Document:

Exhibit

EXHIBIT 10.23

ERIC J. M. LAURENSSE

EMPLOYMENT AGREEMENT WITH
RANPAK B.V.

THE UNDERSIGNED:

		
	1.
	RANPAK B.V., having its registered office at (6422 PC) Heerlen at the Sourethweg 4-6, hereinafter referred to as "Employer'; and

		
	2.
	Mr. Eric J. M. Laurensse, currently residing in Venray, The Netherlands, hereinafter referred to as "Employee" and jointly with Employer, referred to as "the Parties".

WHEREAS:

		
	1.
	On May 26, 2009, Employee has been appointed as Managing Director (“Statutair Directeur") of Ranpak BV, Kapnar Holdings BV and Ranpak CZ BV. The resolutions of the respective Shareholders meetings are attached to this employment agreement.

		
	2.
	The employment of Employee by Employer as its Managing Director necessarily will result in Employee's having access to trade secrets and confidential business information proprietary to Employer, the disclosure of which would result in competitive injury to Employer.

		
	3.
	The Performance by Employee of his duties and responsibilities as Managing Director is critical to its business.

THE PARTIES HEREBY AGREE AS FOLLOWS:

Article 1.    Commencement, duration and termination

		
	1.
	Employee's employment will commence on July 1, 2009, and the term of this Employment Agreement shall continue for an indefinite period of time. The employment may be terminated by the Parties at any time with due observance of a notice period, which period shall be:

		
	a)
	1.5 (one and a half) months to be observed by Employee and 3 (three) months to be observed by Employer, which notice shall be in writing and may be delivered on any day of the calendar month.

		
	2.
	This Employment Agreement shall in any event and without prior notice expire at the end of the month in which Employee reaches the age of 65 (sixty-five).

Article 2.    Position

		
	1.
	Employee shall hold the position of Managing Director for Employer. Furthermore, Employee shall, on the basis of this employment agreement, be seconded to Ranpak CZ BV and Kapnar Holdings BV for performing duties as a Managing Director, with such duties and responsibilities as shall be assigned to him from time to time by Employer.

		
	2.
	Employee covenants that he shall also perform duties other than the ones which are considered his usual duties if such performance may be reasonably expected from him.

		
	3.
	Employee covenants that, at Employer's request, he shall at all times be willing to perform work for a company affiliated with Employer.

Article 3.    Salary

		
	1.
	Employee shall receive a gross annual base salary of EURO 170,000, payable in 12 (twelve) monthly instalments of EURO 14,167.

		
	2.
	During the term of this Employment Agreement, Employee's salary may be periodically adjusted as agreed to by Employer and Employee. Employee shall not be entitled to any routine periodic adjustment of salary, whether or not granted to other persons employed by Employer, including those linked or related to cost of living increases.

		
	3.
	Employee is entitled to an annual holiday allowance of 8% of the gross base salary, payable in the month of May of the then current year. If Employee performed work during only a part of the year, the holiday allowance shall be calculated and paid proportionately.

Depending on the business results and Employee' s performance, Employer may apportion a bonus to Employee, subject to review by Ranpak Corp. The awarding of the bonus and the amount thereof  are in the sole discretion of Employer and no rights to a bonus in any year can be derived from any previous awarded bonuses. Details of any bonus programs shall be determined annually.

Article 4.    Expenses

Employer shall compensate Employee for any expenses reasonably incurred and directly connected with the performance of his work upon proper submission of expense notices to Employer.

Article 5.    Working hours and work place

		
	1.
	The working week runs from Monday to Friday. The working hours amount to an average of 40 (forty) hours a week.

		
	2.
	The usual office hours run from 8.00 a.m. to 12.30 p.m. and from 1.00 p.m. to 4.30 p.m.

		
	3.
	Employee performs his work at Employer ' s establishment in Heerlen. Employer shall be entitled to relocate the work place, if the company's interests so require.

		
	4.
	    Employee covenants that, at Employer' s request, he shall work overtime outside the normal working hours whenever the proper performance of bis duties so requires. With respect to such overtime, no additional remuneration shall be paid.

Article 6.    Company car

		
	1.
	For the performance of Employee's employment related activities, Employer shall place at Employee's disposal a company car with a monthly lease amount to be set by the Board. Fines caused by Employee's use of the company car shall be paid by Employee.

		
	2.
	Upon termination of this Employment Agreement or in case Employee has been placed in non-­ active service for whatever reason, Employee shall return the company car to Employer, together with the keys, papers and other accessories. If Employee is sick or disabled for a period longer than 3 (three) months, Employer shall be entitled to suspend the use of the car until Employee resumes work, without any compensation for the lack of the company car.

