Ranpak (NYSE: PACK) director has 12,686 shares withheld for taxes

Rhea-AI Filing Summary

Ranpak Holdings Corp. director Michael S. Gliedman reported a tax-related share disposition tied to equity compensation. On the vesting of certain performance-based restricted stock units and restricted stock units, 12,686 shares of Class A common stock were withheld at $3.83 per share to cover his tax liabilities. Following this withholding, he directly holds 160,327 shares of Ranpak Class A common stock. This event reflects a routine tax-withholding mechanism rather than an open-market sale.

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^*

Gliedman Michael S.

(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)
03/10/2026

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	03/10/2026		F		12,686(1)	D	$3.83	160,327	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 shares withheld to cover payment of the tax liabilities of the reporting person related to the vesting of a portion of the reporting person's previously-granted performance-based restricted stock units and restricted stock units.

	/s/ Sara Horvath, attorney-in-fact	03/12/2026
	** 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 Michael S. Gliedman report for Ranpak (PACK)?

Michael S. Gliedman, a director of Ranpak Holdings Corp., reported a tax-related disposition of shares. 12,686 shares of Class A common stock were withheld to cover his tax liabilities from vesting performance-based restricted stock units and restricted stock units, according to the Form 4 filing’s footnote.

How many Ranpak (PACK) shares were withheld and at what price?

The Form 4 shows 12,686 Ranpak Class A shares were withheld for taxes at a value of $3.83 per share. This withholding satisfied the director’s tax obligations triggered by the vesting of certain performance-based restricted stock units and restricted stock units.

Does the Ranpak (PACK) Form 4 reflect an open-market sale by the director?

The reported transaction is not an open-market sale. It is coded as an F transaction, described as payment of tax liability by delivering securities, with shares withheld to cover taxes on vested performance-based restricted stock units and restricted stock units, rather than sold on the open market.

How many Ranpak (PACK) shares does Michael S. Gliedman hold after this transaction?

After the tax-withholding disposition, Michael S. Gliedman directly holds 160,327 shares of Ranpak Class A common stock. This post-transaction balance, disclosed in the Form 4, shows his continuing equity stake in the company following the vesting-related tax settlement.

What was the reason for the Ranpak (PACK) shares being withheld in this Form 4?

The shares were withheld to cover tax liabilities arising from equity awards. A footnote explains that the 12,686 shares relate to the vesting of previously granted performance-based restricted stock units and restricted stock units, and were delivered to satisfy the reporting person’s associated tax obligations.