Document:

Exhibit
10.3

 

Ranpak
Holdings Corp.

3
East 28th Street, Floor 8

New
York, NY 10016

 

June
3, 2019

 

Michael
A. Jones

3322
Leamington Lane

Charlotte,
NC 28226

 

Dear
Michael:

 

It
is my pleasure to present you with this offer letter (the “Offer Letter Agreement”) to become the Executive
Vice Chairman of Ranpak Holdings Corp. (the “Company”), effective as of, and contingent on, the consummation
of the business combination by and between Ranpak Holdings Corp. and One Madison Corporation (the “Closing”).
In this role you will report to the Executive Chairman of the Board of Directors of the Company (the “Board”).

 

	Offer:
    	 
	 	 
	Compensation:	LTIP
        Award: As compensation for your services as Executive Vice Chairman, you will receive a one-time award (the “Performance
        RSU Award”) under the Company’s Equity Incentive Plan (the “2019 Plan”), which will
        be in the form of Performance RSUs (the “2019 Performance RSUs”), with a grant date fair value of $1,000,000
        (USD) at target, and will be granted as soon as practicable after the Closing (subject to approval by the Compensation
        Committee of the Board).

         

        Performance
        Metrics: The 2019 Performance RSUs will be earned between 0% and 150% of target, based on the level of achievement
        of the 2019 Adjusted EBITDA Goal, as set forth in the applicable award agreement.

         

        Time
        Vesting: Earned Performance RSUs will vest as follows: 33.33% on 1/1/2020, 33.33% on 1/1/2021 and 33.34% on 1/1/2022,
        subject to your continued employment on the vesting date. The Performance RSU Award will be subject to and governed by
        the terms and conditions of the 2019 Plan and the applicable award agreement thereunder.

         

        For
        the avoidance of doubt, the Performance RSU Award described herein shall be the only compensation provided to you by the
        Company in exchange for your services and you shall not be entitled to any additional compensation from the Company.

 

     

     

    

 

	Duties
    and Responsibilities:	You
        will have such duties and responsibilities as are customary for your position and as reasonably requested by the Executive
        Chairman of the Board from time to time. In performing your duties, you will comply with those lawful rules, regulations
        and policies of the Company.

         

        You
        acknowledge that your employment with the Company (including activities with respect to its affiliates and investments)
        is full-time and will constitute your primary employment obligation. You acknowledge that you may not and will not engage
        in outside employment or business activities outside your services for the Company and its Affiliates provided, that,
        you may engage in activities that do not inhibit or conflict with the performance of your duties hereunder or with the
        business of the Company. Such activities shall include (i) managing your personal investments and personal and family
        affairs; (ii) engaging in charitable, educational, religious, and civic activities, speaking engagements, attendance at
        seminars, and other similar activities; and (iii) the activities described in Annex A attached hereto, and as otherwise
        approved by the Board; provided that, such permissible activities may not compete with the Company or violate any
        provisions of this Offer Letter Agreement.

	 	 
	Company
    Benefits: 	You
    will be entitled to participate in the employee benefit programs that the Company offers to similarly situated senior executives
    from time to time; provided, however, that you and the Company will cooperate in good faith to make appropriate arrangements
    regarding the payment of health and welfare premiums and any other items that would otherwise be deducted from payroll, given
    the fact that you will not receive regular cash compensation. 
	 	 
	Business
    Expenses: 	Business
    expenses will be reimbursed, subject to proper documentation and in accordance with the Company’s policies.
	 	 
	At
    Will:	You
    understand that your employment will be “at will”, which means that the Company or you may terminate your employment
    at any time and for any reason or for no reason at all.
	 	 
	Restrictive
    Covenants:	You
    agree to be, as a condition to and in consideration for your employment hereunder, subject to certain restrictive covenants,
    including confidentiality, noncompetition and nonsolicitation of customers and employees, as described in more detail in Annex
    B.

