety Disclosures.

Not applicable.

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PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.

Sonoco Products Company's ("Sonoco," the "Company," "we," "us," or "our") common stock is traded on the New York Stock Exchange under the stock symbol "SON." As of December 31, 2025, there were approximately 133,000 shareholder accounts. Information required by Item 201(d) of Regulation S-K can be found in Part III, Item 12 of this Annual Report on Form 10-K.

Although the ultimate determination of whether to pay dividends is within the sole discretion of the Board and is based on a variety of factors, the Company currently plans to continue paying dividends consistent with historical practice as earnings and the Company's liquidity permit. Dividends per common share were $2.11 in 2025, $2.07 in 2024 and $2.02 in 2023. On February 11, 2026, the Company declared a regular quarterly dividend of $0.53 per common share payable on March 10, 2026, to shareholders of record on February 25, 2026.

![Graph.jpg](son-20251231_g1.jpg)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| Sonoco Products Company | $100.00 | $100.52 | $108.88 | $103.82 | $94.35 | $88.39 |
| S&P 500 | $100.00 | $128.71 | $105.40 | $133.10 | $166.40 | $196.16 |
| Dow Jones US Containers & Packaging | $100.00 | $110.96 | $91.21 | $98.16 | $112.83 | $99.86 |
| S&P Composite 1500 Materials | $100.00 | $127.49 | $113.74 | $129.10 | $128.67 | $141.60 |

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Issuer purchases of equity securities

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| | | | | |
|:---|:---|:---|:---|:---|
| *Period* | *(a) Total Number of* <br>*Shares Purchased*<sup>1</sup> | *(b) Average Price* <br>*Paid per Share* | *(c) Total Number of* <br>*Shares Purchased*<br>*as Part of Publicly*<br>*Announced Plans or*<br>*Programs* | *(d) Maximum*<br>*Number or Approximate Dollar Value of Shares*<br>*that May Yet be*<br>*Purchased under the*<br>*Plans or Programs*<sup>1</sup> |
| 9/29/25 - 11/02/25 |  | $— |  | $137971853 |
| 11/03/25 - 11/30/25 |  | $— |  | $137971853 |
| 12/01/25 - 12/31/25 |  | $— |  | $137971853 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total |  | $— |  | $137971853 |

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In April 2021, the Board authorized the repurchase of the Company's common stock in an aggregate amount of up to $350.0 million (the "Stock Repurchase Program"). The Stock Repurchase Program was announced on May 4, 2021 and has no expiration date. During the three months ended December 31, 2025, no shares were repurchased under the Stock Repurchase Program and no other Company stock repurchase plans or programs were outstanding, expired, or terminated. As of December 31, 2025, a total of approximately $138.0 million remained available under the Stock Repurchase Program for future share repurchases.

The Company did not make any unregistered sales of its securities during 2025.

For further information about share repurchases, see Note 19 to the Company's Consolidated Financial Statements under Item 8 of this Annual Report on Form 10-K

Item 6. [Reserved]

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following Management's Discussion and Analysis of Financial Condition and Results of Operations (the "MD&A") is intended to help the reader understand the Company, its operations and its present business environment. The MD&A is provided as a supplement to, and should be read in conjunction with, the Company's Consolidated Financial Statements and the accompanying notes thereto contained in Item 8 of this Form 10-K. The MD&A contains forward-looking statements, including, without limitation, statements relating to the Company's plans, strategies, objectives, expectations, intentions and resources. Such forward-looking statements should be read in conjunction with our disclosures under "Forward-Looking Statements" and under "Item 1A. Risk Factors" of this Annual Report on Form 10-K.

The Company's financial statements are prepared in conformity with U.S. GAAP. Sonoco's management considers a variety of both GAAP and non-GAAP financial and operating measures in assessing the Company's financial performance. The key GAAP measures used are net sales, operating profit, gross profit margin, net income attributable to Sonoco and diluted earnings per share. The key non-GAAP measures used are Adjusted operating profit, Adjusted net income attributable to Sonoco, Adjusted diluted earnings per share, and Adjusted EBITDA. For information about the Company's use of non-GAAP measures and reconciliations of these measures to the most directly comparable GAAP measures see "Non-GAAP Financial Measures" below.

Management may also assess year-over-year changes in operating performance in terms of productivity savings or usage, which is driven by procurement savings or losses, production efficiencies or inefficiencies and the effect of fixed cost reduction initiatives. Management views productivity as a measure of operational excellence of the business and uses it to evaluate improvements in manufacturing efficiency, including automation, and other fixed and variable cost reduction initiatives. Management provides investors with this information to evaluate Sonoco's operating results in a manner similar to how management evaluates operating performance. The Company calculates productivity savings as the difference between applicable current period costs and prior year costs, excluding the impact of estimated inflation or deflation, and volume changes where appropriate.

The MD&A in this Form 10-K generally discusses 2025 and 2024 items and year-to-year comparisons between 2025 and 2024. Discussions of 2024 items and year-to-year comparisons between 2024 and 2023 that are not included in this Form 10-K can be found in "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Part II, Item 7 of the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

Discontinued Operations

The Company's decision in December 2024 to sell TFP represented a major strategic shift in operations. Therefore, in accordance with applicable accounting guidance, the results of TFP are presented as discontinued operations in the Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for all periods presented in this Annual Report on Form 10-K and the assets and liabilities of TFP are classified as assets and liabilities of discontinued operations in the Consolidated Balance Sheets. The Consolidated Statements of Comprehensive Income, Changes in Total Equity, and Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages and disclosures for all periods presented in this Annual Report on Form 10-K reflect only the continuing operations of Sonoco unless otherwise noted. On April 1, 2025, the Company completed the sale of TFP to TOPPAN for approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments. See Note 2 to the Consolidated Financial Statements for additional information.

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General Overview

Sonoco is a multi-billion dollar global designer, developer, and manufacturer of a variety of highly-engineered and sustainable packaging products serving multiple end markets. As of December 31, 2025, the Company had approximately 265 locations in 37 countries, serving some of the world's best-known brands around the globe. The Company's operating and reporting structure consists of two reportable segments, Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as All Other. Geographically, in 2025, approximately 48% of sales were generated in the United States, 43% in EMEA, 3% in APAC, 1% in Canada, and 5% in other regions.

Sonoco competes in multiple product categories, with the majority of the Company's revenues attributable to products and services sold to consumer and industrial products companies for use in the packaging of their products for sale or shipment. The Company also manufactures uncoated recycled paperboard for both internal use and open market sale. Each of the Company's operating units has its own sales staff and maintains direct sales relationships with its customers.

Sonoco's goal is to increase its long-term profitability and return capital to shareholders. Over the past several years, we have simplified our portfolio into two core global business segments, which has reduced operating complexity and improved agility. On December 4, 2024, Sonoco completed the acquisition of Eviosys, Europe's leading food cans, ends and closures manufacturer, from KPS, for net cash consideration of approximately $3.8 billion. The transaction was designed to advance Sonoco's portfolio transformation strategy to simplify and realign its portfolio. The transaction, the largest in the Company's history, expanded Sonoco's global leadership in metal food can and aerosol packaging, facilitating our ability to partner with global customers to advance innovation and sustainability in metal packaging offerings. Eviosys operates under the Consumer Packaging segment as Sonoco Metal Packaging EMEA.

Sonoco's portfolio transformation strategy also includes significant divestitures. For example, in 2023, the Company completed the divestitures of its U.S. and Mexico Bulksak businesses, which consisted of the manufacture and distribution of flexible intermediate bulk containers, plastic and fiber pallets, and custom fit liners, and its Sonoco Sustainability Solutions ("S3") business, which provided customized waste and recycling management programs.

In April 2024, Sonoco completed the divestiture of Protexic, which manufactured molded expanded polypropylene and expanded polystyrene foam components serving the automotive, electronics, appliances, and other markets.

On April 1, 2025, the Company completed the sale of TFP to Toppan for a selling price of approximately $1.8 billion on a cash-free and debt-free basis and subject to customary adjustments. On a standalone basis, TFP had revenue of $1.3 billion in 2024.

On November 3, 2025, the Company completed the sale of ThermoSafe to Arsenal, a private equity firm, for net cash consideration of $656 million paid at closing on a cash-free and debt-free basis and subject to customary adjustments. On a standalone basis, ThermoSafe, which was part of the All Other group of businesses, had revenue of approximately $230 million in 2025, through the date of the divestiture. The sale of ThermoSafe substantially concludes the Company's portfolio transformation goal of streamlining its operations from a large portfolio of diversified businesses into two core global business segments.

See "Acquisitions and Divestitures—Divestitures" below for more information.

The Company is focused on efficient capital deployment into these larger, core business units to improve economic returns and improve integration effectiveness and speed for acquired strategic assets. For example, in July 2025 the Company announced plans to invest $30 million of capital into three rigid paper can facilities in the United States to increase its production capacity in the adhesives and sealants sector. The investment is intended to improve supply chain reliability and ensure consistent access to materials for customers.

Effective January 1, 2024, the Company began conducting its recycling operations, part of the Industrial Paper Packaging segment, as a procurement function. As a result, no recycling net sales were recorded and the margin from the Company's recycling operations reduced "Cost of sales" in the Company's Consolidated Statements of Income for the year ended December 31, 2025 and 2024 as these activities are no longer a part of ongoing major operations.

In addition, the Company is consolidating its global metal packaging and rigid paper containers businesses under one structure based on two geographies - Consumer Packaging, EMEA/APAC and Consumer Packaging, Americas. The Company believes the new geographically integrated structure creates a simpler and more efficient operating model that will lead to further innovation, collaboration and growth opportunities.

Throughout 2025, the Company continued to work on commercial, operational, and supply chain excellence programs to shift the mix of its business towards higher-valued products and increase overall productivity from procurement savings, production efficiencies, and fixed cost reduction initiatives, as well as strategic pricing initiatives intended to better capture input costs and the value of the services provided. In addition, the Company continued to focus on improving its competitive position by reducing its cost structure through targeted restructuring activities for operations and support functions intended to enable the Company's businesses to better leverage market capabilities and generate cash flow. The Company plans to continue its focus on driving significant costs savings through implementing a profitability performance plan focused on operational improvement, commercial excellence, and structural transformation in 2026.

The Company believes that its simplified structure will enable greater strategic and operational focus, help generate proceeds to fund deleveraging and further focus capital investments in the Company's core Consumer Packaging and Industrial Paper Packaging businesses, and deliver on its strategic priorities by driving sustainable growth, further expanding margins and efficiently allocating capital, maintaining a strong balance sheet and returning capital to shareholders. By transforming into a simpler, stronger and more sustainable company, the Company believes it is positioned to grow through 2026 and beyond.

Global Trade Developments

Recent developments in U.S. and foreign trade policy have increased uncertainty for the global economy and the Company's business. On March 4, 2025, the U.S. government imposed a 25% tariff on all imports from Canada or Mexico. After imposing this tariff, the U.S. government allowed for the temporary exemption from the tariff for any goods that comply with the USMCA, which has helped mitigate the impact of the tariff on the Company's operations in North America. On February 10, 2025, the United States announced the expansion of Section 232 Tariffs on steel and aluminum imported into the United States, effective March 12, 2025, and the termination of the granting of new exclusions to mitigate these tariffs. As a result, imported steel and aluminum originating from most countries is currently subject to a 50% duty.

The United States also imposed reciprocal tariffs at a baseline rate of 10%, effective April 5, 2025, and later set firmly established tariff rates for various countries at the beginning of August 2025. For the most part, these reciprocal tariffs were incremental increases over the previously established 10% temporary reciprocal tariffs. On February 20, 2026, the U.S. Supreme Court invalidated certain of these tariffs. This ruling and any future changes in tariff and trade policy may result in additional changes, and the exact scope of any such additional changes is not known at this time. While the full impact of the recent changes is uncertain, the Company does not currently expect the current tariff environment to have a material direct effect on the Company's profitability or cash flows over 2026 because the Company's manufacturing network is designed to serve

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local markets, reducing its exposure to cross-border disruptions and tariff-related risks. While the Company is actively working with its customers to help manage the impacts of higher input costs driven by tariffs, its business model allows for pricing adjustments when necessary. In addition, the Company believes its transformed portfolio following the Eviosys acquisition and the sales of TFP and ThermoSafe is significantly more resilient, with nearly two-thirds of the Company's sales in 2025 coming from the Consumer Packaging segment, a segment that has historically demonstrated strong performance across economic cycles. In addition, while the Section 232 Tariffs impact input costs for the Company's U.S.-based operations with Consumer Packaging, Americas, which source a portion of their steel and aluminum purchases from outside the United States, the Company intends, and has the contractual ability, to pass such increases in cost due to tariffs to its customers.

The ultimate resolution and consequences of these trade policy developments, and their effect on the Company, is uncertain and the Company will continue to monitor trade policy changes closely in order to adapt its strategies and to maintain competitiveness in a challenging market environment. See "Risk Factors" in Part I, Item 1A of this Annual Report on Form 10-K.

Other Recent Developments

On July 4, 2025, the OBBBA, which includes a broad range of tax reform provisions, including the extension of key provisions of the Tax Cuts and Jobs Act of 2017, was signed into law in the United States. The Company has evaluated the impact of the OBBBA as part of its 2025 results, and the effects of the legislation are reflected in its income tax provision for the calendar year 2025. The Company currently does not anticipate any material effect from the OBBBA on its effective tax rate, financial results or cash flows for 2026; however, it will continue to assess the application of the OBBBA and any related regulatory guidance as it becomes available.

Acquisitions and Divestitures

Acquisitions

No acquisitions were completed by the Company in 2025. However, as described above, on December 4, 2024, the Company completed the acquisition of all issued and outstanding equity interests in Eviosys from an affiliate of KPS for net cash consideration of approximately $3.8 billion, net of a final working capital settlement for which the Company received $16.5 million during the second quarter of 2025. Eviosys, now operated as Sonoco Metal Packaging EMEA in the Company's Consumer Packaging segment, is a global supplier of metal packaging that produces food cans and ends, aerosol cans, metal closures and promotional packaging with a large metal food can manufacturing footprint in the EMEA region, which at the time of the acquisition included approximately 6,500 employees in 44 manufacturing facilities across 17 countries. The Company funded the Eviosys acquisition, including related fees and expenses, with the net proceeds from the registered public offering of senior unsecured notes, borrowings from two term loan facilities, and cash on hand. See Note 11 to the Consolidated Financial Statements for more information.

Acquisition activity in 2024 included the Company's purchase of a small tube and paper cone manufacturer in Brazil for $2.7 million on June 1, 2024. The financial results of this business are included in the Company's Industrial Paper Packaging segment.

TFP Divestiture

On April 1, 2025, the Company completed the sale of TFP, part of the Consumer Packaging segment, to Toppan for net cash consideration of $1,807.5 million paid at closing on a cash-free and debt-free basis. A final working capital settlement was reached in January 2026 that will require a payment of $15.2 million to be made to the buyers during the first quarter of 2026. The Company has recorded a liability for this amount in "Accrued expenses and other payables" on its consolidated balance sheet as of December 31, 2025.This sale was the result of the Company's continuing evaluation of its business portfolio and was consistent with the Company's strategic and investment priorities. In connection with the TFP divestiture, the Company wrote off net assets totaling $1,112.5 million, reclassified $48.0 million of cumulative translation adjustment losses from accumulated other comprehensive income/(loss) and incurred transaction fees of $25.2 million, resulting in a net pretax gain of $606.6 million. The Company recognized a related tax provision of $199.5 million for an after-tax gain of $407.2 million. The after tax gain is included in "Net income from discontinued operations" in the Company's Consolidated Statements of Income for the year ended December 31, 2025. See Notes 1 and 2 to the Consolidated Financial Statements for additional information. The majority of cash proceeds generated from this transaction were used to repay debt, as further described in Note 11 to the Consolidated Financial Statements.

ThermoSafe and Other Divestitures

As described above, on November 3, 2025, the Company completed the sale of ThermoSafe, part of the All Other group of businesses, to Arsenal for net cash consideration of $655.8 million paid at closing on a cash-free and debt-free basis and subject to customary adjustments. The sale also allowed for additional consideration of up to $75.0 million if certain performance measures for calendar year 2025 were met. However, as these performance measures were not met, no additional cash consideration is anticipated. In connection with the ThermoSafe divestiture, the Company wrote off net assets totaling $265.8 million, including $173.3 million of goodwill, reclassified $1.2 million of cumulative translation adjustment gains from accumulated other comprehensive income/(loss) and incurred transaction fees of $13.2 million, resulting in a net pretax gain of $378.0 million, which is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income. The Company used the majority of the cash proceeds from the sale to pay down debt, as further described in Note 11 to the Consolidated Financial Statements.

On April 30, 2025, the Company completed the sale of a recycling facility in Asheville, North Carolina, part of the Industrial Paper Packaging segment, for cash proceeds of $3.9 million. The sale resulted in a loss of $2.1 million, which is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income.

On March 2, 2025, the Company completed the sale of its tube and core operations in Venezuela, part of the Industrial Paper Packaging segment, in exchange for a note receivable in the amount of $0.1 million. The sale resulted in a loss of $5.4 million, including $3.8 million of cumulative translation losses that were reclassified from accumulated other comprehensive income/(loss). This loss is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income.

On January 17, 2025, the Company completed the sale of a small construction tube operation in France, part of the Industrial Paper Packaging segment, for cash proceeds of $1.5 million and recognized a gain of $1.2 million, which is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income.

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In November 2024, the Company completed the sale of two production facilities in China, both of which were part of the Company's Industrial Paper Packaging segment, for $0.3 million. As a result of the sale, the Company reclassified $0.6 million of cumulative translation losses from accumulated other comprehensive income/(loss) and recognized a loss of $25.6 million, which is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income.

On April 1, 2024, the Company completed the sale of Protexic, part of the All Other group of businesses, to Black Diamond Capital Management, LLC. This business provided foam components and integrated material solutions for various industrial end markets. This sale was the result of the Company's continuing evaluation of its business portfolio and is consistent with the Company's strategic and investment priorities. The cash selling price, as adjusted for the final working capital settlement, was $78.5 million. As a result of the Protexic divestiture, the Company recognized a pretax gain of $0.9 million included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income. The Company used the majority of the cash proceeds from the sale to pay down debt.

Additional Ownership Investment

During the second quarter of 2024, the Company increased its ownership investment in a small South Carolina-based designer and manufacturer of sustainable protective packaging solutions from 20.5% to 39.9%. The Company acquired its initial ownership interest in June 2022. The preferred stock investment increased by $18.5 million during the second quarter of 2024, which included a $10.0 million cash payment, a $5.4 million remeasurement of the fair value of the existing investment, and a $2.5 million conversion of the carrying value of the outstanding convertible notes into a preferred series stock investment, which yielded a $0.5 million fair value increase and a $0.1 million increase for interest income earned. The outstanding investment of $21.2 million as of December 31, 2025 is included within "Other assets" in the Company's Consolidated Balance Sheet. The remeasurement of the carrying value of the existing investment to fair value during the second quarter of 2024 resulted in a gain of $5.9 million and interest income of $0.1 million, which are included in "Other (expenses)/income, net" and "Interest income," respectively, in the Company's Consolidated Statements of Income.

The Company continually assesses its operational footprint as well as its overall portfolio of businesses and may consider the divestiture of plants and/or business units it considers to be suboptimal or nonstrategic. See Note 4 to the Consolidated Financial Statements for further information about acquisitions and divestitures.

Restructuring and Asset Impairment Charges

Due to its geographic footprint (approximately 265 locations in 37 countries as of December 31, 2025) and the cost-competitive nature of its businesses, the Company frequently seeks more cost-effective means and structures to serve its customers, to improve profitability, and to respond to fundamental changes in its markets. As such, plant closures in connection with footprint rationalization and headcount reductions are an important component of the Company's cost control initiatives. The amount of these costs can vary significantly from year to year depending upon the scope and location of the restructuring activities.

The following table summarizes the impact of restructuring and asset impairment charges for each of the years presented:

---

| | | |
|:---|:---|:---|
|  | *Year Ended December 31,* | *Year Ended December 31,* |
| *Dollars in thousands* | *2025* | *2024* |
| Restructuring and restructuring-related asset impairment charges, net | $66215 | $65370 |
| Other asset impairments |  |  |
| Restructuring/Asset impairment charges, net | $66215 | $65370 |

---

During 2025, the Company recognized restructuring charges related to severance for employees terminated as a result of various plant closures or whose positions were eliminated as part of the Company's ongoing organizational effectiveness efforts, including the relocation of certain facilities. Restructuring actions included severance costs related to the closures of metal can facilities in France and Spain, part of the Consumer Packaging segment, and the closures of a paper mill in Mexico, cone facilities in Taiwan and Mexico, and partitions facilities in Maine and California, all part of the Industrial Paper Packaging segment. Restructuring charges were also incurred during the year for costs related to plant closures, including equipment removal, utilities, plant security, property taxes, insurance and environmental remediation costs related to the prior year's closure of the Company's paper mill in Washington, costs related to the current year's closures of the metal can facilities in France and Spain, the paper mill in Mexico, the cone facility in Taiwan, and ongoing facility carrying costs of previously announced plant closures. Asset impairment charges during the year consist primarily of asset impairment charges related to the closures of the paper mill in Mexico, the cone facilities in China and Mexico, and the partitions facilities in Maine and California, and the closure of the metal packaging facility in France. These charges were offset by gains from the sales of the land and buildings associated with previously closed facilities, primarily the cone facility in Taiwan and the partitions facility in Maine. Also offsetting the impairment charges was a gain from the sale of water rights at our former paper mill in Hutchinson, Kansas, which was closed in 2023.

During 2024, the Company recognized restructuring charges related to severance for employees terminated as a result of various plant closures or whose positions were eliminated as part of the Company's ongoing organizational effectiveness efforts, including the relocation of certain facilities. The largest of these plant closures were the closures of the Company's paper mills in Sumner, Washington (the "Sumner Mill") and Kilkis, Greece (the "Kilkis Mill"), both of which were part of the Industrial Paper Packaging segment. Restructuring charges were also incurred during the year for costs related to plant closures, including equipment removal, utilities, plant security, property taxes, insurance, and environmental remediation costs related to the closure of the Sumner Mill, and ongoing facility carrying costs of previously announced plant closures. Asset impairment charges were recognized in the Industrial Paper Packaging segment related to the closures of the Sumner Mill and the Kilkis Mill and in the Consumer Packaging segment as a result of exiting a small metal canning lid business.

The Company expects to recognize future additional costs totaling approximately $11.0 million in connection with previously announced restructuring actions that were underway as of December 31, 2025. The Company believes that the majority of these charges will be incurred and paid by the end of 2026. The Company regularly evaluates its cost structure, including its manufacturing capacity, and additional restructuring actions are likely to be undertaken. Restructuring and asset impairment charges are subject to significant fluctuations from period to period due to the varying levels of restructuring activity and the inherent imprecision in the estimates used to recognize the impairment of assets and the wide variety of costs and taxes associated with severance and termination benefits in the countries in which the Company operates.

See Note 5 to the Consolidated Financial Statements for further information about restructuring activities and asset impairment charges.

28 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Results of Operations – 2025 Versus 2024

Consolidated net sales from continuing operations for 2025 were $7.5 billion, a $2.2 billion, or 42%, increase from 2024. The year-over-year increase in net trade sales is due primarily to the acquisition of Eviosys on December 4, 2024 which added approximately $2.2 billion in year-over-year sales. Higher selling prices across the Consumer Packaging and Industrial Paper Packaging segments resulted in a $178.0 million year-over-year increase in sales, offset by unfavorable volumes in the Industrial Paper Packaging segment and the impact of divestitures, which lowered year-over-year sales by $80.9 million and $98.5 million, respectively. These divestitures included the November 2025 divestiture of ThermoSafe and the 2024 divestitures of Protexic and two production facilities in China.

GAAP operating profit in 2025 was $1,017.7 million, an increase of $691.2 million, or 212% from the $326.6 million reported in 2024. The increase in GAAP operating profit reflects gains from the sale of businesses totaling $371.7 million in 2025, primarily related to the sale of ThermoSafe, compared to a net loss from the sale of businesses of $23.5 million in the prior year, primarily related to the sale of two production facilities in China. The remaining year-over-year change is primarily due to the Eviosys acquisition and lower acquisition, integration, and divestiture-related costs. Adjusted operating profit for the year ended December 31, 2025 was $954.9 million, an increase of 67% from the $573.1 million reported for the year ended December 31, 2024, primarily as a result of the Eviosys acquisition.

GAAP net income attributable to Sonoco was $1,003.0 million (or $10.07 per diluted share) in 2025, compared with $163.9 million (or $1.65 per diluted share) in 2024. The year-over-year increase was primarily due to the increase in GAAP operating profit as described above, a $316.0 million increase in net income from discontinued operations primarily related to the gain on the sale of TFP, and the non-recurrence of a $113.7 million remeasurement loss in 2024 on Euro denominated cash held by the Company to close the Eviosys acquisition. These increases were partially offset by a $178.1 million increase in income tax expense as discussed further below and a $60.9 million increase in interest expense due to higher levels of debt to fund the Eviosys acquisition. Adjusted net income attributable to Sonoco and Adjusted diluted earnings per share were $568.8 million (or $5.71 per diluted share) in 2025, compared with $485.8 million (or $4.89 per diluted share) in 2024.

Costs and Expenses/Margins

Cost of sales increased $1.78 billion in 2025, or 42.7%, from the prior year. The acquisition of Eviosys on December 4, 2024, increased cost of sales by approximately $1.86 billion year over year, and increases in labor costs, overhead, and fixed operating costs increased cost of sales by approximately $77.1 million year over year. These increases were partially offset by reductions related to divestitures of $89.3 million, primarily related to the sale of ThermoSafe, while lower material costs and improved productivity from procurement savings, production efficiencies and fixed cost reduction initiatives reduced costs by $74.6 million. Gross profit margin decreased to 20.9% in 2025 from 21.5% in the prior year.

Selling, general and administrative expenses ("SG&A") increased $138.3 million, or 19.1%, and were 11.5% of sales in 2025, compared to 13.6% of sales in 2024. SG&A in 2025 reflected an increase of $228.8 million related to the Eviosys acquisition, partially offset by lower year-over-year acquisition, integration, and divestiture-related costs of $53.7 million, the impact of divestitures of $19.2 million, and other net favorable changes of $17.6 million, primarily related to labor and professional fees.

Restructuring and asset impairment charges, net totaled $66.2 million in 2025, compared with $65.4 million in 2024. The 2025 charges reflect severance costs related to the Company's ongoing organizational effectiveness efforts, as well as costs related to the closures of metal can facilities in France and Spain, a paper mill in Mexico, cone facilities in Taiwan and Mexico, and partitions facilities in Maine and California. These charges were partially offset by gains from the sales of the land and buildings associated with previously closed facilities, primarily the cone facility in Taiwan and the partitions facility in Maine. Also offsetting the impairment charges was a gain from the sale of water rights at our former paper mill in Hutchinson, Kansas, which was closed in 2023. The 2024 charges reflect severance costs related to the Company's ongoing organizational effectiveness efforts, the relocation costs of certain facilities in Greece and Germany, and costs related to the closures of paper mills in Sumner, Washington and Kilkis, Greece, two small industrial converted products facilities in China, and the exit of a small metal canning lid business. Additional information regarding restructuring actions and asset impairments is provided in Note 5 to the Company's Consolidated Financial Statements.

Gain/(Loss) on divestiture of business and other assets reflected a gain of $371.7 million in 2025, compared to a loss of $23.5 million in 2024. The gain recorded in 2025 related primarily to the sale of ThermoSafe. The loss reported in 2024 related primarily to the sale of two production facilities in China. Additional information regarding divestitures is provided in Note 4 to the Company's Consolidated Financial Statements.

Other (expense)/income, net reflected a net expense of $27.5 million in 2025, compared with $104.2 million in 2024. Other (expense)/income, net reported in 2025 represents charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle primarily within our Consumer Packaging segment. Other (expense)/income, net reported in 2024 included a loss of $113.7 million from the remeasurement of euro-denominated cash balances held in connection with the Eviosys acquisition, partially offset by a gain of $5.9 million from the remeasurement of an equity investment to fair value and a gain of $3.6 million from the sale of the Company's equity interest in Northstar Recycling Company, LLC ("Northstar"). See Note 4 to the Consolidated Financial Statements for further information.

Non-operating pension costs were $12.2 million in 2025, compared with $13.8 million in 2024. The year-over-year decrease of $1.6 million was primarily due to higher expected returns on plan assets and lower amortization of net actuarial losses, partially offset by higher interest costs on the Company's defined benefit pension liabilities, resulting from higher year-over-year discount rates. See Note 15 to the Consolidated Financial Statements for further information on employee benefit plans.

Net interest expense totaled $212.9 million for the year ended December 31, 2025, compared with $145.1 million in 2024. The increase was primarily due to higher outstanding debt as a result of the financing transactions related to the Eviosys acquisition on December 4, 2024. Additional information regarding the Company's indebtedness is provided in Note 11 to the Company's Consolidated Financial Statements.

The effective tax rates on GAAP and Adjusted net income attributable to Sonoco for the full year 2025 were 24.0% and 24.1%, respectively, compared with 8.7% and 24.3%, respectively for the full year 2024. The year-over-year change in the GAAP effective tax rate was due primarily to the low rate in 2024 as a result of the release of a reserve for uncertain tax positions following the expiration of the applicable statute of limitations, as well as deferred tax adjustments associated with the post-acquisition entity restructuring of the partitions business. The slight decrease in the Adjusted effective tax rate was primarily due to a variance in tax reserve activity, offset by the benefit of purchased tax credits.

Discontinued Operations

Net income from discontinued operations totaled $412.3 million for the year ended December 31, 2025, compared with $96.4 million in 2024. The increase in net income reflects the gain on the divestiture of TFP, partially offset by lower sales following the completion of the sale on April 1, 2025. See Notes 2 and 4 to the Consolidated Financial Statements for further information.

29 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Reportable Segments

The Company's operating and reporting structure consists of two reportable segments, Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as All Other.

In accordance with applicable accounting guidance, the results of TFP, previously part of the Consumer Packaging segment, are presented as discontinued operations in the Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for all periods presented in this Annual Report on Form 10-K. All amounts, percentages and disclosures for all periods presented in this Annual Report on Form 10-K reflect only the continuing operations of Sonoco unless otherwise noted. As of and for the year ended December 31, 2025, there were no changes to the manner in which the Company reviewed financial information at the segment level; therefore, these changes had no impact on the Company's segment reporting structure.

Total operating profit, reported as "Operating Profit" in the Company's Consolidated Statements of Income, is comprised of the following:

---

| | | | |
|:---|:---|:---|:---|
| *($ in millions)* | *2025* | *2024* | *% Change* |
| Operating profit: |  |  |  |
| &nbsp;&nbsp;&nbsp;Consumer Packaging | $626.9 | $294.8 | 112.7% |
| &nbsp;&nbsp;&nbsp;Industrial Paper Packaging | 312.5 | 271.7 | 15.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Segment operating profit | 939.4 | 566.5 | 65.8% |
| &nbsp;&nbsp;&nbsp;All Other | 50.8 | 53.3 | (4.7)% |
| &nbsp;&nbsp;&nbsp;Corporate |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring/Asset impairment charges, net | (66.2) | (65.4) | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquisition intangibles | (182.4) | (78.6) | 132.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain/(Loss) on divestiture of business | 371.7 | (23.5) | (1681.7)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition, integration and divestiture-related costs | (54.2) | (91.6) | (40.8)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other corporate costs | (35.2) | (46.7) | (24.6)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other operating (charges)/income, net | (6.1) | 12.5 | (148.8)% |
| Total operating profit\* | $1017.7 | $326.6 | 211.6% |
| \*Due to rounding, amounts above may not sum to the totals presented |  |  |  |

---

Segment results, which are reviewed by Company management to evaluate segment performance, do not include: restructuring/asset impairment charges; amortization of acquired intangibles; acquisition, integration, and divestiture-related costs; changes in last in, first out ("LIFO") inventory reserves; gains/losses from the sale of businesses or other assets; gains/losses on derivatives; or certain other items, if any, the exclusion of which the Company believes improves the comparability and analysis of the ongoing operating performance of the business. Accordingly, the term "segment operating profit" is defined as the segment's portion of "operating profit" excluding those items. All other general corporate expenses have been allocated as operating costs to each of the Company's reportable segments and All Other, except for costs related to discontinued operations.

See Note 20 to the Company's Consolidated Financial Statements for more information on reportable segments.

Consumer Packaging

---

| | | | |
|:---|:---|:---|:---|
| ($ in millions) | 2025 | 2024 | % Change |
| Net sales | $4874.3 | $2531.9 | 92.5% |
| Segment operating profit | 626.9 | 294.8 | 112.7% |
| Depreciation and amortization | 209.6 | 109.4 | 91.6% |
| Cost of Sales | 3950.8 | 2041.1 | 93.6% |

---

Segment net sales in 2025 increased 92.5% compared to the prior year. The increase reflects $2.2 billion, including the impact of foreign exchange rates, attributable to Sonoco Metal Packaging EMEA following the December 2024 acquisition of Eviosys and a $93.1 million favorable impact from increased pricing intended to offset the effects of inflation and tariffs. Volume/mix remained relatively flat year over year.

Segment operating profit in 2025 increased 112.7% from 2024, primarily due to the addition of $257.8 million of operating profit from Sonoco Metal Packaging EMEA following the acquisition of Eviosys, favorable price/cost of $62.5 million, and strong productivity from procurement savings, production efficiencies, and fixed cost reduction initiatives totaling $19.0 million. These favorable factors were partially offset by unfavorable volume/mix in rigid paper North America year over year. As a result, segment operating profit margin increased to 12.9% in 2025 compared to 11.6% during the prior year.

Cost of sales increased year over year due to the additional operating costs associated with Sonoco Metal Packaging EMEA following the acquisition of Eviosys. This increase was partially offset by strong productivity from procurement savings and production efficiencies.

Industrial Paper Packaging

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| | | | |
|:---|:---|:---|:---|
| *($ in millions)* | *2025* | *2024* | *% Change* |
| Net sales | $2299.2 | $2349.5 | (2.1)% |
| Segment operating profit | 312.5 | 271.7 | 15.0% |
| Depreciation and amortization | 118.9 | 116.1 | 2.4% |
| Cost of Sales | 1726.2 | 1818.3 | (5.1)% |

---

Segment net sales decreased 2.1% in 2025 compared to 2024, primarily due to unfavorable volume/mix of $78.9 million, primarily in global converted paper products, and the impact of the 2024 divestiture of two production facilities in China of $46.0 million. These declines were partially offset by a $83.7 million favorable impact from higher selling prices.

Segment operating profit increased 15.0% in 2025 versus the prior year, primarily as a result of favorable price/cost of $51.0 million and improved productivity from procurement savings, production efficiencies and fixed cost initiatives of $28.2 million. These favorable impacts were

30 FORM 10-K SONOCO 2025 ANNUAL REPORT

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partially offset by an unfavorable impact of $27.6 million from volume declines across the segment and other net unfavorable impacts, including the impact of foreign exchange rates, totaling $5.2 million. As a result, segment operating margin increased to 13.6% during 2025 from 11.6% during the prior year.

Cost of sales decreased year over year due to volume declines, partially offset by strong productivity from procurement savings, production efficiencies, and fixed cost reduction initiatives.

All Other

---

| | | | |
|:---|:---|:---|:---|
| *($ in millions)* | *2025* | *2024* | *% Change* |
| Net sales | $345.2 | $424.0 | (18.6)% |
| Segment operating profit | 50.8 | 53.3 | (4.7)% |
| Depreciation and amortization | 8.7 | 12.0 | (27.5)% |

---

Net sales for the All Other group of businesses decreased 18.6% in 2025 compared to 2024, primarily due to the divestiture of ThermoSafe on November 3, 2025.

Operating profit in the All Other group of businesses decreased 4.7% year over year, primarily due to the sale of ThermoSafe. Segment operating margin in 2025 increased to 14.7% compared to 12.6% in 2024.

Non-GAAP Financial Measures

The Company uses certain financial performance measures, both internally and externally, that are not in conformity with GAAP (referred to as "non-GAAP financial measures") to assess and communicate the financial performance of the Company. These "non-GAAP" financial measures, which are identified using the term "Adjusted" (for example, "Adjusted Operating Profit," "Adjusted Net Income Attributable to Sonoco," and "Adjusted Diluted EPS"), reflect adjustments to the Company's GAAP operating results to exclude amounts, including the associated tax effects, where applicable, relating to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• restructuring/asset impairment charges<sup>1</sup>;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• acquisition, integration and divestiture-related costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• gains or losses from the divestiture of businesses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• losses from the early extinguishment of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• non-operating pension costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• amortization expense on acquisition intangibles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>•</sup> changes in last-in, first-out inventory reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain income tax events and adjustments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derivative gains/losses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other non-operating income and losses; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• certain other items, if any.

<sup>1</sup> Restructuring and restructuring-related asset impairment charges are a recurring item as the Company's restructuring programs usually require several years to fully implement, and the Company is continually seeking to take actions that could enhance its efficiency. Although recurring, these charges are subject to significant fluctuations from period to period due to the varying levels of restructuring activity, the inherent imprecision in the estimates used to recognize the impairment of assets and the wide variety of costs and taxes associated with severance and termination benefits in the countries in which the restructuring actions occur.

The Company's management believes the exclusion of the amounts related to the above-listed items improves the period-to-period comparability and analysis of the underlying financial performance of the business.

In addition to the "Adjusted" results described above, the Company also uses Adjusted EBITDA, Segment Adjusted EBITDA, and Segment Adjusted EBITDA Margin. Adjusted EBITDA is defined as net income excluding the following: interest expense; interest income; provision for income taxes; depreciation and amortization expense; non-operating pension costs; net income/loss attributable to noncontrolling interests; restructuring/asset impairment charges; changes in LIFO inventory reserves; gains/losses from the divestiture of businesses; acquisition, integration and divestiture-related costs; other income; derivative gains/losses; and other non-GAAP adjustments, if any, that may arise from time to time. Segment Adjusted EBITDA is defined as segment operating profit plus depreciation and amortization expense and equity in earnings of affiliates, net of tax. Segment Adjusted EBITDA Margin is defined as Segment Adjusted EBITDA divided by segment net sales.

The Company's non-GAAP financial measures are not calculated in accordance with, nor are they an alternative for, measures conforming to GAAP, and they may be different from non-GAAP financial measures used by other companies. In addition, these non-GAAP financial measures are not based on any comprehensive set of accounting rules or principles.

The Company presents these non-GAAP financial measures to provide investors with information to evaluate Sonoco's operating results in a manner similar to how management evaluates business performance. The Company consistently applies its non-GAAP financial measures presented herein and uses them for internal planning and forecasting purposes, to evaluate its ongoing operations, and to evaluate the ultimate performance of management and each business unit against plans/forecasts. In addition, these same non-GAAP financial measures are used in determining incentive compensation for the entire management team and in providing earnings guidance to the investing community.

Material limitations associated with the use of such measures include that they do not reflect all period costs included in operating expenses and may not be comparable with similarly named financial measures of other companies. Furthermore, the calculations of these non-GAAP financial measures are based on subjective determinations of management regarding the nature and classification of events and circumstances that the investor may find material and view differently.

To compensate for any limitations in such non-GAAP financial measures, management believes that it is useful in evaluating the Company's results to review both GAAP information, which includes all of the items impacting financial results, and the related non-GAAP financial measures that exclude certain elements, as described above. Further, Sonoco management does not, nor does it suggest that investors should, consider any non-GAAP financial measures in isolation from, or as a substitute for, financial information prepared in accordance with GAAP. Whenever reviewing a non-GAAP financial measure, investors are encouraged to review and consider the related reconciliation to understand how it differs from the most directly comparable GAAP measure.

31 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Reconciliations of GAAP to non-GAAP results are presented under "Reconciliations of GAAP to Non-GAAP Financial Measures" below in

conjunction with MD&A of the Company's results of operations. Reconciliations are not provided for non-GAAP financial measures related to

future years due to the likely occurrence of one or more of the following, the timing and magnitude of which management is unable to reliably

forecast: possible gains or losses on the sale of businesses or other assets; restructuring costs and restructuring-related asset impairment

charges; acquisition, integration and divestiture-related costs; and the tax effect of these items and/or other income tax-related events. These

items could have a significant impact on the Company's future GAAP financial results.

Reconciliations of GAAP to Non-GAAP Financial Measures

The following tables reconcile the Company's non-GAAP financial measures to their most directly comparable GAAP financial measures for each of the years presented:

**Adjusted Operating Profit, Adjusted Income from Continuing Operations Before Income Taxes, Adjusted Provision for Income Taxes, Adjusted Net Income Attributable to Sonoco, and Adjusted Diluted EPS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ***For the twelve-month period ended December 31, 2025*** | ***For the twelve-month period ended December 31, 2025*** | ***For the twelve-month period ended December 31, 2025*** | ***For the twelve-month period ended December 31, 2025*** | ***For the twelve-month period ended December 31, 2025*** |
| *Dollars in thousands, except per share data* | *Operating Profit* | *Income from Continuing Operations Before Income Taxes* | *Provision for Income Taxes* | *Net Income Attributable to Sonoco* | *Diluted EPS* |
| As Reported (GAAP)<sup>1</sup> | $1017735 | $765101 | $183586 | $1003011 | $10.07 |
| &nbsp;&nbsp;&nbsp;Acquisition, integration and divestiture-related costs<sup>2</sup> | 54158 | 54131 | 12006 | 51791 | 0.52 |
| &nbsp;&nbsp;&nbsp;Changes in LIFO inventory reserves | 58 | 58 | 404 | (346) |  |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition intangibles | 182431 | 182431 | 39617 | 142601 | 1.43 |
| &nbsp;&nbsp;&nbsp;Restructuring/Asset impairment charges, net | 66215 | 66226 | 17204 | 48908 | 0.49 |
| &nbsp;&nbsp;&nbsp;Gain on divestiture of business<sup>3</sup> | (371717) | (371717) | (49303) | (729590) | (7.33) |
| &nbsp;&nbsp;&nbsp;Non-operating pension costs |  | 12215 | 2923 | 9292 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net losses from derivatives | 1730 | 1730 | 424 | 1306 | 0.01 |
| &nbsp;&nbsp;&nbsp;Other adjustments<sup>4</sup> | 4335 | 4335 | (34489) | 41870 | 0.43 |
| Total adjustments | (62790) | (50591) | (11214) | (434168) | (4.36) |
| Adjusted | $954945 | $714510 | $172372 | $568843 | $5.71 |
| *Due to rounding, individual items may not sum appropriately.* | *Due to rounding, individual items may not sum appropriately.* | *Due to rounding, individual items may not sum appropriately.* |  |  |  |

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<sup>1</sup> Operating profit, income from continuing operations before income taxes, and provision for income taxes exclude results related to discontinued operations of $644,424, $619,612, and $207,264, respectively.

<sup>2</sup> Acquisition, integration and divestiture-related costs relate primarily to the Company's December 2024 acquisition of Eviosys, the April 2025 divestiture of TFP and the November 2025 divestiture of ThermoSafe.

<sup>3</sup> Gain on divestiture of business associated with Operating Profit primarily consists of the gain on the sale of ThermoSafe. Net Income Attributable to Sonoco reflects the after-tax impact of the gains on the sales of both ThermoSafe and TFP.

<sup>4</sup> Other adjustments to the provision for income taxes include the following: an expense related to the initial integration of the acquired Sonoco Metal Packaging EMEA legal entity structure of $10,479; a deferred tax liability related to the foreign exchange effects on undistributed earnings of Sonoco Metal Packaging EMEA not considered to be indefinitely reinvested of $10,289; provision-to-return and deferred remeasurement adjustments related to the divested TFP business of $5,998; and other net unfavorable tax items totaling $7,723. The impact of other adjustments on net income attributable to Sonoco primarily reflects these same items.

32 FORM 10-K SONOCO 2025 ANNUAL REPORT

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ***For the twelve-month period ended December 31, 2024*** | ***For the twelve-month period ended December 31, 2024*** | ***For the twelve-month period ended December 31, 2024*** | ***For the twelve-month period ended December 31, 2024*** | ***For the twelve-month period ended December 31, 2024*** |
| *Dollars in thousands, except per share data* | *Operating Profit* | *Income from Continuing Operations Before Income Taxes* | *Provision for Income Taxes* | *Net Income Attributable to Sonoco* | *Diluted EPS* |
| As Reported (GAAP)<sup>1</sup> | $326578 | $63486 | $5509 | $163949 | $1.65 |
| &nbsp;&nbsp;&nbsp;Acquisition, integration and divestiture-related costs<sup>2</sup> | 91600 | 125169 | 24281 | 115602 | 1.16 |
| &nbsp;&nbsp;&nbsp;Changes in LIFO inventory reserves | (6263) | (6263) | (1570) | (4693) | (0.05) |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition intangibles | 78595 | 78595 | 19170 | 75614 | 0.76 |
| &nbsp;&nbsp;&nbsp;Restructuring/Asset impairment charges, net | 65370 | 65370 | 13384 | 55181 | 0.56 |
| &nbsp;&nbsp;&nbsp;Loss on divestiture of business | 23452 | 23452 | 1499 | 21953 | 0.22 |
| &nbsp;&nbsp;&nbsp;Other expenses, net<sup>3</sup> |  | 104200 | 27670 | 76530 | 0.77 |
| &nbsp;&nbsp;&nbsp;Non-operating pension costs |  | 13842 | 3412 | 10430 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net gains from derivatives | (7225) | (7225) | (1811) | (5414) | (0.05) |
| &nbsp;&nbsp;&nbsp;Other adjustments<sup>4</sup> | 982 | 982 | 20566 | (23349) | (0.24) |
| Total adjustments | 246511 | 398122 | 106601 | 321854 | 3.24 |
| Adjusted | $573089 | $461608 | $112110 | $485803 | $4.89 |
| *Due to rounding, individual items may not sum appropriately.* | *Due to rounding, individual items may not sum appropriately.* | *Due to rounding, individual items may not sum appropriately.* |  |  |  |

---

<sup>1</sup> Operating profit, income from continuing operations before income taxes, and provision for income taxes exclude results related to discontinued operations of $128,037, $116,309, and $19,934, respectively.

<sup>2</sup> Acquisition, integration and divestiture-related costs include losses on treasury lock derivative instruments, amortization of financing fees and pre-acquisition net interest expenses totaling $33,569 related to debt instruments associated with the financing of the Eviosys acquisition. These costs are included in "Interest expense" in the Company's Consolidated Statements of Income.

<sup>3</sup> Other expenses, net primarily relates to remeasurement loss on Euro denominated cash held by the Company to close the Eviosys acquisition.

<sup>4</sup> Other adjustments include discrete tax items primarily related to a $12,638 adjustment to deferred taxes from a post-acquisition restructuring of the partitions business, a $9,864 reduction in reserves for uncertain tax positions following the expiration of the applicable statute of limitations and a $5,796 tax benefit due to the recording of a deferred tax asset on the outside basis of certain held-for-sale entities, partially offset by an adjustment for hurricane-related insurance deductible losses.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | ***For the twelve-month period ended December 31, 2023*** | ***For the twelve-month period ended December 31, 2023*** | ***For the twelve-month period ended December 31, 2023*** | ***For the twelve-month period ended December 31, 2023*** | ***For the twelve-month period ended December 31, 2023*** |
| *Dollars in thousands, except per share data* | *Operating Profit* | *Income from Continuing Operations Before Income Taxes* | *Provision for Income Taxes* | *Net Income Attributable to Sonoco* | *Diluted EPS* |
| As Reported (GAAP)<sup>1</sup> | $589049 | $489027 | $119730 | $474959 | $4.80 |
| &nbsp;&nbsp;&nbsp;Acquisition, integration and divestiture-related costs | 24624 | 24624 | 5736 | 19847 | 0.20 |
| &nbsp;&nbsp;&nbsp;Changes in LIFO inventory reserves | (11817) | (11817) | (2977) | (8840) | (0.09) |
| &nbsp;&nbsp;&nbsp;Amortization of acquisition intangibles | 67323 | 67323 | 16787 | 65741 | 0.66 |
| &nbsp;&nbsp;&nbsp;Restructuring/Asset impairment charges, net | 47909 | 47909 | 10808 | 44036 | 0.44 |
| &nbsp;&nbsp;&nbsp;Gain on divestiture of business | (78929) | (78929) | (19076) | (59853) | (0.60) |
| &nbsp;&nbsp;&nbsp;Other income, net |  | (39657) | (9624) | (30033) | (0.30) |
| &nbsp;&nbsp;&nbsp;Non-operating pension costs |  | 14312 | 3547 | 10765 | 0.11 |
| &nbsp;&nbsp;&nbsp;Net gains from derivatives | (1912) | (1912) | (482) | (1430) | (0.01) |
| &nbsp;&nbsp;&nbsp;Other adjustments | 10326 | 10298 | 5495 | 4680 | 0.05 |
| Total adjustments | 57524 | 32151 | 10214 | 44913 | 0.46 |
| Adjusted | $646573 | $521178 | $129944 | $519872 | $5.26 |
| *Due to rounding, individual items may not sum appropriately.* | *Due to rounding, individual items may not sum appropriately.* | *Due to rounding, individual items may not sum appropriately.* |  |  |  |

---

<sup>1</sup> Operating profit, income from continuing operations before income taxes, and provision for income taxes exclude results related to discontinued operations of $126,741, $125,805, and $29,548, respectively.

33 FORM 10-K SONOCO 2025 ANNUAL REPORT

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**Adjusted EBITDA**<sup>1</sup>

---

| | | | |
|:---|:---|:---|:---|
| | ***Twelve Months Ended*** | ***Twelve Months Ended*** | ***Twelve Months Ended*** |
| *Dollars in thousands* | ***2025*** | ***2024*** | ***2023*** |
| **Net income attributable to Sonoco** | $1003011 | $163949 | $474959 |
| Adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest expense | 258396 | 186015 | 136686 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income | (20828) | (29238) | (10383) |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 390850 | 25443 | 149278 |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 519356 | 374859 | 340988 |
| &nbsp;&nbsp;&nbsp;&nbsp;Non-operating pension costs | 12215 | 13842 | 14312 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income/(loss) attributable to noncontrolling interests | 375 | (9) | 942 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring/Asset impairment charges, net | 66641 | 69110 | 56933 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in LIFO inventory reserves | 58 | (6263) | (11817) |
| &nbsp;&nbsp;&nbsp;&nbsp;(Gain)/Loss on divestiture of business | (978350) | 23452 | (78929) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, integration and divestiture-related costs | 66834 | 110883 | 26254 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense/(income), net |  | 104200 | (39657) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss/(gain) from derivatives | 1730 | (7225) | (1912) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-GAAP adjustments | 3722 | 6154 | 10142 |
| **Adjusted EBITDA** | $1324010 | $1035172 | $1067796 |

---

<sup>1&nbsp;&nbsp;&nbsp;&nbsp;</sup>Adjusted EBITDA is calculated on a total Company basis, including both continuing operations and discontinued operations.

The Company does not calculate net income by segment; therefore, Adjusted EBITDA by segment is reconciled to the closest GAAP measure of segment profitability, Segment Operating Profit, which is another method to achieve the same result. Segment Operating Profit is the measure of segment profit or loss reported to the chief operating decision maker for purposes of making decisions about allocating resources to the segments and assessing their performance in accordance with Accounting Standards Codification ("ASC") 280, "Segment Reporting," as prescribed by the Financial Accounting Standards Board.

Segment results, which are reviewed by the Company's management to evaluate segment performance, do not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; acquisition, integration, and divestiture-related costs; changes in LIFO inventory reserves; gains/losses from the sale of businesses or other assets; gains/losses on derivatives; or certain other items, if any, the exclusion of which the Company believes improves the comparability and analysis of the ongoing operating performance of the business. Accordingly, the term "segment operating profit" is defined as the segment's portion of "operating profit" excluding those items. All other general corporate expenses have been allocated as operating costs to each of the Company's reportable segments and All Other, except for costs related to discontinued operations. Total operating profit is comprised of the sum of segment and All Other operating profit plus certain items that have been allocated to Corporate, including amortization of acquisition intangibles; restructuring/asset impairment charges; changes in LIFO inventory reserves; acquisition, integration and divestiture-related costs; gains/losses from the sale of businesses or other assets; gains/losses on derivatives; and certain other items that were excluded from segment and All Other operating profit.

34 FORM 10-K SONOCO 2025 ANNUAL REPORT

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** |
| **For the Twelve Months Ended December 31, 2025** | | | | | |
| Excludes results of discontinued operations |  |  |  |  |  |
| *Dollars in thousands* | **Consumer Packaging segment** | **Industrial Paper Packaging segment** | **All Other** | **Corporate** | **Total** |
| **Segment and Total Operating Profit** | $**626920** | $**312454** | $**50813** | $**27548** | $**1017735** |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization<sup>1</sup> | 209618 | 118889 | 8729 | 182431 | 519667 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other expense<sup>2</sup> |  |  |  | (27481) | (27481) |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of affiliates, net of tax | 226 | 9297 |  |  | 9523 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring/Asset impairment charges, net<sup>3</sup> |  |  |  | 66215 | 66215 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in LIFO inventory reserves<sup>4</sup> |  |  |  | 58 | 58 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, integration and divestiture-related costs<sup>5</sup> |  |  |  | 54158 | 54158 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain on divestiture of business<sup>6</sup> |  |  |  | (371717) | (371717) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss from derivatives<sup>7</sup>  |  |  |  | 1730 | 1730 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-GAAP adjustments |  |  |  | 4335 | 4335 |
| **Segment Adjusted EBITDA** | $**836764** | $**440640** | $**59542** | $**(62723)** | $**1274223** |
| Net Sales | $4874291 | $2299233 | $345229 |  |  |
| Segment Operating Profit Margin | 12.9% | 13.6% | 14.7% |  |  |
| Segment Adjusted EBITDA Margin | 17.2% | 19.2% | 17.2% |  |  |

---

<sup>1</sup> Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $160,272, the Industrial Paper Packaging segment of $21,585, and the All Other group of businesses of $574.

<sup>2</sup> These expenses relate to charges from third-party financial institutions related to our centralized treasury program under which the Company sells certain trade accounts receivables in order to accelerate its cash collection cycle primarily within the Consumer Packaging segment.

<sup>3</sup> Included in Corporate are net restructuring/asset impairment charges associated with the Consumer Packaging segment of $54,200, the Industrial Paper Packaging segment of $8,307, and the All Other group of businesses of $5.

<sup>4</sup> Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $1,062 and the Industrial Paper Packaging segment of $(1,004).

<sup>5</sup> Included in Corporate are acquisition, integration and divestiture-related costs associated with the Consumer Packaging segment of $21,992 and the Industrial Paper Packaging segment of $623.

<sup>6</sup> Included in Corporate are net gains on divestiture of businesses associated with the All Other group of businesses of $(378,014) from the sale of ThermoSafe and a gain associated with the Industrial Paper Packaging segment of $(1,207) from the sale of a production facility in France. These gains were partially offset by losses of $5,390 related to the sale of the Company's operations in Venezuela and $2,114 from the sale of a recycling facility in Asheville, North Carolina, both part of the Industrial Paper Packaging segment.

<sup>7</sup> Included in Corporate are net losses from derivatives associated with the Consumer Packaging segment of $166, the Industrial Paper Packaging segment of $1,497, and the All Other group of businesses of $67.

35 FORM 10-K SONOCO 2025 ANNUAL REPORT

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** |
| **For the Twelve Months Ended December 31, 2024** | | | | | |
| Excludes results of discontinued operations |  |  |  |  |  |
| *Dollars in thousands* | **Consumer Packaging segment** | **Industrial Paper Packaging segment** | **All Other** | **Corporate** | **Total** |
| **Segment and Total Operating Profit** | $**294832** | $**271654** | $**53278** | $**(293186)** | $**326578** |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization<sup>1</sup> | 109355 | 116149 | 11962 | 78595 | 316061 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of affiliates, net of tax | 365 | 9223 |  |  | 9588 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring/Asset impairment charges, net<sup>2</sup> |  |  |  | 65370 | 65370 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in LIFO inventory reserves<sup>3</sup> |  |  |  | (6263) | (6263) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, integration and divestiture-related costs<sup>4</sup> |  |  |  | 91600 | 91600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loss on divestiture of business and other assets<sup>5</sup> |  |  |  | 23452 | 23452 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain from derivatives<sup>6</sup> |  |  |  | (7225) | (7225) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-GAAP adjustments |  |  |  | 982 | 982 |
| **Segment Adjusted EBITDA** | $**404552** | $**397026** | $**65240** | $**(46675)** | $**820143** |
| Net Sales | $2531852 | $2349488 | $424025 |  |  |
| Segment Operating Profit Margin | 11.6% | 11.6% | 12.6% |  |  |
| Segment Adjusted EBITDA Margin | 16.0% | 16.9% | 15.4% |  |  |

---

<sup>1</sup> Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $52,144, the Industrial Paper Packaging segment of $25,619, and the All Other group of businesses of $832.

<sup>2</sup> Included in Corporate are net restructuring/asset impairment charges associated with the Consumer Packaging segment of $19,259, the Industrial Paper Packaging segment of $33,923, and the All Other group of businesses of $1,434.

<sup>3</sup> Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $(5,780) and the Industrial Paper Packaging segment of $(483).

<sup>4</sup> Included in Corporate are acquisition, integration, and divestiture-related costs associated with the Consumer Packaging segment of $9,052 and the Industrial Paper Packaging segment of $(3,600).

<sup>5</sup> Included in Corporate are net losses from the divestiture of businesses within the Industrial Paper Packaging segment of $24,357, including a loss of $25,607 from the sale of two production facilities in China, partially offset by a gain of $(1,250) from the sale of the S3 business, and a gain on divestiture of businesses associated with the All Other group of businesses of $(905) related to the sale of Protexic.

<sup>6</sup> Included in Corporate are net gains from derivatives associated with the Consumer segment of $(1,202), the Industrial Paper Packaging segment of $(5,174), and All Other of $(849).

36 FORM 10-K SONOCO 2025 ANNUAL REPORT

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---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** | **Segment and All Other Adjusted EBITDA and Segment Adjusted EBITDA Margin Reconciliation** |
| **For the Twelve Months Ended December 31, 2023** | | | | | |
| Excludes results of discontinued operations |  |  |  |  |  |
| *Dollars in thousands* | **Consumer Packaging segment** | **Industrial Paper Packaging segment** | **All Other** | **Corporate** | **Total** |
| **Segment and Total Operating Profit** | $**285762** | $**317917** | $**85148** | $**(99778)** | $**589049** |
| Adjustments: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization<sup>1</sup> | 95340 | 104723 | 14643 | 67323 | 282029 |
| &nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of affiliates, net of tax | 564 | 9783 |  |  | 10347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring/Asset impairment charges, net<sup>2</sup> |  |  |  | 47909 | 47909 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in LIFO inventory reserves<sup>3</sup> |  |  |  | (11817) | (11817) |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, integration and divestiture-related costs<sup>4</sup> |  |  |  | 24624 | 24624 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain from divestiture of business and other assets<sup>5</sup> |  |  |  | (78929) | (78929) |
| &nbsp;&nbsp;&nbsp;&nbsp;Net gain from derivatives<sup>6</sup> |  |  |  | (1912) | (1912) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other non-GAAP adjustments<sup>7</sup> |  |  |  | 10326 | 10326 |
| **Segment Adjusted EBITDA** | $**381666** | $**432423** | $**99791** | $**(42254)** | $**871626** |
| Net Sales | $2471048 | $2374113 | $596265 |  |  |
| Segment Operating Profit Margin | 11.6% | 13.4% | 14.3% |  |  |
| Segment Adjusted EBITDA Margin | 15.4% | 18.2% | 16.7% |  |  |

---

<sup>1</sup> Included in Corporate is the amortization of acquisition intangibles associated with the Consumer Packaging segment of $44,250, the Industrial Paper Packaging segment of $16,121, and the All Other group of businesses of $6,952.

<sup>2</sup> Included in Corporate are net restructuring/asset impairment charges associated with the Consumer Packaging segment of $4,111, the Industrial Paper Packaging segment of $38,754, and the All Other group of businesses of $2,547.

<sup>3</sup> Included in Corporate are changes in LIFO inventory reserves associated with the Consumer Packaging segment of $(10,915) and the Industrial Paper Packaging segment of $(902).

<sup>4</sup> Included in Corporate are acquisition, integration, and divestiture-related costs associated with the Consumer Packaging segment of $1,171 and the Industrial Paper Packaging segment of $5,810.

<sup>5</sup> Included in Corporate are gains from the sale of the Company's timberland properties in the amount of $(60,945), the sale of its S3 business in the amount of $(11,065), and the sales of its BulkSak businesses in the amount of $(6,919), all of which are associated with the Industrial Paper Packaging segment.

<sup>6</sup> Included in Corporate are net gains from derivatives associated with the Consumer segment of $(257), the Industrial Paper Packaging segment of $(1,290), and All Other of $(365).

<sup>7</sup> Included in Corporate are other non-GAAP adjustments associated with the Industrial segment of $3,762 and the All Other group of businesses of $3,249.

Financial Position, Liquidity, and Capital Resources

Cash Flow

Operating Activities

Cash flows from operations totaled $689.8 million in 2025, compared with $833.8 million in 2024, a year-over-year decrease of $144.1 million. GAAP net income increased by $839.4 million year over year, primarily as a result of the gains recognized on the 2025 divestitures of TFP and ThermoSafe as described in the "Results of Operations" section above. Net income in the current year also reflected a $144.5 million year-over-year increase in non-cash depreciation and amortization expense, primarily related to the Eviosys acquisition on December 4, 2024, a $22.6 million increase in gains on the sale of assets, a $11.6 million decrease in share-based compensation expense, and a $4.5 million decrease in net non-cash asset impairment charges. GAAP net income in the prior year also included a remeasurement loss of $113.7 million related to euro denominated cash balances held in connection with the funding of the Eviosys acquisition. No such remeasurements occurred in 2025. Cash contributions to the Company's pension and postretirement plans in 2025 were $22.3 million, compared with $19.6 million in 2024, a year-over-year increase of $2.7 million. Accrued expenses and other assets and liabilities provided $51.5 million and $75.1 million of cash in 2025 and 2024, respectively, a $23.6 million lower year-over-year provision of cash. Significant drivers of the change include a $35.2 million lower year-over-year provision of cash related to accrued management incentive compensation as the accrual decreased $4.3 million year over year in 2025 while increasing $30.9 million year over year in 2024. In addition, accrued interest reflected a use of cash of $4.8 million in 2025 compared to a provision of cash of $34.8 million. The use of cash in 2025 reflects the reduction of accrued interest resulting from debt repayments throughout the year. The provision of cash in 2024 reflects greater levels of accrued interest at the end of 2024 compared to 2023 resulting from the financing transactions associated with the Eviosys acquisition. Partially offsetting the year-over-year impact of the changes in management incentive accruals and accrued interest were higher year-over-year restructuring accruals totaling $22.7 million.

Cash paid for taxes increased by $172.5 million year over year, primarily as a result of one-time taxes paid during 2025 on gains from the sale of TFP.

37 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Net working capital used cash of $70.6 million in 2025, while providing cash of $128.1 million in 2024. The higher year-over-year net use of cash of $198.7 million was driven largely by changes in inventory and accounts payable, partially offset by changes in accounts receivable. Inventories used cash of $80.9 million and $13.3 million in 2025 and 2024, respectively and accounts payable used $87.5 million of cash in 2025 while providing $123.6 million of cash in 2024. The year-over-year increase in the use of cash from inventory primarily relates to our Metal Packaging North America business, where inventory levels of steel were low at the end of 2023 and throughout 2024. Steel inventory was increased through the peak packing season in the third quarter of 2025 before moderating over the remainder of the year. The year-over-year increase in the use of cash from accounts payable also primarily relates to our Metal Packaging North America business. As inventory levels increased throughout 2025, accounts payable also increased. However, as inventory levels moderated in the fourth quarter of 2025, more of these payables were settled, resulting in a higher year-over-year use of cash. Accounts receivable provided $80.1 million more cash in 2025 compared to 2024, reflecting the Company's active management of collections and compliance with payment terms.

Investing Activities

Investing activities provided $2.2 billion of cash in 2025, compared with using $4.1 billion of cash in 2024. Cash proceeds from the sale of TFP in April 2025 and ThermoSafe in November 2025 provided $2.5 billion of cash while cash proceeds from the sale of Protexic in April 2024 and additional proceeds related to the 2023 sale of the S3 business provided $81.0 million of cash in 2024. Acquisition spending totaled $3.8 billion in 2024, primarily related to the December 2024 Eviosys acquisition. There was no acquisition spending in 2025; however, the Company received net cash proceeds of $16.5 million from a final working capital settlement related to Eviosys during 2025. Capital expenditures in 2025 were $344.0 million, $49.2 million lower than the previous year as the Company had fewer large capital projects in 2025 and directed more of its capital to reducing outstanding debt. Proceeds from the sale of assets totaled $47.0 million in 2025, compared with $15.6 million in the prior year. The proceeds in both years were primarily from the sale of assets related to previously closed production facilities. Proceeds from the settlement of a net investment hedge provided $9.1 million of cash in 2024, and the Company paid $34.4 million in 2024 to settle a tranche of foreign currency forward contracts that the Company entered into in connection with the funding of the Eviosys acquisition. No such similar settlements occurred in 2025. Investments in affiliated companies and other net investing proceeds provided $6.5 million of cash in 2025 compared with a $10.0 million provision of cash in 2024. The proceeds in 2025 were largely attributable to dividends from one of the Company's affiliate investments representing a return on capital. Both 2025 and 2024 reflect additional investments in the Company's investments in ISI Robotics and 2024 includes an additional investment in a small South Carolina-based designer and manufacturer of sustainable packaging solutions. The 2024 figure also reflects proceeds from the sale of the Company's 2.7% equity interest in Northstar, which it had acquired on January 26, 2023 as part of the sale of its S3 business to Northstar.

Financing Activities

Financing activities used $3.0 billion of cash in 2025 and provided $3.7 billion of cash in 2024. The large provision of cash in 2024 included net proceeds from the issuance of debt totaling $3.9 billion primarily used to fund the Eviosys acquisition, which closed on December 4, 2024, while the significant use of cash in 2025 included net debt repayments totaling $2.8 billion. These debt repayments included the $0.4 billion principal repayment of the Company's 1.80% Notes upon their maturity in February 2025 and the repayments of two term loan facilities totaling $2.2 billion, ahead of their scheduled maturities, utilizing proceeds from the divestitures of TFP and ThermoSafe and available cash on hand.

Financing activities in 2024 also included the payment of fees totaling $19.0 million related to an unsecured bridge term loan facility to secure funding for the Eviosys acquisition. The change in outstanding checks used cash of $3.7 million and $8.7 million in 2025 and 2024, respectively. The year-over-year change is the result of the timing and size of the last accounts payable check runs in 2025 and 2024 relative to the Company's December 31 year end.

Cash used to repurchase the Company's common stock to satisfy employee tax withholding obligations in association with the exercise of certain share-based compensation awards was $10.9 million in 2025, compared to $9.2 million in 2024.

Cash dividends totaled $208.1 million in 2025 compared to $203.5 million in 2024, reflecting the increase in the quarterly dividend payment from $0.52 per share to $0.53 per share approved by the Board in April 2025.

Capital Resources

The Company's cash balances are held in numerous locations throughout the world. Of the Company's total reported cash and cash equivalents balances of $378.4 million and $431.0 million at December 31, 2025 and 2024, respectively, approximately $193.3 million and $190.1 million, respectively, were held outside of the United States by its foreign subsidiaries. Cash held outside of the United States is available to meet local liquidity needs, or for capital expenditures, acquisitions, and other offshore growth opportunities. The Company has generally maintained sufficient domestic liquidity through a combination of operating cash flow generation and access to bank and capital markets borrowings, and therefore generally considered its foreign unremitted earnings to be indefinitely invested outside the United States and did not typically plan to repatriate such earnings, other than excess cash balances that could be repatriated at minimal tax cost. Beginning in 2024, due to the increase in debt in the United States affecting domestic liquidity as a result of the Eviosys acquisition, the Company does not consider certain future earnings of the Sonoco Metal Packaging EMEA business to be indefinitely reinvested outside the United States and is providing for taxes on these amounts for financial reporting purposes. For those foreign unremitted earnings considered to be indefinitely reinvested, computation of the associated potential deferred tax liability is not practicable.

