Document:

Exhibit 10.5

FORM OF

RANPAK HOLDINGS CORP.

2019 OMNIBUS INCENTIVE PLAN

DIRECTOR RESTRICTED STOCK UNIT AWARD AGREEMENT

 

THIS AGREEMENT (the “Agreement”)
is made and effective as of                  , 2019 (the “Date
of Grant”) by and between Ranpak Holdings Corp., a Delaware corporation (with any successor, the “Company”),
and                               
(the “Participant”) pursuant to the Ranpak Holdings Corp. 2019 Equity Incentive Plan (as it may be amended from
time to time, the “Plan”). Except as otherwise indicated, any capitalized term used but not defined herein shall
have the meaning ascribed to such term in the Plan.

 

1. Restricted
Stock Unit Award. Subject to the terms and conditions of this Agreement, the Company hereby grants to the Participant [●]
Restricted Stock Units (the “RSUs”). Each RSU shall represent the right to receive one Share upon the vesting
of such RSU, as determined in accordance with and subject to the terms of this Agreement and the Plan.

 

2. Vesting
of RSUs.

 

(a) Vesting
Schedule. Subject to the Participant’s continued service on the Vesting Date (except as provided herein), the RSUs
shall vest and be settled as Shares pursuant to Section 3 below on the earlier of (i) the first anniversary of the Date
of Grant or (ii) the date of the Company’s next annual shareholder meeting that occurs after the Date of Grant (each, a “Vesting
Date”).

 

(b) Termination
of service; Forfeiture.

 

(i) Upon
the Participant’s termination of service with the Company for any reason, other than due to the Participant’s death
or Disability, prior to the Vesting Date, 100% of the unvested RSUs shall be forfeited for no consideration.

 

(ii) Upon
the Participant’s termination of service with the Company due to the Participant’s death or Disability, all unvested
RSUs shall immediately vest as of the date of such termination and be settled as Shares pursuant to Section 3 below. 

 

(c) Change
in Control. In the event of a Change in Control, the treatment of RSUs will be governed by Section 12(b) and Section
12(c) of the Plan. 

 

3. Settlement
of RSUs.

 

(a) Subject
to Section 3(b), the Company shall deliver to the Participant the number of Shares equal to the number of RSUs that have
vested in accordance with Section 2 as soon as reasonably practicable (and in no event later than 60 days) after the Vesting
Date.

 

     

     

    

 

(b) Participant
acknowledges that, regardless of any action taken by the Company or any of its Affiliates to which Participant is providing services,
the ultimate liability for any tax and/or social insurance liability obligations and requirements in connection with the Option
(collectively, the “Tax Obligations”), is and remains Participant’s responsibility and may exceed the
amount actually withheld by the Company. If Participant fails to make satisfactory arrangements for the payment of any required
Tax Obligations hereunder at the time of the applicable taxable event, Participant acknowledges and agrees that the Company may
refuse to issue or deliver the Shares. Pursuant to such procedures as the Administrator may specify from time to time, the Company
(or any of its Affiliates to which Participant provides services) may withhold the amount required to be withheld for the payment
of Tax Obligations. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time,
may require Participant to satisfy such Tax Obligations, in whole or in part (without limitation), if permissible by applicable
local law, with consideration received under a formal, broker-assisted cashless settlement program adopted by the Company in connection
with the Plan. In the alternative, the Administrator may require Participant to satisfy such Tax Obligations, in whole or in part
(without limitation), with (i) cash in U.S. dollars, (ii) check designated in U.S. dollars or (iii) any other method approved in
the sole discretion of the Administrator. To the extent determined appropriate by the Company in its discretion, it will have the
right (but not the obligation) to allow Participant to satisfy any Tax Obligations by reducing the number of Shares otherwise deliverable
to Participant. 

 

4. Dividend
Equivalents. In the event that the Company declares a per Share dividend prior to the Vesting Date, the Participant shall
not be entitled to dividend equivalents with respect to the RSUs under this Agreement.