 

This
offer is contingent upon the execution of this offer letter and the Closing.

  

[Signature
page to follow]

 

    2

     

    

 

If
this offer is acceptable, initial page one in the lower right hand corner, sign below and return to the Company.

 

	 	Sincerely,
	 	 
	 	RANPAK
    HOLDINGS CORP.
	 	 
	 	
    /s/ Trent
    Meyerhoefer
	 	Trent
    Meyerhoefer
	 	Chief
    Financial Officer

 

READ,
UNDERSTOOD, AND AGREED.

 

 

	/s/ Michael
    A. Jones	 	June
    3, 2019	 
	Michael
    A. Jones	 	Date	 

  

Enclosures.

 

    3

     

    

 

ANNEX
A

 

	1.	Jones
                                         Holding Corporation, which is expected to have a time commitment of up to eight (8) hours
                                         per month and provided, that the aforementioned business does not materially affect
                                         your ability to fulfill the duties and responsibilities as are customary for your position
                                         or as reasonably requested by the Board from time to time, and does not interfere with
                                         the Restrictive Covenants described in this Offer Letter Agreement.

  

    4

     

    

 

ANNEX
B

Restrictive Covenants

 

	Confidential
    Information: 	While
you are employed by the Company and following the termination of your employment, you shall hold in a fiduciary capacity for the
benefit of the Company and its Affiliates (as defined below), and shall not directly or indirectly use or disclose, any “Confidential
Information” that you may have acquired (whether or not developed or compiled by you and whether or not you are authorized
to have access to such information) during the term of, and in the course of, or as a result of your employment by the Company
without the prior written consent of the Company unless and except to the extent that such disclosure is (1) made in the ordinary
course of your performance of your duties to the Company or (2) required by any subpoena or other legal process (in which
event you will give the Company prompt notice of such subpoena or other legal process in order to permit the Company to seek appropriate
protective orders). For the purposes of this Offer Letter the term “Confidential Information” means any secret, confidential
or proprietary information possessed by the Company or any of its Affiliates, including, without limitation, trade secrets, customer
lists, details of client or consultant contracts, current and anticipated customer requirements, pricing policies, price lists,
market studies, business plans, operational methods, marketing plans or strategies, product development techniques or flaws, computer
software programs (including object code and source code), data and documentation data, base technologies, systems, structures
and architectures, inventions and ideas, past current and planned research and development, compilations, devices, methods, techniques,
processes, financial information and data, business acquisition plans and new personnel acquisition plans (not otherwise included
as a trade secret under this Offer Letter) that has not become generally available to the public. The term “Confidential
Information” in this section may include, but not be limited to, future business plans, licensing strategies, advertising
campaigns, information regarding customers, executives and independent contractors and the terms and conditions of this Offer
Letter. Notwithstanding the provisions of this section to the contrary, you shall be permitted to furnish this Offer Letter to
a subsequent employer or prospective employer.

	 	 
	Company
    Property:	Upon
    the termination of your employment for any reason or, if earlier, upon the Company’s request shall promptly return all
    “Company Property” which had been entrusted or made available to you by the Company, where the term “Company
    Property” means all records, files, memoranda, reports, price lists, customer lists, drawings, plans, sketches, keys,
    codes, computer hardware and software and other property of any kind or description prepared, used or possessed by you during
    your employment by the Company (and any duplicates of any such Property) together with any and all information, ideas, concepts,
    discoveries, and inventions and the like conceived, made, developed or acquired at any time by you individually or, with others
    during your employment which relate to the Company or its products or services.

