# EDGAR Filing Document

**Accession Number:** 0001653477
**File Stem:** 0001493152-23-008890
**Filing Date:** 2023-3
**Character Count:** 89107
**Document Hash:** 1f4c3a6ce2a2e344eaa2f4dc409103e9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-23-008890.hdr.sgml**: 20230324

**ACCESSION NUMBER**: 0001493152-23-008890

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 16

**CONFORMED PERIOD OF REPORT**: 20230320

**ITEM INFORMATION**: Entry into a Material Definitive Agreement

**ITEM INFORMATION**: Completion of Acquisition or Disposition of Assets

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20230324

**DATE AS OF CHANGE**: 20230324

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Ingevity Corp
- **CENTRAL INDEX KEY:** 0001653477
- **STANDARD INDUSTRIAL CLASSIFICATION:** CHEMICALS & ALLIED PRODUCTS [2800]
- **IRS NUMBER:** 474027764
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-37586
- **FILM NUMBER:** 23760226

**BUSINESS ADDRESS:**
- **STREET 1:** 4920 O'HEAR AVENUE
- **STREET 2:** SUITE 400
- **CITY:** NORTH CHARLESTON
- **STATE:** SC
- **ZIP:** 29405
- **BUSINESS PHONE:** 8437402300

**MAIL ADDRESS:**
- **STREET 1:** 4920 O'HEAR AVENUE
- **STREET 2:** SUITE 400
- **CITY:** NORTH CHARLESTON
- **STATE:** SC
- **ZIP:** 29405

?xml version="1.0" encoding="utf-8"?

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**March 20, 2023**

**Date of Report (date of earliest event reported)**

![LOGO](form8-k_001.jpg)

**INGEVITY CORPORATION**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **001-37586** | **47-4027764** |
| **(State or other jurisdiction of**<br> **incorporation or organization)** | **(Commission**<br> **File Number)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

---

| | | | |
|:---|:---|:---|:---|
| **4920 O'Hear Avenue, Suite 400** | **North Charleston** | **South Carolina** | **29405** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip code)** |

---

**Registrant's telephone number, including area code: 843-740-2300**

**Not Applicable**

**(Former name or former address, if changed since last report)**

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange** **on which registered** |
| **Common Stock ($0.01 par value)** | **NGVT** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

☐ Emerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐

**Item 1.01.** **Entry Into a Material Definitive Agreement**

*<u>Amended and Restated Crude Tall Oil and Black Liquor Soap Skimmings Agreement</u>*

On March 20, 2023, Ingevity Corporation, a Delaware corporation ("Ingevity," the "Company," "we," "us," or "our"), and WestRock Shared Services, LLC and WestRock MWV, LLC, on behalf of the affiliates of WestRock Company ("WestRock"), entered into an amended and restated crude tall oil and black liquor soap skimmings agreement (the "WestRock Supply Agreement"), which amends and restates that certain crude tall oil and black liquor soap skimmings agreement, dated as of January 1, 2016, by and between Ingevity and WestRock, as amended by that Amendment No.1 to Crude Tall Oil And Black Liquor Soap Skimmings Agreement, dated as of March 1, 2017, and Amendment No.2 to Crude Tall Oil And Black Liquor Soap Skimmings Agreement, dated as of November 3, 2020.

Pursuant to the WestRock Supply Agreement, Ingevity has agreed to continue to purchase the entire output of crude tall oil ("CTO") and black liquor soap skimmings ("BLSS" and together with CTO, the "Products"), from certain of WestRock's kraft mills, subject to certain exceptions. Under the WestRock Supply Agreement, WestRock is not required to produce any minimum quantity of the Products and may not sell the Products to third parties, subject to certain allowances. Under the WestRock Supply Agreement, Ingevity no longer has the contractual right to purchase CTO or BLSS procured by WestRock from third parties.

The initial term of the WestRock Supply Agreement begins on the effective date of the WestRock Supply Agreement. Beginning in 2030, Ingevity or WestRock may provide a notice to the other terminating the WestRock Supply Agreement five years from the date of such notice. Beginning one year after such notice, the quantity of Products provided by WestRock under the WestRock Supply Agreement will be gradually reduced over a four-year period as set forth in the WestRock Supply Agreement. In addition, Ingevity or WestRock may terminate the WestRock Supply Agreement immediately upon the other's bankruptcy, liquidation or insolvency or upon a breach of any material provision of the WestRock Supply Agreement if, after thirty days' notice of such breach is given, such breach is not cured. Until 2025, Ingevity may provide notice to remove one kraft mill as a supply source under the WestRock Supply Agreement.

The foregoing summary of the WestRock Supply Agreement does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the WestRock Supply Agreement filed as Exhibit 10.1 hereto and incorporated herein by reference.

*<u>Second Amendment to Crude Tall Oil Supply Agreement</u>*

 

On March 21, 2023, Ingevity, Georgia-Pacific LLC, on behalf of itself and its subsidiaries ("Georgia-Pacific"), and GP Pine Chemicals LLC, a direct subsidiary of Georgia-Pacific LLC ("GP Pine Chemicals"), entered into a Second Amendment to the Crude Tall Oil Supply Agreement (the "Georgia-Pacific Supply Amendment"), to amend certain terms of the Crude Tall Oil Supply Agreement, dated as of March 9, 2018, by and between Ingevity and Georgia-Pacific, as amended by that Amendment to the Crude Tall Oil Supply Agreement, dated as of May 1, 2020 (the "Georgia-Pacific Supply Agreement").

Upon the effectiveness of the Georgia-Pacific Supply Amendment, the Georgia-Pacific Supply Agreement, including all amendments thereto, was assigned from Georgia-Pacific LLC to GP Pine Chemicals. In connection therewith, GP Pine Chemicals agreed to assume all of the duties and obligations of Georgia-Pacific LLC under the Georgia-Pacific Supply Agreement. Pursuant to the Georgia-Pacific Supply Agreement, Ingevity agrees to purchase the lesser of 125,000 tons of CTO or the aggregate output of CTO produced and originating at certain of Georgia-Pacific's paper mills. The initial term of the Georgia-Pacific Supply Agreement expires on March 8, 2038, unless earlier terminated in accordance with its terms.

The foregoing summary of the Georgia-Pacific Supply Amendment does not purport to be complete and is subject to, and qualified in its entirety by, the full text of the Georgia-Pacific Supply Amendment filed as Exhibit 10.2 hereto and incorporated herein by reference.

**Item 2.01.** **Results of Operations and Financial Condition**

In February 2023, we realigned our segment reporting structure to increase transparency for our investors and better align with how our chief operating decision maker intends to measure segment operating performance and allocate resources across our operating segments. This Current Report on Form 8-K is being furnished to aid investors by providing supplemental information related to the retrospective impact of a change in segment reporting in fiscal 2023. Effective in the first quarter of 2023, we will separate our engineered polymers product line from the Performance Chemicals reporting segment into its own reporting segment named Advanced Polymer Technologies. This reporting segment change will also result in our Performance Chemicals reporting unit for goodwill being split into two separate reporting units for the purposes of goodwill impairment testing. This segment reporting change will have no impact on our consolidated operating results or the historical operating results for our Performance Materials operating segment.

Attached as Exhibit 99.1 is a schedule presenting our segment data for full year 2022, 2021, and 2020, and related quarters, recast for the segment changes noted above. This Current Report on Form 8-K does not revise the Company's previously reported consolidated financial statements for any period.

The information furnished with this report on Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, and it will not be deemed incorporated by reference into any registration statement or other document filed under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

**Item 9.01.** **Financial Statements and Exhibits**

(d) Exhibits

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| 10.1 | [Amended and Restated Crude Tall Oil and Black Liquor Soap Skimmings Agreement, dated March 20, 2023, by and between WestRock Shared Services, LLC and WestRock MWV, LLC, on behalf of the affiliates of WestRock Company, and Ingevity Corporation\*](ex10-1.htm) |
| 10.2 | [Second Amendment to Crude Tall Oil Supply Agreement, dated March 21, 2023, by and between Georgia-Pacific LLC, on behalf of itself and its subsidiaries, GP Pine Chemicals LLC and Ingevity Corporation\*](ex10-2.htm) |
| 99.1 | [Recasted Segment Operating Results](ex99-1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* The exhibits and schedules to such agreements have been omitted pursuant to Item 601(a)(5) of Regulation S-K.

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Ingevity Corporation** | **Ingevity Corporation** |
| Date: March 24, 2023 | By: | */s/ Mary Dean Hall* |
|  |  | Mary Dean Hall |
|  |  | Executive Vice President and Chief<br> Financial Officer |

---

## Exhibit 10.1

**Exhibit 10.1**

**<u>AMENDED AND RESTATED CRUDE TALL OIL AND BLACK LIQUOR SOAP SKIMMINGS AGREEMENT</u>**

THIS AMENDED AND RESTATED CRUDE TALL OIL AND BLACK LIQUOR SOAP SKIMMINGS AGREEMENT (this "**Agreement**") is made and entered into on March 20, 2023, ("**Effective Date**"), by and between WestRock Shared Services, LLC and WestRock MWV, LLC, on behalf of the affiliates of WestRock Company ("**Seller**"), and Ingevity Corporation, a Delaware corporation ("**Buyer**"). Buyer and Seller may each be referred to as a "**Party**" and collectively as the "**Partie**s."

