Document:

Exhibit 10.2

 

ANCHOR EARNOUT AGREEMENT

 

This Anchor Earnout
Agreement (this “Agreement”) dated as of May 13, 2019, is entered into among One Madison Corporation, a Cayman
Islands exempted company (the “Company”), and the parties listed on the signature pages hereto (the “Investors”).
Any capitalized term used in this Agreement and not otherwise defined shall have the meaning ascribed thereto in the Forward Purchase
Agreement (as defined below).

 

Recitals

 

WHEREAS, pursuant to
that certain Stock Purchase Agreement, dated December 12, 2018 (as amended from time to time, the “Stock Purchase Agreement”),
by and among the Company, Rack Holdings L.P., a Delaware limited partnership (“Seller”), and Rack Holdings,
Inc., a Delaware corporation (“Rack Holdings”), the Company will acquire from Seller all of the issued and outstanding
shares of capital stock of Rack Holdings on the terms and subject to the conditions set forth therein (the “Ranpak Business
Combination”);

 

WHEREAS, in connection
with the closing of the Ranpak Business Combination, the Company and its sponsor, One Madison Group, LLC (“Sponsor”),
entered into a second amendment (the “Sponsor Earnout Amendment”), dated March 13, 2019, to that certain Securities
Subscription Agreement, dated July 18, 2017, as amended on December 1, 2017 (the “Securities Subscription Agreement”),
by and between the Company and Sponsor, pursuant to which Sponsor agreed to certain modifications with respect to the earnout provision
that applies to the Class B ordinary shares, par value $0.0001 per share (the “Founder Shares” or the “Class
B Shares”), it holds pursuant to the Securities Subscription Agreement;

 

WHEREAS, certain investors
(the “anchor investors”) previously entered into Forward Purchase Agreements (the “Forward Purchase
Agreements”) with the Company, pursuant to which, among other things, the Company issued to the anchor investors a total
of 3,750,000 Class B Shares (the “Anchor Investor Class B Shares”);

 

WHEREAS, the Anchor
Investor Class B Shares were reallocated among the anchor investors and certain other investors pursuant to the Reallocation Agreement
(the “Reallocation Agreement”), dated December 12, 2018, by and among the Company and the other parties thereto;

 

WHEREAS, Section 6(b)
of the Forward Purchase Agreements and Section 1(f) of the Reallocation Agreement provide that if, in connection with the closing
of the Ranpak Business Combination, the Sponsor agrees to forfeit any Class B Shares to the Company at no cost or subject its Class
B Shares to contractual terms or restrictions, then, upon the prior consent of the anchor investors that have committed to purchase
more than 50% of the Total Forward Purchase Shares, the holders of the Anchor Investor Class B Shares agree to similarly forfeit,
subject, convert or modify all Anchor Investor Class B Shares;

 

WHEREAS, the Investors
have subscribed for a majority of the Total Forward Purchase Shares;

 

WHEREAS, by entering
into this Agreement, the Investor desires to consent and agree to a potential forfeiture of the Anchor Investor Class B Shares
and to subject the Anchor Investor Class B shares to contractual terms and restrictions; and

 

WHEREAS, upon the effectiveness
of this Agreement, all Anchor Investor Class B Shares will be subject to the earnout conditions set forth herein.

 

     

     

    

 

NOW, THEREFORE, in
consideration of the premises, representations, warranties and the mutual covenants contained in this Agreement, and for other
good and valuable consideration, the receipt, sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree
as follows:

 

Agreement

 

1. Potential Forfeiture

 

