Document:

Exhibit 10.7

 

RANPAK HOLDINGS CORP.

2019 OMNIBUS INCENTIVE PLAN

RESTRICTED STOCK UNIT AWARD AGREEMENT

 

THIS AGREEMENT (the “Agreement”)
is made and effective as of June 3, 2019 (the “Date of Grant”) by and between Ranpak Holdings Corp., a Delaware
corporation (with any successor, the “Company”), and Trent Meyerhoefer (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. Restricted
Stock Unit Award. Subject to the terms and conditions of this Agreement, the Company hereby grants to the Participant 33,777
Restricted Stock Units (the “RSUs”). Each RSU shall represent the right to receive one Share upon the vesting
of such RSU, as determined in accordance with and subject to the terms of this Agreement and the Plan.

 

2. Vesting
of RSUs.

 

(a) Vesting
Schedule. Subject to the Participant’s continued employment on the Vesting Date (except as provided herein), the
RSUs 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 RSUs That Vest
	January 1, 2020	 	1/3
	January 1, 2021	 	1/3
	January 1, 2022	 	1/3

 

(b) Termination
of Employment; Forfeiture.

 

(i) Upon
the Participant’s termination of employment with the Company for any reason, other than due to the Participant’s termination
of employment without Cause, resignation for Good Reason, death or Disability, prior to the Vesting Date, 100% of the unvested
RSUs shall be forfeited for no consideration.

 

(ii) Upon
the Participant’s termination of employment with the Company due to the Participant’s termination of employment without
Cause, death or Disability, all unvested RSUs shall immediately vest as of the date of such termination and be settled as Shares
pursuant to Section 3 below. 

 

(c) Change
in Control. In the event of a Change in Control, the treatment of RSUs will be governed by Section 12(b) and Section
12(c) of the Plan.

 

     

     

    

 

3. Settlement
of RSUs.

 

(a) Subject
to Section 3(b), the Company shall deliver to the Participant the number of Shares equal to the number of RSUs that have
vested in accordance with Section 2 as soon as reasonably practicable (and in no event later than 60 days) after the Vesting
Date.

 

(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.

 

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 RSUs under this Agreement.

 

5. Definitions.
This 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 judgment.

 

(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 RSUs 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.

 

    2

     

    

 

7. No
Right to Future Grants. Any grant of RSUs 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 RSUs are settled for Shares and the Participant becomes the record owner of the Shares underlying the RSUs.

 

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.

 

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 RSUs, 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 RSUs 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.

 

    3

     

    

 

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 RSUs and on any Shares to be issued upon settlement of the RSUs, 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 RSUs 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.

 

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 RSUs. The Company makes no guarantees regarding the tax treatment of the RSUs. 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]

 

    4

     

    

 

IN WITNESS WHEREOF, the parties hereto have
executed this 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:	 
	 	 
	 	 
	Trent Meyerhoefer	 

 

 

5Exhibit 10.8

 

J.
Mark Borseth

 

SEVERANCE
AND NON-COMPETITION AGREEMENT

WITH RANPAK CORP.

 

This
Severance and Non-Competition Agreement (this “Agreement”) is entered into between Ranpak Corp., an
Ohio corporation (the “Company”), and J. Mark Borseth (“Executive”) as of
this 26 day of May, 2015.

 

AGREEMENT:

 

SECTION
1. DEFINITIONS

 

(a)
“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).

 

(b)
“Board” means the Board of Directors of the Company.

