SEC Contract Filing

Filing Date: 2019-05-15

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>4
<FILENAME>f8k051319aex10-2_onemadison.htm
<DESCRIPTION>ANCHOR EARNOUT AGREEMENT, DATED MAY 13, 2019, BY AND BETWEEN ONE MADISON CORPORATION AND CERTAIN ANCHOR INVESTORS
<TEXT>
<HTML>
<HEAD>
 <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0; text-align: right"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>ANCHOR EARNOUT AGREEMENT</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">This Anchor Earnout
Agreement (this &ldquo;<U>Agreement</U>&rdquo;) dated as of May 13, 2019, is entered into among One Madison Corporation, a Cayman
Islands exempted company (the &ldquo;<U>Company</U>&rdquo;), and the parties listed on the signature pages hereto (the &ldquo;<U>Investors</U>&rdquo;).
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).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><U>Recitals</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, pursuant to
that certain Stock Purchase Agreement, dated December 12, 2018 (as amended from time to time, the &ldquo;<U>Stock Purchase Agreement</U>&rdquo;),
by and among the Company, Rack Holdings L.P., a Delaware limited partnership (&ldquo;<U>Seller</U>&rdquo;), and Rack Holdings,
Inc., a Delaware corporation (&ldquo;<U>Rack Holdings</U>&rdquo;), 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 &ldquo;<U>Ranpak Business
Combination</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, in connection
with the closing of the Ranpak Business Combination, the Company and its sponsor, One Madison Group, LLC (&ldquo;<U>Sponsor</U>&rdquo;),
entered into a second amendment (the &ldquo;<U>Sponsor Earnout Amendment</U>&rdquo;), dated March 13, 2019, to that certain Securities
Subscription Agreement, dated July 18, 2017, as amended on December 1, 2017 (the &ldquo;<U>Securities Subscription Agreement</U>&rdquo;),
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 &ldquo;<U>Founder Shares</U>&rdquo; or the &ldquo;<U>Class
B Shares</U>&rdquo;), it holds pursuant to the Securities Subscription Agreement;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, certain investors
(the &ldquo;<U>anchor investors</U>&rdquo;) previously entered into Forward Purchase Agreements (the &ldquo;<U>Forward Purchase
Agreements</U>&rdquo;) 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 &ldquo;<U>Anchor Investor Class B Shares</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Anchor
Investor Class B Shares were reallocated among the anchor investors and certain other investors pursuant to the Reallocation Agreement
(the &ldquo;<U>Reallocation Agreement</U>&rdquo;), dated December 12, 2018, by and among the Company and the other parties thereto;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">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;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Investors
have subscribed for a majority of the Total Forward Purchase Shares;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, by entering
into this Agreement, the Investor desires to consent and agree to a potential forfeiture of the Anchor Investor Class