Company: NGVT
Filing Date: 2025-09-04
Form Type: 8-K
Source: 0001493152-25-012603
Chunk: 2

Company: Ingevity Corp
Filing Date: 2025-09-04
Form: 8-K
Item: Item 1.01
Chunk 2
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 party to specifically perform
its obligations under the Purchase Agreement.

Each
party has made certain agreed-upon representations and warranties in the Purchase Agreement and has agreed to certain covenants, including
with respect to, among others, (a) tax and employment-related covenants and (b) Ingevity-specific covenants concerning the conduct of
its operations prior to the closing. In addition, the Purchase Agreement contains a customary “no shop” provision that in
general restricts Ingevity’s ability to solicit Alternative Transactions or to participate in any discussions or negotiations regarding
such Alternative Transactions (including by furnishing any person any information with respect to any Alternative Transaction). If, at
any time during the one (1) year period following the termination by Purchaser solely as a result of Ingevity’s breach of such
“no shop” provision, Ingevity proposes to enter into any definitive agreement or understanding with any third party with
respect to an Alternative Transaction, Purchaser shall have a right of first refusal to consummate the proposed Alternative Transaction
on substantially the same terms and conditions as such proposal. Additionally, the Purchase Agreement contains a covenant requiring
the parties to finalize a form of reciprocal plant operating agreement (as more fully described below) to be entered into at closing
on terms substantially consistent with a term sheet mutually agreed by the parties upon entering into the Purchase Agreement.

Furthermore,
in connection with the Transaction, Ingevity plans to enter into a series of agreements, including, but not limited to, (a) a transition
services agreement, pursuant to which Ingevity will provide certain transition services to Purchaser for up to a 12-month period following
the closing to facilitate the transfer of purchased assets to Purchaser, (b) an intellectual property agreement, pursuant to which Ingevity
will assign and transfer certain intellectual property assets used in the Businesses to Purchaser in connection with the Transaction
and receive a license back to continue to exclusively utilize specified intellectual property in certain of Ingevity’s remaining
businesses, (c) a restrictive covenant agreement, subjecting Ingevity to a non-solicitation and limited non-compete obligation for a
period of four years following the closing, (d) a ground lease agreement, with an initial term of 20 years and up to eight successive
renewal terms of 10 years each, pursuant to which Ingevity will lease certain real property used in the operations of the