Article 7.         Pension

Employee shall be eligible to participate, on terms no more favourable to Employee than the terms for participation of any other employee of Employer, in any pension plan maintained by Employer in accordance with the terms and conditions of such plan as in effect from time to time. A copy of the regulations of the pension plan maintained by Employer is attached and Employer refers to the terms and conditions as laid down in these regulations.

Article 8.    Vacation

Employee is entitled to 25 (twenty-five) vacation days per year. Vacation may only be scheduled in consultation with and after approval by Employer.

Article 9.    Illness, disability or incapacity

		
	1.
	If Employee is ill or otherwise unable to perform work for any reason. he is obliged to inform Employer thereof before 8 a.m. on the first day of his absence.

		
	2.
	During any period of Disability, Employee is obliged, at the request of Employer, to submit to a medical examination by the company doctor/-Arbodienst, as often as deemed reasonably necessary or appropriate by Employer, and to abide by the regulations of Employer  and offer  full co-operation with respect to any investigation of the claimed Disability. In the event of non-­ compliance with these regulations, Employer shall be entitled to suspend his obligation to continue payment of Employee's salary until such time as Employee resumes abiding by said regulations.

		
	3.
	Employee covenants not to cause or worsen his Disability intentionally. In the event Employee breaches such obligation, Employer shall not be obliged to continue payment of Employee's salary.

		
	4.
	In the event the Disability is caused by a third person, Employee shall be obliged to give full co­ operation, including the delivery of Employee's medical information to Employer's doctor/­ Arbodienst, necessary to allow Employer to fully exercise its right to recover damages incurred in respect therewith.

Article 10.     Health insurance

Employee shall join the collective health insurance taken out by Employer. Employee declares that he has received a copy of the conditions of said insurance. Employer shall make the premium contribution required by the Zorgverzekeringswet (Health Insurance Act, 2006). Employee authorises Employer to withhold the premiums payable by Employee from Employee ' s monthly salary and ensure payment to the insurance company.

Article 11.    Confidentiality

		
	1.
	Neither during the employment term nor upon termination of the employment shall Employee inform any third party in any form, directly or indirectly, of any particulars concerning  or  related to the business conducted by Employer, Ranpak Corp. or any affiliated  companies, which he could reasonably have known were not intended for third parties, regardless of the manner in which he learned of the particulars .

		
	2.
	For each violation of the obligation to maintain confidentiality, as set forth in Paragraph 11.l above, Employee shall either forfeit to Employer a penalty of EURO 10,000 immediately payable by Employee to Employer, unless Employer otherwise elects to exercise its right to claim full damages. The foregoing shall in no way limit Employer's right to initiate proceedings to force Employee to stop any violation of the prohibitions set forth in Paragraph 11.1 above.

Article 12.    Anti-competition clause

		
	1.
	Without prior written consent from Employer, Employee shall not have any other employment during the term of this Employment Agreement.

		
	2.
	Without prior written consent from Employer, during the term of this Employment Agreement and for a period of 1 (one) year following the termination of this Employment Agreement, Employee shall not, directly or indirectly, establish or conduct any business in The Netherlands that is competitive with Employer's business or the business of any affiliate of Employer with respect to any packaging or similar or related products or services; nor shall Employee, alone or with other persons, directly or indirectly, take any financial interest in or perform work, gratuitously or for remuneration, for such a business in The Netherlands.

		
	3.
	Without prior written consent of Employer and for a period of 1 (one) year following termination of this Employment Agreement, Employee shall:

		
	a)
	refrain from performing, directly or indirectly, any work, either gratuitously or for remuneration, within The Netherlands for:

		
	i)
	any former or current clients (or affiliated companies) of Employer or Ranpak Corp, for which Employee performed work in any manner;

		
	ii)
	any companies or persons that may be considered competitors to Employer or any such clients of Employer described above;

		
	iii)
	any companies or persons having any interest in or being involved in any such work as described above;

		
	b)
	refrain from, directly or indirectly, approaching any clients of Employer described in Paragraph 12.3(a). either in his own interest or in the interests of any third party, with a view to inducing them to terminate their relations with Employer, or any affiliated company, for the benefit of any company or individual competing with Employer. Employee must refrain from any activity that might adversely affect relations between Employer, or any affiliated company, and its clients. Upon termination of this Employment Agreement, the Parties shall draft a list of clients to which the above applies;

		
	c)
	refrain from inducing employees of Employer or any affiliated company or of any of its clients to terminate their employment contracts with Employer or the affiliated company or any such client, respectively, so as to be able to compete in any manner whatsoever with Employer or any affiliated company.