 

5. Definitions.
For purposes of this Agreement, “Disability” shall have the meaning set forth in the Participant’s employment
or severance agreement with the Company or any of its Affiliates, or if the Participant is not a party to such an agreement with
the definition of “Disability” then “Disability” shall mean the Participant’s inability to perform
the Participant’s duties and responsibilities due to permanent physical or mental illness or incapacity that is expected
to last for a consecutive period of ninety (90) days or one hundred and eighty (180) days during any three-hundred and sixty-five
(365) day period as determined by the Board in its good faith judgement.

 

6. No
Right to Continued Service. The granting of the RSUs evidenced hereby and this Agreement shall impose no obligation on
the Company or any of its affiliates to continue the service of the Participant and shall not lessen or affect any right that the
Company or any of its affiliates may have to terminate the service of such Participant.

 

7. No
Right to Future Grants. Any grant of RSUs granted under the Plan shall be a one-time grant that does not constitute a promise
of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

 

8. Rights
as a Stockholder. The Participant shall have none of the rights of a Stockholder of the Company, including voting rights,
unless and until the RSUs are settled for Shares and the Participant becomes the record owner of the Shares underlying the RSUs.

 

9. Provisions
of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan, including the amendment
provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee
and as may be in effect from time to time. The Plan is incorporated herein by reference. If and to the extent that this Agreement
conflicts or is inconsistent with the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly

 

10. Securities
Laws. The issuance and delivery of Shares shall comply with all applicable requirements of law, including (without limitation)
the Securities Act of 1933, as amended, (the “Securities Act”) the rules and regulations promulgated thereunder,
state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s
securities may then be traded. If the Company deems it necessary to ensure that the issuance of Shares is not required to be registered
under any applicable securities laws, each Participant to whom such Shares would be issued shall deliver to the Company an agreement
or certificate containing such representations, warranties and covenants as the Company may request which satisfies such requirements.

 

    2

     

    

 

11. Withholding.
Subject to the Participant’s rights under Section 3(b), the Company or any of its Affiliates shall have the right,
and is hereby authorized, to withhold any applicable withholding taxes in respect of the RSUs, their grant, vesting or otherwise
and to take such other action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of
such withholding taxes.

 

12. Cancellation/Clawback.
The Participant hereby acknowledges and agrees that the Participant and the RSUs granted pursuant to this Agreement are subject
to the terms and conditions of Section 19 (Cancellation or “Clawback” of Awards) of the Plan.

 

13. Notices.
Any notification required or permitted to be given by the terms of this Agreement shall be given in writing and shall be deemed
effective upon personal delivery or within three (3) days of deposit with the United States Postal Service (or in the case
of non-U.S. Participant, the foreign postal service of the country in which the Participant resides), by registered or certified
mail, with postage and fees prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below:

 

If to the Company:

 

Ranpak Holdings
Corp.

7990 Auburn Road

Concord Township, OH 44077

Attention:
[●]

Email: [●]

 

If to the Participant,
to the address of the Participant on file with the Company.

 

14. Entire
Agreement. This Agreement, the Plan and any other agreements referred to herein or therein shall constitute the entire
agreement and understanding between the parties hereto with regard to the subject matter hereof and shall supersede any other agreements,
representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof.

 

15. Waiver.
No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition
whether of like or different nature.

 

16. Participant
Undertaking. The Company reserves the right to impose other requirements on the Participant’s participation in the
Plan, on the RSUs and on any Shares to be issued upon settlement of the RSUs, to the extent the Company determines it is necessary
or advisable for legal or administrative reasons. The Participant agrees to take whatever additional action and execute whatever
additional documents the Company may deem necessary or advisable to carry out or effect one or more of the obligations or restrictions
imposed on either the Participant or the RSUs pursuant to this Agreement.

 

17. Successors
and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors
and assigns and upon the Participant, the Participant’s assigns and the legal representatives, heirs and legatees of the
Participant’s estate, whether or not any such person shall have become a party to this Agreement and agreed in writing to
be joined herein and be bound by the terms hereof.