 

    5

     

    

 

	Trade
    Secrets: 	You
    agree that you shall hold in a fiduciary capacity for the benefit of the Company and its Affiliates and shall not directly
    or indirectly use or disclose, any “Trade Secret” that you may have acquired during the term of your employment
    by the Company for so long as such information remains a Trade Secret, where the term “Trade Secret” means information,
    including, but not limited to, technical or non-technical data, a formula, a pattern, a compilation, a program, a device,
    a method, a technique, a drawing, a process, financial data, financial plans, product plans, or a list of actual or potential
    customers or suppliers that (1) derives economic value, actual or potential, from not being generally known to, and not being
    generally readily ascertainable by proper means by, other persons who can obtain economic value from its disclosure or use
    and (2) is the subject of reasonable efforts by the Company and any of its Affiliates to maintain its secrecy.  This
    section is intended to provide rights to the Company and its Affiliates which are in addition to, not in lieu of, those rights
    the Company and its Affiliates have under the common law or applicable statutes for the protection of trade secrets.
	 	 
	Intellectual
    Property; Assignment of Inventions:	Assignment
and License of Rights. You assign to the Company all of your rights in Intellectual Property that you make or conceive during
your employment, whether as a sole or joint inventor, whether made during or outside working hours, and whether made on Company
premises or elsewhere. You grant to the Company an unlimited, unrestricted, worldwide, royalty-free, fully paid right to access,
use, modify, add to, and distribute any Intellectual Property that you developed and reduced to a practical form during your employment
with the Company and its Affiliates, including any Intellectual Property assigned to the Company. You understand and acknowledge
that, for purposes of this Offer Letter Agreement, the term “Intellectual Property” means any information of a technical
and/or business nature, such as ideas, discoveries, inventions, trade secrets, know-how, and writings and other works of authorship
which relate in any manner to the actual or anticipated business or research and development of the Company and its Affiliates.

                                                                                                             

                                                                                                            Assistance
with Documentation. Upon request at any time and at the expense of the Company or its nominee and for no additional personal
remuneration, you agree to execute and sign any document that the Company considers necessary to secure for or maintain for the
benefit of the Company adequate patent and other property rights in the United States and all foreign countries with respect to
any Intellectual Property.  You also agree to assist the Company as required to obtain and enforce these rights.

 

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        Disclosure.
        You agree to promptly disclose to the Company any Intellectual Property when conceived or made by you, whether in whole
        or in part, and to make and maintain adequate and current records of it. If your employment ends for any reason, you agree
        to promptly turn over to the Company all models, prototypes, drawings, records, documents, and the like in your possession
        or under your control, whether prepared by you or others, relating to Intellectual Property, and any other work done for
        the Company. You acknowledge that these items are the sole property of the Company.

 

	Certain Protections: 	Nothing in this Offer Letter Agreement or otherwise limits your ability to communicate directly with and provide information, including documents, not otherwise protected from disclosure by any applicable law or privilege to the Securities and Exchange Commission (the “SEC”), any other federal, state or local governmental agency or commission (“Government Agency”) or self-regulatory organization regarding possible legal violations, without disclosure to the Company.  The Company may not retaliate against you for any of these activities, and nothing in this Offer Letter Agreement requires you to waive any monetary award or other payment that you might become entitled to from the SEC or any other Government Agency or self-regulatory organization. Pursuant to the Defend Trade Secrets Act of 2016, the parties hereto acknowledge and agree that you shall not have criminal or civil liability under any Federal or State trade secret law for the disclosure of a trade secret that (A) is made (i) in confidence to a Federal, State, or local government official, either directly or indirectly, or to an attorney and (ii) solely for the purpose of reporting or investigating a suspected violation of law; or (B) is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal.  In addition and without limiting the preceding sentence, if you file a lawsuit for retaliation by the Company for reporting a suspected violation of law, you may disclose the trade secret to their attorney and may use the trade secret information in the court proceeding, if you (X) file any document containing the trade secret under seal and (Y) do not disclose the trade secret, except pursuant to court order.

