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Ranpak Holdings Corp. – ‘10-K’ for 12/31/19 – ‘EX-10.20’

On:  Tuesday, 3/17/20, at 6:21am ET   ·   For:  12/31/19   ·   Accession #:  1628280-20-3690   ·   File #:  1-38348

Previous ‘10-K’:  ‘10-K’ on 3/1/19 for 12/31/18   ·   Next:  ‘10-K’ on 3/4/21 for 12/31/20   ·   Latest:  ‘10-K’ on 3/14/24 for 12/31/23   ·   9 References:   

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  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/17/20  Ranpak Holdings Corp.             10-K       12/31/19  124:16M                                    Workiva Inc Wde… FA01/FA

Annual Report   —   Form 10-K   —   Sect. 13 / 15(d) – SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 10-K        Annual Report                                       HTML   2.26M 
 2: EX-4.4      Instrument Defining the Rights of Security Holders  HTML     78K 
 3: EX-10.20    Material Contract                                   HTML     49K 
 4: EX-10.21    Material Contract                                   HTML    101K 
 5: EX-10.22    Material Contract                                   HTML     79K 
 6: EX-10.23    Material Contract                                   HTML     86K 
 7: EX-10.24    Material Contract                                   HTML     62K 
 8: EX-21.1     Subsidiaries List                                   HTML     40K 
 9: EX-23.1     Consent of Experts or Counsel                       HTML     35K 
10: EX-31.1     Certification -- §302 - SOA'02                      HTML     41K 
11: EX-31.2     Certification -- §302 - SOA'02                      HTML     40K 
12: EX-32       Certification -- §906 - SOA'02                      HTML     38K 
107: R1          Document and Entity Information                     HTML    106K  
69: R2          Consolidated Statements of Operations and           HTML    102K 
                Comprehensive Income (Loss)                                      
32: R3          Consolidated Balance Sheets                         HTML    131K 
89: R4          Consolidated Balance Sheets - Parenthetical         HTML     58K 
102: R5          Consolidated Statements of Changes in               HTML    172K  
                Shareholders' Equity                                             
64: R6          Consolidated Statements of Cash Flows               HTML    144K 
26: R7          Nature of Operations                                HTML     42K 
88: R8          Basis of Presentation and Summary of Significant    HTML    122K 
                Accounting Policies                                              
110: R9          Segment and Geographic Information                  HTML     67K  
100: R10         Revenue Recognition, Contracts With Customers       HTML     79K  
82: R11         Inventories, Net                                    HTML     51K 
18: R12         Property, Plant and Equipment, Net                  HTML     74K 
55: R13         Accrued Liabilities                                 HTML     54K 
101: R14         Acquisitions                                        HTML     97K  
83: R15         Goodwill, Long-Lived and Identifiable Intangible    HTML    122K 
                Assets, Net                                                      
19: R16         Long-Term Debt                                      HTML     98K 
56: R17         Derivatives Instruments                             HTML     68K 
98: R18         Fair Value Measurement                              HTML     75K 
85: R19         Employee Benefit Plans                              HTML     41K 
40: R20         Income Taxes                                        HTML    214K 
53: R21         Commitments and Contingencies                       HTML     50K 
121: R22         Stock-Based Compensation                            HTML     76K  
78: R23         Shareholders' Equity                                HTML     89K 
41: R24         Earnings/Loss per Share                             HTML    104K 
54: R25         Related Party                                       HTML     56K 
123: R26         Summarized Quarterly Financial Information          HTML    117K  
                (Unaudited)                                                      
79: R27         Restatement of Previously Issued Unaudited          HTML    247K 
                Condensed Consolidated Interim Financial                         
                Statements (Unaudited)                                           
42: R28         Subsequent Events                                   HTML     43K 
52: R29         Basis of Presentation and Summary of Significant    HTML    162K 
                Accounting Policies (Policies)                                   
59: R30         Basis of Presentation and Summary of Significant    HTML    102K 
                Accounting Policies (Tables)                                     
22: R31         Segment and Geographic Information (Tables)         HTML     64K 
81: R32         Revenue Recognition, Contracts With Customers       HTML     60K 
                (Tables)                                                         
97: R33         Inventories, Net Inventories, Net (Tables)          HTML     53K 
58: R34         Property, Plant and Equipment, Net Property, Plant  HTML     77K 
                and Equipment, Net (Tables)                                      
21: R35         Accrued Liabilities (Tables)                        HTML     54K 
80: R36         Acquisitions (Tables)                               HTML     89K 
96: R37         Goodwill, Long-Lived and Identifiable Intangible    HTML    153K 
