Ranpak (PACK) COO receives 750-share performance RSU award, now holds 30,750

Rhea-AI Filing Summary

Ranpak Holdings Corp. Chief Operating Officer Aram Paul received an equity award. On March 5, 2026, he acquired 750 shares of Class A common stock at a price of $0.00 per share through earned performance-based restricted stock units. These Performance RSUs vest in three equal installments on March 10, 2026, March 10, 2027, and March 10, 2028. Following this grant, he directly holds 30,750 shares of Class A common stock.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

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

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

1. Name and Address of Reporting Person^*

Aram Paul

(Last) (First) (Middle)

RANPAK HOLDINGS CORP.

7990 AUBURN ROAD

(Street)

CONCORD TOWNSHIP OH 44077

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Ranpak Holdings Corp. [ PACK ]

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

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

3. Date of Earliest Transaction (Month/Day/Year)
03/05/2026

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A common stock	03/05/2026		A		750	A	$0(1)	30,750	D

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

Explanation of Responses:

1. Represents Class A Common Stock underlying the performance-based restricted stock units ("Performance RSUs") earned on March 5, 2026 as determined by Ranpak based on pre-established performance goals. The earned Performance RSUs vest in three equal installments on each of March 10, 2026, March 10, 2027 and March 10, 2028

	/s/ Sara Horvath, attorney-in-fact	03/09/2026
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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FAQ

What insider transaction did Ranpak (PACK) COO Aram Paul report?

Ranpak COO Aram Paul reported acquiring 750 shares of Class A common stock on March 5, 2026. The shares were granted at $0.00 per share as performance-based restricted stock units earned under pre-established goals, increasing his direct holdings to 30,750 shares.

How many Ranpak (PACK) shares does COO Aram Paul hold after this Form 4?

After the reported award, COO Aram Paul directly holds 30,750 shares of Ranpak Class A common stock. This includes the 750 shares underlying earned performance-based restricted stock units granted on March 5, 2026, subject to future vesting dates through March 10, 2028.

What type of equity award did Ranpak (PACK) grant to COO Aram Paul?

Ranpak granted performance-based restricted stock units, or Performance RSUs, to COO Aram Paul. These RSUs converted into 750 shares of Class A common stock after Ranpak determined that pre-established performance goals were met as of March 5, 2026, with vesting spread over three future dates.

When will Aram Paul’s Ranpak (PACK) Performance RSUs vest?

The earned Performance RSUs vest in three equal installments on March 10, 2026, March 10, 2027, and March 10, 2028. Each date will release a portion of the 750 underlying shares of Class A common stock, assuming continued satisfaction of any applicable vesting conditions.

Was there a purchase price for COO Aram Paul’s Ranpak (PACK) stock award?

No cash purchase price was paid for this award; the Form 4 shows a transaction price of $0.00 per share. The 750 shares were issued as an earned grant of performance-based restricted stock units tied to pre-established performance goals rather than an open-market purchase.

Is the Ranpak (PACK) COO’s Form 4 transaction a buy or an award?

The Form 4 reflects an award, not an open-market buy. The transaction code “A” and description indicate a grant or award acquisition, representing 750 shares delivered through earned performance-based restricted stock units, rather than a traditional purchase on the market.