Paul Aram
Ranpak HoldingsAbout Paul Aram
Paul Aram, age 64, was appointed Chief Operating Officer of Ranpak Holdings Corp. on June 27, 2025, with his employment agreement effective June 30, 2025 . Prior to joining Ranpak, he served as Global Supply Chain & Operations Director at IDEX Corp (Jan 2024–Dec 2024/Jun 2025) and Vice President of Global Operations at Ingersoll Rand Inc. (May 2019–Dec 2023) . Education is not disclosed in the appointment 8‑K or the employment agreement; he resides in Southampton and his employment is with Ranpak BV in the Netherlands . Company incentive design emphasizes Constant Currency Adjusted EBITDA for both annual bonuses and PRSUs, with robust anti‑hedging/pledging and clawback policies aligning executive pay with performance and compliance .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ranpak Holdings Corp. | Chief Operating Officer | Appointed Jun 27, 2025; employment effective Jun 30, 2025 | Not disclosed |
| IDEX Corp | Global Supply Chain & Operations Director | Jan 2024–Dec 2024/Jun 2025 | Not disclosed |
| Ingersoll Rand Inc. | Vice President, Global Operations | May 2019–Dec 2023 | Not disclosed |
Fixed Compensation
| Component | Amount | Notes |
|---|---|---|
| Base Salary | €310,000 | Per employment agreement |
| Target Annual Cash Bonus | 40% of base salary | Per employment agreement |
Performance Compensation
New Hire Equity Awards
| Award Type | Grant Size (Shares) | Vesting | Performance Metric | Comments |
|---|---|---|---|---|
| PRSUs | 5,000 | Company PRSUs generally vest over 3 years | Earned 0–150% based on Constant Currency AEBITDA | New hire award; vesting schedule for this grant not explicitly disclosed in 8‑K |
| RSUs | 5,000 | Company RSUs vest over 2–3 years (shift to 3 years in 2025) | N/A (time‑based) | New hire award; vesting schedule for this grant not explicitly disclosed in 8‑K |
Annual Incentives Design (Company Policy)
| Incentive | Weighting | Target | Actual | Payout | Notes |
|---|---|---|---|---|---|
| Annual Cash Bonus | 100% Company Constant Currency AEBITDA | Not disclosed | Not disclosed | Not disclosed | Program design uses Constant Currency AEBITDA; payout mechanics not detailed for Aram |
| PRSUs (LTIP) | 100% Company Constant Currency AEBITDA | Not disclosed | Not disclosed | 0–150% of target earned | PRSUs earned based on Constant Currency AEBITDA; 3‑year vest |
Equity Ownership & Alignment
Beneficial Ownership and Insider Filings
| Item | Detail |
|---|---|
| Initial Form 3 (Date of Event 09/29/2025; Filed 10/02/2025) | Relationship: Officer (COO); “No securities are beneficially owned.” |
| Shares Outstanding (as of Mar 28, 2025) | 84,222,329 |
| Aram Ownership % (as of Form 3 event date) | 0.0% (0 / 84,222,329) |
| Attorney‑in‑Fact | Section 16 Power of Attorney appointing Sara Horvath (executed Sep 12, 2025) |
Alignment Policies
- Executive Stock Ownership Guidelines: CEO 5x salary; other NEOs 2x salary; five‑year compliance window; selling restricted if below guideline; unearned PRSUs excluded from compliance calculation .
- Anti‑Hedging & Anti‑Pledging: Hedging prohibited (options, swaps, collars, exchange funds, etc.); pledging and margin holding prohibited .
- Clawback: NYSE‑compliant policy adopted Oct 2023; mandatory recovery of erroneously awarded incentive compensation for 3 years prior to a required restatement; misconduct not required .
Employment Terms
| Term | Detail |
|---|---|
| Employer | Ranpak BV (Netherlands) |
| Start Date & Term | Indefinite term; employment effective Jun 30, 2025; 2‑month trial period |
| Role & Hours | SVP, Chief Operating Officer; 40 hours/week; place of employment Eygelshoven; mobility clause for other locations/times |
| Notice Periods | Employee: 2 months; Employer: 4 months; cancellations by registered mail and end‑of‑month timing |
| Non‑Compete | Duration: during employment and 1 year post‑termination; Scope: Europe; prohibits work for competitive/related activities and contact with employer relationships; non‑solicit of clients and employees |
| Confidentiality & IP | Broad confidentiality during and after employment; IP/patents assigned to employer for inventions during employment and one year after |
| Penalties | €5,000 per offense plus €500/day for violations of secondary activities, confidentiality, patents, non‑compete; employer retains right to claim damages |
| Governing Law & Jurisdiction | Dutch law; court of Maastricht |
| Severance & Change‑in‑Control | Company discloses no formal severance plans for NEOs; no single‑trigger change‑in‑control payments per governance practices |
Investment Implications
- Pay-for-performance alignment: Annual bonus and PRSUs linked to Constant Currency AEBITDA, with PRSUs earned 0–150% and multi-year vesting supporting long-term value creation and retention .
- Initial selling pressure low: Form 3 shows no beneficial ownership as of Sep 2025; future RSU/PRSU vesting may create tax-related sales, but hedging and pledging are prohibited, limiting adverse alignment signals .
- Strong retention mechanisms: One-year post-termination non-compete across Europe, broad confidentiality, IP assignment, and monetary penalties raise exit friction; multi-year equity vesting further supports retention .
- Governance safeguards: Strict stock ownership guidelines (2x salary for NEOs, five-year compliance), NYSE-compliant clawback, and “no single-trigger” stance underpin investor confidence in compensation risk controls .