The Company uses a notional pooling arrangement with an international bank to help manage global liquidity requirements. Under this pooling arrangement, the Company and its participating subsidiaries may maintain either a cash deposit or a borrowing position through local currency accounts with the bank, so long as the aggregate position of the global pool is a notionally calculated net cash deposit. Because it maintains a security interest in the cash deposits and has the right to offset the cash deposits against the borrowings, the bank provides the Company and its participating subsidiaries favorable interest terms on both the cash deposit and borrowing positions.

The Company, as part of its ongoing efforts to improve cash flow and related liquidity, works with suppliers to improve its terms and conditions, including extending payment terms. Beginning in 2020, the Company also began voluntary supply chain financing programs (the "SCF Programs") to provide certain suppliers with the opportunity to sell receivables due from the Company to the SCF Programs' participating financial institution. Such sales are conducted at the sole discretion of both the suppliers and the financial institution on a non-recourse basis at a rate that leverages the credit rating of the Company and thus might be more beneficial to the supplier. No guarantees are provided by the Company or any of its subsidiaries under the SCF Programs. Responsibility is limited to making payment on the terms originally negotiated with suppliers, regardless of whether those suppliers sell the receivables to the financial institution. The Company does not enter into any agreements with suppliers regarding their participation in the SCF Programs. All amounts outstanding at December 31, 2025 under the SCF Programs were recorded within trade accounts payable. The amount owed to the participating financial institution under the SCF Programs and included in accounts payable was $53.1 million and $28.5 million at December 31, 2025 and 2024, respectively. The year-over-year increase is primarily due

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to a greater level of participation in the SCF Programs Sonoco Metal Packaging EMEA following the acquisition of Eviosys. The Company accounts for all payments made under the SCF Programs as a reduction to cash flows from operations and reports them within "changes in payable to suppliers" in the Consolidated Statements of Cash Flows. A downgrade in the Company's credit rating or changes in the financial markets could limit financial institutions' willingness to commit funds to, and participate in, the SCF Programs. However, the Company does not believe a reduction in, or the elimination of, the SCF Programs would have a material impact on its working capital or cash flows.

The Company's total debt at December 31, 2025, was $4.3 billion, a year-over-year decrease of $2.7 billion. The year-over-year change reflects the following actions taken during 2025:

&nbsp;&nbsp;&nbsp;&nbsp;• On November 5, 2025, the Company repaid the outstanding $700 million principal amount of borrowings under a term loan facility using cash proceeds from the sale of ThermoSafe and the issuance of commercial paper. The Company had entered into a credit agreement on July 12, 2024, with the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent providing the Company with the ability to borrow up to $700 million on an unsecured basis to finance a portion of the cash consideration for the Company's acquisition of Eviosys. The Company drew down the entire term loan facility on December 2, 2024 in connection with the consummation of the Eviosys acquisition on December 4, 2024. Under the terms of the agreement, the borrowings became payable upon completion of the ThermoSafe divestiture.

&nbsp;&nbsp;&nbsp;&nbsp;• On April 3, 2025, the Company repaid the outstanding $1.5 billion principal amount of borrowings under its 364-day term loan facility using a portion of the cash proceeds from the sale of TFP. The Company had entered into a credit agreement on September 16, 2024 with the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent providing the Company with the ability to borrow up to $1.5 billion on an unsecured basis to finance a portion of the cash consideration for the Company's acquisition of Eviosys. The Company drew down the entire 364-day term loan facility on December 2, 2024 in connection with the consummation of the Eviosys acquisition on December 4, 2024. Under the terms of the agreement, the borrowings became payable upon completion of the TFP divestiture.

&nbsp;&nbsp;&nbsp;&nbsp;• On February 3, 2025, the Company repaid the $400 million aggregate principal amount of its 1.80% notes upon their maturity using proceeds from the issuance of commercial paper.

Included in "Other foreign denominated debt" at December 31, 2024 are $73.5 million of transfers of certain trade receivables of Eviosys to third-party financial institutions for which the requirements to be accounted for as a true sale in accordance with the guidance under ASC 860 were not met. Additions to and settlements of these obligations during the year ended December 31, 2025 are reflected as "Proceeds from issuance of debt" and "Principal repayment of debt," respectively, in "Net cash (used)/provided by financing activities" in the Company's Consolidated Statements of Cash Flows. All of these obligations had been settled as of December 31, 2025.

At December 31, 2025, the Company had approximately $378.4 million in cash and cash equivalents on hand and $1.25 billion in committed availability under its revolving credit facility, all of which was available for drawdown. The Company has the contractual right to draw funds directly on the underlying revolving credit facility, which could possibly occur if there were a disruption in the commercial paper market.

As of December 31, 2025, the Company had scheduled debt maturities of $538.0 million, $316.4 million, $513.6 million, $600.8 million, and $602.2 million in 2026, 2027, 2028, 2029, and 2030, respectively. See Note 11 to the Consolidated Financial Statements for additional information regarding the Company's contractual principal debt maturities.

The Company's contractual obligation maturities for interest payments on outstanding fixed-rate, long-term debt, as well as financing fees on the backstop line of credit, are expected to total approximately $150.2 million in 2026, $129.2 million in 2027, $128.7 million in 2028, $118.0 million in 2029, and $86.4 million in 2030.

Capital spending is expected to total approximately $309 million in 2026, down 10% from 2025. The Company expects to continue to invest in profit generating projects in our Consumer Packaging Americas, Consumer Packaging EMEA/APAC, and global industrial businesses focused on automation, footprint optimization, and sales growth.

The Company believes cash on hand and available credit, combined with expected net cash flows generated from operating and investing activities, will provide sufficient liquidity to cover these and other cash flow needs of the Company over the course of 2026 and beyond.

Acquisitions and internal investments are key elements of the Company's growth strategy. The Company believes that its cash on hand, coupled with cash generated from operations and available borrowing capacity, will enable it to support this strategy. Although the Company believes that it has excess borrowing capacity beyond its current lines of credit, there can be no assurance that such financing would be available or available on terms that are acceptable to the Company. The Company continually assesses its operational footprint as well as its overall portfolio of businesses and may consider the divestiture of plants and/or business units it considers to be suboptimal or nonstrategic. Should these efforts result in the future sale of any plants or business units, management expects to utilize the proceeds to pay down debt and/or invest in growth projects or strategic acquisitions.

The net unfunded position of the Company's pension and postretirement plans was $163 million at the end of 2025, compared with $168 million at the end of 2024. The Company contributed approximately $22 million to its benefit plans in 2025. Benefit plan contributions are expected to total approximately $23 million in 2026. Future funding requirements will depend largely on actual investment returns, future actuarial assumptions, legislative actions, and changes to the Company's benefit offerings.

Current assets decreased year over year by $532 million to $2.65 billion at December 31, 2025, and current liabilities decreased by $1.51 billion to $2.53 billion, resulting in an increase in the Company's ratio of current assets to current liabilities to 1.0 at December 31, 2025 from 0.8 at December 31, 2024. The decrease in both current assets and current liabilities primarily relates to the divestitures of TFP and ThermoSafe in 2025. The reduction in current liabilities also reflects the repayment of debt in 2025, primarily the 1.80% Notes and the 364-day syndicated term loan.

Total equity increased $1.35 billion during 2025 as net income of $1.0 billion, other comprehensive income of $542 million and stock-based compensation of $18 million were partially offset by dividends of $209 million and share repurchases of $11 million for tax share withholding on vested stock compensation granted to employees. The primary driver of other comprehensive income was a $537 million translation gain from the impact of a weaker U.S. dollar on the Company's foreign investments, primarily the Company's euro-denominated Sonoco Metal Packaging EMEA businesses.

On April 20, 2021, the Board authorized the repurchase of the Company's common stock up to an aggregate amount of $350 million. The Company purchased a total of 3.29 million shares under this authorization during 2021 at a cost of $212 million. No additional shares have been repurchased under this authorization since 2021; accordingly, a total of $138 million remains available for share repurchases at December 31, 2025.

Although the ultimate determination of whether to pay dividends is within the sole discretion of the Board and is based on a variety of factors, the Company plans to continue paying dividends consistent with historical practice as earnings and the Company's liquidity permit. Dividends per

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common share were $2.11 in 2025, $2.07 in 2024 and $2.02 in 2023. On February 11, 2026, the Company declared a regular quarterly dividend of $0.53 per common share payable on March 10, 2026, to shareholders of record on February 25, 2026.

The Company routinely enters into leasing arrangements for real estate (including manufacturing facilities, office space, and warehouses), transportation equipment (automobiles, forklifts, and trailers), and office equipment (copiers and postage machines). Lease contracts with a term of 12 months or less are not recorded in the consolidated balance sheet. Leased assets represent the Company's right to use an underlying asset during the lease term, and lease liabilities represent the Company's obligation arising from the lease. Leased assets and liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. Most real estate leases, in particular, include one or more options to renew, with renewal terms that typically extend the lease term in increments from one to five years. For additional information regarding the Company's contractual lease obligations, see Note 8 to the Consolidated Financial Statements.

As of December 31, 2025, the Company had long-term obligations to purchase electricity and steam, which it uses in its production processes, as well as long-term purchase commitments for certain raw materials, principally old corrugated containers. In addition, as of December 31, 2025 the Company had purchase commitments of approximately $93.9 million to be paid in 2026 for the acquisition of tax credits that are expected to offset a portion of taxes payable recorded within "Accrued taxes" on the Company's Consolidated Balance Sheets at December 31, 2025. For additional information regarding the Company's purchase commitment obligations, see Note 18 to the Consolidated Financial Statements.

Risk Management

As a result of operating globally, the Company is exposed to changes in foreign exchange rates. The exposure is well diversified, as the Company's facilities are located throughout the world, and the Company generally sells in the same countries where it produces with both revenue and costs transacted in the local currency. The Company monitors these exposures and uses foreign currency forward contracts and other risk management instruments to manage exposure to changes in foreign currency cash flows and the translation of monetary assets and liabilities on the Company's consolidated financial statements by hedging a portion of forecasted transactions that are denominated in foreign currencies, foreign currency assets and liabilities, or its net investment in foreign subsidiaries. The Company's foreign operations are exposed to political, geopolitical, and cultural risks, but these risks are mitigated by diversification and the relative stability of the countries in which the Company has significant operations.

The economy in Venezuela has been considered highly inflationary under U.S. GAAP since 2010. Accordingly, the Company had considered the U.S. dollar to be the functional currency of its Venezuelan operations and had used the official exchange rate when remeasuring the financial results of those operations since January 1, 2010. Economic conditions in Venezuela worsened considerably over the past several years with no indications that conditions were likely to improve in the foreseeable future. As a result, the Company sold its operations in Venezuela during the first quarter of 2025, recognizing a loss in the amount of $5.4 million, including $3.8 million of cumulative translation losses that were reclassified from accumulated other comprehensive income/(loss).

Turkey has been deemed to be a highly inflationary economy under U.S. GAAP since the first quarter of 2022. Accordingly, the Company considers the U.S. dollar to be the functional currency of its operations in Turkey and has remeasured monetary assets and liabilities denominated in Turkish lira to U.S. dollars with changes recorded through earnings. The cumulative impact of applying highly inflationary accounting to Turkey has been a pretax charge to earnings of $9.2 million ($7.1 million after tax), including $1.3 million ($1.0 million after tax) during 2025. The magnitude of future earnings impacts, however, is uncertain as such impacts are dependent upon unpredictable movements in the Turkish lira relative to the U.S. dollar. In addition to remeasurement-related charges, significant deterioration in the Turkish economy could result in the recognition of future impairment charges. However, the Company believes its exposure is limited to its net investment in Turkey, which was approximately $54.7 million as of December 31, 2025.

The Company is a purchaser of various raw material inputs such as recovered paper, energy, steel, aluminum, and plastic resin. The Company generally does not engage in significant hedging activities for these purchases other than for energy and, from time to time, aluminum, because there is usually a high correlation between the primary input costs and the ultimate selling price of its products. Inputs are generally purchased at market or at fixed prices that are established with individual suppliers as part of the purchase process for quantities expected to be consumed in the ordinary course of business. On occasion, where the correlation between selling price and input price is less direct, the Company may enter into derivative contracts such as futures or swaps to manage the effect of price fluctuations. In addition, the Company may occasionally use traditional, unleveraged interest-rate swaps to manage its mix of fixed and variable rate debt and control its exposure to interest rate movements within select ranges.

At December 31, 2025, the Company had derivative contracts outstanding to hedge the prices on a portion of anticipated aluminum purchases. These contracts, some of which qualify as cash flow hedges, include aluminum swaps totaling 6,133 metric tons. The total fair market value of these instruments resulted in a net gain position of $1.7 million and $1 million at December 31, 2025 and December 31, 2024, respectively. The amount of the gain included in accumulated other comprehensive income/(loss) at December 31, 2025 expected to be reclassified to the income statement during the next twelve months is $1.5 million. The Company also has certain natural gas hedges that are not designated as cash flow hedges.

The Company has entered into forward contracts to hedge certain anticipated foreign currency denominated sales and purchases expected to occur in 2026. The total market value of these instruments resulted in a net gain position of $49 thousand at December 31, 2025 and a net loss position of $1.8 million at December 31, 2024. At December 31, 2025, the total notional amount of these contracts, in U.S. dollar terms, was $157 million, of which $(23) million related to the Canadian dollar, $22 million to the Euro, $52 million to the British pound, $(13) million to the Polish zloty, $39 million to the US Dollar, and $2 million to all other currencies for USD contracts and $42 million related to the Euro, $73 million to the British pound, $(56) million to the Polish zloty, $21 million to the US Dollar, and $(2) million to all other currencies for Euro contracts. In addition, the Company had various currency contracts outstanding to hedge the currency exposure of intercompany debt and foreign currency denominated receivables and payables. Although placed as economic hedges, the Company does not apply hedge accounting to these instruments. As such, changes in fair value are recorded directly to income and expense in the periods that they occur.

In 2023, the Company became a party to cross-currency swap agreements with a total notional amount of $500 million to effectively convert a portion of the Company's fixed-rate U.S. dollar denominated debt, including the semi-annual interest payments, to fixed-rate euro-denominated debt. The swap agreements, which had a maturity of December 18, 2026, provided for the Company to receive semi-annual interest payments in U.S. dollars at a fixed rate and to make semi-annual interest payments in euros at a fixed rate. The risk management objective of entering into the swap agreements was to manage foreign currency risk relating to net investments in certain European subsidiaries denominated in euros. The agreements were designated as net investment hedges for accounting purposes.

The gain or loss on the net investment hedge derivative instruments is included in the "Foreign currency translation" component of "Accumulated other comprehensive income/(loss)" until the net investment is sold, diluted, or liquidated. Interest payments received for the cross-

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currency swaps are excluded from the net investment hedge effectiveness assessment and are recorded in "Interest expense" in the Company's Consolidated Statements of Income. The assumptions used in measuring fair value of the cross-currency swaps are considered level 2 inputs, which are based upon the Euro-to-U.S. dollar exchange rate market.

On April 15, 2024, as a result of the strengthening of the U.S. dollar against the euro, as well as a reduction in the differential between U.S. and European interest rates, the Company terminated its swap agreements and received a net cash settlement of $9.1 million. The foreign currency translation gain of approximately $3.1 million, net of tax, is included as a component of "Accumulated other comprehensive income/(loss)."

Following the unwind of the swaps, the Company entered into new cross-currency swap agreements with a total notional amount of $500 million to effectively convert a portion of the Company's fixed-rate U.S. dollar-denominated debt, including the semi-annual interest payments, to fixed-rate euro-denominated debt. The new swap agreements, which have a maturity of May 1, 2027, share the same risk management objective as the terminated cross-currency swap agreements and are also designated as net investment hedges for accounting purposes.

In December 2024, the Company entered into additional cross-currency swap agreements with a total notional amount of $1.5 billion, including $500 million maturing on September 1, 2026, $500 million maturing on September 1, 2029, and $500 million maturing on May 1, 2030. The swaps effectively convert a portion of the Company's fixed-rate U.S. dollar-denominated debt, including the semi-annual interest payments, to fixed-rate euro-denominated debt at the prevailing market rate at execution. The new swap agreements share the same risk management objective as the Company's previously existing cross-currency swap agreements and are also designated as net investment hedges for accounting purposes.

On June 30, 2025, the Company entered into additional cross-currency swap agreements with a total notional amount of $285 million, maturing on February 1, 2027. The swaps effectively convert a portion of the Company's fixed-rate U.S. dollar-denominated debt, including the semi-annual interest payments, to fixed-rate euro-denominated debt at the prevailing market rate at execution.

The fair value of the Company's net investment hedges was a loss position of $207.2 million and a gain position of $11.9 million at December 31, 2025 and December 31, 2024, respectively. Foreign currency translation loss of $154.4 million (net of income taxes of $52.8 million) and gain of $8.9 million (net of income taxes of $3.0 million) were reported as components of "Accumulated other comprehensive income/(loss)" within "Foreign currency items" at December 31, 2025 and December 31, 2024, respectively.

In anticipation of the offering of the Notes, the Company entered into treasury lock derivative instruments with eleven banks, with a total notional principal amount of $900 million, on August 29, 2024. These instruments had the risk management objective of reducing the Company's exposure to increases in the underlying Treasury index up to the date of pricing of the Notes. The derivatives were settled when the Notes priced on September 17, 2024, with the Company recognizing a loss on the settlement of $11.1 million. The loss is included in "Interest expense" in the Company's Consolidated Statements of Income for the year ended December 31, 2024.

The total fair market value of the Company's derivatives was a net unfavorable position of $206.6 million and a net favorable position of $8.0 million at December 31, 2025 and December 31, 2024, respectively. Derivatives are marked to fair value using published market prices, if available, or using estimated values based on current price quotes and a discounted cash flow model. See Note 12 to the Consolidated Financial Statements for more information on financial instruments.

The Company has an investment in preferred stock of a nonaffiliated private company that is accounted for under the measurement alternative of cost less impairment, adjusted for any qualifying observable price changes. Observable price changes would consist of Level 2 inputs based on privately negotiated transactions with the nonaffiliated company. The preferred stock balance of $21.2 million is included in "Other Assets" in the Company's Consolidated Balance Sheet as of December 31, 2025.

The Company is subject to various federal, state and local environmental laws and regulations in the United States and in each of the countries where we conduct business, concerning, among other matters, solid waste disposal, wastewater effluent and air emissions. Although the costs of compliance have not been significant due to the nature of the materials and processes used in manufacturing operations, such laws also make generators of hazardous wastes and their legal successors financially responsible for the cleanup of sites contaminated by those wastes. The Company has been named a potentially responsible party at several environmentally contaminated sites. These regulatory actions and a small number of private party lawsuits are believed to represent the Company's largest potential environmental liabilities. The Company had accrued $1.8 million at December 31, 2025 with respect to these sites. See "Environmental Charges" in Item 3 – Legal Proceedings and Note 18 to the Consolidated Financial Statements for more information on environmental matters.

Critical Accounting Estimates

The MD&A is based upon the Company's Consolidated Financial Statements, which have been prepared in accordance with U.S. GAAP. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company evaluates these estimates and assumptions on an ongoing basis, including but not limited to those related to inventories, bad debts, derivatives, income taxes, share-based compensation, goodwill, intangible assets, restructuring, pension and other postretirement benefits, environmental liabilities, and contingencies and litigation. Estimates and assumptions are based on historical and other factors believed to be reasonable under the circumstances. The results of these estimates may form the basis of the carrying value of certain assets and liabilities and may not be readily apparent from other sources. Actual results could differ from those estimates. The impact of, and any associated risks related to, estimates, assumptions and accounting policies are discussed in the MD&A, as well as in the Notes to the Consolidated Financial Statements, if applicable, where such estimates, assumptions and accounting policies affect the Company's reported and expected financial results.

The Company believes the accounting policies discussed in the Notes to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K are critical to understanding the results of its operations. The following discussion represents those policies that involve the more significant judgments and estimates used in the preparation of the Company's Consolidated Financial Statements.

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Business Combinations

The Company's acquisitions of businesses are accounted for in accordance with ASC 805, "Business Combinations." The Company recognizes the identifiable assets acquired, the liabilities assumed, and any noncontrolling interests in an acquired business at their fair values as of the date of acquisition. Goodwill is measured as the excess of the consideration transferred, also measured at fair value, over the net of the acquisition date fair values of the identifiable assets acquired and liabilities assumed. The acquisition method of accounting requires us to make significant estimates and assumptions regarding the fair values of the elements of a business combination as of the date of acquisition, including the fair values of identifiable intangible assets, property, plant, and equipment, deferred tax asset valuation allowances, liabilities including those related to debt, pensions and other postretirement plans, uncertain tax positions, contingent consideration, and contingencies. This method also requires us to refine these estimates over a measurement period not to exceed one year to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. If we are required to adjust provisional amounts that we have recorded for the fair values of assets and liabilities in connection with acquisitions, these adjustments could have a material impact on our financial condition and results of operations.

Significant estimates and assumptions in estimating the fair value of acquired patents, customer relationships, trade names, proprietary technology, and other identifiable intangible assets include future cash flows that the Company expects to generate from the acquired assets, discount rate, customer attrition rate, and long-term revenue growth projections. Projecting discounted future cash flows requires the Company to make significant estimates regarding projected revenues, projected earnings before interest, taxes, depreciation, and amortization margins, discount rates and customer attrition rates. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, the Company could record impairment charges.

In addition, the Company has estimated the economic lives of certain acquired assets and these lives are used to calculate depreciation on property, plant, and equipment and amortization expense on definite-lived intangible assets. If the estimates of the economic lives change, depreciation or amortization expenses could be increased or decreased, or the acquired asset could become impaired.

For leases acquired in a business combination, the Company measures the lease liability at the present value of the remaining lease payments, as if the acquired lease were a new lease of the Company at the acquisition date. When the implicit rate in the acquired lease is not readily determinable, the Company calculates the lease liabilities using discount rates based upon the Company's incremental secured borrowing rate for the region in which the acquisition was completed. An assessment of the certainty associated with the exercise of any lease renewal, termination, and purchase options included in the acquired lease contracts is also performed. The Company measures the right-of-use asset at the same amount as the lease liability as adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms.

Impairment of Long-Lived, Intangible, and Other Assets

Assumptions and estimates used in the evaluation of potential impairment can result in adjustments affecting the carrying values of long-lived, intangible and other assets and the recognition of impairment expense in the Company's Consolidated Financial Statements. The Company evaluates its long-lived assets (property, plant and equipment), definite-lived intangible assets and other assets (including right of use lease assets, notes receivable and equity and other investments) for impairment whenever indicators of impairment exist, or when it commits to sell the asset. If the sum of the undiscounted expected future cash flows from a long-lived asset or definite-lived intangible asset group is less than the carrying value of that asset group, an asset impairment charge is recognized. Key assumptions and estimates used in the projection of expected future cash flows generally include price levels, sales growth, profit margins and asset life. The amount of an impairment charge, if any, is calculated as the excess of the asset's carrying value over its fair value, generally represented by the discounted future cash flows from that asset or, in the case of assets the Company evaluates for sale, estimated sale proceeds less costs to sell. The Company takes into consideration historical data and experience together with all other relevant information available when estimating the fair values of its assets. However, fair values that could be realized in actual transactions may differ from the estimates used to evaluate impairment. In addition, changes in the assumptions and estimates may result in a different conclusion regarding impairment.

Impairment of Goodwill

The Company assesses its goodwill for impairment annually and from time to time when warranted by the facts and circumstances surrounding individual reporting units or the Company as a whole. If the fair value of a reporting unit exceeds the carrying value of that reporting unit, there is no impairment. If the carrying value of a reporting unit exceeds the fair value of that reporting unit, an impairment charge to goodwill is recognized for the excess. The Company's reporting units, as determined in accordance with ASC 350, "Intangibles-Goodwill and Other," are the same as, or one level below, its operating segments, as determined in accordance with ASC 280, "Segment Reporting."

The Company completed its most recent annual goodwill impairment testing during the third quarter of 2025. For testing purposes, the Company performed an assessment of each reporting unit using either a qualitative evaluation or a quantitative test. The qualitative evaluations considered factors such as the macroeconomic environment, the industry, the Company's overall financial performance, the current and projected financial performance of specific reporting units, and business strategy changes. The quantitative tests, described further below, relied on the current outlook of reporting unit management for future operating results and took into consideration, among other things, specific business unit risk, the countries in which the reporting units operate, and implied fair values based on comparable trading multiples.

When performing a quantitative analysis, the Company estimates the fair value of its reporting units using a weighted average of the income and market approaches. Under the income approach, the Company uses a discounted cash flow model based on projections of future years' operating results and associated cash flows. The Company's assessments reflect significant management assumptions and estimates related to the Company's forecast of sales growth during the discrete period, EBITDA, and discount rates, which are validated by observed comparable trading and transaction multiples based on guideline public companies under the market approach. The Company's model discounts projected future cash flows, forecasted over a five-year period, with an estimated residual growth rate. The Company's projections incorporate management's estimates of the most-likely expected future results. Projected future cash flows are discounted to present value using a discount rate that management believes is appropriate for the reporting unit.

The Company's assessments, whether qualitative or quantitative, incorporate management's expectations for the future, including forecasted growth rates and/or margin improvements. Therefore, should there be changes in the relevant facts and circumstances and/or expectations, management's conclusions regarding goodwill impairment may change as well.

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In considering the level of uncertainty regarding the potential for goodwill impairment, management has concluded that any such impairment would, in most cases, likely be the result of adverse changes in more than one assumption. Management considers the assumptions used to be its best estimates across a range of possible outcomes based on available evidence at the time of the assessment. Other than in the Metal Packaging EMEA and Global Paper Products APAC reporting units, which are discussed below, there is no specific singular event or single change in circumstances management has identified that it believes could reasonably result in a change to the expected future results in any of its reporting units significant enough to result in goodwill impairment. In the case of Metal Packaging EMEA, the lower differential between the fair value and carrying value of the reporting unit is due to the acquisition of Eviosys in December 2024, at which time the majority of assets and liabilities acquired were recorded at fair value. In management's opinion, a change of such magnitude would more likely be the result of changes to some combination of the factors identified above, a general deterioration in competitive position, introduction of a superior technology, significant unexpected changes in customer preferences, an inability to pass through significant raw material cost increases, and other such items as identified in "Item 1A. Risk Factors" in this Annual Report on Form 10-K.

Although no reporting units failed the annual impairment test, in management's opinion, the goodwill balances of the Metal Packaging EMEA and Global Paper Products APAC reporting units are individually at risk of impairment in the near term if each reporting unit's operation does not perform in line with management's expectations, or if there is a negative change in the long-term financial outlook for each reporting unit or in other factors such as the particular discount rates used. Total goodwill associated with the Metal Packaging EMEA and Global Paper Products APAC reporting units was $1,397.0 million and $26.9 million, respectively at December 31, 2025.

*Sensitivity Analysis*

In the annual goodwill impairment analysis completed during the third quarter of 2025, projected future cash flows for the Metal Packaging EMEA and Global Paper Products APAC reporting units were discounted at 12.0% and 13.0%, respectively, and their estimated fair values were determined to exceed their carrying values by approximately 3.1% and 9.0%, respectively. Based on an equal weighting of the income and market approaches, and holding other valuation assumptions constant, the discount rates for the Metal Packaging EMEA and Global Paper Products APAC reporting units would have to increase to 12.7% and 15.4%, respectively, or projected EBITDA across all future periods would have to be reduced by approximately 3.0% and 8.4%, respectively, in order for the estimated fair values of the reporting units to fall below their individual carrying values.

Income Taxes

The Company follows ASC 740, Accounting for Income Taxes, which requires a reduction of the carrying amounts of deferred tax assets by recording a valuation allowance if, based on the available evidence, it is more likely than not such assets will not be realized. Deferred tax assets generally represent expenses that have been recognized for financial reporting purposes, but for which the corresponding tax deductions will occur in future periods. The valuation of deferred tax assets requires judgment in assessing the likely future tax consequences of events that have been recognized in our financial statements or tax returns and future profitability. Our accounting for deferred tax consequences represents our best estimate of those future events. Changes in our current estimates, due to unanticipated events or otherwise, could have a material impact on our financial condition and results of operations.

For those tax positions where it is more likely than not that a tax benefit will be sustained, the Company has recorded the largest amount of tax benefit with a greater than 50% likelihood of being realized upon ultimate settlement with a taxing authority having full knowledge of all relevant information. For those positions not meeting the more-likely-than-not standard, no tax benefit has been recognized in the financial statements. Associated interest has also been recognized, where applicable.

The estimate for the potential outcome of any uncertain tax issue is highly judgmental. The Company believes it has adequately provided for any reasonably foreseeable outcome related to these matters. However, future results may include favorable or unfavorable adjustments to estimated tax liabilities in the period the assessments are made or resolved or when statutes of limitations on potential assessments expire. Additionally, the jurisdictions in which earnings or deductions are realized may differ from current estimates. As a result, the eventual resolution of these matters could have a different impact on the effective rate than currently reflected or expected.

Share-Based Compensation Plans

The Company utilizes share-based compensation in the form of restricted stock units ("RSUs"), performance contingent restricted stock units ("PCSUs"), and other share-based awards. The fair value of the Company's RSUs is equal to the closing price of the Company's stock on the date of grant discounted for any projected dividends that are not eligible to be received during the vesting period. The amount of share-based compensation expense associated with PCSUs is based on estimates of future performance using measures defined in the stock plan descriptions for each award granted. As of December 31, 2025, these performance measures include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted earnings per share — three-year sum of forecasted future and historical annual adjusted earnings per share for the three-year measurement period associated with each award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return on invested capital — three-year simple average of annual returns calculated by dividing 1) adjusted operating profit after tax (derived from historical or projected adjusted earnings) by 2) the average of total historical or projected debt plus equity for the respective annual periods.

Changes in estimates regarding the future achievement of these performance measures may result in significant fluctuations from period to period in the amount of share-based compensation expense recognized in the Company's Consolidated Financial Statements. Performance payouts for PCSU awards are also subject to adjustment by a total stock return modifier as determined by the Company's relative performance within its targeted peer group for each grant. See Note 14 to the Consolidated Financial Statements for additional information on the Company's share-based compensation plans.

Pension and Postretirement Benefit Plans

The Company has significant pension and postretirement benefit liabilities and costs that are measured using actuarial valuations. The largest of the Company's pension and postretirement plans include the U.S.-based Sonoco Pension Plan, the U.S. nonqualified retirement plans, the U.S. Retirement and Retiree Health and Life Insurance Plan, the Sonoco U.K. Retirement Benefits Plan, and several defined benefit plans assumed by the Company upon its acquisition of Eviosys on December 4, 2024 (the "Eviosys Plans"). As of December 31, 2025, the total benefit obligation of the Company's pension and postretirement benefit plans was $483.3 million and the total assets of these plans were $320.5 million, resulting in a net unfunded pension and postretirement plan obligation of $162.9 million.

The actuarial valuations used to evaluate the plans employ key assumptions that can have a significant effect on the calculated amounts. The key assumptions used at December 31, 2025 in determining the PBO for retirement plans and the accumulated benefit obligation for retiree

43 FORM 10-K SONOCO 2025 ANNUAL REPORT

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health and life insurance plans include discount rates and rates of compensation increase. The key assumptions used to determine the 2025 net periodic benefit cost for retirement and retiree health and life insurance plans include discount rates, expected long-term rate of return on plan assets, and rates of compensation increase.

The Company adjusts its discount rates at the end of each fiscal year based on yield curves of high-quality debt instruments over durations that match the expected benefit payouts of each plan. The expected rate of return assumption is derived by taking into consideration the targeted plan asset allocation, projected future returns by asset class and active investment management. A third-party asset return model is used to develop an expected range of returns on plan investments over a 12- to 30-year period, with the expected rate of return selected from a best estimate range within the total range of projected results. The Company periodically rebalances its plan asset portfolio in order to maintain the targeted allocation levels. The rate of compensation increase assumption is generally based on salary and incentive compensation increases.

The sensitivity to changes in the critical assumptions for the Company's U.S. and U.K. based plans and Eviosys Plans as of December 31, 2025, is as follows:

---

| | | | |
|:---|:---|:---|:---|
| *Assumption<br>($ in millions)* | *Percentage*<br>*Point*<br>*Change* | *Projected Benefit*<br>*Obligation*<br>*Higher/(Lower)* | *Annual Expense*<br>*Higher/(Lower)* |
| Discount rate | 0.25% decrease | $12.2 | $0.4 |
| Expected return on assets | 0.25% decrease | N/A | $0.7 |

---

Another key assumption for the U.S. retiree health and life insurance plan is a medical cost trend rate beginning at 7.0% for post-age 65 participants and trending down to an ultimate rate of 4.5% in 2035. The ultimate trend rate of 4.5% represents the Company's best estimate of the long-term average annual medical cost increase over the duration of the plan's liabilities. It provides for real growth in medical costs in excess of the overall inflation level.

Other assumptions and estimates impacting the projected liabilities of these plans include inflation, participant withdrawal and mortality rates, and retirement ages. The Company evaluates the assumptions used in projecting the pension and postretirement liabilities and associated expenses annually. These judgments, assumptions and estimates may affect the carrying value of pension and postretirement plan net assets and liabilities and pension and postretirement plan expenses in the Company's Consolidated Financial Statements. See Note 15 to the Consolidated Financial Statements for additional information on the Company's pension and postretirement plans.

Recent Accounting Pronouncements

Information regarding recent accounting pronouncements is provided in Note 3 to the Consolidated Financial Statements included in Item 8 of this Annual Report on Form 10-K.

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Information regarding market risk is provided in this Annual Report on Form 10-K under the following items and captions: "Our international operations subject us to various risks that could adversely affect our business operations and financial results" and "Currency exchange rate fluctuations may adversely affect our results of operations and shareholders' equity" in Item 1A - Risk Factors; "Risk Management" in Item 7 – Management's Discussion and Analysis of Financial Condition and Results of Operations; and in Note 12 to the Consolidated Financial Statements in Item 8 – Financial Statements and Supplementary Data.

Item 8. Financial Statements and Supplementary Data.

The Consolidated Financial Statements and Notes to the Consolidated Financial Statements are provided on pages F-1 through F-50 of this report.

44 FORM 10-K SONOCO 2025 ANNUAL REPORT

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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Board of Directors and Shareholders of Sonoco Products Company

***Opinions on the Financial Statements and Internal Control over Financial Reporting***

We have audited the accompanying consolidated balance sheets of Sonoco Products Company and its subsidiaries (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of income, comprehensive income, changes in total equity and cash flows for each of the three years in the period ended December 31, 2025, including the related notes and financial statement schedule listed in the accompanying index appearing under Item 15(a)(2) (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO).

In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2025 in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2025, based on criteria established in *Internal Control - Integrated Framework* (2013) issued by the COSO.

***Basis for Opinions***

The Company's management is responsible for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment of the effectiveness of internal control over financial reporting, included in Management's Report on Internal Control over Financial Reporting appearing under Item 9A. Our responsibility is to express opinions on the Company's consolidated financial statements and on the Company's internal control over financial reporting based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the consolidated financial statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.

***Definition and Limitations of Internal Control over Financial Reporting***

A company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

***Critical Audit Matters***

The critical audit matter communicated below is a matter arising from the current period audit of the consolidated financial statements that was communicated or required to be communicated to the audit committee and that (i) relates to accounts or disclosures that are material to the consolidated financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing separate opinions on the critical audit matter or on the accounts or disclosures to which it relates.

F-1 FORM 10-K SONOCO 2025 ANNUAL REPORT

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*Goodwill Impairment Assessment – Metal Packaging EMEA Reporting Unit*

As described in Notes 1 and 9 to the consolidated financial statements, the Company's goodwill balance was $2.5 billion as of December 31, 2025, and the goodwill associated with the Metal Packaging EMEA reporting unit was $1.4 billion. Management assesses goodwill for impairment annually during the third quarter, or from time to time when warranted by the facts and circumstances surrounding individual reporting units or the Company as a whole. As disclosed by management, if the fair value of a reporting unit exceeds the carrying value of that reporting unit, there is no impairment. If the carrying value of a reporting unit exceeds the fair value of that reporting unit, an impairment charge to goodwill is recognized for the excess. When performing a quantitative analysis, management estimates the fair value of its reporting units using a weighted average of the income approach (a discounted cash flow model) and market approach (a guideline public companies model). Fair value estimated using a discounted cash flow model reflects significant management assumptions and estimates including the forecast of sales growth during the discrete period, EBITDA, and the discount rate.

The principal considerations for our determination that performing procedures relating to the goodwill impairment assessment of the Metal Packaging EMEA reporting unit is a critical audit matter are (i) the significant judgment by management when developing the fair value estimate of the reporting unit; (ii) a high degree of auditor judgment, subjectivity, and effort in performing procedures and evaluating management's significant assumptions related to the forecast of sales growth during the discrete period, EBITDA, and the discount rate; and (iii) the audit effort involved the use of professionals with specialized skill and knowledge.

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements. These procedures included testing the effectiveness of controls relating to management's goodwill impairment assessment, including controls over the valuation of the Metal Packaging EMEA reporting unit. These procedures also included, among others (i) testing management's process for developing the fair value estimate of the Metal Packaging EMEA reporting unit; (ii) evaluating the appropriateness of the discounted cash flow model (income valuation approach) used by management; (iii) testing the completeness and accuracy of underlying data used in the discounted cash flow model (income valuation approach); and (iv) evaluating the reasonableness of the significant assumptions used by management related to the forecast of sales growth during the discrete period, EBITDA, and the discount rate. Evaluating management's assumptions related to the forecast of sales growth during the discrete period and EBITDA involved evaluating whether the assumptions used by management were reasonable considering (i) the current and past performance of the Metal Packaging EMEA reporting unit; (ii) the consistency with external market data; and (iii) whether the assumptions were consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used to assist in evaluating (i) the appropriateness of the discounted cash flow model (income valuation approach), and (ii) the reasonableness of the discount rate assumption.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

February 26, 2026

We have served as the Company's auditor since 1967. 

F-2 FORM 10-K SONOCO 2025 ANNUAL REPORT

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CONSOLIDATED BALANCE SHEETS

***Sonoco Products Company***

---

| | | |
|:---|:---|:---|
| *(Dollars and shares in thousands)*<br>*At December 31* | *2025* | *2024* |
| **Assets** |  |  |
| **Current Assets** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $378398 | $431010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable, net of allowances of $12,512 in 2025 and $10,989 in 2024 | 842810 | 907526 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other receivables | 178755 | 175877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | 1121009 | 1016139 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 125352 | 197134 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current assets of discontinued operations |  | 450874 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Assets | 2646324 | 3178560 |
| **Property, Plant and Equipment, Net** | 2797800 | 2718747 |
| **Goodwill** | 2511611 | 2525657 |
| **Other Intangible Assets, Net** | 2683474 | 2586698 |
| **Deferred Income Taxes** | 54449 | 17371 |
| **Right of Use Asset-Operating Leases** | 307450 | 307688 |
| **Other Assets** | 161226 | 208759 |
| **Noncurrent Assets of Discontinued Operations** |  | 964310 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Assets** | $**11162334** | $**12507790** |
| **Liabilities and Equity** |  |  |
| **Current Liabilities** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to suppliers | $1084152 | $1130500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other payables | 638770 | 463543 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued wages and other compensation | 138982 | 140912 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notes payable and current portion of long-term debt | 537952 | 2054525 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued taxes | 128821 | 6755 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current liabilities of discontinued operations |  | 242056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Current Liabilities | 2528677 | 4038291 |
| **Long-term Debt** | 3788973 | 4985496 |
| **Noncurrent Operating Lease Liabilities** | 263192 | 258735 |
| **Pension and Other Postretirement Benefits** | 177976 | 180827 |
| **Deferred Income Taxes** | 557034 | 583470 |
| **Other Liabilities** | 214650 | 60847 |
| **Noncurrent Liabilities of Discontinued Operations** |  | 113911 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities** | **7530502** | **10221577** |
| **Commitments and Contingencies (Note 18)** |  |  |
| **Sonoco Shareholders' Equity** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Serial preferred stock, no par value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized 30,000 shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0 shares issued and outstanding as of December 31, 2025 and 2024 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common shares, no par value |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Authorized 300,000 shares |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;98,634 and 98,260 shares issued and outstanding as of December 31, 2025 and 2024, respectively  | 7175 | 7175 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital in excess of stated value | 191855 | 183250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income/(loss) | 37204 | (502734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 3377647 | 2583923 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Sonoco Shareholders' Equity | 3613881 | 2271614 |
| **Noncontrolling Interests** | 17951 | 14599 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Equity** | **3631832** | **2286213** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total Liabilities and Equity** | $**11162334** | $**12507790** |

---

*The Notes beginning on page F-8 are an integral part of these consolidated financial statements.*

F-3 FORM 10-K SONOCO 2025 ANNUAL REPORT

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CONSOLIDATED STATEMENTS OF INCOME

***Sonoco Products Company***

---

| | | | |
|:---|:---|:---|:---|
| *(Dollars and shares in thousands except per share data)<br>Years ended December 31* | *2025* | *2024* | *2023* |
| Net sales | $7518753 | $5305365 | $5441426 |
| Cost of sales | 5944340 | 4166132 | 4238857 |
| Gross profit | 1574413 | 1139233 | 1202569 |
| Selling, general and administrative expenses | 862180 | 723833 | 644540 |
| Restructuring/Asset impairment charges, net | 66215 | 65370 | 47909 |
| Gain/(Loss) on divestiture of business and other assets | 371717 | (23452) | 78929 |
| Operating profit | 1017735 | 326578 | 589049 |
| Non-operating pension costs | 12215 | 13842 | 14312 |
| Interest expense | 233485 | 172620 | 135393 |
| Interest income | 20547 | 27570 | 10026 |
| Other (expense)/income, net | (27481) | (104200) | 39657 |
| Income from continuing operations before income taxes | 765101 | 63486 | 489027 |
| Provision for income taxes | 183586 | 5509 | 119730 |
| Income before equity in earnings of affiliates | 581515 | 57977 | 369297 |
| Equity in earnings of affiliates, net of tax | 9523 | 9588 | 10347 |
| Net income from continuing operations | 591038 | 67565 | 379644 |
| Net income from discontinued operations | 412348 | 96375 | 96257 |
| Net income | 1003386 | 163940 | 475901 |
| Net (income)/loss from continuing operations attributable to noncontrolling interests | (375) | 180 | (768) |
| Net income from discontinued operations attributable to noncontrolling interests |  | (171) | (174) |
| Net income attributable to Sonoco | $1003011 | $163949 | $474959 |
| Weighted average common shares outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 99124 | 98637 | 98294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assuming exercise of awards | 447 | 653 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 99571 | 99290 | 98890 |
| Per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $5.96 | $0.69 | $3.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | 4.16 | 0.97 | 0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per share attributable to Sonoco | $10.12 | $1.66 | $4.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Continuing operations | $5.93 | $0.68 | $3.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Discontinued operations | 4.14 | 0.97 | 0.97 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per share attributable to Sonoco | $10.07 | $1.65 | $4.80 |

---

*The Notes beginning on page F-8 are an integral part of these consolidated financial statements.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

F-4 FORM 10-K SONOCO 2025 ANNUAL REPORT

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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

***Sonoco Products Company***

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| | | | |
|:---|:---|:---|:---|
| *(Dollars in thousands)*<br>*Years ended December 31* | *2025* | *2024* | *2023* |
| Net income | $1003386 | $163940 | $475901 |
| Other comprehensive income/(loss): |  |  |  |
| Foreign currency translation adjustments | 536942 | (143730) | 70308 |
| Changes in defined benefit plans, net of tax | 2655 | 9014 | (8654) |
| Changes in derivative financial instruments, net of tax | 2125 | (2133) | 1737 |
| Other comprehensive income/(loss) | 541722 | (136849) | 63391 |
| Comprehensive income | 1545108 | 27091 | 539292 |
| Net (income)/loss attributable to noncontrolling interests-continuing operations | (375) | 180 | (768) |
| Net income attributable to noncontrolling interests-discontinued operations |  | (171) | (174) |
| Other comprehensive (income)/loss attributable to noncontrolling interests | (1784) | 377 | 430 |
| Comprehensive income attributable to Sonoco | $1542949 | $27477 | $538780 |

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*The Notes beginning on page F-8 are an integral part of these consolidated financial statements.*

F-5 FORM 10-K SONOCO 2025 ANNUAL REPORT

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CONSOLIDATED STATEMENTS OF CHANGES IN TOTAL EQUITY

***Sonoco Products Company***

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *(Dollars and shares in thousands)* | *Total*<br>*Equity* | *Common Shares* | *Common Shares* | *Capital in*<br>*Excess of*<br>*Stated*<br>*Value* | *Accumulated*<br>*Other*<br>*Comprehensive*<br>*Income/(Loss)* | *Retained*<br>*Earnings* | *Non-*<br>*controlling*<br>*Interests* |
|  |  | *Outstanding* | *Amount* |  |  |  |  |
| **January 1, 2023** | $2072797 | 97645 | $7175 | $140539 | $(430083) | $2348183 | $6983 |
| Net income | 475901 |  |  |  |  | 474959 | 942 |
| &nbsp;&nbsp;Other comprehensive income/(loss): |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation gain/(loss) | 70308 |  |  |  | 70738 |  | (430) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plan adjustment<sup>1</sup> | (8654) |  |  |  | (8654) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments<sup>1</sup> | 1737 |  |  |  | 1737 |  |  |
| &nbsp;&nbsp;Other comprehensive income/(loss) | 63391 |  |  |  | 63821 |  | (430) |
| Dividends | (198762) |  |  |  |  | (198762) |  |
| Issuance of stock awards | 1345 | 488 |  | 1345 |  |  |  |
| Shares repurchased | (10617) | (176) |  | (10617) |  |  |  |
| Share-based compensation | 27780 |  |  | 27780 |  |  |  |
| **December 31, 2023** | $2431835 | 97957 | $7175 | $159047 | $(366262) | $2624380 | $7495 |
| Net income/(loss) | 163940 |  |  |  |  | 163949 | (9) |
| &nbsp;&nbsp;Other comprehensive (loss)/income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation loss | (143730) |  |  |  | (143353) |  | (377) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plan adjustment<sup>1</sup> | 9014 |  |  |  | 9014 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments<sup>1</sup> | (2133) |  |  |  | (2133) |  |  |
| &nbsp;&nbsp;Other comprehensive loss | (136849) |  |  |  | (136472) |  | (377) |
| Divestiture of non-controlling interest | (2043) |  |  |  |  |  | (2043) |
| Non-controlling interest from acquisition | 9533 |  |  |  |  |  | 9533 |
| Dividends | (204406) |  |  |  |  | (204406) |  |
| Issuance of stock awards | 915 | 467 |  | 915 |  |  |  |
| Shares repurchased | (9246) | (164) |  | (9246) |  |  |  |
| Share-based compensation | 29659 |  |  | 29659 |  |  |  |
| Other | 2875 |  |  | 2875 |  |  |  |
| **December 31, 2024** | $2286213 | 98260 | $7175 | $183250 | $(502734) | $2583923 | $14599 |
| Net income | 1003386 |  |  |  |  | 1003011 | 375 |
| &nbsp;&nbsp;Other comprehensive income: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation gain | 536942 |  |  |  | 535158 |  | 1784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Defined benefit plan adjustment<sup>1</sup> | 2655 |  |  |  | 2655 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative financial instruments<sup>1</sup> | 2125 |  |  |  | 2125 |  |  |
| &nbsp;&nbsp;Other comprehensive income | 541722 |  |  |  | 539938 |  | 1784 |
| Divestiture of non-controlling interest | (910) |  |  |  |  |  | (910) |
| Non-controlling interest from acquisition | 2346 |  |  |  |  |  | 2346 |
| Dividends | (209287) |  |  |  |  | (209287) |  |
| Dividends paid to noncontrolling interest | (243) |  |  |  |  |  | (243) |
| Issuance of stock awards | 1244 | 602 |  | 1244 |  |  |  |
| Shares repurchased | (10930) | (228) |  | (10930) |  |  |  |
| Share-based compensation | 18044 |  |  | 18044 |  |  |  |
| Other | 247 |  |  | 247 |  |  |  |
| **December 31, 2025** | $3631832 | 98634 | $7175 | $191855 | $37204 | $3377647 | $17951 |

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<sup>1</sup> net of tax

*The Notes beginning on page F-8 are an integral part of these consolidated financial statements.*

F-6 FORM 10-K SONOCO 2025 ANNUAL REPORT

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CONSOLIDATED STATEMENTS OF CASH FLOWS

***Sonoco Products Company***

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| | | | |
|:---|:---|:---|:---|
| *(Dollars in thousands)<br>Years ended December 31* | *2025* | *2024* | *2023* |
| **Cash Flows from Operating Activities** |  |  |  |
| Net income | $1003386 | $163940 | $475901 |
| Adjustments to reconcile net income to net cash provided by operating activities: | Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Asset impairments | 12532 | 17027 | 26445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 519356 | 374859 | 340988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | 18044 | 29659 | 27780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss on foreign currency remeasurement |  | 113697 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity in earnings of affiliates, net of tax | (9523) | (9588) | (10347) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash dividends from affiliated companies | 24822 | 11926 | 9389 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net gain on disposition of assets | (22631) | (55) | (65947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (gain)/loss on divestiture of business | (978350) | 23452 | (57104) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on remeasurement of investment in affiliated companies |  | (6012) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement plan expense | 17846 | 17477 | 17460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pension and postretirement plan contributions | (22284) | (19633) | (14662) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in deferred taxes | (22758) | (55715) | (12209) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in assets and liabilities, net of effects from acquisitions, divestitures and foreign currency adjustments: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade accounts receivable | 97885 | 17763 | 24935 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | (80901) | (13269) | 342713 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payable to suppliers | (87547) | 123615 | (148841) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | 42440 | (19144) | 1394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable and other income tax items | 125984 | (11269) | (28286) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other assets and liabilities | 51481 | 75115 | (46691) |
| Net cash provided by operating activities | 689782 | 833845 | 882918 |
| **Cash Flows from Investing Activities** |  |  |  |
| Purchases of property, plant and equipment | (344023) | (393235) | (363077) |
| Cost of acquisitions, net of cash acquired<sup>1</sup> | 16528 | (3793569) | (372616) |
| Proceeds from the sale of business, net | 2470145 | 80996 | 33237 |
| Proceeds from the sale of assets, net | 46968 | 15649 | 80339 |
| Proceeds from settlement of net investment hedge |  | 9068 |  |
| Cash settlement of forward contract |  | (34414) |  |
| Investments in affiliated companies and other net investing proceeds | 6469 | 9978 | 2781 |
| Net cash provided/(used) by investing activities | 2196087 | (4105527) | (619336) |
| **Cash Flows from Financing Activities** |  |  |  |
| Proceeds from issuance of debt | 66712 | 4061319 | 962557 |
| Principal repayment of debt | (2830688) | (151534) | (1112917) |
| Net (decrease)/increase in book cash overdrafts | (3705) | (8676) | 6408 |
| Payment of loan financing costs |  | (19000) |  |
| Payment of contingent consideration |  | (948) |  |
| Dividends paid to noncontrolling interests | (243) |  |  |
| Cash dividends | (208106) | (203492) | (197416) |
| Payments for share repurchases | (10930) | (9246) | (10617) |
| Net cash (used)/provided by financing activities | (2986960) | 3668423 | (351985) |
| **Effects of Exchange Rate Changes on Cash** | 36429 | (105618) | 12902 |
| **(Decrease)/Increase in Cash and Cash Equivalents** | (64662) | 291123 | (75501) |
| Cash and cash equivalents at beginning of year | 443060 | 151937 | 227438 |
| Cash and cash equivalents at end of year | $378398 | $443060 | $151937 |
| **Supplemental Schedule of Non-Cash Investing Activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-cash additions to property, plant and equipment | $26368 | $29561 | $23168 |
| **Supplemental Disclosures:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest paid, net of amounts capitalized | $260526 | $151182 | $135910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes paid, net of refunds | $264901 | $92427 | $189773 |

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<sup>1</sup>The Company received a final net working capital settlement of $16,528 during 2025 related to the acquisition of Titan Holdings I B.V. ("Eviosys").

*The Notes beginning on page F-8 are an integral part of these consolidated financial statements.*

F-7 FORM 10-K SONOCO 2025 ANNUAL REPORT

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

***Sonoco Products Company (dollars in thousands except per share data)***

1. Summary of significant accounting policies

Basis of presentation

The Consolidated Financial Statements include the accounts of Sonoco Products Company and its majority-owned subsidiaries (the "Company" or "Sonoco") after elimination of intercompany accounts and transactions.

On December 18, 2024, the Company announced that it had entered into an agreement to sell its Thermoformed and Flexibles Packaging business and its global Trident business (collectively, "TFP") to TOPPAN Holdings Inc. ("Toppan"). The sale, which reflects the completion of the Company's previously announced strategic review of TFP, closed on April 1, 2025. In accordance with applicable accounting guidance, the results of TFP, previously part of the Company's Consumer Packaging segment, are presented as discontinued operations in the Consolidated Statements of Income and, as such, have been excluded from both continuing operations and segment results for all periods presented in this Annual Report on Form 10-K. Further, the Company reclassified the assets and liabilities of TFP as assets and liabilities of discontinued operations in the Consolidated Balance Sheet as of December 31, 2024. The Consolidated Statements of Comprehensive Income, Changes in Total Equity, and Cash Flows are presented on a consolidated basis for both continuing operations and discontinued operations. All amounts, percentages and disclosures for all periods presented in this Annual Report on Form 10-K reflect only the continuing operations of Sonoco unless otherwise noted. See Note 2 for additional information. Certain prior period financial information has been reclassified to conform with the current period presentation.

Investment in affiliates

Investments in affiliated companies in which the Company does not control the investee or in which the Company is not the primary beneficiary but has the ability to exercise significant influence over the investee's financial and operating decisions, are accounted for by the equity method of accounting. Income applicable to these equity investments is reported in "Equity in earnings of affiliates, net of tax" in the Consolidated Statements of Income.

Affiliated companies over which the Company exercised a significant influence at December 31, 2025, included:

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| | |
|:---|:---|
| *Entity* | *Ownership Interest* |
| Cascades Conversion, Inc. | 50.0% |
| Cascades Sonoco, Inc. | 50.0% |
| ISI Robotics, LLC | 32.3% |
| Showa Products Company Ltd. | 22.2% |
| Papertech Energía, S.L. | 25.0% |
| Weidenhammer New Packaging, LLC | 40.0% |

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The Company has certain other equity investments in which it is not able to exercise significant influence that are accounted for under the measurement alternative (i.e., cost less impairment, adjusted for any qualifying observable price changes). These include a 19.5% ownership in a small tubes and cores business in Chile and a 39.9% ownership interest in a small South Carolina-based designer and manufacturer of sustainable protective packaging solutions, increased from 20.5% during the second quarter of 2024. See Note 4 for additional information.

The Company's 2.7% equity interest in Northstar Recycling Company, LLC ("Northstar"), previously accounted for under the measurement alternative, was sold on December 23, 2024. This investment was acquired on January 26, 2023, as part of the sale of its Sonoco Sustainability Solutions ("S3") business to Northstar. See Note 4 for additional information.

In the fourth quarter of 2025, the Company received cash dividends from Cascades Conversion, Inc. and Cascades Sonoco, Inc.(collectively, "Cascades") totaling $26,266. The Company determined that a total of $19,811 of the Cascades dividends represented a return on investment and included these in net cash provided by operating activities under the caption "Cash dividends from affiliated companies" in the Company's Consolidated Statements of Cash Flows for the year ended December 31, 2025. The remaining Cascades dividends of $6,455 were determined to represent a return of investment and were included in net cash provided/(used) by investing activities under the caption "Investments in affiliated companies and other net investing proceeds" in the Company's Consolidated Statements of Cash Flows for the year ended December 31, 2025.

The aggregate carrying value of equity investments is reported in "Other Assets" in the Company's Consolidated Balance Sheets and totaled $49,644 and $67,801 at December 31, 2025 and 2024, respectively.

Estimates and assumptions

The preparation of financial statements in conformity with U.S. generally accepted accounting principles ("GAAP") requires management to make estimates and assumptions that affect the reported amount of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Revenue recognition

The Company records revenue generally at a point in time when control transfers to the customer either upon shipment or delivery, depending on the terms of sale. Additionally, in certain cases, control transfers over time in conjunction with production where the Company is entitled to payment with margin for products produced that are customer specific and without alternative use. For products that meet these two criteria, the Company recognizes over time revenue under the input method as goods are produced. The Company commonly enters into Master Supply Arrangements with customers to provide goods and/or services over specific time periods. Customers submit purchase orders with quantities and prices to create a contract for accounting purposes. Shipping and handling expenses are considered a fulfillment cost, and are included in "Cost of sales," and freight charged to customers is included in "Net sales" in the Company's Consolidated Statements of Income.

The Company has rebate agreements with certain customers. These rebates are recorded as reductions of sales and are accrued using sales data and rebate percentages specific to each customer agreement. Accrued customer rebates are included in "Accrued expenses and other payables" in the Company's Consolidated Balance Sheets.

F-8 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Payment terms under the Company's arrangements are typically short term in nature. The Company provides prompt payment discounts to certain customers if invoices are paid within a predetermined period. Prompt payment discounts are determinable within a short period after the originating sale and like sales returns, are treated as a reduction of revenue.

Accounts receivable and allowance for doubtful accounts

The Company's trade accounts receivable are non-interest bearing and are recorded at the invoiced amounts. The allowance for doubtful accounts represents the Company's best estimate of the amount of expected credit losses in existing accounts receivable. The Company performs an evaluation of lifetime expected credit losses inherent in its accounts receivable at each balance sheet date. Such an evaluation includes consideration of historical loss experience, trends in customer payment frequency, present economic conditions, and judgment about the future financial health of its customers and industry sector. The allowance for doubtful accounts is monitored on a regular basis and adjustments are made as needed to ensure that the account properly reflects the Company's best estimate of uncollectible trade accounts receivable. Account balances are charged off against the allowance for doubtful accounts when the Company determines that the receivable will not be recovered.

No single customer comprised 10% or more of the Company's consolidated net sales in 2025, 2024 or 2023, nor did the receivables balance from any single customer comprise 10% or more of the Company's total trade accounts receivable at December 31, 2025 or December 31, 2024.

The Company engages with third-party financial institutions to sell certain trade accounts receivables from customers in order to accelerate its cash collection cycle. In addition, the Company also participates in supply chain finance arrangements promoted by certain of its customers. Receivables transferred under both these arrangements generally meet the requirements to be accounted for as a true sale in accordance with guidance under Accounting Standards Codification ("ASC") 860, "Transfers and Servicing," resulting in derecognition of such receivables from the Company's consolidated balance sheets. The sales under these arrangements are made without recourse and the Company's only continuing involvement with the sold receivables is providing collection services related to the transferred assets. The servicing fees for these arrangements are immaterial to the financial statements given the short-term nature of our arrangements. In total, approximately 10% and 12% of the Company's consolidated net sales were subject to settlement under these arrangements in 2025 and 2024, respectively.

The acquisition of Eviosys on December 4, 2024, included arrangements under which certain trade receivables sold to third-party financial institutions are made with recourse and therefore do not meet the requirements under ASC 860 to be accounted for as a true sale with derecognition of such receivables from the Company's consolidated balance sheets. Accordingly, receivables sold under such arrangements totaling $73,487 were included in "Notes payable and current portion of long-term debt" in the Company's Consolidated Balance Sheets at December 31, 2024. All of these obligations had been settled as of December 31, 2025.

Accounts payable and supply chain financing

The Company facilitates voluntary supply chain financing programs (the "SCF Programs") to provide certain of its suppliers with the opportunity to sell receivables due from the Company to the participating financial institutions in the programs. Such sales are conducted at the sole discretion of both the suppliers and the financial institutions on a nonrecourse basis at a rate that leverages the Company's credit rating and thus might be more beneficial to the supplier. No guarantees are provided by the Company or any of our subsidiaries under the SCF Programs. The Company's responsibility under the agreements is limited to making payment to the financial institutions for confirmed invoices based on the terms originally negotiated with its suppliers. Both the Company and the financial institutions have the right to terminate the SCF Programs by providing 30 days prior written notice to the other party. The Company does not enter into any agreements with suppliers regarding their participation in the SCF Programs.

Research and development

Research and development costs are charged to expense as incurred and include salaries and other directly related expenses. Research and development costs totaling approximately $21,500 in 2025, $23,000 in 2024 and $23,900 in 2023 are included in "Selling, general and administrative expenses" in the Company's Consolidated Statements of Income.

Restructuring and asset impairment

Costs associated with exit or disposal activities are recognized when the liability is incurred. Identifying and calculating the cost to exit operations requires certain assumptions to be made about anticipated future liabilities, including severance costs, contractual obligations, and disposition of property, plant and equipment and leased assets. If assets become impaired as a result of a restructuring action, they are written down to fair value, less estimated costs to sell, if applicable. A number of significant estimates and assumptions are involved in the determination of fair value. The Company considers historical experience and all available information at the time the estimates are made; however, the amounts that are ultimately realized upon the sale of divested assets may differ from the estimated fair values reflected in the Company's Consolidated Financial Statements. For facility closures, the Company also generally expects to record costs for equipment relocation and facility carrying costs as incurred and to accrue costs to terminate a lease or other contracts before the end of their term.

Cash and cash equivalents

Cash equivalents are composed of highly liquid investments with an original maturity to the Company of three months or less when purchased. Cash equivalents are recorded at cost, which approximates fair market value. The Company's cash and cash equivalents are primarily placed with large sophisticated creditworthy financial institutions thereby limiting the Company's credit exposure.

Inventories

The majority of the Company's inventories are accounted for using the first-in, first-out (FIFO) method or average cost methods and are stated at the lower of cost or net realizable value.

The last in, first out ("LIFO") method is used for the valuation of certain of the Company's domestic inventories, primarily metal, internally manufactured paper and paper purchased from third parties, and approximated 9% of total inventories at both December 31, 2025 and December 31, 2024. Inventories accounted for using the LIFO method are stated at the lower of cost or market. If the FIFO method of accounting had been used for all inventories, total inventory would have been higher by $33,323 and $33,265 at December 31, 2025 and 2024, respectively.

F-9 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Details of the Company's inventory balances at December 31, 2025 and 2024 are as follows:

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| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| **Inventories:** |  |  |
| &nbsp;&nbsp;Finished goods | $370303 | $359086 |
| &nbsp;&nbsp;Work in process | 161313 | 135004 |
| &nbsp;&nbsp;Materials and supplies | 589393 | 522049 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories | $1121009 | $1016139 |

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Property, plant and equipment

Property, plant and equipment assets represent the original cost of land, buildings and equipment, less depreciation, computed under the straight-line method over the estimated useful lives of the assets, and are reviewed for impairment whenever events indicate the carrying value may not be recoverable. Equipment lives generally range from 3 to 11 years, and buildings range from 15 to 40 years.

Expenditures for repairs and maintenance are charged to expense as incurred. When properties are retired or otherwise disposed of, the cost and accumulated depreciation are eliminated from the asset and related allowance accounts, respectively. Gains or losses upon disposal are credited or charged to income as incurred.

The Company sold its timberland properties in March 2023. Prior to the sale, these timber resources were stated at cost and depletion expense was recognized based on the estimated number of units of timber cut during the period.

Leases

At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The assessment is based on (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the period, and (3) whether the Company has the right to direct the use of the asset. When the Company determines a lease exists, a leased asset and corresponding lease liability are recorded on its consolidated balance sheet. Lease contracts with a term of 12 months or less are not recorded in the consolidated balance sheet in conjunction with the Company's practical expedient election under ASC 842, "Leases." Leased assets represent the Company's right to use an underlying asset during the lease term and are reviewed for impairment whenever events indicate the carrying value may not be recoverable. Lease liabilities represent the Company's obligation arising from the lease. The Company's leased assets and liabilities may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise those options. The Company has lease agreements with non-lease components that relate to lease components (e.g., common area maintenance such as cleaning or landscaping, etc.). The Company accounts for each lease and any non-lease components associated with that lease as a single lease component for all underlying asset classes in accordance with the scope of the lease accounting standard.

Leased assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. When the implicit rate in the Company's leases is not readily determinable, the Company calculates its lease liabilities using discount rates based upon the Company's incremental secured borrowing rate, which contemplates and reflects a particular geographical region's interest rate for the leases active within that region of the Company's global operations. The Company further utilizes a portfolio approach by assigning a "short" rate to contracts with lease terms of 10 years or less and a "long" rate for contracts greater than 10 years. Lease payments may be fixed or variable, however, only fixed payments or in-substance fixed payments are included in determining the lease liability. Variable lease payments are recognized in operating expenses in the period in which the expense is paid during the lease term.

The Company recognizes fixed lease expense for operating leases on a straight-line basis over the lease term. For finance leases, the Company recognizes interest expense on the lease liability using the effective interest method over the lease term and the finance lease asset balance is amortized on a straight-line basis.

Goodwill

Goodwill is not amortized. The Company assesses its goodwill for impairment annually during the third quarter, or from time to time when warranted by the facts and circumstances surrounding individual reporting units or the Company as a whole. In performing the impairment test, the Company compares the fair value of the reporting unit with its carrying amount, and if the carrying value of the reporting unit exceeds the fair value of that reporting unit, an impairment charge is recognized for the excess.

In determining the fair value of the reporting units, management considers both the income approach and the market approach. Fair value is estimated using a discounted cash flow model (income valuation approach) based on projections of future years' operating results and associated cash flows combined with comparable trading and transaction multiples based on guideline public companies. The calculated estimated fair value of the reporting unit reflects a number of significant management assumptions and estimates including the forecast of sales growth during the discrete period, EBITDA, and discount rates. Changes in these assumptions could materially impact the estimated fair value.

The Company's projections incorporate management's best estimates of the expected future results, which include expectations related to new and retained business and future operating margins. Projected future cash flows are then discounted to present value using a discount rate management believes is commensurate with the risks inherent in the cash flows.

Impairment of long-lived, intangible and other assets

Other intangible assets are amortized using the straight-line method when management has determined that the straight-line method approximates the pattern of consumption of the respective intangible assets, or in relation to the specific pattern of consumption of the assets if the straight-line method does not provide a fair approximation of the consumption of benefits. The useful lives of the Company's intangible assets generally range from 3 to 20 years. The Company has no intangibles with indefinite lives. The Company evaluates its intangible assets for impairment whenever indicators of impairment exist.

Assumptions and estimates used in the evaluation of potential impairment can result in adjustments affecting the carrying values of long-lived, intangible and other assets and the recognition of impairment expense in the Company's Consolidated Financial Statements. The Company evaluates its long-lived assets (property, plant and equipment), definite-lived intangible assets and other assets (including right of use lease assets, notes receivable and equity and other investments) for impairment whenever indicators of impairment exist, or when it commits to sell the asset. If the sum of the undiscounted expected future cash flows from a long-lived asset, definite-lived intangible, or other asset group is less

F-10 FORM 10-K SONOCO 2025 ANNUAL REPORT

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than the carrying value of that asset group, an asset impairment charge is recognized. Key assumptions and estimates used in the projection of expected future cash flows generally include price levels, sales growth, profit margins and asset life. The amount of an impairment charge, if any, is calculated as the excess of the asset's carrying value over its fair value, generally represented by the discounted future cash flows from that asset or, in the case of assets the Company evaluates for sale, estimated sale proceeds less costs to sell. The Company takes into consideration historical data and experience together with all other relevant information available when estimating the fair values of its assets. However, fair values that could be realized in actual transactions may differ from the estimates used to evaluate impairment. In addition, changes in the assumptions and estimates may result in a different conclusion regarding impairment.

Income taxes

The Company provides for income taxes using the asset and liability method. Under this method, deferred tax assets and liabilities are determined based on differences between financial reporting requirements and tax laws. Assets and liabilities are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse.

The Company recognizes liabilities for uncertain income tax positions based on its estimate of whether it is more likely than not that additional taxes will be required and the Company reports related interest and penalties within the "Provision for income taxes" line item in the Consolidated Statements of Income.