 

    7

     

    

 

	Non-Competition:	You
    agree that while employed by the Company, and for the twelve month period thereafter, you will not, for yourself or on behalf
    of any other person, partnership, company or corporation, directly or indirectly, acquire any financial or beneficial interest
    in (except as provided in the next sentence), be employed by or provide services to, or own, manage, operate or control any
    entity which is primarily engaged in a Competing Business.  Notwithstanding the preceding sentence, you will not
    be prohibited from owning less than five (5%) percent of any publicly traded corporation, whether or not such corporation
    is in a Competing Business.
	 	 
	Non-Solicitation:
    	You
        agree that while employed by the Company, and for the twenty-four month period thereafter, you shall not, on your own
        behalf or on behalf of any person, firm, partnership, association, corporation or business organization, entity or enterprise
        (other than the Company or one of its Affiliates), in one or a series of transactions, recruit, solicit or otherwise induce
        or influence any proprietor, partner, shareholder, member, lender, director, officer, employee, sales agent, joint venturer,
        investor, lessor, customer, supplier, agent, representative or any other Person which has a business relationship with
        the Company or its Affiliates or had a business relationship with the Company or its Affiliates within the twenty-four
        month period immediately preceding the termination of employment to discontinue, reduce or modify such employment, agency
        or business relationship with the Company or any of its Affiliates.

         

        You
        agree that while employed by the Company, and for the twenty-four month period thereafter, you shall not, either directly
        or indirectly, call on, solicit or attempt to induce any other officer, employee or independent contractor of the Company
        or any of its Affiliates to terminate his or her employment or engagement with the Company or any of its Affiliates and
        shall not assist any other person or entity in such a solicitation (regardless of whether any such officer, employee or
        independent contractor would commit a breach of contract by terminating his or her employment or engagement), and shall
        not, either directly or indirectly, call on, solicit or attempt to induce any other officer, employee or independent contractor
        of the Company or any of its Affiliates with whom you had contact, knowledge of, or association in the course of your
        employment with the Company, as the case may be, during the twelve month period immediately preceding the termination
        of your employment, to terminate his or her employment or engagement with the Company or any of its Affiliates and shall
        not assist any other person or entity in such a solicitation (regardless of whether any such officer, employee or independent
        contractor would commit a breach of contract by terminating his or her employment or engagement).

	 	 
	Reasonable
    and Continuing Obligations:	You
    agree that your obligations under this Annex B are obligations which will continue beyond the termination of your employment
    and that such obligations are reasonable and necessary to protect the Company’s legitimate business interests.  The
    Company in addition shall have the right to take such other action as the Company deems necessary or appropriate to compel
    compliance with the provisions of this Annex B.

 

    8

     

    

 

	Remedy
    for Breach: 	You
    agree that the remedies at law of the Company for any actual or threatened breach by you of the covenants in this Annex
    B would be inadequate and that the Company shall be entitled to specific performance of the covenants in this Annex
    B, including entry of an ex parte, temporary restraining order in state or federal court, preliminary and permanent
    injunctive relief against activities in violation of this Annex B, or both, or other appropriate judicial remedy, writ
    or order, in addition to any damages and legal expenses which the Company may be legally entitled to recover (and you hereby
    waive any right to require any bond or security in connection therewith).  You acknowledge and agree that the covenants
    in this Annex B shall be construed as agreements independent of any other provision of this Offer Letter Agreement
    or any other agreement between the Company and you, and that the existence of any claim or cause of action by you against
    the Company, whether predicated upon this Offer Letter Agreement or any other agreement, shall not constitute a defense to
    the enforcement by the Company of such covenants.
	 	 
	Definitions:
    	“Affiliate”
        means, when used with reference to a specified Person, any Person that directly or indirectly controls or is controlled
        by or is under common control with that specified Person. As used in this definition, “control” (including,
        with its correlative meanings, “controlled by” and “under common control with”) shall mean possession,
        directly or indirectly, of power to direct or cause the direction of investments, management or policies (whether through
        ownership of securities or partnership or other ownership interests, by contract or otherwise).