 

(c)
“Cause” means:

 

(l)
Executive’s (i) fraud, (ii) embezzlement, or (iii) misappropriation of funds, in each case involving or against the Company or
any of its subsidiaries or Affiliates,

 

(2)
Executive’s (i) commission, indictment for or conviction of any crime which involves dishonesty or a breach of trust or (ii) commission
or conviction of any felony,

 

(3)
Executive’s gross negligence or willful misconduct with respect to the Company or any of its subsidiaries or Affiliates which
causes material detriment to the Company or any of its subsidiaries or Affiliates, including, without limitation, any violation
of the United States’ Foreign Corrupt Practices Act of 1977, as amended,

 

(4)
Executive commits a material violation of the Company’s Code of Conduct, or any similar statement or policy setting forth reasonable
standards for employee conduct of which Executive had prior notice, which the Company reasonably determines makes him no longer
able or fit to fulfill his responsibilities to the Company or any of its subsidiaries or Affiliates,

 

(5)
Executive, after fair and reasonable notice from the Company, fails to fulfill his responsibilities to the Company and its subsidiaries
and Affiliates, or

 

(6)
Executive engages in any material breach of the terms of this Agreement.

 

     

     

    

 

Whether
or not an event giving rise to “Cause” occurs will be determined by the Company in its sole discretion.

 

(d)
“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 Termination Date.

 

(e)
“Code of Conduct” means the Code of Conduct approved by the Board on July 23, 2007, as amended.

 

(f) “Disability” means
a mental or physical condition that can be expected to result in death or that can be expected to last for a continuous
period of not less than 12 months which renders Executive unable (as determined by the Company in good faith) to regularly
perform his duties hereunder for a period of more than six consecutive months.

 

(g)
“Earned Bonus” means the bonus, determined based on the actual performance of the Company for the full
year in which Executive’s employment terminates, that Executive would have earned for the year in which his employment terminates
had he remained employed for the entire year, prorated based on the ratio of the number of days during such year that Executive
was employed to 365.

 

(h)
“Good Reason” means (1) a material and continuing failure to pay to Executive compensation and benefits
that have been earned, if any, by Executive, (2) any downward adjustment by the Company in Executive’s base salary in excess of
15%, (3) a material reduction in Executive’s title, position or responsibilities or (4) relocation of the Executive to a location
greater than 50 miles from Concord Township, Ohio; provided, however, that, notwithstanding the foregoing, Executive shall not
have Good Reason to resign his employment unless (i) he provides the Company with written notice of his termination of employment
within 90 days after the initial occurrence of the act purported to constitute Good Reason, (ii) the Company has not remedied
the alleged violation(s) on or before the date of termination specified in the notice of termination (which, for the avoidance
of doubt, shall be a date not less than 30 days following the date such notice of termination is provided), and (iii) such resignation
occurs on or prior to the second anniversary of such act.

 

(i)
“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.

 

(j) “Termination Date” means the
effective date of termination of Executive’s employment with the Company.

 

    - 2 -

     

    

 

SECTION
2. TERMINATION OF EMPLOYMENT

 

(a)
General. The Company shall have the right to terminate Executive’s employment at any time with or without Cause, and Executive
shall have the right to resign at any time with or without Good Reason. Executive shall not be required to mitigate the amount
of any payment or benefit provided for in this Agreement by seeking other employment or otherwise.

 

(b) Termination
by Company without Cause or by Executive for Good Reason. If the Company terminates Executive’s employment without
Cause or Executive resigns for Good Reason, the Company shall pay Executive his earned but unpaid base salary in
accordance with the Company’s standard payroll practices (and, in any event, on or prior to March 15th of the calendar
year following the calendar year in which such termination of employment occurs). In addition, subject to Section 4(b)
and subject to Executive’s execution and non-revocation of a waiver and release of claims agreement in the
Company’s customary form (a “Release”) in accordance with Section 4(c), the Company
shall (1) pay Executive (i) 100% of his then-current annual base salary for the 12-month period following such termination
payable in accordance with the Company’s standard payroll practices and subject to Section 4(c), (ii) any earned
but unpaid annual bonus for any year prior to the year of termination by the thirtieth (30th) day following the receipt by
the Board or the audit committee thereof of audited financial statements for the applicable calendar year, and in no event
later than end of the calendar year following the calendar year in which the services relating to such bonus were performed,
and (iii) Executive’s Earned Bonus for the year of termination by the thirtieth (30th) day following the receipt by the
Board or the audit committee thereof of audited financial statements for the applicable calendar year, and in no event later
than end of the calendar year following the calendar year in which the services relating to such bonus were performed, each
of which obligations shall remain in effect even if Executive accepts other employment, and (B) subject to Executive’s
election to receive COBRA continuation coverage (for himself, and/or his dependents, as applicable), make any COBRA
continuation coverage premium payments (not only for Executive, but, if applicable, for Executive’s dependents), for
the 6-month period following the termination of Executive’s employment or, if earlier, until Executive is eligible to
be covered under another substantially equivalent medical insurance plan by a subsequent employer.