                Assets, Net (Tables)                                             
60: R38         Long-Term Debt (Tables)                             HTML     90K 
20: R39         Derivatives Instruments (Tables)                    HTML     73K 
44: R40         Fair Value Measurement (Tables)                     HTML     72K 
35: R41         Income Taxes (Tables)                               HTML    215K 
77: R42         Commitments and Contingencies (Tables)              HTML     44K 
120: R43         Stock-Based Compensation (Tables)                   HTML     73K  
43: R44         Shareholders' Equity (Tables)                       HTML     71K 
34: R45         Earnings/Loss per Share (Tables)                    HTML    104K 
76: R46         Related Party (Tables)                              HTML     46K 
119: R47         Summarized Quarterly Financial Information          HTML    116K  
                (Unaudited) (Tables)                                             
45: R48         Restatement of Previously Issued Unaudited          HTML    240K 
                Condensed Consolidated Interim Financial                         
                Statements (Unaudited) (Tables)                                  
33: R49         Basis of Presentation and Summary of Significant    HTML     60K 
                Accounting Policies - Narrative (Details)                        
23: R50         Basis of Presentation and Summary of Significant    HTML     54K 
                Accounting Policies - Estimated Useful Lives of                  
                Property, Plant and Equipment (Details)                          
62: R51         Basis of Presentation and Summary of Significant    HTML     46K 
                Accounting Policies - Supplemental Cash Flow                     
                Information and Non-Cash Investing Activities                    
                (Details)                                                        
111: R52         Segment and Geographic Information - Narrative      HTML     53K  
                (Details)                                                        
94: R53         Segment and Geographic Information - Schedule of    HTML     52K 
                Revenue from External Customers and Long-Lived                   
                Assets, by Geographical Areas (Details)                          
24: R54         Revenue Recognition, Contracts With Customers -     HTML     54K 
                Revenue from Contracts with Customers Summarized                 
                by Segment Geography (Details)                                   
63: R55         Revenue Recognition, Contracts With Customers -     HTML     38K 
                Narrative (Details)                                              
112: R56         Inventories, Net (Details)                          HTML     48K  
95: R57         Property, Plant and Equipment, Net (Details)        HTML     56K 
25: R58         Property, Plant and Equipment, Net - Schedule of    HTML     43K 
                Depreciation (Details)                                           
61: R59         Property, Plant and Equipment, Net - Narrative      HTML     40K 
                (Details)                                                        
116: R60         Accrued Liabilities (Details)                       HTML     58K  
71: R61         Acquisitions - Narrative (Details)                  HTML     88K 
37: R62         Acquisitions - Preliminary Purchase Price           HTML     77K 
                Allocation (Details)                                             
48: R63         Acquisitions - Property, Plant and Equipment and    HTML     73K 
                Intangible Assets (Details)                                      
117: R64         Acquisitions - Classification of Transaction Costs  HTML     55K  
                (Details)                                                        
72: R65         Acquisitions - Pro Forma Information (Details)      HTML     41K 
38: R66         Goodwill, Long-Lived and Identifiable Intangible    HTML     43K 
                Assets, Net - Narrative (Details)                                
49: R67         Goodwill, Long-Lived and Identifiable Intangible    HTML     54K 
                Assets, Net - Schedule of Goodwill Balances by                   
                Operating Segment (Details)                                      
114: R68         Goodwill, Long-Lived and Identifiable Intangible    HTML     64K  
                Assets, Net - Schedule of Identifiable Intangible                
                Assets, Net (Details)                                            
75: R69         Goodwill, Long-Lived and Identifiable Intangible    HTML     49K 
                Assets, Net - Schedule of Finite-Lived Intangible                
                Assets Amortization Expense (Details)                            
92: R70         Goodwill, Long-Lived and Identifiable Intangible    HTML     43K 
                Assets, Net - Schedule of Intangible Asset                       
                Remaining Useful Life (Details)                                  
105: R71         Long-Term Debt - Narrative (Details)                HTML    136K  
67: R72         Long-Term Debt - Schedule of Long Term Debt         HTML     66K 
                (Details)                                                        
30: R73         Long-Term Debt - Maturities of Long-term Debt       HTML     57K 
                (Details)                                                        