         

        “Competing
        Business” means any business which designs, distributes, provides, or sells in-the-box packaging systems, in-the-box
        packaging products, or in-the-box packaging-related services or any other business in which the Company or any of its
        subsidiaries or Affiliates is engaged as of the date of termination of your employment.

         

        “Person”
        means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company,
        a trust, a joint venture, an unincorporated organization, a governmental entity or any department, agency or political
        subdivision thereof or any other entity or organization.

 

 

9Exhibit 10.4

 

FORM OF

RANPAK HOLDINGS CORP.

2019 OMNIBUS INCENTIVE PLAN

PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT

 

THIS AGREEMENT (the “Agreement”)
is made and effective as of [            , 2019] (the “Date
of Grant”) by and between Ranpak Holdings Corp., a Delaware corporation (with any successor, the “Company”),
and                         
(the “Participant”) pursuant to the Ranpak Holdings Corp. 2019 Equity Incentive Plan (as it may be amended from
time to time, the “Plan”). Except as otherwise indicated, any capitalized term used but not defined herein shall
have the meaning ascribed to such term in the Plan.

 

1. Performance
Stock Unit Award. Subject to the terms and conditions of this Agreement, the Company hereby grants to the Participant Performance
Restricted Stock Units (the “PRSUs”) in a target amount of [●]. Each PRSU shall represent the right to
receive one Share upon the vesting of such PRSU, as determined in accordance with and subject to the terms of this Agreement and
the Plan.

 

2. Vesting
of PRSUs.

 

(a) Performance
Period. The Participant may earn between 0% and 150% of the PRSUs based on the Company’s achievement of the Performance
Goals for the twelve month period commencing January 1, 2019 and ending on December 31, 2019 (the “Performance Period”).

 

(b) Shares
Eligible to Vest. The number of PRSUs earned and eligible to vest shall be equal to the target number of PRSUs granted
above in Section 1, multiplied by the corresponding percentage listed beside the level of achievement of “Adjusted
EBITDA” (as defined in Exhibit A) actually achieved as set forth in Exhibit A attached hereto.

 

(c) Vesting
Schedule. Subject to the Participant’s continued employment on the applicable Vesting Date (except as provided herein),
the PRSUs that are actually earned shall vest and be settled as Shares pursuant to Section 3 below, in accordance with the
following schedule (each date, a “Vesting Date”):

 

	Vesting Date	 	Portion of Total Earned PRSUs That Vest
	January 1, 2020	 	1/3
	January 1, 2021	 	1/3
	January 1, 2022	 	1/3

 

(d) Termination
of Employment; Forfeiture.

 

(i) Upon
the Participant’s termination of employment for any reason, other than due to the Participant’s death or Disability,
prior to the end of the Performance Period, 100% of the PRSUs shall be forfeited for no consideration as of the date of such termination.

 

     

     

    

 

(ii) Upon
the Participant’s termination of employment due to the Participant’s death or Disability prior to the end of the Performance
Period, 100% of the PRSUs will remain outstanding and eligible to be earned through the end of the Performance Period. All PRSUs
that are actually earned in accordance with Section 2(b) above shall vest on January 1, 2020 and be settled as Shares pursuant
to Section 3 below. Upon the Participant’s termination of employment after the end of the Performance Period due to
the Participant’s death or Disability, all unvested PRSUs shall immediately vest as of the date of such termination and be
settled as Shares pursuant to Section 3 below.

 

(iii) Upon
the Participant’s termination of employment after the end of the Performance Period (i) by the Company without Cause or (ii)
by the Participant for Good Reason, a portion of the Participant’s earned but unvested PRSUs shall vest on a pro-rata basis
based on the number of earned PRSUs that were scheduled to vest on the next occurring Vesting Date multiplied by a fraction, the
numerator of which is the number of completed months beginning after the last occurring Vesting Date and ending on the date of
the Participant’s termination of employment and the denominator of which is twelve (12), and shall be settled as Shares pursuant
to Section 3 below. Any PRSUs that do not vest pursuant to the preceding sentence shall be forfeited for no consideration
as of the date of such termination.

