Ghansham Panjabi

Danny Eggerichs

Greg Palm

Kieran McCabe

Troy Jensen

- Ranpak Holdings Corp. entered into a Transaction Agreement with Walmart Inc. on **August 22, 2025**, under which Ranpak agreed to issue a warrant to Walmart.  **[1712463_0000950103-25-010681_dp233343_ex1001.htm:0]** **[1712463_0000950103-25-010681_dp233343_8k.htm:1]** 
- The warrant grants Walmart the right to acquire **up to 22,500,000 shares** of Ranpak's common stock at an exercise price of **$6.8308 per share**, expiring on **August 22, 2035**.  **[1712463_0000950103-25-010681_dp233343_ex0401.htm:0]** **[1712463_0000950103-25-010681_dp233343_8k.htm:1]** 
- **2,250,000 Warrant Shares vested immediately** on August 22, 2025, with the remainder vesting based on Walmart's payments, fully vesting upon an aggregate spend of **$300 million**.  **[1712463_0000950103-25-010681_dp233343_8k.htm:1]** 
- The issuance of Warrant Shares in excess of the Warrant Shares Cap or below the minimum price requires **stockholder approval** to comply with NYSE rules, with a meeting scheduled no later than **330 days from August 22, 2025**.  **[1712463_0000950103-25-010681_dp233343_ex1001.htm:23]**

Ranpak Holdings (PACK)