Derivatives

The Company uses derivatives to mitigate the effect of fluctuations in some of its raw material and energy costs, foreign currencies, and, from time to time, interest rates. The Company purchases commodities such as metal and energy, generally at market or at fixed prices that are established with the vendor as part of the purchase process for quantities expected to be consumed in the ordinary course of business. The Company may enter into commodity futures or swaps to manage the effect of price fluctuations. The Company may use foreign currency forward contracts and other risk management instruments to manage exposure to changes in foreign currency cash flows and the translation of monetary assets and liabilities on the Company's consolidated financial statements. The Company is exposed to interest-rate fluctuations as a result of using debt as a source of financing for its operations. The Company may from time to time use traditional, unleveraged interest rate swaps to manage its exposure to interest rate movements. Additionally, the Company elected the normal purchase, normal sale scope exception for physical commodity contracts that meet the definition of a derivative. Derivative instruments, to the extent in an asset position, expose the Company to credit loss in the event of nonperformance by the counterparties to the derivative agreements. The Company manages its exposure to counterparty credit risk through minimum credit standards, diversification of counterparties and procedures to monitor concentrations of credit risk. The Company may enter into financial derivative contracts that may contain credit-risk-related contingent features, which could result in a counterparty requesting immediate payment or demanding immediate and ongoing full overnight collateralization on derivative instruments in net liability positions.

The Company records its derivatives as assets or liabilities on the balance sheet at fair value using published market prices or estimated values based on current price and/or rate quotes and discounted estimated cash flows. Changes in the fair value of derivatives designated as accounting hedges are recognized in net income, and otherwise are recognized in other comprehensive income. Amounts in accumulated other comprehensive income/(loss) are reclassified into earnings in the same period or periods during which the hedged forecasted transaction affects earnings. It is the Company's policy not to speculate in derivative instruments.

Share-Based Compensation Plans

The Company utilizes share-based compensation in the form of restricted stock units ("RSUs"), performance contingent restricted stock units ("PCSUs"), and other share-based awards. The fair value of the Company's RSUs is equal to the closing price of the Company's stock on the date of grant discounted for any projected dividends that are not eligible to be received during the vesting period. The amount of share-based compensation expense associated with PCSUs is based on estimates of future performance using measures defined in the stock plan descriptions for each award granted. As of December 31, 2025, these performance measures include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted earnings per share — three-year sum of forecasted future and historical annual adjusted earnings per share for the three-year measurement period associated with each award; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Return on invested capital — three-year simple average of annual returns calculated by dividing 1) adjusted operating profit after tax (derived from historical or projected earnings) by 2) the average of total historical or projected debt plus equity for the respective annual periods.

For the awards granted in 2025 and 2024, the performance payout will be subject to adjustment by a total stock return modifier as determined by the Company's relative performance within its targeted peer group for each grant. Changes in estimates regarding the future achievement of these performance measures may result in significant fluctuations from period to period in the amount of share-based compensation expense recognized in the Company's Consolidated Financial Statements.

Pension and Postretirement Benefit Plans

The Company provides non-contributory defined benefit pension plans for certain of its employees in the United States, Mexico, Belgium, Germany, Greece, France, and Turkey. The Company also sponsors contributory defined benefit pension plans covering certain of its employees in the United Kingdom, Canada and the Netherlands, and provides postretirement healthcare and life insurance benefits to a limited number of its retirees and their dependents in the United States and Canada, based on certain age and/or service eligibility requirements. The actuarial valuations used to evaluate the plans employ key assumptions that can have a significant effect on the calculated amounts.

The Company adjusts its discount rates at the end of each fiscal year based on yield curves of high-quality debt instruments over durations that match the expected benefit payouts of each plan. The expected rate of return assumption is derived by taking into consideration the targeted plan asset allocation, projected future returns by asset class and active investment management. A third-party asset return model is used to develop an expected range of returns on plan investments over a 12- to 30-year period, with the expected rate of return selected from a best estimate range within the total range of projected results. The Company periodically re-balances its plan asset portfolio in order to maintain the targeted allocation levels. The rate of compensation increase assumption is generally based on salary and incentive compensation increases.

Other assumptions and estimates impacting the projected liabilities of these plans include inflation, participant withdrawal and mortality rates, medical cost trends, and retirement ages. The Company evaluates the assumptions used in projecting the pension and postretirement liabilities and associated expenses annually. These judgments, assumptions and estimates may affect the carrying value of pension and postretirement plan net assets and liabilities and pension and postretirement plan expenses in the Company's Consolidated Financial Statements.

F-11 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Business combinations

The Company's acquisitions of businesses are accounted for in accordance with ASC 805, "Business Combinations." The Company recognizes the identifiable assets acquired, the liabilities assumed, and any noncontrolling interests in an acquired business at their fair values as of the date of acquisition. Goodwill is measured as the excess of consideration transferred, also measured at fair value, over the net of the acquisition date fair values of the identifiable assets acquired and liabilities assumed. The acquisition method of accounting requires the Company to make significant estimates and assumptions regarding the fair values of the elements of a business combination as of the date of acquisition, including the fair values of identifiable intangible assets; property, plant and equipment; deferred tax asset valuation allowances; liabilities including those related to debt, pensions and other postretirement plans; uncertain tax positions; contingent consideration and contingencies. This method also requires the Company to refine these estimates over a measurement period not to exceed one year to reflect new information obtained about facts and circumstances that existed as of the acquisition date that, if known, would have affected the measurement of the amounts recognized as of that date. If the Company is required to adjust provisional amounts that were recorded for the fair values of assets and liabilities in connection with acquisitions, these adjustments could have a material impact on its financial condition and results of operations.

Significant estimates and assumptions in estimating the fair value of acquired patents, customer lists, trademarks, proprietary technology, and other identifiable intangible assets include future cash flows that the Company expects to generate from the acquired assets, discount rate, customer attrition rate, and long-term revenue growth projections. Projecting discounted future cash flows requires the Company to make significant estimates regarding projected revenues, projected earnings before interest, taxes, depreciation, and amortization margins, discount rates and customer attrition rates. If the subsequent actual results and updated projections of the underlying business activity change compared with the assumptions and projections used to develop these values, the Company could record impairment charges. In addition, the Company has estimated the economic lives of certain acquired assets, and these lives are used to calculate depreciation on property, plant and equipment and amortization expense on definite-lived intangible assets. If the estimates of the economic lives change, depreciation or amortization expenses could be increased or decreased, or the acquired assets could be impaired.

For leases acquired in a business combination, the Company measures the lease liability at the present value of the remaining lease payments, as if the acquired lease were a new lease of the Company at the acquisition date. The Company measures the right-of-use asset at the same amount as the lease liability as adjusted to reflect favorable or unfavorable terms of the lease when compared with market terms.

Reportable segments

The Company identifies its reportable segments by evaluating the level of detail reviewed by the chief operating decision maker and the similarities among operating segments related to gross profit margins, nature of products sold, nature of the production processes, type and class of customer, methods used to distribute products, and nature of the regulatory environment. Of these factors, the Company believes that the most significant in determining the aggregation of operating segments are the nature of the products and the type of customers served. The Company's operating and reporting structure consists of two reportable segments, Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as All Other. Effective January 1, 2026, the All Other business will be reported within the Industrial Paper Packaging segment and the use of All Other will be discontinued.

Contingencies

Pursuant to GAAP for accounting for contingencies, accruals for estimated losses are recorded at the time information becomes available indicating that losses are probable and that the amounts are reasonably estimable. Amounts so accrued are not discounted. Changes in estimates and assumptions could impact the carrying value of the accruals from one period to another as additional information becomes known.

Foreign currency translation

The Company's foreign operations are exposed to political, geopolitical, and cultural risks, but the risks are mitigated by diversification and the relative stability of the countries in which the Company has significant operations. Because the economy in Turkey is considered highly inflationary under GAAP, the Company considers the U.S. dollar to be the functional currency for these operations and uses the official exchange rate when remeasuring the financial assets and liabilities of these operations. The remeasurement adjustments are recorded against earnings within the Company's Consolidated Statements of Income.

F-12 FORM 10-K SONOCO 2025 ANNUAL REPORT

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2. Discontinued operations

As disclosed in Note 1, as a result of the Company entering into an agreement to sell TFP on December 18, 2024, the assets and liabilities of TFP were classified as discontinued operations in the Consolidated Balance Sheet as of December 31, 2024 as presented below:

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| | |
|:---|:---|
|  | *2024* |
| Cash and cash equivalents | $12050 |
| Trade accounts receivable, net of allowances of $2,582 | 209379 |
| Other receivables | 46001 |
| Inventories |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Finished and in process | 80573 |
| &nbsp;&nbsp;&nbsp;&nbsp;Materials and supplies | 94083 |
| Prepaid expenses | 8788 |
| Current assets of discontinued operations | $450874 |
| Property, plant and equipment, net of accumulated depreciation of $465,923 | 262662 |
| Goodwill | 502621 |
| Other intangible assets, net of accumulated amortization of $206,437 | 103593 |
| Deferred income taxes | 262 |
| Right of use asset-operating leases | 75855 |
| Other assets | 19317 |
| Noncurrent Assets of Discontinued Operations | $964310 |
| Payable to suppliers | 172720 |
| Accrued expenses and other payables | 62562 |
| Notes payable and current portion of long-term debt | 6774 |
| Current liabilities of discontinued operations | $242056 |
| Long-term debt | 29850 |
| Noncurrent operating lease liabilities | 67789 |
| Deferred income taxes | 15928 |
| Other liabilities | 344 |
| Noncurrent Liabilities of Discontinued Operations | $113911 |

---

F-13 FORM 10-K SONOCO 2025 ANNUAL REPORT

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The following table presents key components of "Net income from discontinued operations" for the years ended December 31, 2025, 2024, and 2023:

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| | | | |
|:---|:---|:---|:---|
|  | *Year Ended December 31,* | *Year Ended December 31,* | *Year Ended December 31,* |
|  | *2025* | *2024* | *2023* |
| Net sales | $320678 | $1291461 | $1339866 |
| Cost of sales | 250854 | 1037196 | 1106970 |
| Gross profit | 69824 | 254265 | 232896 |
| Selling, general and administrative expenses | 31607 | 122488 | 97131 |
| Restructuring/Asset impairment charges, net | 426 | 3740 | 9024 |
| Gain on divestiture of business | 606633 |  |  |
| Operating profit | 644424 | 128037 | 126741 |
| Other (expense)/income, net | (182) |  |  |
| Interest expense<sup>1</sup> | 24911 | 13396 | 1293 |
| Interest income | 281 | 1668 | 357 |
| Income from discontinued operations before income taxes | 619612 | 116309 | 125805 |
| Provision for income taxes | 207264 | 19934 | 29548 |
| Net income from discontinued operations | 412348 | 96375 | 96257 |
| Net income from discontinued operations attributable to noncontrolling interests |  | (171) | (174) |
| Net income attributable to discontinued operations | $412348 | $96204 | $96083 |
| Weighted average common shares outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 99124 | 98637 | 98294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 99571 | 99290 | 98890 |
| Per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to discontinued operations: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $4.16 | $0.97 | $0.98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $4.14 | $0.97 | $0.97 |

---

<sup>1</sup> Includes $24,060 and $9,528 of interest expense in 2025 and 2024, respectively, relating to certain debt contractually required to be repaid by the Company upon completion of the TFP divestiture. No such interest expense is reflected in 2023 as the debt was drawn on December 2, 2024 and repaid on April 3, 2025. See Note 11 for additional information.

The following table presents significant cash flow items from discontinued operations for the years ended December 31, 2025, 2024, and 2023:

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| | | | |
|:---|:---|:---|:---|
|  | *Year Ended December 31,* | *Year Ended December 31,* | *Year Ended December 31,* |
|  | *2025* | *2024* | *2023* |
| Depreciation and amortization <sup>(a)</sup>  | $(311) | $58798 | $58959 |
| Purchases of property, plant and equipment | $(5572) | $(65321) | $(55624) |

---

<sup>(a)</sup> Subsequent to entering the agreement to sell TFP on December 8, 2024, depreciation was no longer recognized on TFP's property, plant and equipment, and amortization was no longer recognized on TFP's other intangible assets or right of use assets-operating leases, in accordance with ASC 360, "Property, Plant, and Equipment."

3. New accounting pronouncements

In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-03, "Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses," which requires companies to disclose disaggregated amounts relating to (a) inventory purchases; (b) employee compensation; (c) depreciation; (d) intangible asset amortization; and (e) depreciation, depletion, and amortization. Further, this guidance will require companies to include certain amounts that are already required to be disclosed under current U.S. GAAP in the same disclosure as the other disaggregation requirements, disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and disclose the total amount of selling expenses and, in annual reporting periods, an entity's definition of selling expenses. The standard is intended to benefit investors by providing more detailed expense disclosures that would be useful in making capital allocation decisions. This guidance is effective for public business entities for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027 but early adoption is permitted. ASU 2024-03 should be applied on a prospective basis, but retrospective application is permitted. The Company is currently evaluating the potential impact of adopting this new guidance on its consolidated financial statements and related disclosures.

F-14 FORM 10-K SONOCO 2025 ANNUAL REPORT

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In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax Disclosures," which modifies the rules on income tax disclosures to require disaggregated information about a reporting entity's effective tax rate reconciliation as well as information on income taxes paid. The standard is intended to benefit investors by providing more detailed income tax disclosures that would be useful in making capital allocation decisions. The Company adopted this standard on a prospective basis as of January 1, 2025 and included the expanded annual disclosures in this Annual Report on Form 10-K.

Other than the pronouncements discussed above, there have been no other newly issued nor newly applicable accounting pronouncements that have had, or are expected to have, a material impact on the Company's financial statements.

4. Acquisitions and divestitures

Eviosys Acquisition

On December 4, 2024, the Company completed the acquisition of all issued and outstanding equity interests in Eviosys from an affiliate of KPS Capital Partners, LP for net cash consideration of $3,789,826, partially reduced by a final working capital settlement for which the Company received $16,528 during the second quarter of 2025. Eviosys, now operated as Sonoco Metal Packaging EMEA in the Company's Consumer Packaging segment, is a global supplier of metal packaging that produces food cans and ends, aerosol cans, metal closures and promotional packaging with a large metal food can manufacturing footprint in the EMEA region. The Company funded the Eviosys acquisition, including related fees and expenses, with the net proceeds from the registered public offering of senior unsecured notes, borrowings from two term loan facilities, and cash on hand. See Note 11 for more information.

In order to fund the Eviosys acquisition in euros, the Company entered into foreign currency forward contracts during the month of October 2024 with varying settlement dates to sell USD and buy euro. Upon settlement of these trades, the Company, a USD functional currency entity, held euro denominated cash balances between the date of settlement and the December 4, 2024 closing date of the acquisition. Such euro cash balances, being monetary assets, were subject to remeasurement in the intervening period between settlement and December 4, 2024, resulting in the recognition of a $113,697 remeasurement loss. This loss is reflected in "Other (expense)/income, net" in the Company's Consolidated Statement of Income for the year ended December 31, 2024. The majority of the remeasurement loss was non-cash in nature; however, included in the remeasurement loss are cash payments to counterparties totaling $34,414 reflecting the settlement of a tranche of the foreign currency forward contracts. The Company no longer holds significant euro-denominated cash on its USD functional currency entity that would be subject to future remeasurement gain/loss.

During 2025, the Company finalized its valuation of the assets acquired and liabilities assumed in the Eviosys acquisition. The final fair values, reflecting adjustments made during the measurement period, are as follows:

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| | | | |
|:---|:---|:---|:---|
| | **Initial Preliminary Allocation** | **Measurement Period Adjustments** | **Final Allocation** |
| Trade accounts receivable | $300385 | $(5151) | $295234 |
| Other receivables | 114634 | 2009 | 116643 |
| Inventories | 445945 | (12938) | 433007 |
| Prepaid expenses | 47509 | (2976) | 44533 |
| Property, plant and equipment | 1057779 | (55127) | 1002652 |
| Right of use asset - operating leases | 43566 | 5 | 43571 |
| Other intangible assets | 1967678 | 42379 | 2010057 |
| Goodwill | 1285518 | (27399) | 1258119 |
| Long-term deferred income taxes | 39023 | 14853 | 53876 |
| Other assets | 3330 | 23 | 3353 |
| Payable to suppliers | (518766) | 1673 | (517093) |
| Accrued expenses and other payables | (168529) | (3167) | (171696) |
| Accrued wages and other compensation | (41749) | (57) | (41806) |
| Notes payable and current portion of long-term debt | (76438) | (5) | (76443) |
| Noncurrent operating lease liabilities | (32022) |  | (32022) |
| Pension and other postretirement benefits | (51849) | (69) | (51918) |
| Long-term debt |  | (34) | (34) |
| Deferred income taxes | (599941) | 31772 | (568169) |
| Other long-term liabilities | (16714) | 27 | (16687) |
| Noncontrolling Interests | (9533) | (2346) | (11879) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net assets acquired | $3789826 | $(16528) | $3773298 |

---

Goodwill for Eviosys, $485,000 of which is expected to be deductible for income tax purposes, consists of increased access to certain markets and the value of the assembled workforce.

F-15 FORM 10-K SONOCO 2025 ANNUAL REPORT

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The following table presents the financial results for Eviosys from December 4, 2024, the date of acquisition, through December 31, 2024:

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| | |
|:---|:---|
| **Supplemental Information**<br>**Eviosys** | **December 4 to**<br>&nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** |
| Net sales | $115031 |
| Net loss | $15086 |

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The following table presents the Company's pro forma consolidated results for the years ended December 31, 2024 and December 31, 2023, assuming the acquisition of Eviosys had occurred on January 1, 2023. This pro forma information is presented for informational purposes only and does not purport to represent the results of operations that would have been achieved if the acquisition had been completed at the beginning of 2023, nor is it necessarily indicative of future consolidated results.

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| | | |
|:---|:---|:---|
| | **Years Ended** | **Years Ended** |
| **Pro Forma Supplemental Information**<br>**Consolidated** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2024** | &nbsp;&nbsp;&nbsp;&nbsp;**December 31, 2023** |
| Net sales | $7546920 | $8032135 |
| Net income from continuing operations | $157389 | $105116 |
| Net income attributable to Sonoco<sup>1</sup> | $253593 | $200589 |

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<sup>1</sup> Includes results of discontinued operations

The pro forma information above does not project the Company's expected results for any future period and gives no effect to any future synergistic benefits that may result from the combination or the costs of integrating the acquired operations with those of the Company. Pro forma information for the years ended December 31, 2024 and 2023 includes adjustments to depreciation, amortization, and income taxes based upon the final fair value allocation of the purchase price to Eviosys' tangible and intangible assets acquired and liabilities assumed as though the acquisition had occurred on January 1, 2023. Interest expense on the additional debt issued by the Company to fund the acquisition and retention bonuses incurred related to the acquisition are also included in the pro forma information as if the acquisition had occurred on January 1, 2023. Transaction-related costs of $267,886, including the $113,697 remeasurement loss discussed above and charges related to fair value adjustments to acquisition-date inventory, incurred in 2024 are excluded from 2024 pro forma net income and are instead reflected in 2023 pro forma net income as though the acquisition had occurred on January 1, 2023.

Other Acquisitions

On June 1, 2024, the Company completed the purchase of a small tube and paper cone manufacturer in Brazil for $2,660. The financial results of this business are included in the Company's Industrial Paper Packaging segment.

The Company completed two acquisitions during 2023 at a net cash cost of $372,616. On December 1, 2023, the Company completed the acquisition of Inapel Embalagens Ltda. ("Inapel"), a manufacturer of single-layer and multilayer materials for flexible packaging in Brazil, for net consideration of $64,390, including $59,228 of cash paid at closing. During the second quarter of 2024, the Company paid additional consideration in the amount of $2,340 and a final net working capital settlement in the amount of $489. As Inapel was one of the operations included in the April 1, 2025 divestiture of TFP, the acquired assets and liabilities are reflected as assets and liabilities of discontinued operations on the Company's Consolidated Balance Sheet as of December 31, 2024. The remaining obligations to the seller as of December 31, 2024 totaled $2,333 and are reflected in "Current liabilities of discontinued operations." These obligations were subsequently assumed by the buyers of TFP.

On September 8, 2023, the Company completed the acquisitions of the remaining 65% ownership interest in RTS Packaging, LLC ("RTS Packaging") from joint venture partner WestRock Company ("WestRock") and a paper mill in Chattanooga, Tennessee (the "Chattanooga Mill") from WestRock for net cash consideration of $313,388. In December 2023, the Company agreed to a final working capital settlement of $452, which was paid to WestRock in January 2024. Prior to completing the acquisitions, the Company held a 35% ownership interest in the RTS Packaging joint venture, which was formed in 1997, and combined the former protective packaging operations of WestRock and Sonoco to market recycled paperboard to glass container manufacturers and producers of wine, liquor, food, and pharmaceuticals. Prior to the acquisitions, the Company reported its 35% interest in the RTS Packaging joint venture using the equity method of accounting. Subsequent to the acquisitions, the financial results of RTS Packaging and the Chattanooga Mill are accounted for under the acquisition method and their results of operations are included in the Company's Industrial Paper Packaging segment.

On September 8, 2023, the fair value of the Company's 35% ownership interest in RTS Packaging was determined to be $59,472 based on the cash consideration exchanged for acquiring the remaining 65% ownership interest in RTS Packaging adjusted for the deemed payment of a control premium, and the carrying value of the 35% ownership interest in RTS Packaging was $8,654. The Company recognized a net gain of $44,029 resulting from this remeasurement to fair value and the reclassification of certain amounts related to the Company's 35% ownership interest in RTS Packaging out of "Accumulated other comprehensive income/(loss)," including foreign currency translation losses of $2,033 and losses related to defined benefit pension plans of $4,756. The net gain from such remeasurement and reclassification was recorded in "Other (expense)/income, net" in the Company's Consolidated Statements of Income for the year ended December 31, 2023.

The Company also recognized a loss of $7,086 on the settlement of a contract associated with the Chattanooga Mill. The contract was determined to have unfavorable terms given market conditions at the time of the acquisition. This loss is reflected in "Other (expense)/income, net" in the Company's Consolidated Statements of Income for the year ended December 31, 2023. This loss, along with the settlement of a note receivable from RTS Packaging held by the Company on the acquisition date, are reflected as components of purchase consideration transferred in connection with these acquisitions.

F-16 FORM 10-K SONOCO 2025 ANNUAL REPORT

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The following table provides a summary of the purchase consideration (as defined under ASC 805) transferred for the acquisition of the remaining interest in RTS Packaging and the acquisition of the Chattanooga Mill:

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| | |
|:---|:---|
| | **Purchase Consideration** |
| Cash consideration, net of cash acquired | $313388 |
| Fair value of previously held interest in RTS Packaging | 59472 |
| Final working capital settlement | 452 |
| Settlement of preexisting relationships | 1235 |
| Purchase consideration transferred | $374547 |

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Goodwill for RTS Packaging and the Chattanooga Mill, of which $83,000 is expected to be deductible for income tax purposes, consists of increased manufacturing capacity, access to certain markets, and the capability to support marquee customers in growing markets.

The Company has accounted for these acquisitions as business combinations under the acquisition method and has included the results of operations of the acquired businesses in the Company's Consolidated Statements of Income from their respective dates of acquisition.

TFP Divestiture

On April 1, 2025, the Company completed the sale of TFP, part of the Consumer Packaging segment, to Toppan for net cash consideration of $1,807,493 paid at closing on a cash-free and debt-free basis. A final working capital settlement was reached in January 2026 that will require a payment of $15,211 to be made to the buyers during the first quarter of 2026. The Company has recorded a liability in this amount in "Accrued expenses and other payables" on its consolidated balance sheet as of December 31, 2025. This sale was the result of the Company's continuing evaluation of its business portfolio and was consistent with the Company's strategic and investment priorities. In connection with the TFP divestiture, the Company wrote off net assets totaling $1,112,489, reclassified $47,955 of cumulative translation adjustment losses from accumulated other comprehensive income/(loss) and incurred transaction fees of $25,205, resulting in a net pretax gain, including the final working capital settlement, of $606,633. The Company recognized a related tax provision of $199,457, for an after-tax gain of $407,176. The after tax gain is included in "Net income from discontinued operations" in the Company's Consolidated Statements of Income for the year ended December 31, 2025. See Notes 1 and 2 for additional information. The majority of cash proceeds generated from this transaction were used to repay debt, as further described in Note 11.

ThermoSafe and Other Divestitures

On November 3, 2025, the Company completed the sale of ThermoSafe, part of the All Other group of businesses, to Arsenal for net cash consideration of $655,827 paid at closing on a cash-free and debt-free basis and subject to customary adjustments. The sale also allowed for additional consideration of up to $75,000 if certain performance measures for calendar year 2025 were met. However, as these performance measures were not met, no additional cash consideration is anticipated. In connection with the ThermoSafe divestiture, the Company wrote off net assets totaling $265,777, including $173,250 of goodwill, reclassified $1,197 of cumulative translation adjustment gains from accumulated other comprehensive income/(loss) and incurred transaction fees of $13,233, resulting in a net pretax gain of $378,014, which is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income. The Company used the majority of the cash proceeds from the sale to pay down debt, as further described in Note 11.

On April 30, 2025, the Company completed the sale of a recycling facility in Asheville, North Carolina, part of the Industrial Paper Packaging segment, for cash proceeds of $3,924. The sale resulted in a loss of $2,114, which is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income.

On March 2, 2025, the Company completed the sale of its tube and core operations in Venezuela, part of the Industrial Paper Packaging segment, in exchange for a receivable in the amount of $145. The sale resulted in a loss of $5,390, including $3,792 of cumulative translation losses that were reclassified from accumulated other comprehensive income/(loss). This loss is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income.

On January 17, 2025, the Company completed the sale of a small construction tube operation in France, part of the Industrial Paper Packaging segment, for cash proceeds of $1,513 and recognized a gain of $1,207, which is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income.

In November 2024, the Company completed the sale of two production facilities in China, both of which were part of the Company's Industrial Paper Packaging segment, for $302. As a result of the sale, the Company reclassified $590 of cumulative translation losses from accumulated other comprehensive income/(loss) and recognized a loss of $25,607, which is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income.

On April 1, 2024, the Company completed the sale of its Protective Solutions business ("Protexic"), part of the All Other group of businesses, to Black Diamond Capital Management, LLC ("Black Diamond") for cash proceeds of $80,267 at closing. Upon final settlement of working capital in the third quarter of 2024, the Company paid Black Diamond $1,805. This business provided foam components and integrated material solutions for various industrial end markets. This sale was the result of the Company's continuing evaluation of its business portfolio and is consistent with the Company's strategic and investment priorities. In connection with the Protexic divestiture, the Company wrote off net assets totaling $74,644, including $16,559 of allocated goodwill and reclassified $2,913 of cumulative translation adjustment losses from accumulated other comprehensive loss, resulting in a net pretax gain of $905, which is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income.

On July 1, 2023, the Company completed the sale of its U.S. BulkSak business, which consisted of the manufacturing and distribution of flexible intermediate bulk containers, plastic and fiber pallets, and custom fit liners and was a part of the Company's Industrial Paper Packaging segment, to U.S. BulkSak Holdings, LLC. The cash selling price, as adjusted for the final working capital settlement, was $20,271 with net cash proceeds totaling $18,271 received in 2023 and the remaining $2,000 released to the Company from escrow in February 2025. As a result of the U.S. BulkSak divestiture, the Company wrote off net assets totaling $13,437, including $3,333 of allocated goodwill, and resulting in a net pretax gain of $6,834, which is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income.

F-17 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Also on July 1, 2023, the Company agreed to the sale of its Mexico BulkSak business. The sale closed in December 2023 for a cash selling price, as adjusted for working capital, of $1,096. As a result of the Mexico BulkSak sale, the Company recognized a pretax gain of $85 which is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income.

On January 26, 2023, the Company completed the sale of its S3 business, a provider of customized waste and recycling management programs and part of the Company's Industrial Paper Packaging segment, to Northstar. The Company received cash proceeds of $13,839 at closing. An additional $1,500 of cash proceeds were released to the Company from escrow in September 2024. The Company wrote off net assets totaling $4,274 as part of the divestiture of the business, including $3,042 of allocated goodwill, and recognized a pretax gain of $11,065 during the first quarter of 2023. In the second quarter of 2024, upon resolution of certain contingencies, the Company received cash proceeds and recognized an additional pretax gain of $1,250 on the sale. These gains are included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income for their respective periods.

On January 26, 2023, in connection with the sale of the S3 business, the Company acquired a 2.7% equity interest in Northstar valued at $5,000. This Company sold its equity interest in Northstar on December 23, 2024 for cash proceeds of $8,630. The resulting pretax gain of $3,630 is included in "Other (expense)/income, net" in the Company's Consolidated Statements of Income for the year ended December 31, 2024.

The ThermoSafe and other divestitures did not represent a strategic shift for the Company or have a major effect on its operations or financial results. Consequently, these divestitures did not meet the criteria for reporting as discontinued operations. Cash proceeds from these sales were used to pay down debt and for general corporate purposes.

The Company continually assesses its operational footprint as well as its overall portfolio of businesses and may consider the divestiture of plants and/or business units it considers to be suboptimal or nonstrategic.

Sale of Assets

With the completion of Project Horizon, the Company's project to convert the corrugated medium machine in Hartsville, South Carolina, to produce uncoated recycled paperboard was realized. The Company now produces paper exclusively from recycled fibers and no longer requires natural tree fiber for production. Accordingly, on March 29, 2023, the Company sold its timberland properties, consisting of approximately 55,000 acres, to Manulife Investment Management for net cash proceeds of $70,802. The Company disposed of assets with a net book value of $9,857 as part of the sale and recognized a pretax gain from the sale of these assets of $60,945 during the year ended December 31, 2023, which is included in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income.

Additional Ownership Investment

During the second quarter of 2024, the Company increased its ownership investment in a small South Carolina-based designer and manufacturer of sustainable protective packaging solutions from 20.5% to 39.9%. The Company acquired its initial ownership interest in June 2022. The preferred stock investment increased by $18,512 during the second quarter of 2024, which included a $10,000 cash payment, a $5,400 remeasurement of the fair value of the existing investment, and a $2,500 conversion of the carrying value of the outstanding convertible notes into a preferred series stock investment, which yielded a $467 fair value increase and a $145 increase for interest income earned. The outstanding investment of $21,212 as of December 31, 2025 is included within "Other assets" in the Company's Consolidated Balance Sheet. The remeasurement of the carrying value of the existing investment to fair value during the second quarter of 2024 resulted in a gain of $5,867 and interest income of $145, which are included in "Other (expense)/income, net" and "Interest income," respectively, in the Company's Consolidated Statements of Income.

Acquisition, Integration, and Divestiture-Related Costs

Acquisition, integration, and divestiture-related costs from continuing operations incurred in 2025, 2024 and 2023, were as follows:

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| | | | |
|:---|:---|:---|:---|
|  | *Year Ended December 31,* | *Year Ended December 31,* | *Year Ended December 31,* |
|  | *2025* | *2024* | *2023* |
| Cost of sales | $17053 | $5806 | $5227 |
| Selling, general and administrative expenses | 37078 | 85794 | 19397 |
| Interest expense |  | 33569 |  |
| Total acquisition, integration, and divestiture-related costs | $54131 | $125169 | $24624 |

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Acquisition, integration, and divestiture-related costs included in "Cost of sales" in the Company's Consolidated Statements of Income consist primarily of amortization of the fair value step-up of finished goods inventory, while such costs included in "Selling, general and administrative expenses" consist primarily of legal and professional fees, investment banking fees, representation and warranty insurance premiums, as well as employee-related costs, and other integration activity costs. Acquisition, integration, and divestiture-related costs included in "Interest expense" include losses on treasury lock derivative instruments and amortization of financing fees related to debt instruments associated with the financing of the Eviosys acquisition.

5. Restructuring and asset impairment

Due to its geographic footprint and the cost-competitive nature of its businesses, the Company is continually seeking more cost-effective means and structures to serve its customers and to respond to fundamental changes in its markets. As such, plant closures in connection with footprint rationalization and headcount reductions are an important component of the Company's cost control initiatives. The amount of these costs can vary significantly from quarter to quarter and from year to year depending upon the scope, nature, and location of the restructuring activities.

F-18 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Following are the total restructuring and asset impairment charges, net of adjustments, recognized during the periods presented:

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| | | | |
|:---|:---|:---|:---|
|  | *Year Ended December 31,* | *Year Ended December 31,* | *Year Ended December 31,* |
|  | *2025* | *2024* | *2023* |
| Restructuring and restructuring-related asset impairment charges, net | $66215 | $65370 | $47909 |
| Other asset impairments |  |  |  |
| Restructuring/Asset impairment charges, net | $66215 | $65370 | $47909 |

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The table below sets forth restructuring and restructuring-related asset impairment charges by type incurred:

---

| | | | |
|:---|:---|:---|:---|
|  | *Year Ended December 31,* | *Year Ended December 31,* | *Year Ended December 31,* |
|  | *2025* | *2024* | *2023* |
| Severance and Termination Benefits | $68795 | $37307 | $15543 |
| Asset Impairment/Disposal of Assets | (15333) | 15719 | 24415 |
| Other Costs | 12753 | 12344 | 7951 |
| Restructuring and restructuring-related asset impairment charges, net | $66215 | $65370 | $47909 |

---

The table below sets forth restructuring and restructuring-related asset impairment charges by reportable segment:

---

| | | | |
|:---|:---|:---|:---|
|  | *Year Ended December 31,* | *Year Ended December 31,* | *Year Ended December 31,* |
|  | *2025* | *2024* | *2023* |
| Consumer Packaging | $54200 | $19259 | $4111 |
| Industrial Paper Packaging | 8307 | 33923 | 38754 |
| All Other | 5 | 1434 | 2547 |
| Corporate | 3703 | 10754 | 2497 |
| Restructuring and restructuring-related asset impairment charges, net | $66215 | $65370 | $47909 |

---

"Restructuring and restructuring-related asset impairment charges" and "Other asset impairments" are included in "Restructuring/Asset impairment charges, net" in the Consolidated Statements of Income.

The following table sets forth the activity in the restructuring accrual included in "Accrued expenses and other payables" in the Company's Consolidated Balance Sheets:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Accrual Activity* | *Severance<br>and Termination<br>Benefits* | *Asset<br>Impairment/ Disposal<br>of Assets* | *Other<br>Costs* | *Total* |
| **Liability at December 31, 2023** | $8864 | $— | $272 | $9136 |
| 2024 charges | 37307 | 15719 | 12344 | 65370 |
| Cash (payments)/receipts | (21653) | 9680 | (11610) | (23583) |
| Asset write downs/disposals |  | (25399) |  | (25399) |
| Foreign currency translation | (484) |  | (97) | (581) |
| **Liability at December 31, 2024** | $24034 | $— | $909 | $24943 |
| 2025 charges/(gains) | 68795 | (15333) | 12753 | 66215 |
| Cash (payments)/receipts | (38367) | 45675 | (10779) | (3471) |
| Asset write downs/disposals |  | (30342) |  | (30342) |
| Foreign currency translation | 1166 |  | 644 | 1810 |
| **Liability at December 31, 2025** | $55628 | $— | $3527 | $59155 |

---

"Severance and Termination Benefits" in 2025 include the cost of severance for approximately 450 employees whose positions were eliminated in conjunction with the Company's ongoing organizational effectiveness efforts, as well as severance costs related to the closures of metal can facilities in France and Spain, part of the Consumer Packaging segment, and the closures of a paper mill in Mexico, cone facilities in Taiwan and Mexico, and partitions facilities in Maine and California, all part of the Industrial Paper Packaging segment.

"Severance and Termination Benefits" in 2024 include the cost of severance for approximately 300 employees whose positions were eliminated in conjunction with the Company's ongoing organizational effectiveness efforts, including the relocation of certain facilities in Greece and Germany, and severance related to the closures of paper mills in Sumner, Washington (the "Sumner Mill") and Kilkis, Greece (the "Kilkis Mill"), the closures of two small industrial converted products facilities in China, and the closure of an industrial converted products facility in Mississauga, Canada, all part of the Industrial Paper Packaging segment.

"Asset Impairment/Disposal of Assets" in 2025 consist primarily of asset impairment charges related to the closures of the paper mill in Mexico, the cone facilities in China and Mexico, and the partitions facilities in Maine and California, all part of the Industrial Paper Packaging segment, and the closure of the metal packaging facility in France, part of the Consumer Packaging segment. These charges were offset by gains from the sales of the land and buildings associated with previously closed facilities, primarily the cone facility in Taiwan and the partitions facility in Maine. Also offsetting the impairment charges was a gain from the sale of water rights at our former paper mill in Hutchinson, Kansas, which was closed in 2023.

F-19 FORM 10-K SONOCO 2025 ANNUAL REPORT

------

"Asset Impairment/Disposal of Assets" in 2024 consist primarily of asset impairment charges related to the closures of the Sumner Mill and the Kilkis Mill, both part of the Industrial Paper Packaging segment, and the exit of a small metal canning lid business within Metal Packaging, part of the Consumer Packaging segment. These charges were partially offset by gains from the sales of previously closed facilities that were part of the Industrial Paper Packaging and Consumer Packaging segments.

"Other Costs" in 2025 consist primarily of equipment removal, utilities, plant security, property taxes, insurance and environmental remediation costs related to the prior year's closure of the Company's paper mill in Washington, costs related to the current year's closures of the metal can facilities in France and Spain, the paper mill in Mexico, the cone facility in Taiwan, and ongoing facility carrying costs of previously announced plant closures.

"Other Costs" in 2024 consist primarily of equipment removal, utilities, plant security, property taxes, insurance and environmental remediation costs related to the closure of the Sumner Mill, and ongoing facility carrying costs of previously announced plant closures.

The Company expects to pay the majority of the remaining restructuring reserves by the end of 2026 using cash generated from operations. The Company also expects to recognize future additional charges totaling approximately $11,000 in connection with previously announced restructuring actions and believes that the majority of these charges will be incurred and paid by the end of 2026. The Company continually evaluates its cost structure, including its manufacturing capacity, and additional restructuring actions are likely to be undertaken.

6. Book cash overdrafts and cash pooling

As part of its cash management system, the Company uses "zero balance" accounts to fund disbursements. Under this system, the bank balance is zero at the end of each day, while the book balance is usually a negative amount due to reconciling items such as outstanding checks. At December 31, 2025 and 2024, outstanding checks totaling $11,996 and $15,799, respectively, were included in "Payable to suppliers" in the Company's Consolidated Balance Sheets. In addition, outstanding payroll checks of $260 and $162 as of December 31, 2025 and 2024, respectively, were included in "Accrued wages and other compensation" in the Company's Consolidated Balance Sheets. Changes in these book cash overdrafts are reported as cash flows from financing activities.

The Company uses a notional pooling arrangement with an international bank to help manage global liquidity requirements. Under this pooling arrangement, the Company and its participating subsidiaries may maintain either cash deposit or borrowing positions through local currency accounts with the bank, so long as the aggregate position of the global pool is a notionally calculated net cash deposit. Because it maintains a security interest in the cash deposits, and has the right to offset the cash deposits against the borrowings, the bank provides the Company and its participating subsidiaries favorable interest terms on both. The Company's Consolidated Balance Sheets reflect a net cash deposit under this pooling arrangement of $2,170 and $12,915 as of December 31, 2025 and 2024, respectively.

7. Property, plant and equipment

Details of the Company's property, plant and equipment at December 31 are as follows:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Land | $324635 | $314278 |
| Buildings | 1046723 | 967237 |
| Machinery and equipment | 4020202 | 3726377 |
| Construction in progress | 282948 | 337796 |
|  | 5674508 | 5345688 |
| Accumulated depreciation | (2876708) | (2626941) |
| Property, plant and equipment, net | $2797800 | $2718747 |

---

Depreciation expense amounted to $324,185 in 2025, $224,595 in 2024 and $202,917 in 2023.

8. Leases

The Company routinely enters into leasing arrangements for real estate (including manufacturing facilities, office space, and warehouses), transportation equipment (automobiles, forklifts, and trailers), and office equipment (copiers and postage machines). The assessment of the certainty associated with the exercise of various lease renewal, termination, and purchase options included in the Company's lease contracts is performed after contemplating all the relevant facts and circumstances in accordance with guidance under ASC 842, "Leases." Most real estate leases, in particular, include one or more options to renew, with renewal terms that typically extend the lease term in increments from one to five years. The Company's leases do not have any significant residual value guarantees or restrictive covenants.

On November 3, 2025, the Company completed the sale of ThermoSafe, part of the All Other group of businesses. The divestiture included operating lease assets of $20,825 and operating lease liabilities of $21,082 as well as finance lease assets of $2,743 with finance lease liabilities of $2,920.

The Company completed the Eviosys acquisition on December 4, 2024. The acquisition included operating lease liabilities of $42,468 with a weighted-average remaining lease maturity term of 8.1 years and weighted-average discount rate of 4.5%.

The Company completed the divestiture of Protexic on April 1, 2024. The divestiture included operating lease assets of $21,989 and operating lease liabilities of $22,396.

For additional information about the Company's acquisitions and divestitures, see Note 4.

F-20 FORM 10-K SONOCO 2025 ANNUAL REPORT

------

The following table sets forth the balance sheet location and values of the Company's lease assets and lease liabilities at December 31, 2025 and December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Classification** | **Balance Sheet Location** | **December 31, 2025** | **December 31, 2024** |
| **Lease Assets** | | | |
| Operating lease assets | Right of Use Asset-Operating Leases | $307450 | $307688 |
| Finance lease assets | Other Assets | 49059 | 76831 |
| Total lease assets |  | $356509 | $384519 |
| **Lease Liabilities** |  |  |  |
| Current operating lease liabilities | Accrued expenses and other payables | $53978 | $52648 |
| Current finance lease liabilities | Notes payable and current portion of long-term debt | 11617 | 22284 |
| Total current lease liabilities |  | $65595 | $74932 |
| Noncurrent operating lease liabilities | Noncurrent Operating Lease Liabilities | $263192 | $258735 |
| Noncurrent finance lease liabilities | Long-term Debt | 41925 | 45344 |
| Total noncurrent lease liabilities |  | $305117 | $304079 |
| Total lease liabilities |  | $370712 | $379011 |

---

Certain of the Company's leases include variable costs. Variable costs include lease payments that were volume or usage-driven in accordance with the use of the underlying asset, and also non-lease components that were incurred based upon actual terms rather than contractually fixed amounts. In addition, variable costs are incurred for lease payments that are indexed to a change in rate or index. Because the right of use asset recorded on the balance sheet was determined based upon factors considered at the commencement date, subsequent changes in the rate or index that were not contemplated in the right of use asset balances recorded on the balance sheet result in variable expenses being incurred when paid during the lease term.

The following table sets forth the components of the Company's total lease cost for the years ended December 31, 2025, 2024, and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Lease Cost** |  | **2025** | **2024** | **2023** |
| Operating lease cost | (a) | $62687 | $49327 | $43524 |
| Finance lease cost: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Amortization of lease asset | (a) (b) | 13051 | 12871 | 11789 |
| &nbsp;&nbsp;&nbsp;&nbsp; Interest on lease liabilities | (c) | 3100 | 3711 | 3912 |
| Variable lease cost | (a) (d) | 48807 | 31404 | 32016 |
| Impairment charges | (e) | 2526 |  |  |
| Total lease cost |  | $130171 | $97313 | $91241 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Production-related costs are included in "Cost of sales" and administrative costs are included in "Selling, general and administrative expenses" in the Consolidated Statements of Income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Included in depreciation and amortization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Included in interest expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Also includes short term lease costs, which are deemed immaterial.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Impairment charges are included in "Restructuring/Asset impairment charges, net" in the Company's Consolidated Statements of Income. See Note 5 for additional information.

The following table sets forth the five-year maturity schedule of the Company's lease liabilities as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| **Maturity of Lease Liabilities** | **Operating Leases** | **Finance Leases** | **Total** |
| 2026 | $54712 | $11841 | $66553 |
| 2027 | 47158 | 10382 | 57540 |
| 2028 | 42551 | 8750 | 51301 |
| 2029 | 39459 | 6512 | 45971 |
| 2030 | 35978 | 4845 | 40823 |
| Beyond 2030 | 177821 | 20207 | 198028 |
| Total lease payments | $397679 | $62537 | $460216 |
| &nbsp;&nbsp;&nbsp;&nbsp;Less: Interest | (80509) | (8995) | (89504) |
| Lease Liabilities | $317170 | $53542 | $370712 |

---

F-21 FORM 10-K SONOCO 2025 ANNUAL REPORT

------

The following tables set forth the Company's weighted average remaining lease term and discount rates used in the calculation of its outstanding lease liabilities at December 31, 2025, 2024, and 2023, along with other lease-related information for those years:

---

| | | | |
|:---|:---|:---|:---|
| **Lease Term and Discount Rate** | **2025** | **2024** | **2023** |
| Weighted-average remaining lease term (years): |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | 9.6 | 10.1 | 10.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | 8.2 | 6.7 | 7.1 |
| Weighted-average discount rate: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating leases | 5.09% | 4.97% | 5.07% |
| &nbsp;&nbsp;&nbsp;&nbsp;Finance leases | 4.65% | 5.16% | 5.27% |
| **Other Information** | **2025** | **2024** | **2023** |
| **Cash paid for amounts included in the measurement of lease liabilities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows used by operating leases | $59172 | $48380 | $43638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Operating cash flows used by finance leases | $3100 | $3711 | $3912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Financing cash flows used by finance leases | $14997 | $15433 | $14617 |
| **Noncash investing and financing activities:** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased assets obtained in exchange for new operating lease liabilities | $42646 | $66585 | $18225 |
| &nbsp;&nbsp;&nbsp;&nbsp;Leased assets obtained in exchange for new finance lease liabilities | $20579 | $11925 | $7755 |
| &nbsp;&nbsp;&nbsp;&nbsp;Modification to leased assets for increase in operating lease liabilities | $17621 | $37731 | $4431 |
| &nbsp;&nbsp;&nbsp;&nbsp;Modification to leased assets for increase/(decrease) in finance lease liabilities | $(31502) | $53 | $18 |
| &nbsp;&nbsp;&nbsp;&nbsp;Termination reclasses to decrease operating lease assets | $8440 | $5765 | $5702 |
| &nbsp;&nbsp;&nbsp;&nbsp;Termination reclasses to decrease operating lease liabilities | $8544 | $5768 | $6063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Termination reclasses to decrease finance lease assets | $303 | $270 | $1429 |
| &nbsp;&nbsp;&nbsp;&nbsp;Termination reclasses to decrease finance lease liabilities | $305 | $271 | $482 |

---

F-22 FORM 10-K SONOCO 2025 ANNUAL REPORT

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9. Goodwill and other intangible assets

Goodwill

Changes in the carrying amount of goodwill by segment for the year ended December 31, 2025, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Consumer<br>Packaging* | *Industrial Paper Packaging* | *All Other* | *Total* |
| Balance as of January 1, 2025 | $1807971 | $486636 | $231050 | $2525657 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Divestitures |  | (2043) | (173250) | (175293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Measurement period adjustments | (27399) |  |  | (27399) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | 167419 | 23783 | (2556) | 188646 |
| Balance as of December 31, 2025 | $1947991 | $508376 | $55244 | $2511611 |

---

Goodwill activity reflected under the caption "Measurement period adjustments" relates to the December 2024 acquisition of Eviosys. Goodwill activity reflected under the caption "Divestitures" relates to the November 2025 sale of the ThermoSafe business, part of the All Other group of businesses, and the April 2025 sale of a small recycling business in Asheville, North Carolina, part of the Industrial Paper Packaging segment. See Note 4 for additional information.

The Company assesses goodwill for impairment annually during the third quarter, or from time to time when warranted by the facts and circumstances surrounding individual reporting units or the Company as a whole. The Company completed its most recent annual goodwill impairment testing during the third quarter of 2025 and analyzed certain qualitative and quantitative factors in determining whether a goodwill impairment existed. The Company's assessments reflected a number of significant management assumptions and estimates including the Company's forecast of sales growth during the discrete period, EBITDA, and discount rates. Changes in these assumptions could materially impact the Company's conclusions. Based on its assessments, the Company concluded that there was no impairment of goodwill for any of its reporting units.

Although no reporting units failed the annual impairment test, in management's opinion, the goodwill balances of the Metal Packaging EMEA and Global Paper Products Asia Pacific ("APAC") reporting units are at risk of impairment in the near term if the reporting unit's operations do not perform in line with management's expectations, or if there is a negative change in the long-term financial outlook for the reporting unit or in other factors such as the discount rate. In the case of Metal Packaging EMEA, the lower differential between the fair value and carrying value of the reporting unit is due to the acquisition of Eviosys in December 2024, at which time the majority of assets and liabilities acquired were recorded at fair value.

In the annual goodwill impairment analysis completed during the third quarter of 2025, projected future cash flows for the Metal Packaging EMEA and Global Paper Products APAC reporting units were discounted at 12.0% and 13.0%, respectively, and their estimated fair values were determined to exceed their individual carrying values by approximately 3.1% and 9.0%, respectively.

Based on equal weighting of the income and market approaches and holding other valuation assumptions constant, the discount rates for the Metal Packaging EMEA and Global Paper Products APAC reporting units would have to increase to 12.7% and 15.4%, respectively, or projected EBITDA across all future periods would have to be reduced by approximately 3.0% and 8.4%, respectively, in order for the estimated fair values of the reporting units to fall below carrying values. At December 31, 2025, the total goodwill associated with the Metal Packaging EMEA and Global Paper Products APAC reporting unit was $1,397,039 and $26,867, respectively.

During the time subsequent to the annual evaluation, and at December 31, 2025, the Company considered whether any events and/or changes in circumstances had resulted in the likelihood that the goodwill of any of its reporting units may have been impaired. It is management's opinion that no such events and/or changes in circumstances have occurred.

Other intangible assets

Details at December 31 are as follows:

---

| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Other Intangible Assets, Gross: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patents | $29403 | $28941 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer lists | 2895345 | 2679372 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade names | 28417 | 38623 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proprietary technology | 234336 | 226936 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 2054 | 2339 |
| Total Other Intangible Assets, Gross | $3189555 | $2976211 |
| Accumulated Amortization: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Patents | $(18706) | $(15955) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Customer lists | (431704) | (332680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade names | (12488) | (13239) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proprietary technology | (41990) | (26203) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | (1193) | (1436) |
| Total Accumulated Amortization | $(506081) | $(389513) |
| Other Intangible Assets, Net | $2683474 | $2586698 |

---

During 2025, the Company recorded measurement period adjustments related to the December 2024 acquisition of Eviosys that increased the previously reported fair value of customer lists by $42,379. The effect on amortization expense in the prior period was immaterial. In addition, the Company wrote off other intangible assets, primarily customer lists, with a net book value of $1,455 as a result of the divestiture of a small recycling business in Asheville, North Carolina. See Note 4 for additional information.

F-23 FORM 10-K SONOCO 2025 ANNUAL REPORT

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In conjunction with the sale of ThermoSafe on November 3, 2025, the Company disposed of intangible assets with a net book value of $9,405. The gross value of these intangible assets, which consisted primarily of customer lists and trade names, was $89,607 and the accumulated amortization was $80,202 at the time of the sale.

Other intangible assets are amortized using the straight-line method over their respective useful lives when management determines that the straight-line method approximates the pattern of consumption of the respective intangible assets or in relation to the asset's specific pattern of consumption if management determines that the straight-line method does not provide a fair approximation of the consumption of benefits. These lives generally range from three to twenty years. The Company has no intangible assets with indefinite lives.

Aggregate amortization expense on intangible assets was $182,431, $78,595, and $67,323 for the years ended December 31, 2025, 2024, and 2023, respectively. Amortization expense on other intangible assets is expected to approximate $182,100 in 2026, $181,900 in 2027, $181,800 in 2028, $180,800 in 2029 and $178,500 in 2030 based on intangible assets as of December 31, 2025.

10. Supply chain financing

The following table sets forth the balance sheet location and rollforward of the Company's outstanding obligations confirmed under its SCF Programs for the years ended December 31, 2025 and 2024:

---

| | | | |
|:---|:---|:---|:---|
|  | *Balance Sheet Location* | *2025* | *2024* |
| Confirmed obligations outstanding at the beginning of the year | Payable to suppliers | $28496 | $24779 |
| Invoices confirmed during the year <sup>(a) (b)</sup> |  | 187392 | 96785 |
| Confirmed invoices paid during the year <sup>(b) (c)</sup> |  | (162766) | (93068) |
| Confirmed obligations outstanding at the end of the year | Payable to suppliers | $53122 | $28496 |

---

(a) Invoices confirmed in 2025 exclude $7,763 of obligations under SCF Programs divested upon the sale of ThermoSafe on November 3, 2025 and invoices confirmed in 2024 include $7,547 of obligations assumed upon the acquisition of Eviosys on December 4, 2024.

(b) The net payment of these obligations, exclusive of the $7,547 of obligations acquired in the acquisition of Eviosys in 2024, is included in "Net cash provided by operating activities" in the Company's Consolidated Statements of Cash Flows.

(c) Excludes $6,342 of obligations under SCF Programs divested upon the sale of ThermoSafe on November 3, 2025.

11. Debt

Details of the Company's debt at December 31 were as follows:

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| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| 364-Day term loan due December 2025 | $— | $1493568 |
| Term loan due December 2026 |  | 698167 |
| Syndicated term loan due August 2028 | 498320 | 497674 |
| 1.80% notes due February 2025 |  | 399933 |
| 4.45% notes due September 2026 | 498749 | 496869 |
| 2.25% notes due February 2027 | 299443 | 298930 |
| 4.60% notes due September 2029 | 595694 | 594519 |
| 3.125% notes due May 2030 | 597528 | 596958 |
| 2.85% notes due February 2032 | 496824 | 496302 |
| 5.00% notes due September 2034 | 690857 | 689802 |
| 5.75% notes due November 2040 | 536314 | 536282 |
| Other foreign denominated debt, average rate of 5.5% in 2025 and 6.0% in 2024 | 40016 | 155048 |
| Finance lease obligations | 53542 | 67628 |
| Other debt | 19638 | 18341 |
| Total debt | $4326925 | $7040021 |
| Less: Notes payable and current portion of long-term debt | (537952) | (2054525) |
| Long-term debt | $3788973 | $4985496 |

---

On February 3, 2025, the Company repaid the $400,000 aggregate principal amount of its 1.80% notes upon their maturity using proceeds from the issuance of commercial paper.

On September 16, 2024, the Company entered into a credit agreement with the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent which provides the Company with the ability to borrow up to $1,500,000 on an unsecured basis (the "364-Day Term Loan Facility") to finance a portion of the cash consideration for the Company's acquisition of Eviosys. The Company drew down the entire 364-Day Term Loan Facility on December 2, 2024 in connection with the consummation of the Eviosys acquisition on December 4, 2024. Borrowings under the 364-Day Term Loan Facility, became payable upon completion of the TFP divestiture. Accordingly, on April 3, 2025, the Company repaid the outstanding $1,500,000 principal amount of borrowings using a portion of the cash proceeds from the sale of TFP.

F-24 FORM 10-K SONOCO 2025 ANNUAL REPORT

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On July 12, 2024, the Company entered into a credit agreement with the lenders party thereto and JPMorgan Chase Bank, N.A., as Administrative Agent which provided the Company with the ability to borrow up to $700,000 on an unsecured basis (the "Term Loan Facility") to finance a portion of the cash consideration for the Company's acquisition of Eviosys. The Company drew down the entire Term Loan Facility on December 2, 2024 in connection with the consummation of the Eviosys acquisition on December 4, 2024. Borrowings under the Term Loan Facility became payable upon completion of the ThermoSafe divestiture. Accordingly, on November 5, 2025, the Company repaid the outstanding $700,000 principal amount of borrowings using cash proceeds from the sale of ThermoSafe and the issuance of commercial paper.

On September 19, 2024, the Company completed a registered public offering of senior unsecured notes (the "Notes") in a combined aggregate principal amount of $1,800,000. The Notes consisted of the following:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | *Principal Amount* | *Issuance Costs and Discounts* | *Net Proceeds* | *Interest Rate* | *Maturity* |
| 2026 Notes | $500000 | (3697) | $496303 | 4.45% | September 1, 2026 |
| 2029 Notes | 600000 | (5851) | 594149 | 4.60% | September 1, 2029 |
| 2034 Notes | 700000 | (10542) | 689458 | 5.00% | September 1, 2034 |
| Total | $1800000 | $(20090) | $1779910 |  |  |

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The Company used the net proceeds from the Notes, together with the borrowings under the Term Loan Facility and 364-Day Term Loan Facility and cash on hand to fund the cash consideration payable by the Company in connection with the Eviosys acquisition and to pay related fees and expenses. See Note 4 for more information.

Included in "Other foreign denominated debt" at December 31, 2024 are $73,487 of transfers of certain trade receivables of Eviosys to third-party financial institutions for which the requirements to be accounted for as true sale in accordance with the guidance under ASC 860 "Transfers and Servicing," were not met. Additions to and settlements of these obligations during the year ended December 31, 2025 are reflected as "Proceeds from issuance of debt" and "Principal repayment of debt," respectively, in "Net cash (used)/provided by financing activities" in the Company's Consolidated Statements of Cash Flows. All of these obligations had been settled as of December 31, 2025.

In conjunction with the announcement of the acquisition of Eviosys, the Company entered into a commitment letter with certain financial institutions that provided for a 364-day senior unsecured bridge term loan facility (the "Bridge Loan Facility") on June 22, 2024 in an aggregate amount of up to $4,000,000 to secure funding of the acquisition. As a result of obtaining financing for the Eviosys acquisition through the Term Loan Facility, the 364-Day Term Loan Facility, and the Notes, the Company terminated the commitments under the Bridge Loan Facility and the related commitment letter effective September 19, 2024. Fees related to the Bridge Loan Facility of $19,000 were amortized to interest expense during the year ended December 31, 2024.

On August 7, 2023, the Company entered into a credit agreement with a consortium of Farm Credit System institutions and CoBank, ACB, as Administrative Agent (the "Syndicated Term Loan Agreement"). The Syndicated Term Loan Agreement provides the Company with the ability to borrow up to $900,000 on an unsecured basis (the "Syndicated Term Loan Facility"). A total of $600,000 was drawn from the Syndicated Term Loan Facility on August 7, 2023 and used to repay the syndicated term loans that were due in December 2023 and January 2025, and to make certain capital expenditures and reimburse the Company for certain capital expenditures it had made in its operation of waste disposal facilities in rural areas. An additional $270,000 was drawn from the Syndicated Term Loan Facility on September 8, 2023 and used to partially fund the acquisition of the remaining interest in RTS Packaging and the acquisition of the Chattanooga Mill (see Note 4 for more information). Borrowings under the Syndicated Term Loan Facility, net of any prepayments, will become payable in full on August 7, 2028. During the years ended December 31, 2024 and 2023, the Company repaid $75,000 and $295,000, respectively, of the amounts drawn under the Syndicated Term Loan Facility. Borrowings under the Syndicated Term Loan Facility bear interest at a fluctuating rate per annum equal to, at the Company's option, (i) the forward-looking SOFR term rate ("Term SOFR" and such borrowings, "Syndicated Term SOFR Loans"), (ii) a base rate set forth in the Syndicated Term Loan Agreement, or (iii) a combination thereof, plus, in each case, an applicable margin calculated based on the Company's credit ratings and, in the of case of Syndicated Term SOFR Loans, a SOFR Adjustment (as defined in the Syndicated Term Loan Agreement) of 0.1%. The Company has designated its borrowings under the Syndicated Term Loan Facility as Syndicated Term SOFR Loans. The margin currently applicable to Syndicated Term SOFR Loans based on the Company's credit ratings, together with the SOFR Adjustment, is 1.90%. If Term SOFR ceases to be available, the benchmark rate shall switch to Daily Simple SOFR (as defined in the Syndicated Term Loan Agreement). There is no required amortization under the Syndicated Term Loan Facility, and voluntary prepayments are permissible without penalty, subject to certain conditions pertaining to minimum notice and minimum prepayment and reduction amounts as described in the Syndicated Term Loan Agreement.

The Syndicated Term Loan Agreement contains various customary representations and warranties and affirmative and negative covenants, as more fully described in the Syndicated Term Loan Agreement. The Syndicated Term Loan Agreement also contains various customary events of default (subject to grace periods, as applicable) including, among others: nonpayment of principal, interest or fees; breach of covenant; payment default on, or acceleration under, certain other material indebtedness; inaccuracy of the representations or warranties in any material respect; bankruptcy or insolvency; inability to pay debts; certain unsatisfied judgments; certain ERISA-related events; the invalidity or unenforceability of the Syndicated Term Loan Agreement or certain other documents executed in connection therewith; and the occurrence of a change of control.

On May 3, 2024, the Company entered into an Amended and Restated Credit Agreement (the "Agreement") to extend the maturity and make certain other changes to the terms under the Company's existing five-year credit agreement dated June 21, 2021. The Agreement increases the commitments under the Company's revolving credit facility by $350,000 to $1,250,000 and extends the maturity date to May 3, 2029. The Company also increased its $500,000 commercial paper program by $750,000 to $1,250,000. The revolving credit facility continues to support the commercial paper program. At December 31, 2025, the Company had no commercial paper balances outstanding; accordingly, the committed capacity available for drawdown under its revolving credit facility at December 31, 2025 was $1,250,000. Based on the pricing grid, the credit agreement for the revolving credit facility and Sonoco's current credit ratings, any drawings are subject to the Term SOFR plus the 137.5 basis points margin.

F-25 FORM 10-K SONOCO 2025 ANNUAL REPORT

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The principal requirements of debt maturing in the next five years are:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | 2026 | 2027 | 2028 | 2029 | 2030 |
| Debt maturities by year | $537952 | $316438 | $513555 | $600802 | $602236 |

---

As of December 31, 2025, the Company has scheduled debt maturities through the next twelve months of $537,952. At December 31, 2025, the Company had $378,398 in cash and cash equivalents on hand, and $1,250,000 in committed capacity available for drawdown under its revolving credit facility. The Company believes that these amounts, combined with expected net cash flows from operating activities, provide ample liquidity to cover debt maturities and other cash flow needs of the Company over the course of the next year.

In addition, the Company had approximately $287,325 available under unused short-term lines of credit at December 31, 2025. These short-term lines of credit are available for general corporate purposes of our subsidiaries, including working capital and hedging requirements.

Certain of the Company's debt agreements impose restrictions with respect to the maintenance of financial ratios and the disposition of assets. The most restrictive covenants currently require the Company to maintain a minimum level of interest coverage and a minimum level of net worth, as defined in the agreements. As of December 31, 2025, the Company's interest coverage and net worth were substantially above the minimum levels required under these covenants.

12. Financial instruments and derivatives

The following table sets forth the carrying amounts and fair values of the Company's significant financial instruments for which the carrying amount differs from the fair value.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2024* |
|  | *Carrying<br>Amount* | *Fair<br>Value* | *Carrying<br>Amount* | *Fair<br>Value* |
| Long-term debt, net of current portion | $3788973 | $3728480 | $4985496 | $4800455 |

---

The carrying value of cash and cash equivalents and short-term debt approximates fair value. The fair value of long-term debt is determined based on recent trade information in the financial markets of the Company's public debt or is determined by discounting future cash flows using interest rates available to the Company for issues with similar terms and maturities, which is considered a Level 2 fair value measurement.

<u>Cash Flow Hedges</u>

At December 31, 2025 and 2024, the Company had derivative financial instruments outstanding to hedge anticipated transactions and certain asset and liability related cash flows. These contracts, which have maturities ranging through December 2026, qualify as cash flow hedges under GAAP. For derivative instruments that are designated and qualify as a cash flow hedge, the gain or loss on the derivative instrument is reported as a component of other comprehensive income/(loss) and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings and is presented in the same income statement line item as the earnings effect of the hedged item. Cash flows from derivative financial instruments designated as cash flow hedges are classified as cash flows from operating activities in the Company's Consolidated Statements of Cash Flows.

Commodity Cash Flow Hedges

Certain derivative contracts entered into to manage the cost of anticipated purchases of natural gas and aluminum have been designated by the Company as cash flow hedges. At December 31, 2025, there were no natural gas swaps covering anticipated natural gas usage in 2026 and aluminum swaps covering 6,133 metric tons of aluminum represented approximately 27% of anticipated aluminum usage for 2026. The fair values of the Company's commodity cash flow hedges netted to a gain position of $1,683 and $652 at December 31, 2025 and December 31, 2024, respectively. The amount of the gain included in accumulated other comprehensive income/(loss) at December 31, 2025, expected to be reclassified to the income statement during the next twelve months is $1,508. The Company also has certain natural gas hedges that are not designated as cash flow hedges. See "Non-Designated Derivatives" below for a discussion of these hedges.

F-26 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Foreign Currency Cash Flow Hedges

The Company has entered into forward contracts to hedge certain anticipated foreign currency denominated sales and purchases expected to occur in 2026. The net positions of these contracts at December 31, 2025, were as follows (in thousands):

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| | | |
|:---|:---|:---|
| *Currency* | *Action* | *Quantity* |
| **USD Contracts** |  |  |
| Colombian peso | purchase | 9732940 |
| Mexican peso | purchase | 163250 |
| Polish zloty | purchase | 87110 |
| Danish krone | purchase | 105120 |
| Swedish krona | sell | (1902) |
| Canadian dollar | purchase | 15274 |
| Euro | purchase | 3326 |
| Turkish lira | purchase | 79562 |
| British pound | sell | (6985) |
| USD | purchase | 9639 |
| **Euro Contracts** |  |  |
| Euro | purchase | 4741 |
| Polish zloty | purchase | 3650 |
| British pound | purchase | 2850 |
| USD | purchase | 8720 |
| Hungarian forint | purchase | 9026735 |
| Swiss franc | purchase | 2274 |

---

The fair value of foreign currency cash flow hedges related to forecasted sales and purchases netted to a gain position of $49 at December 31, 2025, and a loss position of $(1,841) at December 31, 2024. The amount of the loss expected to be reclassified from accumulated other comprehensive income/(loss) to the income statement during the next twelve months is $103.

<u>Net Investment Hedge</u>

In 2023, the Company became a party to cross-currency swap agreements with a total notional amount of $500,000 to effectively convert a portion of the Company's fixed-rate U.S. dollar denominated debt, including the semi-annual interest payments, to fixed-rate euro-denominated debt. The swap agreements, which had a maturity of December 18, 2026, provided for the Company to receive semi-annual interest payments in U.S. dollars at a fixed rate and to make semi-annual interest payments in euros at a fixed rate. On April 15, 2024, as a result of the strengthening of the U.S. dollar against the euro, as well as a reduction in the differential between U.S. and European interest rates, the Company terminated its swap agreements and received a net cash settlement of $9,068. The foreign currency translation gain of approximately $3,143, net of tax, is included as a component of "Accumulated other comprehensive income/(loss)."

Following the unwind of the swaps, in April 2024 the Company entered into new cross-currency swap agreements with a total notional amount of $500,000, maturing on May 1, 2027, to effectively convert a portion of the Company's fixed-rate U.S. dollar-denominated debt, including the semi-annual interest payments, to fixed-rate euro-denominated debt.

In December 2024, the Company entered into additional cross-currency swap agreements with a total notional amount of $1,500,000, including $500,000 maturing on September 1, 2026, $500,000 maturing on September 1, 2029, and $500,000 maturing on May 1, 2030. The swaps effectively convert a portion of the Company's fixed-rate U.S. dollar-denominated debt, including the semi-annual interest payments, to fixed-rate euro-denominated debt at the prevailing market rate at execution.

On June 30, 2025, the Company entered into additional cross-currency swap agreements with a total notional amount of $285,000, maturing on February 1, 2027. The swaps effectively convert a portion of the Company's fixed-rate U.S. dollar-denominated debt, including the semi-annual interest payments, to fixed-rate euro-denominated debt at the prevailing market rate at execution.

All of the Company's cross-currency swap agreements are designated as net investment hedges for accounting purposes and have the risk management objective of managing foreign currency risk relating to net investments in certain European subsidiaries denominated in euros.

The gain or loss on the net investment hedge derivative instruments is included in the "Foreign currency translation" component of "Accumulated other comprehensive loss" until the net investment is sold, diluted, or liquidated. Net interest income on the cross-currency swaps totaling $36,480 for the year ended December 31, 2025 is excluded from the net investment hedge effectiveness assessment and is recorded in "Interest expense" in the Company's Consolidated Statements of Income. The assumptions used in measuring fair value of the cross-currency swaps are considered level 2 inputs, which are based upon the Euro-to-U.S. dollar exchange rate market.