 

(iv) Upon
the Participant’s termination of employment for any reason other than as set forth in Section 2(d)(ii)-(iii) above,
100% of the PRSUs shall be forfeited for no consideration as of the date of such termination.

 

(e) Change
in Control. In the event of a Change in Control, the treatment of PRSUs will be governed by Section 12(b) and Section
12(c) of the Plan. If a Change in Control occurs during a Performance Period, target performance of 100% will be used to determine
the number of Shares eligible to vest in connection with the Change in Control. If a Change in Control occurs after a Performance
Period, actual performance will be used to determine the number of Shares eligible to vest in connection with a Change in Control.

 

3. Settlement
of PRSUs.

 

(a) Subject
to Section 3(b), the Company shall deliver to the Participant the number of Shares equal to the number of PRSUs that have
vested in accordance with Section 2 as soon as reasonably practicable after the Vesting Date; provided that delivery of
vested Shares shall be made no later than 60 days after the later of (i) the Vesting Date or (ii) the date on which the audited
financial statements of the Company are released (but no later than March 15 of the year following the year in which the Vesting
Date occurs).

 

(b) Participant
acknowledges that, regardless of any action taken by the Company or any of its Affiliates to which Participant is providing services,
the ultimate liability for any tax and/or social insurance liability obligations and requirements in connection with the Option
(collectively, the “Tax Obligations”), is and remains Participant’s responsibility and may exceed the
amount actually withheld by the Company. If Participant fails to make satisfactory arrangements for the payment of any required
Tax Obligations hereunder at the time of the applicable taxable event, Participant acknowledges and agrees that the Company may
refuse to issue or deliver the Shares. Pursuant to such procedures as the Administrator may specify from time to time, the Company
(or any of its Affiliates to which Participant provides services) may withhold the amount required to be withheld for the payment
of Tax Obligations. The Administrator, in its sole discretion and pursuant to such procedures as it may specify from time to time,
may require Participant to satisfy such Tax Obligations, in whole or in part (without limitation), if permissible by applicable
local law, with consideration received under a formal, broker-assisted cashless settlement program adopted by the Company in connection
with the Plan. In the alternative, the Administrator may require Participant to satisfy such Tax Obligations, in whole or in part
(without limitation), with (i) cash in U.S. dollars, (ii) check designated in U.S. dollars or (iii) any other method approved in
the sole discretion of the Administrator. To the extent determined appropriate by the Company in its discretion, it will have the
right (but not the obligation) to allow Participant to satisfy any Tax Obligations by reducing the number of Shares otherwise deliverable
to Participant. 

 

    2

     

    

 

4. Dividend
Equivalents. In the event that the Company declares a per Share dividend prior to the Vesting Date, the Participant shall
not be entitled to dividend equivalents with respect to the PRSUs under this Agreement.

 

5. Definitions.
The following terms shall have the meaning set forth below:

 

(a) “Disability”
shall have the meaning set forth in the Participant’s employment or severance agreement with the Company or any of its Affiliates,
or if the Participant is not a party to such an agreement with the definition of “Disability” then “Disability”
shall mean the Participant’s inability to perform the Participant’s duties and responsibilities due to permanent physical
or mental illness or incapacity that is expected to last for a consecutive period of ninety (90) days or one hundred and eighty
(180) days during any three-hundred and sixty-five (365) day period as determined by the Board in its good faith judgement.

 

(b) “Good
Reason” shall have the meaning set forth in the Participant’s employment or severance agreement with the Company
or any of its Affiliates, or if the Participant is not a party to such an agreement with the definition of “Good Reason”,
shall mean the occurrence of any one or more of the following events which occur without the Participant’s express written
consent: (i) a material reduction in the Participant’s base salary other than any such reduction that applies generally to
similarly situated employees of the Company; or (ii) relocation of the Participant’s principal place of employment outside
a 50 mile radius from its current location.