 

    3

     

    

 

18. Governing
Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware, without application of the conflicts of law principles thereof. BY RECEIPT OF THIS AWARD, THE PARTICIPANT WAIVES ANY
RIGHT THAT THE PARTICIPANT MAY HAVE TO TRIAL BY JURY IN RESECT OF ANY LITIGATION BASED ON, ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AWARD AGREEMENT OR THE PLAN.

 

19. Amendment.
No amendment or modification of any provision of this Agreement that has a material adverse effect on the Participant shall be
effective unless signed in writing by or on behalf of the Company and the Participant; provided, that, the Company may amend
or modify this Agreement without the Participant’s consent in accordance with the provisions of the Plan or as otherwise
set forth in this Agreement. 

 

20. Severability.
If any provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or would
disqualify the Plan or this Agreement under any law deemed applicable by the Board, such provision shall be construed or deemed
amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Board,
materially altering the intent of this Agreement, such provision shall be stricken as to such jurisdiction, and the remainder of
this Agreement shall remain in full force and effect.

 

21. Signature
in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument.

 

22. No
Guarantees Regarding Tax Treatment; Compliance with Section 409A. The Participant (and his beneficiaries) shall be responsible
for all taxes with respect to the RSUs. The Company makes no guarantees regarding the tax treatment of the RSUs. The Company has
no obligation to take any action to prevent the assessment of any tax under Section 409A of the Code or otherwise, and none of
the Company, its subsidiaries or any of its affiliates, or any of their employees or representatives shall have any liability to
the Participant with respect thereto. The provisions of Section 20 of the Plan shall apply under this Agreement and are
hereby incorporated by reference.

 

[SIGNATURE PAGE FOLLOWS]

 

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IN WITNESS WHEREOF, the parties hereto have
executed this Restricted Stock Unit Award Agreement as of the date first written above.

 

	 	RANPAK HOLDINGS CORP.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	Agreed and acknowledged as	 
	 	 
	of the date first above written:	 
	 	 
	 	 
	[Insert Participant Name Here]	 

 

 

5Exhibit 10.6

 

RANPAK
HOLDINGS CORP.

2019 OMNIBUS INCENTIVE PLAN

PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT

 

THIS
AGREEMENT (the “Agreement”) is made and effective as of June 3, 2019 (the “Date of Grant”)
by and between Ranpak Holdings Corp., a Delaware corporation (with any successor, the “Company”), and Trent
Meyerhoefer (the “Participant”) pursuant to the Ranpak Holdings Corp. 2019 Equity Incentive Plan (as it may
be amended from time to time, the “Plan”). Except as otherwise indicated, any capitalized term used but not
defined herein shall have the meaning ascribed to such term in the Plan.

 

1.
Performance Stock Unit Award. Subject to the terms and conditions of this Agreement, the Company hereby grants to
the Participant Performance Restricted Stock Units (the “PRSUs”) in a target amount of 23,030. Each PRSU shall
represent the right to receive one Share upon the vesting of such PRSU, as determined in accordance with and subject to the terms
of this Agreement and the Plan.

 

2.
Vesting of PRSUs.

 

(a)
Performance Period; Shares Eligible to Vest. The number of earned PRSUs will be determined after the end of the
twelve month period commencing January 1, 2019 and ending on December 31, 2019 (the “Performance Period”) and
will be the excess, if any, of the target PRSUs over the number of PRSUs actually earned pursuant to the PRSU grant awarded to
the Participant pursuant to the Performance Restricted Stock Unit Award Agreement dated June 3, 2019 (the “Original Award”).
In the event the number of PRSUs actually earned pursuant to the Original Award is equal to or exceeds 50% of the target amount
of PRSUs granted to the Participant pursuant to the Original Award, then the Participant will not receive any PRSUs under this
Agreement and the PRSUs awarded under this Agreement will be forfeited without consideration.

