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).
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)
11/03/2022
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 11/03/2022 P 1,000 A $4.85 1,000 I By spouse(1)
Class A common stock 11/17/2022 P 5,000 A $5.717(2) 6,000 I By spouse(1)
Class A common stock 01/03/2023 A 3,250 A $5.87(3) 156,938(4) D
Class A common stock 5,100(4) I By father
Class A common stock 170,560 I See footnote(5)
Class A common stock 40,000 I See footnote(6)
Class A common stock 40,000 I See footnote(6)
Class A common stock 10,000 I See footnote(6)
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. 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.
2. The price reported in Column 4 is a weighted average price. These shares were executed in multiple transactions at prices ranging from $5.68 to $5.72, inclusive. The Reporting Person hereby undertakes to provide full information regarding the numbers of shares and prices at which the transactions were affected upon request by the SEC staff, the issuer, or a security holder of the issuer.
3. 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.
4. The Reporting Person's prior Form 4 filed on November 18, 2022 inadvertently included under her direct ownership 5,100 shares of Class A common stock held in an account owned by the Reporting Person's father over which the Reporting Person has investment control, when in fact these shares should have been reported on a separate line as the Reporting Person's indirect holding. This Form 4 hereby corrects that error and reflects the correct holding amounts. 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.
5. 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.
6. These shares are held by the Reporting Person's children living in her household.
/s/ Sara Horvath, attorney-in-fact 01/05/2023
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.