WHEREAS, Seller produces black liquor soap skimmings ("**BLSS**") and crude tall oil ("**CTO**", together with BLSS, each as further described on **Exhibit A**, the "**Products**") at certain of its mills; and

WHEREAS, Seller desires to sell to Buyer, and Buyer desires to purchase from Seller, Seller's entire production of the Products at such mills;

WHEREAS, Seller and Buyer previously entered into that certain Crude Tall Oil and Black Liquor Soap Skimmings Agreement, dated as of January 1, 2016, as amended by the Amendment No.1 to Crude Tall Oil And Black Liquor Soap Skimmings Agreement dated March 1, 2017 and Amendment No.2 to Crude Tall Oil And Black Liquor Soap Skimmings Agreement dated November 3, 2020, and effective as of May 1, 2020 (the "Existing Agreement") and desire to amend and restate the Existing Agreement in its entirety.

NOW, THEREFORE, in consideration of the covenants and agreements herein contained, and other good and valuable considerations, the receipt and sufficiency of which are hereby acknowledged, and subject to terms, provisions and conditions set forth herein, the Parties hereto agree as follows:

**1.**  **<u>PURCHASE AND SALE</u>** 

Seller agrees to sell to Buyer, and Buyer agrees to purchase and receive from Seller, except as otherwise set forth herein, one hundred percent (100%) of the output of BLSS and CTO produced and originating at Seller's Mills (as defined in Section 1(B)), upon the terms and conditions set forth herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Quantity</u>:
 (i) Notwithstanding anything in this Agreement to the contrary, in no event shall any provision
 in this Agreement require Seller to produce any minimum quantities of CTO or BLSS at any
 of the Mills (whether individually or aggregate) and the Parties agree that the volume of
 output of the Products will be subject to change in Seller's sole discretion, including
 but not limited to, any reduction in volume that may arise as a result of any closure of
 or modification of any such Mill(s) or their operating processes or the volumes and types
 of pulp and paper products produced therein. For the purpose of this Agreement one CTO equivalent
 ton is defined as one short ton (2,000 pounds) of CTO or two short tons (4,000 pounds) of
 BLSS (each, a "**CTO Equivalent Ton**" and collectively, the "**CTO Equivalent Tons** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Buyer shall use commercially reasonable efforts to assist Seller to identify areas to maintain and/or improve the recovery and quality of the Products produced at the Mills in order to assist Seller in its efforts to produce the Products. Buyer's duties relative to technical service efforts with respect to Product recovery and quality shall include, but not be limited to: (a) regular visits to Mill sites to perform analysis of current state of quality and recovery, (b) sample collection and subsequent testing of physical properties of the Products, (c) the preparation of quality reports to be distributed to each Mill at a minimum of once per calendar quarter, and (d) other activities that the Parties may mutually deem to be reasonably necessary to support the ongoing production and quality of the Products.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Mill locations</u>: Seller's and its affiliates' mills whose Products are included
 in this Agreement are located at Fernandina Beach, FL; Hodge, LA; West Point, VA; Florence,
 SC; Hopewell, VA; Demopolis, AL; Evadale TX, and any New Mills whose Products are added by
 Seller pursuant to Section 6A below (each, a "**Mill**" and collectively,
 the "**Mills** "). In the event Seller sells or otherwise transfers any Mill
 or ceases production of Products at any Mill, or removes any Mill from this Agreement as
 set forth herein, the remaining above-named Mills and any New Mills shall be deemed the Mills
 for purposes of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Quality</u>:
 CTO and BLSS sold hereunder is not guaranteed to meet any specifications; however, Buyer
 and Seller will determine whether CTO and BLSS sold hereunder: (i) meets or exceeds the minimum
 weighted-average quarterly ()"**WQA**") specifications for each Mill included
 in **Exhibit B** and (ii) meets or is less than the maximum WQA specifications for each
 Mill included in **Exhibit B** (collectively, the "**Specifications** "
 and each a "**Specification** "). The WQA for each Specification for each Mill
 will be monitored, sampled, and reported per **Exhibit B** at the end of each calendar
 quarter. If CTO or BLSS quality falls below any Specification, Seller will determine, in
 its sole discretion, which actions, if any, it will take to improve quality. It is understood
 that Seller shall have no obligation to deliver CTO or BLSS that meets or exceeds either
 the minimum or maximum Specifications set forth in **Exhibit B.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Quality parameters are set on an individual Mill basis. References below to "Moisture Content," "Acid Number," "Hexane Insolubles," "Soap Number," "Anthraquinone," "Fiber in Soap," and "Black Liquor," are references to such terms associated with various Specifications as further described in **Exhibit B**. In the event that the WQA CTO or BLSS quality of any particular Mill (i) does not meet or exceed the minimum Specifications set forth on **Exhibit B,** or (ii) exceeds any of the maximum Specifications set forth on **Exhibit B**, as applicable, for particular shipments or tonnage of Products (**"Below Standard Products")** then Seller will provide a credit memo to Buyer for use within thirty (30) days against applicable invoices from Seller (or, if this Agreement has terminated, will reimburse Buyer), as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. <u>Moisture Content of CTO.</u> Seller will provide a credit for excess moisture included with CTO sold to Buyer during such calendar quarter as follows: The credit shall be based on the amount that the WQA is above the Specification maximum limit for each specific Mill. For example, if a specific Mill sells 1,000 tons that had a CTO Moisture Content WQA of thirteen percent (13%) and a moisture Specification of two percent (2%), then Seller will provide a Below Standard Product credit equal to (13% - 2%) \* 1000 = 110 tons multiplied by the then-current Purchase Price of CTO as described in **Exhibits C and E** hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. <u>Acid Number for CTO and BLSS</u>. Seller will provide a credit for the tons of Below Standard Products sold to Buyer during such calendar quarter based on the amount that the Mill specific WQA is below the applicable Acid Number minimum Specification on **Exhibit B**. The following calculation will apply: (Mill WQA Acid Number - Mill Acid Number Specification) divided by the Mill Acid Number Specification multiplied by the then-current CTO or BLSS Purchase Price, as applicable, multiplied by the tons delivered during the calendar quarter from the Mill = allowed $ credit. For example, if the Hopewell, VA Mill sells 1,000 tons of CTO at a Purchase Price of $300 with a WQA Acid Number of 160, the credit would be ((165-160)/165)\* $300 \* 1,000 = $9,091.

Page 2 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. <u>Hexane Insolubles in CTO or BLSS</u>. Seller will provide a credit equal to eight percent (8%) of the Purchase Price for the tons of Below Standard Product sold to Buyer during such calendar quarter by the specific Mill if the WQA of Hexane Insolubles exceeds the Specification for such Mill. Such credit, if payable, shall be limited to a maximum of thirty dollars ($30.00) per ton during the January 1, 2016 to December 31, 2020 period. For each five (5) year period beginning on January 1, 2021, Buyer will calculate a new maximum per ton credit based on the average maximum credit for Hexane Insolubles agreed to by Buyer with its third-party vendors in advance of such applicable time period. If no such market average credit can be established based on Buyer's third-party vendors, then the maximum credit will be eight percent (8%) of the Purchase Price for the tons of Product sold to Buyer during such calendar quarter by the specific Mill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. <u>Soap Number of CTO</u> - Seller will provide a credit equal to eight percent (8%) of the Purchase Price for the tons of Below Standard Product sold to Buyer during such calendar quarter by the specific Mill if the WQA of the Soap Number exceeds the Specification for that Mill. Such credit, if payable, shall be limited to a maximum of thirty dollars ($30.00) per ton during the January 1, 2016 to December 31, 2020 period. For each five (5) year period beginning on January 1, 2021, Buyer will calculate a new maximum per ton credit based on the average maximum credit for Soap Number of CTO agreed to by Buyer with its third-party vendors in advance of such applicable time period. If no such market average credit can be established based on Buyer's third-party vendors, then the maximum credit will be eight percent (8%) of the Purchase Price for the tons of Below Standard Product sold to Buyer during such calendar quarter by the specific Mill.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. <u>Black Liquor in BLSS</u>. Seller will provide a credit for excess black liquor included in the tons of Below Standard Product sold to Buyer during such calendar quarter based on the amount that the WQA of Black Liquor is above the Specification maximum limit. For example, if 1000 tons of BLSS is sold that had a WQA of Black Liquor of sixteen percent (16%), then the allowed credit would be (16% - 10%) \* 1000 = 60 tons multiplied by the then-current Purchase Price of BLSS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. <u>Anthraquinone content</u>. Seller shall not ship Products to Buyer with Anthraquinone levels exceeding 500 ppm. Buyer shall have the right to reject delivery of any load of Products that exceeds such Anthraquinone level. Upon such rejection, the Products shall, at Seller's expense, either be returned to Seller in accordance with Seller's reasonable instructions or disposed of by Buyer in a manner authorized in advance by Seller.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. Fiber in Soap. See **Exhibit B**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. In the event that Seller provides an individual load or loads of Products with one or more Negative Impacts (as defined below), Seller in its discretion shall do one of the following: (a) take back such load(s) with Seller reimbursing Buyer for its freight costs and third party demurrage charges incurred; (b) instruct Buyer to dispose of such loads with Seller reimbursing Buyer for its actual costs incurred for such disposal; or (c) if Buyer provides in writing the actual and reasonable costs it would incur to accept and process such load(s), then Seller may, in its sole discretion, agree to cover such costs and then allow Buyer to proceed with processing such load(s). In the event Seller elects in its sole discretion to pursue either of the foregoing options (a) or (b), Buyer shall have no responsibility for payment to Seller for such load(s). For purposes of this section, a "**Negative Impact**" refers to (a) a Product varying so significantly from a Specification that it would require substantial pre-processing or other extraordinary corrective measures prior to using such Product in Buyer's typical production processes, or (b) a Product adversely affected by a temporary process change at Seller's Mill or Mills, such as adding a pulping agent, which would result in abnormal plugging, fouling, or buildup in Buyer's production system so as to interfere with Buyer's standard production process.

