Offer Letter Agreement, dated October 11, 2018, by and between Ranpak Corp. and Michele Smolin

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.

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.

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.

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.

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.

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.

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

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.