(a) During the period
commencing on the date that Ranpak Business Combination is consummated through the tenth anniversary following the consummation
of the Ranpak Business Combination (the “Earnout End Date”), unless (a) the closing price of the Company’s
Class A ordinary shares (or any successor class of common shares listed on The New York Stock Exchange or The Nasdaq Stock Market)
equals or exceeds $12.50 per share (as adjusted for share splits, dividends, reorganizations, recapitalizations and the like) for
any 20 trading days within any 30 consecutive trading day period or (b) the Company completes a liquidation, merger, stock
exchange or other similar transaction that results in all or substantially all of its stockholders having the right to exchange
their shares of common stock for consideration in cash, securities or other property or any transaction involving a consolidation,
merger, proxy contest, tender offer or similar transaction in which the Company is the surviving entity which results in a change
in the majority of our board of directors or management team or the Company’s stockholders immediately prior to such transaction
ceasing to own a majority of the surviving entity immediately after such transaction (each an “Earnout Condition”),
on the Earnout End Date or promptly thereafter (the “Earnout Forfeiture Date”), the Investors acknowledge and
agree that they shall surrender for no consideration any and all rights to all Anchor Investor Class B Shares (including any Class
A ordinary shares or Class C ordinary shares into which such shares have converted) held by the Investors. The Anchor Investor
Class B Shares (including any Class A ordinary shares or Class C ordinary shares into which such shares have converted) will not
participate in cash dividends or other cash distributions payable to holders of the ordinary shares of the Company prior to the
date on which one or more of the Earnout Conditions has been satisfied, whereupon the Company shall promptly pay to the holders
of the Anchor Investor Class B Shares (including any Class A ordinary shares or Class C ordinary shares into which such shares
have converted) all cash dividends and cash distributions paid on the ordinary shares of the Company after the Ranpak Business
Combination as if they had been holders of record entitled to receive distributions on the applicable record date.

 

(b) Lock-Up. The
Investors agrees that they shall not Transfer any Anchor Investor Class B Shares (including any Class A ordinary shares or Class
C ordinary shares into which such shares have converted) until the earlier of (i) the date on which one or more of the Earnout
Conditions has been satisfied and (ii) the Earnout Forfeiture Date, unless the transferee enters into a written agreement for the
benefit of the Company, in a form reasonably acceptable to the Company, agreeing to be bound by the terms of this Agreement.

 

(c) As used in this Agreement,
“Transfer” shall mean the (x) sale of, offer to sell, contract or agreement to sell, hypothecation, pledge, grant of
any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase
of a put equivalent position or liquidation with respect to or decrease of a call equivalent position (within the meaning of Section
16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the U.S. Securities and Exchange Commission
promulgated thereunder) with respect to, any of the Anchor Investor Class B Shares or (y) entry into any swap or other arrangement
that transfers to another, in whole or in part, any of the economic consequences of ownership of any of the Anchor Investor Class
B Shares, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise.

 

2. Representations
and Warranties of the Investors. Each Investor represents and warrants to each other Investor and the Company as follows, as
of the date hereof:

 

(a) Organization and
Power. If an entity, such Investor is duly organized, validly existing, and in good standing under the laws of the jurisdiction
of its formation (if the concept of “good standing” is a recognized concept in such jurisdiction) and has all requisite
power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

    2

     

    

 

(b) Authorization.
Such Investor has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by such Investor,
will constitute the valid and legally binding obligation of the Investor, enforceable in accordance with its terms, except (a)
as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general
application affecting enforcement of creditors’ rights generally or (b) as limited by laws relating to the availability of
specific performance, injunctive relief or other equitable remedies.

 

(c) Governmental Consents
and Filings. No consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing
with, any federal, state or local governmental authority is required on the part of such Investor in connection with the consummation
of the transactions contemplated by this Agreement.

 

(d) Compliance with
Other Instruments. The execution, delivery and performance by such Investor of this Agreement and the consummation by such
Investor of the transactions contemplated by this Agreement will not result in any violation or default (i) of any provisions of
its organizational documents, if applicable, (ii) of any instrument, judgment, order, writ or decree to which it is a party or
by which it is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any
lease, agreement, contract or purchase order to which it is a party or by which it is bound or (v) of any provision of any federal
or state statute, rule or regulation applicable to such Investor, in each case (other than clause (i)), which would have a material
adverse effect on such Investor or its ability to consummate the transactions contemplated by this Agreement.

 

3. Representations
and Warranties of the Company. The Company represents and warrants to the Investors as follows:

 

(a) Organization and
Corporate Power. The Company is an exempted company duly incorporated and validly existing and in good standing as an exempted
company under the laws of the Cayman Islands and has all requisite corporate power and authority to carry on its business as presently
conducted and as proposed to be conducted. The Company has no subsidiaries.