The fair value of the Company's net investment hedges was a loss position of $(207,203) and a gain position of $11,919 at December 31, 2025 and December 31, 2024, respectively. A foreign currency translation loss of $(154,366) (net of income taxes of $52,837) and gain of $8,880 (net of income taxes of $3,039) were reported as components of "Accumulated other comprehensive income/(loss)" within "Foreign currency items" at December 31, 2025 and December 31, 2024, respectively.

<u>Non-Designated Derivatives</u>

The Company routinely enters into other derivative contracts which are not designated for hedge accounting treatment under ASC 815, "Derivatives and Hedging." As such, changes in fair value of these non-designated derivatives are recorded directly to income and expense in the periods that they occur.

F-27 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Foreign Currency Hedges

The Company routinely enters into forward contracts or swaps to economically hedge the currency exposure of intercompany debt and foreign currency denominated receivables and payables. The net currency positions of these non-designated contracts at December 31, 2025, were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| *Currency* | *Action* | *Quantity* |
| **USD Contracts** |  |  |
| Indonesian rupiah | purchase | 10632390 |
| Colombian peso | purchase | 67686355 |
| Mexican peso | purchase | 276516 |
| Canadian dollar | purchase | 4224 |
| **Euro Contracts** |  |  |
| British pound | sell | (395) |
| Polish zloty | sell | (51337) |
| Thai baht | sell | (550013) |
| Hungarian forint | purchase | 356793 |
| USD | sell | (2880) |

---

Commodity Hedges

The Company has entered into non-designated derivative contracts to manage the cost of anticipated purchases of natural gas. At December 31, 2025, these contracts consisted of natural gas swaps covering approximately 3.0 million metric million British thermal units ("MMBTUs") representing approximately 52.3% of anticipated usage in North America for 2026. At December 31, 2025, there were no non-designated contracts covering anticipated aluminum usage for 2026.

Interest Rate Hedges

In anticipation of the offering of the Notes (see Note 11 for additional information), the Company entered into treasury lock derivative instruments with eleven banks, with a total notional principal amount of $900,000, on August 29, 2024. These instruments had the risk management objective of reducing the Company's exposure to increases in the underlying Treasury index up to the date of pricing of the Notes. The derivatives were settled when the Notes priced on September 17, 2024, with the Company recognizing a loss on the settlement of $(11,088). The loss is included in "Interest expense" in the Company's Consolidated Statements of Income for the year ended December 31, 2024.

The fair value of the Company's non-designated derivatives position was a loss of $(1,113) and $(2,694) at December 31, 2025 and December 31, 2024, respectively.

The following table sets forth the location and fair values of the Company's derivative instruments at December 31, 2025 and December 31, 2024:

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| | | | |
|:---|:---|:---|:---|
|  |  | *Fair Value at December 31* | *Fair Value at December 31* |
| *Description* | *Balance Sheet Location* | *2025* | *2024* |
| Derivatives designated as hedging instruments: |  |  |  |
| &nbsp;&nbsp;Commodity Contracts | Prepaid expenses | $1508 | $671 |
| &nbsp;&nbsp;Commodity Contracts | Other Assets | 175 |  |
| &nbsp;&nbsp;Commodity Contracts | Accrued expenses and other payables |  | (19) |
| &nbsp;&nbsp;Foreign Exchange Contracts | Prepaid expenses | 1131 | 2068 |
| &nbsp;&nbsp;Foreign Exchange Contracts | Other Assets | 33 |  |
| &nbsp;&nbsp;Foreign Exchange Contracts | Accrued expenses and other payables | (1028) | (3909) |
| &nbsp;&nbsp;Foreign Exchange Contracts | Other Liabilities | (87) |  |
| &nbsp;&nbsp;Net investment hedge | Prepaid expenses | 19358 | 26833 |
| &nbsp;&nbsp;Net investment hedge | Other Assets |  | 1845 |
| &nbsp;&nbsp;Net investment hedge | Accrued expenses and other payables | (58594) |  |
| &nbsp;&nbsp;Net investment hedge | Other Liabilities | (167967) | (16759) |
| Derivatives not designated as hedging instruments: |  |  |  |
| &nbsp;&nbsp;Commodity Contracts | Prepaid expenses | $185 | $961 |
| &nbsp;&nbsp;Commodity Contracts | Accrued expenses and other payables | (1517) | (574) |
| &nbsp;&nbsp;Foreign Exchange Contracts | Prepaid expenses | 1106 | (59) |
| &nbsp;&nbsp;Foreign Exchange Contracts | Accrued expenses and other payables | (887) | (3022) |

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While certain of the Company's derivative contract arrangements with its counterparties provide for the ability to settle contracts on a net basis, the Company reports its derivative positions on a gross basis. There are no collateral arrangements or requirements in these agreements.

F-28 FORM 10-K SONOCO 2025 ANNUAL REPORT

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The following tables set forth the effect of the Company's derivative instruments on financial performance for the year ended December 31, 2025 and December 31, 2024, excluding the gains or losses on foreign currency cash flow hedges that were reclassified from accumulated other comprehensive income/(loss) to the carrying value of the capitalized expenditures:

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| | | | |
|:---|:---|:---|:---|
| *Description* | *Amount of Gain or (Loss) Recognized in OCI on Derivatives* | *Location of Gain or (Loss) Reclassified from Accumulated OCI into Income* | *Amount of Gain or (Loss) Reclassified from Accumulated OCI into Income* |
| **Derivatives in Cash Flow Hedging Relationships:** | **Derivatives in Cash Flow Hedging Relationships:** | **Derivatives in Cash Flow Hedging Relationships:** |  |
| **<u>Year Ended December 31, 2025</u>** |  |  |  |
| Foreign Exchange Contracts | $2879 | Net sales | $3811 |
|  |  | Cost of sales | $(2557) |
| Commodity Contracts | $1478 | Cost of sales | $447 |
| **<u>Year Ended December 31, 2024</u>** |  |  |  |
| Foreign Exchange Contracts | $(4994) | Net sales | $(1174) |
|  |  | Cost of sales | $(253) |
| Commodity Contracts | $665 | Cost of sales | $(28) |

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---

| | | |
|:---|:---|:---|
| *Description* | *Gain or (Loss) Recognized* | *Location of Gain or (Loss) Recognized in Income Statement* |
| **Derivatives not Designated as Hedging Instruments:** |  |  |
| **<u>Year Ended December 31, 2025</u>** |  |  |
| Commodity Contracts | $(1546) | Cost of sales |
| Foreign Exchange Contracts | $6683 | Selling, general and administrative |
| **<u>Year Ended December 31, 2024</u>** |  |  |
| Commodity Contracts | $(2976) | Cost of sales |
| Foreign Exchange Contracts | $(8168) | Selling, general and administrative |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Year Ended December 31, 2025* | *Year Ended December 31, 2025* | *Year Ended December 31, 2024* | *Year Ended December 31, 2024* |
| *Description* | *Net Sales* | *Cost of sales* | *Net Sales* | *Cost of sales* |
| Total amount of income and expense line items presented in the Consolidated Statements of Income | $3811 | $(2110) | $(1174) | $(281) |
| **Gain or (loss) on cash flow hedging relationships:** |  |  |  |  |
| Foreign exchange contracts: |  |  |  |  |
| &nbsp;&nbsp;Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income | $3811 | $(2557) | $(1174) | $(253) |
| Commodity contracts: |  |  |  |  |
| &nbsp;&nbsp;Amount of gain or (loss) reclassified from accumulated other comprehensive income into net income | $— | $447 | $— | $(28) |

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F-29 FORM 10-K SONOCO 2025 ANNUAL REPORT

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13. Fair value measurements

Fair value is defined as an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. Fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy is used to prioritize the inputs in measuring fair value as follows:

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| | |
|:---|:---|
| Level 1 – | Observable inputs such as quoted market prices in active markets; |
| Level 2 – | Inputs, other than quoted prices in active markets, that are observable either directly or indirectly; and |
| Level 3 – | Unobservable inputs for which there is little or no market data, which require the reporting entity to develop its own assumptions. |

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Assets that are calculated at net asset value ("NAV") per share are not required to be categorized within the fair value hierarchy.

The following tables set forth information regarding the Company's financial assets and financial liabilities that are measured at fair value on a recurring basis:

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Description* | *December 31, 2025* | *Assets measured at NAV* <sup>(f)</sup> | *Level 1* | *Level 2* | *Level 3* |
| Hedge derivatives, net: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | $1683 | $— | $— | $1683 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 49 |  |  | 49 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment hedge | (207203) |  |  | (207203) |  |
| Non-hedge derivatives, net: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | (1332) |  |  | (1332) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 219 |  |  | 219 |  |
| Postretirement benefit plan assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Collective Trust <sup>(a)</sup> | 13139 | 13139 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds <sup>(b)</sup> | 25885 |  |  | 25885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income securities <sup>(c)</sup> | 263441 | 63517 |  | 199924 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments <sup>(d)</sup> | 3184 |  |  | 3184 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate funds <sup>(e)</sup> | 5019 | 5019 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and accrued income | 9789 |  | 9789 |  |  |
| Total postretirement benefit plan assets | $320457 | $81675 | $9789 | $228993 | $— |
| *Description* | *December 31, 2024* | *Assets measured at NAV* <sup>(f)</sup> | *Level 1* | *Level 2* | *Level 3* |
| Hedge derivatives, net: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | 652 | $— | $— | $652 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | (1841) |  |  | (1841) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net investment hedge | 11919 |  |  | 11919 |  |
| Non-hedge derivatives, net: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | 387 |  |  | 387 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | (3081) |  |  | (3081) |  |
| Postretirement benefit plan assets: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Collective Trust <sup>(a)</sup> | 13259 | 13259 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Mutual funds <sup>(b)</sup> | 43059 |  |  | 43059 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Fixed income securities <sup>(c)</sup> | 235952 | 62458 |  | 173494 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments <sup>(d)</sup> | 3493 |  |  | 3493 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Real estate funds <sup>(e)</sup> | 480 | 480 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and accrued income | 7757 |  | 7757 |  |  |
| Total postretirement benefit plan assets | $304000 | $76197 | $7757 | $220046 | $— |

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&nbsp;&nbsp;&nbsp;&nbsp;a.Common collective trust investments consist of domestic and international large and mid capitalization equities, including emerging markets and funds invested in both short-term and long-term bonds. Underlying investments are generally valued at closing prices from national exchanges. Commingled funds, private securities, and limited partnerships are valued at unit values or NAVs provided by the investment managers.

&nbsp;&nbsp;&nbsp;&nbsp;b.Mutual fund investments are comprised of equity securities of corporations with large capitalizations and also include funds invested in corporate equities in international and emerging markets and funds invested in long-term bonds, which are valued at closing prices from national exchanges.

&nbsp;&nbsp;&nbsp;&nbsp;c.Fixed income securities include funds that invest primarily in government securities and long-term bonds. Underlying investments are generally valued at closing prices from national exchanges, fixed income pricing models, and independent financial analysts. Fixed income commingled funds are valued at unit values provided by the investment managers.

&nbsp;&nbsp;&nbsp;&nbsp;d.Short-term investments include several money market funds used for managing overall liquidity. Underlying investments are generally valued at closing prices from national exchanges. Commingled funds are valued at unit values provided by the investment managers.

&nbsp;&nbsp;&nbsp;&nbsp;e.Includes investments in real estate funds (including office, industrial, residential and retail). Underlying real estate securities are generally valued at closing prices from national exchanges.

F-30 FORM 10-K SONOCO 2025 ANNUAL REPORT

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&nbsp;&nbsp;&nbsp;&nbsp;f.Certain assets that are measured at fair value using the NAV per share (or its equivalent) practical expedient have not been classified in the fair value hierarchy.

The Company's pension plan assets comprise more than 96% of its total postretirement benefit plan assets. Accordingly, the assets of the Company's various pension plans and retiree health and life insurance plans are not shown separately, but are combined in the tables above. Postretirement benefit plan assets are netted against postretirement benefit obligations to determine the funded status of each plan. The funded status is recognized in the Company's Consolidated Balance Sheets as shown in Note 15.

As discussed in Note 12, the Company uses derivatives to mitigate the effect of commodity fluctuations, foreign currency fluctuations and, from time to time, interest rate movements. Fair value measurements for the Company's derivatives are classified under Level 2 because such measurements are estimated based on observable inputs such as interest rates, yield curves, spot and future commodity prices and spot and future exchange rates. There were no transfers in or out of Level 1 or Level 2 fair value measurements during the years ended December 31, 2025 or 2024.

The Company measures certain non-financial assets and non-financial liabilities at fair value on a non-recurring basis. See Note 4 for a discussion of assets acquired and liabilities assumed in acquisitions and sold in dispositions, and Note 5 for a discussion of asset impairments associated with restructuring activities. The fair value of assets determined based on third-party appraisals and classified as Level 3 measurements due to the use of significant unobservable inputs was not material at December 31, 2025 or 2024.

The Company has an investment in the preferred stock of a nonaffiliated private company. This investment is accounted for under the measurement alternative of cost less impairment, adjusted for any qualifying observable price changes on a non-recurring basis. Observable price changes would consist of Level 2 inputs based on privately negotiated transactions with the nonaffiliated company. The total investment in preferred stock of $21,212 is included in "Other Assets" in the Company's Consolidated Balance Sheet as of December 31, 2025.

For additional fair value information on the Company's financial instruments, see Note 12.

14. Share-based compensation plans

The Company provides share-based compensation to certain employees and non-employee directors in the form of RSUs, PCSUs, and other share-based awards. Beginning in 2024, share-based awards were issued pursuant to the Sonoco Products Company 2024 Omnibus Incentive Plan (the "2024 Plan"), which became effective upon approval by the shareholders on April 17, 2024. Awards issued from 2019 through 2023 were issued pursuant to the Sonoco Products Company 2019 Omnibus Incentive Plan (the "2019 Plan").

As of the April 17, 2024 effective date, the 2024 Plan superseded the 2019 Plan and became the only plan under which equity-based compensation may be awarded to employees and non-employee directors. However, any awards under any of the prior plans that were outstanding on the effective date of the 2024 Plan remain subject to the terms and conditions, and continue to be governed, by such prior plans. Awards issued between January 1 and April 16, 2024 were effectively issued under the 2024 Plan when such awards were transferred over to be applied against the 2024 Plan's reserve. Share reserve reductions for restricted and performance-based stock awards and stock appreciation rights originally granted under the 2019 Plan were weighted equally on a one-for-one basis in accordance with the shareholder-approved conversion formula included within the 2024 Plan. Share awards granted under all previous plans which are forfeited, expire or are canceled without delivery of shares, or which result in forfeiture of shares back to the Company, will be added back to the total shares available under the 2024 Plan. Shares of the Company's common stock repurchased to satisfy employee tax withholding obligations in association with the exercise of RSUs and PCSUs, but not stock appreciation rights ("SARs"), will also be added back to the total shares available under the 2024 Plan.

At December 31, 2025, a total of 1,674,656 shares remain available for future grant under the 2024 Plan. The Company issues new shares for stock unit conversions and stock appreciation right exercises.

Accounting for share-based compensation

Total compensation cost for share-based payment arrangements was $17,787, $26,948 and $24,738, for 2025, 2024 and 2023, respectively. The related tax benefit recognized in net income was $4,475, $6,852, and $6,162, for the same years, respectively. Share-based compensation expense is included in "Selling, general and administrative expenses" in the Company's Consolidated Statements of Income. The Company accounts for forfeitures of its share-based payment arrangements as they occur.

An "excess" tax benefit is created when the tax deduction for an exercised stock appreciation right or converted stock unit exceeds the compensation cost that has been recognized in income. The additional net excess tax benefit realized was $501, $257 and $978 for 2025, 2024 and 2023, respectively.

Restricted Stock Units

The Company grants awards of RSUs to executive officers and certain key management employees annually on a discretionary basis. These awards vest over a three-year period with one-third vesting on each anniversary date of the grant. The expense for these RSUs is recognized following the graded-vesting method, which results in front-loaded expense being recognized during the early years of the required service period. For awards granted prior to 2021, participants must be actively employed by the Company on the vesting date for shares to be issued, except in the event of the participant's death, disability, or involuntary (or good reason) termination within two years of a change in control prior to full vesting, in which case shares will immediately vest. For awards granted since 2020, in the event of the participant's death, disability or retirement prior to full vesting, shares will be issued on a pro rata basis up through the time the participant's employment or service ceases. Once vested, these awards do not expire.

The Company from time to time grants special RSUs to certain of its executive officers and directors. These awards normally vest over a five-year period with one-third vesting on each of the third, fourth and fifth anniversaries of the grant, but in some circumstances may vest over a shorter period, or cliff vest at the end of the five-year period. Normally a participant must be actively employed by, or serving as a director of, the Company on the vesting date for shares to be issued, but the Company may make other arrangements in connection with termination of employment prior to the vesting date. Officers and directors can elect to defer receipt of RSUs, which will be issued in shares of Sonoco common stock in installments beginning no earlier than six months following separation from the Company or the Board of Directors (the "Board"), respectively. Key management employees are required to take receipt of the stock issued upon the vest date.

The weighted-average grant-date fair value of RSUs granted was $42.75, $52.41 and $56.87 per share in 2025, 2024 and 2023, respectively. The fair value of shares vesting during the year was $15,348, $13,190, and $10,320 for 2025, 2024 and 2023, respectively. Non-cash stock-based compensation associated with restricted stock grants totaled $13,421, $14,748 and $12,888 for 2025, 2024 and 2023, respectively. As of December 31, 2025, there was $11,264 of total unrecognized compensation cost related to nonvested RSUs. This cost is expected to be recognized over a weighted-average period of 30 months.

F-31 FORM 10-K SONOCO 2025 ANNUAL REPORT

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The activity related to RSUs for the year ended December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Nonvested* | *Vested* | *Total* | *Average Grant Date Fair Value Per Share* |
| Outstanding, December 31, 2024 | 681616 | 75580 | 757196 | $53.43 |
| &nbsp;&nbsp;Granted | 451499 |  | 451499 | $42.75 |
| &nbsp;&nbsp;Vested | (327019) | 327019 |  |  |
| &nbsp;&nbsp;Converted |  | (284530) | (284530) | $54.28 |
| &nbsp;&nbsp;Cancelled | (118243) |  | (118243) | $50.13 |
| &nbsp;&nbsp;Dividend equivalents | 517 | 5790 | 6307 | $43.90 |
| Outstanding, December 31, 2025 | 688370 | 123859 | 812229 | $47.43 |

---

Performance Contingent Restricted Stock Units

The Company grants PCSUs annually on a discretionary basis to executive officers and certain key management employees. The ultimate number of PCSUs awarded is dependent upon the degree to which performance, relative to defined targets related to earnings and return on invested capital is achieved over a three-year performance cycle and for the 2025 and 2024 PCSU grants only, a modifier for total stock return performance.

The Company estimates the fair value of its PCSUs based upon the Company's stock price on the dates of grant and an estimate of the Company's payout modifier based upon the projected total stock return performance relative to its peer group companies. The comparative market index for the awards that vest based on total stock return to shareholders is the S&P Composite 1500 Materials Index. If the Company's actual total stock return for the three-year measurement period is determined to be between the 25th and 75th percentile relative to its peers, no additional modifier is triggered for the particular PCSU grant upon vesting. If the Company's total stock return for the three-year measurement period is determined to be above the 75th percentile, the modifier adds 20% to the award's vested share payout for total stock return performance in the top quartile, and if the Company's return falls below the 25th percentile relative to its peers, the modifier reduces the award's share payout by 20% for performance in the bottom quartile.

PCSUs granted vest at the end of the three-year performance period if the respective performance targets are met. No units will be awarded if the performance targets are not met. Upon vesting, PCSUs are convertible into common shares on a one-for-one basis. Officers can elect to defer receipt of PCSUs, which will be issued in shares of Sonoco common stock in installments beginning no earlier than six months following separation from the Company. Key management employees are required to take receipt of the stock issued upon the vest date. Except in the event of the participant's death, disability, or retirement, if a participant is not employed by the Company at the end of the performance period, no PCSUs will vest. However, in the event of the participant's death, disability or retirement prior to full vesting, shares will be issued on a pro rata basis up through the time the participant's employment or service ceases. In the event of a change in control, as defined under the 2024 Plan, all unvested PCSUs will vest at target on a pro rata basis if the change in control occurs during the three-year performance period.

The activity related to PCSUs for the year ended December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Nonvested* | *Vested* | *Total* | *Average Grant Date Fair Value Per Share* |
| Outstanding, December 31, 2024 | 283675 | 350081 | 633756 | $52.13 |
| &nbsp;&nbsp;Granted | 272478 |  | 272478 | $40.95 |
| &nbsp;&nbsp;Performance adjustments | (258333) |  | (258333) | $42.17 |
| &nbsp;&nbsp;Vested | (75263) | 75263 |  |  |
| &nbsp;&nbsp;Converted |  | (309397) | (309397) | $51.94 |
| &nbsp;&nbsp;Cancelled | (46162) |  | (46162) | $48.58 |
| &nbsp;&nbsp;Dividend equivalents |  | 1932 | 1932 | $45.20 |
| Outstanding, December 31, 2025 | 176395 | 117879 | 294274 | $51.25 |

---

2025 PCSU. As of December 31, 2025, the 2025 PCSUs to be awarded are estimated to range from 0 to 580,331 units, including the 20% total stock return modifier, and are tied to the three-year performance period ending December 31, 2027.

2024 PCSU. As of December 31, 2024, the 2024 PCSUs to be awarded are estimated to range from 0 to 415,611 units, including the 20% total stock return modifier, and are tied to the three-year performance period ending December 31, 2026.

2023 PCSU. The performance cycle for the 2023 PCSUs was completed on December 31, 2025. Outstanding stock units of 75,263 units were determined to have been earned. The fair value of these earned units was $3,285 as of December 31, 2025. No additional units were earned for the total stock return modifier since the Company's stock return was between the 25th and 75th percentiles relative to its peers for the measurement period ended December 31, 2025.

2022 PCSU. The performance cycle for the 2022 PCSUs was completed on December 31, 2024. Outstanding stock units of 330,888 units were determined to have been earned. The fair value of these units was $16,164 as of December 31, 2024.

2021 PCSU. The performance cycle for the 2021 PCSUs was completed on December 31, 2023. Outstanding stock units of 225,530 units were determined to have been earned. The fair value of these units was $12,600 as of December 31, 2023.

The weighted-average grant-date fair value of PCSUs granted was $40.95, $50.54, and $55.04 per share in 2025, 2024 and 2023, respectively. Non-cash stock-based compensation associated with PCSUs totaled $2,599, $10,176 and $9,826 for 2025, 2024 and 2023, respectively. As of December 31, 2025, there was approximately $3,250 of total unrecognized compensation cost related to nonvested PCSUs. This cost is expected to be recognized over a weighted-average period of 15 months.

F-32 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Deferred compensation plans

Certain officers of the Company receive a portion of their compensation, either current or deferred, in the form of stock equivalent units. Units are granted as of the day the cash compensation would have otherwise been paid using the closing price of the Company's common stock on that day. Deferrals into stock equivalent units are converted into phantom stock equivalents as if Sonoco shares were actually purchased. The units immediately vest and earn dividend equivalents. Units are distributed in the form of common stock upon retirement over a period elected by the employee.

Non-employee directors may elect to defer a portion of their cash retainer or other fees (except chair retainers) into phantom stock equivalent units as if Sonoco shares were actually purchased. The deferred stock equivalent units accrue dividend equivalents, and are issued in shares of Sonoco common stock beginning six months following termination of Board service. Directors must elect to receive these deferred distributions in one, three or five annual installments.

The activity related to deferred compensation for equity award units granted to both employees and non-employee directors combined is as follows:

---

| | |
|:---|:---|
|  | *Total* |
| Outstanding, December 31, 2024 | 361423 |
| &nbsp;&nbsp;Deferred | 42013 |
| &nbsp;&nbsp;Converted | (8146) |
| &nbsp;&nbsp;Dividend equivalents | 16857 |
| Outstanding, December 31, 2025 | 412147 |

---

Compensation deferrals for employees and directors, all of which will be settled in Company stock after retirement, totaled $1,767, $2,024, and $2,024, during 2025, 2024, and 2023, respectively.

Stock appreciation rights

Through 2019, the Company granted SARs annually on a discretionary basis to key employees. These SARs had an exercise price equal to the closing market price on the date of the grant and can be settled only in stock. All outstanding SARs are vested as of December 31, 2025. The weighted average remaining contractual life for outstanding and exercisable SARs at December 31, 2025 was 3.3 years.

The activity related to SARs for the year ended December 31, 2025 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Nonvested* | *Vested* | *Total* | *Weighted-average Exercise Price* |
| Outstanding, December 31, 2024 |  | 663404 | 663404 | $55.62 |
| &nbsp;&nbsp;Vested |  |  |  | $— |
| &nbsp;&nbsp;Granted |  |  |  | $— |
| &nbsp;&nbsp;Exercised |  | (35972) | (35972) | $45.11 |
| &nbsp;&nbsp;Forfeited/Expired |  | (111279) | (111279) | $58.22 |
| Outstanding, December 31, 2025 |  | 516153 | 516153 | $55.79 |
| Exercisable, December 31, 2025 |  | 516153 | 516153 | $55.79 |

---

Noncash stock-based compensation expense associated with SARs totaled $0 for 2025, 2024 and 2023. As of December 31, 2025, there is no unrecognized compensation cost remaining.

The aggregate intrinsic value of SARs exercised during 2025, 2024, and 2023 was $0, $74, and $158 using the fair market value of the Company's stock at December 31, 2025, 2024, and 2023, respectively. The aggregate intrinsic value for outstanding and exercisable SARs was $79 at December 31, 2025 using the fair market value of the Company's stock on that date of $43.64 per share.

F-33 FORM 10-K SONOCO 2025 ANNUAL REPORT

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15. Employee benefit plans

Retirement plans and retiree health and life insurance plans

The Company provides non-contributory defined benefit pension plans for certain of its employees in the United States, Mexico, Belgium, Germany, France, Italy, Switzerland, Spain, Ireland and Turkey. The Company also sponsors contributory defined benefit pension plans covering certain of its employees in the United Kingdom, Canada and the Netherlands, and provides postretirement healthcare and life insurance benefits to a limited number of its retirees and their dependents in the United States and Canada, based on certain age and/or service eligibility requirements.

The components of net periodic benefit cost/(income) include the following:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| **Retirement Plans** |  |  |  |
| Service cost | $5497 | $3456 | $2878 |
| Interest cost | 21588 | 19097 | 18101 |
| Expected return on plan assets | (13667) | (11133) | (9451) |
| Amortization of prior service cost | 923 | 864 | 926 |
| Amortization of net actuarial loss | 3871 | 4472 | 4300 |
| Effect of settlement loss | 42 | 530 | 1010 |
| Effect of curtailment gain | (263) |  |  |
| Net periodic benefit cost | $17991 | $17286 | $17764 |
| **Retiree Health and Life Insurance Plans** |  |  |  |
| Service cost | $134 | $178 | $230 |
| Interest cost | 919 | 919 | 507 |
| Expected return on plan assets | (413) | (392) | (313) |
| Amortization of prior service cost | 375 | 385 |  |
| Amortization of net actuarial gain | (1160) | (899) | (768) |
| Net periodic benefit (income)/cost | $(145) | $191 | $(344) |

---

The following tables set forth the Plans' obligations and assets at December 31:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Retirement Plans* | *Retirement Plans* | *Retiree Health and<br>Life Insurance Plans* | *Retiree Health and<br>Life Insurance Plans* |
|  | *2025* | *2024* | *2025* | *2024* |
| **Change in Benefit Obligation** |  |  |  |  |
| Benefit obligation at January 1 | $452275 | $413340 | $19832 | $22571 |
| Service cost | 5497 | 3456 | 134 | 178 |
| Interest cost | 21588 | 19097 | 919 | 919 |
| Plan participant contributions | 306 | 31 |  |  |
| Plan amendments | 675 | 615 | (321) |  |
| Actuarial (gain)/loss | (6621) | (18935) | 1027 | (2389) |
| Benefits paid | (27380) | (28263) | (1181) | (1418) |
| Impact of foreign exchange rates | 23875 | (8926) | 16 | (29) |
| Effect of settlements | (8576) | (2218) |  |  |
| Effect of curtailments | (408) |  |  |  |
| Other | 1639 |  |  |  |
| Acquisitions | 42 | 74078 |  |  |
| Benefit obligation at December 31 | $462912 | $452275 | $20426 | $19832 |

---

F-34 FORM 10-K SONOCO 2025 ANNUAL REPORT

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---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Retirement Plans* | *Retirement Plans* | *Retiree Health and<br>Life Insurance Plans* | *Retiree Health and<br>Life Insurance Plans* |
|  | *2025* | *2024* | *2025* | *2024* |
| **Change in Plan Assets** |  |  |  |  |
| Fair value of plan assets at January 1 | $290825 | $295587 | $13175 | $13213 |
| Actual return on plan assets | 13722 | (5203) | 669 | 535 |
| Company contributions | 21490 | 18798 | 794 | 835 |
| Plan participant contributions | 306 | 77 |  |  |
| Benefits paid | (27380) | (28263) | (1181) | (1360) |
| Impact of foreign exchange rates | 17588 | (7200) |  |  |
| Effect of settlements | (8576) | (2218) |  |  |
| Expenses paid | (1945) | (1976) | (29) | (48) |
| Other | 999 |  |  |  |
| Acquisitions |  | 21223 |  |  |
| Fair value of plan assets at December 31 | $307029 | $290825 | $13428 | $13175 |
| Funded status of the Plans | $(155883) | $(161450) | $(6998) | $(6657) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Retirement Plans* | *Retirement Plans* | *Retiree Health and<br>Life Insurance Plans* | *Retiree Health and<br>Life Insurance Plans* |
|  | *2025* | *2024* | *2025* | *2024* |
| **Total Recognized Amounts in the Consolidated Balance Sheets** | **Total Recognized Amounts in the Consolidated Balance Sheets** |  |  |  |
| Noncurrent assets | $27283 | $24919 | $— | $— |
| Current liabilities | (11402) | (11382) | (786) | (817) |
| Noncurrent liabilities | (171764) | (174987) | (6212) | (5840) |
| Net liability | $(155883) | $(161450) | $(6998) | $(6657) |

---

Items not yet recognized as a pre-tax component of net periodic benefit cost that are included in Accumulated Other Comprehensive Loss as of December 31, 2025 and 2024, are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *Retirement Plans* | *Retirement Plans* | *Retiree Health and<br>Life Insurance Plans* | *Retiree Health and<br>Life Insurance Plans* |
|  | *2025* | *2024* | *2025* | *2024* |
| Net actuarial loss/(gain) | $100220 | $109718 | $(5747) | $(7706) |
| Prior service cost | 5683 | 5020 | 10555 | 11251 |
|  | $105903 | $114738 | $4808 | $3545 |

---

The pre-tax amounts recognized in Other Comprehensive Loss/(Income) include the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *Retirement Plans* | *Retirement Plans* | *Retirement Plans* | *Retiree Health and <br>Life Insurance Plans* | *Retiree Health and <br>Life Insurance Plans* | *Retiree Health and <br>Life Insurance Plans* |
|  | *2025* | *2024* | *2023* | *2025* | *2024* | *2023* |
| Adjustments arising during the period: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net actuarial (gain)/loss | $(4998) | $(238) | $10709 | $799 | $(2485) | $(451) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior service cost | 736 | 327 | 430 | (321) |  | 11637 |
| Net settlement/curtailment gain/(loss) | 221 | (530) | (1010) |  |  |  |
| Amortization recognized during the period: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net actuarial (loss)/gain | (3871) | (4472) | (4300) | 1160 | 899 | 768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior service cost | (923) | (864) | (926) | (375) | (385) |  |
| Total recognized in other comprehensive (income)/loss | $(8835) | $(5777) | $4903 | $1263 | $(1971) | $11954 |
| Total recognized in net periodic benefit cost and other comprehensive loss/(income) | $9156 | $11509 | $22707 | $1118 | $(1780) | $11610 |

---

The accumulated benefit obligation ("ABO") for all defined benefit plans was $469,719 and $440,126 at December 31, 2025 and 2024, respectively.

The projected benefit obligation ("PBO"), ABO and fair value of plan assets for pension plans with ABOs in excess of plan assets were, $293,402, $283,773 and $105,647, respectively, as of December 31, 2025, and $279,472, $270,720 and $94,384, respectively, as of December 31, 2024.

Eviosys acquisition

On December 4, 2024, the Company completed the acquisition of Eviosys, which included the assumption of several defined benefit plans (the "Eviosys Plans"), including non-contributory defined benefit pension plans for certain of its employees, primarily in Germany, France, Italy, Switzerland, Spain, and Ireland. The Company determined the acquisition-date fair values of the PBO and plan assets of the Eviosys Plans to be $74,120 and $21,223, respectively, resulting in a long-term and short-term unfunded pension obligations of $51,918 and $979, respectively.

F-35 FORM 10-K SONOCO 2025 ANNUAL REPORT

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RTS Packaging defined benefit plan

On September 8, 2023, the Company completed the acquisition of the remaining 65% ownership interest of the RTS Packaging joint venture, which included the assumption of the RTS Packaging Pension Plan (the "RTS Plan"). Since the formation of the original joint venture, the Company had recognized its 35% share of actuarial gains and losses related to the RTS Plan in "Accumulated other comprehensive loss." Upon the acquisition of the remaining 65% interest in RTS Packaging, a pre-tax loss of $4,756 ($3,543 after tax) was reclassified out of "Accumulated other comprehensive loss" into earnings. The pre-tax loss is reflected in "Other (expenses)/ income, net" in the Company's Consolidated Statements of Income for the year ended December 31, 2023.

Plan settlements, changes and amendments

On January 2, 2025, the RTS Plan was merged with the U.S. Active Plan. Accordingly, disclosures referring to the "U.S. Retirement Plans" or the "U.S. Active Plan" include the legacy RTS Plan.

The Company recognized net settlement losses totaling $42, $530, and $1,010 in 2025, 2024, and 2023, respectively, resulting primarily from payments made to certain participants in the Company's non-union Canadian pension plan who elected a lump sum distribution option upon retirement. The net settlement losses in 2025 also reflect settlement gains related to lump sum distributions to participants for certain Eviosys plans as a result of plant closures. Settlements in 2023 also included payments associated with the termination of a pension plan in Taiwan. The curtailment gains recognized in 2025 relate primarily to the termination of certain Eviosys Plan participants as a result of plant closures.

The Company amended its U.S. Retiree Health and Life Insurance Plan in 2023 to expand the eligibility requirements for certain non-union hourly employees. The amendment resulted in an increase in both the accumulated postretirement benefit obligation and prior service cost component of accumulated other comprehensive loss of $11,637. The service cost is being amortized over the average life expectancy of the plan participants beginning in 2024.

Projected benefit payments

The following table sets forth the Company's projected benefit payments for the next ten years:

---

| | | |
|:---|:---|:---|
| *Year* | *Retirement Plans* | *Retiree Health and Life Insurance Plans* |
| 2026 | $33035 | $1341 |
| 2027 | $31416 | $1419 |
| 2028 | $33787 | $1483 |
| 2029 | $33314 | $1509 |
| 2030 | $33853 | $1387 |
| 2031-2035 | $178345 | $8723 |

---

Assumptions

The following tables set forth the major actuarial assumptions used in determining the benefit obligation and net periodic benefit cost:

---

| | | | |
|:---|:---|:---|:---|
| *Weighted-average assumptions<br>used to determine benefit<br>obligations at December 31* | *U.S. Retirement Plans* | *U.S. Retiree Health and Life Insurance Plans* | *Foreign Plans* |
| Discount Rate |  |  |  |
| 2025 | 5.28% | 5.13% | 5.02% |
| 2024 | 5.52% | 5.32% | 6.52% |
| Rate of Compensation Increase |  |  |  |
| 2025 | —% | 2.99% | 2.46% |
| 2024 | —% | 3.02% | 3.59% |

---

---

| | | | |
|:---|:---|:---|:---|
| *Weighted-average assumptions<br>used to determine net periodic benefit<br>cost for years ended December 31* | *U.S. Retirement Plans* | *U.S. Retiree Health and Life Insurance Plans* | *Foreign Plans* |
| Discount Rate |  |  |  |
| 2025 | 5.52% | 5.32% | 6.52% |
| 2024 | 4.84% | 4.68% | 4.79% |
| 2023 | 5.01% | 4.92% | 4.97% |
| Expected Long-term Rate of Return |  |  |  |
| 2025 | 3.89% | 4.64% | 5.45% |
| 2024 | 3.08% | 3.05% | 4.36% |
| 2023 | 2.48% | 2.45% | 4.70% |
| Rate of Compensation Increase |  |  |  |
| 2025 | —% | 2.99% | 2.46% |
| 2024 | —% | 3.03% | 3.11% |
| 2023 | —% | 2.99% | 3.29% |

---

The Company adjusts its discount rates at the end of each fiscal year based on yield curves of high-quality debt instruments over durations that match the expected benefit payouts of each plan. The expected long-term rate of return assumption is based on the Company's current and expected future portfolio mix by asset class, and expected nominal returns of these asset classes using an economic "building block" approach.

F-36 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Expectations for inflation and real interest rates are developed and various risk premiums are assigned to each asset class based primarily on historical performance. The assumed rate of compensation increase reflects historical experience and management's expectations regarding future salary and incentive increases.

Medical trends

The U.S. Retiree Health and Life Insurance Plan makes up approximately 98% of the Retiree Health liability. Therefore, the following information relates to the U.S. plan only.

---

| | | |
|:---|:---|:---|
| *Healthcare Cost Trend Rate* | *Pre-age 65* | *Post-age 65* |
| 2025 | 6.20% | 7.00% |
| 2024 | 6.17% | 7.28% |
| *Ultimate Trend Rate* | *Pre-age 65* | *Post-age 65* |
| 2025 | 4.50% | 4.50% |
| 2024 | 4.50% | 4.50% |
| *Year at which the Rate Reaches<br>the Ultimate Trend Rate* | *Pre-age 65* | *Post-age 65* |
| 2025 | 2036 | 2036 |
| 2024 | 2035 | 2035 |

---

Based on amendments to the U.S. plan approved in 1999, which became effective in 2003, cost increases borne by the Company are limited to the Urban CPI, as defined.

Retirement plan assets

The assets of the U.S., Eviosys, U.K., and Canadian defined benefit plans comprise approximately 92% of the total postretirement benefit plan assets. Therefore, the following disclosures relate only to the assets of these plans.

The following table sets forth the weighted-average asset allocations of the Company's retirement plans at 2025 and 2024, by asset category.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *Asset Category* |  | *U.S.* | *Eviosys* | *U.K.* | *Canada* |
| Equity securities | 2025 | 34.3% | —% | 9.5% | 31.5% |
| Equity securities | 2024 | 20.9% | —% | 21.0% | 31.4% |
| Debt securities | 2025 | 63.1% | 79.9% | 88.4% | 68.5% |
| Debt securities | 2024 | 77.9% | 85.1% | 77.1% | 68.6% |
| Cash and short-term investments | 2025 | 2.6% | 20.1% | 2.1% | —% |
| Cash and short-term investments | 2024 | 1.2% | 14.9% | 1.9% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 2025 | 100.0% | 100.0% | 100.0% | 100.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 2024 | 100.0% | 100.0% | 100.0% | 100.0% |

---

The Company employs a total-return investment approach whereby a mix of equities and fixed income investments are used to maximize the long-term return of plan assets for a desired level of risk. Alternative assets such as real estate funds, private equity funds and hedge funds may also be used to enhance expected long-term returns while improving portfolio diversification. Risk tolerance is established through consideration of plan liabilities, plan funded status and corporate financial condition. Investment risk is measured and monitored on an ongoing basis through periodic investment portfolio reviews and periodic asset/liability studies.

U.S. defined benefit plans

The Company has adopted investment guidelines for the Active Plan based on asset/liability studies. These guidelines established a dynamic derisking framework for shifting the allocation of assets to long-duration domestic fixed income from equity and other asset categories, as the relative funding ratio of the plan increased over time. The current target allocation (midpoint) for the Active Plan investment portfolio is: Equity Securities - 35% and Debt Securities – 65%.

United Kingdom defined benefit plan

The equity investments consist of direct ownership and funds and are diversified among U.K. and international stocks of small and large capitalization. The current target allocation (midpoint) for the investment portfolio is: Equity Securities – 10% and Debt Securities – 90%.

Canada defined benefit plan

The equity investments consist of direct ownership and funds and are diversified among Canadian and international stocks of primarily large capitalizations and short to intermediate duration corporate and government bonds. The current target allocation (midpoint) for the investment portfolio is 30% Equity Securities and 70% Debt Securities.

Eviosys defined benefit plans

The equity investments consist of direct ownership and funds and are diversified among international stocks of primarily large capitalizations and short to intermediate duration corporate and government bonds. The current target allocation (midpoint) for the investment portfolio is —% Equity Securities, 30% Cash and Short Term Investments and 70% Debt Securities.

F-37 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Retiree health and life insurance plan assets

The following table sets forth the weighted-average asset allocations by asset category of the Company's retiree health and life insurance plan.

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| | | |
|:---|:---|:---|
| *Asset Category* | *2025* | *2024* |
| Equity securities | —% | —% |
| Debt securities | 100.0% | 100.0% |
| Cash | —% | —% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | 100.0% | 100.0% |

---

Contributions

Based on current actuarial estimates, the Company anticipates that contributions to its defined benefit plans will be approximately $23,200 in 2026. No assurances can be made about funding requirements beyond 2026, however, as they will depend largely on actual investment returns and future actuarial assumptions, legislative actions, and changes to the Company's benefit offerings.

Sonoco Retirement and Savings Plan

The Sonoco Retirement and Savings Plan ("Savings Plan") is a defined contribution retirement plan provided for certain of the Company's U.S. employees designed to meet the requirements of section 401(k) of the Internal Revenue Code. The Savings Plan allows participants to set aside a portion of their wages and salaries for retirement and encourages saving by matching a portion of their contributions with contributions from the Company. The Savings Plan provides for participant contributions of 1% to 100% of gross pay with the Company matching 100% of the first 6% of pretax and/or Roth compensation contributed by the participant. Participants are immediately fully vested in these matching contributions. The Company's expenses related to the Savings Plan for 2025, 2024, and 2023 were approximately $33,300, $33,700 and $30,684, respectively.

Other plans

The Company also provides retirement and postretirement benefits to certain other non-U.S. employees through various Company-sponsored and local government sponsored defined contribution arrangements. For the most part, the liabilities related to these arrangements are funded in the period they arise. The Company's expenses for these plans were not material for all years presented.

16. Income taxes

The provision for taxes on income for the years ended December 31 consists of the following:

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| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Pretax income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Domestic | $529172 | $(35733) | $280916 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | 235929 | 99219 | 208111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total pretax income | $765101 | $63486 | $489027 |
| Current |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $59956 | $3693 | $54319 |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 10732 | 1916 | 11282 |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | 97293 | 57034 | 63617 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current | $167981 | $62643 | $129218 |
| Deferred |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Federal | $30415 | $(34828) | $(3307) |
| &nbsp;&nbsp;&nbsp;&nbsp;State | 14220 | (9837) | (1646) |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign | (29030) | (12469) | (4535) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred | $15605 | $(57134) | $(9488) |
| Total taxes | $183586 | $5509 | $119730 |

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F-38 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Deferred tax (liabilities)/assets are comprised of the following at December 31:

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| | | |
|:---|:---|:---|
|  | *2025* | *2024* |
| Property, plant and equipment | $(235929) | $(266278) |
| Intangibles | (488519) | (545330) |
| Leases | (109707) | (76225) |
| Outside basis in Metal Packaging | (63105) | (68649) |
| Other | (192) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross deferred tax liabilities | $(897452) | $(956482) |
| Retiree health benefits | $4 | $245 |
| Foreign loss carryforwards | 110055 | 79314 |
| U.S. Federal loss and credit carryforwards | 31980 | 34082 |
| Capital loss carryforwards | 3983 | 3755 |
| U.S. State loss and credit carryforwards | 23413 | 26181 |
| Capitalized research and development costs | 67894 | 103043 |
| Net investment hedge | 50524 |  |
| Employee benefits | 54258 | 56192 |
| Leases | 116184 | 82031 |
| Accrued liabilities and other assets | 44023 | 71370 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross deferred tax assets | $502318 | $456213 |
| Valuation allowance on deferred tax assets | $(107451) | $(81496) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total deferred taxes, net<sup>1</sup> | $(502585) | $(581765) |

---

<sup>1</sup> Total deferred taxes, net includes $(15,666) reclassified to discontinued operations on the Consolidated Balance Sheets at December 31, 2024. This includes a valuation allowance on deferred tax assets of $(4,628).

The Company has total federal net operating loss ("NOL") carryforwards of approximately $31,556 remaining at December 31, 2025. These losses were acquired as part of an acquisition and annual usage is limited based on certain attributes existing at that time. The losses expire between 2029 and 2041. U.S. foreign tax credit carryforwards of approximately $25,601 exist at December 31, 2025, $22,474 of which expire in 2027, and $3,127 of which expire in 2035. Foreign subsidiary loss carryforwards of approximately $532,745 remain at December 31, 2025. Their use is limited to future taxable earnings of the respective foreign subsidiaries or filing groups. Approximately $309,722 of these loss carryforwards do not have an expiration date. Of the remaining foreign subsidiary loss carryforwards, approximately $193,878 expire within the next five years and approximately $29,145 expire between 2031 and 2045. Foreign subsidiary capital loss carryforwards of approximately $16,108 exist at December 31, 2025 and do not have an expiration date. Their use is limited to future capital gains of the respective foreign subsidiaries.

Approximately $9,242 in tax value of state loss carryforwards and $20,395 of state credit carryforwards remain at December 31, 2025. These state loss and credit carryforwards are limited based upon future taxable earnings of the respective entities or filing group and expire between 2026 and 2046. State loss and credit carryforwards are reflected at their "tax" value, as opposed to the amount of expected gross deduction due to the vastly different apportionment and statutory tax rates applicable to the various entities and states in which the Company files.

F-39 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Statutory tax rate reconciliation

A reconciliation of the U.S. federal statutory tax rate to the actual provision for income taxes in the expanded format set forth by ASU 2023-09 for the year ended December 31, 2025 is as follows:

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| | | |
|:---|:---|:---|
|  | *2025* | *2025* |
| **U.S. Federal statutory tax rate** | $160671 | 21.0% |
| **State and local income taxes, net of Federal income tax effect**<sup>(a)</sup> | 16129 | 2.1% |
| **Foreign tax effects** |  |  |
| &nbsp;&nbsp; Luxembourg |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Valuation allowances | 10826 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | (5572) | (0.7)% |
| &nbsp;&nbsp; Finland |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Nontaxable income | (8115) | (1.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | (479) | (0.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;Other foreign jurisdictions | 18402 | 2.4% |
| **U.S. Federal tax effects** |  |  |
| &nbsp;&nbsp;&nbsp;Effect of changes in tax laws or rates enacted in the current period |  | —% |
| &nbsp;&nbsp;&nbsp;Effect of cross-border tax laws |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Global intangible low-taxed income (GILTI), net of foreign tax credit (FTC) | 9525 | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax on undistributed earnings of subsidiaries | 11756 | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp; Foreign branch inclusion | 10479 | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 4380 | 0.6% |
| &nbsp;&nbsp;&nbsp;Tax credits | (9627) | (1.3)% |
| &nbsp;&nbsp;&nbsp;Changes in valuation allowances | 34 | —% |
| &nbsp;&nbsp;&nbsp;Nontaxable or nondeductible items |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Benefit for purchased credits | (14875) | (1.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other | 5927 | 0.8% |
| **Changes in unrecognized tax benefits** | 2622 | 0.3% |
| **Other adjustments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Disposition of business | (29994) | (3.9)% |
| &nbsp;&nbsp;&nbsp;&nbsp; Other | 1497 | 0.2% |
| **Provision For Income Taxes** | $183586 | 24.0% |

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<sup>(a)</sup> State taxes in Tennessee, Illinois, California, Wisconsin and New Jersey make up the majority (greater than 50 percent) of the tax effect in this category.

F-40 FORM 10-K SONOCO 2025 ANNUAL REPORT

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A reconciliation of the U.S. federal statutory tax rate to the actual provision for income taxes for the years ended December 31, 2024 and 2023 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | *2024* | *2024* | *2023* | *2023* |
| **U.S. Federal statutory tax rate** | $13332 | 21.0% | $102696 | 21.0% |
| State income taxes, net of federal tax benefit | (883) | (1.4)% | 12263 | 2.5% |
| Valuation allowance | 7763 | 12.2% | 4486 | 0.9% |
| Tax examinations including change in reserve for uncertain tax positions | (8613) | (13.6)% | 1819 | 0.4% |
| Adjustments to prior year deferred taxes | (9129) | (14.4)% | (2489) | (0.5)% |
| Foreign earnings taxed at other than U.S. rates | 12271 | 19.3% | 13108 | 2.7% |
| Divestiture of business | (2954) | (4.7)% | 464 | 0.1% |
| Effect of tax rate changes | (1552) | (2.4)% | 387 | 0.1% |
| Foreign withholding taxes | 5344 | 8.4% | 4591 | 0.9% |
| Tax credits | (11834) | (18.6)% | (18848) | (3.9)% |
| Global intangible low-taxed income (GILTI) | (5604) | (8.8)% | 4853 | 1.0% |
| Foreign-derived intangible income | (858) | (1.4)% | (1106) | (0.2)% |
| Foreign currency gain/(loss) on distributions of previously taxed income | 642 | 1.0% | (2614) | (0.5)% |
| IRC Subpart F Income | 916 | 1.4% | 119 | —% |
| Executive compensation limitation | 2569 | 4.0% | 3767 | 0.8% |
| Capitalized acquisition costs | 7202 | 11.3% | 104 | —% |
| Other, net | (3103) | (4.9)% | (3870) | (0.8)% |
| **Provision for income taxes** | $5509 | 8.7% | $119730 | 24.5% |

---

The "Change in unrecognized tax benefits" for 2025 and the change in "Tax examinations including change in reserve for uncertain tax positions" for 2024 and 2023 is shown net of associated deferred taxes and includes accrued interest. Included in the change are current year increases of approximately $1,732, $3,405 and $2,710 for 2025, 2024 and 2023, respectively. The change also includes adjustments for prior year items such as decreases related to lapses of statutes of limitations in international, federal and state jurisdictions as well as overall changes in facts and judgment. These adjustments changed the reserve by a total of approximately $(899), $(13,229) and $(891) in 2025, 2024 and 2023, respectively.

In many of the countries in which the Company operates, earnings are taxed at rates different than the U.S. federal tax rate. This difference is reflected in "Foreign tax effects" for 2025 and "Foreign earnings taxed at other than U.S. rates" for 2024 and 2023, along with other items, if any, that impacted taxes on foreign earnings in the periods presented.

The benefits included in "Adjustments to prior year deferred taxes" for 2024 and 2023 consist primarily of adjustments to deferred tax assets and liabilities arising from changes in estimates. The adjustment to deferred tax assets and liabilities in 2024 was driven largely by post-acquisition entity restructuring.

Of the $9,627 of tax credits for 2025, $3,008 relates to research and development tax credits. The GILTI tax, net of FTC in 2025 of $9,525 consists primarily of a prior year provision to return adjustment.

The benefit of $29,994 shown in "Disposition of business" is attributable to the sale of the U.S. ThermoSafe business and is due to a tax basis in the shares sold that is greater than the basis for accounting purposes.

The Company maintains its assertion that its undistributed foreign earnings prior to the Sonoco Metal Packaging EMEA acquisition, as well as current and future undistributed foreign earnings of its non-Sonoco Metal Packaging EMEA business, are indefinitely reinvested and, accordingly, has not recorded any deferred income tax liabilities that would be due if those earnings were repatriated. However, the Company does not assert that certain current and future earnings of its Sonoco Metal Packaging EMEA business are permanently reinvested. While the majority of the Company's undistributed foreign earnings have already been taxed in the United States, a portion would be subject to foreign withholding and U.S. income taxes and credits if distributed. Computation of the deferred tax liability associated with unremitted earnings deemed to be indefinitely reinvested is not practicable at this time.

Income taxes paid

The following table sets forth income taxes paid, including payments for the acquisition of income tax credits, net of refunds, for the year ended December 31, 2025, disaggregated between foreign, domestic and state:

---

| | |
|:---|:---|
|  | *2025* |
| Federal taxes paid | $125868 |
| State taxes paid | 30926 |
| Foreign taxes paid | 108107 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $264901 |

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F-41 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Income taxes paid, net of refunds, exceeded 5 percent of total income taxes paid, net of refunds, in the following jurisdictions:

---

| | |
|:---|:---|
|  | *2025* |
| Foreign Taxes Paid |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Spain | $20109 |
| &nbsp;&nbsp;&nbsp;&nbsp; Brazil | $17688 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other | $70310 |

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Reserve for uncertain tax positions

The following table sets forth the reconciliation of the gross amounts of unrecognized tax benefits at the beginning and ending of the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Gross Unrecognized Tax Benefits at January 1 | $12138 | $21677 | $18621 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increases in prior years' unrecognized tax benefits | 2743 | 627 | 378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decreases in prior years' unrecognized tax benefits | (1404) | (1915) | (572) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increases in current year unrecognized tax benefits | 688 | 4325 | 4395 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Decreases in unrecognized tax benefits from the lapse of statutes of limitations | (235) | (12100) | (1094) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlements | (748) | (476) | (51) |
| Gross Unrecognized Tax Benefits at December 31 | $13182 | $12138 | $21677 |

---

Of the unrecognized tax benefit balances at December 31, 2025 and December 31, 2024, $11,102 and $9,857, respectively, would have an impact on the effective tax rate if ultimately recognized.

Interest and/or penalties related to income taxes are reported as part of income tax expense. The Company had $2,817 and $1,667 accrued for interest related to uncertain tax positions at December 31, 2025 and December 31, 2024, respectively. Tax expense for the year ended December 31, 2025, includes net interest expense of $1,150, which is comprised of an interest benefit of $384 related to the adjustment of prior years' items and interest expense of $1,534 on unrecognized tax benefits. The amounts listed above for accrued interest and interest expense do not reflect the benefit of a federal tax deduction which would be available if the interest were ultimately paid.

The Company and/or its subsidiaries file federal, state and local income tax returns in the United States and various foreign jurisdictions. With few exceptions, the Company is no longer subject to income tax examinations by tax authorities for years before 2019.

Although the Company's estimate for the potential outcome for any uncertain tax issue is highly judgmental, management believes that any reasonably foreseeable outcomes related to these matters have been adequately provided for. However, future results may include favorable or unfavorable adjustments to estimated tax liabilities in the period the assessments are made or resolved or when statutes of limitation on potential assessments expire. Additionally, the jurisdictions in which earnings or deductions are realized may differ from current estimates. As a result, the effective tax rate may fluctuate significantly on a quarterly basis. The Company has operations in many countries outside of the United States and the taxes paid on those earnings are subject to varying rates. The Company is not dependent upon the favorable benefit of any one jurisdiction to an extent that loss of those benefits would have a material effect on the Company's overall effective tax rate.

F-42 FORM 10-K SONOCO 2025 ANNUAL REPORT

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17. Revenue recognition

The following tables set forth information about revenue disaggregated by primary geographic regions for the years ended December 31, 2025, 2024 and 2023. The tables also include a reconciliation of disaggregated revenue with reportable segments. The Company's reportable segments are aligned by product nature as disclosed in Note 20.

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| | | | | |
|:---|:---|:---|:---|:---|
| *Year Ended December 31, 2025* | *Consumer Packaging* | *Industrial Paper Packaging* | *All Other* | *Total* |
| Primary geographical markets: |  |  |  |  |
| &nbsp;&nbsp;United States | $1864861 | $1464574 | $285486 | $3614921 |
| &nbsp;&nbsp;EMEA | 2789400 | 361878 | 56160 | 3207438 |
| &nbsp;&nbsp;Canada | 18539 | 85875 |  | 104414 |
| &nbsp;&nbsp;APAC | 100482 | 148012 | 1065 | 249559 |
| &nbsp;&nbsp;Other | 101009 | 238894 | 2518 | 342421 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $4874291 | $2299233 | $345229 | $7518753 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Year Ended December 31, 2024* | *Consumer Packaging* | *Industrial Paper Packaging* | *All Other* | *Total* |
| Primary geographical markets: |  |  |  |  |
| &nbsp;&nbsp;United States | $1785857 | $1431232 | $352717 | $3569806 |
| &nbsp;&nbsp;EMEA | 524699 | 371896 | 58925 | 955520 |
| &nbsp;&nbsp;Canada | 17486 | 95863 |  | 113349 |
| &nbsp;&nbsp;APAC | 96154 | 213127 | 1771 | 311052 |
| &nbsp;&nbsp;Other | 107656 | 237370 | 10612 | 355638 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2531852 | $2349488 | $424025 | $5305365 |

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| | | | | |
|:---|:---|:---|:---|:---|
| *Year Ended December 31, 2023* | *Consumer Packaging* | *Industrial Paper Packaging* | *All Other* | *Total* |
| Primary geographical markets: |  |  |  |  |
| &nbsp;&nbsp;United States | $1817268 | $1389492 | $494112 | $3700872 |
| &nbsp;&nbsp;EMEA | 431189 | 389261 | 64936 | 885386 |
| &nbsp;&nbsp;Canada | 16076 | 100095 |  | 116171 |
| &nbsp;&nbsp;APAC | 94136 | 233446 | 1812 | 329394 |
| &nbsp;&nbsp;Other | 112379 | 261819 | 35405 | 409603 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $2471048 | $2374113 | $596265 | $5441426 |

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Contract assets represent goods produced without alternative use for which the Company is entitled to payment with margin prior to shipment. Upon shipment, the Company is entitled to bill the customer, and therefore amounts included in contract assets will be reduced with the recording of an account receivable as they represent an unconditional right to payment. Contract liabilities represent revenue deferred due to pricing mechanisms utilized by the Company in certain multi-year arrangements, volume rebates, and receipts of advanced payments. For multi-year arrangements with pricing mechanisms, the Company will generally defer revenue during the initial term of the arrangement, and will release the deferral over the back half of the contract term. Contract assets and liabilities are generally short in duration given the nature of products produced by the Company.

The following table sets forth information about contract assets and liabilities from contracts with customers. The balances of the contract assets and liabilities are located in "Other receivables" and "Accrued expenses and other payables", respectively, in the Consolidated Balance Sheets.

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| | | |
|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2024* |
| Contract Assets | $77978 | $67062 |
| Contract Liabilities | $(58784) | $(60024) |

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F-43 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Significant changes in the contract assets and liabilities balances during the twelve months ended December 31, 2025 and 2024 were as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *December 31, 2025* | *December 31, 2025* | *December 31, 2024* | *December 31, 2024* |
|  | Contract Assets | Contract Liabilities | Contract Assets | Contract Liabilities |
| Beginning balance | $67062 | $(60024) | $14754 | $(15252) |
| Acquired/ sold as part of a business combination/ divestiture | (53) | (324) | 62439 | (47478) |
| Revenue deferred or rebates accrued |  | (94947) |  | (25736) |
| Recognized as revenue |  | 1183 |  | 2341 |
| Rebates paid to customers |  | 95328 |  | 26101 |
| Increases due to rights to consideration for customer specific goods produced, but not billed during the period | 77978 |  | 67062 |  |
| Transferred to receivables from contract assets recognized at the beginning of the period and acquired as part of business combination | (67009) |  | (77193) |  |
| Ending balance | $77978 | $(58784) | $67062 | $(60024) |

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18. Commitments and contingencies

In accordance with the requirements of ASC 450, "Contingencies," the Company records accruals for estimated losses at the time information becomes available indicating that losses are probable and that the amounts are reasonably estimable. As is the case with other companies in similar industries, the Company faces exposure from actual or potential claims and legal proceedings from a variety of sources. Some of these exposures, as discussed below, have the potential to be material.

Environmental matters

The Company is subject to a variety of environmental and pollution control laws and regulations in all jurisdictions in which it operates.

Spartanburg

In connection with its acquisition of Tegrant in November 2011, the Company identified potential environmental contamination at a site in Spartanburg, South Carolina. At December 31, 2024, the Company's accrual for environmental contingencies related to the Spartanburg site totaled $5,096 and was reflected in "Current liabilities of discontinued operations" on the Company's Consolidated Balance Sheet at December 31, 2024 . The Spartanburg site and related environmental liabilities were part of the sale of TFP to Toppan, which was completed on April 1, 2025.

Other environmental matters

The Company has been named as a potentially responsible party at several other environmentally contaminated sites. All of the sites are also the responsibility of other parties. The potential remediation liabilities are shared with such other parties, and, in most cases, the Company's share, if any, cannot be reasonably estimated at the current time. However, the Company does not believe that the resolution of these matters has a reasonable possibility of having a material adverse effect on the Company's financial statements. At December 31, 2025 and 2024, the Company's accrual for these other sites totaled $1,779 and $1,933, respectively, and are included in "Accrued expenses and other payables" on the Company's Consolidated Balance Sheets.

Commitments

As of December 31, 2025, the Company had long-term obligations to purchase electricity and steam, which it uses in its production processes, as well as long-term purchase commitments for raw materials. These purchase commitments require the Company to make total payments of approximately $71,200, as follows: $23,700 in 2026; $24,500 in 2027; $23,000 in 2028; $0 in 2029, and a total of $0 from 2030 through 2034.

In addition,as of December 31, 2025, the Company has purchase commitments of approximately $93,900 to be paid in 2026 for the acquisition of tax credits that are expected to offset a portion of taxes payable currently recorded within "Accrued taxes" on the Company's Consolidated Balance Sheets at December 31, 2025.

F-44 FORM 10-K SONOCO 2025 ANNUAL REPORT

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19. Shareholders' equity and earnings per share

Earnings per share

The following table sets forth the computation of basic and diluted earnings/(loss) per share (in thousands, except per share data):

---

| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| Numerator: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income from continuing operations | $591038 | $67565 | $379644 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net (income)/loss from continuing operations attributable to noncontrolling interests | (375) | 180 | (768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income from continuing operations attributable to Sonoco | 590663 | 67745 | 378876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Sonoco | $1003011 | $163949 | $474959 |
| Denominator: |  |  |  |
| Weighted average common shares outstanding: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 99124 | 98637 | 98294 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dilutive effect of shared-based compensation | 447 | 653 | 596 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 99571 | 99290 | 98890 |
| Per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic earnings per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income from continuing operations | $5.96 | $0.69 | $3.85 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Sonoco | $10.12 | $1.66 | $4.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted earnings per common share: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income from continuing operations | $5.93 | $0.68 | $3.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income attributable to Sonoco | $10.07 | $1.65 | $4.80 |
| Cash dividends | $2.11 | $2.07 | $2.02 |

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No adjustments were made to "Net income attributable to Sonoco" in the computations of net income attributable to Sonoco per common share.

Anti-dilutive securities

Potentially dilutive securities are calculated in accordance with the treasury stock method, which assumes the proceeds from the exercise of all dilutive SARs are used to repurchase the Company's common stock. Certain SARs are not dilutive because either the exercise price is greater than the average market price of the stock during the reporting period or assumed repurchases from proceeds from the exercise of the SARs were anti-dilutive.

The average number of shares that were not dilutive and therefore not included in the computation of diluted income per share was as follows for the years ended December 31, 2025, 2024 and 2023 (in thousands):

---

| | | | |
|:---|:---|:---|:---|
| | *2025* | *2024* | *2023* |
| Anti-dilutive stock appreciation rights | 513 | 408 | 352 |

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These SARs may become dilutive in future periods if the market price of the Company's common stock appreciates.

Share repurchases

On April 20, 2021, the Board authorized the repurchase of the Company's common stock in an aggregate amount of up to $350,000. No shares were purchased under this authorization during 2025 or 2024. A total of $137,972 remained available for share repurchases under this authorization as of December 31, 2025 and December 31, 2024.

The Company occasionally repurchases shares of its common stock to satisfy employee tax withholding obligations in association with the exercise of RSUs, PCSUs, and SARs. These repurchases, which are not part of a publicly announced plan or program, totaled 227,560 shares during 2025, 164,402 shares during 2024, and 175,665 shares during 2023, at a cost of $10,930, $9,246 and $10,617, respectively.

Noncontrolling interests

On April 1, 2025, the Company completed the sale of TFP which included the disposition of a noncontrolling interest position of $600, which is reflected in the Company's total gain on the divestiture in "Net income from discontinued operations" in the Company's Consolidated Statements of Income for the year ended December 31, 2025. See Note 4 for additional information.

On March 2, 2025, the Company completed the sale of its tube and core operations in Venezuela which included the disposition of a noncontrolling interest position of $310 which is reflected in the Company's total loss on the divestiture. This loss is reported in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income for the year ended December 31, 2025. See Note 4 for additional information.

On December 4, 2024, the Company completed the acquisition of Eviosys. The acquisition included operations in the Ivory Coast and Morocco, which are owned 85.2% and 99.34%, respectively, by the Company. The Company fully consolidates these operations and reflects the partner's ownership in noncontrolling interests in its Consolidated Balance Sheets. During the twelve-month period ended December 31, 2025, the Company recorded measurement-period adjustments based on updated valuation information related to facts and circumstances existing as of the acquisition date that increased the previously reported fair value of noncontrolling interests by $2,346.

F-45 FORM 10-K SONOCO 2025 ANNUAL REPORT

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In November 2024, the Company completed the sale of two production facilities in China. In addition, a production facility that was less than 100% owned by the Company was divested as a part of the sale and the disposition of the noncontrolling interest of $2,043 is reflected in the Company's total loss on the divestiture. This loss is reported in "Gain/(Loss) on divestiture of business and other assets" in the Company's Consolidated Statements of Income for the year ended December 31, 2024. See Note 4 for additional information.

20. Segment reporting

The Company operates under two reportable segments, Consumer Packaging and Industrial Paper Packaging, with all remaining businesses reported as All Other.

The products produced and sold within the Consumer Packaging segment are generally used to package a variety of consumer products and consist primarily of round and shaped rigid paper, steel and plastic containers; and metal and peelable membrane ends, closures, and components.

The primary products produced and sold within the Industrial Paper Packaging segment include paperboard tubes, cones, and cores; paper-based protective packaging; and uncoated recycled paperboard. Effective January 1, 2024, the Company began conducting its recycling operations, part of the Industrial Paper Packaging segment, as a procurement function. As a result, no recycling net sales were recorded and the margin from the Company's recycling operations reduced "Cost of sales" for the years ended December 31, 2025 and 2024 as these activities are no longer a part of ongoing major operations.

The primary products produced within the All Other group of businesses consist of a variety of packaging materials, including plastic, paper, foam, and various other specialty materials. Following the sale of ThermoSafe in November 2025, the Company's industrial and specialty plastics business is the only remaining business in the All Other category. Effective January 1, 2026, this business will be reported within the Industrial Paper Packaging segment and the use of the All Other category will be discontinued.

The Company's chief operating decision maker ("CODM") is the chief executive officer. The CODM assesses segment performance and allocates resources to each segment by using each segment's operating profit. The chief operating decision maker uses operating profit for each segment in the annual budgeting and forecasting process as well as reviewing segment operating profit quarterly when making decisions about allocating capital and operating resources to segments. Disaggregated assets by segment are not disclosed since segment assets are not regularly provided to the CODM.

Segment operating profit viewed by the Company to evaluate segment performance does not include the following: restructuring/asset impairment charges; amortization of acquisition intangibles; gains/losses from the sale of businesses or other assets; acquisition, integration and divestiture-related costs; changes in LIFO inventory reserves; derivative gains/losses; or certain other items, if any, the exclusion of which the Company's management believes improves the comparability and analysis of the ongoing operating performance of the business. All other general corporate expenses have been allocated as operating costs to each of the Company's reportable segments and the All Other group of businesses, except for costs related to discontinued operations.