Page 3 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. Each Mill has the right to do its own testing to validate Buyer's testing accuracy. In the event of a discrepancy, a mutually acceptable third-party laboratory will be used to settle the discrepancy. Each Party agrees to: (a) accept the values provided by the third-party laboratory and (b) pay half of such laboratory's charge for such testing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. Each claim for credits outlined in this Section 1 must be made in writing within sixty (60) days after close of the calendar quarter in which the applicable Products were Delivered, or such claim shall be deemed to have been waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Process Change</u>: If Seller implements an ongoing process change at a Mill different from current
 operations that results in ongoing Negative Impacts, then Buyer shall have the right to discontinue
 such purchases of such Product from such Mill, and Seller shall have the right to sell such
 Product to a third party until such time as the Negative Impacts are no longer occurring,
 with no liability to Buyer under this Agreement or at law or in equity in connection with
 such process change.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Freight</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Buyer is responsible for determining the mode of transportation and for providing suitable tank trucks, rail cars or barges for shipments of one hundred percent (100%) of the Products from the Mills. All freight charges, insurance, demurrage and all other expenses incident thereto are for Buyer's account; provided that, if demurrage charges are due to Seller's delay, then Seller shall pay, or reimburse Buyer, for such charges. Buyer will give Seller five (5) credit days towards demurrage per rail car received from Buyer during the month. Seller's Mills will invoice Buyer for the demurrage owed for such credit days on a monthly basis at the then-current Norfolk Southern rate per day and will attach the rail carrier's demurrage invoice as supporting documentation.

For example:

If Seller's mill receives 10 empty rail cars from Buyer in the month of August, the mill will invoice Buyer for 50 demurrage days at the Norfolk Southern rate of $60.00 per day the following month.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Buyer shall use best efforts to ensure that all tank trucks and rail cars are filled to at least 95% of the volume capacity rating for each such vehicle for all deliveries of CTO and BLSS made to Buyer pursuant to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. **<u>[RESERVED]</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. **<u>[RESERVED]</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. **<u>[RESERVED]</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Notwithstanding
 the foregoing, Seller shall have no responsibility to issue credits under this Section 1
 or any other compensation or reimbursement to Buyer to the extent that any failure to meet
 the quality requirements set forth in **Exhibit B** is due to quality issues with BLSS
 provided by Buyer to Seller for Toll Acidulation (as defined in **Section 5A**).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G. EXCEPT
 FOR SECTION 1(C)(IV), IN NO EVENT WILL THE TOTAL OF CREDITS AVAILABLE UNDER THIS SECTION
 1 FOR BELOW STANDARD PRODUCTS EXCEED THE PURCHASE PRICE DESCRIBED IN SECTION 3 FOR THE APPLICABLE
 TONNAGE OF SUCH BELOW STANDARD PRODUCTS. THE REMEDIES SET FORTH IN THIS SECTION 1 ARE THE
 SOLE AND EXCLUSIVE REMEDIES TO COMPENSATE FOR, OR CORRECT THE CONDITION OF, DEFECTIVE OR
 NON-CONFORMING PRODUCTS, AND NO OTHER REMEDIES CONNECTED WITH THIS AGREEMENT, AT LAW, OR
 IN EQUITY SHALL APPLY TO SUCH MATTERS.

Page 4 of 16

**2.**  **<u>TERM</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This
 Agreement shall be effective for an initial period commencing on the Effective Date until
 terminated as provided herein (the "**Term** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Notwithstanding
 Section 1 or any other provision of this Agreement to the contrary, beginning on the Effective
 Date through December 31, 2025, Buyer may give a written notice to the Seller, designating
 one (1) Mill (and the volume of Products it produces) that Buyer elects to remove from the
 Mills that are subject to the terms, conditions, and requirements of this Agreement for the
 remainder of the Term (a "**Mill Removal Notice** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Beginning
 January 1, 2030 and at any time thereafter, either Party may give written notice to the other
 Party that this Agreement will terminate five (5) years from the date of such notice (the
 "**Agreement Termination Date** "). In that event, the quantity of Products
 subject to this Agreement will be gradually reduced during a four (4) year period beginning
 one (1) year after the termination notice date and ending on the Agreement Termination Date
 (the "**Transition Period** "). The Parties shall meet at least six (6) months
 prior to each of the second, third, fourth and fifth year of the Transition Period to discuss
 the commercial needs of each Party in regards to this Agreement, and may mutually agree to
 the Mills and the quantity of Products that are released from the purchase and sale obligations
 set forth in this Agreement in the following year(s). In the event that the Parties do not
 reach such a mutual agreement, then, without limiting the first sentence of Section 1A(i)
 above, the following schedule of Products volumes shall be automatically released from any
 purchase and sale obligations set forth in this Agreement during the Transition Period, subject
 to adjustments for opting Product volumes or mills out of this Agreement as provided in Section
 2B and Exhibits C and D:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. During the first year ("**Year One**") of the Transition Period, Seller shall be obligated to supply, and Buyer shall be obligated to purchase, one hundred percent (100%) of the output of BLSS and CTO produced at Mills (such total amount of Products sold by Seller to Buyer during such year to be known as the "**Year One Volume**");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. During the second year of the Transition Period, fifteen percent (15%) of the Year One Volume shall be released from the purchase and sale obligations set forth in this Agreement. The amount of Products released from this Agreement during such year shall be known as the "**Year Two Released Volume**";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. During the third year ("**Year Three**") of the Transition Period, the Year Two Released Volume plus an additional fifteen percent (15%) of the Year One Volume shall be released from the purchase and sale obligations in this Agreement. The total amount of Products released from this Agreement during such year shall be known as the "**Year Three Released Volume**";

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. During the fourth year ("**Year Four**") of the Transition Period, the Year Three Released Volume plus an additional fifteen percent (15%) of the Year One Volume shall be released from the purchase and sale obligations in this Agreement. The total amount of Products released from this Agreement during such year shall be known as the "**Year Four Released Volume**"; and

Page 5 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. During the fifth and final year of the Transition Period, the Year Four Released Volume plus an additional fifteen (15%) of the Year One Volume shall be released from the purchase and sale obligations in this Agreement.

Seller shall be free to sell any volumes of released Products to any third parties. Seller shall have the right to designate in writing at least sixty (60) days prior to each year of the Transition Period the specific U.S. domestic Mill or Mills to be utilized to comprise the volume of Product released from this Agreement pursuant to this Section 2; provided that, Seller will utilize good faith efforts to match the released Product volume from an entire Mill or Mills and provided that the designation right is Seller's decision based on its operational and economic concerns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. If
 Buyer determines to permanently shut down any CTO refinery, has not acquired or been provided
 the use of another CTO refinery by merger, acquisition or otherwise during the period beginning
 January 1, 2016 through the Term, and does not intend to replace such shut down refinery
 with another CTO refinery or refineries during the Term, then Buyer shall give at least six
 (6) months prior written notice to Seller describing the facility and date of such shut down
 (a "**Shut Down Notice** "). Seller shall, within ninety (90) days of receipt
 of a Shut Down Notice, give written notice to Buyer that Seller in its sole discretion elects
 to (a) remove the volume of CTO handled by the applicable refinery upon shut down and sell
 it to third parties, or (b) require Buyer to continue to fulfill its obligations to purchase
 one hundred percent (100%) of Seller's Products under the terms of this Agreement for
 up to two (2) years after shut down of any such refinery and allow Buyer to distribute the
 volume of CTO handled by such refinery (the "**Impacted Volume**") to third
 parties (the "**Distributor Period** "). Seller may terminate the Distributor
 Period earlier, and sell such volume of CTO to third parties, upon at least (30) days'
 prior written notice to Buyer. If Seller does not terminate the Distributor Period early,
 then after such Distributor Period, and with at least six (6) months prior written notice
 to Seller, Buyer may do the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. **<u>[RESERVED]</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. If one of Buyer's North American CTO refineries was shut down, then Buyer may remove from this Agreement the then-current annual Impacted Volume, <u>after Buyer first ceases to purchase</u>: (a) the same volume of CTO Equivalent Tons from all other suppliers in the aggregate, or (b) all Products from all other suppliers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. If all of Buyer's North American CTO refineries were shut down, then Buyer may remove from this Agreement all of Seller's CTO Equivalent Tons.