 

(c)
Termination by the Company for Cause or by Executive without Good Reason. If the Company terminates Executive’s employment
for Cause or Executive resigns without Good Reason, the Company’s only obligation to Executive shall be to pay Executive his earned
but unpaid base salary, if any, up to the Termination Date. The Company shall only be obligated to make such payments and provide
such benefits under any employee benefit plan, program or policy in which Executive was a participant as are explicitly required
to be paid to Executive by the terms of any such benefit plan, program or policy following the Termination Date.

 

(d)
Termination for Disability. The Company shall have the right to terminate Executive’s employment on or after the date Executive
has a Disability, and such a termination shall not be treated as a termination without Cause under this Agreement. If Executive’s
employment is terminated on account of a Disability, the Company shall:

 

(1)
subject to Section 4(b), pay Executive his base salary through the end of the month in which his employment
terminates as soon as practicable after his employment terminates in accordance with the Company’s standard payroll practices
(and, in any event, on or prior to March 15th of the calendar year following the calendar year in which such
termination of employment occurs),

 

    - 3 -

     

    

 

(2)
subject to Section 4(b), pay Executive his Earned Bonus, for the year in which such termination of employment occurs
on the thirtieth (30th) day following the receipt by the Board or the audit committee thereof of audited financial statements
for the applicable calendar year, and in no event later than end of the calendar year following the calendar year in which
the services relating to such bonus were performed,

 

(3)
subject to Section 4(b), pay Executive any earned but unpaid annual bonus for any year prior to the year of termination
on the thirtieth (30th) day following the receipt by the Board or the audit committee thereof of audited financial statements
for the applicable calendar year, and in no event later than end of the calendar year following the calendar year in which the
services relating to such bonus were performed,

 

(4)
make such payments and provide such benefits as otherwise called for under the terms of each employee benefit plan, program
and policy in which Executive was a participant; provided no payments made under Section 2(d)(1), Section
2(d)(2) or Section 2(d)(3), shall be taken into account in computing any payments or benefits described in this Section
2(d)(4), and

 

(5) subject to Executive’s election to receive COBRA continuation coverage (for himself and/or his dependents, as applicable),
make any COBRA continuation coverage premium payments (not only for Executive, but, if applicable, for Executive’s dependents),
for the 6-month period following the termination of Executive’s employment or, if earlier, until Executive is eligible to be covered
under another substantially equivalent medical insurance plan by a subsequent employer.

 

(e)
Death. If Executive’s employment terminates as a result of his death, the Company shall:

 

(1)
pay Executive his base salary through the end of the month in which his employment terminates as soon as practicable after his
employment terminates in accordance with the Company’s standard payroll practices (and, in any event, on or prior to March 15th
of the calendar year following the calendar year in which such termination of employment occurs),

 

(2)
pay Executive his Earned Bonus, for the year in which such termination of employment occurs on the thirtieth (30th) day following
the receipt by the Board or the audit committee thereof of audited financial statements for the applicable calendar year, and
in no event later than end of the calendar year following the calendar year in which the services relating to such bonus were
performed,

 

(3)
pay Executive any earned but unpaid annual bonus for any year prior to the year of termination on the thirtieth (30th) day
following the receipt by the Board or the audit committee thereof of audited financial statements for the applicable calendar
year, and in no event later than end of the calendar year following the calendar year in which the services relating to such
bonus were performed,