Segment financial information

The following table sets forth financial information about each of the Company's reportable segments:

---

| | | | |
|:---|:---|:---|:---|
| *Year Ended December 31, 2025* | *Consumer Packaging* | *Industrial Paper Packaging* | *Total Reportable Segments* |
| Sales from external customers | $4874291 | $2299233 | $7173524 |
| Intersegment sales<sup>(1)</sup> | 22547 | 121153 | 143700 |
|  | $4896838 | $2420386 | $7317224 |
| *Reconciliation of sales* |  |  |  |
| Other sales<sup>(2)</sup> |  |  | 349888 |
| Elimination of intersegment sales |  |  | (148359) |
| **Total consolidated sales** |  |  | $7518753 |
| Less:<sup>(3)</sup> |  |  |  |
| Cost of sales<sup>(4)</sup> | $(3950750) | $(1726225) |  |
| Other segment items<sup>(5)</sup> | (319168) | (381707) |  |
| **Segment operating profit** | $626920 | $312454 | $939374 |
| *Other segment disclosures:* |  |  |  |
| Equity in earnings of affiliates, net of tax | $226 | $9297 |  |
| Depreciation and amortization<sup>(6)</sup> | $209618 | $118889 |  |

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F-46 FORM 10-K SONOCO 2025 ANNUAL REPORT

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---

| | | | |
|:---|:---|:---|:---|
| *Year Ended December 31, 2024* | *Consumer Packaging* | *Industrial Paper Packaging* | *Total Reportable Segments* |
| Sales from external customers | $2531852 | $2349488 | $4881340 |
| Intersegment sales<sup>(1)</sup> | 8022 | 111682 | 119704 |
|  | $2539874 | $2461170 | $5001044 |
| *Reconciliation of sales* |  |  |  |
| Other sales<sup>(2)</sup> |  |  | 431107 |
| Elimination of intersegment sales |  |  | (126786) |
| **Total consolidated sales** |  |  | $5305365 |
| Less:<sup>(3)</sup> |  |  |  |
| Cost of sales<sup>(4)</sup> | $(2041078) | $(1818324) |  |
| Other segment items<sup>(5)</sup> | (203964) | (371192) |  |
| **Segment operating profit** | $294832 | $271654 | $566486 |
| *Other segment disclosures:* |  |  |  |
| Equity in earnings of affiliates, net of tax | $365 | $9223 |  |
| Depreciation and amortization<sup>(6)</sup> | $109355 | $116149 |  |

---

---

| | | | |
|:---|:---|:---|:---|
| *Year Ended December 31, 2023* | *Consumer Packaging* | *Industrial Paper Packaging* | *Total Reportable Segments* |
| Sales from external customers | $2471048 | $2374113 | $4845161 |
| Intersegment sales<sup>(1)</sup> | 5171 | 101822 | 106993 |
|  | $2476219 | $2475935 | $4952154 |
| *Reconciliation of sales* |  |  |  |
| Other sales<sup>(2)</sup> |  |  | 604442 |
| Elimination of intersegment sales |  |  | (115170) |
| **Total consolidated sales** |  |  | $5441426 |
| Less:<sup>(3)</sup> |  |  |  |
| Cost of sales<sup>(4)</sup> | $(1999514) | $(1809803) |  |
| Other segment items<sup>(5)</sup> | (190943) | (348215) |  |
| **Segment operating profit** | $285762 | $317917 | $603679 |
| *Other segment disclosures:* |  |  |  |
| Equity in earnings of affiliates, net of tax | $564 | $9783 |  |
| Depreciation and amortization<sup>(6)</sup> | $95340 | $104723 |  |

---

---

| | |
|:---|:---|
| <sup>(1)</sup> | Intersegment sales are recorded at a market-related transfer price. |
| <sup>(2)</sup> | Sales from businesses below the quantitative threshold are attributable to the group of businesses within All Other. |
| <sup>(3)</sup> | The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. |
| <sup>(4)</sup> | Cost of sales of reportable segments excludes certain costs, primarily changes in LIFO inventory reserves, net gains or losses from derivatives, and acquisition, integration and divestiture-related costs. |
| <sup>(5)</sup> | Other segment items consists of: |
|  | Consumer Packaging: Labor and benefits, consulting and professional services, travel, communication, facilities and supplies.<br>Industrial Paper Packaging: Labor and benefits, consulting and professional services, travel, communication, facilities and supplies. |
| <sup>(6)</sup> | Represents significant segment expenses that are regularly provided to the CODM and are included in cost of sales and other segment items within segment operating profit. |

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F-47 FORM 10-K SONOCO 2025 ANNUAL REPORT

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| | | | |
|:---|:---|:---|:---|
| *Reconciliation of segment operating profit to income from continuing operations before income taxes:* | *2025* | *2024* | *2023* |
| Segment operating profit | $939374 | $566486 | $603679 |
| Other operating profits<sup>(1)</sup> | 50813 | 53278 | 85148 |
| Unallocated amounts: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Restructuring/Asset impairment charges, net | (66215) | (65370) | (47909) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquisition intangibles | (182431) | (78595) | (67323) |
| &nbsp;&nbsp;&nbsp;&nbsp;Gain/(Loss) on divestiture of business | 371717 | (23452) | 78929 |
| &nbsp;&nbsp;&nbsp;&nbsp;Acquisition, integration and divestiture-related costs | (54158) | (91600) | (24624) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in LIFO inventory reserves | (58) | 6263 | 11817 |
| &nbsp;&nbsp;&nbsp;&nbsp;Derivative (losses)/gains | (1730) | 7225 | 1912 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other corporate costs, net<sup>(2)</sup> | (35242) | (46675) | (42254) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other operating (charges)/income, net<sup>(3)</sup> | (4335) | (982) | (10326) |
| Other (expense)/income, net<sup>(4)</sup> | (27481) | (104200) | 39657 |
| Non-operating pension costs | (12215) | (13842) | (14312) |
| Interest expense | (233485) | (172620) | (135393) |
| Interest income | 20547 | 27570 | 10026 |
| Income from continuing operations before income taxes | $765101 | $63486 | $489027 |

---

<sup>(1)</sup>  Operating profit from segments below the quantitative threshold are attributable to the group of businesses within All Other.

<sup>(2)</sup>  Other corporate costs represent recurring operating expenses previously allocated to TFP that will remain with Sonoco subsequent to the divestiture, net of income earned under a transition services agreement with Toppan.

<sup>(3)</sup>  Primarily consists of highly inflationary accounting in Turkey and other miscellaneous charges in 2025, 2024, and 2023.

<sup>(4)</sup>  In 2025, these expenses relate to charges from third-party financial institutions related to the Company's centralized treasury program under which the Company sells certain trade accounts receivable in order to accelerate its cash collection cycle, primarily within the Consumer Packaging segment. In 2024, the expense primarily relates to a net loss on foreign currency remeasurement, partially offset by a gain from the fair value remeasurement of an equity investment.

---

| | | | |
|:---|:---|:---|:---|
| *Reconciliation of other segment disclosures to consolidated totals:* | *2025* | *2024* | *2023* |
| **Equity in earnings of affiliates, net of tax** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Packaging | $226 | $365 | $564 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Paper Packaging | 9297 | 9223 | 9783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reportable Segment Total | 9523 | 9588 | 10347 |
| &nbsp;&nbsp;&nbsp;&nbsp;Adjustments |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Total | $9523 | $9588 | $10347 |
| **Depreciation and amortization** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Consumer Packaging | $209618 | $109355 | $95340 |
| &nbsp;&nbsp;&nbsp;&nbsp;Industrial Paper Packaging | 118889 | 116149 | 104723 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reportable Segment Total | 328507 | 225504 | 200063 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other<sup>(1)</sup> | 191160 | 90557 | 81966 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consolidated Total | $519667 | $316061 | $282029 |

---

<sup>(1)</sup>  Other represents depreciation and amortization expense for the All Other group of businesses and total amortization of acquisition intangibles for Sonoco, excluding discontinued operations.

F-48 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Geographic regions

Sales to unaffiliated customers and long-lived assets by geographic region are as follows:

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| | | | |
|:---|:---|:---|:---|
|  | *2025* | *2024* | *2023* |
| **Sales to Unaffiliated Customers** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | $3614921 | $3569806 | $3700872 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | 3207438 | 955520 | 885386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 104414 | 113349 | 116171 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APAC | 249559 | 311052 | 329394 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other | 342421 | 355638 | 409603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $7518753 | $5305365 | $5441426 |
| **Long-lived Assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;United States | $2462090 | $2695885 | $2779178 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EMEA | 4893882 | 4690098 | 617949 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Canada | 27214 | 35750 | 39842 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;APAC | 180882 | 176547 | 157235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other | 478462 | 300623 | 149530 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $8042530 | $7898903 | $3743734 |

---

Sales are attributed to countries/regions based upon the plant location from which products are shipped. Long-lived assets are comprised of property, plant and equipment, goodwill, other intangible assets, and investments in affiliates (see Notes 1, 7 and 9).

21. Accumulated other comprehensive loss

The following table summarizes the components of accumulated other comprehensive loss and the changes in accumulated other comprehensive loss, net of tax as applicable, for the years ended December 31, 2025 and 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | *Foreign*<br>*Currency*<br>*Items* | *Defined*<br>*Benefit*<br>*Pension Items* | *Gains and Losses on Cash Flow Hedges* | *Accumulated*<br>*Other*<br>*Comprehensive*<br>*Loss* |
| Balance at December 31, 2023 | $(267578) | $(99627) | $943 | $(366262) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive (loss)/income before reclassifications | (146856) | 4636 | (3213) | (145433) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss to net income | 3503 | 4378 | 1080 | 8961 |
| Other comprehensive (loss)/income | (143353) | 9014 | (2133) | (136472) |
| Balance at December 31, 2024 | $(410931) | $(90613) | $(1190) | $(502734) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income before reclassifications | 484608 | 1159 | 3486 | 489253 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive loss to net income | 50550 | 1496 | (1361) | 50685 |
| Other comprehensive income | 535158 | 2655 | 2125 | 539938 |
| Balance at December 31, 2025 | $124227 | $(87958) | $935 | $37204 |

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The following table summarizes the amounts reclassified from accumulated other comprehensive loss and the affected line items in the consolidated statements of net income for the years ended December 31, 2025 and 2024:

F-49 FORM 10-K SONOCO 2025 ANNUAL REPORT

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| | | | |
|:---|:---|:---|:---|
| *Amount Reclassified from Accumulated Other Comprehensive Income/(Loss)* | *Amount Reclassified from Accumulated Other Comprehensive Income/(Loss)* | *Amount Reclassified from Accumulated Other Comprehensive Income/(Loss)* | *Amount Reclassified from Accumulated Other Comprehensive Income/(Loss)* |
| *Details about Accumulated Other<br>Comprehensive<br>Income/(Loss) Components* | *Year Ended December 31, 2025* | *Year Ended December 31, 2024* | *Affected Line Item in the Consolidated Statements of Net Income* |
| Foreign currency items (see Note 4) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currency translation adjustment ("CTA") loss on TFP divestiture | $(47955) | $— | Net income from discontinued operations |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CTA loss on Venezuela divestiture | (3792) |  | Gain/(Loss) on divestiture of business and other assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CTA gain on ThermoSafe divestiture | 1197 |  | Gain/(Loss) on divestiture of business and other assets |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CTA loss on Protexic and China divestitures |  | (3503) | Gain/(Loss) on divestiture of business and other assets |
|  | (50550) | (3503) | Net income |
| Defined benefit pension items (see Note 15) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of settlement loss | (42) | (530) | Non-operating pension costs |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of curtailment gain | 263 |  | Non-operating pension costs |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of defined benefit pension items | (4009) | (4822) | Non-operating pension costs |
|  | (3788) | (5352) | Income from continuing operations before income taxes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax impact | 2292 | 974 | Provision for income taxes |
|  | (1496) | (4378) | Net income |
| Gains/(losses) on cash flow hedges (see Note 12) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | 3811 | (1174) | Net Sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange contracts | (2557) | (253) | Cost of sales |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commodity contracts | 447 | (28) | Cost of sales |
|  | 1701 | (1455) | Income from continuing operations before income taxes |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax impact | (340) | 375 | Provision for income taxes |
|  | 1361 | (1080) | Net income |
| Amounts reclassified to net income from accumulated other comprehensive income/(loss) | $(50685) | $(8961) | Net income |

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The following table summarizes the tax expense/(benefit) for the components of other comprehensive income/(loss):

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2025* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* | *For the year ended December 31, 2024* |
|  | *Before Tax Amount* | *Tax* | *After Tax Amount* | *Before Tax Amount* | *Tax* | *After Tax Amount* |
| Foreign currency items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income/(loss) before reclassifications | $428732 | $55876 | $484608 | $(140210) | $(6646) | $(146856) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income/(loss) to net income | 50550 |  | 50550 | 3503 |  | 3503 |
| Net other comprehensive income/(loss) from foreign currency items | 479282 | 55876 | 535158 | (136707) | (6646) | (143353) |
| Defined benefit pension items: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income before reclassifications | 3784 | (2625) | 1159 | 2395 | 2241 | 4636 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive income/(loss) to net income | 3788 | (2292) | 1496 | 5352 | (974) | 4378 |
| Net other comprehensive income from defined benefit pension items | 7572 | (4917) | 2655 | 7747 | 1267 | 9014 |
| Cash flow hedges: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Other comprehensive income/(loss) before reclassifications | 4357 | (871) | 3486 | (4329) | 1116 | (3213) |
| &nbsp;&nbsp;&nbsp;&nbsp;Amounts reclassified from accumulated other comprehensive (loss)/income to net income | (1701) | 340 | (1361) | 1455 | (375) | 1080 |
| Net other comprehensive income/(loss) from cash flow hedges | 2656 | (531) | 2125 | (2874) | 741 | (2133) |
| Other comprehensive income/(loss) | $489510 | $50428 | $539938 | $(131834) | $(4638) | $(136472) |

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F-50 FORM 10-K SONOCO 2025 ANNUAL REPORT

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Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures.

Disclosure Controls and Procedures

Our management, under the supervision and with the participation of our CEO and CFO, conducted an evaluation of our disclosure controls and procedures as defined in Rule 13a-15(e) under the Exchange Act. Our disclosure controls and procedures are designed to provide reasonable assurance that information disclosed in the reports that we file or submit is recorded, processed, summarized and reported within the relevant time periods specified in SEC rules and forms. For this purpose, disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information that is required to be disclosed in the reports we file or submit under the Exchange Act is accumulated and communicated to the Company's management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosures. Based on this evaluation, our CEO and CFO concluded that such controls and procedures, as of December 31, 2025, the end of the period covered by this Annual Report on Form 10-K, were effective at a reasonable assurance level.

Management's Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Exchange Act Rule 13a-15(f). Our internal control over financial reporting is a process designed by, or under the supervision of, our CEO and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. Under the supervision and with the participation of our management, including our CEO and CFO, we conducted an evaluation of the effectiveness of our internal control over financial reporting as of December 31, 2025, the end of the period covered by this report based on the framework in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission.

Based on our evaluation under the framework in Internal Control - Integrated Framework (2013), our management concluded that our internal control over financial reporting was effective as of December 31, 2025.

PricewaterhouseCoopers LLP, an independent registered public accounting firm, has audited the effectiveness of our internal control over financial reporting as of December 31, 2025 as stated in their report, which appears at the beginning of Item 8 of this Annual Report on Form 10-K.

Limitations on the Effectiveness of Controls

The Company's management, including the CEO and CFO, does not expect that the Company's disclosure controls and procedures or internal control over financial reporting will prevent all error and all fraud. Internal control over financial reporting, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives will be met. Because of the inherent limitations in internal control over financial reporting, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies or procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected timely.

Changes in Internal Control over Financial Reporting

There have been no changes in the Company's internal control over financial reporting occurring during the three-month period ended December 31, 2025, that materially affected, or that are reasonably likely to materially affect, our internal control over financial reporting.

Item 9B. Other Information.

During the three months ended December 31, 2025, none of the Company's officers or directors adopted or terminated any contract, instruction or written plan for the purchase or sale of the Company's securities intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) or any non-Rule 10b5-1 trading arrangement.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

45 FORM 10-K SONOCO 2025 ANNUAL REPORT

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PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The information set forth in the Company's definitive Proxy Statement for the annual meeting of shareholders to be held on April 15, 2026, to be filed with the SEC within 120 days after December 31, 2025 (the "Proxy Statement"), under the captions "Proposal 1: Election of Directors," and "Delinquent Section 16(a) Reports," is incorporated herein by reference. Information about executive officers of the Company is set forth in Item 1 of this Annual Report on Form 10-K under the caption "Information About our Executive Officers."

**Code of Ethics** – The Company has adopted a code of ethics (as defined in Item 406 of Regulation S-K) that applies to its principal executive officer, principal financial officer, principal accounting officer, and other senior executive and senior financial officers. This code of ethics is available through the Company's website under "Investors—Governance—Governance Documents", and a copy will be provided without charge upon written request. Requests should be directed to the Corporate Secretary, Sonoco Products Company, 1 North Second Street, Hartsville, SC 29550 USA or through email to CorporateSecretary@sonoco.com. Any waivers or amendments to the provisions of this code of ethics will be posted to the same section of the Company's website within four business days after the waiver or amendment.

**Insider Trading Policy** – The Company has adopted an insider trading policy (as defined in Item 408 of Regulation S-K) that applies to all

employees, including contractors and temporary workers, officers, directors, and their respective family members. We believe that this insider trading policy is reasonably designed to promote compliance with insider trading laws, rules and regulations, and any listing standards applicable to the Company. Although this insider trading policy does not apply to the Company, it is the Company's policy to comply with all applicable

securities and state laws when engaging in transactions in its own securities. A copy of this insider trading policy is filed as Exhibit 19 to this Annual Report on Form 10-K.

**Audit Committee Members** – The Company has a separately designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act. The Audit Committee was comprised of the following members during the year ended December 31, 2025: Theresa J. Drew, Chairperson, Steven L. Boyd, Scott A. Clark (beginning in February 2025), Richard G. Kyle, Blythe J. McGarvie (until April 2025), and Thomas E. Whiddon. The Audit Committee as of the date of this Annual Report on Form 10-K is comprised of the following members: Theresa J. Drew, Chairperson, Steven L. Boyd, Scott A. Clark, Richard G. Kyle, Craig L. Nix (since February 2026), and Thomas E. Whiddon.

**Audit Committee Financial Expert** – The Company's Board has determined that the Company has at least two "audit committee financial experts," as that term is defined by Item 407(d)(5) of Regulation S-K promulgated by the SEC, serving on its Audit Committee. Theresa J. Drew and Thomas E. Whiddon meet the terms of the definition and are independent based on the criteria in the New York Stock Exchange Listing Standards. Pursuant to the terms of Item 407(d)(5) of Regulation S-K, a person who is determined to be an "audit committee financial expert" will not be deemed an expert for any purpose as a result of being designated or identified as an "audit committee financial expert" pursuant to Item 407, and such designation or identification does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Audit Committee and Board in the absence of such designation or identification. Further, the designation or identification of a person as an "audit committee financial expert" pursuant to Item 407 does not affect the duties, obligations or liability of any other member of the Audit Committee or Board.

The Company's Corporate Governance Guidelines, Audit Committee Charter, Corporate Governance and Nominating Committee Charter, and Executive Compensation Committee Charter are available through the Company's website. This information is available in print to any shareholder who requests it.

Item 11. Executive Compensation.

The information set forth in the Proxy Statement under the caption "Compensation Committee Interlocks and Insider Participation," under the caption "Executive Compensation," and under the caption "Director Compensation" is incorporated herein by reference. The information set forth in the Proxy Statement under the caption "Compensation Committee Report" is also incorporated herein by reference, but pursuant to the Instructions to Item 407(e)(5) of Regulation S-K, such report shall not be deemed to be "soliciting material" or subject to Regulation 14A, and shall be deemed to be "furnished" and not "filed" and will not be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act as a result of being so furnished.

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The information set forth in the Proxy Statement under the caption "Security Ownership of Certain Beneficial Owners," and under the caption "Security Ownership of Management" is incorporated herein by reference.

Equity Compensation Plan Information

The following table sets forth aggregated information about all of the Company's compensation plans (including individual compensation arrangements) under which equity securities of the Company are authorized for issuance as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| *Plan category* | *Number of securities* <br>*to be issued upon*<br>*exercise of*<br>*outstanding options,*<br>*warrants and rights*<br>*(a)* | *Weighted-average*<br>*exercise price of*<br>*outstanding options,* <br>*warrants and rights*<br>*(b)* | *Number of securities*<br>*remaining available for* <br>*future issuance under*<br>*equity compensation*<br>*plans (excluding*<br>*securities reflected in*<br>*column (a))*<sup>1</sup><br>*(c)* |
| Equity compensation plans approved by security holders | 2034803 | $55.79 | 1674656 |
| Equity compensation plans not approved by security holders |  |  |  |
| Total | 2034803 | $55.79 | 1674656 |

---

<sup>1</sup> The Sonoco Products Company 2024 Omnibus Incentive Plan (the "2024 Plan") was adopted at the Company's 2024 Annual Meeting of Shareholders. The maximum number of shares of common stock that may be issued under this plan was set at 2,900,000 shares. At December 31, 2025, a total of 1,674,656 shares remain available for future grant under the 2024 Plan.

46 FORM 10-K SONOCO 2025 ANNUAL REPORT

------

The weighted-average exercise price of $55.79 relates to SARs, which account for 516,153 of the 2,034,803 of securities issuable upon exercise. The remaining 1,518,650 of securities relate to PCSUs, RSUs, and deferred compensation stock units that have no exercise price requirement.

Item 13. Certain Relationships and Related Transactions, and Director Independence.

The information set forth in the Proxy Statement under the captions "Related Party Transactions" and "Corporate Governance – Director Independence Policies" is incorporated herein by reference. Each current member of the Audit, Corporate Governance and Nominating, and Executive Compensation Committees is independent as defined in the listing standards of the New York Stock Exchange.

Item 14. Principal Accountant Fees and Services.

The information set forth in the Proxy Statement under the caption "Independent Registered Public Accounting Firm" is incorporated herein by reference.

PART IV

Item 15. Exhibits and Financial Statement Schedules.

---

| | | |
|:---|:---|:---|
| (a) | 1 | **Financial Statements** – The following financial statements are provided under Item 8 – Financial Statements and Supplementary Data of this Annual Report on Form 10-K: |
|  |  | <u>[– Report of Independent Registered Public Accounting Firm (PCAOB ID](#i3b93a460eb5e43e886ce80dda90a77cc_160)</u>238<u>[)](#i3b93a460eb5e43e886ce80dda90a77cc_160)</u> |
|  |  | <u>[– Consolidated Balance Sheets as of December 31, 2025 and 2024](#i3b93a460eb5e43e886ce80dda90a77cc_163)</u> |
|  |  | <u>[– Consolidated Statements of Income for the years ended December 31, 2025, 2024, and 2023](#i3b93a460eb5e43e886ce80dda90a77cc_166)</u> |
|  |  | <u>[– Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024, and 2023](#i3b93a460eb5e43e886ce80dda90a77cc_169)</u> |
|  |  | <u>[– Consolidated Statements of Changes in Total Equity for the years ended December 31, 2025, 2024, and 2023](#i3b93a460eb5e43e886ce80dda90a77cc_172)</u> |
|  |  | <u>[– Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024, and 2023](#i3b93a460eb5e43e886ce80dda90a77cc_178)</u> |
|  |  | <u>[– Notes to Consolidated Financial Statements](#i3b93a460eb5e43e886ce80dda90a77cc_181)</u> |
|  | 2 | **Financial Statement Schedules** |
|  |  | Schedule II – Valuation and Qualifying Accounts for the Years Ended December 31, 2025, 2024 and 2023. |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *Column A* | *Column B* | *Column C - Additions* | *Column C - Additions* | *Column C - Additions* |  | *Column D* |  | *Column E* |
| *Description* | *Balance at*<br>*Beginning*<br>*of Year* | *Charged to*<br>*Costs and*<br>*Expenses* |  | *Charged to*<br>*Other* |  | *Deductions* |  | *Balance*<br>*at End*<br>*of Year* |
| **2025** |  |  |  |  |  |  |  |  |
| Allowance for Doubtful Accounts | $10989 | $1783 |  | $1124 | 1 | $1384 | 2 | $12512 |
| LIFO Reserve | 33265 | 58 | 3 |  |  |  |  | 33323 |
| Valuation Allowance on Deferred Tax Assets | 76868 | 36862 |  | (6279) | 4 |  | 5 | 107451 |
| **2024** |  |  |  |  |  |  |  |  |
| Allowance for Doubtful Accounts | $18868 | $3457 |  | $(199) | 1 | $11137 | 2 | $10989 |
| LIFO Reserve | 39528 | (6263) | 3 |  |  |  |  | 33265 |
| Valuation Allowance on Deferred Tax Assets | 66266 | 7921 |  | 2681 | 4 |  | 5 | 76868 |
| **2023** |  |  |  |  |  |  |  |  |
| Allowance for Doubtful Accounts | $14280 | $6479 |  | $160 | 1 | $2051 | 2 | $18868 |
| LIFO Reserve | 51342 | (11814) | 3 |  |  |  |  | 39528 |
| Valuation Allowance on Deferred Tax Assets | 79427 | 4432 |  | (17593) | 4 |  | 5 | 66266 |

---

---

| |
|:---|
| <sup>1</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes translation adjustments and other insignificant adjustments. |
| <sup>2</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes amounts written off. |
| <sup>3</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes adjustments based on pricing and inventory levels. |
| <sup>4</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes translation adjustments and increases to deferred tax assets which were previously fully reserved. |
| <sup>5</sup>&nbsp;&nbsp;&nbsp;&nbsp;Includes utilization of capital loss carryforwards, net operating loss carryforwards and other deferred tax assets. |
| &nbsp;&nbsp;&nbsp;&nbsp;All other schedules not included have been omitted because they are not required, are not applicable or the required information is given in the financial statements or notes thereto. |

---

 3 The exhibits listed on the Exhibit Index to this Form 10-K are incorporated herein by reference.

Item 16. Form 10-K Summary.

None.

47 FORM 10-K SONOCO 2025 ANNUAL REPORT

------

Exhibit Index

---

| | |
|:---|:---|
| 3-1 | <u>[Restated Articles of Incorporation, as amended April 21, 2022 (incorporated by reference to Exhibit 3.1 to the Registrant's Form 8-K filed April 22, 2022)](https://www.sec.gov/Archives/edgar/data/91767/000110465922048944/tm2213306d1_ex3-1.htm)</u> |
| 3-2 | <u>[By-Laws of Sonoco Products Company, as amended October 17, 2023 (incorporated by reference to Exhibit 3.2 to the Registrant's Form 8-K, filed October 19, 2023)](https://www.sec.gov/Archives/edgar/data/91767/000110465923110105/tm2328795d1_ex3-2.htm)</u> |
| 4-1 | <u>[Description of Securities of the Registrant (incorporated by reference to the description in the Registrant's Form 8-A, Amendment 4, filed June 15, 2020)](https://www.sec.gov/Archives/edgar/data/91767/000009176720000058/dm6252787-v1sonoco2020amen.htm)</u> |
| 4-2 | <u>[Indenture, dated as of June 15, 1991, between Registrant and The Bank of New York, as Trustee (incorporated by reference to Exhibit 4.1 to the Registrant's Form S-4 (File Number 333-119863))](https://www.sec.gov/Archives/edgar/data/91767/000094852004000170/sonocos-4ex4_1.txt)</u>  |
| 4-3 | <u>[Form of Second Supplemental Indenture, including form of 5.75% Notes due 2040, dated as of November 1, 2010, between Sonoco Products Company and The Bank of New York Mellon Trust Company, N.A., as Trustee, (incorporated by reference to Exhibit 4.8 to the Registrant's Form 8-K filed October 28, 2010)](https://www.sec.gov/Archives/edgar/data/91767/000095012310097431/g24992exv4w8.htm)</u> |
| 4-4 | <u>[Form of Fourth Supplemental Indenture, including form of 5.75% Notes due 2040, between Sonoco Products Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.12 to the Registrant's Form 8-K filed October 27, 2011)](https://www.sec.gov/Archives/edgar/data/91767/000119312511282425/d247647dex412.htm)</u> |
| 4-5 | <u>[Form of Fifth Supplemental Indenture, including form of 3.125% Notes due 2030, dated as of April 22, 2020, between Sonoco Products Company and The Bank of New York Mellon Trust Company, N.A., as Trustee (incorporated by reference to Exhibit 4.1 to the Registrant's Form 8-K filed April 22, 2020)](https://www.sec.gov/Archives/edgar/data/91767/000119312520114901/d908795dex41.htm)</u> |
| 4-6 | <u>[Sixth Supplemental Indenture, dated as of January 21, 2022, between Sonoco Products Company and Regions Bank, as Trustee, including Forms of 1.800% Note due 2025, 2.250% Note due 2027 and 2.850% Note due 2032 (incorporated by reference to Exhibit 4.2 to the Registrant's Form 8-K filed January 21, 2022)](https://www.sec.gov/Archives/edgar/data/0000091767/000110465922006458/tm224114d1_ex4-2.htm)</u> |
| 4-7\* | <u>[Seventh Supplemental Indenture, dated as of September 19, 2024, between Sonoco Products Company and Regions Bank, as Trustee, including Forms of 4.450% Notes due 2026, 4.600% Notes due 2029 and 5.000% Notes due 2034 (incorporated by reference to Exhibit 4.2 to the Registrant's Form 8-K filed September 19, 2024)](https://www.sec.gov/Archives/edgar/data/91767/000110465924101348/tm2424361d1_ex4-2.htm)</u> |
| 10-1\*\* | <u>[Sonoco Retirement and Savings Plan, amended and restated as of January 1, 2026](ex101-sonocoretirementands.htm)</u> |
| 10-2\*\* | <u>[Sonoco Products Company 2008 Long-term Incentive Plan (incorporated by reference to Exhibit 1 to the Company's Proxy Statement for the Annual Meeting of Shareholders on April 16, 2008)](https://www.sec.gov/Archives/edgar/data/91767/000095014408001924/g10750ddef14a.htm#140)</u> |
| 10-3\*\* | <u>[Sonoco Products Company 2012 Long-term Incentive Plan (incorporated by reference to Exhibit 1 to the Company's Proxy Statement for the Annual Meeting of Shareholders on April 18, 2012)](https://www.sec.gov/Archives/edgar/data/91767/000119312512117309/d282086ddef14a.htm#toc282086_44)</u> |
| 10-4\*\* | <u>[Sonoco Products Company 2014 Long-term Incentive Plan (incorporated by reference to Exhibit 1 to the Company's Proxy Statement for the Annual Meeting of Shareholders on April 16, 2014)](https://www.sec.gov/Archives/edgar/data/91767/000119312514098973/d679429ddef14a.htm#tx679429_44)</u> |
| 10-5\*\* | <u>[Deferred Compensation Plan for Key Employees of Sonoco Products Company (a.k.a. Deferred Compensation Plan for Corporate Officers of Sonoco Products Company), as amended (incorporated by reference to Exhibit 10-1 to the Registrant's Form 10-Q for the quarter ended September 28, 2008)](https://www.sec.gov/Archives/edgar/data/91767/000095014408007865/g16234qexv10w1.htm)</u> |
| 10-6\*\* | <u>[Deferred Compensation Plan for Outside Directors of Sonoco Products Company, as amended (incorporated by reference to Exhibit 10.3 to the Registrant's Form 10-Q for the quarter ended September 28, 2008)](https://www.sec.gov/Archives/edgar/data/91767/000095014408007865/g16234qexv10w3.htm)</u> |
| 10-7\*\* | <u>[Sonoco Products Company Amended and Restated Trust Agreement for Executives, as of October 15, 2008 (incorporated by reference to Exhibit 10.4 to the Registrant's Form 10-Q for the quarter ended September 28, 2008)](https://www.sec.gov/Archives/edgar/data/91767/000095014408007865/g16234qexv10w4.htm)</u> |
| 10-8\*\* | <u>[Sonoco Products Company Amended and Restated Directors Deferral Trust Agreement, as of October 15, 2008 (incorporated by reference to Exhibit 10.5 to the Registrant's Form 10-Q for the quarter ended September 28, 2008)](https://www.sec.gov/Archives/edgar/data/91767/000095014408007865/g16234qexv10w5.htm)</u> |
| 10-9\*\* | <u>[Omnibus Benefit Restoration Plan of Sonoco Products Company, amended and restated as of January 1, 2022 (incorporated by reference to Exhibit 10.9 to the Registrant's Form 10-K, filed February 28, 2022)](https://www.sec.gov/Archives/edgar/data/91767/000009176722000014/ex109-omnibusbenefitrestor.htm)</u> |
| 10-10\*\* | <u>[Description of Stock Appreciation Rights, Restricted Stock Units and Performance Contingent Restricted Stock Units granted to executive officers of the Registrant on February 8, 2017 (incorporated by reference to Registrant's Form 8-K filed February 14, 2017)](https://www.sec.gov/Archives/edgar/data/91767/000009176717000008/a8-kfeb2017xsarsandpcsus.htm)</u> |
| 10-11\*\* | <u>[Description of Stock Appreciation Rights, Restricted Stock Units and Performance Contingent Restricted Stock Units granted to executive officers of the Registrant on February 14, 2018 (incorporated by reference to Registrant's Form 8-K filed February 20, 2018)](https://www.sec.gov/Archives/edgar/data/91767/000009176718000007/a8-kfeb2018xsarsandpcsus.htm)</u> |
| 10-12\*\* | <u>[Description of Stock Appreciation Rights, Restricted Stock Units and Performance Contingent Restricted Stock Units granted to executive officers of the Registrant on February 13, 2019 (incorporated by reference to Registrant's Form 8-K filed February 19, 2019)](https://www.sec.gov/Archives/edgar/data/91767/000009176719000007/a8-kfeb2019xsarsandpcsus.htm)</u> |
| 10-13\*\* | <u>[Description of Restricted Stock Units and Performance Contingent Restricted Stock Units granted to executive officers of the Registrant on February 11, 2020 (incorporated by reference to the Registrant's Form 8-K filed February 18, 2020)](https://www.sec.gov/ix?doc=/Archives/edgar/data/91767/000009176720000027/son-20200211.htm)</u> |
| 10-14\*\* | <u>[Description of Restricted Stock Units and Performance Contingent Restricted Stock Units granted to executive officers of the Registrant on February 5, 2021 (incorporated by reference to the Registrant's Form 8-K filed February 11, 2021)](https://www.sec.gov/ix?doc=/Archives/edgar/data/91767/000009176721000006/son-20210205.htm)</u> |
| 10-15\*\* | <u>[Description of Restricted Stock Units and Performance Contingent Restricted Stock Units granted to executive officers of the Registrant on February 8, 2022 (incorporated by reference to the Registrant's Form 8-K filed February 11, 2022)](https://www.sec.gov/ix?doc=/Archives/edgar/data/91767/000009176722000008/son-20220208.htm)</u> |
| 10-16\*\* | <u>[Sonoco Products Company 2024 Omnibus Incentive Plan (incorporated by reference to Appendix 2 to the Company's Proxy Statement for the Annual Meeting of Shareholders on April 17, 2024)](https://www.sec.gov/Archives/edgar/data/91767/000110465924034794/tm2332350d4_def14a.htm#tAPP2)</u> |
| 10-17\* | <u>[Credit Agreement, dated as of August 7, 2023, among Sonoco Products Company, as Borrower, CoBank, ACB, as Administrative Agent, and the Lenders party hereto (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed August 10, 2023)](https://www.sec.gov/Archives/edgar/data/91767/000009176723000049/exhibit101-sonoco2023coban.htm)</u> |
| 10-18\*\* | <u>[Sonoco Products Company Change-In-Control Plan (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed February 11, 2022)](https://www.sec.gov/Archives/edgar/data/91767/000009176722000008/sonocochangeofcontrolplan2.htm)</u> |

---

------

---

| | |
|:---|:---|
| 10-19\*\* | <u>[Sonoco Products Company Executive Officer Severance Plan (incorporated by reference to Exhibit 10.21 to the Registrant's Form 10-K, filed February 28, 2023)](https://www.sec.gov/Archives/edgar/data/91767/000009176723000008/ex10-21executiveofficersev.htm)</u> |
| 10-20\* | <u>[Third Amendment, dated as of August 7, 2023, to the Credit Agreement dated as of June 30, 2021, and Incremental Increase Agreement, among Sonoco Products Company, as Borrower, CoBank, FCB, as Lender, and Bank of America, N.A., as Administrative Agent (incorporated by reference to Exhibit 10.2 to the Registrant's Form 8-K filed August 10, 2023)](https://www.sec.gov/Archives/edgar/data/91767/000009176723000049/exhibit102-sonoco2021revol.htm)</u> |
| 10-21\* | <u>[Amended and Restated Credit Agreement, dated as of May 3, 2024, by and among the Company, Bank of America, N.A., and the other parties thereto (incorporated by reference to Exhibit 10.1 to the Registrant's Form 8-K filed May 7, 2024)](https://www.sec.gov/Archives/edgar/data/91767/000009176724000032/amendedandrestatedcreditag.htm)</u> |
| 19 | <u>[Sonoco Products Company Insider Trading Policy (incorporated by reference to Exhibit 19 to the Registrant's Form 10-K, filed February 28, 2025)](https://www.sec.gov/Archives/edgar/data/91767/000009176725000014/sonex192024insidertradingp.htm)</u> |
| 21 | <u>[Subsidiaries of the Registrant](sonexhibit212025.htm)</u> |
| 23 | <u>[Consent of Independent Registered Public Accounting Firm with respect to Registrant's Form 10-K](sonexhibit232025.htm)</u> |
| 31 | <u>[Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 and 17 C.F.R. 240.13a-14(a)](sonexhibit312025.htm)</u> |
| 32 | <u>[Certifications of Chief Executive Officer and Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and 17 C.F.R. 240.13a-14(b)](sonexhibit322025.htm)</u> |
| 97 | <u>[Sonoco Products Company Executive Compensation Clawback Policy](https://www.sec.gov/Archives/edgar/data/91767/000009176724000012/sonex972023clawbackpolicy.htm)</u> <u>[(incorporated by reference to Exhibit 97 to the Registrant's Form 10-K filed February 28, 2024)](https://www.sec.gov/Archives/edgar/data/91767/000110465924099931/tm2424099d1_ex10-1.htm)</u> |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Taxonomy Extension Schema Document |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Taxonomy Extension Label Linkbase Document |
| 101.PRE | Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) |

---

\* Certain portions of these exhibits have been redacted pursuant to Item 601(b)(2)(ii) or Item 601(b)(10)(iv) of Regulation S-K. The Company hereby agrees to furnish supplementally an unredacted copy of the exhibit to the SEC or its staff upon request.

\*\* Indicates management contract or compensatory plan.

------

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, on this 26<sup>th</sup> day of February 2026.

---

| |
|:---|
| **SONOCO PRODUCTS COMPANY** |
| /s/ R. Howard Coker |
| R. Howard Coker |
| President and Chief Executive Officer |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below by the following persons on behalf of the Registrant and in the capacities indicated on this 26<sup>th</sup> day of February 2026.

---

| | |
|:---|:---|
| /s/ Paul Joachimczyk | /s/ Aditya Gandhi |
| Paul Joachimczyk | Aditya Gandhi |
| Chief Financial Officer | Vice President and Chief Accounting Officer |
| (principal financial officer) | (principal accounting officer) |

---

---

| | |
|:---|:---|
| /s/ John R. Haley | /s/ R. Howard Coker |
| John R. Haley/Director (Chairman) | R. Howard Coker/President, Chief Executive Officer and Director |
| /s/ Steven L. Boyd | /s/ Scott A. Clark |
| Steven L. Boyd/Director | Scott A. Clark/Director |
| /s/ Pamela L. Davies | /s/ Theresa J. Drew |
| Pamela L. Davies/Director | Theresa J. Drew/Director |
| /s/ Philippe Guillemot | /s/ Robert R. Hill, Jr. |
| Philippe Guillemot/Director | Robert R. Hill, Jr./Lead Independent Director |
| /s/ Eleni Istavridis | /s/ Richard G. Kyle |
| Eleni Istavridis/Director | Richard G. Kyle/Director |
| /s/ Blythe J. McGarvie | /s/ Craig L. Nix |
| Blythe J. McGarvie/Director | Craig L. Nix/Director |
| /s/ Thomas E. Whiddon | |
| Thomas E. Whiddon/Director | |

---

## Exhibit 10.1

**Exhibit 10.1**

**Sonoco Retirement and Savings Plan**

(Amended and Restated as of January 1, 2026)

****

------

**Contents**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 1. The Plan](#i35db7a6572b24ef6a9406f332ab8b11c_158)** | **[1](#i35db7a6572b24ef6a9406f332ab8b11c_158)** |
| [1.1 Establishment of Plan](#i35db7a6572b24ef6a9406f332ab8b11c_158) | [1](#i35db7a6572b24ef6a9406f332ab8b11c_158) |
| [1.2 Applicability of Plan](#i35db7a6572b24ef6a9406f332ab8b11c_158) | [1](#i35db7a6572b24ef6a9406f332ab8b11c_158) |
| [1.3 Purpose of Plan](#i35db7a6572b24ef6a9406f332ab8b11c_158) | [2](#i35db7a6572b24ef6a9406f332ab8b11c_158) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 2. Definitions](#i35db7a6572b24ef6a9406f332ab8b11c_180)** | **[3](#i35db7a6572b24ef6a9406f332ab8b11c_180)** |
| [2.1 Account](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [3](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.2 Affiliate](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [5](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.3 After-Tax Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [5](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.4 Annuity Starting Date](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [6](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.5 Applicable Age](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [6](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.6 Before-Tax Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [6](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.7 Beneficiary](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [6](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.8 BMP Plan](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [6](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [BMP Plan means the Ball Metalpack, LLC 401 (k) Retirement Savings Plan.](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [6](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.9 Board](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [6](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.10 Cares Act](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [6](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.11 Code](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [6](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.12 Collectively-Bargained Nonelective Employer Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [6](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.13 Company](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [6](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.14 Company Stock](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [7](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.15 Compensation](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [7](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.16 Council](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [9](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.17 Eligible Employee](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [9](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.18 Employee](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [10](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.19 Employer](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [10](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.20 Employment Commencement Date](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [11](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.21 ERISA](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [11](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.22 Fund](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [11](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.23 Highly Compensated Employee](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [11](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.24 Leased Employee](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [12](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.25 Matching Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [12](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.26 Member](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [12](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.27 Nonhighly Compensated Employee](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [12](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.28 Participant](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [12](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.29 Pay Reduction Agreement](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [12](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.30 Plan](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [12](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.31 Plan Year](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [12](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.32 Predecessor Plan](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [12](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.33 Preretirement Survivor Annuity](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [13](#i35db7a6572b24ef6a9406f332ab8b11c_180) |

---

&nbsp;&nbsp;&nbsp;&nbsp;i&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | |
|:---|:---|
| [2.34 Qualified Joint and Survivor Annuity](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [13](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.35 Qualified Optional Survivor Annuity](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [13](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.36 Retirement Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [13](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.37 Single Life Annuity](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [13](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.38 Social Security Wage Base](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [13](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.39 Spouse](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [13](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.40 Ten-Year Certain and Life Annuity](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [14](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.41 Trust Agreement](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [14](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.42 Trust Fund](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [14](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.43 Trustee](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [14](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.44 Valuation Date](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [14](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.45 Vested Balance](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [14](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.46 Vested Percentage](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [14](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| [2.47 Vesting Service](#i35db7a6572b24ef6a9406f332ab8b11c_180) | [15](#i35db7a6572b24ef6a9406f332ab8b11c_180) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 3. Vesting Service](#i35db7a6572b24ef6a9406f332ab8b11c_199)** | **[16](#i35db7a6572b24ef6a9406f332ab8b11c_199)** |
| [3.1 Elapsed Time Vesting Service](#i35db7a6572b24ef6a9406f332ab8b11c_199) | [16](#i35db7a6572b24ef6a9406f332ab8b11c_199) |
| [3.2 Hours-Based Vesting Service](#i35db7a6572b24ef6a9406f332ab8b11c_199) | [18](#i35db7a6572b24ef6a9406f332ab8b11c_199) |
| [3.3 Military Service](#i35db7a6572b24ef6a9406f332ab8b11c_199) | [21](#i35db7a6572b24ef6a9406f332ab8b11c_199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 4. Eligibility and Enrollment](#i35db7a6572b24ef6a9406f332ab8b11c_217)** | **[22](#i35db7a6572b24ef6a9406f332ab8b11c_217)** |
| [4.1 Eligibility](#i35db7a6572b24ef6a9406f332ab8b11c_217) | [22](#i35db7a6572b24ef6a9406f332ab8b11c_217) |
| [4.2 Enrollment](#i35db7a6572b24ef6a9406f332ab8b11c_217) | [24](#i35db7a6572b24ef6a9406f332ab8b11c_217) |
| [4.3 Transfers of Employment](#i35db7a6572b24ef6a9406f332ab8b11c_217) | [24](#i35db7a6572b24ef6a9406f332ab8b11c_217) |
| [4.4 Participation upon Reemployment](#i35db7a6572b24ef6a9406f332ab8b11c_217) | [26](#i35db7a6572b24ef6a9406f332ab8b11c_217) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 5. Contributions and Allocations](#i35db7a6572b24ef6a9406f332ab8b11c_235)** | **[27](#i35db7a6572b24ef6a9406f332ab8b11c_235)** |
| [5.1 Before-Tax Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_235) | [27](#i35db7a6572b24ef6a9406f332ab8b11c_235) |
| [5.2 After-Tax Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_235) | [28](#i35db7a6572b24ef6a9406f332ab8b11c_235) |
| [5.3 Matching Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_235) | [28](#i35db7a6572b24ef6a9406f332ab8b11c_235) |
| [5.4 Retirement Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_235) | [29](#i35db7a6572b24ef6a9406f332ab8b11c_235) |
| [5.5 Collectively-Bargained Nonelective Employer Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_235) | [30](#i35db7a6572b24ef6a9406f332ab8b11c_235) |
| [5.6 Rollover Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_235) | [31](#i35db7a6572b24ef6a9406f332ab8b11c_235) |
| [5.7 Pay Reduction Agreements](#i35db7a6572b24ef6a9406f332ab8b11c_235) | [31](#i35db7a6572b24ef6a9406f332ab8b11c_235) |
| [5.8 Limitations on Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_235) | [33](#i35db7a6572b24ef6a9406f332ab8b11c_235) |
| [5.9 Limitation on Annual Additions](#i35db7a6572b24ef6a9406f332ab8b11c_235) | [37](#i35db7a6572b24ef6a9406f332ab8b11c_235) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 6. Investment Funds](#i35db7a6572b24ef6a9406f332ab8b11c_253)** | **[39](#i35db7a6572b24ef6a9406f332ab8b11c_253)** |
| [6.1 Investment of Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_253) | [39](#i35db7a6572b24ef6a9406f332ab8b11c_253) |
| [6.2 Investment Transfers](#i35db7a6572b24ef6a9406f332ab8b11c_253) | [39](#i35db7a6572b24ef6a9406f332ab8b11c_253) |
| [6.3 Sonoco Stock Fund](#i35db7a6572b24ef6a9406f332ab8b11c_253) | [40](#i35db7a6572b24ef6a9406f332ab8b11c_253) |
| [6.4 Plan Expenses](#i35db7a6572b24ef6a9406f332ab8b11c_253) | [41](#i35db7a6572b24ef6a9406f332ab8b11c_253) |
| [6.5 Valuation; Allocation of Investment Earnings and Losses](#i35db7a6572b24ef6a9406f332ab8b11c_253) | [41](#i35db7a6572b24ef6a9406f332ab8b11c_253) |

---

&nbsp;&nbsp;&nbsp;&nbsp;ii&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | |
|:---|:---|
| [6.6 Compliance with ERISA Section 404(c)](#i35db7a6572b24ef6a9406f332ab8b11c_253) | [42](#i35db7a6572b24ef6a9406f332ab8b11c_253) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 7. Vesting](#i35db7a6572b24ef6a9406f332ab8b11c_271)** | **[43](#i35db7a6572b24ef6a9406f332ab8b11c_271)** |
| [7.1 Immediate Vesting in Certain Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_271) | [43](#i35db7a6572b24ef6a9406f332ab8b11c_271) |
| [7.2 Vesting Schedules for Matching Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_271) | [43](#i35db7a6572b24ef6a9406f332ab8b11c_271) |
| [7.3 Vested Percentage in Retirement Contributions.](#i35db7a6572b24ef6a9406f332ab8b11c_271) | [43](#i35db7a6572b24ef6a9406f332ab8b11c_271) |
| [7.4 Vested Percentage in Collectively-Bargained Nonelective Employer Contributions.](#i35db7a6572b24ef6a9406f332ab8b11c_271) | [44](#i35db7a6572b24ef6a9406f332ab8b11c_271) |
| [7.5 Accelerated Vesting.](#i35db7a6572b24ef6a9406f332ab8b11c_271) | [45](#i35db7a6572b24ef6a9406f332ab8b11c_271) |
| [7.6 Forfeitures](#i35db7a6572b24ef6a9406f332ab8b11c_271) | [45](#i35db7a6572b24ef6a9406f332ab8b11c_271) |
| [7.7 Treatment of Forfeitable Amounts](#i35db7a6572b24ef6a9406f332ab8b11c_271) | [46](#i35db7a6572b24ef6a9406f332ab8b11c_271) |
| [7.8 Transfer of Employment.](#i35db7a6572b24ef6a9406f332ab8b11c_271) | [46](#i35db7a6572b24ef6a9406f332ab8b11c_271) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 8. Distributions](#i35db7a6572b24ef6a9406f332ab8b11c_289)** | **[47](#i35db7a6572b24ef6a9406f332ab8b11c_289)** |
| [8.1 Entitlement to Distribution upon Death of Member](#i35db7a6572b24ef6a9406f332ab8b11c_289) | [47](#i35db7a6572b24ef6a9406f332ab8b11c_289) |
| [8.2 Distribution upon Separation from Service for Reasons Other Than Death](#i35db7a6572b24ef6a9406f332ab8b11c_289) | [48](#i35db7a6572b24ef6a9406f332ab8b11c_289) |
| [8.3 Form of Benefit Payments](#i35db7a6572b24ef6a9406f332ab8b11c_289) | [48](#i35db7a6572b24ef6a9406f332ab8b11c_289) |
| [8.4 Time of Benefit Payments](#i35db7a6572b24ef6a9406f332ab8b11c_289) | [49](#i35db7a6572b24ef6a9406f332ab8b11c_289) |
| [8.5 Distribution of Tuscarora Money Purchase Pension Plan Account Balances](#i35db7a6572b24ef6a9406f332ab8b11c_289) | [50](#i35db7a6572b24ef6a9406f332ab8b11c_289) |
| [8.6 In-Service Withdrawals](#i35db7a6572b24ef6a9406f332ab8b11c_289) | [56](#i35db7a6572b24ef6a9406f332ab8b11c_289) |
| [8.7 Required Minimum Distributions](#i35db7a6572b24ef6a9406f332ab8b11c_289) | [58](#i35db7a6572b24ef6a9406f332ab8b11c_289) |
| [8.8 Direct Transfers](#i35db7a6572b24ef6a9406f332ab8b11c_289) | [61](#i35db7a6572b24ef6a9406f332ab8b11c_289) |
| [8.9 Rehired Member](#i35db7a6572b24ef6a9406f332ab8b11c_289) | [63](#i35db7a6572b24ef6a9406f332ab8b11c_289) |
| [8.10 Distributions on Account of Military Service](#i35db7a6572b24ef6a9406f332ab8b11c_289) | [63](#i35db7a6572b24ef6a9406f332ab8b11c_289) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 9. Loans to Members](#i35db7a6572b24ef6a9406f332ab8b11c_307)** | **[64](#i35db7a6572b24ef6a9406f332ab8b11c_307)** |
| [9.1 Council Authorized to Make Loans](#i35db7a6572b24ef6a9406f332ab8b11c_307) | [64](#i35db7a6572b24ef6a9406f332ab8b11c_307) |
| [9.2 Amount of Loans](#i35db7a6572b24ef6a9406f332ab8b11c_307) | [64](#i35db7a6572b24ef6a9406f332ab8b11c_307) |
| [9.3 Interest](#i35db7a6572b24ef6a9406f332ab8b11c_307) | [64](#i35db7a6572b24ef6a9406f332ab8b11c_307) |
| [9.4 Term](#i35db7a6572b24ef6a9406f332ab8b11c_307) | [65](#i35db7a6572b24ef6a9406f332ab8b11c_307) |
| [9.5 Repayment](#i35db7a6572b24ef6a9406f332ab8b11c_307) | [65](#i35db7a6572b24ef6a9406f332ab8b11c_307) |
| [9.6 Loans Treated as Plan Investments](#i35db7a6572b24ef6a9406f332ab8b11c_307) | [65](#i35db7a6572b24ef6a9406f332ab8b11c_307) |
| [9.7 Documents](#i35db7a6572b24ef6a9406f332ab8b11c_307) | [66](#i35db7a6572b24ef6a9406f332ab8b11c_307) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 10. Amendment and Termination](#i35db7a6572b24ef6a9406f332ab8b11c_325)** | **[67](#i35db7a6572b24ef6a9406f332ab8b11c_325)** |
| [10.1 Amendment and Termination](#i35db7a6572b24ef6a9406f332ab8b11c_325) | [67](#i35db7a6572b24ef6a9406f332ab8b11c_325) |
| [10.2 Vesting on Termination or Partial Termination](#i35db7a6572b24ef6a9406f332ab8b11c_325) | [67](#i35db7a6572b24ef6a9406f332ab8b11c_325) |
| [10.3 Merger, Consolidation, or Transfer](#i35db7a6572b24ef6a9406f332ab8b11c_325) | [67](#i35db7a6572b24ef6a9406f332ab8b11c_325) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 11. Administration](#i35db7a6572b24ef6a9406f332ab8b11c_434)** | **[68](#i35db7a6572b24ef6a9406f332ab8b11c_434)** |
| [11.1 Plan Administrator and Fiduciary](#i35db7a6572b24ef6a9406f332ab8b11c_434) | [68](#i35db7a6572b24ef6a9406f332ab8b11c_434) |
| [11.2 Specialists and Expenses](#i35db7a6572b24ef6a9406f332ab8b11c_434) | [68](#i35db7a6572b24ef6a9406f332ab8b11c_434) |
| [11.3 Records](#i35db7a6572b24ef6a9406f332ab8b11c_434) | [69](#i35db7a6572b24ef6a9406f332ab8b11c_434) |

---

&nbsp;&nbsp;&nbsp;&nbsp;iii&nbsp;&nbsp;&nbsp;&nbsp;

------

---

| | |
|:---|:---|
| [11.4 Assistance](#i35db7a6572b24ef6a9406f332ab8b11c_434) | [69](#i35db7a6572b24ef6a9406f332ab8b11c_434) |
| [11.5 Administration](#i35db7a6572b24ef6a9406f332ab8b11c_434) | [69](#i35db7a6572b24ef6a9406f332ab8b11c_434) |
| [11.6 Appeals from Denial of Claims](#i35db7a6572b24ef6a9406f332ab8b11c_434) | [70](#i35db7a6572b24ef6a9406f332ab8b11c_434) |
| [11.7 Notice of Address and Missing Persons](#i35db7a6572b24ef6a9406f332ab8b11c_434) | [71](#i35db7a6572b24ef6a9406f332ab8b11c_434) |
| [11.8 Data and Information for Benefits](#i35db7a6572b24ef6a9406f332ab8b11c_434) | [71](#i35db7a6572b24ef6a9406f332ab8b11c_434) |
| [11.9 Effect of a Mistake](#i35db7a6572b24ef6a9406f332ab8b11c_434) | [71](#i35db7a6572b24ef6a9406f332ab8b11c_434) |
| [11.10 Indemnity for Liability](#i35db7a6572b24ef6a9406f332ab8b11c_434) | [72](#i35db7a6572b24ef6a9406f332ab8b11c_434) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 12. Trust Arrangements](#i35db7a6572b24ef6a9406f332ab8b11c_343)** | **[73](#i35db7a6572b24ef6a9406f332ab8b11c_343)** |
| [12.1 Appointment of Trustee](#i35db7a6572b24ef6a9406f332ab8b11c_343) | [73](#i35db7a6572b24ef6a9406f332ab8b11c_343) |
| [12.2 Removal of Trustee; Appointment of Other Trustee](#i35db7a6572b24ef6a9406f332ab8b11c_343) | [73](#i35db7a6572b24ef6a9406f332ab8b11c_343) |
| [12.3 Change in Trust Agreements](#i35db7a6572b24ef6a9406f332ab8b11c_343) | [73](#i35db7a6572b24ef6a9406f332ab8b11c_343) |
| [12.4 Trust Fund](#i35db7a6572b24ef6a9406f332ab8b11c_343) | [73](#i35db7a6572b24ef6a9406f332ab8b11c_343) |
| [12.5 Reversion of Employer Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_343) | [73](#i35db7a6572b24ef6a9406f332ab8b11c_343) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 13. Top-Heavy Plan Provisions](#i35db7a6572b24ef6a9406f332ab8b11c_361)** | **[74](#i35db7a6572b24ef6a9406f332ab8b11c_361)** |
| [13.1 Top-Heavy Determination](#i35db7a6572b24ef6a9406f332ab8b11c_361) | [74](#i35db7a6572b24ef6a9406f332ab8b11c_361) |
| [13.2 Definitions](#i35db7a6572b24ef6a9406f332ab8b11c_361) | [75](#i35db7a6572b24ef6a9406f332ab8b11c_361) |
| [13.3 Vesting Requirements](#i35db7a6572b24ef6a9406f332ab8b11c_361) | [76](#i35db7a6572b24ef6a9406f332ab8b11c_361) |
| [13.4 Minimum Contribution](#i35db7a6572b24ef6a9406f332ab8b11c_361) | [76](#i35db7a6572b24ef6a9406f332ab8b11c_361) |
| [13.5 Union Employees](#i35db7a6572b24ef6a9406f332ab8b11c_361) | [77](#i35db7a6572b24ef6a9406f332ab8b11c_361) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 14. Participation in and Withdrawal from Plan by an Affiliate](#i35db7a6572b24ef6a9406f332ab8b11c_379)** | **[78](#i35db7a6572b24ef6a9406f332ab8b11c_379)** |
| [14.1 Participation in Plan](#i35db7a6572b24ef6a9406f332ab8b11c_379) | [78](#i35db7a6572b24ef6a9406f332ab8b11c_379) |
| [14.2 Withdrawal from Plan](#i35db7a6572b24ef6a9406f332ab8b11c_379) | [78](#i35db7a6572b24ef6a9406f332ab8b11c_379) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**[Article 15. Miscellaneous](#i35db7a6572b24ef6a9406f332ab8b11c_397)** | **[80](#i35db7a6572b24ef6a9406f332ab8b11c_397)** |
| [15.1 Incompetency](#i35db7a6572b24ef6a9406f332ab8b11c_397) | [80](#i35db7a6572b24ef6a9406f332ab8b11c_397) |
| [15.2 Nonalienation of Benefits](#i35db7a6572b24ef6a9406f332ab8b11c_397) | [80](#i35db7a6572b24ef6a9406f332ab8b11c_397) |
| [15.3 No Guarantee of Employment](#i35db7a6572b24ef6a9406f332ab8b11c_397) | [80](#i35db7a6572b24ef6a9406f332ab8b11c_397) |
| [15.4 Applicable Law](#i35db7a6572b24ef6a9406f332ab8b11c_397) | [80](#i35db7a6572b24ef6a9406f332ab8b11c_397) |
| [15.5 Severability](#i35db7a6572b24ef6a9406f332ab8b11c_397) | [81](#i35db7a6572b24ef6a9406f332ab8b11c_397) |
| [15.6 Rights to Trust Assets](#i35db7a6572b24ef6a9406f332ab8b11c_397) | [81](#i35db7a6572b24ef6a9406f332ab8b11c_397) |
| [15.7 Military Service](#i35db7a6572b24ef6a9406f332ab8b11c_397) | [81](#i35db7a6572b24ef6a9406f332ab8b11c_397) |
| [15.8 Titles](#i35db7a6572b24ef6a9406f332ab8b11c_397) | [81](#i35db7a6572b24ef6a9406f332ab8b11c_397) |
| **[Appendix A.](#i35db7a6572b24ef6a9406f332ab8b11c_452)**[Participating Employers](#i35db7a6572b24ef6a9406f332ab8b11c_452) | [82](#i35db7a6572b24ef6a9406f332ab8b11c_452) |
| **[Appendix B.](#i35db7a6572b24ef6a9406f332ab8b11c_470)**[Collectively-Bargained Participants—Plan Benefits Other than Retirement Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_470)  | [86](#i35db7a6572b24ef6a9406f332ab8b11c_470) |
| **[Appendix C.](#i35db7a6572b24ef6a9406f332ab8b11c_488)**[Collectively-Bargained Participants—Plan Provisions Related to Retirement Contributions](#i35db7a6572b24ef6a9406f332ab8b11c_488)  | [100](#i35db7a6572b24ef6a9406f332ab8b11c_488) |

---

&nbsp;&nbsp;&nbsp;&nbsp;iv&nbsp;&nbsp;&nbsp;&nbsp;

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**Article 1. The Plan**

**1.1 Establishment of Plan**

Sonoco Products Company, a C corporation (the "Company"), previously established the Sonoco Savings Plan which has been renamed the Sonoco Retirement and Savings Plan for the benefit of its Eligible Employees and the Eligible Employees of participating Affiliates. The following plans have been merged into this Plan:

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**Effective January 3, 2012, the Clear Pack Company 401(k) Retirement Plan;

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**Effective December 15, 2012, the Sonoco and Investment Retirement Plan;

**(c)&nbsp;&nbsp;&nbsp;&nbsp;**Effective January 1, 2013, the Tegrant Investment and Retirement Plan;

**(d)&nbsp;&nbsp;&nbsp;&nbsp;**Effective May 1, 2014, The Norske Skog 401(k) Plan (sponsored by Reparco USA);

**(e)&nbsp;&nbsp;&nbsp;&nbsp;**Effective March 1, 2017, the Plastic Packaging, Inc. 401(k) Plan and the Plastic Packaging, Inc. Profit Sharing Plan;

**(f)&nbsp;&nbsp;&nbsp;&nbsp;**Effective January 1, 2018, the Peninsula Packaging, LLC 401(k) Profit Sharing Plan & Trust and the Clear Lam Packaging, Inc. Employees' Profit Sharing and Savings Growth Plan;

**(g)&nbsp;&nbsp;&nbsp;&nbsp;**Effective January 1, 2019, the Conitex Sonoco, Inc. & Subsidiaries 401(k) Plan F/K/A Texpack U.S.A. Inc. 401(k) Retirement Plan;

**(h)&nbsp;&nbsp;&nbsp;&nbsp;**Effective March 2, 2020, the Corenso 401(k) and Savings Plan;

**(i)&nbsp;&nbsp;&nbsp;&nbsp;**Effective April 1, 2020, the account balances of employees hired by the Company as part of the acquisition of Thermoform Engineered Quality, LLC, and Plastique Holdings, LTD (the "TEQ Employees"), were transferred in a plan-to-plan transfer from the ESCO Employee Savings Investment Plan (the "ESCO Plan") to the Plan; and

**(j)&nbsp;&nbsp;&nbsp;&nbsp;**Effective April 1, 2021, the Sebro Plastics, Inc. Employees Profit Sharing Plan (the "Sebro Plan").

**(k)&nbsp;&nbsp;&nbsp;&nbsp;**Effective January 1, 2023, the Ball Metalpack, LLC 401 (k) Retirement Savings Plan (the "BMP Plan").

The Plan was restated effective January 1, 2013 and its name was changed from the Sonoco Savings Plan to the Sonoco Retirement and Savings Plan (the "Plan"). The Plan was further restated as of January 1, 2014, January 1, 2015, January 1, 2022, and again as of January 1, 2026.

**1.2 Applicability of Plan**

This Plan generally applies only to Employees who are employed by an Employer on or after January 1, 2026. Except as otherwise provided in a retroactively effective provision of this

&nbsp;&nbsp;&nbsp;&nbsp;1&nbsp;&nbsp;&nbsp;&nbsp;

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Plan document, or except as otherwise required by law, the rights and benefits of former Employees who terminated or died before January 1, 2026 (and their Beneficiaries) shall be determined under the terms of the prior plan documents as in effect upon their termination or death.

In addition, the provisions of this Plan shall apply to each Eligible Employee, except as otherwise noted in an Appendix. Appendix A lists each Participating Employer hereunder (other than Sonoco Products Company) and describes specific variations to Plan provisions and features that apply to certain nonunion Eligible Employees. Appendix B lists each group of collectively-bargained Employees who are Eligible Employees with respect to Plan benefits other than Retirement Contributions and also describes specific variations to Plan provisions and features that apply to each such collectively-bargained group. Appendix C lists each group of collectively-bargained Employees who are Eligible Employees with respect to Retirement Contributions.

**1.3 Purpose of Plan**

The purpose of this Plan is to allow Eligible Employees to set aside a portion of their wages and salaries for their retirement, to encourage Employee savings by matching a portion of Employee contributions with contributions from the Employer, and to provide other Employer-paid sources of retirement income. The Plan and any related trusts are intended to meet the requirements of sections 401(a), 401(k), 401(m), and 501(a) of the Internal Revenue Code of 1986 (the "Code"). The portion of the Plan comprised of assets invested in the Company Stock Fund (but not amounts that are transferred from the Company Stock Fund into other Funds) is intended to be a stock bonus plan that qualifies as an employee stock ownership plan under Code section 4975(e)(7).

&nbsp;&nbsp;&nbsp;&nbsp;2&nbsp;&nbsp;&nbsp;&nbsp;

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**Article 2. Definitions**

Whenever used in the Plan, the following terms shall have the meanings set forth below unless otherwise expressly provided. The definition of any term in the singular shall also include the plural, whichever is appropriate in the context.

**2.1 Account**

Account means the separate Account maintained under the Plan for each Member that represents the Member's total proportionate interest in the Trust Fund as of any Valuation Date. A Member's Account consists of the following subaccounts:

**(a)&nbsp;&nbsp;&nbsp;&nbsp;After-Tax Contributions Account** means the portion of the Member's Account that evidences the value of the Member's After-Tax Contributions under section 5.2 (or corresponding provisions of a Predecessor Plan), including any gains and losses of the Trust Fund attributable thereto.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;After-Tax Rollover Contributions Account** means the portion of the Member's Account that evidences the value of the Member contributions under section 5.6 (or under corresponding provisions of a Predecessor Plan) that are attributable to after-tax contributions made by the Member to the plan of a previous employer, including any gains and losses of the Trust Fund attributable thereto.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Before-Tax Contributions Account** means the portion of the Member's Account that evidences the value of the Member's Before-Tax Contributions under section 5.1(a) (or under corresponding provisions of a Predecessor Plan), including any gains and losses of the Trust Fund attributable thereto.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Collectively-Bargained Nonelective Employer Contributions Account** means the portion of the Member's Account that evidences the value of the Collectively-Bargained Nonelective Employer Contributions made on behalf of Members who are covered by certain collective bargaining agreements (as specified in Appendix B), or similar nonelective contributions made to collectively-bargained employees under corresponding provisions of a Predecessor Plan, including any gains and losses of the Trust Fund attributable thereto.

**(e)&nbsp;&nbsp;&nbsp;&nbsp;Matching Contributions Account** means the portion of the Member's Account that evidences the value of the Matching Contributions made on the Member's behalf under section 5.3 (or under corresponding provisions of a Predecessor Plan), including any gains and losses of the Trust Fund attributable thereto.

**(f)&nbsp;&nbsp;&nbsp;&nbsp;Paysop Account** means the portion of the Member's Account that evidences the value of contributions made by the Employer before January 1, 1989 in the form of Company Stock to the tax credit employee stock ownership portion of the Plan in effect at that time, including any gains and losses of the Trust Fund attributable thereto.

&nbsp;&nbsp;&nbsp;&nbsp;3&nbsp;&nbsp;&nbsp;&nbsp;

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**(g)&nbsp;&nbsp;&nbsp;&nbsp;Retirement Contributions Account** means the portion of the Member's Account that evidences the value of the contributions made by an Employer under the Sonoco Investment Retirement Plan prior to January 1, 2013, plus the Retirement Contributions made by the Employer on or after January 1, 2013 under section 5.4, including any gains and losses of the Trust Fund attributable thereto.