**3.**  **<u>PURCHASE PRICE</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. The
 prices for each of the Products (each a **"Purchase Price"**) shall be established
 quarterly in accordance with this Section 3. All Purchase Prices are exclusive of any applicable
 sales, use, VAT or similar transaction taxes, fees or impositions based on Buyer's
 purchases of Products under this Agreement. Buyer shall be solely responsible for all applicable
 taxes in connection with its purchases of the Products, except for any taxes on income, franchise,
 or similar taxes on imposed on Seller's revenues.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. For
 CTO sold by Seller from its North American Mills, the Purchase Price shall be established
 in accordance with **Exhibit C**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. For
 BLSS sold by Seller from its North American Mills, the Purchase Price shall be established
 in accordance with **Exhibit D**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D.  **<u>[RESERVED]</u>** 

Page 6 of 16

**4.**  **<u>TERMINATION OF EXISTING AGREEMENT</u>** 

This Agreement supersedes the Existing Agreement in its entirety.

**5.**  **<u>TOLL ACIDULATION</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Upon
 mutual written agreement by the Parties, Buyer may deliver to Seller BLSS from Buyer or Buyer's
 vendors on behalf of Buyer for acidulation into CTO ()"**Toll Acidulation** ").
 Buyer and Seller are not obligated to present or accept any minimum volumes for tolling but
 each will make commercially reasonable efforts to accommodate volume requests from the other
 Party when possible. From time to time, the Parties may enter into specific agreements which
 include volume expectations as opportunities arise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Buyer
 shall be responsible for the costs of delivering the BLSS to the Mills for Toll Acidulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. For
 Toll Acidulation, the price shall be established on a quoted basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Seller
 shall have the right to refuse to sell BLSS to Buyer from Mills with limited or no acidulation
 capacity, to transfer BLSS produced by Seller to alternative Mills for acidulation into CTO
 ()"**Internally Acidulated BLSS** "), and to sell the resulting CTO to Buyer
 in accordance with the terms of this Agreement, including without limitation the pricing
 for CTO as set forth herein. Seller shall be responsible for handling and shipping among
 Seller's facilities such Internally Acidulated BLSS in connection with Seller's
 acidulation efforts. Seller shall give Buyer written notice at least sixty (60) days prior
 to beginning such internal acidulation efforts. Once Buyer has begun purchasing CTO from
 such Internally Acidulated BLSS from Seller, Seller shall give Buyer written notice at least
 one (1) year prior to terminating such supply of CTO, which termination shall be in Seller's
 sole discretion. Such termination shall thereby obligate Buyer to resume the purchase of
 BLSS from the original producing Mill.

**6.**  **<u>NEW MILL OPTION; SALE OF MILL; SALE OF BUYER; THIRD PARTY PRODUCTS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. During
 the Term, in the event Seller or its affiliates enable the new production of BLSS or CTO
 at existing mills or acquire, construct or otherwise begin to operate additional mills which
 produce BLSS or CTO (each, a "**New Mill** "), Seller may in its discretion
 provide Buyer the option of adding to this Agreement the CTO or BLSS production of each New
 Mill, subject to any time limits as Seller may determine (the "**New Mill Option** ").
 If Seller elects to provide such option, Seller shall provide notice of availability to Buyer
 one hundred and eighty (180) days, or such other time as Seller may determine, prior to the
 date of first availability of Products from such New Mill. If Seller and Buyer elect to add
 a New Mill to this Agreement, then for a term mutually agreed upon in writing by the Parties:
 (1) Buyer shall purchase one hundred percent (100%) of the output of Products produced at
 the New Mill; (2) the New Mill shall be added to the list of Seller's Mills set forth
 in Section 1A; and (3) quality Specifications will be added to this Agreement by a mutually
 agreed upon written amendment, which Specifications will be based in part on the most recent
 six (6) months' production from the New Mill; provided, that with respect to Seller's
 Covington, VA; Tacoma, WA and La Tuque, Quebec mills, such quality Specifications are set
 forth on **Exhibit B**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. In
 the event that Seller or its affiliates sells or transfers its ownership interest in any
 Mill during the Term, Seller or its affiliates, as the case may be, may, subject to Section
 17 below, assign this Agreement in part to the entity acquiring such Mill or may cause such
 entity to enter into a written agreement, pursuant to which such entity will assume all of
 Seller's or its affiliates' rights and obligations under this Agreement with
 respect to such Mill, except that such entity acquiring such Mill shall not be subject to
 Section 6A. Upon such assignment and assumption, Seller and its affiliates, as applicable,
 shall have no further obligations under this Agreement with respect to such Mill.

Page 7 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. During
 the Term, and subject to Section 17 below, in the event that Buyer or its affiliates sells
 or transfers all or substantially all of its business to which this Agreement relates, then
 Buyer or its affiliate will cause the acquirer to enter into a written agreement, on and
 as of the consummation of that sale or transfer, pursuant to which that entity will assume
 all of Buyer's rights and obligations under this Agreement. Upon such assignment and
 assumption, Buyer and its affiliates, as applicable, shall have no further obligations under
 this Agreement; provided that such acquirer meets Seller's reasonable and standard
 credit requirements. If Buyer closes a facility or ceases production at such facility for
 any period or reason, Buyer shall give Seller first priority to continue to sell its Products
 to Buyer, and Buyer shall terminate or reduce supplies from its other vendors prior to reducing
 the amount of any supply of Products purchased from Seller under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. For
 the avoidance of doubt, the parties hereby acknowledge and agree that, during the Term, Seller
 and its affiliates may directly or indirectly purchase, utilize, process or sell CTO or BLSS
 from any third party unaffiliated with Seller ()"**Third-Party Products** "),
 including utilizing acidulation capacity at the Mills. Such Third-Party Products shall not
 be part of this Agreement, such Products shall not be sold to Buyer under this Agreement
 and Seller may sell the Third-Party Products to one or more third parties.

**7.**  **<u>[RESERVED]</u>** 

**8.**  **<u>ROSIN AVAILABILITY FOR THE PRODUCTION OF ROSIN BASED SIZE</u>** 

Seller acknowledges that Buyer is and intends to be a party to a marketing alliance agreement with one or more third parties that sell rosin based size. Buyer agrees to make available to its marketing alliance partner(s) tall oil rosin for the manufacture of rosin size required by Seller at competitive market prices in quantities no less than the Rosin Supply Available for Seller (as defined below). Seller acknowledges that the terms of sale of the rosin size to Seller from such third parties will be negotiated by Seller and any third parties. For purposes of this Agreement the "**Rosin Supply Available for Seller**" shall mean for each calendar quarter, an amount equal to the sum of: (a) 100,000 pounds and (b) the average quarterly volume of rosin required to manufacture rosin size manufactured by Buyer for Seller's benefit during the preceding two calendar quarters. Subject to availability, Buyer will use commercially reasonable efforts to supply its marketing alliance partner(s) with Seller's additional rosin size requirements in excess of Seller's committed rosin supply. Notwithstanding the foregoing, neither this section nor any other provision of this Agreement shall be deemed to require or commit Seller to purchase the Rosin Supply Available for Seller or any other volume of rosin size from any third party, including without limitation any third parties with whom Buyer has or intends to have a marketing alliance. This Agreement is not intended to and does not create any third party beneficiaries, and Seller may or may not decide to purchase rosin size from such third parties in Seller's sole discretion and without liability for any expenses or costs of Buyer or any third parties in connection with such decisions.

**9.**  **<u>[RESERVED]</u>** 

Page 8 of 16

**10.**  **<u>OTHER CONSIDERATIONS</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A.  **<u>[RESERVED]</u>** .

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Once
 per year during the Term: (i) Seller shall have the right to audit Buyer's compliance
 with Sections 1C and 3 (including Exhibits C and D) of this Agreement during the most recent
 twelve (12) month period and (ii) Buyer shall have the right to audit Seller's compliance
 with Sections 1 (first paragraph), 2B, 3 (including Exhibits C and D), and **Exhibit H** of this Agreement during the most recent twelve (12) month period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Such
 audit shall be conducted by means of a nationally recognized, independent accounting firm
 (the "**Auditor**") approved by both Parties (such approval shall not be unreasonably
 withheld, conditioned or delayed) who shall inspect and examine the relevant books and records,
 including all underlying contracts, amendments, and pricing letters, of the audited Party,
 in order to verify compliance with the applicable Section of or Exhibit to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. The
 requesting Party shall notify the other Party in writing of its intent to exercise its audit
 rights hereunder. The Parties shall in good faith make reasonable efforts to mutually agree
 upon a joint letter of instruction for the Auditor which shall describe the format and procedures
 the Auditor shall undertake and the documents it will examine in the course of its audit.
 If the Parties are unable to agree on the terms of the letter of instruction, the Auditor
 shall make its examination and determination in accordance with written instructions provided
 by the requesting Party; provided that, such instructions shall request the examination to
 be conducted in accordance with this Section 10B. A copy of such written instruction shall
 be provided to the other Party no later than thirty (30) days prior to the Auditor commencing
 its audit; provided that, prior to commencing such audit, the Auditor shall have agreed to
 hold in confidence and not disclose to the requesting Party any of the audited Party's
 information. No later than ten (10) days before the audit, the Auditor shall provide the
 audited Party with a list of documents to be made available by the audited Party and audited
 Party shall have the documents ready for inspection and review when the Auditor arrives to
 conduct the audit. In addition, the audited Party is obligated to furnish and make available
 to the Auditor such other information in the audited Party's possession as is required
 in the Auditor's reasonable judgment to conduct the audit. The Auditor shall have the
 right to discuss such information with the audited Party's officers and employees as
 is required in the Auditor's reasonable opinion to conduct the audit. The Auditor shall
 provide both Parties with a final written conclusion of compliance or non-compliance and
 the amount of the discrepancy, if any. If a discrepancy is found by the Auditor, the Auditor's
 conclusion shall specify the amount owed by the applicable Party and a general statement
 as to the basis for the discrepancy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The
 Auditor's costs and expenses associated with each such audit shall be borne by the
 auditing Party if such audit reveals that no refund or reimbursement is due from the audited
 Party. If such audit reveals an error in payment of five percent (5%) or more in any item
 subject to the audit, such that a refund or reimbursement is due from the audited Party,
 then the audited Party shall pay the Auditor's costs and expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. If
 as a result of such audit it is determined that one Party owes money to the other Party,
 such Party shall pay such money to the other Party within thirty (30) days of written request
 by the other, together with interest thereon at the prevailing prime rate as published by
 The Wall Street Journal newspaper currently entitled "Money Rates," not to exceed
 the maximum rate allowed by applicable law. Interest shall accrue from the date of the discrepancy
 to the date of payment to the other Party."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Seller
 reserves the right to install acidulation equipment and convert BLSS to CTO at any Mill at
 any time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. The
 Parties shall comply with the Alkaline Brine procedures set forth on **Exhibit H**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;E. The
 Parties shall comply with the Black Liquor Return procedures set forth on **Exhibit I**.