		
	4.
	For each violation of any of the prohibitions as set forth in Paragraphs 12.1, 12.2, and  12.3 above, Employee shall forfeit to Employer a penalty of EURO 15,000 , as well as EURO 1,000 for each 

day that Employee continues to be in violation, unless Employer otherwise elects to exercise its right to claim full damages. The penalties shall be immediately payable by Employee to Employer. The foregoing shall in no way limit, and shall be in addition to, Employer's right to initiate proceedings to force Employee to stop any violation of the prohibitions set forth in Paragraphs 12.1, 12.2 and 12.3 above.

Article 13.       Internal rules and regulations

Employee declares that he has received a copy of the current version of the internal rules and regulations applicable to Employer's company. Employee will agree in advance to any subsequent reasonable changes in the regulations.

Article 14.    Return of Employer Property

		
	1.
	Upon termination of the employment relation, Employee shall immediately return to Employer any and all materials, documents or other information (including all originals and copies in whatever form), articles, keys and any other items belonging to Employer.

		
	2.
	If Employee fails to return any of the items as set forth in Paragraph 14.1 above, Employee shall forfeit to Employer a penalty of EURO 10,000 unless Employer otherwise elects to exercise its right to claim full damages. The foregoing shall in no way limit, and shall be in addition to, Employer's right to initiate proceedings to force Employee to stop any violation of the prohibitions set forth in Paragraph 14.1 above.

Article 15.    Intellectual and industrial property rights

		
	1.
	Insofar as the rights specified hereinafter are not vested in Employer by operation of law on the  grounds of the employment relation between the Parties, upon the first request of Employer, Employee covenants that he shall transfer and, insofar as possible, hereby transfers to Employer all (future) intellectual property rights (including, but not limited to copyrights, trademarks, domain names, patents and know how) created under this Employment Agreement,  and will in  so far as necessary assist in such transfer, including providing Employer  with  a  written statement stating the transfer.

		
	2.
	Employee acknowledges that his salary includes reasonable compensation for any loss of intellectual and industrial property rights.

Article 16.    Penalties

Article 7:650 sections 3 and 5 of the Dutch Civil Code does not apply to the penalties as set forth in the Articles 11, 12 and 14 of this Employment Agreement.

Article 17.    Governing law

This Employment Agreement shall be governed by the laws of The Netherlands.

Article 18.    Miscellaneous

		
	1.
	This Employment Agreement is deemed to constitute the entire agreement between Parties.

		
	2.
	This Employment Agreement may be executed in two or more counterparts, each of which shall be deemed an original but all of which shall constitute but one instrument.

[The remainder of this page intentionally left blank.]

IN WITNESS WHEREOF, Employer and Employee have executed this Employment Agreement
in multiple originals effective as of 26 May 2009.

	
			
	/s/ David M. Gabrielsen
	 
	/s/ Eric J. M. Laurensse

	Ranpak B.V.
By: David M. Gabrielsen
Title: Managing Director
	 
	Eric J. Laurensse     29 May 2009Exhibit

EXHIBIT 10.24
FORM OF 
RANPAK HOLDINGS CORP.  
2019 OMNIBUS INCENTIVE PLAN 
RESTRICTED STOCK UNIT AWARD AGREEMENT
THIS AGREEMENT (the “Agreement”) is made and effective as of [            , 2020] (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.Restricted Stock Unit Award. Subject to the terms and conditions of this Agreement, the Company hereby grants to the Participant [•] 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 applicable 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

	Date of Grant
	1/3

	One-year anniversary of the Date of Grant
	1/3

	Two-year anniversary of the Date of Grant
	1/3

(b)    Termination of Employment; Forfeiture.  
(i)    Upon the Participant’s termination of employment 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 as of the date of such termination. 
(ii)    Upon the Participant’s termination of employment due to the Participant’s death or Disability, all unvested RSUs shall vest in accordance with Section 2(a) hereof and be settled as Shares pursuant to Section 3 below.
(iii)    Upon the Participant’s termination of employment (i) by the Company without Cause or (ii) by the Participant for Good Reason, a portion of the Participant’s unvested RSUs shall vest on a pro-rata basis based on the number of RSUs that were scheduled to vest on the next occurring Vesting Date multiplied by a fraction, the numerator of which is the number of completed days 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 365, and shall be 

    

settled as Shares pursuant to Section 3 below. Any RSUs that do not vest pursuant to the preceding sentence shall be forfeited for no consideration as of the date of such termination.
(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 after the Vesting Date; provided that delivery of vested Shares shall be made no 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.  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 

2
    

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.
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.
[●]

3
    

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 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.

4
    

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]

5
    

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:

	[•]

6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]