We record stock-based compensation at fair value on the date of grant and record the expense for these awards in Selling, general and administrative (“SG&A”) expenses in our Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss on a ratable basis over the requisite employee service period. Stock-based compensation expense includes actual forfeitures incurred. For performance-based restricted stock units (“PRSUs”), we reassess at each reporting date whether achievement of the performance condition is probable and accrue compensation expense if and when achievement of the performance condition is probable.


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Stock-based compensation expense	$	1.2	$	2.0	$	2.5	$	4.1
Tax effect on stock-based compensation	0.3		0.4		0.6		0.8
Stock-based compensation expense, net of tax	$	0.9	$	1.6	$	1.9	$	3.3

As of June 30, 2026, there were approximately 6.1 million shares remaining for issuance under the Ranpak Holdings Corp. 2019 Omnibus Incentive Plan (as amended, restated, supplemented or otherwise modified from time to time).


	RSUs			PRSUs
	Quantity	Weighted Average Grant Date Fair Value		Quantity	Weighted Average Grant Date Fair Value
Outstanding at beginning of year	1,567,838	$	5.49	1,600,177	$	11.54
Granted	748,199	$	5.19	573,663	$	5.04
Vested	(1,231,949)	$	5.28	(294,396)	$	5.05
Forfeited	(68,946)	$	5.93	(1,115,814)	$	14.42
Outstanding, June 30, 2026	1,015,142	$	5.49	763,630	$	4.95