Page 9 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;F. Seller
 shall give at least twelve (12) months' notice prior to ceasing acidulation of BLSS
 into CTO for any period exceeding thirty (30) days at any Mill which formerly conducted such
 acidulation, unless such cessation is due to a force majeure event described in Section 16
 below. If such Mill is still producing BLSS despite ceasing acidulation, Buyer shall be obligated
 to purchase BLSS from such Mill. If, pursuant to **Exhibit H**, a Party requires return
 of Alkaline Brine generated from the resulting offsite acidulation of such BLSS, Buyer shall
 arrange for return of the Alkaline Brine to such Mill, and Seller shall pay the transportation
 costs for such return during the period of cessation or the remaining portion of the Term,
 whichever is sooner. If such cessation of acidulation occurs without the required twelve
 (12) months' notice, then Seller shall have the option in its discretion to (i) internally
 acidulate such BLSS at its other Mills pursuant to Section 5D above, (ii) sell such BLSS
 to Buyer at a distressed price of fifty percent (50%) of the then-current Purchase Price
 for BLSS under this Agreement, for each month that notice was delayed and less than the required
 twelve (12) months' notice (the **"Delay Period"**), or (iii) choose
 to self-consume and burn such BLSS for a period of twelve (12) months, or any combination
 of the foregoing. At the end of the Delay Period, Buyer shall be obligated to purchase BLSS
 at the then-current Purchase Price for BLSS.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;G.  **<u>[RESERVED]</u>** .

**11.**  **<u>DELIVERY</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. If
 requested by Buyer, Seller will inform Buyer of planned plant outages as well as its estimate
 of the quantity of CTO and/or BLSS it may have available in any succeeding calendar quarter.
 Seller's estimate shall not obligate Seller to provide any minimum quantity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Subject
 to variances in volumes of Products supplied due to planned outages, seasonality in production,
 changes in product grade mix, or other such general production factors, Seller shall not
 purposely withhold volumes from month to month in order to deliver Products in bulk at unequal
 intervals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Title
 and risk of loss to all CTO and BLSS shall pass to Buyer at Seller's Mill site when
 loaded in tank trucks, rail cars or barges, as mutually agreed upon ()"**Delivery** ").

**12.**  **<u>TERMS OF PAYMENT</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Seller
 shall invoice Buyer upon Delivery of Products and Buyer shall pay each invoice within thirty
 (30) days of the invoice date. Each Delivery of CTO and BLSS shall constitute a separate
 and distinct sale, and any default by Buyer in ordering, accepting or paying for any Delivery
 shall not affect Seller's right to insist upon full performance of Buyer's obligations
 hereunder for the full Term. Likewise, any default by Seller in its performance hereunder
 shall not affect Buyer's right to insist upon full performance of Seller's obligations
 hereunder for the full Term.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. To
 the extent that Buyer is more than thirty (30) days past due with payments, Buyer shall pay
 interest on unpaid amounts at the rate equal to the lesser of (i) then-applicable "Prime
 Rate" of interest per annum as published in the Wall Street Journal plus eight percent
 (8%), and (ii) the maximum amount permitted by applicable law. To the extent that Buyer is
 sixty (60) or more days past due with payments, Seller may demand a letter of credit for
 past due amounts. Seller may cease to ship CTO and/or BLSS to Buyer if Buyer is more than
 thirty (30) days past due with payments until it is provided a letter of credit covering
 past due amounts or all past due payments are received, in addition to its other rights and
 remedies in connection with this Agreement.

Page 10 of 16

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. (i)
 Buyer may, but shall not be obligated to, obtain a credit rating by independent, third party,
 credit-rating institutions. Without limiting Seller's other rights and remedies, in
 the event that Buyer obtains a credit rating and Buyer's credit rating at any time
 falls to or below a Moody's Investor Services ()"**Moody's** ")
 standard rating of "**B1** ", or a Standard & Poor's Financial Services
 LLC ()"**S&P**") standard rating of "**B+**" (each a "**Minimum Credit Level** "), then Seller shall have the right, in its sole discretion, on thirty
 (30) days' notice to Buyer, to require Buyer either to (a) post a letter of credit
 in an amount necessary to cover all outstanding accounts receivable due from Buyer to Seller
 and all pending sales of Product by Seller to Buyer or (b) forward a cash amount equal to
 one hundred twenty five percent (125%) of the highest accounts receivable balance of Seller's
 sales to Buyer over the previous six (6) months or one hundred twenty five percent (125%)
 of the forecasted accounts receivable balance, whichever is higher. Any such cash amount
 received by Seller from Buyer may be comingled with other funds of Seller and shall not bear
 interest. At Seller's sole discretion, any such cash amounts and the proceeds of any
 draws under a letter of credit may be applied by Seller to outstanding accounts receivable
 from Buyer or held as security for Buyer's obligations under this Agreement. Upon application
 of all or any portion of such cash amounts or proceeds of draws under a letter of credit
 to outstanding accounts receivable from Buyer, Seller shall have the right, in its sole discretion,
 to require Buyer to post additional letters of credit or additional cash in amounts sufficient
 to continue to meet the requirements of clause (a) or (b) above, as applicable. To secure
 Buyer's obligations under this Agreement, Buyer hereby grants to Seller a security
 interest in all letters of credit, letter of credit rights and proceeds thereof and all cash
 amounts now or hereafter received by Seller pursuant to this Section 12C. Seller may suspend
 production and defer or eliminate further Deliveries and sell its Products to other buyers,
 in whole or in part, until such conditions are met, with a corresponding adjustment to any
 volume requirements or credit calculations or incentive payments under this Agreement. When
 both of Buyer's credit ratings return to levels above the Minimum Credit Levels, the
 original payment terms of this Agreement shall be reinstituted for so long as Buyer's
 credit levels remain above the Minimum Credit Levels.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event Buyer is unable to obtain or elects not to obtain the foregoing Moody's or S&P credit ratings, Buyer shall provide its annual audited financial statements and its quarterly company-prepared financial statements to Seller, and any other related information reasonably requested by Seller, in order for Seller to make an informed and accurate assessment of whether Buyer meets the Seller's typical credit requirements and whether Buyer must post a letter of credit or cash amount as described above; provided, that if Buyer does not provide such financial information, then Buyer acknowledges that Seller may, among its other rights, require Buyer to post the letter of credit or forward the cash amount described above. Buyer's posting of such letter of credit or forwarding of such cash amount shall be absolute and necessary preconditions to Seller's obligation to provide any Products to Buyer under this Agreement, and any failure of Buyer to satisfy such conditions will result, in Seller's sole discretion, in (a) reduction in any amount that Seller deems appropriate to the volumes or percentage of Products sold to Buyer under this Agreement, (b) Seller having the right to sell to third parties any portion of the volumes or percentage of Products not sold to Buyer, and (c) Seller having the right to declare that Buyer's failure is sufficient and conclusive evidence of Buyer's insolvency and inability to pay its debts as they mature, in which case Seller shall have the right to terminate this Agreement pursuant to Section 18A below.

**13.**  **<u>WARRANTIES</u>** 

Seller represents and warrants to Buyer that (a) Seller will convey good and marketable title to the Product free and clear of any liens and encumbrances, and (b) Seller shall manufacture the Products in accordance with all applicable laws, rules and regulations. Seller MAKES NO OTHER WARRANTIES, OF ANY KIND WHATSOEVER, WHETHER EXPRESS, IMPLIED, ORAL, WRITTEN, OR OTHERWISE, INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY OR FITNESS FOR ANY PARTICULAR PURPOSE.

