Ranpak Holdings Corp filed SEC Form 8-K: Leadership Update, Financial Statements and Exhibits
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CURRENT REPORT
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| Item 5.02 | Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
Appointment of Chief Operating Officer
On June 27, 2025, the Board of Directors (the “Board”) of Ranpak Holdings Corp. (the “Company”) appointed Paul Aram, age 64, as Chief Operating Officer. Mr. Aram's appointment will become effective upon his joining the Company on a date to be mutually agreed.
Prior to his appointment as Chief Operating Officer, Mr. Aram served as the Global Supply Chain and Operations Director at IDEX Corp since January 2024. Mr. Aram served as the Vice President of Global Operations at Ingersoll Rand Inc. from May 2019 to December 2023. There are no arrangements or understandings between Mr. Aram and any other person pursuant to which Mr. Aram was appointed to serve as the Chief Operating Officer of the Company. There are no family relationships between Mr. Aram and any of the Company’s directors or executive officers.
In connection with his role as Chief Operating Officer, the Company entered into an employment agreement with Mr. Aram, which became effective as of June 30, 2025 (the “Aram Employment Agreement”), pursuant to which Mr. Aram receives (i) an annual base salary of €310,000 and a target cash bonus equal to 40% of the annual base salary, and (ii) a one-time new hire award consisting of 5,000 PRSUs and 5,000 RSUs. Mr. Aram will also be eligible to participate in and be covered by all employee benefit programs maintained by the Company on the same terms as are generally applicable to other senior executives of the Company, subject to his meeting applicable eligibility requirements. Mr. Aram’s base salary and target annual bonus will be subject to periodic review and adjustment from time to time in the discretion of the Board or the Compensation Committee.
The foregoing description of the Aram Employment Agreement does not purport to be complete and is qualified in its entirety by reference to the complete text of the agreement which is filed as Exhibit 10.1 to this Current Report and incorporated by reference.
Departure of Managing Directors
On July 3, 2025, the Company announced that Eric Laurensse will be departing as the Company’s Managing Director, Europe, effective on August 1, 2025 and Antonio Grassotti will be departing as the Company’s Managing Director, APAC, effective on July 31, 2025. The departures of Mr. Laurensse and Mr. Grassotti do not involve a disagreement on any matter relating to the Company’s operations, policies or practices. In connection with their departures, Mr. Laurensse and Mr. Grassotti have each agreed to a separation agreement and general release with the Company. The separation agreement and general release with Mr. Laurensse provides that in connection with Mr. Laurensse’s departure, his outstanding annual equity awards with respect to 76,641 restricted stock units scheduled to vest in 2026 will continue to vest under the terms of the 2019 Omnibus Incentive Plan and the applicable award agreements. The separation agreement and general release with Mr. Grassotti provides that in connection with Mr. Grassotti’s departure, his outstanding annual equity awards with respect to 49,965 restricted stock units scheduled to vest in 2026 will continue to vest under the terms of the 2019 Omnibus Incentive Plan and the applicable award agreements.
The foregoing descriptions of the separation agreements and general releases with Mr. Laurensse and Mr. Grassotti contained herein do not purport to be complete and are qualified in their entirety by reference to the complete text of the agreements which are filed as Exhibit 10.2 and 10.3 to this Current Report on Form 8-K and are incorporated by reference.
| Item 9.01 | Financial Statements and Exhibits. |
(d) Exhibits
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Exhibit No. |
Description | |
| 10.1* | Employment Agreement by and between the Company and Paul Aram, dated July 1, 2025 | |
| 10.2 | Separation Agreement and General Release by and between the Company and Eric Laurensse, dated June 30, 2025 | |
| 10.3 | Separation Agreement and General Release by and between the Company and Antonio Grassotti, dated July 2, 2025 | |
| 104 | Cover Page Interactive Data File - the cover page XBRL tags are embedded within the Inline XBRL document |
* Pursuant to Item 601(b)(10) of Regulation S-K, certain confidential portions of this exhibit have been omitted by means of marking such portions with asterisks as the identified confidential portions are both not material and are the type of information that the registrant treats as private or confidential. The registrant agrees to supplementally furnish an unredacted copy of this exhibit to the Securities and Exchange Commission upon its request.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| RANPAK HOLDINGS CORP. | ||
| Date: July 3, 2025 | By: |
/s/ William Drew |
| William Drew | ||
| Executive Vice President and Chief Financial Officer | ||