 

(b) Authorization.
The Company has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Company,
shall constitute the valid and legally binding obligation of the Company, enforceable against the Company in accordance with its
terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other laws
of general application relating to or affecting the enforcement of creditors’ rights generally or (ii) as limited by laws
relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

(c) Governmental Consents
and Filings. Assuming the accuracy of the representations and warranties made by the Investors in this Agreement, no consent,
approval, order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state
or local governmental authority is required on the part of the Company in connection with the consummation of the transactions
contemplated by this Agreement, except for filings pursuant to Regulation D of the Securities Act, and applicable state securities
laws.

 

(d) Compliance with
Other Instruments. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
by this Agreement will not result in any violation or default (i) of any provisions of its Charter (as defined below) or other
governing documents, (ii) of any instrument, judgment, order, writ or decree to which it is a party or by which it is bound, (iii)
under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease, agreement, contract
or purchase order to which it is a party or by which it is bound or (v) of any provision of any federal or state statute, rule
or regulation applicable to the Company, in each case (other than clause (i)) which would have a material adverse effect on the
Company or its ability to consummate the transactions contemplated by this Agreement.

 

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4. General Provisions.

 

(a) Notices. All
notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt, or (a) personal delivery to the party to be notified, (b) when sent, if sent by electronic
mail or facsimile (if any) during normal business hours of the recipient, and if not sent during normal business hours, then on
the recipient’s next Business Day, (c) five (5) Business Days after having been sent by registered or certified mail, return
receipt requested, postage prepaid, or (d) one (1) Business Day after deposit with a nationally recognized overnight courier, freight
prepaid, specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall
be sent to: One Madison Corporation, 3 East 28th Street, 8th Floor, New York, New York 10016, Attn: David
Murgio, Secretary, email: dmurgio@onemadisongroup.com, with a copy to the Company’s counsel at: Davis Polk & Wardwell
LLP, 450 Lexington Avenue, New York, NY 10017, Attn: Deanna L. Kirkpatrick, Esq., email: deanna.kirkpatrick@davispolk.com, fax:
(212) 701-5135, and John B. Meade, Esq., email: john.meade@davispolk.com, fax: (212) 701-5077, and Lee Hochbaum, Esq., email: lee.hochbaum@davispolk.com,
fax (212) 701-5736.

 

All communications
to an Investor shall be sent to such Investor’s address as set forth on the signature page hereof, or to such e-mail address,
facsimile number (if any) or address as subsequently modified by written notice given in accordance with this Section 4(a).

 

(b) Survival of Representations
and Warranties. All of the representations and warranties contained herein shall survive the Closing.

 

(c) Entire Agreement.
This Agreement, together with any documents, instruments and writings that are delivered pursuant hereto or referenced herein,
constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes all prior
understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any
way to the subject matter hereof or the transactions contemplated hereby.

 

(d) Successors.
All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure
to the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express
or implied, is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

(e) Assignments.
Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any of its rights, interests,
or obligations hereunder without the prior written approval of the other party.

 

(f) Counterparts.
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together
will constitute one and the same instrument.

 

(g) Headings.
The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or
interpretation of this Agreement.

 

(h) Governing Law.
This Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded in contract,
tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of the State
of Delaware, without giving effect to its choice of laws principles.

 

(i) Jurisdiction.
The parties (i) hereby irrevocably and unconditionally submit to the jurisdiction of the state courts of New York and to the jurisdiction
of the United States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding
arising out of or based upon this Agreement, (b) agree not to commence any suit, action or other proceeding arising out of or based
upon this Agreement except in state courts of New York or the United States District Court for the Southern District of New York,
and (c) hereby waive, and agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune
from attachment or execution, that the suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit,
action or proceeding is improper or that this Agreement or the subject matter hereof may not be enforced in or by such court.

 

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(j) Waiver of Jury
Trial. The parties hereto hereby waive any right to a jury trial in connection with any litigation pursuant to this Agreement
and the transactions contemplated hereby.

 

(k) Amendments.
This Agreement may not be amended, modified or waived as to any particular provision, except with the written consent of the Company
and each Investor.

 

(l) Severability.
The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect
the validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to
any party hereto or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable
in accordance with its terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination
will have the power to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete
specific words or phrases, and in its reduced form, such provision will then be enforceable and will be enforced.