Page 11 of 16

**14.**  **<u>CLAIMS</u>** 

All breach of warranty claims relating to any Delivery must be made in writing within thirty (30) days after close of the calendar quarter in which the CTO or BLSS, as the case may be, is received, or it shall be deemed to have been waived.

**15.**  **<u>LIABILITY</u>** 

Except as set forth in this Agreement, Seller's liability to Buyer or anyone claiming through or on behalf of Buyer with respect to any claim or loss arising out of a breach of warranty or this Agreement shall be limited to an amount equal to (a) the applicable Purchase Price of the volume of CTO or BLSS, associated with such liability, or (b) where mutually agreed to, replacement of the CTO or BLSS in question. In no event shall EITHER party be liable for any PUNITIVE, incidental, consequential, indirect or special losses or damages (including, without limitation, lost profits, lost revenues, loss of business AND DIMUNITION OF VALUE), whether foreseeable or not AND whether OR NOT occasioned by any failure to perform or the breach of any representation, warranty, covenant or other obligation under this Agreement for any cause whatsoever. Any warranty claim shall be brought within six (6) months of the date of delivery of the relevant load(s) of Products from Seller to Buyer or thereafter be barred. For the avoidance of doubt, any warranty claim shall apply only to those warranties expressly provided for in Section 13 above.

**16.**  **<u>FORCE MAJEURE</u>** 

Seller shall not be liable for any failure to deliver or for any delay in delivery, and Buyer shall not be liable for any failure to request or take delivery or for any delay in requesting or taking delivery, when any such failure or delay shall be caused, directly or indirectly, in each case beyond the reasonable control of the party whose performance is delayed, by fire, floods, accidents, explosions, machinery breakdown, sabotage, strikes or other labor disturbances (regardless of the reasonableness of the demands of labor), civil commotions, riots, invasions, wars (present or future), acts, restraints, requisitions, regulations or directions of any government in or of the United States or Canada, voluntary or mandatory compliance by Buyer or Seller with any request of any federal, state, or local government or any officer, department, agency or committee of such government for purposes of national defense or for materials represented to be for purposes of (directly or indirectly) producing articles for national defense or completing national defense facilities, shortages of labor, fuel, power or raw materials, inability to obtain supplies, failure of normal sources of supplies, inability to obtain or delays of transportation facilities, any act of God or any cause (whether similar or dissimilar to the foregoing), beyond the reasonable control of Buyer or Seller, as the case may be, affecting the production, Delivery, or consumption of any materials covered by this Agreement. The affected Party shall promptly notify the other Party of the occurrence of any of the foregoing and use commercially reasonable efforts to resolve such issue promptly.

**17.**  **<u>ASSIGNMENT</u>** 

This Agreement may not be assigned (by operation of law or otherwise) in whole or in part by either Party without first obtaining the written consent of the other Party thereto, which consent shall not be unreasonably delayed, conditioned, or withheld; provided, however, that either Party may assign or otherwise transfer all of its rights and obligations under this Agreement to any entity controlling, controlled by or under common control with such Party, upon prior written notice to the other Party. In each case of assignment the entity to which the Agreement is assigned shall accept all the duties and obligations of the assigning Party hereunder.

Page 12 of 16

**18.**  **<u>DEFAULT</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Either
 Party may terminate this Agreement, immediately, upon giving written notice to the other
 Party, if the other Party liquidates or suspends all, or a substantial portion, of its business;
 dissolves or terminates its existence; becomes insolvent or unable to pay its debts as they
 mature; or commits any act of bankruptcy or makes any arrangement, composition or assignment
 for the benefit or creditors and such bankruptcy or other insolvency proceedings are not
 discharged within sixty (60) days of the occurrence thereof, all of which events shall be
 considered a breach hereunder. Upon termination, the non-defaulting Party may seek such damages
 to which it may be entitled at law or in equity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Except
 as to defects in condition or nonconformance of Products, which are governed by the rights
 remedies set forth in Section 1 above, or Buyer's failure to provide assurance of financial
 stability as set forth in Section 12C above, if either Party defaults in the performance
 of any material provision of this Agreement, the other Party may give notice in writing of
 such default and, if after thirty (30) days following the giving of such notice said default
 has not been rectified, the other Party may terminate this Agreement by providing written
 notice of termination.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. The
 termination of this Agreement shall not release either Party from the obligation to pay any
 sum that may be owing to the other Party (whether then or thereafter due to Seller) or operate
 to discharge any liability that had been incurred by either Party prior to any such termination.
 Furthermore, the provisions in Sections 1C, 12-15, 17, 19 and 21-22 shall survive the termination
 or expiration of this Agreement.

**19.**  **<u>INSURANCE AND SAFETY POLICIES</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Each
 Party shall obtain, pay for and keep in force during the Term the following insurance coverage
 with at least the following minimum limits of coverage: (i) statutory workers' compensation
 in accordance with all state and local requirements; (ii) employer's liability with
 a limit of no less than $1,000,000 for one or more claims arising from each accident; (iii)
 commercial general liability, including coverage for completed operations (for at least two
 years after the performance of the Services) and contractually assumed obligations, with
 liability limit of no less than $1,000,000 per occurrence and $2,000,000 general aggregate;
 (iv) business automobile liability for all owned, non-owned and hired vehicles with bodily
 injury limits of no less than $1,000,000 combined single limit; and (v) excess umbrella liability
 coverage with a limit of no less than $5,000,000 per occurrence. Each Party shall cause its
 insurers to (a) waive all rights of subrogation against the other Party, its officers, directors
 and employees, (b) include the other Party and its affiliates as additional insureds for
 the coverages set forth in clauses (iii), (iv) and (v) above and (c) furnish certificates
 of insurance to the other Party in a form acceptable to the other Party evidencing that the
 above insurance is in effect and otherwise complies with the requirements of this Section.
 Each Party shall give the other Party at least thirty (30) days written notice of any material
 change or alteration in or the cancellation of any required policy of insurance. At all times
 during the Term, all insurance must be issued by an entity authorized to do business in the
 State(s) where business is transacted relating to the Products and must be rated "A-"
 or better with a financial rating of VIII or better in the A.M. Best Rating Guide. The carrying
 by each Party of the insurance required herein shall in no way be interpreted as relieving
 such Party of any other obligations it may have under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. As
 Buyer's employees and representatives will be coming to the Mills on a recurring basis,
 Buyer agrees that its employees and any of its authorized subcontractors at each Mill site
 shall strictly abide by such Mill's safety and security policies and procedures.

Page 13 of 16

**20.**  **<u>NOTICE</u>** 

Any notice which a Party hereto is required to give or may desire to give in connection with this Agreement shall be in writing and shall either be (a) delivered in person, (b) sent standard overnight courier or (c) mailed, registered or certified mail, return receipt requested, postage prepaid and addressed to the attention of the Party intended as the recipient at the address listed below. The Party provided such written notice shall also send a contemporaneous notice by email to the recipient's email address provided below. All such notices shall be deemed to have been received upon the date of delivery.

To Seller:

WestRock Company

1000 Abernathy Road NE

Atlanta, GA 30328

Attn: Chief Procurement Officer

With a copy to:

WestRock Company

Attn: General Counsel

1000 Abernathy Road NE

Atlanta, GA 30328

To Buyer:

Ingevity Corporation

Attn: CTO Procurement Manager

4920 O'Hear Avenue

North Charleston, SC 29405

Ingevity Corporation

Attn: General Counsel

4920 O'Hear Avenue, Suite 400

North Charleston, SC 29405

**21.**  **<u>Confidentiality.</u>** 

Any Party receiving Confidential Information (as defined below) from the other Party shall maintain the confidential and proprietary status of such Confidential Information, keep such Confidential Information and each part thereof within its possession or under its control sufficient to prevent any activity with respect to the Confidential Information that is not specifically authorized by this Agreement, use commercially reasonable efforts, in each case, to prevent the disclosure of any Confidential Information to any other person or entity, and use commercially reasonable efforts to ensure that such Confidential Information is used only for those purposes specifically authorized herein; provided, however, that such restrictions shall not apply to any Confidential Information which is (a) independently developed by, or already in possession of, the receiving Party, as demonstrated by its written records, (b) in the public domain at the time of its receipt or thereafter becomes part of the public domain through no fault of the receiving Party, (c) received without an obligation of confidentiality from a third party who, to the receiving party's knowledge, has the right to disclose such information, (d) released from the restrictions of this Section 21 by the express written consent of the other Party hereto, or (e) compelled to be disclosed by law or pursuant to a court order (the disclosing Party shall, however, use commercially reasonable efforts to obtain confidential treatment of any such disclosure). "**Confidential Information**" shall mean: (x) the terms and conditions of this Agreement and (y) all information and records relating to the operation of each other's business, including, without limitation, trade secrets, technical information, development, production, sales, marketing, pricing and financial details related to the refining of CTO. Each Party shall return or destroy all Confidential Information of the other Party within thirty (30) days following the termination of this Agreement for any reason, except for one (1) copy that may be retained by the recipient's legal department for archival, compliance or enforcement purposes.

