Alicia M. Tranen - 03 Apr 2023 Form 4 Insider Report for Ranpak Holdings Corp. (PACK)

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	PACK	Class A common stock	Award	$18,427	+3,592	+2.3%	$5.13	160,530	03 Apr 2023	Direct	F1
holding	PACK	Class A common stock						6,000	03 Apr 2023	By spouse	F2
holding	PACK	Class A common stock						5,100	03 Apr 2023	By father	F2
holding	PACK	Class A common stock						170,560	03 Apr 2023	See footnote	F3
holding	PACK	Class A common stock						40,000	03 Apr 2023	See footnote	F4
holding	PACK	Class A common stock						40,000	03 Apr 2023	See footnote	F4
holding	PACK	Class A common stock						10,000	03 Apr 2023	See footnote	F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Id	Content
F1	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.
F2	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.
F3	Shares are held directly by Boulevard Capital Partners L.P. ("BCP"). Boulevard Capital Management LLC ("BCM") is the general partner of BCP. The reporting person is the sole manager of BCM and therefore may be deemed to hold voting and dispositive power over the shares held by BCP. The reporting person disclaims beneficial ownership of the shares held by BCP except to the extent of her pecuniary interest therein.
F4	These shares are held by the reporting person's children living in her household.