 

    - 4 -

     

    

 

(4)
make such payments and provide such benefits as otherwise called for under the terms of each employee benefit plan, program and
policy in which Executive was a participant; provided no payments made under Section 2(e)(1), Section 2(e)(2) or
Section 2(e)(3) shall be taken into account in computing any payments or benefits described in this Section 2(e)(4),
and

 

(5)
subject to Executive’s election to receive COBRA continuation coverage (for himself and/or his dependents, as applicable), make
any COBRA continuation coverage premium payments for Executive’s dependents, for the 6-month period following Executive’s death
or, if earlier, until such dependents are eligible to be covered under another substantially equivalent medical insurance plan.

 

SECTION
3. COVENANTS BY EXECUTIVE

 

(a) Ranpak
Property. Executive upon the termination of Executive’s employment for any reason or, if earlier, upon
the Company’s request shall promptly return all “Ranpak Property” which had been entrusted or made
available to Executive by the Company, where the term “Ranpak 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 Executive during Executive’s 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 Executive individually or, with others during
Executive’s employment which relate to the Company or its products or services.

 

(b)
Trade Secrets. Executive agrees that Executive 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 Executive may have acquired
during the term of Executive’s 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 3(b) 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.

 

    - 5 -

     

    

 

(c)
Confidential Information. Executive, while employed by the Company and following the Termination Date, 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
“Confidential Information” that Executive may have acquired (whether or not developed or compiled by Executive and whether
or not Executive is authorized to have access to such information) during the term of, and in the course of, or as a result of
Executive’s 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 Executive’s performance of his duties to the Company or (2) required by any subpoena
or other legal process (in which event Executive 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 Agreement 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 Agreement) that has not become
generally available to the public. The term “Confidential Information” in this Section 3(c) 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 Agreement. Notwithstanding the provisions of this Section
3(c) to the contrary, Executive shall be permitted to furnish this Agreement to a subsequent employer or prospective employer.

 

(d)
Non-solicitation of Customers or Employees.

 

(1)
Executive (i) while employed by the Company shall not, on Executive’s 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), solicit
Competing Business from customers of the Company or any of its Affiliates and (ii) during the period of twenty-four months following
the Termination Date shall not, on Executive’s own behalf or on behalf of any person, firm, partnership, association, corporation
or business organization, entity or enterprise, solicit Competing Business from customers of the Company or any of its Affiliates
with whom Executive within the twenty-four month period immediately preceding the Termination Date had or made contact with in
the course of Executive’s employment by the Company.

 

(2)
Executive (i) while employed by the Company 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 (ii) during the period of twenty-four months following the Termination Date, 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 Executive had contact, knowledge of, or association in the course of Executive’s employment with the
Company, as the case may be, during the 12-month period immediately preceding Termination Date, 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).

 

    - 6 -

     

    

 

(e)
Non-competition Obligation. Executive, while employed by the Company and during the period of twenty-four months following
the Termination Date, will not, for himself 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 own,
manage, operate or control any entity which is primarily engaged in a Competing Business. Notwithstanding the preceding sentence,
Executive 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.

 

(f)
Reasonable and Continuing Obligations. Executive agrees that Executive’s obligations under this Section 3 are obligations
which will continue beyond the Termination Date 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 Section 3, including but not limited to withholding or
recovering any future or past payments made to Executive under Section 2.

 

(g) Remedy
for Breach. Executive agrees that the remedies at law of the Company for any actual or threatened breach by Executive of
the covenants in this Section 3 would be inadequate and that the Company shall be entitled ’ to specific
performance of the covenants in this Section 3, 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 Section 3,
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. Executive acknowledges and agrees that the covenants in this Section 3 shall be
construed as agreements independent of any other provision of this Agreement or any other agreement between the Company and
Executive, and that the existence of any claim or cause of action by Executive against the Company, whether predicated upon
this Agreement or any other agreement, shall not constitute a defense to the enforcement by the Company of such
covenants.