Page 14 of 16

**22.**  **<u>GOVERNING LAW</u>** 

This Agreement is to be governed by and interpreted in accordance with the internal substantive laws of the Commonwealth of Virginia. The Parties consent to and agree that venue is proper with, and any and all disputes arising out of or relating in any way to the Agreement shall be subject to, the exclusive jurisdiction of, the U.S. District Court for the Eastern District of Virginia (Richmond Division), or the Circuit Court of the County of Henrico, Virginia. The Parties consent to the jurisdiction of such courts, agree to accept service of process by mail and waive any jurisdictional or venue defenses otherwise available. The Parties expressly reject the applicability to this Agreement of the United Nations Convention on Contracts for the International Sale of Goods.

**23.**  **<u>WAIVER; AMENDMENT</u>** 

Except as otherwise expressly provided herein, the failure or delay by either Party to exercise any of its rights hereunder shall not be construed to be a waiver of any of such rights. The provisions of this Agreement may be waived, altered, amended or supplemented, in whole or in part, only by a writing signed by both Parties. No waiver of any performance required under this Agreement shall be deemed a waiver of future compliance with all of the terms hereof.

**24.**  **<u>ENTIRE AGREEMENT</u>** 

This Agreement constitutes the entire agreement between the Parties hereto with respect to the sale and purchase of CTO and BLSS and there are no understandings, representations or warranties of any kind whatsoever with respect to such sale and purchase except as expressly herein set forth. All modifications to this Agreement shall be in writing and signed by Buyer and Seller. A failure to exercise any right hereunder with respect to any breach shall not constitute a waiver of such right with respect to any subsequent breach. Any references to "the Agreement" in the exhibits hereto are references to this Agreement.

**25.**  **<u>COUNTERPARTS; FACSIMILE SIGNATURE</u>** 

This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. A signature sent by telecopy or facsimile transmission shall be as valid and binding upon the Party as an original signature of such Party.

*Signatures on Following Page.*

 

Page 15 of 16

 

IN WITNESS WHEREOF, the Parties have executed this Agreement as of the day and year first above written.

---

| | | | |
|:---|:---|:---|:---|
| INGEVITY CORPORATION | INGEVITY CORPORATION | WESTROCK SHARED SERVICES, LLC | WESTROCK SHARED SERVICES, LLC |
| By: | */s/ John C. Fortson* | By: | */s/ Peter W. Anderson* |
| Name: | John C. Fortson | Name: | Peter W. Anderson |
| Title: | Chief Executive Officer | Title: | Chief Supply Chain Officer |

---

---

| | |
|:---|:---|
| WESTROCK MWV, LLC | WESTROCK MWV, LLC |
| By: | */s/ Peter W. Anderson* |
| Name: | Peter W. Anderson |
| Title: | Chief Supply Chain Officer |

---

Page 16 of 16

## Exhibit 10.2

**Exhibit 10.2**

**Second Amendment to Crude Tall Oil Supply Agreement**

This Second Amendment (this "Second Amendment") to the Crude Tall Oil Supply Agreement, made effective as of March 1, 2023 ("<u>Amendment Effective Date</u>") is entered into by and between Georgia-Pacific LLC, a Delaware limited liability company, on behalf of itself and its subsidiaries ("Seller") and Ingevity Corporation, a Delaware corporation ("Buyer").

WHEREAS, Seller and Buyer previously entered into that Certain Crude Tall Oil Supply Agreement, dated as of March 8, 2018, and amended on May 1, 2020 (the "Agreement"; capitalized terms used herein but not defined herein shall have the meanings given them in the Agreement).

WHEREAS, Seller and Buyer have agreed to negotiation pursuant to Section 14 of the Agreement and Section D. of Exhibit B of the Agreement that allows for amendment of the Agreement if certain Triggering Requirements (as defined in Section D. of Exhibit B) have been satisfied.

WHEREAS, following such negotiations, Seller and Buyer desire to amend the Agreement accordingly as detailed below.

NOW THEREFORE, in consideration of the mutual premises and covenants contained herein and intending to be legally bound hereby, the Seller and Buyer agree that the Agreement is amended as follows:

1. The
 Agreement and all amendments thereto are assigned from Georgia-Pacific LLC to its direct
 subsidiary, GP Pine Chemicals LLC. Accordingly, GP Pine Chemicals LLC assumes all duties
 and obligations of Georgia-Pacific LLC under the Agreement, and all references to "Georgia-Pacific
 LLC" in the Agreement are amended to "GP Pine Chemicals LLC".

2. Exhibit
 B is hereby deleted in its entirety and replaced with the attached Exhibit B.

3. Section
 1 is hereby amended by adding the following Section 1.F immediately following Section 1.E:

"F. <u>Alternative CTO</u>: To the extent that Seller is producing or storing CTO at a location not set forth on Exhibit A or Exhibit C, respectively, that meets the Specifications set forth herein ("Alternative CTO"), then Seller may substitute such Alternative CTO for CTO produced and originating at the Mills pursuant to this Agreement by providing Buyer with at least forty-five (45) days written notice prior to delivering such Alternative CTO to Buyer. For the avoidance of doubt, the volume of Alternative CTO sold by Seller to Buyer hereunder will apply to: (i) Seller's CTO volume obligations under this Agreement in accordance with the Supply Priority set forth in Exhibit A, (ii) Invoiced Tons for purposes of determining any Incentive Payment in accordance with Exhibit B, and (iii) the 2023 Buyer Volume Catch Up set forth in Exhibit B, in each case as if such Alternative CTO was CTO produced and originating at the Mills."

4. Section
 2. B. shall be deleted in its entirety and replaced with the following:

"Notwithstanding the foregoing, if Buyer determines to permanently shut down or fully convert certain refineries, as set forth in Section G of Exhibit B, then the provisions set forth in Section G of Exhibit B shall apply."

5. Section
 2. C. shall be amended by adding the following to the end of the existing Section 2.C:

"After March 1, 2023, if Seller permanently shuts down or sells any Mill and, notwithstanding Seller's obligations pursuant to the preceding paragraph, such shut down or sale results in a reduction of CTO available for Seller to sell to Buyer pursuant to this Agreement to a volume that is below the total output capacity from all of Seller's mills listed in Exhibits A and C ("Seller's Total Outputs") as of March 1, 2023 (taking into consideration any volumes recouped pursuant to the preceding paragraph), then the contracted CTO volume in Section 1.C, the GP Sales Threshold (as defined in Exhibit B), the Minimum Collective Volume (as defined in Exhibit B), and the Annual Target (as defined in Exhibit B) will each be reduced on a pro rata basis, based on the volume of such reduction in Seller's Total Outputs relative to Seller's Total Outputs immediately prior to such reduction provided, however, that if Seller later recoups CTO availability during the Term, then such reductions to the contracted CTO volume in Section 1.C, the GP Sales Threshold, the Minimum Collective Volume, and the Annual Target will each be reversed in proportion to such recoupment of CTO availability, not to exceed the amount of the contracted CTO volume in Section 1.C, GP Sales Threshold, Minimum Collective Volume, and the Annual Target on March 1, 2023.

<u>Example</u>: If in 2023 Seller's production at the Mills is at 200,000 tons of CTO and Seller permanently shuts down a Mill thus reducing Seller's overall CTO outputs from 200,000 tons to 175,000 tons and Seller is only able to make up 10,000 tons of the lost volume from another mill, then:

The contracted CTO volume in Section 1.C will be reduced to 115,625 tons per year ((175,000 tons + 10,000 tons)/200,000 tons)\*125,000 tons = 115,625 tons);

The GP Sales Threshold will be reduced from 16,000 to 14,800 tons ((175,000 tons + 10,000 tons)/200,000 tons)\*16,000 tons = 14,800 tons);

The Minimum Collective Volume will be reduced from 80,000 tons to 74,000 tons ((175,000 tons + 10,000 tons)/200,000 tons)\*80,000 tons = 74,000 tons); and The Annual Target will be reduced from 104,795 to 96,935.38 tons (175,000 tons + 10,000 tons)/200,000 tons)\*104,795 = 96,935.38 tons)."

6. In
 consideration of the obligations set forth in this Second Amendment, each party releases
 and forever discharges the other party, its respective parent, subsidiaries, affiliates,
 agents, representatives, assigns, transferees, officers, members, directors and employees
 from any and all past, present or future claims, causes of action, suits, demands, damages,
 costs, liabilities and compensation of every kind whatsoever, whether known or unknown, arising
 out of, or related to the Agreement prior to the Effective Date of this Second Amendment
 ("Released Claims"). After the execution of this Second Amendment, each party
 shall be barred from bringing any charge, complaint or other action against the other party
 relating to the Released Claims. The Agreement as amended by the First and Second Amendments
 represents the entire agreement between the parties and supersedes all prior discussions
 and understandings of every kind and nature between them.

7. All
 other terms and conditions of the Agreement shall remain unchanged. Capitalized terms used
 but not defined in this Amendment have the meanings given to them in the Agreement. If there
 is a conflict or inconsistency between the terms and conditions of this Amendment and the
 Agreement, the terms and conditions of this Amendment shall control.