**(h)&nbsp;&nbsp;&nbsp;&nbsp;Rollover Contributions Account** means the portion of the Member's Account that evidences the value of rollover contributions made under section 5.6(a) (or corresponding provisions of a Predecessor Plan), but excluding any such contributions that are allocated to the Member's After-Tax Rollover Contributions Account, including any gains and losses of the Trust Fund attributable thereto.

**(i)&nbsp;&nbsp;&nbsp;&nbsp;Roth Contributions Account** means the portion of the Member's Account that evidences the value of the Member's Roth Contributions under section 5.1(b), including any gains and losses of the Trust Fund attributable thereto.

**(j)&nbsp;&nbsp;&nbsp;&nbsp;Roth Rollover Contributions Account** means the portion of the Member's Account that evidences the value of the qualified Roth rollovers that are transferred to the Plan on behalf of a Member in accordance with section 5.6(b), including any gains and losses of the Trust Fund attributable thereto.

**(k)&nbsp;&nbsp;&nbsp;&nbsp;Tuscarora Money Purchase Pension Plan Account** means the portion of the Member's Account that evidences the value of employer contributions made previously under the Tuscarora Incorporated and Subsidiary Companies Non-Union Hourly Employees' Money Purchase Pension Plan, the Tuscarora Incorporated Salaried Employees' Money Purchase Pension Plan, and the Tuscarora Incorporated Union Employees' Money Purchase Pension Plan, including any gains and losses of the Trust Fund attributable thereto. (These accounts were transferred previously into the Tegrant Investment and Retirement Plan which was itself merged into this Plan effective January 1, 2013.)

**(l)&nbsp;&nbsp;&nbsp;&nbsp;Prior Plan Matching Contributions Account** means the portion of the Member's account which evidences the value of the safe harbor matching contributions that were transferred into this Plan from the Norske Skog 401(k) Plan, including any gains and losses attributable thereto.

**(m)&nbsp;&nbsp;&nbsp;&nbsp;PPI 401(k) Account** means the portion of the Member's account which was transferred from the Plastic Packaging, Inc. 401(k) Plan and merged into this Plan.

**(n)&nbsp;&nbsp;&nbsp;&nbsp;PPI Profit Sharing Account** means the portion of the Member's account which was transferred from the Plastic Packaging, Inc. Profit Sharing Plan and merged into this Plan.

**(o)&nbsp;&nbsp;&nbsp;&nbsp;Peninsula 401(k) Account** means the portion of the Member's account which was transferred from the Peninsula Packaging, LLC 401(k) Profit Sharing Plan & Trust and merged into this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;4&nbsp;&nbsp;&nbsp;&nbsp;

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**(p)&nbsp;&nbsp;&nbsp;&nbsp;Clear Lam 401(k) Account** means the portion of the Member's account which was transferred from the Clear Lam Packaging, Inc. Employees' Profit Sharing and Savings Growth Plan and merged into this Plan.

**(q)&nbsp;&nbsp;&nbsp;&nbsp;Conitex 401(k) Account** means the portion of the Member's account which was transferred from the Conitex Sonoco, Inc. & Subsidiaries 401(k) Plan F/K/A Texpack U.S.A. Inc. 401(k) Retirement Plan and merged into this Plan.

**(r)&nbsp;&nbsp;&nbsp;&nbsp;Corenso 401(k) Account** means the portion of the Member's account which was transferred from the Corenso 401(k) and Savings Plan and merged into this Plan.

**(s)&nbsp;&nbsp;&nbsp;&nbsp;TEQ 401(k) Account** means the portion of the Member's account that was transferred on behalf of former TEQ employees from the ESCO Plan to the Plan in a plan-to-plan transfer. A separate sub-account of the TEQ 401(k) Account shall be established to hold pre-2004 matching contributions (the "**TEQ Pre-2004 Matching Account**").

**(t)&nbsp;&nbsp;&nbsp;&nbsp;Sebro 401(k) Account** means the portion of the Member's account that was transferred from the Sebro Plan and merged into this Plan.

**(u)&nbsp;&nbsp;&nbsp;&nbsp;BMP 401(k) Account** means the portion of the Member's account that was transferred from the BMP Plan and merged into this Plan. Separate subaccounts shall be created as required for plan administration purposes, including the following: Aerosol Prior Profit Sharing Contribution Account, BMP After-Tax Account, BMP Employer Discretionary/Nonelective Contribution Account, BMP Employer Matching Account, and BMP After-Tax Rollover Account.

**2.2 Affiliate**

Affiliate means—

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**any corporation while it is a member of the same "controlled group" of corporations (within the meaning of Code section 414(b)) as the Company;

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**any other trade or business (whether or not incorporated) while it is under "common control" with the Company within the meaning of Code section 414(c);

**(c)&nbsp;&nbsp;&nbsp;&nbsp;**any organization during any period in which it (along with the Company) is a member of an "affiliated service group" (within the meaning of Code section 414(m)); and

**(d)&nbsp;&nbsp;&nbsp;&nbsp;**any other entity during any period in which it is required to be aggregated with the Company under Code section 414(o).

**2.3 After-Tax Contributions**

After-Tax Contributions mean the voluntary contributions made by a Participant, as described in section 5.2.

&nbsp;&nbsp;&nbsp;&nbsp;5&nbsp;&nbsp;&nbsp;&nbsp;

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**2.4 Annuity Starting Date**

Annuity Starting Date means the first day of the first period for which an amount is payable as an annuity or, in the case of a benefit not payable in the form of an annuity, the first day on which all events have occurred that entitle the Member to the benefit.

**2.5 Applicable Age**

Applicable Age means:

&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;In the case of an individual who attains age 70 ½ before January 1, 2020, age 70 ½.

&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;In the case of an individual who attains age 72 on or after January 1, 2020 and before January 1, 2023, age 72.

&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;In the case of an individual who attains age 73 on or after January 1, 2023, age 73.

**2.6Before-Tax Contributions**

Before-Tax Contributions mean the contributions made by the Employer on behalf of a Participant pursuant to the Participant's election to reduce Compensation, as described in section 5.1(a).

**2.7 Beneficiary**

Beneficiary means the person or persons, or entity or entities, designated by the Member under section 8.1(b) to receive any benefits payable on behalf of the Member after his or her death.

**2.8 BMP Plan** 

BMP Plan means the Ball Metalpack, LLC 401 (k) Retirement Savings Plan.

**2.9Board**

Board means the Board of Directors of the Company.

**2.10 Cares Act** 

Cares Act means the Coronavirus Aid, Relief, and Economic Security Act (2020).

**2.11 Code**

Code means the Internal Revenue Code of 1986, as amended. A reference to a section of the Code shall also refer to any regulations and other guidance issued under that section.

**2.12 Collectively-Bargained Nonelective Employer Contributions**

Collectively-Bargained Nonelective Employer Contributions mean the contributions made by an Employer under section 5.5.

**2.13Company**

Company means Sonoco Products Company or any successor thereto that agrees to assume and continue this Plan.

&nbsp;&nbsp;&nbsp;&nbsp;6&nbsp;&nbsp;&nbsp;&nbsp;

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**2.14 Company Stock**

Company stock means common stock of the Company that is readily tradable on an established securities market. Company Stock may also include treasury shares and noncallable preferred stock that is convertible into common stock at any time and at a reasonable price. Preferred stock will be treated as noncallable if there is a reasonable opportunity for conversion after a call. All shares of preferred stock will have voting rights equal to the common stock into which they can be converted.

**2.15 Compensation**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Compensation for Determining Contributions.** The Compensation that is subject to a Participant's election to make Before-Tax Contributions under section 5.1(a), Roth Contributions under section 5.1(b), and/or After-Tax Contributions under section 5.2, and the Compensation used to determine the amount of Retirement Contributions made by an Employer under section 5.4 and Collectively-Bargained Nonelective Employer Contributions made by an Employer under section 5.5, shall be an Employee's taxable earnings for the Plan Year (or, for an Employee who was a Participant for less than the full Plan Year, the portion of the Plan Year during which he or she was a Participant) as reported on Federal Wage and Tax Statement (Box 1 of IRS Form W-2)—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;increased by any salary reduction contributions made on the Participant's behalf during the Plan Year under any plan maintained by the Company or an Affiliate under Code section 125, 132(f)(4), or 401(k); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;decreased (to the extent included in Box 1 of IRS Form W-2) by—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;bonuses, vacation pay, and other payments made after 2½ months after Separation from Service (as defined in section 3.1(e)(2));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;severance pay;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;reimbursements for moving expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;reimbursements for educational expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;automobile allowances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;tax counsel allowances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;compensation related to the exercise of stock options or any other stock-related compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;&nbsp;&nbsp;expatriate-related expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;any form of imputed income;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(J)&nbsp;&nbsp;&nbsp;&nbsp;contributions made by the Company or an Affiliate to this Plan or any other benefit plan;

&nbsp;&nbsp;&nbsp;&nbsp;7&nbsp;&nbsp;&nbsp;&nbsp;

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(K)&nbsp;&nbsp;&nbsp;&nbsp;amounts paid pursuant to a short-term disability plan sponsored by the Company or an Affiliate (other than amounts paid to salaried and nonunion hourly employees under a pay continuation policy); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(L)&nbsp;&nbsp;&nbsp;&nbsp;in-service payments and other employee benefits provided under this Plan and all other employee benefit plans and deferred compensation plans maintained by the Company or an Affiliate.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Compensation for Determining Limit on Annual Additions.** For the purpose of calculating limits on annual additions under section 5.9, Compensation means a Participant's wages, tips, and other compensation which are to be reported on a Federal Wage and Tax Statement (Box 1 of IRS Form W-2) for a Plan Year, and shall include a Participant's salary reduction contributions made during the Plan Year under any plan or program maintained by the Company or an Affiliate under Code section 125, 132(f), or 401(k). Compensation shall include only amounts paid or treated as paid to a Participant prior to his or her severance from employment (as determined pursuant to Code section 415), except as otherwise provided in sections 2.15(b)(1) and (2) below.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;The following amounts shall be included in Compensation if paid by the later of 2½ months after the severance from employment or the last day of the Plan Year in which the severance from employment occurs:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;regular compensation for services during or outside the Participant's regular working hours, commissions, bonuses, or other similar payments, if the payment would have been paid prior to severance from employment if the Participant had continued in employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;payment for unused accrued bona fide sick, vacation, or other leave, but only if the Participant would have been able to use the leave if his or her employment had continued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;payments received by a Participant pursuant to a nonqualified unfunded deferred compensation plan, but only if the payment would have been paid to the Participant at the same time if his or her employment had continued and only to the extent that the payment is includible in the Participant's gross income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Compensation shall include payments to a Participant who does not currently perform services for the Company or an Affiliate by reason of qualified military service (as defined in Code section 414(u)) to the extent that the payments do not exceed the amounts that the Participant would have received if he or she had continued to perform services for the Company or an Affiliate rather than entering military service.

The limitation on Compensation described in section 2.15(f) shall be applied in determining Compensation under this section 2.15(b).

&nbsp;&nbsp;&nbsp;&nbsp;8&nbsp;&nbsp;&nbsp;&nbsp;

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**(c)&nbsp;&nbsp;&nbsp;&nbsp;Nondiscrimination Testing.** For purposes of satisfying the requirements described in sections 5.8(b) and 5.8(c), Compensation for any Plan Year means the Eligible Employee's wages, tips, and other compensation which are to be reported on a Federal Wage and Tax Statement (Box 1 of IRS Form W-2) for a Plan Year, unless the Council determines for any such Plan Year to use a different definition of compensation that complies in all respects with Code section 414(s).

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Identifying Highly Compensated Employees.** For purposes of identifying Highly Compensated Employees, Compensation means the amount determined under section 2.15(b).

**(e)&nbsp;&nbsp;&nbsp;&nbsp;Differential Wage Payments for Employees in Active Military Service.** Compensation shall include differential wage payments (as defined in Code section 3401(h)(2)) paid to a Participant to the extent required by Code section 414(u)(12) (but shall not be treated as eligible Compensation under section 2.15(a)).

**(f)&nbsp;&nbsp;&nbsp;&nbsp;Code Section 401(a)(17) Limit.** The Compensation of each Member that may be taken into account under the Plan for any Plan Year shall not exceed $265,000 (or such higher amount determined by the Secretary of the Treasury under Code section 401(a)(17)).

**(g)&nbsp;&nbsp;&nbsp;&nbsp;Corenso Compensation.** Corenso Compensation, as used in Appendix B for collectively-bargained employees of Corenso, means taxable earnings for the Plan Year (or, for an Employee who was a Participant for less than the full Plan Year, the portion of the Plan Year during which he or she was a Participant) as reported on Federal Wage and Tax Statement (Box 1 of IRS Form W-2):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Increased by any salary reduction contributions made on the Participant's behalf during the Plan Year under any plan maintained by the Company or an Affiliate under Code section 401(k); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Decreased by profit-sharing bonuses, expense reimbursements, fringe benefits (cash and noncash), moving expenses, payments from a deferred compensation plan, welfare benefits, unused leave, differential wages, commissions, income due to restricted stock or qualified or nonqualified stock options, severance pay (paid before or after termination).

**2.16 Council**

Council means the Sonoco Employee Benefits Council described in Article 11.

**2.17 Eligible Employee**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;General Rule.** An Employee who was an eligible employee under the terms of the Plan on December 31, 2025, shall be an Eligible Employee with respect to Plan benefits other than Retirement Contributions on and after January 1, 2026 if he or she is still an active Employee of an Employer on such date. Except as otherwise provided in section 2.17(c), or section 4.1(i), (j) or (k), each other Employee of an

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Employer shall become an Eligible Employee with respect to Plan benefits other than Retirement Contributions on his or her Employment Commencement Date.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Eligibility for Retirement Contributions.** No Employees shall be eligible to receive Retirement Contributions unless specifically provided for by a collective bargaining agreement and memorialized in Appendix C of the Plan.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Excluded Employees.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**General Rule.** Notwithstanding Plan sections 2.17(a) and (b), the following individuals shall not be treated as Eligible Employees under this Plan:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;except as provided in section 2.17(d), an Employee who is covered by a collective bargaining agreement, provided that retirement benefits were the subject of good faith bargaining (and the collective bargaining agreement does not provide for such Employee's participation in the Plan);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;an Employee who is a non-U.S. citizen employed outside the United States; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;an Employee who is a non-resident alien with no U.S.-source income.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Participating Unions.** Notwithstanding section 2.17(c)(1)(A), collectively-bargained Employees will qualify as Eligible Employees to the extent specified in a collective bargaining agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Collectively-bargained Employees who qualify as Eligible Employees with respect to Plan benefits other than Retirement Contributions, and related variations in Plan terms that apply to such Employees, are described in Appendix B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Collectively-bargained Employees who qualify as Eligible Employees with respect to Retirement Contributions, and related variations in Plan terms that apply to such Employees, are described in Appendix C.

**2.18 Employee**

Employee means any person employed by the Company or an Affiliate as a common-law employee (and for whom FICA taxes are withheld by the Company or an Affiliate). The term "Employee" excludes individuals who are classified as independent contractors, consultants, or Leased Employees, regardless of whether a government agency, court, or other entity subsequently determines such classification was in error.

**2.19 Employer**

Employer means the Company and any Affiliate that, with the approval of the Company, elects to adopt this Plan for the benefit of its eligible employees in the manner described in Article 14. Participating Employers (other than the Company), and the effective date of their

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participation and variations in Plan terms that apply to selected Employers, are listed in Appendix A.

**2.20 Employment Commencement Date**

Employment Commencement Date means the first day on which an Employee is credited with an Hour of Service (as defined in section 3.2(e)(1)).

**2.21 ERISA**

ERISA means the Employee Retirement Income Security Act of 1974, as amended, or as it may be amended from time to time. A reference to a section of ERISA shall also refer to any regulations and other guidance issued under that section.

**2.22 Fund**

Fund means any of the funds established under the Plan for the investment of Members' Accounts. The Council shall have the discretion to establish and terminate Funds as it may deem appropriate.

Subject to the Council's discretion to establish and terminate Funds, there shall be a Sonoco Stock Fund which shall be invested exclusively in Company Stock. The portion of the Plan's assets that are invested in the Sonoco Stock Fund (but not amounts that are transferred from the Sonoco Stock Fund into other Funds) is intended to be a stock bonus plan that qualifies as an employee stock ownership plan under Code section 4975(e)(7).

**2.23 Highly Compensated Employee**

Highly Compensated Employee means, with respect to any Plan Year, a highly compensated active Employee or a highly compensated former Employee.

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**A highly compensated active Employee means any Employee who performs services for the Employer during the Plan Year and who either—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;is a 5 percent owner (as defined in Code section 416(i)(1)) at any time during the Plan Year or the immediately preceding Plan Year; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;received Compensation from the Company and its Affiliates in the immediately preceding Plan Year in excess of $120,000 (as adjusted pursuant to Code section 415(d)).

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**A highly compensated former Employee means any Employee who—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;separated from service (or was deemed to have separated from service) prior to the Plan Year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;performs no services for the Employer during the Plan Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;was a highly compensated active Employee with respect to either the Plan Year in which he or she separated from service or any Plan Year ending on or after such Employee's 55th birthday.

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**2.24Leased Employee**

Leased Employee means any person who is not an Employee of an Employer and who provides services to an Employer if—

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**such services are provided pursuant to an agreement between the Employer and any other person;

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**such person has performed such services for the Employer (or for the Employer and related persons determined in accordance with Code section 414(n)(6)) on a substantially full-time basis for a period of at least one year; and

**(c)&nbsp;&nbsp;&nbsp;&nbsp;**such services are performed under primary direction or control by the Employer.

If a Leased Employee becomes eligible to participate in the Plan as a result of later employment with an Employer as an Eligible Employee, the Leased Employee shall receive credit for Vesting Service as a Leased Employee. Notwithstanding the preceding paragraph, a Leased Employee shall be included as an Employee for purposes of applying the requirements described in Code section 414(n)(3).

**2.25 Matching Contributions**

Matching Contributions mean the contributions made by an Employer under section 5.3.

**2.26 Member**

Member means a Participant or a former Participant who still has an Account balance under the Plan.

**2.27 Nonhighly Compensated Employee**

Nonhighly Compensated Employee means any Employee who is not a Highly Compensated Employee.

**2.28 Participant**

Participant means any Eligible Employee who has met and continues to meet the active participation requirements of the Plan as set forth in Article 4.

**2.29 Pay Reduction Agreement**

Pay Reduction Agreement means an agreement described in section 5.7.

**2.30 Plan**

Plan means this Sonoco Retirement and Savings Plan, as amended.

**2.31 Plan Year**

Plan Year means the calendar year.

**2.32 Predecessor Plan**

Predecessor Plan means the Sonoco Investment and Retirement Plan and any other qualified plan that the Company elects to merge into this Plan.

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**2.33 Preretirement Survivor Annuity**

Preretirement Survivor Annuity means an annuity payable for the life of the Member's surviving Spouse, having a value equal to the Member's Tuscarora Money Purchase Pension Plan Account that is payable as an annuity upon the Member's death, as determined under section 8.5(b)(1).

**2.34 Qualified Joint and Survivor Annuity**

Qualified Joint and Survivor Annuity means an annuity that provides a level monthly benefit to the Member for his or her lifetime and, upon the Member's death, provides an annuity for the life of his or her surviving Spouse (to whom the Member was married on the Annuity Starting Date) in an amount equal to 50 percent of the amount payable to the Member during his or her life. The Qualified Joint and Survivor Annuity shall be payable only as required under section 8.5(a) and shall have a value equal to the Member's Tuscarora Money Purchase Pension Plan Account.

**2.35 Qualified Optional Survivor Annuity**

Qualified Optional Survivor Annuity means an annuity that provides a level monthly benefit to the Member for his or her lifetime and, upon the Member's death, provides an annuity for the life of his or her surviving Spouse (to whom the Member was married on the Annuity Starting Date) in an amount equal to 75 percent of the amount payable to the Member during his or her life. The Qualified Optional Survivor Annuity shall be payable only as required under section 8.5(a) and shall have a value equal to the Member's Tuscarora Money Purchase Pension Plan Account.

**2.36 Retirement Contributions**

Retirement Contributions mean the contributions made by an Employer under section 5.4 and Appendix C.

**2.37Single Life Annuity**

Single Life Annuity means an annuity providing equal monthly payments for the lifetime of a Member with no survivor benefits. The Single Life Annuity shall be payable only as required under section 8.5(a) and shall have a value equal to the Member's Tuscarora Money Purchase Pension Plan Account.

**2.38 Social Security Wage Base**

Social Security Wage Base means for any Plan Year, the maximum wages on which Social Security taxes are assessed for old age, survivors, and disability insurance benefits for such Plan Year.

**2.39 Spouse**

Spouse means a person to whom a Member is legally married (as recognized under federal law) immediately prior to the earlier of (a) the date on which a distribution to the Member begins under Article 5; or (b) the date of the Member's death.

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**2.40 Ten-Year Certain and Life Annuity**

Ten-Year Certain and Life Annuity means a monthly annuity payable for the lifetime of the Member, and if the Member dies before receiving 120 monthly payments, such payments shall continue to the Member's Beneficiary until a total of 120 payments have been made. A Ten-Year Certain and Life Annuity shall be payable only as required under section 8.5(a) and shall have a value equal to the Member's Tuscarora Money Purchase Pension Plan Account.

**2.41 Trust Agreement**

Trust Agreement means the agreement under which Plan assets are held and invested as described more under Article 12.

**2.42 Trust Fund**

Trust Fund means the trust fund described under Article 12 to hold the assets of the Plan.

**2.43 Trustee**

Trustee means any corporation or individual acting as trustee of the Trust Fund.

**2.44 Valuation Date**

Valuation Date means each day on which the New York Stock Exchange is open for business.

**2.45 Vested Balance**

Vested Balance as of a given date means the sum of—

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**The Member's After-Tax Contributions Account, After-Tax Rollover Contributions Account, Before-Tax Contributions Account, Paysop Account, Rollover Contributions Account, Roth Contributions Account, Roth Rollover Contributions Account, Tuscarora Money Purchase Pension Plan Account, Prior Plan Matching Contributions Account, PPI 401(k) Account, PPI Profit Sharing Account; Peninsula 401(k) Account; Clear Lam 401(k) Account; Conitex 401(k) Account; Corenso 401(k) Account; TEQ 401(k) Account; Sebro 401(k) Account; and BMP Account.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**the Member's Vested Percentage, as determined under section 7.2, multiplied by the balance in his or her Matching Contributions Account;

**(c)&nbsp;&nbsp;&nbsp;&nbsp;**the Member's Vested Percentage, as determined under section 7.3, multiplied by the balance in his or her Retirement Contributions Account; and

**(d)&nbsp;&nbsp;&nbsp;&nbsp;**the Member's Vested Percentage, as determined under section 7.4, multiplied by the balance in his or her Collectively-Bargained Nonelective Employer Contributions Account.

**2.46 Vested Percentage**

Vested Percentage means the percentage determined under section 7.2, 7.3, or 7.4, as applicable.

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**2.47 Vesting Service**

Vesting Service means the period of employment determined under Article 3.

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**Article 3. Vesting Service**

**3.1 Elapsed Time Vesting Service**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Applicability.** Years of Vesting Service will be determined on an elapsed time basis for purposes of determining a Member's Vested Percentage in his or her:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Retirement Contributions Account;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Collectively-Bargained Nonelective Employer Contributions Account accumulated pursuant to the collective bargaining agreement in effect between the Employer and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied-Industrial and Service Workers International Union, Local 1517, representing union Employees at the Company's USPMC – DePere location;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Matching Contributions Account and Collectively-Bargained Nonelective Employer Contributions Account accumulated pursuant to the collective bargaining agreement in effect between the Employer and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied-Industrial and Service Workers International Union, Local 273, representing union Employees at the Company's USPMC – Menasha location;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;Collectively-Bargained Nonelective Employer Contributions Account accumulated pursuant to the collective bargaining agreement in effect between the employer and:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the International Association of Machinists and Aerospace Workers Union, Local #1546, representing union maintenance Employees at Tegrant Corporation's Hayward, CA location; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;the Teamsters Union, IBT Local #853, representing union production Employees at Tegrant Corporation's Hayward, CA location.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;General Rule.** Except as otherwise provided below, an Employee shall receive elapsed time Vesting Service beginning on the Employee's Employment Commencement Date and ending upon the Employee's Separation from Service (as defined in section 3.1(e)(2)).

Vesting Service shall be expressed in completed full years and months, aggregating non-continuous partial months into whole 30 day months and ignoring the remaining days.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Pre-Acquisition Service.** If an individual becomes an Employee in connection with the Company's or an Affiliate's acquisition of such individual's prior employer, the period of employment with the prior employer shall be included in the Employee's elapsed time Vesting Service under this section 3.1.

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**(d)&nbsp;&nbsp;&nbsp;&nbsp;Reinstatement of Elapsed Time Vesting Service.** If an Employee incurs a Separation from Service (as defined in section 3.1(e)(2)) and is then subsequently reemployed by the Company or an Affiliate as an Employee, the elapsed time Vesting Service the Employee had upon his or her Separation from Service shall be reinstated immediately upon his or her reemployment.

In addition, if such Separation from Service was on account of quit, discharge, or retirement, the Employee shall receive elapsed time Vesting Service for the period of absence (but not in excess of 12 months). Moreover, if the Employee's Separation from Service was for a reason other than quit, discharge, or retirement, but the Employee then quits, is discharged, or retires during such absence, and is then reemployed by the Company or an Affiliate before the first anniversary of the original absence, the Employee shall receive elapsed time Vesting Service for the period of absence (but not in excess of 12 months).

**(e)&nbsp;&nbsp;&nbsp;&nbsp;Definitions Applicable to Elapsed Time Vesting Service**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**One-Year Period of Separation** is used in determining whether Plan balances accrued before a Member's Separation from Service (as defined in section 3.1(e)(2)) will be reinstated under section 7.7 in the event of the Member's subsequent reemployment by the Company or an Affiliate. One-Year Period of Separation means a 12-consecutive-month period beginning on the date an Employee incurs a Separation from Service and ending on each anniversary of such date, provided that the Employee does not perform an Hour of Service (as defined in section 3.2(e)(1))for the Company or an Affiliate during such period.

Solely for the purpose of determining whether a One-Year Period of Separation has occurred, in the case of an Employee who is absent from work beyond the first anniversary of the first day of an absence, and the absence is for maternity or paternity reasons, the date the Employee incurs a Separation from Service shall be the second anniversary of the Employee's absence from employment. An absence from work for maternity or paternity reasons means an absence—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;by reason of pregnancy of the individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;by reason of the birth of a child of the individual;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;by reason of the placement of a child with the individual in connection with the individual's adoption of such child; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;for the purpose of caring for such child for a period beginning immediately following such birth or placement.

In addition, for purposes of determining whether an Employee has incurred a One-Year Period of Separation, a leave that is protected under the Family and Medical Leave Act of 1993 shall be treated as a period of active employment.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**Separation from Service** means the earlier of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the date on which the Employee quits, is discharged, retires, or dies; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;the first anniversary of the Employee's absence from employment with the Company or an Affiliate (with or without pay) for any other reason, such as vacation, holiday, layoff, leave of absence, or military service (except as provided in section 3.3).

An Employee who fails to return to employment at the expiration of an approved leave of absence shall be deemed to have had a Separation from Service on the first to occur of the expiration of the leave or the first anniversary of the first day of the absence.

**3.2 Hours-Based Vesting Service**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Applicability.** Years of Vesting Service will be determined on the basis of a Member's Hours of Service (as defined in section 3.2(e)(1)) for purposes of determining a Member's Vested Percentage in his or her:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Collectively-Bargained Nonelective Employer Contributions Account accumulated pursuant to the collective bargaining agreement in effect between the Employer and the Chicago & Midwest Regional Joint Board Affiliate of Workers United, SEIU, covering union employees at the Company's Edinburgh location; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;Collectively-Bargained Nonelective Employer Contributions Account accumulated pursuant to the collective bargaining agreement in effect between the Employer and the Graphic Communications International Union Local 508M, covering union employees at the Company's Franklin location.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;General Rule.** Except as provided below, an Employee shall be credited with one year of hours-based Vesting Service for each Plan Year in which the Employee is credited with 1,000 or more Hours of Service (as defined in section 3.2(e)(1)).

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Pre-Acquisition Service.** If an individual becomes an Employee in connection with the Company's or an Affiliate's acquisition of such individual's prior employer, the period of employment with the prior employer shall be included in the Employee's Vesting Service under this section 3.2.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Reinstatement of Hours-Based Vesting Service.** If an Employee is reemployed by the Company or an Affiliate as an Employee after an earlier Termination Date (as defined in section 3.2(e)(3)), the Vesting Service earned by the Employee prior to such Termination Date shall be reinstated upon his or her reemployment.

**(e)&nbsp;&nbsp;&nbsp;&nbsp;Definitions Applicable to Hours-Based Vesting Service.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**Hour of Service** means each hour used to determine an individual's hours-based Vesting Service under this section 3.2, determined as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;**For the Performance of Duties.** An Employee shall receive an Hour of Service for each hour for which the Employee is paid or entitled to payment by the Company or an Affiliate for the performance of duties. Hours of Service under this section 3.2(e)(1)(A) shall be credited to the Employee in the Plan Year in which the duties are performed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;**Periods During Which No Duties are Performed.** An Employee shall receive an Hour of Service for each hour for which the Employee is directly or indirectly paid or entitled to payment by the Company or an Affiliate on account of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff, jury duty, military duty, or leave of absence. Hours of Service under this section 3.2(e)(1)(B) shall be credited to the Employee in the Plan Year for which the Employee is paid or entitled to payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;**Back Pay.** An Employee shall receive an Hour of Service for each hour for which back pay, irrespective of mitigation of damages, is either awarded or agreed to by the Company or an Affiliate. Hours of Service under this section 3.2(e)(1)(C) shall be credited to the Employee in the Plan Year to which the award or agreement relates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;**Hours Not Counted.** This section 3.2(e)(1)(D) limits the Hours of Service credited for periods during which no duties are performed and it shall be applied without regard to whether Hours of Service otherwise would have been counted for these periods under sections 3.2(e)(1)(B) or (C).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;**Nonduplication.** No hour shall be credited as an Hour of Service more than once under this section 3.2(e)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;**Unpaid Time.** An hour for which an Employee is not paid, either directly or indirectly, shall not be credited, except as provided in section 3.2(e)(1)(E) (regarding maternity or paternity leave), section 3.2(e)(1)(F) (regarding a leave of absence pursuant to the Family and Medical Leave Act of 1993), and section 3.2(e)(1)(G) (regarding military leave).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;**Workers' Compensation, Disability Insurance, or Unemployment Compensation.** An hour for which an Employee is directly or indirectly paid or entitled to payment on account of a period during which the Employee performs no duties shall not be credited as an Hour of Service if the payment is made or due under a plan maintained solely for the purpose of complying with applicable disability insurance or unemployment compensation laws.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;**Medical Reimbursement.** Hours of Service shall not be credited for a payment that solely reimburses the Employee for medical or medically-related expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;**Maternity/Paternity Leave.** Solely for purposes of determining whether a One-Year Break in Service (as defined in section 3.2(e)(2)) has occurred, an Employee shall receive eight Hours of Service for each day of the Employee's absence from employment for maternity or paternity reasons. An absence for maternity or paternity reasons shall mean an absence by reason of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Employee's pregnancy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the birth of the Employee's child;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the placement of a child with the Employee in connection with the adoption of the child; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the caring for a child for a period immediately following the child's birth or placement.

No more than 501 Hours of Service shall be credited under this subsection for any such absence. Hours of Service under this subsection shall be credited in the Plan Year in which the absence from employment commences if the crediting is necessary to prevent a One-Year Break in Service, or in all other cases, such Hours of Service shall be credited in the following Plan Year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;**FMLA Leave.** Solely for purposes of determining whether a One-Year Break in Service (as defined in section 3.2(e)(2)) has occurred, an Employee shall receive an Hour of Service for each hour of the normally-scheduled workweek for each week during any period the Employee is on an approved leave of absence taken pursuant to the Family and Medical Leave Act of 1993.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;**Military Leave.** An Employee shall receive an Hour of Service for each hour of the normally-scheduled workweek for each week during any period the Employee is absent from work with the Company or an Affiliate for voluntary or involuntary military service with the armed forces of the United States, but not to exceed the period required under the law pertaining to veterans' reemployment rights. However, if the Employee fails to report for work at the end of this absence before his or her reemployment rights expire, the Employee shall not receive credit for hours on the leave.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(H)&nbsp;&nbsp;&nbsp;&nbsp;**Construction.** For purposes of crediting Hours of Service, the Council shall follow Department of Labor regulation sections 2530.200b-2(b) and (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**One-Year Break in Service.** One-Year Break is used in determining whether Plan balances accrued before a Member's Termination Date (as defined in section 3.2(e)(3)) will be reinstated under section 7.7 in the event of the Member's subsequent reemployment by the Company or an Affiliate. One-Year Break in Service means a Plan Year during or after a Termination Date (as defined in section 3.2(e)(3)) occurs in which an Employee is credited with 500 or fewer Hours of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;**Termination Date.** Termination Date means the last day on which an individual performs duties as an Employee of the Company or an Affiliate, or any other date determined in accordance with the Company's policies and practices.

**3.3 Military Service**

Notwithstanding any other provision in the Plan to the contrary, contributions, benefits, and service credit with respect to qualified military service will be provided in accordance with Code sections 414(u) and 401(a)(37). If a Participant dies while performing qualified military service, his or her Beneficiaries are entitled to any additional benefits provided under the Plan had the participant resumed employment and then terminated employment on account of his or her death.

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**Article 4. Eligibility and Enrollment**

**4.1 Eligibility** 

**(a)&nbsp;&nbsp;&nbsp;&nbsp;General Rule:** Each Employee who was eligible to participate under the terms of the Plan on December 31, 2025 shall be eligible to participate under this Plan as of January 1, 2026 if he or she is still an Eligible Employee on such date. Except as otherwise provided in Appendix B, each other Employee shall be eligible to become a Participant with respect to Plan benefits other than Retirement Contributions as of the first day of the month next following the later of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the date on which the Employee completes 30 days of service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the date on which the Employee becomes an Eligible Employee.

Notwithstanding the above, an Eligible Employee shall be eligible to make a Rollover Contribution as provided in section 5.6 before satisfying the service requirement described in this section 4.1(a). However, any such Eligible Employee shall be treated as a Participant hereunder solely with regard to his or her Rollover Contributions Account until he or she satisfies the eligibility requirements described in this section 4.1(a).

Notwithstanding the foregoing, Employees who are initially hired as a result of an acquisition will not be eligible to participate in the Plan until the Plan is amended to permit participation.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Eligibility for Retirement Contributions:** No individual is eligible to receive Retirement Contributions unless specifically provided for in a collective bargaining agreement and memorialized in Appendix C of this Plan.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Special Eligibility Provision:** Employees who were first employed by the Company as part of the acquisition described in the "STOCK PURCHASE AGREEMENT by and among Sonoco Flexible Packaging, Co., Inc., as the Purchaser, Plastic Packaging, Inc., as the Company, each of the Sellers identified on the signature pages hereto, and Steven D. Yeater, as Sellers' Representative Dated as of October 28, 2016" will not be eligible to participate in the Plan until January 1, 2017, and are not eligible to earn Retirement Contributions under Section 5.4.

On February 2, 2017, Plastic Packaging, Inc. was renamed Sonoco Hickory, Inc. Employees who are employed by Sonoco Hickory, Inc. (formerly known as Plastic Packaging, Inc.) are not eligible to earn Retirement Contributions under Section 5.4. This applies to all employees of Sonoco Hickory, Inc., even those who transferred from positions in which they were eligible for Retirement Contributions prior to the effective date of the transfer.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Special Eligibility Provision:** Employees who were first employed by the Company as part of the acquisition of the Peninsula Packaging Company described in the "AGREEMENT AND PLAN OF MERGER Dated as of February 15, 2017, by and

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among Sonoco Plastics, Inc., as the Acquiror, Sequoia 2017, Inc., as Merger Sub, Sonoco Products Company, solely for purposes of Section 13.17 as Parent Guarantor, and Packaging Holdings, Inc., as the Company, and Odyssey Investment Partners, LLC, as the Holder Representative" will not be eligible to participate in the Plan until January 1, 2018, and are not eligible to earn Retirement Contributions under Section 5.4.

The acquired company is known as the Peninsula Packaging Company. Employees who are employed by the Peninsula Packaging Company are not eligible to earn Retirement Contributions under Section 5.4. This applies to all employees of the Peninsula Packaging Company, even those who transferred from positions in which they were eligible for Retirement Contributions prior to the effective date of the transfer.

**(e)&nbsp;&nbsp;&nbsp;&nbsp;Special Eligibility Provision:** Employees who were first employed by the Company as part of the acquisition of Clear Lam Packaging, Inc., completed on or about July 24, 2017, will not be eligible to participate in the Plan until January 1, 2018, and are not eligible to earn Retirement Contributions under Section 5.4.

On January 30, 2018, Clear Lam Packaging, Inc. was renamed Sonoco Elk Grove, Inc. Employees who are employed by Sonoco Elk Grove, Inc. (formerly known as Clear Lam Packaging, Inc.) are not eligible to earn Retirement Contributions under Section 5.4. This applies to all employees of Sonoco Elk Grove, Inc., even those who transferred from positions in which they were eligible for Retirement Contributions prior to the effective date of the transfer.

**(f)&nbsp;&nbsp;&nbsp;&nbsp;Special Eligibility Provision:** Employees who were first employed by the Company as part of the acquisition described in the "PURCHASE AGREEMENT dated as of March 21, 2018 by and among SONOCO PLASTICS, INC., as Purchaser, HIGHLAND PACKAGING SOLUTIONS, INC., as the Company, each of the Holders identified on the signature pages hereto, as the Holders, JOHN D. DURHAM, As Holders' Representative, and SONOCO PRODUCT COMPANY as the Parent Guarantor" will be eligible to participate in the Plan beginning on January 1, 2019 and will be eligible to earn Retirement Contributions under Section 5.4 starting on the same date.

**(g)&nbsp;&nbsp;&nbsp;&nbsp;Special Eligibility Provision:** US-based employees who became employed by the Company as part of the acquisition described in the "SHARE PURCHASE AGREEMENT dated as of May 28, 2018 by and among SONOCO INTERNATIONAL (BVI), INC., as Acquiror, CONITEX SONOCO (BVI), LTD., as the Company, and TEXPACK INVESTMENTS, INC. as the Seller will be eligible to participate in the Plan beginning on January 1, 2019 and will be eligible to earn Retirement Contributions under Section 5.4 starting on the same date. Employees described above who are not based in the US are not eligible to participate in the Plan.

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**(h)&nbsp;&nbsp;&nbsp;&nbsp;Special Eligibility Provision:** Employees who were first employed by the Company as part of the acquisition described in the "STOCK PURCHASE AGREEMENT by and among NORDIC PACKAGING AND CONTAINER INTERNATIONAL, INC., CORENSO HOLDINGS AMERICA INC. and SONOCO PRODUCTS COMPANY, May 17, 2019" will be eligible to participate in the Plan beginning on January 1, 2020, and nonunion members of the group will be eligible to earn Retirement Contributions under Section 5.4 starting on the same date. Provisions applicable to union employees are found in Appendix B.

**(i)&nbsp;&nbsp;&nbsp;&nbsp;Special Eligibility Provision:** Employees of Sonoco Metal Packaging, LLC, will be eligible to participate in the Plan beginning on January 1, 2023. The 30 day of service eligibility provision will not apply to employees who were actively participating in the BMP Plan on December 31, 2022. Provisions applicable to union employees are found in Appendix B.

**(j)&nbsp;&nbsp;&nbsp;&nbsp;Special Eligibility Provision:** Employees of RTS Packaging, LLC, will be eligible to participate in the Plan beginning on September 8, 2023. The 30 day of service eligibility provision will not apply to employees who were actively participating in the RTS Packaging, LLC 401(k) Retirement Savings Plan on September 7, 2023. Provisions applicable to union employees are found in Appendix B.

**(k)&nbsp;&nbsp;&nbsp;&nbsp;Special Eligibility Provision:** Employees who were first employed by the Company as part of the asset acquisition of Chattanooga Paper Mill on September 8, 2023 will not have the 30 day of service eligibility provision apply to them and, instead, will be eligible to participate in the Plan immediately.

**4.2 Enrollment**

Subject to section 5.7(b) (regarding automatic enrollment) and except as otherwise set out in section 4.1(i), (j) or (k), an Eligible Employee who is entitled to become a Participant under section 4.1(a) may enroll in the Plan—and make Before-Tax Contributions under section 5.1(a), Roth Contributions under section 5.1(b), and After-Tax Contributions under section 5.2, as of the first day of the month next following his or her satisfaction of the eligibility requirements described in section 4.1(a), or as of the first day of any subsequent payroll period, by completing a Pay Reduction Agreement under section 5.7.

**4.3 Transfers of Employment**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;General Rules.** This section 4.3(a) describes how employment transfers affect eligibility for Plan benefits other than Retirement Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**Transfer into Position as Eligible Employee.** When an Employee transfers from a position of employment in which he or she is not an Eligible Employee with respect to Plan benefits other than Retirement Contributions (as defined in section 2.17(a)) into a position of employment where he or she is such an Eligible Employee, the Eligible Employee shall be eligible to become a Participant with respect to Plan benefits other than Retirement Contributions—

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;immediately as of the transfer date if he or she had satisfied the service requirement described in section 4.1(a)(1) as of such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;as of the date determined under section 4.1(a) if he or she had not met the service requirement described in section 4.1(a)(1) as of the transfer date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**Transfer into Position as Ineligible Employee.** If an Employee who is an Eligible Employee with respect to Plan benefits other than Retirement Contributions (as defined in section 2.17(a)) transfers into a position of employment in which he or she is no longer such an Eligible Employee, such Employee shall not be entitled to—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;make any Before-Tax Contributions under section 5.1(a), Roth Contributions under section 5.1(b), or After-Tax Contributions under section 5.2, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;receive any Matching contributions under section 5.3 or Collectively-Bargained Nonelective Employer Contributions under section 5.5,

with respect to Compensation earned after the date of transfer.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Impact of Employment Transfers on Eligibility for Retirement Contributions.** This section 4.3(b) describes how employment transfers affect eligibility for Retirement Contributions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**Transfer into Position as Eligible Employee.** Except as otherwise provided in this section 4.3(b)(1), when an Employee transfers from a position of employment in which he or she is not an Eligible Employee with respect to Retirement Contributions (as defined in section 2.17(b)) into a position of employment where he or she is such an Eligible Employee, the Employee shall become a Participant with respect to Retirement Contributions as set forth in Appendix C.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**Transfer into Position as Ineligible Employee.** If an Employee who is an Eligible Employee with respect to Retirement Contributions (as defined in section 2.17(b)) transfers into a position of employment in which he or she is no longer such an Eligible Employee, such Employee shall not be entitled to any Retirement Contributions under section 5.4 with respect to Compensation earned after the date of transfer.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Transfer of Plan Accounts.** If a Member transfers to a position of employment with a nonparticipating Affiliate that maintains a qualified retirement plan under Code section 401(a) that will accept a transfer of the Participant's Account from this Plan, the Council may, in its sole discretion, direct the Trustee to transfer such Member's Account to this other plan. The Trustee will execute the transfer as soon as practicable after receiving appropriate directions from the Council.

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**4.4 Participation upon Reemployment**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;General Rule.** This section 4.4(a) describes when a former Employee who is reemployed by an Employer can become a Participant with respect to Plan benefits other than Retirement Contributions upon reemployment. If such former Employee is reemployed as an Eligible Employee with respect to Plan benefits other than Retirement Contributions (as defined in section 2.17(a)), he or she shall be eligible to become a Participant with respect to such benefits—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;immediately upon reemployment if he or she had satisfied the service requirement described in section 4.1(a)(1) as of such date; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;in all other cases, as of the date determined under section 4.1(a), assuming such individual is treated as a new Employee under this Plan at the time of his or her reemployment.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Impact of Reemployment on Eligibility for Retirement Contributions.** This section 4.4(b) describes when a former Employee who is reemployed by an Employer can become a Participant with respect to Retirement Contributions. If such former Employee is reemployed as an Eligible Employee with respect to Retirement Contributions (as defined in section 2.17(b)), he or she will become a Participant with respect to Retirement Contributions if he meets the eligibility requirements for Retirement Contributions under Appendix C.

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**Article 5. Contributions and Allocations**

**5.1 Before-Tax Contributions**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Election by Participant.** Each Eligible Employee who has met the participation requirements described in section 4.1(a) may elect to have his or her Compensation reduced under a Pay Reduction Agreement described in section 5.7, and to have this amount contributed on his or her behalf as a Before-Tax Contribution to the Plan. Subject to the limits described in sections 5.8(a) and 5.9 (and Appendix A or Appendix B, if applicable), this reduction for Before-Tax Contributions shall be a specified whole percentage of Compensation. Notwithstanding the above, in the interests of managing nondiscrimination test results under section 5.8(b) for any Plan Year, the Council may, in its sole and absolute discretion, impose more restrictive limits on the percentage of Compensation that may be contributed as Before-Tax Contributions by Participants who are Highly Compensated Employees.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Roth Contributions.** Each Eligible Employee who has met the participation requirements described in section 4.1(a) may elect to designate all or a part of his or her Before-Tax Contributions as Roth Contributions. Such designation shall be prospective only and shall be made at the time and in the manner specified by the Council. Any election by a Participant to designate all or part of his or her Before-Tax Contributions as Roth Contributions shall remain in force until modified by the Participant or until the Participant ceases to be eligible to participate in the Plan.

Amounts designated as Roth Contributions shall be included in the Participant's taxable income in the year of contribution, but unless otherwise noted, these Roth Contributions shall be treated as Before-Tax Contributions for all other purposes under this Plan.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Catch-Up Contributions.** Each Eligible Employee who has met the participation requirements described in section 4.1(a), and who has attained age 50 before the end of the Plan Year but is not age 60, 61, 62 or 63 by the end of the Plan Year, shall be eligible to make a separate election of catch-up contributions in accordance with, and subject to the limitations of, Code section 414(v). However, an Eligible Employee who is age 60, 61, 62 or 63 by the end of the Plan Year shall be eligible for a greater catch-up as set forth in Code section 414(v)(E). Such catch-up contributions shall not be taken into account for purposes of the Plan provisions implementing the required limitations of Code sections 402(g) and 415. In addition, the Plan shall not be treated as failing to satisfy the provisions of the Plan implementing the requirements of Code section 401(k)(3), 401(k)(11), 401(k)(12), 410(b), or 416, as applicable, by reason of making such catch-up contributions. Beginning January 2026, an Eligible Employee who earned from the Employers, collectively, FICA compensation over the limit set forth in Code section 414(v)(7)(A) (as adjusted in Code section 414(v)(7)(E)) in the prior year and elects to make catch-up contributions must make such catch-up contributions in the form of Roth Contributions and such Eligible Employee will be deemed to have elected for their

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catch-up contributions to be in the form of Roth Contributions, unless such Eligible Employee changes their catch-up contribution to zero or lowers the amount of their overall deferral election so that no catch-up contributions that would be subject to the deemed Roth election are contributed to the plan as Roth contributions.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Payment to Trust Fund.** The Employer shall contribute to the Trust Fund the Before-Tax Contributions and Roth Contributions elected by its Eligible Employees for each payroll period. These contributions shall be made as soon as practicable after the payroll period, provided that in no event shall contributions under this section for any Plan Year be made later than—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the date prescribed by law for the Employer to obtain a federal income tax deduction for the Plan Year for which the contributions are made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the date required under ERISA, if earlier.

Contributions under section 5.1(a) shall be allocated to the Participant's Before-Tax Contributions Account, contributions under section 5.1(b) shall be allocated to the Participant's Roth Contributions Account and contributions under section 5.1(c) will be allocated to the appropriate account as set forth in section 5.1(c).

**5.2 After-Tax Contributions**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Election by Participant.** Each Eligible Employee who has met the participation requirements described in section 4.1(a) may elect to make After-Tax Contributions for each payroll period in an amount specified by the Participant under a Pay Reduction Agreement described in section 5.7. This reduction for After-Tax Contributions shall be a whole percentage of Compensation (subject to the limits of section 5.9 and Appendix A or Appendix B, if applicable). Notwithstanding the above, in the interests of managing nondiscrimination test results under section 5.8(c) for any Plan Year, the Council may, in its sole and absolute discretion, impose more restrictive limits on the percentage of Compensation that may be contributed as After-Tax Contributions by Participants who are Highly Compensated Employees.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Payments to the Trust Fund.** After-Tax Contributions under this section 5.2 shall be paid to the Trust Fund as soon as practicable after the payroll period, and in no event after the date required by ERISA. Contributions under this section shall be allocated to the Participant's After-Tax Contributions Account.

**5.3 Matching Contributions**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Regular Matching Contributions.** Except as provided in Appendix A and Appendix B, each Employer shall make Matching Contributions on behalf of each of its Participants for each payroll period in an amount equal to 100 percent of the first 6 percent of Compensation contributed on behalf of the Participants for each payroll period (but only with respect to Before-Tax Contributions under section 5.1(a), Roth Contributions under section 5.1(b), or Catch-Up Contributions under section 5.1(c)).

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**(b)&nbsp;&nbsp;&nbsp;&nbsp;True-Up Matching Contributions.** Except as provided in Appendix A and Appendix B, for each Plan Year, the Employer shall provide to each Participant an additional "true-up" Matching Contribution equal to the difference (if any) between—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the Matching Contribution to which the Participant would have been entitled under section 5.3(a) considering the amount of the Participant's Before-Tax Contributions, Roth Contributions, and Catch-Up Contributions for the entire Plan Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the Matching Contribution made throughout such Plan Year on a pay period by pay period basis.

This "true- up" Matching Contribution shall be made as soon as administratively feasible following the end of each Plan Year (to be allocated to such Participant's Account as of the last day of such prior Plan Year). True-up Matching Contributions will be invested pursuant to the investment elections that are current at the time such contributions are made. In no event will adjustments to the "true-up" Matching Contributions be made to reflect any changes in investment performance which occur prior to the date such contributions are actually made.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Payments to the Trust Fund.** Matching Contributions under this section 5.3 shall be paid to the Trust Fund at such time or times as the Employer may determine, but not later than—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the date prescribed by law for the Employer to obtain a federal income tax deduction for the Plan Year for which the contributions are made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the date required under ERISA, if earlier.

Contributions under this section shall be allocated to the Participant's Matching Contributions Account.

**5.4 Retirement Contributions**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Eligibility.** No Employees shall be eligible to receive Retirement Contributions unless specifically provided for by a collective bargaining agreement and memorialized in Appendix C of the Plan. Employees with Retirement Contributions specifically provided for Appendix C are not required to be actively employed on the last day of the Plan Year in order to be eligible to receive Retirement Contributions.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Amount.** For each Plan Year, an Employer shall make Retirement Contributions to the Account of each of its Participants who meets the eligibility requirements described in section 5.4(a) equal to the sum of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;4 percent of such Participant's eligible Compensation for the Plan Year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;4 percent of such Participant's eligible Compensation for the Plan Year in excess of the Social Security Wage Base.

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However, notwithstanding the above, only Compensation earned after an Eligible Employee has become a Participant (as determined under section 4.1(b)) shall be considered in determining the amount of Retirement Contributions under this section 5.4(b).

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Payment to Trust Fund.** Retirement Contributions under this section 5.4 shall be paid to the Trust Fund at such time or times as the Employers may determine, but not later than—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the date prescribed by law for the Employer to obtain a federal income tax deduction for the Plan Year for which the contributions are made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the date required under ERISA, if earlier.

Contributions under this section shall be allocated to the Participant's Retirement Contributions Account.

**5.5 Collectively-Bargained Nonelective Employer Contributions**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Eligibility.** A collectively-bargained Employee who qualifies as an Eligible Employee under section 2.17(d)(1) shall be entitled to Collectively-Bargained Nonelective Employer Contributions for the Plan Year if he or she—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;qualifies as a Participant for such Plan Year under section 4.1(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;is covered by a collective-bargaining agreement that provides for such contributions, as described in Appendix B; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;satisfies the additional eligibility requirements that apply to such contributions (if any), as described in Appendix B.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Amount.** For each Plan Year, an Employer shall make Collectively-Bargained Nonelective Employer Contributions to the Account of each of its Participants who meet the eligibility requirements described in section 5.5(a) equal to the amount determined under Appendix B.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Payment to Trust Fund.** Collectively-Bargained Nonelective Employer Contributions under this section 5.5 shall be paid to the Trust Fund at such time or times as the Employers may determine, but not later than—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the date prescribed by law for the Employer to obtain a federal income tax deduction for the Plan Year for which the contributions are made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the date required under ERISA, if earlier.

Contributions under this section shall be allocated to the Participant's Collectively-Bargained Nonelective Employer Contributions Account.

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**5.6 Rollover Contributions**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;General Rule.** This section 5.6(a) applies to the rollover of eligible distributions other than Roth rollovers. In accordance with procedures established by the Council, an Eligible Employee may contribute cash amounts attributable to eligible rollover distributions from:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;a qualified plan described in Code section 401(a) or 403(a), including the direct rollover of after-tax employee contributions made to such plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;an annuity contract described in Code section 403(b); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;an eligible plan under Code section 457 that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state.

An Eligible Employee may also contribute cash distributions from an individual retirement account or annuity described in Code section 408(a) or (b) that are eligible to be rolled over and would otherwise be includible in gross income.

The Council may, in its sole and absolute discretion, direct the return of rollover contributions to an Eligible Employee if the Council determines that such return is necessary to insure the continued qualification of the Plan under Code section 401(a).

Rollover contributions shall be credited to the Eligible Employee's Rollover Contributions Account, except that a rollover of after-tax employee contributions shall be credited to the Eligible Employee's After-Tax Rollover Contributions Account.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Roth Rollover Contributions.** In accordance with procedures established by the Council, an Eligible Employee may contribute a qualified Roth rollover to the Plan including—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;a direct transfer from a designated Roth account under another qualified plan described in Code section 401(a); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;an indirect transfer of the portion of a distribution from a designated Roth account under another applicable retirement plan that would have been includible in the Eligible Employee's gross income if not for the rollover.

Amounts contributed to the Plan pursuant to this section 5.6(b) shall be credited to the Eligible Employee's Roth Rollover Contributions Account.

**5.7 Pay Reduction Agreements**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;General Rule.** Except as provided in section 5.7(b), an Eligible Employee who has satisfied the requirements to become a Participant under section 4.1(a) can make Before-Tax Contributions under section 5.1(a), Roth Contributions under section 5.1(b), catch-up contributions under section 5.1(c), and After-Tax Contributions

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under section 5.2 only by filing with the Council a Pay Reduction Agreement in a manner specified by the Council. Under this Pay Reduction Agreement, the Eligible Employee's Compensation may be reduced on a before-tax and/or after-tax basis (as specified by the Eligible Employee) within the limits specified under section 5.1 or section 5.2 (as applicable), and the Employer shall agree to contribute these withheld amounts to the Plan on the Eligible Employee's behalf in accordance with section 5.1 or section 5.2 (as applicable).

The Pay Reduction Agreement shall be filed with the Council at a time specified by the Council before the date on which it is to take effect. A Participant's Pay Reduction Agreement shall remain in effect until canceled or amended.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Automatic Enrollment for Newly Eligible Employees.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**General Rule.** Except as provided in Appendix A or Appendix B, an Eligible Employee shall be treated as having filed a Pay Reduction Agreement authorizing Before-Tax Contributions equal to six percent of Compensation, commencing as of the first day of the month next following his or her satisfaction of the eligibility requirements described in section 4.1(a) unless such Eligible Employee affirmatively elects in advance of such date to contribute at a different percentage, to contribute on a Roth or after-tax basis, or to decline participation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**Notice.** The Council shall provide Eligible Employees with notice of the automatic contribution feature at least 30 days in advance of the first payroll deduction under section 5.7(b)(1).

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Suspension of Contributions.** A Pay Reduction Agreement may be canceled by a Participant at any time during the Plan Year by giving notice to the Council at a time and in a manner specified by the Council. This notice shall be effective, and the Pay Reduction Agreement shall be cancelled, as soon as administratively practicable following the receipt of such notice by the Council. Any Participant who elects to suspend contributions pursuant to this section 5.7(c) shall be eligible to resume contributions as of any later date by filing with the Council a new Pay Reduction Agreement, which shall be effective as soon as administratively practicable following its receipt by the Council.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Change in Contributions.** A Pay Reduction Agreement may be amended by a Participant to increase or decrease the percentage amount of the Participant's Before-Tax Contributions, Roth Contributions, or After-Tax Contributions by giving notice to the Council at a time and in a manner specified by the Council. This notice shall be effective as soon as administratively practicable following the receipt of such notice by the Council.

Each Participant's Pay Reduction Agreement shall be increased, effective July 1 of each year, by 1% of Compensation, up to a maximum of 10% of Compensation. This

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applies to pre-tax and Roth contributions but not to after-tax contributions. If the Participant is contributing both pre-tax and Roth contributions, the combined deferral percentage shall be used to determine whether the Eligible Employee is contributing 10% to the Plan and the 1% increase shall be applied to the pre-tax contribution percentage. Eligible Employees may elect to change or cancel the increase.

**5.8 Limitations on Contributions**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Limit on Before-Tax Contributions.** No Employer shall make Before-Tax Contributions (which, for this purpose, shall also include Roth Contributions) for any calendar year for any Member which, when aggregated with any previous deferrals by the Member pursuant to any other cash or deferred arrangement maintained by the Company or an Affiliate under Code section 401(k), are in excess of the limit set forth under Code section 402(g). To the extent that any Before-Tax Contributions are made in contravention of the preceding sentence, such excess amounts (plus earnings or minus losses, determined in the manner described below), shall be refunded to the Member as soon as administratively practicable after the end of the Plan Year, but no later than April 15 of the Plan Year following the Plan Year in which the excess deferrals occurred.

In addition, if the limitation in Code section 402(g) would be exceeded by the total of the Member's Before-Tax Contributions under this Plan and deferrals for the same calendar year made under any other cash or deferred arrangement maintained by an employer other than an Affiliate, if timely requested by the Member, the excess amount designated by the Member (or by the Employer on the Member's behalf) shall be refunded to the Member no later than April 15 following such calendar year. The amount of excess deferrals refunded by the Plan shall not exceed the Member's Before-Tax Contributions for the calendar year.

Refunds of excess deferrals under this section 5.8(a) shall be taken first from the Member's Roth Contributions Account, and then from the Member's Before-Tax Contributions Account (but only to the extent that the excess deferrals for such Plan Year exceed the amount of the Member's Roth Contributions for such Plan Year).

Any refund required under this section 5.8(a) shall be adjusted for attributable earnings and losses, as determined under section 6.5, up to the end of the Plan Year for which the deferrals were made (and there shall be no adjustment for earnings and losses for any period after the end of the Plan Year for which the deferrals were made).

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Actual Deferral Percentage Test.** The actual deferral percentage for each Plan Year of the group of Highly Compensated Employees eligible to participate in the Plan shall not exceed the greater of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;one and one-quarter times the actual deferral percentage of the group of Nonhighly Compensated Employees for such Plan Year; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the lesser of (A) two times the actual deferral percentage of the group of Nonhighly Compensated Employees for such Plan Year or (B) two percentage points plus the actual deferral percentage of the group of Nonhighly Compensated Employees for such Plan Year.

The actual deferral percentage of each group of Eligible Employees for any Plan Year shall be the average of the ratios (calculated separately for each Eligible Employee in each group) of (i) the Before-Tax Contributions and Roth Contributions made on behalf of each Eligible Employee for such Plan Year to (ii) such Eligible Employee's Compensation for the Plan Year. In the discretion of the Council, the Compensation used for this purpose may be limited to Compensation for the portion of the Plan Year during which the Eligible Employee satisfied the eligibility requirements of section 4.1(a), provided that this alternative is applied uniformly to all Eligible Employees for the Plan Year. Before-Tax Contributions and Roth Contributions shall be taken into account for purposes of this test only if they are allocated to the Eligible Employee's Account as of a date within the Plan Year and are paid to the Trust Fund within 12 months after the end of the Plan Year.

To the extent necessary to conform to the limitation of this section 5.8(b), the Council shall reduce Before-Tax Contributions and Roth Contributions made on behalf of the Highly Compensated Employees consistent with regulations issued under Code section 401(k). Such reduction shall be effected by reducing contributions made on behalf of Highly Compensated Employees in the order of the dollar amount of such contributions, beginning with the Highly Compensated Employees who elected the largest dollar amount of such contributions.

Excess contributions determined under this section 5.8(b) shall be refunded to the Member with the income thereon and without regard to any other provision in the Plan. Refunds of excess contributions under this section 5.8(b) shall be taken first from the Member's Roth Contributions Account, and then from the Member's Before-Tax Contributions Account (but only to the extent that the excess contributions for the Plan Year exceed the amount of the Member's Roth Contributions for such Plan Year).

The income that is refunded under this section 5.8(b) shall be calculated in accordance with section 6.5 and applicable Treasury regulations or other regulatory guidance. However, a refund under this section shall not include income attributable to any period after the end of the Plan Year for which the contributions were made.

A refund shall occur within the first two and one-half months after such Plan Year, or as soon as practicable thereafter, but in no event later than 12 months after the end of the Plan Year. A refund of excess contributions under this section 5.8(b) shall be coordinated with any refund required under section 5.8(a). Any Matching Contributions made with respect to Before-Tax Contributions, Roth Contributions, or Catch-Up Contributions under section 5.1(c) that are refunded pursuant to this section 5.8(b) shall be treated as a forfeiture (and shall be used to reduce future

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Matching Contributions due under section 5.3 from the Employer of the affected Member).

Effective for contributions made to the Plan on and after January 1, 2022, the plan has been amended to provide safe harbor matching contributions to the nonunion portion of the Plan. No actual deferral percentage test shall be required for the nonunion portion of the Plan beginning with the 2022 Plan Year.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Actual Contribution Percentage Test.** The actual contribution percentage for each Plan Year of the group of Highly Compensated Employees eligible to participate in the Plan shall not exceed the greater of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;one and one-quarter times the actual contribution percentage of the group of Nonhighly Compensated Employees for such Plan Year; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the lesser of (A) two times the actual contribution percentage of the group of Nonhighly Compensated Employees for such Plan Year or (B) two percentage points plus the actual contribution percentage of the group of Nonhighly Compensated Employees for such Plan Year.

The actual contribution percentage of each group of Eligible Employees for any Plan Year shall be the average of the ratios (calculated separately for each Eligible Employee in each group) of (i) the After-Tax and Matching Contributions made on behalf of each Eligible Employee for such Plan Year to (ii) the Eligible Employee's Compensation for the Plan Year. In the discretion of the Council, the Compensation used for this purpose may be limited to Compensation for the portion of the Plan Year during which the Employee satisfied the participation requirements of section 4.1(a), provided that this alternative is applied uniformly to all Eligible Employees for the Plan Year. After-Tax and Matching Contributions shall be taken into account for purposes of this test only if they are allocated to the Eligible Employee's Account as of a date within the Plan Year, are paid to the Trust Fund within 12 months after the end of the Plan Year, and (regarding Matching Contributions only) are made on account of the Eligible Employee's Before-Tax Contributions (or Roth Contributions) for the Plan Year.

To the extent necessary to conform to the limitation described in this section 5.8(c), the Council shall reduce After-Tax and Matching Contributions made on behalf of the Highly Compensated Employees in a manner similar to the method described in section 5.8(b). Any After-Tax and Matching Contributions so reduced (including allocable income) shall be refunded to the Member. The income on After-Tax and Matching Contributions that are refunded under this section 5.8(c) shall be calculated in accordance with section 6.5 and applicable Treasury regulations or other regulatory guidance. However, a refund under this section shall not include income attributable to any period after the Plan Year for which the contributions were made.

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Any refund made pursuant to this section 5.8(c) shall be paid without regard to any other provision in the Plan. Each refund shall occur within the first two and one-half months after the Plan Year, or as soon as practicable after that date, but in no event later than 12 months after the end of the Plan Year. Any refund of After-Tax and Matching Contributions shall be coordinated with any forfeiture required under section 5.8(b) and shall not discriminate in favor of those Highly Compensated Employees receiving such distributions.

Effective for contributions made to the Plan on and after January 1, 2022, the plan has been amended to provide safe harbor matching contributions to the nonunion portion of the Plan. No actual contribution percentage test shall be required for the nonunion portion of the Plan beginning with the 2022 Plan Year.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Special Testing Provisions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of section 5.8(b), the actual deferral percentage of a Highly Compensated Employee who is eligible for Before-Tax Contributions or Roth Contributions under two or more plans described in Code section 401(k) that are maintained by the Company or an Affiliate shall be determined as if all such contributions were made under a single Plan, except as otherwise provided in regulations under Code section 401(k).

For purposes of section 5.8(c), the actual contribution percentage of a Highly Compensated Employee who is eligible to participate in two or more plans providing for After-Tax or Matching Contributions (within the meaning of Code section 401(m)) that are maintained by the Company or an Affiliate shall be determined as if all these contributions are made under a single plan, except as otherwise provided in regulations under Code section 401(m).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this section 5.8, the actual deferral percentages and actual contribution percentages shall be determined by considering all applicable contributions made under any other plans that are aggregated with this Plan for purposes of Code sections 401(a)(4) and 410(b). If other plans are permissively aggregated with this Plan for purposes of Code section 401(k) or 401(m), the aggregated plans must satisfy Code sections 401(a)(4) and 410(b) as if they constituted a single plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;In the discretion of the Council, the actual contribution percentage for a Participant may be determined by taking into account all or part of his or her Before-Tax Contributions and Roth Contributions, provided that the requirements in applicable Treasury regulations are satisfied.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;In addition to the foregoing, if the Council determines during the course of the Plan Year that the actual deferral percentage test in section 5.8(b) or the actual contribution percentage test in section 5.8(c) might not be met for the Plan Year, the Council may reduce, at any time, the maximum percentage of Compensation

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at which Highly Compensated Employees may elect Before-Tax Contributions, Roth Contributions, and/or After-Tax Contributions to the percentage deemed necessary to satisfy the appropriate test for the Plan Year. Any such limitation shall be treated as an employer-provided limit with respect to these Highly Compensated Employees for purposes of electing catch-up contributions pursuant to section 5.1(c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;The portion of the Plan that benefits Eligible Employees who are included in collective bargaining units shall be tested separately from the portion of the Plan that benefits Eligible Employees who are not covered by collective bargaining units. In addition, when testing the portion of the Plan that benefits Eligible Employees who are members of collective bargaining units, (A) this portion of the Plan shall not be subject to the average contribution percentage test described in section 5.8(c) and (B) the Council may test each bargaining unit separately under section 5.8(b) or may combine two or more bargaining units into a single test (provided that any such combinations are reasonable and reasonably consistent from year to year).

**5.9 Limitation on Annual Additions**

(a)&nbsp;&nbsp;&nbsp;&nbsp;**General Limitation.** Notwithstanding any other provision of this Article 4, the Annual Additions (as defined in section 5.9(c)) with respect to a Member for a Plan Year shall not exceed the lesser of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;$72,000 as of 2026, or any higher annual amount permitted under Code section 415(d); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;100 percent of the Member's Compensation for the Plan Year.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Reduction in Annual Additions.** If in any Plan Year a Member's Annual Additions exceed the limitation determined under section 5.9(a), such excess shall not be allocated to the Member's accounts in any other defined contribution plan. Instead, the excess shall be taken first from the Member's subaccounts under this Plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;to the extent allowed by regulations, the Member's After-Tax Contributions, or any part thereof, shall be refunded to the Member, along with any earnings attributable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;to the extent allowed by regulations, the Member's Before-Tax Contributions, or any part thereof, shall be refunded to the Member, along with any earnings attributable thereto;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;to the extent allowed by regulations, the Member's Roth Contributions, or any part thereof, shall be refunded to the Member, along with any earnings attributable thereto; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;the Matching Contributions that would have been allocated to the Member's Account but for this section 5.9 shall be placed in a suspense account.

