[Form 4] Ranpak Holdings Corp. Insider Trading Activity

Rhea-AI Filing Summary

Ranpak Holdings Corp. (PACK) – Director share acquisition reported on Form 4

Director Alicia M. Tranen elected to receive her 2025 Q2 board retainer in equity, resulting in the issuance of 5,179 Class A common shares on 07/01/2025 at an implied price of $3.62 per share. Following the transaction, Tranen directly owns 291,300 shares. In addition, she reports 451,584 indirect shares held through the Blue Parrot Trust (71,660) and family accounts (father, spouse, three children). No derivative securities were reported.

The filing highlights continued insider alignment, as the director opted for stock rather than cash compensation, modestly increasing her economic exposure without any accompanying sales. There are no changes to previously reported indirect holdings and no indication of option exercises or other derivative activity.

Positive

• Director increased direct holdings by 5,179 shares through stock-based compensation.
• No insider sales or derivative disposals were reported, indicating continued commitment.

Negative

• None.

Insights

Securities Analyst

TL;DR – Small equity retainer adds 5,179 shares; signals alignment but is immaterial to valuation.

The Form 4 shows an incremental insider purchase driven by the director’s choice to receive fees in stock. While the dollar value (≈ $18.8 k) is minor relative to Ranpak’s market capitalization, ongoing accumulation—particularly without any offsetting sales—can be interpreted as a vote of confidence. Total direct ownership of 291 k shares (plus sizable indirect stakes) places the director among Ranpak’s larger individual holders, reinforcing governance incentives. From a trading perspective, the transaction is neutral-to-slightly positive; it neither changes earnings outlook nor materially alters supply-demand dynamics, but it does remove cash outflow and marginally tightens the float.

SEC Form 4

FORM 4

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

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

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

OMB APPROVAL

OMB Number:			3235-0287
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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^*

Tranen Alicia M.

(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)

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

3. Date of Earliest Transaction (Month/Day/Year)
07/01/2025

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

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

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

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A common stock	07/01/2025		A		5,179(1)	A	$3.62	291,300	D
Class A common stock								71,660	I	By Blue Parrot Trust(2)
Class A common stock								79,924	I	By father(3)
Class A common stock								125,000	I	By child 1
Class A common stock								115,000	I	By child 2
Class A common stock								30,000	I	By child 3
Class A common stock								30,000	I	By spouse(3)

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. These shares were issued in connection with the Reporting Person's election to receive the Reporting Person's quarterly retainer for director services in the form of vested shares rather than cash.

2. Shares are held directly by Blue Parrot Trust ("BPT"). BPT is jointly controlled by reporting person and her spouse.

3. The reporting person disclaims beneficial ownership of these shares and this report shall not be deemed an admission that the reporting person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

	/s/ Sara Horvath, attorney-in-fact	07/03/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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FAQ

How many Ranpak (PACK) shares did Director Alicia Tranen acquire on 07/01/2025?

She received 5,179 Class A common shares in lieu of cash compensation.

What was the implied price per share for the issued stock?

The Form 4 lists an implied price of $3.62 per share.

What is Director Tranen’s total direct ownership after the transaction?

Her direct holdings increased to 291,300 shares of Ranpak common stock.

Were any insider sales or option exercises disclosed in this filing?

No. The filing reports only an acquisition and lists no sales or derivative activity.

How many Ranpak shares are held by the Blue Parrot Trust?

The Blue Parrot Trust holds 71,660 shares, reported as indirectly owned.

Why were the shares issued instead of cash?

Tranen elected to take her quarterly director retainer in vested shares rather than cash.