 

SECTION
4. SECTION 409A

 

(a)
General. The parties acknowledge and agree that, to the extent applicable, this Agreement shall be interpreted in accordance
with, and the parties agree to use their best efforts to achieve timely compliance with Section 409A of the Code, and the Department
of Treasury Regulations and other interpretive guidance promulgated thereunder, including without limitation any such regulations
or other guidance that may be issued after the date of this Agreement (collectively, “Section 409A”). Notwithstanding
any provision of this Agreement to the contrary, in the event that the Company determines that any compensation or benefits payable
or provided under this Agreement may be subject to Section 409A, the Company may adopt (without any obligation to do so or to
indemnify Executive for failure to do so) such limited amendments to this Agreement and appropriate policies and procedures, including
amendments and policies with retroactive effect, that the Company reasonably determines are necessary or appropriate to (1) exempt
the compensation and benefits payable under this Agreement from Section 409A and/or preserve the intended tax treatment of the
compensation and benefits provided with respect to this Agreement or (2) comply with the requirements of Section 409A. No provision
of this Agreement shall be interpreted or construed to transfer any liability for failure to comply with the requirements of Section
409A from Executive or any other individual to the Company or any of its affiliates, employees or agents.

 

    - 7 -

     

    

 

(b)
Separation from Service under 409A. Notwithstanding any provision to the contrary in this Agreement:

 

(1) No amount shall be payable pursuant to Section 2 unless the termination of Executive’s employment constitutes a
“separation from service” within the meaning of Section 1.409A-1(h) of the Department of Treasury Regulations with
respect to the Company; and

 

(2)
If Executive is deemed at the time of his separation from service to be a “specified employee” for purposes of Section
409A(a)(2)(B)(i) of the Code, to the extent delayed commencement of any portion of the termination benefits to which Executive
is entitled under this Agreement (after taking into account all exclusions applicable to such termination benefits under Section
409A) is required in order to avoid a prohibited distribution under Section 409A(a)(2)(B)(i) of the Code, such portion of Executive’s
termination benefits shall not be provided to Executive prior to the earlier of (i) the expiration of the six-month period measured
from the date of Executive’s “separation from service” with the Company (as such term is defined in the Department of
Treasury Regulations issued under Section’ 409A) or (ii) the date of Executive’s death. Upon the earlier of such dates, all payments
deferred pursuant to this Section 4(b)(2) shall be paid in a lump sum to Executive, and any remaining payments due under
the Agreement shall be paid as otherwise provided herein; and

 

(3)
The determination of whether Executive is a “specified employee” for purposes of Section 409A(a)(2)(B)(i) of the Code
as of the time of his separation from service shall be made by the Company in accordance with the terms of Section 409A and applicable
guidance thereunder (including without limitation Section 1.409A-1(i) of the Department of Treasury Regulations and any successor
provision thereto); and

 

(4)
For purposes of Section 409A, Executive’s right to receive installment payments pursuant to Section 2(b) shall be treated
as a right to receive a series of separate and distinct payments; and

 

(5)
The amount of any in-kind benefits provided in one year shall not affect the amount of any in-kind benefits provided in any other
year.

 

    - 8 -

     

    

 

(c)
Release. Notwithstanding anything to’ the contrary in this Agreement, to the extent that any payments of “nonqualified
deferred compensation” (within the meaning of Section 409A) due under this Agreement as a result of Executive’s termination
of employment are subject to Executive’s execution and delivery of a Release, (i) the Company shall deliver the Release
to Executive within seven (7) days following the Termination Date and (ii) if Executive fails to execute the Release on or prior
to the Release Expiration Date (as defined below) or timely revokes his acceptance of the Release thereafter, Executive shall
not be entitled to any payments or benefits otherwise conditioned on the Release. For purposes of this Section 4(c).
“Release Expiration Date”
shall mean the date that is twenty-one (21) days following the date
upon which the Company timely delivers the Release to Executive, or, in the event that Executive’s termination of employment
is “in connection with an exit incentive or other employment termination program” (as such phrase is defined in the
Age Discrimination in Employment Act of 1967, as amended), the date that is forty-five (45) days following such delivery date.
To the extent that any payments of nonqualified deferred compensation (within the meaning of Section 409A) due under this Agreement
as a result of Executive’s termination of employment are delayed pursuant to this Section 4(c). such amounts shall
be paid in a lump sum on the first payroll date to occur on or after the 60th day following the date of Executive’s
termination of employment, provided that Executive executes and does not revoke the Release prior to such 60th day
(and any applicable revocation period has expired).