 

(b)
Vesting Schedule. Subject to the Participant’s continued employment on the applicable Vesting Date (except
as provided herein), the PRSUs that are actually earned shall vest and be settled as Shares pursuant to Section 3 below,
in accordance with the following schedule (each date, a “Vesting Date”):

 

	

        Vesting
        Date
	 	Portion
    of Total Earned PRSUs That Vest
	January
    1, 2020	 	1/3
	January
    1, 2021	 	1/3
	January
    1, 2022	 	1/3

 

(c)
Termination of Employment; Forfeiture.

 

(i)
Upon the Participant’s termination of employment for any reason, other than due to the Participant’s death or Disability,
prior to the end of the Performance Period, 100% of the PRSUs shall be forfeited for no consideration as of the date of such termination.

 

(ii)
Upon the Participant’s termination of employment due to the Participant’s death or Disability prior to the end of
the Performance Period, 100% of the PRSUs will remain outstanding and eligible to be earned through the end of the Performance
Period. All PRSUs that are actually earned in accordance with Section 2(a) above shall vest on January 1, 2020 and be settled
as Shares pursuant to Section 3 below. Upon the Participant’s termination of employment after the end of the Performance
Period due to the Participant’s death or Disability, all unvested PRSUs shall immediately vest as of the date of such termination
and be settled as Shares pursuant to Section 3 below.

 

     

     

    

 

(iii)
Upon the Participant’s termination of employment after the end of the Performance Period (i) by the Company without Cause
or (ii) by the Participant for Good Reason, a portion of the Participant’s earned but unvested PRSUs shall vest on a pro-rata
basis based on the number of earned PRSUs that were scheduled to vest on the next occurring Vesting Date multiplied by a fraction,
the numerator of which is the number of completed months beginning after the last occurring Vesting Date and ending on the date
of the Participant’s termination of employment and the denominator of which is twelve (12), and shall be settled as Shares
pursuant to Section 3 below. Any PRSUs that do not vest pursuant to the preceding sentence shall be forfeited for no consideration
as of the date of such termination.

 

(iv)
Upon the Participant’s termination of employment for any reason other than as set forth in Section 2(c)(ii)-(iii)
above, 100% of the PRSUs shall be forfeited for no consideration as of the date of such termination.

 

(d)
Change in Control. In the event of a Change in Control, the treatment of PRSUs will be governed by Section 12(b)
and Section 12(c) of the Plan.

 

3.
Settlement of PRSUs.

 

(a)
Subject to Section 3(b), the Company shall deliver to the Participant the number of Shares equal to the number of PRSUs
that have vested in accordance with Section 2 as soon as reasonably practicable after the Vesting Date; provided that delivery
of vested Shares shall be made no later than 60 days after the later of (i) the Vesting Date or (ii) the date on which the audited
financial statements of the Company are released (but no later than March 15 of the year following the year in which the Vesting
Date occurs).

 

(b)
Participant acknowledges that, regardless of any action taken by the Company or any of its Affiliates to which Participant is
providing services, the ultimate liability for any tax and/or social insurance liability obligations and requirements in connection
with the Option (collectively, the “Tax Obligations”), is and remains Participant’s responsibility and
may exceed the amount actually withheld by the Company. If Participant fails to make satisfactory arrangements for the payment
of any required Tax Obligations hereunder at the time of the applicable taxable event, Participant acknowledges and agrees that
the Company may refuse to issue or deliver the Shares. Pursuant to such procedures as the Administrator may specify from time
to time, the Company (or any of its Affiliates to which Participant provides services) may withhold the amount required to be
withheld for the payment of Tax Obligations. The Administrator, in its sole discretion and pursuant to such procedures as it may
specify from time to time, may require Participant to satisfy such Tax Obligations, in whole or in part (without limitation),
if permissible by applicable local law, with consideration received under a formal, broker-assisted cashless settlement program
adopted by the Company in connection with the Plan. In the alternative, the Administrator may require Participant to satisfy such
Tax Obligations, in whole or in part (without limitation), with (i) cash in U.S. dollars, (ii) check designated in U.S. dollars
or (iii) any other method approved in the sole discretion of the Administrator. To the extent determined appropriate by the Company
in its discretion, it will have the right (but not the obligation) to allow Participant to satisfy any Tax Obligations by reducing
the number of Shares otherwise deliverable to Participant. 