91: R74         Long-Term Debt - Schedule of Amortization and       HTML     41K 
                Accumulated Amortization of Deferred Financing                   
                Costs (Details)                                                  
104: R75         Derivatives Instruments - Narrative (Details)       HTML     76K  
66: R76         Derivatives Instruments - Schedule of Derivative    HTML     57K 
                Assets and Liabilities at Fair Value (Details)                   
28: R77         Derivatives Instruments - Effect of Derivative      HTML     50K 
                Instruments on Statement of Financial Position                   
                (Details)                                                        
86: R78         Fair Value Measurement - Schedule of Carrying       HTML     58K 
                Amounts, Estimated Fair Values and Respective Fair               
                Value Measurements (Details)                                     
108: R79         Employee Benefit Plans - Narrative (Details)        HTML     47K  
93: R80         Income Taxes - Narrative (Details)                  HTML     60K 
106: R81         Income Taxes - Components of Earnings Before        HTML     45K  
                Income Tax Expense (Benefit) (Details)                           
68: R82         Income Taxes - Components of Income Tax Expense     HTML     67K 
                (Benefit) (Details)                                              
31: R83         Income Taxes Income Taxes - Schedule of Effective   HTML     79K 
                Tax Rate (Details)                                               
90: R84         Income Taxes Income Taxes - Schedule of Deferred    HTML     73K 
                Tax Assets and Liabilities (Details)                             
103: R85         Income Taxes - Unrecognized Tax Benefits Roll       HTML     49K  
                Forward (Details)                                                
65: R86         Commitments and Contingencies - Narrative           HTML     41K 
                (Details)                                                        
27: R87         Commitments and Contingencies - Minimum Lease       HTML     53K 
                Payments (Details)                                               
87: R88         Stock-Based Compensation - Summary of Certain Data  HTML     43K 
                for Stock-Based Compensation Plans (Details)                     
109: R89         Stock-Based Compensation - Narrative (Details)      HTML     82K  
115: R90         Stock-Based Compensation - Restricted Stock Unit    HTML     60K  
                Activity (Details)                                               
70: R91         Stock-Based Compensation - Performance-Based        HTML     65K 
                Restricted Stock Unit and Director Stock Unit                    
                Activity (Details)                                               
36: R92         Shareholders' Equity - Narrative (Details)          HTML    154K 
47: R93         Shareholders' Equity - Schedule of Common Stock     HTML     62K 
                Outstanding (Details)                                            
118: R94         Shareholders' Equity - Translation Adjustments      HTML     38K  
                (Details)                                                        
73: R95         Earnings/Loss per Share - Schedule of Earnings Per  HTML     78K 
                Share Basic and Diluted (Details)                                
39: R96         Earnings/Loss per Share - Schedule of Antidilutive  HTML     43K 
                Securities (Details)                                             
50: R97         Related Party - Narrative (Details)                 HTML     77K 
113: R98         Related Party - Schedule of Monitoring Fee and      HTML     38K  
                Reimbursement Expenses (Details)                                 
74: R99         Summarized Quarterly Financial Information          HTML     64K 
                (Unaudited) - Summarized Quarterly Financial                     
                Information (Details)                                            
84: R100        Restatement of Previously Issued Unaudited          HTML     71K 
                Condensed Consolidated Interim Financial                         
                Statements (UNAUDITED) - Narrative (Details)                     
99: R101        Restatement of Previously Issued Unaudited          HTML    380K 
                Condensed Consolidated Interim Financial                         
                Statements (UNAUDITED) - Schedule of Restatement                 
                Adjustments (Details)                                            
57: R102        Subsequent Events - Narrative (Details)             HTML     61K 
122: XML         IDEA XML File -- Filing Summary                      XML    228K  
124: XML         XBRL Instance -- pack-20191231x10k_htm               XML   4.08M  
29: EXCEL       IDEA Workbook of Financial Reports                  XLSX    150K 
14: EX-101.CAL  XBRL Calculations -- pack-20191231_cal               XML    326K 
15: EX-101.DEF  XBRL Definitions -- pack-20191231_def                XML   1.12M 
16: EX-101.LAB  XBRL Labels -- pack-20191231_lab                     XML   2.19M 
17: EX-101.PRE  XBRL Presentations -- pack-20191231_pre              XML   1.51M 
13: EX-101.SCH  XBRL Schema -- pack-20191231                         XSD    220K 
51: JSON        XBRL Instance as JSON Data -- MetaLinks              489±   747K 
46: ZIP         XBRL Zipped Folder -- 0001628280-20-003690-xbrl      Zip    621K 