 

SECTION
5. MISCELLANEOUS

 

(a)
Notices. Notices and all other communications shall be in writing and shall be deemed to have been duly given when personally
delivered or when mailed by United States registered or certified mail. Notices to the Company shall be sent to:

 

RANPAK
CORP.

P.O.
Box 8004

7990
Auburn Road

Concord
Township, OH 44077

 

Notices
and communications to Executive shall be sent to:

 

J.
Mark Borseth

310
Southfield Rd. #2

Birmingham,
MI 48009

 

or
such address as may be reflected on the current books and records of the Company.

 

(b)
No Waiver. No failure by either the Company or Executive at any time to give notice of any breach by the other of, or to
require compliance with, any condition or provision of this Agreement shall be deemed a waiver of any provisions or conditions
of this Agreement.

 

(c)
Ohio Law. This Agreement shall be governed by Ohio law without reference to the choice of law principles thereof or any
other jurisdiction. Any litigation that may be brought by either the Company or Executive involving the enforcement of this Agreement
or any rights, duties, or obligations under this Agreement, shall be brought exclusively in an Ohio state court or United States
District Court located in the Northern District in the State of Ohio.

 

(d)
Assignment. This Agreement shall be binding upon and inure to the benefit of the Company and any successor in interest
to the Company or any segment of such business. The Company may assign this Agreement to any Affiliate or successor, and no such
assignment shall be treated as a termination of Executive’s employment. Executive’s rights and obligations under this Agreement
are personal and shall not be assigned or transferred.

 

    - 9 -

     

    

 

(e)
Other Agreements. This Agreement replaces and merges any and all previous agreements and understandings regarding all the
terms and conditions of Executive’s employment relationship with the Company, and this Agreement constitutes the entire agreement
between the Company and Executive with respect to such terms and conditions.

 

(f)
Amendment. No amendment to this Agreement shall be effective unless it is in writing and signed by the Company and by Executive.

 

(g)
Invalidity. If any part of this Agreement is held by a court of competent jurisdiction to be invalid or otherwise unenforceable,
the remaining part shall be unaffected and shall continue in full force and effect, and the invalid or otherwise unenforceable
part shall be deemed not to be part of this Agreement.

 

(h)
Litigation. In the event that either party to this Agreement institutes litigation against the other party to enforce his
or its respective rights under this Agreement, each party shall pay its own costs and expenses incurred in connection with such
litigation.

 

(i)
Withholding. The Company shall be entitled to withhold from any amounts payable under this Agreement, any federal, state,
local or foreign withholding or other taxes or charges which the Company is required to withhold. The Company shall be entitled
to rely on an opinion of counsel if any questions as to the amount or requirement of withholding shall arise.

 

[The
remainder of this page intentionally left blank]

 

    - 10 -

     

    

 

IN
WITNESS WHEREOF, the Company and Executive have executed this Severance and Non-Competition Agreement in multiple
originals effective as of the date first above written.

 

	RANPAK
    CORP.	 	EXECUTIVE
	 	 	 	 
	By	/s/
    James J. Cornett	 	/s/ J. Mark Borseth
	Name:	James
    J. Cornett	 	J.
    Mark Borseth
	Title:	Vice
    President	 	 

 

Signature
Page to Borseth Severance and Non-Compete Agreement

 

 

 

- 11 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00296-of-00352.parquet"}]]