 

    2

     

    

 

4.
Dividend Equivalents. In the event that the Company declares a per Share dividend prior to the Vesting Date, the
Participant shall not be entitled to dividend equivalents with respect to the PRSUs under this Agreement.

 

5.
Definitions. The following terms shall have the meaning set forth below:

 

(a)
“Disability” shall have the meaning set forth in the Participant’s employment or severance agreement
with the Company or any of its Affiliates, or if the Participant is not a party to such an agreement with the definition of “Disability”
then “Disability” shall mean the Participant’s inability to perform the Participant’s duties and responsibilities
due to permanent physical or mental illness or incapacity that is expected to last for a consecutive period of ninety (90) days
or one hundred and eighty (180) days during any three-hundred and sixty-five (365) day period as determined by the Board in its
good faith judgement.

 

(b)
“Good Reason” shall have the meaning set forth in the Participant’s employment or severance agreement
with the Company or any of its Affiliates, or if the Participant is not a party to such an agreement with the definition of “Good
Reason”, shall mean the occurrence of any one or more of the following events which occur without the Participant’s
express written consent: (i) a material reduction in the Participant’s base salary other than any such reduction that applies
generally to similarly situated employees of the Company; or (ii) relocation of the Participant’s principal place of employment
outside a 50 mile radius from its current location.

 

6.
No Right to Continued Employment. The granting of the PRSUs evidenced hereby and this Agreement shall impose no
obligation on the Company or any of its affiliates to continue the employment of the Participant and shall not lessen or affect
any right that the Company or any of its affiliates may have to terminate the employment of such Participant.

 

7.
No Right to Future Grants. Any grant of PRSUs granted under the Plan shall be a one-time grant that does not constitute
a promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the
Plan.

 

8.
Rights as a Stockholder. The Participant shall have none of the rights of a Stockholder of the Company, including
voting rights, unless and until the PRSUs are settled for Shares and the Participant becomes the record owner of the Shares underlying
the PRSUs. 

 

9.
Provisions of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan, including
the amendment provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by
the Committee and as may be in effect from time to time. The Plan is incorporated herein by reference. If and to the extent that
this Agreement conflicts or is inconsistent with the Plan, the Plan shall control, and this Agreement shall be deemed to be modified
accordingly.

 

10.
Securities Laws. The issuance and delivery of Shares shall comply with all applicable requirements of law, including
(without limitation) the Securities Act of 1933, as amended, (the “Securities Act”) the rules and regulations
promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market
on which the Company’s securities may then be traded. If the Company deems it necessary to ensure that the issuance of Shares
is not required to be registered under any applicable securities laws, each Participant to whom such Shares would be issued shall
deliver to the Company an agreement or certificate containing such representations, warranties and covenants as the Company may
request which satisfies such requirements.

 

    3

     

    

 

11.
Withholding. Subject to the Participant’s rights under Section 3(b), the Company or any of its Affiliates
shall have the right, and is hereby authorized, to withhold any applicable withholding taxes in respect of the PRSUs, their grant,
vesting or otherwise and to take such other action as may be necessary in the opinion of the Committee to satisfy all obligations
for the payment of such withholding taxes.

 

12.
Cancellation/Clawback. The Participant hereby acknowledges and agrees that the Participant and the PRSUs granted
pursuant to this Agreement are subject to the terms and conditions of Section 19 (Cancellation or “Clawback”
of Awards) of the Plan.