‘EX-10.20’   —   Material Contract


This Exhibit is an HTML Document rendered as filed.  [ Alternative Formats ]



 <!   C:   C: 
  Exhibit  

    
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Dear Michclc:

EXHIBIT 10.20


October 11, 2018

It is my pleasure to present you with this offer to become Ranpak's General Counsel effective October 29. In this role you will report to me.

Offer:

Base Salary    $ 225,000 per year


Annual Bonus
Beginning next year you will qualify for the Sr, Management Incentive Plan. Bonus compensation is targeted at 20% of base salary based on Company performance metrics for the year as established by the Board of Directors and your individual performance relative to goals. (As an example, in the 2018 plan, an employee who would be paid 20% of base at 100% of target would be paid 1.0% at 90% of target and 53% at 11 0% of target.) Historically, worldwide consolidated Bank EBITDA has been the company performance target, but the target may change year-to-year at the discretion of the Board, You must be employed by Ranpak at the time the awards are paid in order to receive the bonus payment. Bonuses are paid after the completion of the annual financial audit.

Equity Incentive:

After twelve months of service, subject to the approval of the Board, you will participate in the Management Equity Plan at 11 level of 2% of the Profits Interest. For the avoidance of doubt there will be no payments made associated with the pending company sale process.

Company Benefits:




I.
Life, Medical and Dental - Company benefits arc effective the first of the month following 90 days of employment. The medical and dental coverages require a contribution from the employee.

2.
40 I K Retirement Plan - Eligibility after three months of full employment with enrollment dates of January 1, April 1, July I, and October I. Currently the company matches 50% of the first 6% of your contributions.

3.
Vacation - Four weeks in your first year of employment. You will remain at four weeks until you meet the requirement for additional days per the enclosed schedule or any further revision to the company policy.

Business Expenses

I.
Vehicle - You will he paid $325 .00 per month to partially offset the cost of your vehicle lease /payment and you will he paid up to $65.00 per month to partially offset the cost of your personal automobile insurance.

2.
Vehicle Fuel and Maintenance - Your vehicle maintenance expenses will be reimbursed for actual expenses up to $1,000 per calendar year. There is no carryover of the unused vehicle maintenance allowance. Fuel expenses will be reimbursed for submitted actual expenses up to a limit of $125 / month.

3.
Ranpak will reimburse business travel and entertainment expenses which fall within the company policy.

4.
Ranpak will provide a cell phone and laptop computer. If you wish to keep your existing phone or want a non­standard-issue phone, you will be reimbursed for the business use cost up to a maximum of $100 per month. Home internet service is incurred at your own expense.

The contents of this offer are confidential and are not to be disclosed to any third party.

This offer is contingent upon the execution of this offer letter, the return of the executed Severance and Non-Competition Agreement and the favorable outcome of the pre-employment drug screen, background check and reference checks.

If this offer is acceptable, initial page one in the lower right hand comer, sign page 2 and return to Ranpak Corp. by 9:00 a.m. on Monday, October 15, 2018. You can scan back to me at Borseth.jmark@ranpak.com or fax it to the Human Resources Department at 440·639·2198. Original documents can be signed when you are onsite.

Ranpak is an exciting corporation on the move, and I am looking forward to working with you and having you as a part of the Senior Management team.


Please contact me if you have any questions.






Sincerely,


                            
President and CEO


            

Enclosures
Cc: Jim English

READ, UNDERSTOOD, AND AGREED


10/29/2018
Date



Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘10-K’ Filing    Date    Other Filings
Filed on:3/17/20NT 10-K
For Period end:12/31/19NT 10-K
10/15/18
 List all Filings 


9 Subsequent Filings that Reference this Filing

  As Of               Filer                 Filing    For·On·As Docs:Size             Issuer                      Filing Agent

 3/14/24  Ranpak Holdings Corp.             10-K       12/31/23  115:15M                                    Donnelley … Solutions/FA
 3/31/23  Ranpak Holdings Corp.             10-K       12/31/22  128:22M                                    Donnelley … Solutions/FA
 2/28/22  Ranpak Holdings Corp.             10-K       12/31/21  132:23M                                    Donnelley … Solutions/FA
 3/04/21  Ranpak Holdings Corp.             10-K       12/31/20  127:20M                                    ActiveDisclosure/FA
10/13/20  Ranpak Holdings Corp.             S-3                    3:250K                                   EdgarAgents LLC/FA
 9/03/20  Ranpak Holdings Corp.             SC TO-I/A              1:71K  Ranpak Holdings Corp.             EdgarAgents LLC/FA
 9/01/20  Ranpak Holdings Corp.             424B3                  1:349K                                   EdgarAgents LLC/FA
 8/06/20  Ranpak Holdings Corp.             SC TO-I                1:82K  Ranpak Holdings Corp.             EdgarAgents LLC/FA
 8/06/20  Ranpak Holdings Corp.             S-4                   14:12M                                    EdgarAgents LLC/FA
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Filing Submission 0001628280-20-003690   –   Alternative Formats (Word / Rich Text, HTML, Plain Text, et al.)

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