 

6. No
Right to Continued Employment. The granting of the PRSUs evidenced hereby and this Agreement shall impose no obligation
on the Company or any of its affiliates to continue the employment of the Participant and shall not lessen or affect any right
that the Company or any of its affiliates may have to terminate the employment of such Participant.

 

7. No
Right to Future Grants. Any grant of PRSUs granted under the Plan shall be a one-time grant that does not constitute a
promise of future grants. The Company, in its sole discretion, maintains the right to make available future grants under the Plan.

 

8. Rights
as a Stockholder. The Participant shall have none of the rights of a Stockholder of the Company, including voting rights,
unless and until the PRSUs are settled for Shares and the Participant becomes the record owner of the Shares underlying the PRSUs.

 

9. Provisions
of Plan Control. This Agreement is subject to all the terms, conditions and provisions of the Plan, including the amendment
provisions thereof, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Committee
and as may be in effect from time to time. The Plan is incorporated herein by reference. If and to the extent that this Agreement
conflicts or is inconsistent with the Plan, the Plan shall control, and this Agreement shall be deemed to be modified accordingly.

 

10. Securities
Laws. The issuance and delivery of Shares shall comply with all applicable requirements of law, including (without limitation)
the Securities Act of 1933, as amended, (the “Securities Act”) the rules and regulations promulgated thereunder,
state securities laws and regulations, and the regulations of any stock exchange or other securities market on which the Company’s
securities may then be traded. If the Company deems it necessary to ensure that the issuance of Shares is not required to be registered
under any applicable securities laws, each Participant to whom such Shares would be issued shall deliver to the Company an agreement
or certificate containing such representations, warranties and covenants as the Company may request which satisfies such requirements.

 

    3

     

    

 

11. Withholding.
Subject to the Participant’s rights under Section 3(b), the Company or any of its Affiliates shall have the right,
and is hereby authorized, to withhold any applicable withholding taxes in respect of the PRSUs, their grant, vesting or otherwise
and to take such other action as may be necessary in the opinion of the Committee to satisfy all obligations for the payment of
such withholding taxes.

 

12. Cancellation/Clawback.
The Participant hereby acknowledges and agrees that the Participant and the PRSUs granted pursuant to this Agreement are subject
to the terms and conditions of Section 19 (Cancellation or “Clawback” of Awards) of the Plan.

 

13. Notices.
Any notification required or permitted to be given by the terms of this Agreement shall be given in writing and shall be deemed
effective upon personal delivery or within three (3) days of deposit with the United States Postal Service (or in the case
of non-U.S. Participant, the foreign postal service of the country in which the Participant resides), by registered or certified
mail, with postage and fees prepaid, return receipt requested, duly addressed to the party concerned at the address indicated below:

 

If to the Company:

 

Ranpak Holdings
Corp.

7990 Auburn Road

Concord Township, OH 44077

Attention:
[●]

Email: [●]

 

If to the Participant,
to the address of the Participant on file with the Company.

 

14. Entire
Agreement. This Agreement, the Plan and any other agreements referred to herein or therein shall constitute the entire
agreement and understanding between the parties hereto with regard to the subject matter hereof and shall supersede any other agreements,
representations or understandings (whether oral or written and whether express or implied) which relate to the subject matter hereof.

 

15. Waiver.
No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition
whether of like or different nature.

 

16. Participant
Undertaking. The Company reserves the right to impose other requirements on the Participant’s participation in the
Plan, on the PRSUs and on any Shares to be issued upon settlement of the PRSUs, to the extent the Company determines it is necessary
or advisable for legal or administrative reasons. The Participant agrees to take whatever additional action and execute whatever
additional documents the Company may deem necessary or advisable to carry out or effect one or more of the obligations or restrictions
imposed on either the Participant or the PRSUs pursuant to this Agreement.