 

(m) Expenses.
Each of the Company and each Investor will bear its own costs and expenses incurred in connection with the preparation, execution
and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses
of agents, representatives, financial advisors, legal counsel and accountants. The Company shall be responsible for any fees of
its transfer agent, stamp taxes and all of The Depository Trust Company’s fees associated with the Reallocations and issuance
of the securities issuable upon conversion or exercise of the Class B Shares or the Warrants.

 

(n) Construction.
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of
intent or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement.
Any reference to any federal, state, local, or foreign law will be deemed also to refer to such law as amended and all rules and
regulations promulgated thereunder, unless the context requires otherwise. The words “include,” “includes,”
and “including” will be deemed to be followed by “without limitation.” Pronouns in masculine,
feminine, and neuter genders will be construed to include any other gender, and words in the singular form will be construed to
include the plural and vice versa, unless the context otherwise requires. The words “this Agreement,” “herein,”
“hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each
representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached any
representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty,
or covenant.

 

(o) Waiver. No
waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional
or not, may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder
or affect in any way any rights arising because of any prior or subsequent occurrence.

 

(p) Confidentiality.
Except as may be required by law, regulation or applicable stock exchange listing requirements, unless and until the transactions
contemplated hereby and the terms hereof are publicly announced or otherwise publicly disclosed by the Company, the parties hereto
shall keep confidential and shall not publicly disclose the existence or terms of this Agreement.

 

(q) Specific Performance.
Each Investor agrees that irreparable damage would occur in the event that any provision of this Agreement was not performed by
such Investor in accordance with the specific terms hereof or was otherwise breached, and that money damages or legal remedies
would not be an adequate remedy for any such damages. Therefore, it is accordingly agreed that the Company shall be entitled to
enforce specifically the terms and provisions of this Agreement, or to enforce compliance with, the covenants and obligations of
such Investor, in any court of competent jurisdiction, and appropriate injunctive relief shall be granted in connection therewith.
The Company, in seeking an injunction, a decree or order of specific performance, shall not be required to provide any bond or
other security in connection therewith and any such remedy shall be in addition and not in substitution for any other remedy to
which the Company is entitled at law or in equity.

 

[Signature page follows]

 

    5

     

    

 

IN WITNESS WHEREOF, the
undersigned have executed this Agreement to be effective as of the date first set forth above.

 

INVESTOR:

 

	Investor’s
    Name: 	JS
    Capital, LLC                                       

 

	By:
    	JS
    Capital Management LLC, as sole managing member of JS Capital LLC

 

	 	By:	/s/
    Richard Holahan	 
	 	 	Name:
    Richard Holahan	 
	 	 	Title:
    Vice President	 

 

[Signature Page to Anchor Earnout Agreement]

 

     

     

    

 

	COMPANY:	 
	 	 
	ONE MADISON CORPORATION	 
	 	 
	By:	/s/ Omar M. Asali	 
	Name: 	Omar M. Asali	 
	Title:	Chairman and Chief Executive Officer	 

 

[Signature Page to Anchor Earnout Agreement]Exhibit 10.3

 

EXECUTION
VERSION

 

CONSENT

of

Holders of Class B shares

 

This
CONSENT (this “Consent”), dated as of May 12, 2019, is entered into among the holders of Class B ordinary shares,
par value $0.0001 per share (“Class B Shares”), of One Madison Corporation, a Cayman Islands exempted company
(the “Company”), listed on the signature pages hereto (the “Consenting Parties”). Any capitalized
term used in this Consent and not otherwise defined shall have the meaning ascribed thereto in the Charter (as defined below).