Any amount held in a suspense account shall be used to reduce contributions by the Employer for the next Plan Year. Such suspense account shall share in the gains and losses of the Trust Fund on the same basis as other Accounts.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Annual Additions.** For purposes of this section, Annual Additions mean the sum, credited to a Member's Account under this Plan and the Member's accounts under all other qualified defined contribution plans maintained by the Company or an Affiliate, of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Company and Affiliate contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;forfeitures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;Employee contributions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;amounts allocated to an individual medical account (as defined in Code section 415(l)) that is part of a defined benefit plan maintained by the Company or an Affiliate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;amounts (derived from contributions paid after December 31, 1985, in taxable years ending after that date) attributable to post-retirement medical benefits allocated to the separate account of a key employee (as defined in Code section 419A(d)(3)) under a welfare benefit fund (as defined in Code section 419(e)) maintained by the Company or an Affiliate.

However, any amount described in section 5.9(c)(4) or (5) shall not be counted as an Annual Addition in applying the rule in Code section 415(c)(1)(B) and section 5.9(a)(2) of the Plan (limiting Annual Additions to 100 percent of Compensation). In addition, restored forfeitures shall not be treated as Annual Additions.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Definition of Affiliate.** In applying the limitations on contributions under this section, an employer shall be treated as an Affiliate of the Company if, in determining common control under Code section 414(b) and (c), the phrase "more than 50 percent" were substituted for the phrase "at least 80 percent" each place the latter appears in Code section 1563 and in the regulations under Code section 414(c).

**(e)&nbsp;&nbsp;&nbsp;&nbsp;IRS Regulations.** This section 5.9 shall be interpreted and applied consistently with the final regulations under Code section 415 that were adopted by the Internal Revenue Service on April 5, 2007 (and all subsequent modifications to such regulations). These regulations are hereby incorporated by reference.

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**Article 6. Investment Funds**

**6.1 Investment of Contributions**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Election of Investments.** Each Participant shall elect to direct the investment of all Plan contributions made on his or her behalf into any one or more of the Funds in increments of 1 percent (except that the amount directed into the Sonoco Stock Fund may not exceed 50 percent of such contributions). The Participant shall make this election upon becoming a Participant by giving notice in a manner specified by the Council.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Default Election.** In the event that a Participant fails to make the election described in section 6.1(a) upon first becoming a Participant, his or her Account shall be invested in the Target Date Retirement Fund applicable to the Participant (or similar Fund selected by the Council in its sole discretion). The Fund designated by the Council under this section 6.1(b) is intended to be a qualified default investment arrangement under ERISA section 404(c)(5) (and related regulations). As such, the Council shall provide a notice to Participants describing—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the circumstances under which contributions will be invested in the default Fund selected by the Council under this section 6.1(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the investment objectives, risk and return characteristics, and fees and expenses related to the default Fund selected by the Council under this section 6.1(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;the right of Participants to self-direct the investment of their contributions into the other Funds; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;where Participants can obtain explanations of the other Funds.

This notice shall be provided to each Participant at least 30 days in advance of the date of the first investment that is made on the Participant's under this section 6.1(b) and at least 30 days in advance of each subsequent Plan Year.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Changes in Elections.** Each Participant may change his or her investment election for future contributions at any time (in 1 percent increments) by giving notice of such change to the Council at a time and in a manner specified by the Council (subject to the limitation described in section 6.1(a) that no more than 50 percent of future contributions may be directed into the Sonoco Stock Fund). This change shall be effective as soon as administratively practicable following the receipt of such notice.

**6.2 Investment Transfers**

Each Member may elect to transfer the assets in any Fund to any one or more of the other Funds in 1 percent increments at any time by giving notice of such transfer to the Council at a time and in a manner specified by the Council. This transfer shall be effective as soon as administratively practicable following the receipt of such notice.

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**6.3 Sonoco Stock Fund**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Dividends.** Each Member (or Beneficiary) who has a portion of his or her Account invested in Company Stock under the Sonoco Stock Fund may elect to have any cash dividends attributable to such investments—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;retained in the Sonoco Stock Fund and reinvested in Company Stock;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;paid directly in cash to such Member (or Beneficiary); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;paid to the Trustee and distributed by the Trustee in cash to such Member (or Beneficiary) no later than 90 days after the end of the Plan Year in which such dividends are paid to the Trustee.

Any election by a Member or Beneficiary under this section 6.3(a) shall be made at a time and manner prescribed by the Council, but any procedures prescribed by the Council shall meet regulatory guidance issued under Code section 404(k) and provide each Member and Beneficiary a reasonable opportunity to (A) make an election before a dividend is paid or distributed to the Member or Beneficiary and (B) change his or her election at least annually. Any dividends that are reinvested in Company Stock shall be 100% vested at all times.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Voting Rights.** Each Member and Beneficiary may, on all matters, direct the Trustee how to vote shares of Company Stock under the Sonoco Stock Fund that are allocated to his or her Account. Full shares of Company Stock shall be voted by the Trustee in accordance with any such directions. Fractional shares shall be combined and voted by the Trustee in a manner that reasonably reflects the voting directions of the Members and Beneficiaries whose Accounts are credited with such fractional shares. The Trustee shall vote all shares of Company Stock for which it does not receive timely voting directions in the same proportion as those shares for which timely voting directions were received.

For voting purposes, each Member and Beneficiary shall be a named fiduciary with respect to the Company Stock that is allocated to his or her Account. Voting directions from Members and Beneficiaries shall be made at a time and in a manner prescribed by the Council, and any procedures established by the Council for this purpose shall require the Trustee to hold voting directions from Members and Beneficiaries in strict confidence. The Council shall provide the Trustee and each Member and Beneficiary with proxy materials and other information that is identical to that provided to other shareholders.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Tender Offers.** In the event of a tender offer to acquire Company Stock, the Trustee will provide to each Member and Beneficiary who has a portion of their Accounts invested in the Sonoco Stock Fund with—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;information and material related to such offer; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;a form on which each such Member and Beneficiary can confidentially instruct the Trustee whether to tender the Company Stock allocated to his or her Account.

For Company Stock allocated to Accounts for which no timely tender instructions are received by Members or Beneficiaries, the Trustee shall act in accordance with the directions given with respect to the majority of the shares of Company Stock for which timely directions were provided to the Trustee by Members and Beneficiaries.

For purposes of any tender offer, each Member and Beneficiary shall be a named fiduciary with respect to the Company Stock that is allocated to his or her Account.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Qualifying Employer Securities**. The Sonoco Stock Fund shall be invested in qualifying employer securities.

**6.4 Plan Expenses**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Investment Fees.** Except to the extent paid by an Employer in its sole discretion, expenses attributable to the management and investment of each of the Funds shall be charged against the respective Fund.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Administrative Expenses.** Except to the extent paid by an Employer in its sole discretion, or except to the extent that fees for specific services (e.g., distributions or investment services) are assessed against the Account of specific Members (as determined by the Council in its sole discretion), all fees paid to the Trustee for trustee services, all fees paid for recordkeeping services performed by the Trustee or by any other third-party service provider, and any other costs or expenses described in section 11.2 shall be paid out of Trust Fund assets and charged against each Member's Account in the same proportion as the Member's Account balance bears to the total balance of all Accounts.

**6.5 Valuation; Allocation of Investment Earnings and Losses**

Following the end of each Valuation Date, the Trustee shall value all assets of the Trust Fund, allocate net gains or losses, and process additions to and withdrawals from Accounts in the following manner:

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**The Trustee shall first compute the fair market value of securities and any other assets comprising each Fund. Each Account shall be adjusted each Valuation Date by applying the closing market price of the Fund on the current Valuation Date to the share/unit balance of the Fund as of the close of business on the current Valuation Date.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**The Trustee shall then account for any request for additions or withdrawals made to or from a specific designated Fund by any Member, including allocations of contributions. In completing the valuation procedure described above, such adjustments in the amount credited to such Accounts shall be made on the Valuation Date to which the investment activity relates. Contributions received by the Trustee pursuant to this Plan shall not be taken into account until the Valuation Date

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coinciding with or next following the date when the contribution was both actually paid to the Trustee and allocated among the Accounts of Members.

It is intended that this section 6.5 shall operate to distribute among each Account in the Trust Fund all income of the Trust Fund and changes in the value of the assets of the Trust Fund.

**6.6 Compliance with ERISA Section 404(c)** 

The Plan is intended to constitute a plan that satisfies the requirements of ERISA section 404(c) and, as such, the Plan fiduciaries shall be relieved of liability for losses that may result from a Member's or Beneficiary's investment instructions. To the extent that any one Fund does not satisfy the requirements of ERISA section 404(c), the protections thereunder shall continue to apply to all other Funds which otherwise satisfy these requirements. The Council shall provide all information and take all other steps they deem necessary and appropriate to comply with the requirements of ERISA section 404(c).

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**Article 7. Vesting**

**7.1 Immediate Vesting in Certain Contributions**

Each Member shall have a fully vested interest at all times in his or her After-Tax Contributions Account, After-Tax Rollover Contributions Account, Before-Tax Contributions Account, Paysop Account, Rollover Contributions Account, Roth Contributions Account, Roth Rollover Contributions Account, Tuscarora Money Purchase Pension Plan Account, PPI 401(k) Account, PPI Profit Sharing Account, Peninsula 401(k) Account, Clear Lam 401(k) Account, Conitex 401(k) Account, Corenso 401(k) Account, TEQ 401(k) Account, and Sebro 401(k) Account

**7.2 Vesting Schedules for Matching Contributions**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;General Rule.** Except as otherwise provided in section 7.2(b), a Member shall have at all times a Vested Percentage in his or her Matching Contributions Account equal to 100 percent.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Vested Percentage in Matching Contributions Account for Certain Union Groups.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**Menasha.** A Member who is covered by the collective bargaining agreement in effect between the Employer and the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied-Industrial and Service Workers International Union, Local 273, covering union Employees at the USPMC - Menasha location will have the Vested Percentage in his or her Matching Contributions Account determined in accordance with the following schedule:

---

| | |
|:---|:---|
| Years of Vesting Service | Vested Percentage |
| Fewer than 3 | 0% |
| 3 or more | 100% |

---

Vesting Service under this section 7.2(b)(1) shall be determined under the elapsed time vesting provisions described in section 3.1.

**7.3Vested Percentage in Retirement Contributions.**

A Member's Vested Percentage in his or her Retirement Contributions Account shall be determined in accordance with the following schedule:

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---

| | |
|:---|:---|
| Years of Vesting Service | Vested Percentage |
| Fewer than 3 | 0% |
| 3 or more | 100% |

---

Vesting Service under this section 7.3 shall be determined under the elapsed time vesting provisions described in section 3.1.

**7.4 Vested Percentage in Collectively-Bargained Nonelective Employer Contributions.** 

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Tegrant Union Employees.** Each Member of the unions listed below shall at all times have a Vested Percentage in his or her Collectively-Bargained Nonelective Employer Contributions Account equal to 100 percent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the International Association of Machinists and Aerospace Workers Union, Local #1546, representing union maintenance Employees at Tegrant Corporation's Hayward, CA location; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the Teamsters Union, IBT Local #853, representing union production Employees at Tegrant Corporation's Hayward, CA location.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Other Eligible Union Groups.** Except as provided in section 7.4(a), a Member who is covered by a collective bargaining agreement that provides for Collectively-Bargained Nonelective Employer Contributions, as specified in Appendix B, shall have the Vested Percentage in his or her Collectively-Bargained Nonelective Employer Contributions Account determined as follows:

---

| | |
|:---|:---|
| Years of Vesting Service | Vested Percentage |
| Fewer than 3 | 0% |
| 3 or more | 100% |

---

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Elapsed Time Vesting Service.** Vesting Service under section 7.4(b) shall be determined under the elapsed time vesting provisions described in section 3.1 for Eligible Employees who are covered by a collective bargaining agreement in effect between the Employer and one of the following unions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied-Industrial and Service Workers International Union, Local 1517, representing union Employees at the Company's USPMC - DePere location; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied-Industrial and Service Workers International Union, Local 273, representing union Employees at the USPMC - Menasha location.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Hours-Based Vesting Service.** Vesting Service under section 7.4(b) shall be determined under the hours-based vesting provisions described in section 3.2 for Eligible Employees who are covered by a collective bargaining agreement in effect between the Employer and one of the following unions:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;the Chicago & Midwest Regional Joint Board Affiliate of Workers United, SEIU, representing union Employees at the Company's Edinburgh location; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the Graphic Communications International Union Local 508M, representing union Employees at the Company's Franklin location.

**7.5 Accelerated Vesting.** 

Notwithstanding section 7.2, 7.3, or 7.4, a Member shall have a Vested Percentage equal to 100 percent if—

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**the Member incurs a Separation from Service (as defined in section 3.1(e)(2)) or reaches a Termination Date (as defined in section 3.2(e)(3)) after attaining age 55;

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**the Member dies after reaching age 55 while performing qualified military service (as defined in Code section 414(u)); or

**(c)&nbsp;&nbsp;&nbsp;&nbsp;**the Member incurs a Separation from Service due to the divesture of the location in which Member is employed (e.g., divestiture of Canton location effective February 15, 2015).

In addition to the other provisions of this Section 7.5, and notwithstanding anything in the Plan to the contrary, effective as of April 1, 2025 ("Ferris Sale Date"), the Accounts of all Members in the Plan who: (i) as of the date immediately prior to the Ferris Sale Date, were members of: (a) Chicago & Midwest Regional Joint Board Affiliate of Workers Unites/SEIU, Edinburgh, Indiana Plant, Sonoco Flexible Packaging, (b) PPPWU, Local 25M of District Council 3 for Sonoco, Franklin Plant of Franklin, Ohio (fka Franklin/Graphic Communications International Union Local 508M); or (c) Teamsters Union Local 777 An Affiliate of the International Brotherhood of Teamsters, plant located at 11610 Copenhagen Court, Franklin Park, IL; (ii) as of the date immediately prior to the Ferris Sale Date, were actively employed by the Company or one of its Affiliates; (iii) as of the close of business immediately prior to the Ferris Sale Date, were involuntarily terminated from the Company or one of its Affiliates; (iv) effective as of the Ferris Sale Date, had unvested benefits in the Plan; and (v) effective as of the Ferris Sale Date, were hired by Toppan Holdings Inc., shall be fully vested regardless of their years of Vesting Service.

**7.6 Forfeitures**

If a Member's Matching Contributions Account, Retirement Contributions Account, and/or Collectively-Bargained Nonelective Employer Contributions Account are not yet fully vested

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upon the Member's Separation from Service, any such nonvested portion shall be forfeited as of the earlier of—

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**the date the Member receives a complete distribution of his or her Vested Balance; or

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**the date on which the Member incurs five consecutive One-Year Periods of Separation (as defined in section 3.1(e)(1)) or five consecutive One-Year Breaks in Service (as defined in section 3.2(e)(2)), as applicable.

These forfeitures shall be used to defray reasonable administrative costs, restore previous forfeitures to Accounts of reemployed Members under section 7.7(a), and reduce future Matching Contributions, Retirement Contributions, and/or Collectively-Bargained Nonelective Employer Contributions due under the Plan from the Employer of the affected Member, as determined by the Council in its sole and absolute discretion.

Notwithstanding the foregoing, Company Stock from the Sonoco Stock Fund held in a Participant's Account shall be forfeited only after all other assets are forfeited. If more than one class of Company Stock from the Sonoco Stock Fund is held in a Participant's Account, the Plan must forfeit the same proportion of each class.

**7.7 Treatment of Forfeitable Amounts**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;General Rule.** If a Member incurs a Separation from Service (as defined in section 3.1(e)(2)) or reaches a Termination Date (as defined in section 3.2(e)(3)), as applicable, before his or her Vested Percentage is 100 percent, the portion of the Member's Account that was forfeited under section 7.6 shall be restored to the Member only if he or she is reemployed by the Company or an Affiliate before incurring five consecutive One-Year Periods of Separation (as defined in section 3.1(e)(1)) or five consecutive One-Year Breaks in Service (as defined in section 3.2(e)(2)), as applicable.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Source of Restored Forfeitures.** Forfeitures that are restored under this section 7.7 shall be restored first from current forfeitures with respect to Accounts of other Members. To the extent such other forfeitures are insufficient, an additional Employer contribution shall be made.

**7.8 Transfer of Employment.** 

If a Member transfers from a position of employment in which the Matching Contributions and/or Collectively-Bargained Nonelective Employer Contributions are subject to a vesting schedule under this Article 7 into a position of employment in which any such future contributions will either vest immediately under section 7.2(a) or be subject to a different vesting schedule under section 7.2(b) or 7.4, the Matching Contributions and/or Collectively-Bargained Nonelective Employer Contributions made prior to any such transfer shall continue to be subject to the vesting schedule that applied to such contributions before the date of the Member's transfer.

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**Article 8. Distributions**

**8.1 Entitlement to Distribution upon Death of Member**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Death of Member.** If a Member dies before the complete distribution of the Vested Balance of his or her Account, the Beneficiary designated by the Member shall be entitled to receive the remaining portion of the Vested Balance of such Account in the form described in section 8.3(b), as of the Valuation Date provided in section 8.4(b), and in compliance with the rules in section 8.7.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Designation of Beneficiary.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**General Rule.** Each Member may designate one or more persons as Beneficiary to receive the remaining portion of the Vested Balance of the Member's Account in the event of his or her death. Each such designation shall be effective only when filed in writing at a time and in a manner specified by the Council, and shall revoke all prior designations, subject to the provisions of section 8.1(b)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**Rule for Surviving Spouses.** A Spouse to whom the Member was married on the date of his or her death shall be the Member's sole Beneficiary unless, prior to the Member's death, one or more other persons have been named pursuant to a qualified alternate designation (as defined in section 8.1(b)(3)) made and filed prior to the Member's death in accordance with procedures prescribed by the Council. The consent of a Member's Spouse shall not be required where—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the Council determines that the required consent cannot be obtained because there is no Spouse or the Member's Spouse cannot be located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;the Council determines that the Member is legally separated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;the Council determines that the Member has been abandoned within the meaning of local law and there is a court order to that effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;there exists any other circumstance (as determined by the Council) prescribed by law as an exception to the consent requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;**Qualified Alternate Designation.** A designation shall be a qualified alternate designation only if—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the Member, in a signed written instrument, designates by name one or more persons to be Beneficiary in lieu of, or along with, the Member's surviving Spouse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;the Member's surviving Spouse (if any), determined at the time of the Member's death, has consented in writing to the naming of such Beneficiary and has acknowledged the effect of such consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;such consent is witnessed by a notary public or a Plan representative.

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A qualified alternate designation may not be changed without spousal consent. Any spousal consent to a qualified alternate designation shall be irrevocable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;**Default Beneficiary.** If no person is otherwise designated under this subsection, if a designation is revoked in whole or in part, or if no designated Beneficiary survives the Member, benefits payable under the Plan shall be paid to the Member's surviving Spouse, or if there is no surviving Spouse, to the Member's estate.

If any payment is made under the Plan to any Beneficiary in reasonable reliance on (A) a written attestation by the Member of unmarried status, (B) a spousal consent that on its face conformed to the requirements set forth above, or (C) evidence establishing to the Council's satisfaction that a Member's Spouse could not be located at the time of a Beneficiary designation and the Plan has not been made aware that a Member's Spouse has been located since then, the Plan's liability for death benefits shall be satisfied to the extent of such payment, and the Plan shall have no liability to any Spouse to such extent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;**Death of Beneficiary.** If a Beneficiary who is entitled to receive payments from the Trust Fund dies before receiving all payments due, any remaining benefit shall be paid to the Beneficiary's estate in a lump sum.

**8.2 Distribution upon Separation from Service for Reasons Other Than Death**

Upon a Member's Separation from Service (as defined in section 3.1(e)(2)) for reasons other than death, such Member shall be entitled to the Vested Balance of his or her Account in the form described in section 8.3(a) (or 8.5, if applicable), and as of the Valuation Date provided in section 8.4(a) (or 8.5, if applicable).

**8.3 Form of Benefit Payments**

The forms of payment described in this section 8.3 are subject to the restrictions contained in sections 8.4(c) and 8.6.

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution upon Separation from Service.** Except as otherwise provided in section 8.5 (regarding special distribution provisions that apply to the Tuscarora Money Purchase Pension Plan Account), a Member who is entitled to a distribution under section 8.2 may elect to receive his or her Account—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;in a lump sum payment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;in up to five substantially equal annual installments (as elected by the Member or the Beneficiary), with each installment payment equal to the Vested Balance of the Account as of the payment date divided by the remaining number of payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;in monthly, quarterly, or annual installment payments from the Vested Balance of the Account (as specified by the Member or Beneficiary); or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;in partial withdrawals elected on an as-needed basis in an amount selected by the Member or Beneficiary, provided that each such withdrawal (except the final one) must equal or exceed $1,000.

A Member or Beneficiary who elects initially to receive distributions under section 8.3(a)(2), (3), or (4) may elect to receive the remaining portion of the Vested Balance of his or her Account at any time in a single lump sum payment. In addition, a Member who has elected installment payments under section 8.3(a)(2) or (3) may also elect one or more partial withdrawals under section 87.3(a)(4) during the installment distribution period.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Distribution upon Death.** Except as otherwise provided in section 8.5 (regarding special distribution provisions that apply to the Tuscarora Money Purchase Pension Plan Account), if distribution of a Member's Account has commenced to the Member under a payment form described in section 8.3(a)(2), (3), or (4), the Beneficiary may either continue receiving those payments or elect any other payment option available under section 8.3(a). Except as otherwise provided in section 8.5, if distribution of a Member's Account has not already commenced to the Member, a Beneficiary entitled to payment under section 8.1(a) may elect to receive distribution of the Vested Balance of the Member's Account in any of the payment forms permitted under section 8.3(a).

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Medium of Payment.** Distributions under the Plan shall generally be made in cash, except that a Member or Beneficiary may elect to receive all or a portion of the Account that is invested in the Sonoco Stock Fund in the form of Company Stock. (To the extent that a distribution of Company Stock results in a fractional share, the value of any such fractional share shall be distributed in cash.)

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Investment Gains and Losses.** Amounts payable hereunder shall continue to accrue earnings and losses under section 6.5 pending such payment.

**8.4 Time of Benefit Payments**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;General Rule.** Except as otherwise provided in section 8.4(c) (regarding the distribution of small balances) or section 8.5 (regarding special distribution provisions that apply to the Tuscarora Money Purchase Pension Plan Account), distribution to a Member may commence as of the earliest practicable Valuation Date following the Member's Separation from Service (as defined in section 3.1(e)(2)), or any later Valuation Date (but not later than the Member's latest allowable commencement date under section 8.7), as the Member may request. A Member requesting a distribution must file such request at a time and in the manner specified by the Council.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Distribution Upon Death.** Except as otherwise provided in section 8.4(c) (regarding the distribution of small balances), a distribution to a Beneficiary under section 8.1(a) may be made as of the earliest practicable Valuation Date following the Member's death, or any later Valuation Date (but no later than the Beneficiary's

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latest allowable commencement date under section 8.7), as the Beneficiary may request. A Beneficiary requesting a distribution must file such request at the time and in the manner specified by the Council.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Small Amounts.** Notwithstanding any other provision in this Article 8, if a Member or Beneficiary is entitled to a distribution under this Article 8, and the Vested Balance of the Member's Account as of the first Valuation Date coinciding with or next following the Member's Separation from Service (as defined in section 3.1(e)(2)) or death is not greater than $7,000, distribution shall be made in a single sum payment as soon as practicable following such Valuation Date.

If a Member becomes entitled to an automatic cashout under this section 8.4(c), and the Member does not elect a direct distribution or a qualified rollover, the Council shall establish an individual retirement account for the benefit of the Member that is compatible with, and complies with the requirements (including notice requirements) of the Portability Services Network.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Sonoco Stock Fund.** Notwithstanding anything to the contrary in this Plan, Participants and their Beneficiaries (as applicable) are entitled to elect to commence distribution of the Company Stock from the Sonoco Stock Fund in their Accounts within one year after Separating from Service due to attaining normal retirement age, dying, or becoming disabled. If a Participant Separates from Service for a reason other than attainment of normal retirement age, death, or disability, the Participant or his or her Beneficiaries are entitled to elect to commence distribution of the Company Stock from the Sonoco Stock Fund in their Accounts no later than one year after the close of the fifth Plan Year after Separation from Service. Any such distributions must comply with the requirements of Section 8.7.

**8.5 Distribution of Tuscarora Money Purchase Pension Plan Account Balances**

This section 8.5 applies to each Member who has a balance in the Tuscarora Money Purchase Pension Plan Account.

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Distribution to the Member.** If Member who has a balance in the Tuscarora Money Purchase Pension Plan Account becomes entitled to a distribution under section 8.2, the amount credited to such account shall be distributed to the Member in accordance with this section 8.5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**Time of Payment.** The time of payment of the Member's Tuscarora Money Purchase Pension Plan Account shall be determined under section 8.4(a) (or section 8.4(c), if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**Normal Form of Payment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;**Unmarried Members.** Except as provided in sections 8.4(c) and 8.5(a)(3), the Tuscarora Money Purchase Pension Plan Account belonging to a Member who is not married on his or her Annuity Starting Date shall be distributed in the form of a Single Life Annuity.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;**Married Members.** Except as provided in sections 8.4(c) and 8.5(a)(3), the Tuscarora Money Purchase Pension Plan Account belonging to a Member who is married on his or her Annuity Starting Date shall be distributed in the form of a Qualified Joint and Survivor Annuity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;**Waiver Procedures.** In lieu of the normal forms of payment specified in section 8.5(a)(2), a Member may elect to receive his or her Tuscarora Money Purchase Pension Plan Account in one of the optional payment forms specified in section 8.5(a)(4). However, any such waiver by a Member who is married on his or her Annuity Starting Date shall be subject to the waiver procedures described in this section 8.5(a)(3).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;**General Rule.** A married Member may elect, in a manner prescribed by the Council, to waive the Qualified Joint and Survivor Annuity and to elect instead to receive his or her Tuscarora Money Purchase Pension Plan Account in accordance with an optional form of payment described in section 8.5(a)(4). Except as otherwise provided in section 8.5(a)(5), any such election must be filed with the Council within the 90-day period ending on the Member's Annuity Starting Date. For this election to be effective—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Member's Spouse must consent in writing to the election;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the election and consent must specify the optional form of benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the election and the consent must designate a Beneficiary (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Member's Spouse must acknowledge the financial consequences of the consent; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;the Spouse's consent must be witnessed by a notary public or a Plan representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;**Exception to Consent Requirement.** The consent of a Member's Spouse shall not be required where—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Member elects the Qualified Optional Survivor Annuity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Council determines that the required consent cannot be obtained because there is no Spouse or the Member's Spouse cannot be located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;the Council determines that the Member is legally separated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the Council determines that the Member has been abandoned within the meaning of local law and there is a court order to that effect; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;there exists any other circumstance (as determined by the Council) prescribed by law as an exception to the consent requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;**Revocation and Modification.** An election by a Member under section 8.5(a)(3)(A) to waive the Qualified Joint and Survivor Annuity may be revoked by the Member in writing without the consent of his or her Spouse at any time during the election period. Any subsequent election by a Member to waive the Qualified Joint and Survivor Annuity must comply with the requirements in section 8.5(a)(3)(A).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;**Optional Forms of Payment.** In lieu of the normal form of payment specified in section 8.5(a)(2), a Member may elect to his or her Tuscarora Money Purchase Pension Plan Account in accordance with one or more of the following payment options:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;a Single Life Annuity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;a Qualified Optional Survivor Annuity (but only for a Member who is married on his or her Annuity Starting Date);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;a Ten-Year Certain and Life Annuity: or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;a lump sum payment.

Any such election made by a Member who is married on his or her Annuity Starting Date must comply with the requirements of section 8.5(a)(3). Any such election made by a Member who is not married on his or her Annuity Starting Date shall be valid only if the Member is furnished with an explanation of the material features of the optional payment form within the notice period described in section 8.5(a)(5).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5)&nbsp;&nbsp;&nbsp;&nbsp;**Notice and Explanation to Members.** Except as otherwise provided in this section 8.5(a)(5), the Council shall provide to each Member who has a balance in the Tuscarora Money Purchase Pension Plan Account, between 30 and 90 days before the Member's Annuity Starting Date, a written explanation of the Qualified Joint and Survivor Annuity. This explanation shall describe—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the terms and conditions of the Qualified Joint and Survivor Annuity and the Qualified Optional Survivor Annuity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;the material features and relative values of other optional forms of benefit available under the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;the Member's right to make (and the effect and financial consequences of) a waiver of the Qualified Joint and Survivor Annuity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;the rights of the Member's Spouse regarding a waiver of the Qualified Joint and Survivor Annuity; and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;the right of a Member to revoke a prior waiver of the Qualified Joint and Survivor Annuity and the effect and financial consequences of such a revocation.

If the notice required under this section 8.5(a)(5) is not provided to the Member at least 30 days before the Member's Annuity Starting Date, the election period described in section 8.5(a)(3)(A) shall end on the 30th day following the date on which the explanation was provided. Subject to section 8.5(a)(3), a Member may elect to waive the requirement that the explanation must be provided at least 30 days before the Annuity Starting Date or at least 30 days before the end of the election period (as applicable). In the event of such a waiver, distribution of the Member's benefits must commence more than seven days after the explanation was provided.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Distribution to Beneficiaries.** If Member who has a balance in the Tuscarora Money Purchase Pension Plan Account dies before receiving a complete distribution of such account, any remaining distribution of such account to the Member's Beneficiary shall be made in accordance with this section 8.5(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**Death Before the Annuity Starting Date.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;**Time of Payment.** If a Member who is subject to this section 8.5(b) dies before his or her Annuity Starting Date, the Member's Tuscarora Money Purchase Pension Plan Account shall be paid to the Member's Beneficiary as of the date determined under section 8.4(b) (or section 8.4(c), if applicable).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;**Form of Payment.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;**Unmarried Member.** If a Member dies before his or her Annuity Starting Date, and such Member does not have a surviving Spouse at the time of his or her death, the Member's Tuscarora Money Purchase Pension Plan Account shall be distributed to the Member's Beneficiary in the form of a single lump sum payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;**Married Member.** Except as otherwise provide in section 8.4(c) or section 8.5(b)(1)(C), if a Member dies before his or her Annuity Starting Date, and such Member has a surviving Spouse at the time of his or her death, the Member's Tuscarora Money Purchase Pension Plan Account shall be distributed to the Member's surviving Spouse in the form of a Preretirement Survivor Annuity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;**Waiver Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;**General Rule.** A married Member who has a balance in the Tuscarora Money Purchase Pension Plan Account may waive the Preretirement Survivor Annuity and instead—

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;designate a Beneficiary other than his or her Spouse to receive such account in the form of a lump sum payment after the Member's death; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;&nbsp;&nbsp;elect to have such account distributed to the Spouse in the form of a single lump sum payment after the Member's death.

Any election by a married Member under this section 8.5(b)(1)(C) must be filed with the Council during the period that begins on the first day of the Plan Year in which the Member attains age 35 and ends on the date of the Member's death. The Member's waiver must be made in a manner prescribed by the Council. The Member's Spouse must give written consent to the waiver that states the optional payment form and/or the Beneficiary designated by the Member (as applicable) and acknowledges the effect and financial consequences of the waiver. The Spouse's consent must be witnessed by a notary public or a Plan representative.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;**Exception to Consent Requirement.** The consent of a Member's Spouse shall not be required where—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;the Council determines that the required consent cannot be obtained because there is no spouse or the Member's spouse cannot be located;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;&nbsp;&nbsp;the Council determines that the Member is legally separated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;&nbsp;&nbsp;&nbsp;the Council determines that the Member has been abandoned within the meaning of local law and there is a court order to that effect; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV)&nbsp;&nbsp;&nbsp;&nbsp;there exists any other circumstance (as determined by the Council) prescribed by law as an exception to the consent requirement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;**Revocation and Modification.** A waiver made by a married Member under section 8.5(b)(1)(C) may be revoked by the Member in writing without the consent of his or her Spouse at any time during the waiver period. Any subsequent election by a Member to waive the Preretirement Survivor Annuity must comply with the requirements of section 8.5(b)(1)(C)(i) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;**Waiver By Spouse.** Notwithstanding the above, a surviving Spouse who becomes entitled to a Preretirement Survivor Annuity under section 8.5(b)(1)(B)(ii) may elect to waive this benefit and elect instead to

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receive the Member's Tuscarora Money Purchase Pension Plan Account in the form of a single lump sum payment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;**Notice to Employee.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;**In General.** The Council shall provide each Member, within the notice period described below a written explanation of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;the terms and conditions of the Preretirement Survivor Annuity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;&nbsp;&nbsp;the Member's right to make, and the effect and financial consequences of, a waiver of the Preretirement Survivor Annuity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(III)&nbsp;&nbsp;&nbsp;&nbsp;the material features and relative values of the optional forms of benefit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(IV)&nbsp;&nbsp;&nbsp;&nbsp;the rights of the Member's Spouse regarding a waiver of the Preretirement Survivor Annuity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(V)&nbsp;&nbsp;&nbsp;&nbsp;the right of the Member to revoke a prior waiver of the Preretirement Survivor Annuity and the effect and financial consequences of a revocation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;**Notice Period.** The Council shall provide the notice described in section 8.5(b)(1)(F)(i) within whichever of the following periods ends later—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(I)&nbsp;&nbsp;&nbsp;&nbsp;the period beginning with the first day of the Plan Year in which the Member attains age 32 and ending on the last day of the Plan Year preceding the Plan Year in which the Member attains age 35; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(II)&nbsp;&nbsp;&nbsp;&nbsp;the period beginning on the first day the Member commenced participation in the Plan and ending on the close of the 12-month period following commencement of participation.

Notwithstanding the foregoing, if a Member terminates employment before age 35, the notice shall be provided within one year following the Member's termination. If a Member again becomes an Employee of the Employer before age 35, the Council must again provide this notice within the period described in section 8.5(b)(1)(F)(ii)(I) or (II), whichever ends later. In no event shall the Council be required to provide notice to a Member who has no vested benefit under the Plan after the Member has terminated employment with the Employer.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**Death after the Annuity Starting Date.** If distribution of the Member's Tuscarora Money Purchase Pension Plan Account has commenced to the Member in the form of an annuity, benefits payable after the Member's death (if any) shall be made to the Member's Beneficiary as survivor payments in accordance with the form of payment in effect before the Member's death.

**8.6 In-Service Withdrawals**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;General Rule.** No Member shall make a withdrawal under the Plan prior to incurring a Separation from Service (as defined in section 3.1(e)(2)) except to the extent specifically provided in this section and section 8.6.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Voluntary Withdrawals.** A Member who is in active employment with the Company or an Affiliate may withdraw all or part of his or her After-Tax Contributions Account, After-Tax Rollover Contributions Account, Rollover Contributions Account, TEQ Pre-2004 Matching Account, and Aerosol Prior Profit Sharing Contribution Account. A withdrawal under this section 8.6(b) shall be charged against these subaccounts on a pro rata basis.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Age 59½ Withdrawals.** A Member who is in active employment with the Company or an Affiliate, and who has attained age 59½, may withdraw all or part of the Vested Balance of his or her Account (excluding the portion of such Account that is attributable to his or her Retirement Contributions Account, and Collectively-Bargained Nonelective Employer Contributions Account), or all or part of his or her Corenso Account (without exclusions). A withdrawal after age 59½ shall be charged on a pro rata basis against the various subaccounts from which a withdrawal is permitted under this section 8.6(c).

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Hardship Withdrawals.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**In General.** A Member who is in active employment with the Company or an Affiliate may withdraw on account of hardship all or part of the following accounts: Before-Tax Contributions Account; Roth Contributions Account; Paysop Account; the Vested Balance of his or her Matching Contributions Account; PPI 401(k) Account; Peninsula 401(k) Account; Clear Lam 401(k) Account; Conitex 401(k) Account; Corenso 401(k) Account, and BMP 401(k) Account. Members may not withdraw on account of hardship any part of his or her Prior Plan Matching Contributions Account or PPI Profit Sharing Account.

A Member may make a hardship withdrawal under this section 8.6(d) only after first exhausting withdrawals that are otherwise available to the Member under section 8.6(b) and (c).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**Definition of Hardship.** A withdrawal is on account of hardship only if it is on account of an immediate and heavy financial need of the Member and the amount withdrawn is necessary to satisfy such need.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;**Immediate and Heavy Financial Need.** A distribution will be on account of an immediate and heavy financial need only if it is on account of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;medical expenses described in Code section 213(d) incurred by the Member or the Member's spouse or dependents (as defined in Code section 152 without regard to Code section 152(b)(1), 152(b)(2), and 152(d)(1)(B));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;costs directly related to the purchase (excluding mortgage payments) of a principal residence of the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;payment of tuition, related educational fees, and room and board expenses for the next 12 months of post-secondary education for the Member or the Member's Spouse, children, or dependents (as defined in Code section 152 without regard to Code sections 152(b)(1), 152(b)(2), and 152(d)(1)(B));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;the need to prevent the eviction of the Member from his or her principal residence or foreclosure on the mortgage of the Member's principal residence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;burial or funeral expenses for the Member's deceased parent, Spouse, children, or dependents (as defined in Code section 152 without regard to Code section 152(d)(1)(B)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;expenses for the repair of damage to the Member's principal residence that would qualify for the casualty deduction under Code section 165 (determined without regard to whether the loss exceeds 10 percent of adjusted gross income).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;**Necessary Amount.** A hardship withdrawal will be deemed necessary to satisfy an immediate and heavy financial need if—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the distribution does not exceed the amount of the Member's immediate and heavy financial need (including any amounts necessary to pay any federal, state, or local income taxes or penalties reasonably anticipated to result from the distribution); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the Member has previously obtained all other distributions currently available to him or her under this Plan or any other plan maintained by the Company or an Affiliate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;**Order of Withdrawals.** A hardship withdrawal shall be charged on a pro rata basis against the various subaccounts from which a withdrawal is permitted under section 8.6(d)(1).

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**(e)&nbsp;&nbsp;&nbsp;&nbsp;Rules Governing Withdrawals.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;A Member making a withdrawal must file a request with the Council at the time and in the manner specified by the Council, and may be assessed a processing fee as determined from time to time by the Council.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;A withdrawal under this section 8.6 shall be made as of the earliest practicable Valuation Date following the date on which the request for withdrawal is made.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;A withdrawal under this section 8.6 shall be charged on a pro rata basis to each Fund (other than the loan fund) in which the affected subaccounts are invested.

**(f)&nbsp;&nbsp;&nbsp;&nbsp;Qualified Birth and Adoption Distribution.** Members may take up to $5,000 as a qualified birth and/or adoption distribution during the 1-year period beginning on the date on which the Member's child is born or the date on which the legal adoption by the Member of an "eligible adoptee" is finalized. An eligible adoptee is any individual (other than a child of the Member's spouse) who has not attained age 18 or is physically or mentally incapable of self-support. Members can contact the Plan Administrator to request a copy of the application and procedures for requesting a qualified birth and/or adoption distribution.

**8.7 Required Minimum Distributions**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Definitions.** For purposes of this Plan, the following definitions apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**Required Beginning Date.** A Member's "Required Beginning Date" is April 1 of the calendar year following the later of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;The calendar year in which the Member attains the Applicable Age; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;The calendar year in which the Member incurs a Separation from Service (as defined in section 3.1(e)(2)).

Notwithstanding the foregoing, if a Member is a 5 percent owner (as described in Code section 416(i)) at any time during the Plan Year in which the Member attains the Applicable Age, distribution of the Member's Account (other than the Roth Rollover Account and the Roth Contribution Account, which are not subject to the required minimum distribution rules) shall commence no later than the April 1 of the calendar year following the calendar year in which the Member attains the Applicable Age regardless of whether the Member has incurred a Separation from Service (as defined in section 3.1(e)(2)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**Designated Beneficiary.** A Member's "Designated Beneficiary" is any individual designated as a Beneficiary by the Member, in accordance with section 8.1, who remain Beneficiaries as of September 30 of the calendar year following the calendar year in which the Member dies.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;**Eligible Designated Beneficiary.** A Member's "Eligible Designated Beneficiary" is any Designated Beneficiary who, on the date of the Member's death, is:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;The Member's surviving Spouse;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;The Member's child who has not attained age 21 (the child will cease being an Eligible Designated Beneficiary upon attainment of age 21);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;Disabled (within the meaning of Code section 72(m)(7) if the Designated Beneficiary is age 18 or older or within the meaning of Treasury Regulation section 1.409(a)(9)-4(e)(4)(iii) if the Designated Beneficiary is not yet age 18);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;Chronically ill (within the meaning of Code section 7702B(c)(2) as modified by Code section 401(a)(9)(E)(ii)(IV)); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;An individual who is not more than 10 years younger than the Member.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Latest Allowable Commencement Dates.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**General Rule.** Distribution of a Member's Account (other than the Roth Rollover Account and the Roth Contribution Account, which are not subject to the required minimum distribution rules) shall commence no later than his or her Required Beginning Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**Periodic Benefit Payments.** No election under this Article 8 will be effective unless the Member's total benefit (other than the Roth Rollover Account and the Roth Contribution Account, which are not subject to the required minimum distribution rules) will be distributed over a period that will not exceed—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the life of the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;the lives of the Member and the Member's Designated Beneficiary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;a period certain not extending beyond the life expectancy of the Member; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;a period certain not extending beyond the joint life and last survivor expectancy of the Member and the Member's Designated Beneficiary.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Required Distributions Where Member Dies Before Entire Interest is Distributed.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;If benefits have commenced and the Member dies prior to receiving his or her entire interest under the Plan, the remaining portion of such interest (other than the Roth Rollover Account and the Roth Contribution Account, which are not subject to the required minimum distribution rules) shall be distributed as follows:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;To Eligible Designated Beneficiaries described in sections 8.7(a)(3)(A), (C), (D), or (E), to his or her Eligible Designated Beneficiary at least as rapidly as under the method of distribution selected by the Member;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;To Eligible Designated Beneficiaries described in section 8.7(a)(3)(B), by the end of the tenth year following the year of the Member's death;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;To Designated Beneficiaries who are not Eligible Designated Beneficiaries, by the end of the tenth year following the year of the Member's death; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;To Beneficiaries who are not Designated Beneficiaries, at least as rapidly as under the method of distribution selected by the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;If the Member dies prior to the commencement of benefits under the Plan, the interest payable (other than the Roth Rollover Account and the Roth Contribution Account, which are not subject to the required minimum distribution rules) shall be paid over a time period that does not exceed:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;For Eligible Designated Beneficiaries described in sections 8.7(a)(3)(A), (C), (D), or (E), the Eligible Designated Beneficiary's life expectancy, commencing no later than:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;For Eligible Designated Beneficiaries described in section 8.7(a)(3)(A), distributions are required to begin no later than December 31 of the calendar year preceding the Member's Required Beginning Date; except that, if the surviving Spouse elects treatment under Code section 401(a)(9)(B)(iv), distribution can be delayed until the surviving Spouse's Required Beginning Date, if such date is later than the Member's Required Beginning Date. In all event, the applicable distribution period for distribution calendar years after the distribution calendar year including the Member's date of death is determined under the uniform lifetime table. If the Surviving spouse dies before distributions are required to begin to the surviving Spouse under this section 8.7(c)(2)(A)(i), section 8.7(c)(2)(A) will apply as if the surviving Spouse were the Member.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;For Eligible Designated Beneficiaries described in sections 8.7(C), (D), or (E), distributions are required to begin no later than the end of the calendar year following the year of the Member's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;For Eligible Designated Beneficiaries described in section 8.7(a)(3)(B), all amounts must be paid by the end of the tenth year following the year of the Member's death;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;For Designated Beneficiaries who are not Eligible Designated Beneficiaries, all amounts must be paid by the end of the tenth year following the year of the Member's death; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;For Beneficiaries who are not Designated Beneficiaries, all amounts must be paid by the end of the fifth year following the year of the Member's death.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;For an applicable multi-beneficiary trust as defined in Code section 401(a)(9)(H)(v), the above rules shall be applied consistent with Code section 401(a)(9)(H)(iv) and (v).

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Minimum Distribution Amount.** If a distribution is required under this section 8.7, the minimum amount that must be distributed each calendar year shall be determined under Code section 401(a)(9) and Treasury Regulations sections 1.401(a)(9)-1 through 1.401(a)(9)-9.

**8.8 Direct Transfers**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;General Rule.** Notwithstanding any provision of the Plan to the contrary, a distributee may elect, at the time and in the manner prescribed by the Council, to have any portion of an eligible rollover distribution paid directly to an eligible retirement plan specified by the distributee in a direct rollover.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Definitions.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**Eligible rollover distribution** means any distribution of all or any portion of the balance to the credit of the distributee, except that an eligible rollover distribution does not include—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;any distribution that is one of a series of substantially equal periodic payments (not less frequently than annually) made for the life (or life expectancy) of the distributee or the joint lives (or joint life expectancies) of the distributee and the distributee's designated beneficiary, or for a specified period of ten years or more;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;any distribution to the extent such distribution is required under Code section 401(a)(9);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;except as provided below, the portion of any distribution that is not includible in gross income (determined with regard to the exclusion for net unrealized appreciation with respect to employer securities); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;the portion of any distribution that represents a hardship withdrawal pursuant to section 8.6(d).

Notwithstanding section 8.8(b)(1)(C), a portion of a distribution shall not fail to be an eligible rollover distribution merely because the portion consists of the Participant's After-Tax Contributions Account or After-Tax Rollover

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Contributions Account. Any such amounts may be transferred to (i) a qualified trust described in Code section 401(a) or an annuity contract described in Code section 403(b) that agrees to separately account for amounts so transferred (including separately accounting for the portion of such distribution which is includible in gross income and the portion of the distribution which is not includible in gross income); (ii) an individual retirement account described in Code section 408(a); or (iii) an individual retirement annuity (other than an endowment contract) described in Code section 408(b).

In addition, a portion of a distribution from a Member's Roth Contributions Account or Roth Rollover Contributions Account does not fail to be an eligible rollover distribution merely because the portion is not includible in the distributee's gross income (determined without regard to the rollover). However, such portion may only be transferred to a Roth IRA or directly transferred to a designated Roth account under a Code section 401(a) plan or a Code section 403(b) plan that agrees to account separately for the amounts so transferred, including separately accounting for the portion of such distribution that is includible in gross income and the portion such distribution that is not so includible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**Eligible retirement plan** means—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp; an individual retirement account described in Code section 408(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;an individual retirement annuity described in Code section 408(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C)&nbsp;&nbsp;&nbsp;&nbsp;an annuity plan described in Code section 403(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D)&nbsp;&nbsp;&nbsp;&nbsp;a qualified trust described in Code section 401(a);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E)&nbsp;&nbsp;&nbsp;&nbsp;an annuity contract described in Code section 403(b);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F)&nbsp;&nbsp;&nbsp;&nbsp;an eligible plan under Code section 457(b) that is maintained by a state, political subdivision of a state, or any agency or instrumentality of a state or political subdivision of a state and that agrees to account separately for amounts transferred into such plan from this Plan; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(G)&nbsp;&nbsp;&nbsp;&nbsp;an individual retirement arrangement described in Code section 408A.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;**Distributee** means a Participant or former Participant. In addition, the Participant's or former Participant's surviving Spouse and the Participant's or former Participant's Spouse or former Spouse who is the alternate payee under a qualified domestic relations order (as defined in Code section 414(p)) are distributees with regard to the interest of the Spouse or former Spouse.

In addition, a non-Spouse Beneficiary may elect, at a time and in a manner prescribed by the Council, to have any portion of a distribution from the Plan paid directly to an eligible retirement plan specified by the non-Spouse

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Beneficiary in a direct trustee-to-trustee transfer. However, in the case of any such distribution to a non-Spouse Beneficiary, an eligible retirement plan shall mean an individual retirement account described in Code section 408(a) or an individual retirement annuity described in Code section 408(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;**Direct rollover** means a payment by the Plan to the eligible retirement plan specified by the distributee.

**8.9 Rehired Member**

In the event that a Member who has had a Separation from Service (as defined in section 3.1(e)(2)) is rehired by the Company or an Affiliate before having received a complete distribution of the Vested Balance of his or her Account, further distribution of the Member's Account shall be suspended, and the undistributed balance shall continue to be held in the Account until the Member is again entitled to a distribution under this Article 8.

**8.10 Distributions on Account of Military Service**

A Member who is performing service in the uniformed services (as defined in chapter 43 of title 38 of the U.S. Code) for a period of more than 30 days shall be treated as having severed from employment under Code section 401(k)(2)(B)(i)(I) during such period of service and may elect to receive all or part of his or her Accounts. If a Member elects to receive a distribution pursuant to this section 8.10, the Member shall be prohibited from making any contributions to the Plan and all other plans maintained by the Company and its Affiliates for six months after the date of the distribution.

Members can take Qualified Reservist Distributions from the pretax and/or Roth contribution portion of any of their Accounts holding pretax or Roth contributions. A "Qualified Reservist Distribution" means any distribution to an individual who is ordered or called to active duty after September 11, 2001, if the Member was (by reason of being a member of a reserve component, as defined in section 11 of Title 37 of the United States Code) ordered or called to active duty for a period in excess of 179 days or for an indefinite period and the Plan makes the distribution during the period beginning on the date of such order or call, and ending at the close of the active duty period.

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**Article 9. Loans to Members**

**9.1 Council Authorized to Make Loans**

Upon application of a Member who is in active employment with the Company or an Affiliate, the Council may direct the Trustee to make a cash loan to the Member from the Vested Balance of his or her Account (excluding the portion of such Account that is attributable to the Member's Retirement Contributions Account and Tuscarora Money Purchase Pension Plan Account). Whether these loans are made, as well as their amounts and terms, shall be in the sole discretion of the Council, subject to the provisions of this Article.

(Loans shall also be available on a reasonably equivalent basis to a Member or a Beneficiary who is a "party in interest" (as defined in ERISA section 3(14)).)

**9.2 Amount of Loans**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Maximum Amount.** The maximum amount of any loan permitted under this Article (when added to the outstanding loan balance of all loans to the Member under this Plan and any other qualified retirement plan maintained by the Company or an Affiliate) shall be the lesser of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;$50,000, reduced by the excess (if any) of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the highest outstanding balance of loans from this Plan or any other qualified retirement plan maintained by the Company or an Affiliate during the one-year period ending on the day before the loan was made; over

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;the outstanding balance of loans from this Plan and any other qualified retirement plan maintained by the Company or an Affiliate on the date the loan is made; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;50 percent of the Member's Vested Balance at the relevant time.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Minimum Amount.** The minimum amount of any loan made under this Article shall be $1,000.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Collateral.** A portion of the Member's Account equal to the amount of the loan shall be used as collateral to secure the loan.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Number of Loans.** A Member may have up to two general purpose loans, or one general purpose loan and one residential loan, outstanding from this Plan at any one time.

**9.3 Interest**

Each loan made under the Plan shall bear a reasonable rate of interest established by the Council in a uniform and nondiscriminatory manner on the basis of rates currently charged by commercial lenders for loans made in similar circumstances.

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**9.4 Term**

A loan shall be for the term (in whole month increments) requested by the Member or Beneficiary, but shall not exceed five years (or 20 years, in the case of a loan for the acquisition of the Member's principal residence).

**9.5 Repayment**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Equal Installments.** Loans shall be repaid in equal installments, one per payroll period, representing a combination of interest and principal sufficient to amortize the loan during its term (plus any reasonable processing fees, as determined by the Council).

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Active Members.** Payments by active Members shall be made each payroll period through payroll withholding. If the payroll period for an active Member changes, the loan installments determined under section 9.5(a) shall be adjusted to reflect the change.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Inactive Members and Beneficiaries.** A Member who has an outstanding loan upon his or her Separation from Service may continue making payments on a monthly basis by an automatic debit to such Member's personal bank account.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Prepayment.** Prepayments of the entire loan balance in a manner acceptable to the Trustee may be made without penalty. Partial prepayments are not allowed.

**(e)&nbsp;&nbsp;&nbsp;&nbsp;Default.** If a Member fails to make an installment payment required by this section by 90 days after the date on which such installment is first due, the loan may be declared in default and shall then become immediately due and payable in full. If the Member does not then repay the full loan balance, his or her Account shall be offset by the unpaid loan balance at the earliest time permitted by law.

**(f)&nbsp;&nbsp;&nbsp;&nbsp;Suspension of Payments during Military Leave.** Each Member may elect to suspend his or her loan repayments while on unpaid military leave covered under the Uniformed Services Employment and Reemployment Rights Act of 1994. In such event, the loan term will be extended by the length of the suspension and interest will not accrue during the period of the leave.

**9.6Loans Treated as Plan Investments**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Charge to Accounts and Funds.** Loan proceeds distributed to a Member shall be charged on a pro rata basis against the various subaccounts from which a loan is permitted under section 9.1. Additionally, loan proceeds distributed to the Member shall be charged, on a pro rata basis, to each Fund in which the affected subaccount is invested. The amount distributed to a Member shall be equal to the face value of the loan less any origination or other fee assessed in connection with making the loan.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Loan Fund.** A promissory note equal to the face value of the loan shall then be credited as an asset of an individual loan fund established in the Member's name.

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The value of a Member's Account shall include the amount of principal and accrued interest remaining to be paid under this note.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Credit to Accounts and Funds.** As soon as reasonably practicable following receipt of loan repayments, the Trustee shall credit principal and interest repayments to the subaccounts of the Member's Account from which the loan was initially withdrawn on a pro rata basis. The amount of the loan repayment (including principal and interest) shall be invested in the Funds in accordance with the investment election last submitted by the Member or Beneficiary under Article 6.

**9.7 Documents**

No loan under this Article shall be made until the Member or Beneficiary has—

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**completed a loan application setting forth any information the Council deems appropriate;

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**agreed to a promissory note designating the Trustee as payee and stating the amount, term, repayment schedule, interest rate, and other terms and conditions consistent with this Article;

**(c)&nbsp;&nbsp;&nbsp;&nbsp;**authorized and directed that the Employer shall withhold each payroll period, and remit to the Trustee, the installment amounts determined under section 9.5(a); and

**(d)&nbsp;&nbsp;&nbsp;&nbsp;**granted a conditional security interest in the Member's Account to the Trustee as security for repayment of the loan.

All such steps shall be completed by submitting the appropriate forms or as otherwise directed by the Council.

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**Article 10. Amendment and Termination**

**10.1 Amendment and Termination**

The Company expects the Plan to be permanent, but the Company must necessarily and does hereby reserve the right to amend or modify in any respect, or to terminate, the Plan at any time, for any reason whatsoever, by written resolution of the Company's Board. Any such amendments to the Plan may be made retroactively if necessary or appropriate to maintain the Plan as a plan meeting the requirements of Code section 401(a).

In addition, the Council shall have the authority to adopt in writing any amendment that is not expected to significantly alter the Plan's contribution provisions or increase its expense.

No amendment of the Plan shall cause any part of the Trust Fund to be used for, or diverted to, purposes other than the exclusive benefit of the Members or their Beneficiaries. No plan amendment may decrease the accrued benefit of any Member. Retroactive plan amendments may not decrease the accrued benefit of any Member determined as of the time the amendment was adopted.

No amendment may eliminate or reduce an early retirement benefit or a retirement-type subsidy (as defined in Treasury regulations), or eliminate an optional form of benefit with respect to benefits attributable to service before the amendment, except as permitted under Code section 411(d)(6).

**10.2 Vesting on Termination or Partial Termination**

Upon a complete or partial termination of the Plan or complete discontinuance of contributions to the Plan (within the meaning of Treasury Regulation section 1.411(d)-2), no further contributions shall be made under the Plan on behalf of affected Members; the Account of each Member (or, in the case of a partial termination, each affected Member within the meaning of Treasury Regulation section 1.411(d)-2) shall fully vest; and the Accounts of any affected Members shall be distributed at the time and in the manner specified in Article 8.

**10.3 Merger, Consolidation, or Transfer**

In the case of any merger or consolidation of the Plan with, or any transfer of assets and liabilities of the Plan to, any other plan, provision shall be made so that each Member would, if the Plan were then terminated, receive a benefit immediately after the merger, consolidation, or transfer that is equal to or greater than the benefit the Member would have been entitled to receive immediately before the merger, consolidation, or transfer if the Plan had then been terminated.

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**Article 11. Administration**

**11.1 Plan Administrator and Fiduciary**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Plan Administrator.** The general administration of the Plan shall be carried out by the Council, which shall act as the "plan administrator" within the meaning of Title I of ERISA.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Fiduciaries.** Plan fiduciaries will have the powers and duties described in this section 11.1(b), and may delegate such duties to the extent permitted under ERISA section 402.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**The Board.** The fiduciary duties of Board members are limited to the right to amend, modify or terminate the Plan as set forth in Article 10 and the adoption of resolutions indicating which Employees (by job title) will serve as members of the Council. Those duties can be delegated to another person or entity by action of the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**The Employers.** The fiduciary duties of the Company and other Employers hereunder are limited to executing documents by which the Plan is governed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;**The Trustee.** The fiduciary duties of the Trustee are those enumerated in the Trust Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4)&nbsp;&nbsp;&nbsp;&nbsp;**The Council.** The Council shall have the duties described in the Sonoco Employee Benefits Council Charter.

**11.2 Specialists and Expenses**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**The Council may employ any counsel, auditors, and other specialists, and obtain any clerical, actuarial, and other services, and purchase products which are appropriate and helpful in carrying out the provisions of the Plan. Except to the extent paid by the Company or an Affiliate in its sole and absolute discretion, these fees and expenses shall be paid by the Trust Fund.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**The Company or an Affiliate may initially pay any expense that normally would be a charge on the Trust Fund and later obtain reimbursement from the Trust Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;This even applies in cases where at the time of the initial payment of the expense, it is not clear that the Company or Affiliate may lawfully seek reimbursement from the Trust Fund, but such legal right to reimbursement is later clarified.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;It is specifically anticipated that there may be situations, such as litigation, where the Company or an Affiliate might choose to bear costs initially, but later obtain reimbursement many years after the costs were incurred. Such delayed reimbursements shall be permissible.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;**Each member of the Council who is also a full-time Employee of the Company or an Affiliate shall not receive additional compensation for his or her services as a

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member of the Council. Any other member of the Council may receive compensation for services as a member, to be paid from the Trust Fund to the extent not paid by the Company or an Affiliate in its sole and absolute discretion. Any member of the Council may also receive reimbursement from the Trust Fund to the extent not paid by the Company or an Affiliate in its sole and absolute discretion for expenses properly and actually incurred.

**11.3 Records**

All resolutions, proceedings, acts, and determinations of the Council shall be recorded in writing. All such records, together with any documents and instruments as may be necessary for the administration of the Plan, shall be preserved in the custody of the Council.

**11.4 Assistance**

The Council, in its sole and absolute discretion, may delegate any of its powers and duties under this Plan to one or more individuals or committees. In such a case, every reference herein to the Council shall be deemed to include such individuals as to matters within their jurisdiction.

The Council shall also have the authority and discretion to engage an administrative delegate who shall perform, without discretionary authority or control, administrative functions within the framework of policies, interpretations, rules, practices, and procedures made by the Council.

Any action made or taken by the administrative delegate may be appealed by an affected Member or Beneficiary to the Council in accordance with the claims review procedures provided in section 11.6. Any decisions that call for interpretations of Plan provisions not previously made by the Council shall be made only by the Council. The administrative delegate shall not be considered a fiduciary with respect to the services it provides. Notwithstanding the foregoing, the administrative delegate shall not be relieved of any liability to the Plan or an Employer, Member, or Beneficiary arising from any action (or failure to act) that is judicially determined to result from the administrative delegate's gross negligence or willful misconduct. 

**11.5 Administration**

The Council shall have all powers necessary or appropriate to carry out the provisions of the Plan. It may, from time to time, establish rules for the administration of the Plan and the transaction of the Plan's business.

In making any determination or rule, the Council shall pursue uniform policies established by it. The Council shall not discriminate in favor of or against any Member. The Council shall have the exclusive right to make any finding of fact necessary or appropriate for any purpose under the Plan including, but not limited to, the determination of the eligibility for and the amount of any benefit payable under the Plan.

The Council shall have the right to interpret the terms and provisions of the Plan and to determine any and all questions arising under the Plan or in connection with the

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administration thereof, including, without limitation, the right to remedy or resolve possible ambiguities, inconsistencies, or omissions, by general rule or particular decision. The Council shall make, or cause to be made, all reports or other filings necessary to meet the reporting, disclosure, and other filing requirements of ERISA that are the responsibility of "plan administrators" under ERISA.

To the extent permitted by law, all findings of fact, determinations, interpretations, and decisions of the Council shall be conclusive and binding upon all persons having or claiming to have any interest or right under the Plan.

In carrying out its responsibilities hereunder, the Council shall have the utmost discretion permitted by law.

**11.6 Appeals from Denial of Claims**

If any claim for benefits under the Plan is wholly or partially denied, the claimant shall be given notice of the denial. This notice shall be in writing within a reasonable period of time after receipt of the claim by the Sonoco Benefits Department within the Human Resources Department. This period will not exceed 90 days after receipt of the claim, except that if the Sonoco Benefits Department within the Human Resources Department determines that special circumstances require an extension of time, the period may be extended up to an additional 90 days. Written notice of the extension shall be furnished to the claimant prior to termination of the initial 90-day period, and it shall indicate the special circumstances requiring an extension of time and the date by which the benefit determination is expected.

Notice of any claim denial shall be written in a manner calculated to be understood by the claimant and shall set forth the following information:

(a)&nbsp;&nbsp;&nbsp;&nbsp;the specific reasons for the denial;

(b)&nbsp;&nbsp;&nbsp;&nbsp;specific reference to the Plan provisions on which the denial is based;

(c)&nbsp;&nbsp;&nbsp;&nbsp;a description of any additional material or information necessary for the claimant to perfect the claim and an explanation of why this material or information is necessary;

(d)&nbsp;&nbsp;&nbsp;&nbsp;an explanation that a full and fair review by the Sonoco Benefits Department within the Human Resources Department of the decision denying the claim may be requested by the claimant or his or her authorized representative by filing with the Sonoco Benefits Department within the Human Resources Department, within 60 days after the notice has been received, a written request for the review; and

(e)&nbsp;&nbsp;&nbsp;&nbsp;a statement of the claimant's right to bring a civil action under ERISA section 502(a) following an adverse decision upon review.

If a claimant files a written request for review of a denied claim, the claimant or his or her representative may request, free of charge, reasonable access to and copies of all documents, records, and other information relevant to the claim and may submit written comments, documents, records, and other information relevant to the claim within the 60-day period

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specified in section 11.6(d). The notice of claim denial shall include a statement of the claimant's rights to review and submit information pursuant to this paragraph.

The review by the Council shall take into account all comments, documents, records, and other information submitted by the claimant relating to the claim without regard to whether such material was submitted or considered as part of the initial determination. The decision of the Council upon review shall be made promptly, and not later than 60 days after the Council's receipt of the request for review. However, if the Council determines that special circumstances require an extension of time, this period may be extended up to an additional 60 days. Written notice of the extension shall be furnished to the claimant prior to termination of the initial 60-day period, and it shall indicate the special circumstances requiring an extension of time and the date by which the decision on review is expected.

If the claim is denied, wholly or in part, the claimant shall be given a copy of the decision promptly. The decision shall be in writing and shall be written in a manner calculated to be understood by the claimant. The decision shall include specific reasons for the denial; specific references to the pertinent Plan provisions on which the denial is based; a statement that the claimant may request, free of charge, reasonable access to and copies of all documents, records, and other information relevant to the claim; and a statement of the claimant's right to bring a civil action under ERISA section 502(a).

**11.7 Notice of Address and Missing Persons**

Each person entitled to benefits under the Plan must file with the Council, in writing, his or her post office address and each change of post office address. If a person entitled to benefits cannot be located, actions compliant with the requirements of Department of Labor Field Assistance Bulletin No. 2014-01 ("FAB 2014-01") will be taken. If the steps required by FAB 2014-01 are satisfied and the person still cannot be located, the Council may direct that his or benefit and all further benefits with respect to such person be discontinued and all liability for the payment thereof terminate. However, in the event of the subsequent reappearance of the Member, Beneficiary, or Alternate Payee prior to termination of the Plan, the benefits that were due and payable shall be paid in a single sum, and the future benefits due such person shall be reinstated in full.

**11.8 Data and Information for Benefits**

All persons claiming benefits under the Plan must furnish to the Council such documents, evidence, or information as the Council considers necessary or desirable to administer the Plan. Any such person must furnish this information promptly and sign any documents the Council may require before any benefits become payable under the Plan.

**11.9 Effect of a Mistake**

In the event of a mistake or misstatement as to the eligibility, participation, or service of any Member, or the amount of payments made or to be made to a Member or Beneficiary, the Council shall, if possible, cause such payment amounts to be withheld, accelerated, or otherwise adjusted as will in its sole judgment result in the Member or Beneficiary receiving the proper amount of payments under this Plan. Any such adjustments shall be made in

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accordance with the correction principles established by the Internal Revenue Service under the Employee Plans Compliance Resolution System or other applicable guidance.

**11.10 Indemnity for Liability**

To the extent permitted by law, the agents, representatives, directors, officers, and Employees of the Company and Members of the Council shall be indemnified by the Company against any and all claims, losses, damages, expenses (including counsel fees), and any other liability (including any amounts paid in settlement with the Company's approval) arising from such individuals' action or conduct relating to Plan administration. The Company is not liable to indemnify these persons against such claims, losses, damages, expenses, or liabilities when the same is judicially determined to be attributable to gross negligence or willful misconduct. The Company shall pay the premiums on any bond secured under this section and shall be entitled to reimbursement by the other Employers for their proportionate share.

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**Article 12. Trust Arrangements**

**12.1 Appointment of Trustee**

A Trustee for the Plan shall be named in the Trust Agreement, and upon acceptance thereof, the Trustee shall perform the duties and exercise the authority of the Trustee as set forth in the Plan and in the Trust Agreement. Any Trust Agreement holding funds under the Plan is incorporated herein by reference.

**12.2 Removal of Trustee; Appointment of Other Trustee**

The Company reserves the right to remove the Trustee and to appoint a successor Trustee upon giving 60 days prior written notice to the Trustee, or upon any other date mutually agreed to by the Company and the Trustee.

**12.3 Change in Trust Agreements**

The Company may from time to time enter into further agreements with a Trustee or other parties and make amendments to Trust Agreements that it deems necessary or desirable to carry out the Plan. The Company may take any other steps and execute any other instruments that it deems necessary or desirable to put the Plan into effect.

**12.4 Trust Fund**

All deposits under this Plan shall be paid to the Trustee and deposited in the Trust Fund. All assets of the Trust Fund, including investment income, shall be retained for the exclusive benefit of Members and Beneficiaries, shall be used to pay benefits under the Plan or to pay administrative expenses of the Plan and Trust Fund, to the extent not paid by an Employer in its sole discretion, and shall not revert to or inure to the benefit of an Employer, except as provided in section 12.5.

**12.5 Reversion of Employer Contributions**

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**If the Internal Revenue Service initially determines that the Plan does not meet the requirements of Code section 401, the Employer shall be entitled to receive a return of all its contributions made hereunder.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**The portion of a contribution made by an Employer by a mistake of fact shall be returned to the Employer within one year after the payment of the contributions.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;**The portion of a contribution made by an Employer and disallowed by the Internal Revenue Service as a deduction under Code section 404 shall be returned to the Employer within one year after the Internal Revenue Service disallows the deduction. All contributions by Employers are strictly conditioned on their current deductibility under Code section 404.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;**Earnings attributable to the contributions to be returned under this section shall not be returned to an Employer, and any losses attributable to these contributions shall reduce the amount returned.

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**Article 13. Top-Heavy Plan Provisions**

**13.1Top-Heavy Determination**

The top-heavy provisions of this Article shall be applied as follows.

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Single Plan Determination.** Except as provided in section 13.1(b)(2) below, if as of the Applicable Determination Date the aggregate amount of the Account balances of Key Employees under the Plan exceeds 60 percent of the aggregate amount of the Account balances of all Employees (other than former Key Employees) under the Plan, the Plan will be top-heavy, and the provisions of this Article shall become applicable. For the purposes of this Article—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;Account balances shall include the aggregate amount of any distributions made with respect to the Employee during the five-year period (or one-year period for distributions made on account of severance from employment, death, or disability) ending on the Applicable Determination Date and any contribution due but unpaid as of said Applicable Determination Date; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;the Account balance of any individual who has not performed services for the Employer or the Affiliates at any time during the one-year period ending on the Applicable Determination Date shall not be taken into account.