*Signatures on Following Page.*

 

 

**INTENDING TO BE LEGALLY BOUND**, the parties have executed this Amendment effective as of the Amendment Date.

---

| | | | |
|:---|:---|:---|:---|
| **Ingevity Corporation** | **Ingevity Corporation** | **Georgia-Pacific LLC, on behalf of itself**<br> **and its SUBSIDIARIES** | **Georgia-Pacific LLC, on behalf of itself**<br> **and its SUBSIDIARIES** |
| Name: | John C. Fortson | Name: | Scott C. Light<br>|
| Signature: | */s/ John C. Fortson*<br>| Signature: | */s/ Scott C. Light*<br>|
| Title: | Chief Executive Officer | Title: | EVP – Packaging & Cellulose Segment |
| Date: | March 21, 2023 | Date: | March 15, 2023 |

---

---

| | |
|:---|:---|
| **GP Pine Chemicals LLC** | **GP Pine Chemicals LLC** |
| Name:<br>| Jamie Kubat |
| Signature:<br>| */s/ Jamie Kubat*<br>|
| Title:<br>| VP – Pine Chemicals<br>|
| Date: | March 15, 2023 |

---

## Exhibit 99.1

**Exhibit 99.1**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **FINANCIAL SCHEDULES** | **Page** |
| [Recasted Segment Operating Results](#j_001) |  |
| &nbsp;&nbsp;&nbsp;[2022 Quarters and Full Year](#ax_001) | 1 |
| &nbsp;&nbsp;&nbsp;[2021 Quarters and Full Year](#ax_002) | 2 |
| &nbsp;&nbsp;&nbsp;[2020 Quarters and Full Year](#ax_003) | 3 |

---

**INGEVITY CORPORATION**

**Recasted 2022 Segment Operating Results (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2022** | **2022** | **2022** | **2022** | **2022** |
| ***In millions*** | **Q1** | **Q2** | **Q3** | **Q4** | **FY** |
| Net sales |  |  |  |  |  |
| Performance Materials | $148.4 | $122.4 | $144.9 | $132.8 | $548.5 |
| Performance Chemicals | 172.6 | 243.7 | 267.6 | 191.2 | 875.1 |
| &nbsp;&nbsp;&nbsp;*Pavement Technologies product line* | *27.9* | *77.8* | *88.3* | *47.3* | *241.3* |
| &nbsp;&nbsp;&nbsp;*Industrial Specialties product line* | *144.7* | *165.9* | *179.3* | *143.9* | *633.8* |
| Advanced Polymer Technologies | 61.8 | 53.8 | 69.5 | 59.6 | 244.7 |
| &nbsp;&nbsp;&nbsp;Total net sales | $382.8 | $419.9 | $482.0 | $383.6 | $1668.3 |
| Segment EBITDA |  |  |  |  |  |
| Performance Materials | $77.9 | $55.6 | $61.2 | $57.5 | $252.2 |
| Performance Chemicals | 30.8 | 61.7 | 65.7 | 2.2 | 160.4 |
| Advanced Polymer Technologies | 10.3 | 3.8 | 11.3 | 14.6 | 40.0 |
| &nbsp;&nbsp;&nbsp;Total segment EBITDA | $119.0 | $121.1 | $138.2 | $74.3 | $452.6 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (10.7) | (15.1) | (11.5) | (17.0) | (54.3) |
| &nbsp;&nbsp;&nbsp;(Provision) benefit for income taxes | (16.8) | (16.7) | (20.4) | (4.1) | (58.0) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization - Performance Materials | (9.0) | (8.8) | (8.9) | (9.4) | (36.1) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization - Performance Chemicals | (10.2) | (9.5) | (9.7) | (13.7) | (43.1) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization - Advanced Polymer Technologies | (7.9) | (7.5) | (7.1) | (7.1) | (29.6) |
| &nbsp;&nbsp;&nbsp;Pension and postretirement settlement and curtailment (charges) income, net |  |  |  | (0.2) | (0.2) |
| &nbsp;&nbsp;&nbsp;Restructuring and other income (charges), net | (3.6) | (3.7) | (3.3) | (3.2) | (13.8) |
| &nbsp;&nbsp;&nbsp;Acquisition and other-related costs |  |  | (1.9) | (4.0) | (5.9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $60.8 | $59.8 | $75.4 | $15.6 | $211.6 |

---

**INGEVITY CORPORATION**

**Recasted 2021 Segment Operating Results (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2021** | **2021** | **2021** | **2021** | **2021** |
| ***In millions*** | **Q1** | **Q2** | **Q3** | **Q4** | **FY** |
| Net sales |  |  |  |  |  |
| Performance Materials | $140.7 | $126.0 | $118.1 | $132.0 | $516.8 |
| Performance Chemicals | 133.5 | 187.8 | 205.8 | 161.8 | 688.9 |
| &nbsp;&nbsp;&nbsp;*Pavement Technologies product line* | *21.4* | *67.7* | *73.3* | *33.0* | *195.4* |
| &nbsp;&nbsp;&nbsp;*Industrial Specialties product line* | *112.1* | *120.1* | *132.5* | *128.8* | *493.5* |
| Advanced Polymer Technologies | 46.1 | 44.6 | 52.9 | 42.2 | 185.8 |
| &nbsp;&nbsp;&nbsp;Total net sales | $320.3 | $358.4 | $376.8 | $336.0 | $1391.5 |
| Segment EBITDA |  |  |  |  |  |
| Performance Materials | $73.7 | $61.3 | $56.4 | $58.0 | $249.4 |
| Performance Chemicals | 18.2 | 49.0 | 52.9 | 20.4 | 140.5 |
| Advanced Polymer Technologies | 13.5 | 7.4 | 10.2 | 1.2 | 32.3 |
| &nbsp;&nbsp;&nbsp;Total segment EBITDA | $105.4 | $117.7 | $119.5 | $79.6 | $422.2 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (12.4) | (12.2) | (11.6) | (11.5) | (47.7) |
| &nbsp;&nbsp;&nbsp;(Provision) benefit for income taxes | (13.1) | (29.4) | 4.8 | (7.0) | (44.7) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization - Performance Materials | (9.1) | (8.9) | (8.9) | (9.9) | (36.8) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization - Performance Chemicals | (9.9) | (10.0) | (10.4) | (9.7) | (40.0) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization - Advanced Polymer Technologies | (8.0) | (8.2) | (8.3) | (8.6) | (33.1) |
| &nbsp;&nbsp;&nbsp;Restructuring and other income (charges), net | (3.9) | (4.3) | (4.1) | (3.9) | (16.2) |
| &nbsp;&nbsp;&nbsp;Acquisition and other-related costs | (0.3) | (0.4) | (0.2) | 0.3 | (0.6) |
| &nbsp;&nbsp;&nbsp;Litigation verdict charge |  |  | (85.0) |  | (85.0) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $48.7 | $44.3 | $(4.2) | $29.3 | $118.1 |

---

**INGEVITY CORPORATION**

**Recasted 2020 Segment Operating Results (Unaudited)**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **2020** | **2020** | **2020** | **2020** | **2020** |
| ***In millions*** | **Q1** | **Q2** | **Q3** | **Q4** | **FY** |
| Net sales |  |  |  |  |  |
| Performance Materials | $121.1 | $84.4 | $143.8 | $160.7 | $510.0 |
| Performance Chemicals | 130.8 | 154.6 | 162.6 | 130.4 | 578.4 |
| &nbsp;&nbsp;&nbsp;*Pavement Technologies product line* | *20.7* | *63.9* | *72.5* | *29.7* | *186.8* |
| &nbsp;&nbsp;&nbsp;*Industrial Specialties product line* | *110.1* | *90.7* | *90.1* | *100.7* | *391.6* |
| Advanced Polymer Technologies | 36.3 | 31.6 | 25.3 | 34.5 | 127.7 |
| &nbsp;&nbsp;&nbsp;Total net sales | $288.2 | $270.6 | $331.7 | $325.6 | $1216.1 |
| Segment EBITDA |  |  |  |  |  |
| Performance Materials | $61.2 | $23.3 | $80.4 | $84.3 | $249.2 |
| Performance Chemicals | 23.1 | 32.4 | 39.0 | 21.5 | 116.0 |
| Advanced Polymer Technologies | 7.9 | 11.5 | 8.2 | 5.1 | 32.7 |
| &nbsp;&nbsp;&nbsp;Total segment EBITDA | $92.2 | $67.2 | $127.6 | $110.9 | $397.9 |
| &nbsp;&nbsp;&nbsp;Interest expense, net | (10.9) | (10.0) | (8.9) | (12.4) | (42.2) |
| &nbsp;&nbsp;&nbsp;(Provision) benefit for income taxes | (9.9) | (5.2) | (18.2) | (20.4) | (53.7) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization - Performance Materials | (7.2) | (7.3) | (8.0) | (8.7) | (31.2) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization - Performance Chemicals | (9.9) | (9.8) | (10.0) | (10.2) | (39.9) |
| &nbsp;&nbsp;&nbsp;Depreciation and amortization - Advanced Polymer Technologies | (7.2) | (7.0) | (7.1) | (7.8) | (29.1) |
| &nbsp;&nbsp;&nbsp;Pension and postretirement settlement and curtailment (charges) income, net |  |  |  | (0.1) | (0.1) |
| &nbsp;&nbsp;&nbsp;Restructuring and other income (charges), net | (0.5) | (7.3) | (5.5) | (5.2) | (18.5) |
| &nbsp;&nbsp;&nbsp;Acquisition and other-related costs | (1.3) | (0.4) |  | (0.1) | (1.8) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net income (loss) | $45.3 | $20.2 | $69.9 | $46.0 | $181.4 |

---