 

WHEREAS,
the Company was incorporated for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination with one or more businesses (a “Business Combination”);

 

WHEREAS,
on December 12, 2018, the Company entered into a definitive agreement pursuant to which the Company will acquire from Rack Holdings
L.P., a Delaware limited partnership, all of the issued and outstanding shares of capital stock of Rack Holdings Inc., a Delaware
corporation (“Ranpak”), on the terms and subject to the conditions set forth therein (the “Ranpak
Business Combination”);

 

WHEREAS,
the Ranpak Business Combination will constitute a Business Combination;

 

WHEREAS,
Section 4.2 of the Amended and Restated Memorandum and Articles of Association of the Company (the “Charter”)
provides that on the first business day following the consummation of the Company’s initial Business Combination, the issued
Class B Shares will automatically be converted into such number of Class A Shares (or Class C Shares, following a Class C Election
as described in the Charter) as is equal to 25% of the sum of: (a) the total number of Class A Shares issued in the IPO (including
pursuant to the Over-Allotment Option), plus (b) the sum of (i) the total number of Class A Shares and Class C Shares issued or
deemed issued, or issuable upon the conversion or exercise of any equity-linked securities or rights issued or deemed issued,
by the Company in connection with or in relation to the consummation of the initial Business Combination (including Forward Purchase
Shares, but not Forward Purchase Warrants), excluding any Class A Shares and/or Class C Shares or equity-linked securities exercisable
for or convertible into Class A Shares issued, or to be issued, to any seller in the initial Business Combination and any Private
Placement Warrants issued to the Sponsor upon conversion of loans to the Company that may be made by Omar M. Asali or his affiliate,
at his option, minus (ii) the total number of Public Shares repurchased pursuant to the IPO Redemption (the “Anti-Dilution
Rights”);

 

WHEREAS,
Article 11 of the Charter permits any rights attached to a class of share capital of the Company to be varied with the written
consent of holders of at least two-thirds of the outstanding shares of such class;

 

WHEREAS,
the Consenting Parties together hold at least two-thirds of the outstanding Class B Shares;

 

WHEREAS,
in connection with the completion of the Ranpak Business Combination, the Company is entering into subscription agreements with
certain purchasers pursuant to which, simultaneously with the closing of the Ranpak Business Combination, the Company will issue
to such purchasers on a private placement basis a number of Class A Shares and/or Class C Shares in order to obtain additional
equity financing for the closing of the Ranpak Business Combination (the “Subscription Shares”); and

 

WHEREAS,
the Consenting Parties desire to waive the Anti-Dilution Rights with respect to the Subscription Shares such that the Subscription
Shares are excluded from the determination of the number of Class A Shares (and/or Class C Shares following a Class C Election
as described in the Charter) into which the Class B Shares convert pursuant to Section 4.2 of the Charter on the first business
day following consummation of the Ranpak Business Combination.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the foregoing and the covenants and agreements contained herein, and intending to be legally bound
hereby, the Consenting Parties hereby agree as follows:

 

1.
Effective upon the execution and delivery of this Consent, the Consenting Parties, on behalf of themselves and each other
holder of Class B Shares, hereby irrevocably waive the Anti-Dilution Rights with respect to the Subscription Shares such that
the Subscription Shares are excluded from the determination of the number of Class A Shares (and/or Class C Shares following
a Class C Election as described in the Charter) into which the Class B shares convert pursuant to Section 4.2 of the Charter
on the first business day following consummation of the Ranpak Business Combination.

 

2.
Except as expressly provided in this Consent, all rights and privileges of the Class B Shares shall remain in full force and
effect in accordance with the terms of the Charter and applicable law.

 

3.
This Consent shall be governed by the laws of the Cayman Islands without regard to any conflict or choice of law
provisions.

 

4.
This Consent may be executed in one or more counterparts, each of which shall be deemed an original and all of which shall
constitute one and the same Consent.

 

*  
*   *   *   *

 

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IN
WITNESS WHEREOF, each of the undersigned has caused this Consent to be executed on its behalf by a duly authorized officer as
of the day and year first above written.

 

	 	ONE
    MADISON GROUP LLC
	 	 
	 	By:	/s/
    Omar M. Asali
	 	 	Name:Omar
    M. Asali
	 	 	Title:Chief
    Executive Officer

 

[Signature Page to Consent of Holders
of Class B Shares]

 

    3

     

    

 

	 	JS
    CAPITAL, LLC
	 	 
	 	By:	JS
    Capital Management LLC, as sole

 managing member of JS Capital, LLC
	 	 	 
	 	 	By:  	/s/ Richard Holahan
	 	 	Name: 	Richard Holahan
	 	 	Title:  	Vice President

 

[Signature Page to Consent of Holders
of Class B Shares]

 

 

 4

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