The determination of the foregoing ratio, including the extent to which distributions, rollovers, and transfers shall be taken into account, shall be made in accordance with Code section 416.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Aggregation Group Determination.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;If as of the Applicable Determination Date the Plan is a member of a Required Aggregation Group which is top-heavy, the provisions of this Article shall become applicable. For purposes of this section 13.1(b), an Aggregation Group shall be top-heavy, as of the Applicable Determination Date, if the sum of—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A)&nbsp;&nbsp;&nbsp;&nbsp;the aggregate amount of account balances of Key Employees under all defined contribution plans in such group, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B)&nbsp;&nbsp;&nbsp;&nbsp;the present value of accrued benefits for Key Employees under all defined benefit plans in such group

exceeds 60 percent of the same amounts determined for all Employees (other than former Key Employees) under all plans included within the Aggregation Group. Account balances and accrued benefits shall be adjusted for any distribution made in the five-year period (or one-year period for distributions made on account of severance from employment, death, or disability) ending on the Applicable Determination Date and any contribution due but unpaid as of the Applicable Determination Date. The account balance of any individual who has not performed services for the Employer or the Affiliates at any time during

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the one-year period ending on the Applicable Determination Date shall not be taken into account. The determination of the foregoing ratio, including the extent to which distributions (including distributions from terminated plans), rollovers, and transfers are taken into account, shall be made in accordance with Code section 416 and the regulations thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;If the Plan is top-heavy under section 13.1(a) above, but the Aggregation Group is not top-heavy, this Article shall not be applicable.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;The Council.** The Council shall have responsibility to make all calculations to determine whether the Plan is top-heavy.

**13.2 Definitions**

For purposes of this Article, the following definitions apply.

**(a)&nbsp;&nbsp;&nbsp;&nbsp;Aggregation Group** means a required aggregation group or a permissive aggregation group as follows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;**Required Aggregation Group.** All plans maintained by the Company and Affiliates in which a Key Employee participates shall be aggregated to determine whether the plans, as a group, are top-heavy. Each other plan of the Company and Affiliates which enables this Plan to meet the requirements of Code section 401(a) or section 410 shall also be aggregated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;**Permissive Aggregation Group.** One or more plans maintained by the Company and Affiliates, which are not required to be aggregated, may be aggregated with each other or with plans under section 13.2(a)(1) if such group would continue to meet the requirements of Code sections 401(a)(4) and 410 with such plan(s) being taken into account.

**(b)&nbsp;&nbsp;&nbsp;&nbsp;Applicable Determination Date** shall mean, with respect to the Plan, the Determination Date for the Plan Year of reference and, with respect to any other plan, the Determination Date for any plan year of such plan which falls within such calendar year as the Applicable Determination Date of the Plan.

**(c)&nbsp;&nbsp;&nbsp;&nbsp;Determination Date** shall mean, with respect to the initial plan year of a plan, the last day of such plan year and, with respect to any other plan year of a plan, the last day of the preceding plan year of such plan.

**(d)&nbsp;&nbsp;&nbsp;&nbsp;Key Employee** means a Member or Beneficiary of such Member, if such Member for the Plan Year containing the Determination Date is—

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1)&nbsp;&nbsp;&nbsp;&nbsp;an officer of the Company or an Affiliate who has annual Compensation greater than $235,000 for 2026 (as indexed from time to time in accordance with Code section 416(i));

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2)&nbsp;&nbsp;&nbsp;&nbsp;a 5-percent owner of the Company or an Affiliate; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3)&nbsp;&nbsp;&nbsp;&nbsp;a 1-percent owner of the Company or an Affiliate having annual Compensation of more than $150,000.

Ownership shall be determined in accordance with Code section 416(i)(1)(B) and (C). Any Employee who is not a Key Employee shall be a "non-key Employee" for purposes of applying this Article 13.

**(e)&nbsp;&nbsp;&nbsp;&nbsp;Compensation** means, for all purposes under this Article 13, an Employee's "Compensation" as determined under section 2.15(b). In no event shall an Employee's Compensation under this Article 13 exceed the limit described in section 2.15(f).

**13.3 Vesting Requirements**

If the Plan is determined to be top-heavy with respect to a Plan Year, then a Member's interest in his or her Account shall vest in accordance with the following schedule:

---

| | |
|:---|:---|
| **Years of Vesting Service** | **Vested Percentage** |
| Fewer than 1 | 0% |
| 1 but fewer than 2 | 20% |
| 2 but fewer than 3 | 40% |
| 3 or more | 100% |

---

If in a subsequent Plan Year, the Plan is no longer top-heavy, the vesting provisions that were in effect prior to the time the Plan became top-heavy shall be reinstated. However, the Member's Vested Percentage following such reinstatement (with respect to the Member's Account both before and after the reinstatement) shall not be reduced below the Member's Vested Percentage immediately before such reinstatement.

**13.4 Minimum Contribution**

For each Plan Year with respect to which the Plan is top-heavy, the minimum amount contributed by the Employer under the Plan for the benefit of each Participant who is not a Key Employee and who is otherwise eligible for such a contribution shall be the lesser of—

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**3 percent of the non-key Participant's Compensation for the Plan Year, or

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**the non-key Participant's Compensation times a percentage equal to the largest percentage of such Compensation allocated under such plan with respect to any Key Employee for the Plan Year.

Matching Contributions allocated to Key Employees shall be treated as an allocation of contributions by an Employer under this section 13.4. However, if Matching Contributions to non-key Employees are used to satisfy the minimum contribution requirement under this

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section 13.4, these Matching Contributions shall not be tested under section 5.8, and they must otherwise satisfy the nondiscrimination requirements of Code section 401(a)(4).

This minimum contribution is determined without regard to any Social Security contribution. This minimum contribution shall be made on behalf of each non-key Employee who has not separated from service before the end of the Plan Year, without regard to whether the non-key Employee declines to make any mandatory contributions that may be required by the Plan. Contributions attributable to a salary reduction or similar arrangement shall be taken into account only with respect to contributions made on behalf of Key Employees. The minimum contribution provisions stated above shall not apply to any Participant who was not employed by the Company or an Affiliate on the last day of the Plan Year.

This section 13.4 shall not apply to a Participant covered under a qualified defined benefit plan or a qualified defined contribution plan maintained by the Company or an Affiliate if the Participant's vested benefit thereunder satisfies the requirements of Code section 416(c). Amounts contributed under this section shall be credited to a Member's Retirement Contributions Account.

**13.5 Union Employees**

The requirements of this Article 13 shall not apply with respect to any Employee included in a unit of Employees covered by a collective bargaining agreement between Employee representatives and an Employer if retirement benefits were the subject of good faith bargaining between such Employee representatives and the Employer.

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**Article 14. Participation in and Withdrawal from Plan by an Affiliate**

**14.1 Participation in Plan**

Any Affiliate that desires to become an Employer hereunder may elect, with the consent of the Company, to become a party to the Plan by—

**(a)&nbsp;&nbsp;&nbsp;&nbsp;**having its board of directors adopt the Plan for the benefit of its eligible Employees effective as of the date specified in the adoption resolution; and

**(b)&nbsp;&nbsp;&nbsp;&nbsp;**by filing with the Company a certified copy of such resolution, together with any other instruments that the Company may require.

The Company shall then file with the Trustee a copy of the Affiliate's adoption resolution, together with the Company's written approval of the adoption.

The adoption resolution may contain any specific changes and variations in Plan or Trust Agreement terms and provisions applicable to the adopting Employer and its Employees that are acceptable to the Company and the Trustee. However, the sole, exclusive right of any other amendment to the Plan or Trust Agreement is reserved by the Company. The Company may not amend specific changes and variations in the Plan or Trust Agreement terms and provisions as adopted by the Employer in its adoption resolution without the consent of the Employer. The adoption resolution shall become, as to the adopting organization and its Employees, a part of this Plan and the related Trust Agreement. It shall not be necessary for the adopting organization to sign or execute the original or amended Plan and Trust Agreement documents.

The effective date of the Plan for any adopting Affiliate shall be that stated in the resolution of adoption. From and after this effective date, the adopting Affiliate shall assume all the rights, obligations, and liabilities of an individual Employer entity under the Plan and Trust Agreement.

The administrative powers and control of the Company, as provided in the Plan and Trust Agreement, including the sole right of amendment, and of appointment and removal of the Trustee, and its successors, shall not be diminished by reason of the participation of any adopting Affiliate in the Plan.

**14.2 Withdrawal from Plan**

Any Employer, by action of its board of directors or other governing authority, may withdraw from the Plan and Trust Agreement after giving 90 days' notice to the Company, provided the Company consents to the withdrawal. Distribution may be implemented through continuation of the Trust Fund, or transfer to another trust fund exempt from tax under Code section 501, or to a group annuity contract qualified under Code section 401, or distribution may be made as an immediate cash payment in accordance with the directions of the Council. However, no action shall divert any part of the fund to any purpose other than the

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exclusive benefit of the Employees of the Employer. Additionally, no such action shall be inconsistent with the requirements of Code sections 401(a).

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**Article 15. Miscellaneous**

**15.1 Incompetency**

Every person receiving or claiming benefits under the Plan shall be conclusively presumed to be mentally competent and of age until the Council receives written notice, in a form and manner acceptable to it, that the person is incompetent or a minor, and that a guardian, conservator, or other person legally vested with the care of his or her estate has been appointed. If the Council finds that any person to whom a benefit is payable under Plan is unable to care properly for his or her affairs, or is a minor, any payment due will be made to a legal guardian or other legal representative.

If a guardian or conservator of the estate of any person receiving or claiming benefits under the Plan is appointed by a court of competent jurisdiction, payments shall be made to such guardian or conservator if proper proof of the appointment is furnished in a form and manner suitable to the Council.

To the extent permitted by law, any payment made under the provisions of this section shall be a complete discharge of liability under the Plan.

**15.2 Nonalienation of Benefits**

Except as provided in Code section 401(a)(13), no benefit payable at any time under the Plan shall be subject in any manner to alienation, sale, transfer, assignment, pledge, attachment, garnishment, or encumbrance of any kind. Any attempt to alienate, sell, transfer, assign, pledge, or otherwise encumber any such benefit, whether presently or thereafter payable, shall be void. The Trust Fund under the Plan shall not in any manner be liable for or subject to the debts or liabilities of any Member or Beneficiary entitled to any benefit.

The preceding paragraph shall also apply to the creation, assignment, or recognition of a right to any interest or benefit payable with respect to a Member pursuant to a domestic relations order, unless the order is determined to be a qualified domestic relations order (as defined in Code section 414(p)). The Council shall establish reasonable written procedures to determine the qualified status of domestic relations orders and to administer distributions under such qualified orders.

**15.3 No Guarantee of Employment**

Nothing contained in the Plan shall be deemed to give any Employee the right to be retained in the service of the Company or an Affiliate or to interfere with the right of the Company or an Affiliate to discharge or retire any Employee at any time.

**15.4 Applicable Law**

To the extent not preempted by ERISA, the Plan shall be governed by and construed according to the laws of South Carolina.

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**15.5 Severability**

If a provision of this Plan shall be held illegal or invalid, the illegality or invalidity shall not affect the remaining parts of the Plan, and the Plan shall be construed and enforced as if the illegal or invalid provision had not been included in this Plan.

**15.6 Rights to Trust Assets**

No Employee or Beneficiary shall have any right to, or interest in, any assets of the Trust Fund upon termination of employment or otherwise, except as specifically provided under the Plan, and then only to the extent of the benefits payable under the Plan to the Employee or Beneficiary out of the assets of the Trust Fund. All payments of benefits under this Plan shall be made solely out of assets of the Trust Fund, and the Employers, the Affiliates, or any fiduciary shall not be liable therefor in any manner.

**15.7 Military Service**

Effective December 12, 1994, and notwithstanding any other provision of this Plan to the contrary, contributions, benefits, and service credit with respect to qualified military service will be provided in accordance with the mandatory provisions of Code section 414(u).

**15.8 Titles**

The titles of sections are included only for convenience and shall not be construed as part of this Plan or in any respect affecting or modifying its provisions.

\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*\*

**In Witness Whereof,** the authorized officers of the Company have signed this document and have affixed the corporate seal on February 10, 2026, effective as of January 1, 2026.

&nbsp;&nbsp;&nbsp;&nbsp;**Sonoco Products Company**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: <u>/s/John Florence</u> 

John Florence, General Counsel & Secretary

**Attest:**

By: <u>/s/Paul Joachimczyk</u> 

&nbsp;&nbsp;&nbsp;&nbsp;Paul Joachimczyk , &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(CORPORATE SEAL)

&nbsp;&nbsp;&nbsp;&nbsp;Chief Financial Officer

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**Appendix A. Participating Employers**

The table below lists each Affiliate of the Company that has become a participating Employer in accordance with section 14.1. The adoption dates listed below represent the effective date for each Affiliate's participation. However, because of multiple business restructurings, the adoption dates shown below do not necessarily represent the participation dates for individual Members currently employed by each Affiliate.

(The effective dates of Plan coverage for various groups of collectively-bargained Employees are listed in Appendix B and Appendix C.)

---

| | | |
|:---|:---|:---|
| **Affiliate** | **Adoption Date** | |
| | **Plan Provisions (Except Retirement Contributions)** | **Plan Provisions Related to Retirement Contributions** |
| Georgia Paper and Tube, Inc. | April 1, 2002 | January 1, 2004 |
| Hayes Manufacturing Group, Inc. | January 1, 2002 | January 1, 2004 |
| Sonoco Development, Inc. | January 1, 1999 | January 1, 2004 |
| Sonoco Flexible Packaging, Inc. | January 1, 1997 | January 1, 2004 (or January 1, 2006 for Employees of Waco Flexibles) |
| Sonoco-Hutchinson, Inc. | November 1, 2001 | January 1, 2004 |
| Sonoco Paperboard Group, LLC | January 1, 1997 | January 1, 2004 |
| Sonoco Phoenix, Inc. | January 1, 2002 | January 1, 2004 |
| Sonoco Recycling, Inc. | January 1, 1981 | January 1, 2004 (or January 1, 2005 for Employees of Paperstock Dealers, Savannah) |
| Sonoco SPG Inc. | January 1, 1997 | January 1, 2004 |
| Sonoco Sustainability Solution | January 1, 2010 | January 1, 2010 |
| Southern Plug & Mfg, Inc. | January 1, 1999 | January 1, 2004 |
| SPC Resources, Inc. | January 1, 1992 | January 1, 2004 |
| U.S. Paper Mills Corporation | January 1, 2002 | January 1, 2004 |
| Trident Graphics NA, LLC | January 1, 1997 | January 1, 2004 (or January 1, 2006 for Employees of Keating Gravure) |
| Sonoco CorrFlex Display & Pack | January 1, 2005 | January 1, 2007 |
| Sonoco CorrFlex D&P, LLC | January 1, 2005 | January 1, 2007 |
| Sonoco CorrFlex LLC | January 1, 2005 | January 1, 2007 |
| Sonoco Clear Pack | July 1, 2008 | July 1, 2008 |

---

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| | | |
|:---|:---|:---|
| **Affiliate** | **Adoption Date** | |
| | **Plan Provisions (Except Retirement Contributions)** | **Plan Provisions Related to Retirement Contributions** |
| Sonoco Plastics, Inc.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• APT Locations | <br>January 1, 2011 | <br>January 1, 2011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Columbus location | January 1, 2007 | January 1, 2007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Hanover location | January 1, 1995 | January 1, 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Matrix Packaging, Inc. CA | January 1, 2010 (except as noted below) – Closure of location in 2016 | January 1, 2010 (except as noted below) – Closure of location in 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Matrix Packaging, Inc. IL locations | January 1, 2010 (except as noted below) – Closure of location in 2016 | January 1, 2010 (except as noted below) – Closure of location in 2016 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Matrix Packaging, Inc. MO locations | January 1, 2010 (except as noted below) – Closure of location in 2016 | January 1, 2010 (except as noted below) – Closure of location in 2016 |
| Sonoco Crellin locations | January 1, 1995 | January 1, 2004 |
| Wausau location | January 1, 2010 (except as noted below) – Closure of location in 2012 | January 1, 2010 (except as noted below) – Closure of location in 2012 |
| Winchester location | January 22, 1996 | January 1, 2004 |
| Tegrant Corporation | January 1, 2013 | January 1, 2013 |
| Sonoco Protective Solutions, Inc. | January 1, 2013 (Participation ends effective as of the close of business on October 31, 2025) | January 1, 2013 (Participation ends effective as of the close of business on October 31, 2025) |
| Dalton Paper Products | January 1, 2015 | January 1, 2015 |
| Sonoco Hickory, Inc. (formerly known as Plastic Packaging, Inc.) | January 1, 2017 | Not eligible |
| Sonoco Elk Grove, Inc. (formerly known as Clear Lam Packaging, Inc.) | January 1, 2018 | Not eligible |
| Peninsula Packaging Company | January 1, 2018 | Not eligible |
| Highland Packaging Solutions, Inc. | January 1, 2019 | January 1, 2019 |
| Conitex Sonoco, Inc. (US-based employees only) | January 1, 2019 | January 1, 2019 |
| Conitex Sonoco US, Inc. (US-based employees only) | January 1, 2019 | January 1, 2019 |
| Sonoco Wisconsin Rapids (fka Corenso)  | January 1, 2020 | January 1, 2020 |
| Sebro Plastics, Inc. | January 1, 2021 | January 1, 2021 |

---

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| | | |
|:---|:---|:---|
| **Affiliate** | **Adoption Date** | |
| | **Plan Provisions (Except Retirement Contributions)** | **Plan Provisions Related to Retirement Contributions** |
| Sonoco Metal Packaging LLC (fka Ball Metalpack, LLC) | January 1, 2023 | Not eligible |
| RTS Packaging, LLC | September 8, 2023 | Not eligible |

---

<u>Additional Provisions</u>

Nonunion Eligible Employees of Matrix Packaging, Inc. CA, Matrix Packaging, Inc., IL, or Matrix Packaging, Inc. MO who are compensated on an hourly basis shall be subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)&nbsp;&nbsp;&nbsp;&nbsp;Such Employees can make Before-Tax Contributions, Roth Contributions, and After-Tax Contributions under section 5.2, but the total amount contributed across all three contribution types is limited to 30 percent of Compensation until January 1, 2015; thereafter, the limits are increased to 100 percent of Compensation as of the first payroll period in 2015;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp;Effective with the first payroll paid in 2015 (including amounts earned in 2014 and 2015), such Employees are eligible for Matching Contributions under section 5.3, prior to that payroll period such Employees were not eligible for Matching Contributions under section 5.3; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)&nbsp;&nbsp;&nbsp;&nbsp;Such Employees are not eligible for Retirement Contributions under section 5.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;Matrix Employees who were terminated on or about November 7, 2016 as part of the divestiture described in the "ASSET PURCHASE AGREEMENT dated as of September 1, 2016 by and among SONOCO PLASTICS, INC., SONOCO PLASTICS CANANDA ULC, SONOCO DEVELOPMENT, INC, SONOCO PRODUCTS COMPANY, AMCOR RIGID PLASTICS USA, LLC and AMCORPACKAGING CANADA, INC." and who are otherwise eligible to earn Retirement Contributions, are entitled to a prorated Retirement Contribution for the period beginning on January 1, 2016 and ending on November 7, 2016. Notwithstanding anything in this Plan to the contrary, individuals described in the foregoing sentence shall be 100% vested in all of the Accounts in this Plan effective as of their date of Separation from Service.

In addition, nonunion Eligible Employees of the Wausau location who are compensated on an hourly basis are eligible for (i) Matching Contributions under section 5.3, but only with respect to Before-Tax Contributions made on and after April 1, 2011 and Roth Contributions made on and after January 1, 2013. and (ii) Retirement Contributions under section 5.4, but only with respect to Compensation earned on and after April 1, 2011. Note that this location

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closed in 2012 and no further contributions may be made to the Plan for these Employees after the date of the closure (other than with respect to Compensation earned prior to the closure).

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**Appendix B. Collectively-Bargained Participants—Plan Benefits Other than Retirement Contributions**

The table below lists each group of collectively-bargained Employees who qualify as Eligible Employees with respect to Plan benefits other than Retirement Contributions under Plan section 2.17(d)(1). The table also includes the date on which Plan provisions related to Plan benefits other than Retirement Contributions took effect for each covered bargaining unit and any variations in the standard Plan terms and features (as they relate to Plan benefits other than Retirement Contributions) that apply to Eligible Employees of each such bargaining unit.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| Edinburgh/Chicago & Midwest Regional Joint Board Affiliate of Workers/United, SEIU | May 1, 1999 through the close of business on March 31, 2025 | Follows the standard Plan | **Amount:** $0.50 per $1.00 on first 6% of Compensation contributed as Before-Tax Contributions or Roth Contributions<br>(Per the labor agreement, if the Matching Contribution under the standard Plan is increased to a level that exceeds the Matching Contribution described above, the higher standard Plan match will apply.)<br>**True-Up Match:** Plan section 5.3(b) does not apply | &nbsp;&nbsp;&nbsp;&nbsp;**Eligibility:** Attain age 21 and complete one Year of Eligibility Service (defined as 1,000 Hours of Service in either the first year of employment or in any subsequent Plan Year)<br>&nbsp;&nbsp;&nbsp;&nbsp;**Amount:** 3.50% of Compensation, provided Participant earns at least 1,000 Hours of Service during Plan Year <br>&nbsp;&nbsp;&nbsp;&nbsp;**Vesting:** Collectively-Bargained Non-Elective Employer Contributions are subject to the vesting provisions described in Plan sections 3.2, 7.5 and 7.4 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| PPPWU, Local 25M of District Council 3 for Sonoco, Franklin Plant of Franklin, Ohio (fka Franklin/Graphic Communications International Union Local 508M) | May 1, 1999 through the close of business on March 31, 2025 | Follows the standard Plan | **Amount:** $0.50 per $1.00 on first 6% of Compensation contributed as Before-Tax Contributions or Roth Contributions<br>**True-Up Match:** Plan Section 5.3(b) does not apply  | **Amount:** <br>**Effective March 26, 2023:** $1.05 per hour paid (no hourly maximum)<br>**Effective March 22, 2018 through March 25, 2023:** $0.95 per hour paid (no hourly maximum)<br>**Effective June 1, 2014 through March 21, 2018:** <br>$0.85 per hour paid if hired before March 22, 1998; $0.85 per hour paid (not to exceed 2,200 hours per Plan Year) if hired on or after March 22, 1998<br>**Prior to June 1, 2014,** $0.85 per hour paid if hired before March 22, 1998; $0.70 per hour paid (not to exceed 2,080 hours per Plan Year) if hired on or after March 22, 1998<br>**Vesting:** Collectively-Bargained Non-Elective Employer Contributions are subject to the vesting provisions described in Plan sections 3.2, 7.5 and 7.4 |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| USPMC – DePere/United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied-Industrial and Service Workers International Union, Local 1517 | January 1, 2004 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contribution Limits:**<br>&nbsp;&nbsp;&nbsp;&nbsp;Before-Tax: Prior to March 22, 2021: 1% to 30% of Compensation<br>On and after March 22, 2021: 1% to 100% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Roth: Prior to March 22, 2021: Not permitted. <br>On and after March 22, 2021: permitted<br>&nbsp;&nbsp;&nbsp;&nbsp;After-Tax: 1% to 30% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Combined Before-Tax and After-Tax: Up to 30% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;**Automatic Enrollment:** Prior to June 15, 2017, Plan section 5.7(b) does not apply. Effective June 15, 2107, Plan section 5.7(b) applies to employees hired on and after June 15, 2017, with the percentage being 6%. | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** $0.50 per $1.00 on first 6% of Compensation contributed as Before-Tax Contributions<br>&nbsp;&nbsp;&nbsp;&nbsp;**True-Up Match:** Prior to March 22, 2021: Plan section 5.3(b) does not apply. On and after March 22, 2021: Plan section 5.3(b) does apply | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** 4.00% of Compensation <br>&nbsp;&nbsp;&nbsp;&nbsp;**Vesting:** Collectively-Bargained Non-Elective Employer Contributions are subject to the vesting provisions described in Plan sections 3.1 and 7.4  |  |
| Richmond/United Steel, Paper and Forestry, Rubber, Manufacturing, | July 1, 2004 | Follows the standard Plan | Follows the standard Plan |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| Energy, Allied-Industrial and Service Workers International Union—AFL-CIO-CLC, Local 747 |  |  |  |  |  |
| USPMC – Menasha/United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied-Industrial and Service Workers International Union, Local 273 | July 1, 2006 | &nbsp;&nbsp;&nbsp;&nbsp;**Contribution Limits:**<br>&nbsp;&nbsp;&nbsp;&nbsp;Before-Tax: 1% to 30% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Roth: Not permitted until January 1, 2023<br>&nbsp;&nbsp;&nbsp;&nbsp;After-Tax: 1% to 30% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Combined Before-Tax and After-Tax: Up to 30% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;**Automatic Enrollment:** Plan section 5.7(b) applies to employees hired on and after April 1, 2017, with the percentage being 6%. | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** $0.50 per $1.00 on first 6% of Compensation contributed as Before-Tax Contributions<br>&nbsp;&nbsp;&nbsp;&nbsp;**True-Up Match:** Plan section 5.3(b) does not apply<br>&nbsp;&nbsp;&nbsp;&nbsp;**Vesting:** Matching Contributions are subject to the vesting provisions described in Plan sections 3.1 and 7.2(b)(1) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Eligibility:** The first day of the month following the date on which the Employee completes 30 days of service<br>&nbsp;&nbsp;&nbsp;&nbsp;**Amount: Effective May 19, 2011**, 4% of Compensation.<br>**Prior to May 19, 2011**, 5.5% of Compensation if date of birth is before January 1, 1940; 4.0% of Compensation if date of birth is on or after January 1, 1940 <br>&nbsp;&nbsp;&nbsp;&nbsp;**Vesting:** Collectively-Bargained Non-Elective Employer Contributions are subject to the vesting provisions described in Plan sections 3.1 and 7.4 | **Contribution during Period of Disability:** After 14 days of disability, Employer continues Participant contributions for up to 26 weeks at a rate equal to the Participant's average contribution rate over 24-week period preceding disability. This provision was eliminated effective July 1, 2010. |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| Norwalk / Los Angeles/District Council No. 2 Affiliated with the International Brotherhood of Teamsters | July 1, 2006 | &nbsp;&nbsp;&nbsp;&nbsp;**Contribution Limits:**<br>&nbsp;&nbsp;&nbsp;&nbsp;Before-Tax: 1% to 30% of Compensation. On and after February 16, 2023: 1% to 100% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Roth: Not permitted until January 1, 2024, 1% to 30% of Compensation. <br>On and after February 16, 2023: 1% to 100% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;After-Tax: 1% to 30% of Compensation.<br>On and after February 16, 2023: 1% to 100% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Combined Before-Tax, After-Tax, and Roth: Up to 30% of Compensation.<br>On and after February 16, 2023: Up to 100% of Compensation | **Amount:** $0.50 per $1.00 on first 4% of Compensation contributed as Before-Tax Contributions<br>Effective for Compensation earned after December 31, 2021, Employer Match contributions follow the standard plan |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| Clear Pack/Teamsters Local #777 | January 1, 2009 through the close of business on March 31, 2025 | Follows the standard Plan | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** <br>For Compensation paid before July 4, 2024: 1.00 per $1.00 on first 3% of Compensation contributed as Before-Tax Contributions; plus $0.50 per $1.00 on next 2% of Compensation contributed as Before-Tax Contributions<br>For Compensation paid on and after July 4, 2024: 1.00 per $1.00 on first 6% of Compensation<br>**True-Up Match:** <br>For Compensation paid prior to July 4, 2024, Plan section 5.3(b) does not apply<br>For Compensation paid on and after July 4, 2024, Plan section 5.3(b) does apply<br>**Automatic Enrollment:** Prior to July 4, 2024, Plan section 5.7(b) does not apply. Effective July 4, 2024, Plan section 5.7(b) applies to employees hired on and after July 4, 2024, with the percentage being 6%.  |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| Carrollton/United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied-Industrial and Service Workers International Union—AFL-CIO-CLC | May 5, 2009 | Follows the standard plan | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** <br>&nbsp;&nbsp;&nbsp;&nbsp;For Compensation paid prior to November 19, 2024: 1.00 per $1.00 on first 3% of Compensation contributed as Before-Tax Contributions; plus $0.50 per $1.00 on next 2% of Compensation contributed as Before-Tax Contributions<br>&nbsp;&nbsp;&nbsp;&nbsp;For Compensation paid on or after November 19, 2024: 1.00 per $1.00 on first 6% of Compensation<br>**True-Up Match:** <br>For Compensation paid prior to November 19, 2024: Plan section 5.3(b) does not apply<br>&nbsp;&nbsp;&nbsp;&nbsp;For Compensation paid on or after November 19, 2024: Plan section 5.3(b) does apply |  |  |
| Memphis— Ragan Street/United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied-Industrial and Service Workers International Union, Local 9-1274 | July 1, 2010 | Follows the standard Plan | Follows the standard Plan |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| Forest Park/Bakery, Confectionary, Tobacco and Grain Millers International Union, Local 42, Atlanta, GA | January 1, 2011 | Follows the standard Plan | No Matching Contributions under Plan section 5.3 until January 1, 2017. Effective January 1, 2017, follows the standard Plan. |  |  |
| Hayward, CA/International Association of Machinists and Aerospace Workers Union, Local #1546 (Maintenance Employees) | January 1, 2013 through the close of business on October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Contribution Limits:** <br>&nbsp;&nbsp;&nbsp;&nbsp;Before-Tax: 1 to 25% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Roth: 1 to 25% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;After-Tax: 1 to 25% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Combined Before-Tax, Roth, and After-Tax: Up to 25% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;**Automatic Enrollment:** Plan section 5.7(b) applies with an automatic enrollment amount of 1% | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** $1.00 per $1.00 on the first 5% of Compensation contributed as Before-Tax Contributions or Roth Contributions<br>&nbsp;&nbsp;&nbsp;&nbsp;**True-Up Match:** Plan section 5.3(b) does not apply | None on or after October 1, 2008<br>(Nonelective employer contributions made before October 1, 2008 under the Tegrant Investment and Retirement Plan are subject to the vesting provisions described in Plan sections 3.1 and 7.4.) |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| Hayward, CA/Teamsters Union, IBT Local #853 (Production Employees) | January 1, 2013 through the close of business on October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;Contribution Limits: <br>&nbsp;&nbsp;&nbsp;&nbsp;Before-Tax: 1 to 25% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Roth: 1 to 25% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;After-Tax: 1 to 25% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;Combined Before-Tax, Roth, and After-Tax: Up to 25% of Compensation<br>&nbsp;&nbsp;&nbsp;&nbsp;**Automatic Enrollment:** Individuals who commenced employment in the bargaining unit (or who were reemployed in the bargaining unit) on or after January 1, 2008, and before June 1, 2016 are enrolled automatically under section 5.7(b) at a Before-Tax Contribution rate of 1% of Compensation. Individuals who commenced employment in the bargaining unit (or who were | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** $1.00 per $1.00 on the first 5% of Compensation contributed as Before-Tax Contributions or Roth Contributions<br>&nbsp;&nbsp;&nbsp;&nbsp;**True-Up Match:** Plan section 5.3(b) does not apply | None on or after September 1, 2007<br>(Nonelective employer contributions made before September 1, 2007 under the Tegrant Investment and Retirement Plan are subject to the vesting provisions described in Plan sections 3.1 and 7.4.) |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp;reemployed in the bargaining unit) on or after June 1, 2016 are enrolled automatically under section 5.7(b) at a Before-Tax Contribution rate of 3% of Compensation. |  |  |  |
| Montgomeryville, PA/Laborers Local #332 | December 14, 2015 (when Members unionized, Members may have accrued non-union benefits prior to unionizing) through the close of business on October 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;Follows the standard Plan | &nbsp;&nbsp;&nbsp;&nbsp;Follows the standard Plan. Changes to the match formula in the standard Plan apply to this group. |  |  |
| Sonoco Wisconsin Rapids (fka Corenso)/Office & Professional Employees' Union Local #39 | January 1, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;Follows the standard Plan but uses Corenso Compensation plus profit-sharing bonuses | &nbsp;&nbsp;&nbsp;&nbsp;Amount: $0.25 per $1.00 on first 6% of Corenso Compensation through 12/31/2020. On and after 1/1/2021: $0.30 per $1.00 on first 6% of Corenso Compensation.<br>&nbsp;&nbsp;&nbsp;&nbsp;Catch-Up Contributions: Eligible for matching contributions | &nbsp;&nbsp;&nbsp;&nbsp;Amount: 6% of base wages + overtime | &nbsp;&nbsp;&nbsp;&nbsp;**Participation Eligibility:** The 90th calendar day after the member's first day of employment<br>&nbsp;&nbsp;&nbsp;&nbsp;After-Tax Contributions: Not eligible |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| Sonoco Wisconsin Rapids (fka Corenso)/United Steel, Paper & Forestry, Rubber, Mfg, Energy, Allied-Ind and Service Workers Int'l Union Local #2-94/2-187 | January 1, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;Follows the standard Plan but uses Corenso Compensation plus profit-sharing bonuses<br>&nbsp;&nbsp;&nbsp;&nbsp;**Automatic Enrollment:** Plan section 5.7(b) applies to employees hired on and after April 1, 2022, with the percentage being 6%. | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** $0.25 per $1.00 on first 6% of Corenso Compensation through 12/31/2020. On and after 1/1/2021: $0.30 per $1.00 on first 6% of Corenso Compensation.<br>&nbsp;&nbsp;&nbsp;&nbsp;**Catch-Up Contributions:** Eligible for matching contributions | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** $1.25 per hour worked. Effective April 1, 2022, $1.75 per hour worked.  | &nbsp;&nbsp;&nbsp;&nbsp;**Participation Eligibility:** The 40<sup>th</sup> calendar day after the member's first day of employment<br>&nbsp;&nbsp;&nbsp;&nbsp;**After-Tax Contributions:** Not eligible |
| Sonoco Wisconsin Rapids (fka Corenso)/International Assoc of Machinists and Aerospace Workers Local #655 | January 1, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;Follows the standard Plan but uses Corenso Compensation plus profit-sharing bonuses | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** $0.25 per $1.00 on first 6% of Corenso Compensation.<br>&nbsp;&nbsp;&nbsp;&nbsp;**Catch-Up Contributions:** Eligible for matching contributions | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** 5% of base wages. Effective April 1, 2021, 5% of base wages + overtime. | &nbsp;&nbsp;&nbsp;&nbsp;**Participation Eligibility:** The 90<sup>th</sup> calendar day after the member's first day of employment<br>&nbsp;&nbsp;&nbsp;&nbsp;**After-Tax Contributions:** Not eligible |
| Sonoco Wisconsin Rapids (fka Corenso)/International Brotherhood of Electrical Workers Local #1147 | January 1, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;Follows the standard Plan but uses Corenso Compensation plus profit-sharing bonuses | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** $0.25 per $1.00 on first 6% of Corenso Compensation.<br>&nbsp;&nbsp;&nbsp;&nbsp;**Catch-Up Contributions:** Eligible for matching contributions | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** 6% of base wages. Effective April 1, 2021, 6% of base wages + overtime. | &nbsp;&nbsp;&nbsp;&nbsp;**Participation Eligibility:** The 90<sup>th</sup> calendar day after the member's first day of employment<br>&nbsp;&nbsp;&nbsp;&nbsp;**After-Tax Contributions:** Not eligible |
| Sonoco Wisconsin Rapids (fka Corenso/United Association of Journeymen & Apprentices of the Plumbing & Pipefitting Ind. Local #434 | January 1, 2020 | &nbsp;&nbsp;&nbsp;&nbsp;Follows the standard Plan but uses Corenso Compensation plus profit-sharing bonuses | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** $0.25 per $1.00 on first 6% of Corenso Compensation.<br>&nbsp;&nbsp;&nbsp;&nbsp;**Catch-Up Contributions:** Eligible for matching contributions | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** 5% of base wages. Effective April 1, 2021, 5% of base wages + overtime. | &nbsp;&nbsp;&nbsp;&nbsp;**Participation Eligibility:** The 90<sup>th</sup> calendar day after the member's first day of employment<br>&nbsp;&nbsp;&nbsp;&nbsp;**After-Tax Contributions:** Not eligible |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| City of Industry – Teamsters, District Council #2, Local No. 388 M | &nbsp;&nbsp;&nbsp;Effective January 1, 2023, follows standard plan for the following groups:<br>Employees hired on and after January 1, 2010, and<br>Employees hired before January 1, 2010, who elected to freeze accruals under the Sonoco<br>Pension<br>Plan as of December 31 , 2009.<br>Employees hired before January 1, 2010, who did not elect to freeze accruals under the<br>Sonoco Pension Plan as of<br>December 31 , 2009, are not eligible to participate. | &nbsp;&nbsp;&nbsp;&nbsp;**Automatic Enrollment:** Plan section 5.7(b) applies to employees hired on and after February 1, 2023, with the percentage being 6%. | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** Follows standard plan |  |  |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| Sonoco Metal<br>Packaging, LLC<br>(fka Ball<br>Metalpack, LLC),<br>Milwaukee,<br>WI/International<br>Association of Machinists and Aerospace<br>Workers Union<br>AFL-CIO District<br>10, Lodge 2560 | January 1, 2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Amount:**<br>$0.75 per<br>$1.00 on first<br>6% of<br>Compensation contributed as Before-Tax Contributions. 100% vested.<br>&nbsp;&nbsp;&nbsp;&nbsp;**True-Up Match:** Plan section 5.3(b) does not apply | &nbsp;&nbsp;**Negotiated**<br>**Deferral**<br>**Contribution:** $1.61 for each straight-time hour and overtime hour worked during a pay period, including any hour of back pay to which a Participant becomes entitled and that relates to employment. <br>90 days service required for eligibility.<br>100% vested. | &nbsp;&nbsp;&nbsp;&nbsp;Participation Eligibility: No service requirement<br>**Special InService**<br>**Distribution Rule:** In-service withdrawals may be taken from the BMP Employer<br>Matching Account if the amount has been in such account for at least 24 months or if the Participant has been a Participant in the Plan (including participation in the BMP Plan or the Ball Corporation<br>401(k) and<br>Employee<br>Stock Ownership Plan) for five or more years. |
| Sonoco Metal Packaging, LLC<br>(fka Ball<br>Metalpack, LLC)<br>Horsham,<br>PA,/International Associate of<br>Sheet Metal, Air,<br>Rail and<br>Transportation<br>Union Local 19 | January 1,<br>2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:**<br>$0.50 per<br>$1.00 on first<br>4% of<br>Compensation contributed as Before-Tax Contributions. 100% vested.<br>&nbsp;&nbsp;&nbsp;&nbsp;**True-Up Match:** Plan section 5.3(b) does not apply | &nbsp;&nbsp;**Additional Company Contribution:** a profit sharing contribution of<br>4.5% of Participant's Compensation paid on a payroll period basis. 90 days service required for eligibility. 100% vested. | &nbsp;&nbsp;&nbsp;&nbsp;**Participation Eligibility:** No service requirement |
| Sonoco Metal<br>Packaging, LLC<br>(fka Ball<br>Metalpack, LLC)<br>Oakdale,<br>CA/Teamsters<br>Local Union No.<br>948 | January 1,<br>2023 |  | &nbsp;&nbsp;&nbsp;&nbsp;**Amount:** No employer match |  | &nbsp;&nbsp;&nbsp;&nbsp;**Participation Eligibility:** No service requirement |

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Location/Union** | **Effective Date of Plan Coverage** | **Employee Contributions** | **Employer Match** | **Collectively-Bargained Nonelective Employer Contributions** | **Other Variations to Standard Plan Terms** |
| RTS Merced, CA<br>USW Local 819 | &nbsp;&nbsp;September 8, 2023 | &nbsp;&nbsp;&nbsp;&nbsp;Automatic Enrollment: Plan section 5.7(b) does not apply. | 25% up to 6% of deferrals<br>Match is limited to regular earnings up to 40 hours, straight time only<br>Excludes birthday pay, retention, signing bonus, referral bonus, Christmas bonus and jury duty pay. |  |  |
| Chattanooga Paper Mill<br>USW 362 | &nbsp;&nbsp;September 8, 2023 | Deferrals exclude birthday pay, retention, signing bonus, referral bonus, Christmas bonus and jury duty pay.<br>Automatic Enrollment: Plan section 5.7(b) does not apply. |  |  |  |
| Chattanooga Paper Mill<br>Teamsters Local 519 Drivers and<br>Teamsters Local 519 Mechanics | &nbsp;&nbsp;September 8, 2023 | Automatic Enrollment: Plan section 5.7(b) does not apply. |  |  |  |

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**Appendix C. Collectively-Bargained Participants—Plan Provisions Related to Retirement Contributions**

The table below lists each group of collectively-bargained Employees who qualify as Eligible Employees with respect to Retirement Contributions under Plan section 2.17(d)(2). The table also includes the date on which Plan provisions related to Retirement Contributions took effect for each covered bargaining unit.

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| | | |
|:---|:---|:---|
| **Affiliate/Location** | **Union** | **Effective Date of Retirement Contribution Provisions** |
| Carrollton | United Steel, Paper and Forestry, Rubber <br>Manufacturing, Energy, Allied Industrial and Service Workers Union, AFL-CIO-CLC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bargaining unit employees hired on and after January 1, 2004 <br>&nbsp;&nbsp;&nbsp;&nbsp;Bargaining unit employees hired before January 1, 2004 will be covered by the Retirement Contribution provisions of this Plan on—<br>&nbsp;&nbsp;&nbsp;&nbsp;January 1, 2010 if they elected to freeze accruals under the Sonoco Pension Plan as of December 31, 2009; or<br>&nbsp;&nbsp;&nbsp;&nbsp;January 1, 2019 if they elect to continue accruals under the Sonoco Pension Plan through December 31, 2018 (and are still in active employment on January 1, 2019)<br>&nbsp;&nbsp;&nbsp;&nbsp;Retirement contributions shall be made at the standard amount in effect on January 1, 2015 and shall not be modified unless and until the collective bargaining agreement in effect on January 1, 2015 is modified, even if the standard amount is amended in the Plan for other employees<br>&nbsp;&nbsp;&nbsp;&nbsp;Effective November 19, 2024, effective for Compensation paid after November 19, 2024, no Sonoco Retirement Contributions (SRC) will be paid for this collective bargaining group. |
| Caraustar/St. Paris, Ohio | United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied-Industrial, and Service Workers International Union—Local #1467 | October 1, 2007 – March 13, 2009 |
| Clear Pack | Teamsters Local #777 | July 1, 2008 Retirement contributions shall be made at the standard amount in effect on January 1, 2015 and shall not be modified unless and until the collective bargaining agreement in effect on January 1, 2015 is modified, even if the standard amount is amended in the Plan for other employees. Effective July 4, 2024, effective for Compensation paid after July 4, 2024, no Sonoco  |

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| | | |
|:---|:---|:---|
| **Affiliate/Location** | **Union** | **Effective Date of Retirement Contribution Provisions** |
|  |  | Retirement Contributions (SRC) will be paid for this collective bargaining group <br>Vesting: Retirement Contributions are subject to the accelerated vesting provisions described in Plan section 7.5 |
| City of Industry | Sonoco Products Company City of Industry and Graphic Communications Union District Council No. 2, Local 388M | &nbsp;&nbsp;&nbsp;&nbsp;Bargaining unit employees hired on and after January 1, 2010<br>&nbsp;&nbsp;&nbsp;&nbsp;Bargaining unit employees hired before January 1, 2010 will be covered by the Retirement Contribution provisions of this Plan on January 1, 2010 if they elected to freeze accruals under the Sonoco Pension Plan as of December 31, 2009 <br>&nbsp;&nbsp;&nbsp;&nbsp;Effective for Compensation paid after December 31, 2021, no Retirement Contributions will be paid for this collective bargaining group |
| Richmond | United Steel, Paper and Forestry, Rubber, Manufacturing, Energy, Allied Industrial and Service Workers International Union—AFL-CIO-CLC, Local 747 | &nbsp;&nbsp;&nbsp;&nbsp;Bargaining unit employees hired on and after January 1, 2010<br>&nbsp;&nbsp;&nbsp;&nbsp;Bargaining unit employees hired before January 1, 2010 will be covered by the Retirement Contribution provisions of this Plan as of January 1, 2011 if they elected to freeze accruals under the Sonoco Pension Plan as of December 31, 2010 <br>&nbsp;&nbsp;&nbsp;&nbsp;Effective for Compensation paid after December 31, 2021, no Retirement Contributions will be paid for this collective bargaining group |
| Norwalk/Los Angeles | District Council No. 2 Affiliated with the International Brotherhood of Teamsters | &nbsp;&nbsp;&nbsp;&nbsp;Bargaining unit employees hired on and after January 1, 2012<br>&nbsp;&nbsp;&nbsp;&nbsp;Bargaining unit employees hired before January 1, 2012 will be covered by the Retirement Contribution provisions of this Plan as of January 1, 2012 if they elected to freeze accruals under the Sonoco Pension Plan as of December 31, 2011<br>&nbsp;&nbsp;&nbsp;&nbsp;Effective for Compensation paid after December 31, 2021, no Retirement Contributions will be paid for this collective bargaining group |
| Montgomeryville, PA | Laborers Local #332 | December 14, 2015<br>&nbsp;&nbsp;&nbsp;&nbsp;Effective for Compensation paid after December 31, 2021, no Retirement Contributions will be paid for this collective bargaining group |

---

&nbsp;&nbsp;&nbsp;&nbsp;101&nbsp;&nbsp;&nbsp;&nbsp;

## Ex-21

EXHIBIT 21

SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES

SUBSIDIARIES OF THE REGISTRANT

---

| | |
|:---|:---|
| 1 | APEI UK Limited, a 100%-owned foreign subsidiary, incorporated in the United Kingdom |
| 2 | Beteiligungen Sonoco Deutschland Vermogensverwaltungsgesellschaft mbh, a 100%-owned foreign subsidiary, incorporated in Germany |
| 3 | Cap Liners Limited, a 100%-owned foreign subsidiary, incorporated in the United Kingdom |
| 4 | Colombiana P.M., LLC, a 100%-owned domestic subsidiary, incorporated in Delaware |
| 5 | Conitex Sonoco (Mexico), S. de R.L. de C.V., a 100% owned foreign subsidiary, incorporated in Mexico |
| 6 | Conitex Sonoco Holding B.V., a 99.03% owned foreign subsidiary, incorporated in the Netherlands |
| 7 | Conitex Sonoco India Pvt. Ltd., a 99.03% owned foreign subsidiary, incorporated in India |
| 8 | Conitex Sonoco N.V., a 100%-owned foreign subsidiary, incorporated in Curacao |
| 9 | Conitex Sonoco Shanghai Ltd., a 99.03% owned foreign subsidiary, incorporated in China |
| 10 | Conitex Sonoco Suzhou Co. Ltd., a 99.03% owned foreign subsidiary, incorporated in China |
| 11 | Conitex Sonoco Taiwan Ltd., a 99.03% owned foreign subsidiary, incorporated in Taiwan |
| 12 | Conitex Sonoco USA, Inc., a 100%-owned domestic subsidiary, incorporated in North Carolina |
| 13 | Conitex Sonoco, Inc., a 100%-owned domestic subsidiary, incorporated in Delaware |
| 14 | Convex Mold, Inc., a 100%-owned domestic subsidiary, incorporated in Michigan |
| 15 | Corenso North America, a 100%-owned domestic subsidiary, incorporated in Delaware |
| 16 | Corenso Richmond, LLC a 100%-owned domestic subsidiary, incorporated in Delaware |
| 17 | Crown Cans Ghana Limited, a 85.2%-owned foreign subsidiary, incorporated in Ghana |
| 18 | Sonoco Aerosols & Promotional Metal Packaging Netherland B.V., a 100%-owned foreign subsidiary, incorporated in Netherlands |
| 19 | Sonoco Embalajes Metalicos Espana, S.A.U, a 100%-owned foreign subsidiary, incorporated in Spain |
| 20 | Sonoco Metal Packaging Aerosols UK Limited, a 100%-owned foreign subsidiary, incorporated in UK |
| 21 | Sonoco Metal Packaging Belgium BV/SRL, a 100%-owned foreign subsidiary, incorporated in Belgium |
| 22 | Sonoco Metal Packaging Closures Spain, S.L.U., a 100%-owned foreign subsidiary, incorporated in Spain |
| 23 | Sonoco Metal Packaging France S.A.S., a 100%-owned foreign subsidiary, incorporated in France |
| 24 | Sonoco Metal Packaging Germany GmbH, a 100%-owned foreign subsidiary, incorporated in Germany |
| 25 | Sonoco Metal Packaging Germany Services GmbH, a 100%-owned foreign subsidiary, incorporated in Germany |
| 26 | Sonoco Metal Packaging Group Germany GmbH, a 100%-owned foreign subsidiary, incorporated in Germany |
| 27 | Sonoco Metal Packaging Group UK Limited, a 100%-owned foreign subsidiary, incorporated in UK |
| 28 | Sonoco Metal Packaging Hellas Single Member S.A., a 100%-owned foreign subsidiary, incorporated in Greece |
| 29 | Sonoco Metal Packaging Holdings Germany GmbH, a 100%-owned foreign subsidiary, incorproated in Germany |
| 30 | Sonoco Metal Packaging Holdings UK Limited, a 100%-owned foreign subsidiary, incorporated in UK |
| 31 | Sonoco Metal Packaging Strategic Holdings B.V., a 100%-owned foreign subsidiary, incorporated in Netherlands |
| 32 | Sonoco Metal Packaging Ireland Limited, a 100%-owned foreign subsidiary, incorporated in Ireland |
| 33 | Sonoco Metal Packaging Italia Srl, a 100%-owned foreign subsidiary, incorporated in Italy |
| 34 | Eviosys Packaging Kuban, a 100%-owned foreign subsidiary, incorporated in Russia |
| 35 | Sonoco Metal Packaging Magyarorzag Kft, a 100%-owned foreign subsidiary, incorporated in Hungary |
| 36 | Eviosys Packaging Maroc, a 99.34%-owned foreign subsidiary, incorporated in Morocco |
| 37 | Sonoco Metal Packaging Netherlands Investments BV, a 100%-owned foreign subsidiary, incorporated in Netherlands |
| 38 | Sonoco Metal Packaging Polska SP z.o.o., a 100%-owned foreign subsidiary, incorporated in Poland |
| 39 | Sonoco Metal Packaging Portugal, S.A., a 100%-owned foreign subsidiary, incorporated in Portugal |
| 40 | Sonoco Metal Packaging Services France S.A.S., a 100%-owned foreign subsidiary, incorporated in France |
| 41 | Eviosys Packaging SIEM, a 85.2%-owned foreign subsidiary, incorporated in Ivory Coast |
| 42 | Eviosys Packaging Societe Malgached'Emballages Metalliques, a 99.87%-owned foreign subsidiary, incorporated in Madagascar |
| 43 | Sonoco Metal Packaging Switzerland GmbH, a 100%-owned foreign subsidiary, incorporated in Switzerland |
| 44 | Sonoco Metal Packaging (Thailand) Limited , a 100%-owned foreign subsidiary, incorporated in Thailand |

---

------

SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES

SUBSIDIARIES OF THE REGISTRANT

---

| | |
|:---|:---|
| 45 | Sonoco Metal Packaging Turkey Sanayi Ve Ticaret Limited Sirketi, a 100%-owned foreign subsidiary, incorporated in Turkey |
| 46 | Sonoco Metal Packaging Commercial UK Limited, a 100%-owned foreign subsidiary, incorporated in UK |
| 47 | Eviosys Packaging West Africa, a 100%-owned foreign subsidiary, incorporated in Ghana |
| 48 | Sonoco Metal Packaging Services Iberia, S.L.U, a 100%-owned foreign subsidiary, incorporated in Spain |
| 49 | Sonoco Promotional Metal Packaging UK Limited, a 100%-owned foreign subsidiary, incorporated in UK |
| 50 | Friarsgate Studio Limited, a 100%-owned foreign subsidiary, incorporated in the United Kingdom |
| 51 | Grove Mill Paper Company Limited, a 99.9%-owned foreign subsidiary, incorporated in the United Kingdom |
| 52 | Gunther of America, Inc., a 100%-owned domestic subsidiary, incorporated in Delaware |
| 53 | Hartsville Corrugating, LLC, a 100%-owned domestic subsidiary, incorporated in South Carolina |
| 54 | Industrial Machine Co., Inc., a 100%-owned domestic subsidiary, incorporated in Missouri |
| 55 | Innerpac Holding Company, a 100%-owned domestic subsidiary, incorporated in Delaware |
| 56 | Inversiones Sonoco Limitada, a 100%-owned foreign subsidiary, incorporated in Chile |
| 57 | Sonoco Metal Packaging EMEA Finance, a 100%-owned foreign subsidiary, incorporated in Netherlands |
| 58 | Manufacturas Sonoco, S.A. de C.V., a 100%-owned foreign subsidiary, incorporated in Mexico |
| 59 | PT Papertech Indonesia, a 99.03% owned foreign subsidiary, incorprated in Indonesia |
| 60 | PT Sonoco Indonesia, a 99.03%-owned foreign subsidiary, incorporated in Indonesia |
| 61 | RTS Embalajes de Argentina, a 100%-owned foreign subsidiary, incorporated in Argentina |
| 62 | RTS Embalajes de Chile LTDA, a 100%-owned foreign subsidiary, incorporated in Chile |
| 63 | RTS Empacques S. de R.L. de C.V., a 100%-owned foreign subsidiary, incorporated in Mexico |
| 64 | RTS Innerpac, Inc., a 100%-owned domestic subsidiary, incorporated in Delaware |
| 65 | RTS Packaging Foreign Holdings, LLC a 100%-owned domestic subsidiary, incorporated in Georgia |
| 66 | RTS Packaging, LLC a 100%-owned domestic subsidiary, incorporated in Delaware |
| 67 | Sebro Plastics, Inc., a 100%-owned domestic subsidiary, incorporated in Michigan |
| 68 | Skjern Paper Aps, a 100%- owned foreign subsidiary, incorporated in Denmark |
| 69 | SMB GmbH, a 100%-owned foreign subsidiary, incorporated in Germany |
| 70 | SMP I, LLC, a 100%- owned domestic subsidiary, incorporated in Delaware |
| 71 | Sonoco (Shanghai) Co., Ltd, a 99.03%-owned foreign subsidiary, incorporated in China |
| 72 | Sonoco (Taicang) Packaging Co., Ltd, a 99.03%-owned foreign subsidiary, incorporated in China |
| 73 | Sonoco Absorbent Technologies Limited, a 100%-owned foreign subsidiary, incorporated in the United Kingdom |
| 74 | Sonoco Absorbent Technologies, LLC, a 100%-owned domestic subsidiary, incorporated in Delaware |
| 75 | Sonoco Tubes & Cores Poland Sp Z.O.O, a 100%-owned foreign subsidiary, incorporated in Germany |
| 76 | Sonoco N.V., a 100%-owned foreign subsidiary, incorporated in Belgium |
| 77 | Sonoco Alcore Nederland B.V., a 100%-owned foreign subsidiary, incorporated in the Netherlands |
| 78 | Sonoco Ambalaj Sanayi Ve Ticaret Limited Sirketi, a 100%-owned foreign subsidiary, incorporated in Turkey |
| 79 | Sonoco Asia Holding Pte Ltd, a 99.03%-owned foreign subsidiary, incorporated in Singapore |
| 80 | Sonoco Asia, L.L.C., a 99.03%-owned domestic subsidiary, incorporated in Delaware |
| 81 | Sonoco Australia Pty Ltd, a 100%-owned foreign subsidiary, incorporated in Australia |
| 82 | Sonoco Bonmati, S.A.U., a 100%-owned foreign subsidiary, incorporated in Spain |
| 83 | Sonoco Canada Corporation, a 100%-owned foreign subsidiary, incorporated in Canada |
| 84 | Sonoco Consumer Products Dordrecht B.V. (fka Dorpak B.V.), a 100%-owned foreign subsidiary, incorporated in Netherlands |
| 85 | Sonoco Consumer Products Europe GmbH (fka Weidenhammer Packaging Group GmbH), a 100%-owned foreign subsidiary, incorporated in Germany |
| 86 | Sonoco Consumer Products Greencan, a 100%-owned foreign subsidiary, incorporated in France |
| 87 | Sonoco Consumer Products Hellas S.A. (fka Weidenhammer Hellas S.A.), a 100%-owned foreign subsidiary, incorporated in Greece |
| 88 | Sonoco Consumer Products Mechelen BVBA (fka Weidenhammer Belgium BVBA), a 100%-owned foreign subsidiary, incorporated in Belgium |
| 89 | Sonoco Consumer Products Montanay SAS (fka Neuvibox SAS), a 100%-owned foreign subsidiary, incorporated in France |

---

------

SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES

SUBSIDIARIES OF THE REGISTRANT

---

| | |
|:---|:---|
| 90 | Sonoco Consumer Products Poland Sp. Z.O.O., a 100%-owned foreign subsidiary, incorporated in Poland |
| 91 | Sonoco Consumer Products SAS, a 100%-owned foreign subsidiary, incorporated in France |
| 92 | Sonoco Consumer Products South Africa (PTY) Ltd., a 100%-owned foreign subsidiary, incorporated in South Africa |
| 93 | Sonoco Consumer Products Zwenkau GmbH (fka fka Weidenhammer Plastice Packaging GmbH), a 100%-owned foreign subsidiary, incorporated in Germany |
| 94 | Sonoco Cores and Paper Limited, a 100%-owned foreign subsidiary, incorporated in the United Kingdom |
| 95 | Sonoco de Colombia Ltda, a 100%-owned foreign subsidiary, incorporated in Colombia |
| 96 | Sonoco Deutschland GmbH, a 100%-owned foreign subsidiary, incorporated in Germany |
| 97 | Sonoco Deutschland Holdings GmbH, a 100%-owned foreign subsidiary, incorporated in Germany |
| 98 | Sonoco Development, Inc., a 100%-owned domestic subsidiary, incorporated in South Carolina |
| 99 | Sonoco do Brazil Ltda, a 100%-owned foreign subsidiary, incorporated in Brazil |
| 100 | Sonoco Holdings UK Limited, a 100%-owned domestic subsidiary, dually incorporated in Delaware and in the United Kingdom |
| 101 | Sonoco Holdings, Inc., a 100%-owned domestic subsidiary, incorporated in Delaware |
| 102 | Sonoco Hutchinson, LLC, a 100%-owned domestic subsidiary, incorporated in Kansas |
| 103 | Sonoco Iberia, S.L.U., a 100%-owned foreign subsidiary, incorporated in Spain |
| 104 | Sonoco Industrial Plastics, LLC, a 100%-owned domestic subsidiary, incorporated in South Carolina |
| 105 | Sonoco International Holdings GmbH, a 100%-owned foreign subsidiary, incorporated in Switzerland |
| 106 | Sonoco IPD France SAS, a 100%-owned foreign subsidiary, incorporated in France |
| 107 | Sonoco Italia S.r.l., a 100%-owned foreign subsidiary, incorporated in Italy |
| 108 | Sonoco Limited, a 100%-owned foreign subsidiary, incorporated in the United Kingdom |
| 109 | Sonoco Luxembourg S.a.r.l., a 100%-owned foreign subsidiary, incorporated in Luxembourg |
| 110 | Sonoco Metal Packaging Holdings, LLC, a 100%-owned domestic subsidiary, incorporated in Delaware |
| 111 | Sonoco Metal Packaging, LLC, a 100%-owned domestic subsidiary, incorporated in Delaware |
| 112 | Sonoco Milnrow, a 100%-owned foreign subsidiary, incorporated in the United Kingdom |
| 113 | Sonoco Netherlands Holding II BV, a 100%-owned foreign subsidiary, incorporated in the Netherlands |
| 114 | Sonoco Netherlands Holding III BV, a 100%-owned foreign subsidiary, incorporated in the Netherlands |
| 115 | Sonoco New Zealand Limited, a 100%-owned foreign subsidiary, incorporated in New Zealand |
| 116 | Sonoco Operadora S. de R.L. de C.V., a 100%-owned foreign subsidiary, incorporated in Mexico |
| 117 | Sonoco Packaging Limited, a 100%-owned foreign subsidiary, incorporated in the United Kingdom |
| 118 | Sonoco Paper Mill & IPD Hellas SA, a 100%-owned foreign subsidiary, incorporated in Greece |
| 119 | Sonoco Paperboard Group, LLC, a 100%-owned domestic subsidiary, incorporated in South Carolina |
| 120 | Sonoco Partitions Holding, Inc., a 100%-owned domestic subsidiary, incorporated in Delaware |
| 121 | Sonoco Partitions, Inc., a 100%-owned domestic subsidiary, incorporated in South Carolina |
| 122 | Sonoco Phoenix, LLC, a 100%-owned domestic subsidiary, incorporated in Ohio |
| 123 | Sonoco Pina, S.A.U., a 100%-owned foreign subsidiary, incorporated in Spain |
| 124 | Sonoco Plastics B.V., a 100%-owned foreign subsidiary, incorporated in the Netherlands |
| 125 | Sonoco Plastics Germany GmbH, a 100%-owned foreign subsidiary, incorporated in Germany |
| 126 | Sonoco Poland Holdings B.V., a 100%-owned foreign subsidiary, incorporated in the Netherlands |
| 127 | Sonoco Polysack A/S, Inc., a 100%-owned domestic subsidiary, incorporated in South Carolina |
| 128 | Sonoco Polysack Limited, a 100%-owned domestic subsidiary, dually incorporated in South Carolina and in the United Kingdom |
| 129 | Sonoco Products Company UK, a 100%-owned foreign subsidiary, incorporated in the United Kingdom |
| 130 | Sonoco Products Malaysia Sdn Bhd, a 99.03%-owned foreign subsidiary, incorporated in Malaysia |
| 131 | Sonoco Recycling - International Trade Group, LLC (fka Reparco USA, Inc.), a 100%-owned domestic subsidiary, incorporated in California |
| 132 | Sonoco Recycling, LLC, a 100%-owned domestic subsidiary, incorporated in North Carolina |
| 133 | Sonoco Reels Limited, a 100%-owned foreign subsidiary, incorporated in the United Kingdom |
| 134 | Sonoco SAS, a 100%-owned foreign subsidiary, incorporated in France |

---

------

SONOCO PRODUCTS COMPANY AND CONSOLIDATED SUBSIDIARIES

SUBSIDIARIES OF THE REGISTRANT

---

| | |
|:---|:---|
| 135 | Sonoco Saudi Limited Company, a 51%-owned foreign subsidiary, incorporated in Saudi Arabia |
| 136 | Sonoco Services, LLC, a 100%-owned domestic subsidiary, incorporated in Delaware |
| 137 | Sonoco Singapore Pte. Ltd., a 99.03%-owned foreign subsidiary, incorporated in Singapore |
| 138 | Sonoco Sweden AB, a 100%-owned foreign subsidiary, incorporated in Sweden |
| 139 | Sonoco Taiwan Ltd, a 99.03%-owned foreign subsidiary, incorporated in Taiwan |
| 140 | Sonoco Thailand Ltd, a 99.03%-owned foreign subsidiary, incorporated in Thailand |
| 141 | Sonoco Tudela, S.L. a 100% owned foreign subsidiary, incorporated in Spain |
| 142 | Sonoco Tubes & Cores Germany GmbH, a 100%-owned foreign subsidiary, incorporated in Germany |
| 143 | Sonoco Venture International Holdings GmbH, a 100%-owned foreign subsidiary, incorporated in Switzerland |
| 144 | Sonoco Ventures UK Limited, a 100%-owned foreign subsidiary, incorporated in the United Kingdom |
| 145 | Sonoco Wisconsin Rapids Core Plant, LLC a 100%-owned domestic subsidiary, incorporated in Delaware |
| 146 | Sonoco Wisconsin Rapids Paper Mill, LLC a 100%-owned domestic subsidiary, incorporated in Delaware |
| 147 | Sonoco Wisconsin Rapids, Inc., a 100%-owned domestic subsidiary, incorporated in Delaware |
| 148 | Sonoco, S.A. de C.V., a 100%-owned foreign subsidiary, incorporated in Mexico |
| 149 | Sonoco-Alcore AS, a 100%-owned foreign subsidiary, incorporated in Norway |
| 150 | Sonoco Finland Oy, a 100%-owned foreign subsidiary, incorporated in Finland |
| 151 | Sonoco-Alcore S.a.r.l., a 100%-owned foreign subsidiary, incorporated in Luxembourg |
| 152 | Sonoco-Alcore Sp. Z.O.O., a 100%-owned foreign subsidiary, incorporated in Poland |
| 153 | SPC Capital Management, Inc., a 100%-owned domestic subsidiary, incorporated in Delaware |
| 154 | SPC Global, Inc. (f/k/a Sonoco Luxembourg Holding S.a.r.l.), a 100%-owned domestic subsidiary, incorporated in Delaware |
| 155 | SPC Liquidation, LLC, a 100%-owned domestic subsidiary, incorporated in South Carolina |
| 156 | SPC Management, LLC, a 100%-owned domestic subsidiary, incorporated in Delaware |
| 157 | SPC Mexico Holdings, Inc.,a 100%- owned domestic subsidiary, incorporated in Delaware |
| 158 | SPC Resources, Inc., a 100%-owned domestic subsidiary, incorporated in Delaware |
| 159 | SR Holdings of the Carolinas, LLC, a 100%-owned domestic subsidiary, incorporated in South Carolina |
| 160 | EMEA Metal Packaging Holdings I, a 100%-owned foreign subsidiary, incorporated in Netherlands |
| 161 | Tubo-Tec Nordeste Industria, 100% - owned foreign subsidiary, incorporated in Brazil |
| 162 | U.S. Paper Mills Corp., a 100%-owned domestic subsidiary, incorporated in Wisconsin |
| 163 | Sonoco Consumer Products Chile SpA (fka Weidenhammer Chile) |
| 164 | Weidenhammer UK Ltd., 100%-owned foreign subsidiary, incorporated in the United Kingdom |
| 165 | Wisenberg U.S., Inc., a 100%-owned domestic subsidiary, incorporated in South Carolina |
| 166 | Sonoco India Performance Hub Private Limited Company, a 100%-owned foreign subsidiary, incorporated in India |

---

## Ex-23

**EXHIBIT 23**

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation by reference in the Registration Statements on Form S-8 (File No. 333-206669, File No. 333-206671, File No. 333-206672, File No. 333-206673, File No. 333-232936, and File No. 333-279043) of Sonoco Products Company of our report dated February 26, 2026, relating to the financial statements, financial statement schedule and the effectiveness of internal control over financial reporting, which appears in this Form 10-K.

/s/ PricewaterhouseCoopers LLP

Charlotte, North Carolina

February 26, 2026

## Ex-31

**EXHIBIT 31**

I, R. Howard Coker, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 10-K of Sonoco Products Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| February 26, 2026 | /s/ R. Howard Coker |
| | R. Howard Coker |
| | President and Chief Executive Officer |

---

------

**EXHIBIT 31**

I, Paul Joachimczyk, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.I have reviewed this annual report on Form 10-K of Sonoco Products Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c.Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d.Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| February 26, 2026 | /s/ Paul Joachimczyk |
| | Paul Joachimczyk |
| | Chief Financial Officer |

---

## Ex-32

**EXHIBIT 32**

**Certification of Principal Executive Officer and Principal Financial Officer**

**Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the**

**Sarbanes – Oxley Act of 2002**

The undersigned, who are the chief executive officer and the chief financial officer of Sonoco Products Company, each hereby certifies that, to the best of his knowledge, the accompanying Form 10-K for the year ended December 31, 2025, fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and that information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the issuer.

---

| | |
|:---|:---|
| February 26, 2026 | |
| | /s/ R. Howard Coker |
| | R. Howard Coker |
| | President and Chief Executive Officer |
| | /s/ Paul Joachimczyk |
| | Paul Joachimczyk |
| | Chief Financial Officer |

---

A signed original of this written statement required by Section 906 has been provided to Sonoco Products Company (the "Company") and will be retained by the Company and furnished to the Securities and Exchange Commission upon request. This certification accompanies the Form 10-K and shall not be treated as having been filed as part of the Form 10-K.

<br>