 

17. Successors
and Assigns. The provisions of this Agreement shall inure to the benefit of, and be binding upon, the Company and its successors
and assigns and upon the Participant, the Participant’s assigns and the legal representatives, heirs and legatees of the
Participant’s estate, whether or not any such person shall have become a party to this Agreement and agreed in writing to
be joined herein and be bound by the terms hereof.

 

    4

     

    

 

18. Governing
Law; Waiver of Jury Trial. This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware, without application of the conflicts of law principles thereof. BY RECEIPT OF THIS AWARD, THE PARTICIPANT WAIVES ANY
RIGHT THAT THE PARTICIPANT MAY HAVE TO TRIAL BY JURY IN RESECT OF ANY LITIGATION BASED ON, ARISING OUT OF, UNDER OR IN CONNECTION
WITH THIS AWARD AGREEMENT OR THE PLAN.

 

19. Amendment.
No amendment or modification of any provision of this Agreement that has a material adverse effect on the Participant shall be
effective unless signed in writing by or on behalf of the Company and the Participant; provided, that, the Company may amend
or modify this Agreement without the Participant’s consent in accordance with the provisions of the Plan or as otherwise
set forth in this Agreement. 

 

20. Severability.
If any provision of this Agreement is or becomes or is deemed to be invalid, illegal or unenforceable in any jurisdiction, or would
disqualify the Plan or this Agreement under any law deemed applicable by the Board, such provision shall be construed or deemed
amended to conform to applicable laws, or if it cannot be so construed or deemed amended without, in the determination of the Board,
materially altering the intent of this Agreement, such provision shall be stricken as to such jurisdiction, and the remainder of
this Agreement shall remain in full force and effect.

 

21. Signature
in Counterparts. This Agreement may be signed in counterparts, each of which shall be an original, with the same effect
as if the signatures thereto and hereto were upon the same instrument.

 

22. No
Guarantees Regarding Tax Treatment; Compliance with Section 409A. The Participant (and his beneficiaries) shall be responsible
for all taxes with respect to the PRSUs. The Company makes no guarantees regarding the tax treatment of the PRSUs. The Company
has no obligation to take any action to prevent the assessment of any tax under Section 409A of the Code or otherwise, and none
of the Company, its subsidiaries or any of its affiliates, or any of their employees or representatives shall have any liability
to the Participant with respect thereto. The provisions of Section 20 of the Plan shall apply under this Agreement and are
hereby incorporated by reference.

 

[SIGNATURE PAGE FOLLOWS]

 

    5

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this Performance Restricted Stock Unit Award Agreement as of the date first written above.

 

	 	RANPAK HOLDINGS CORP.
	 	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	Agreed and acknowledged as	 
	 	 
	of the date first above written:	 
	 	 
	 	 
	[Insert Participant Name Here]	 

 

    6

     

    

 

EXHIBIT A

PERFORMANCE GOALS

 

The PRSUs will be earned based the achievement of the Adjusted
EBITDA performance goals set forth below:

 

	Adjusted EBITDA Achievement ($M)	 	Percentage of target PRSUs Earned
	$89	 	0.0%
	$90	 	5.0%
	$91	 	10.0%
	$92	 	32.5%
	$93	 	55.0%
	$94	 	77.5%
	$95	 	100.0%
	$96	 	110.0%
	$97	 	115.0%
	$98	 	120.0%
	$99	 	125.0%
	$100	 	130.0%
	$101	 	135.0%
	$102	 	140.0%
	$103	 	145.0%
	$104	 	150.0%
	$105	 	150.0%
	$106	 	150.0%
	$107	 	150.0%
	$108	 	150.0%
	$109	 	150.0%
	$110	 	150.0%
	$111	 	150.0%
	$112	 	150.0%

 

For performance between the Adjusted EBITDA achievement described
above, the payout shall be determined based on linear interpolation between each designated Adjusted EBITDA achievement.

 

“Adjusted EBITDA” means [●].

 

 

7

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