 

13.
Notices. Any notification required or permitted to be given by the terms of this Agreement shall be given in writing
and shall be deemed effective upon personal delivery or within three (3) days of deposit with the United States Postal Service
(or in the case of non-U.S. Participant, the foreign postal service of the country in which the Participant resides), by registered
or certified mail, with postage and fees prepaid, return receipt requested, duly addressed to the party concerned at the address
indicated below:

 

If
to the Company:

 

Ranpak
Holdings Corp.

 

7990
Auburn Road

Concord Township, OH 44077

 

Attention:
[●]

 

Email:
[●]

 

If
to the Participant, to the address of the Participant on file with the Company.

 

14.
Entire Agreement. This Agreement, the Plan and any other agreements referred to herein or therein shall constitute
the entire agreement and understanding between the parties hereto with regard to the subject matter hereof and shall supersede
any other agreements, representations or understandings (whether oral or written and whether express or implied) which relate
to the subject matter hereof.

 

15.
Waiver. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent
breach or condition whether of like or different nature.

 

16.
Participant Undertaking. The Company reserves the right to impose other requirements on the Participant’s
participation in the Plan, on the PRSUs and on any Shares to be issued upon settlement of the PRSUs, to the extent the Company
determines it is necessary or advisable for legal or administrative reasons. The Participant agrees to take whatever additional
action and execute whatever additional documents the Company may deem necessary or advisable to carry out or effect one or more
of the obligations or restrictions imposed on either the Participant or the PRSUs pursuant to this Agreement.

 

17.
Successors and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the
Company and its successors and assigns and upon the Participant, the Participant’s assigns and the legal representatives,
heirs and legatees of the Participant’s estate, whether or not any such person shall have become a party to this Agreement
and agreed in writing to be joined herein and be bound by the terms hereof.

 

    4

     

    

 

18.
Governing Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws
of the State of Delaware, without application of the conflicts of law principles thereof. BY RECEIPT OF THIS AWARD, THE PARTICIPANT
WAIVES ANY RIGHT THAT THE PARTICIPANT MAY HAVE TO TRIAL BY JURY IN RESECT OF ANY LITIGATION BASED ON, ARISING OUT OF, UNDER OR
IN CONNECTION WITH THIS AWARD AGREEMENT OR THE PLAN.

 

19.
Amendment. No amendment or modification of any provision of this Agreement that has a material adverse effect on
the Participant shall be effective unless signed in writing by or on behalf of the Company and the Participant; provided, that,
the Company may amend or modify this Agreement without the Participant’s consent in accordance with the provisions of
the Plan or as otherwise set forth in this Agreement. 

 

20.
Severability. If any provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable
in any jurisdiction, or would disqualify the Plan or this Agreement under any law deemed applicable by the Board, such provision
shall be construed or deemed amended to conform to applicable laws, or if it cannot be so construed or deemed amended without,
in the determination of the Board, materially altering the intent of this Agreement, such provision shall be stricken as to such
jurisdiction, and the remainder of this Agreement shall remain in full force and effect.

 

21.
Signature in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with
the same effect as if the signatures thereto and hereto were upon the same instrument.

 

22.
No Guarantees Regarding Tax Treatment; Compliance with Section 409A. The Participant (and his beneficiaries) shall
be responsible for all taxes with respect to the PRSUs. The Company makes no guarantees regarding the tax treatment of the PRSUs.
The Company has no obligation to take any action to prevent the assessment of any tax under Section 409A of the Code or otherwise,
and none of the Company, its subsidiaries or any of its affiliates, or any of their employees or representatives shall have any
liability to the Participant with respect thereto. The provisions of Section 20 of the Plan shall apply under this Agreement
and are hereby incorporated by reference.

 

[SIGNATURE
PAGE FOLLOWS]

 

    5

     

    

 

IN
WITNESS WHEREOF, the parties hereto have executed this Performance Restricted Stock Unit Award Agreement as of the date first
written above.

 

	 	RANPAK HOLDINGS CORP.
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Agreed
    and acknowledged as	 
	 	 
	of
    the date first above written:	 
	 	 
	 	 
	Trent
    Meyerhoefer	 

 

 

 

6

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