Document:

Exhibit 10.2

 

TRANSITION SERVICES AGREEMENT

 

This TRANSITION SERVICES AGREEMENT,
dated as of May 14, 2016 (this “Agreement”), is by and between WestRock Company, a Delaware corporation
(“Provider”), and Ingevity Corporation, a Delaware corporation (“SpinCo”).

 

R E C I T A L S:

 

WHEREAS, the board of directors
of Provider (the “Provider Board”) has determined that it is in the best interests of Provider and its stockholders
to create a new publicly traded company that shall operate the SpinCo Business;

 

WHEREAS, in furtherance of the
foregoing, the Provider Board has determined that it is appropriate and desirable to separate the SpinCo Business from the Provider
Business (the “Separation”) and, following the Separation, make a distribution, on a pro rata basis, to holders
of Provider Shares on the Record Date of all the outstanding SpinCo Shares owned by Provider (the “Distribution”);

 

WHEREAS, to effectuate the Separation
and the Distribution, Provider and SpinCo have entered into a Separation and Distribution Agreement, dated as of May 14, 2016
(the “Separation and Distribution Agreement”); and

 

WHEREAS, to facilitate and provide
for an orderly transition in connection with the Separation and the Distribution, the Parties desire to enter into this Agreement
to set forth the terms and conditions pursuant to which Provider shall provide Services to SpinCo for a transitional period.

 

NOW, THEREFORE, in consideration
of the mutual agreements, provisions and covenants contained in this Agreement, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:

 

Article I

DEFINITIONS

 

Section 1.01.         Definitions.
     For purposes of this Agreement, the following terms shall have the following meanings:

 

“Action”
shall mean any demand, action, claim, dispute, suit, countersuit, arbitration, inquiry, subpoena, proceeding or investigation of
any nature (whether criminal, civil, legislative, administrative, regulatory, prosecutorial or otherwise) by or before any federal,
state, local, foreign or international Governmental Authority or any arbitration or mediation tribunal.

 

“Additional Service”
has the meaning set forth in Section 2.02(b).

 

“Affiliate”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Agreement”
has the meaning set forth in the Preamble.

 

“Ancillary Agreements”
has the meaning set forth in the Separation and Distribution Agreement.

 

     

     

    

 

“Charge”
and “Charges” have the meaning set forth in Section 2.03.

 

“Code” shall
mean the Internal Revenue Code of 1986, as amended.

 

“Confidential Information”
shall mean all Information that is either confidential or proprietary.

 

“Dispute”
has the meaning set forth in Article VII of the Separation and Distribution Agreement.

 

“Distribution”
has the meaning set forth in the Recitals.

 

“Distribution Date”
shall mean the date of the consummation of the Distribution, which shall be determined by the Provider Board in its sole and absolute
discretion.

 

“Effective Time”
shall mean 11:59 p.m., Eastern time, on the Distribution Date.

 

“Force Majeure”
shall mean, with respect to a Party, an event beyond the control of such Party (or any Person acting on its behalf), which event
(a) does not arise or result from the fault or negligence of such Party (or any Person acting on its behalf) and (b) by its nature
would not reasonably have been foreseen by such Party (or such Person), or, if it would reasonably have been foreseen, was unavoidable,
and includes acts of God, acts of civil or military authority, embargoes, epidemics, war (whether declared or not), acts of terror
or sabotage, riots, insurrections, national or regional emergencies, fires, explosions, earthquakes, floods, unusually severe weather
conditions, strikes, labor problems or unavailability of parts, technological disruptions, or, in the case of computer systems,
any failure in electrical, telecommunications or air conditioning equipment or systems. Notwithstanding the foregoing, the receipt
by a Party of an unsolicited takeover offer or other acquisition proposal, even if unforeseen or unavoidable, and such Party’s
response thereto, shall not be deemed an event of Force Majeure.

 

“Governmental Authority”
shall mean any nation or government, any state, municipality or other political subdivision thereof, and any entity, body, agency,
commission, department, board, bureau, court, tribunal or other instrumentality, whether federal, state, local, domestic, foreign
or multinational, exercising executive, legislative, judicial, regulatory, administrative or other similar functions of, or pertaining
to, government and any executive official thereof.

 

“Information”
shall mean information, whether or not patentable or copyrightable, in written, oral, electronic or other tangible or intangible
forms, stored in any medium, including studies, reports, records, books, contracts, instruments, surveys, discoveries, ideas, concepts,
know-how, techniques, designs, specifications, drawings, blueprints, diagrams, models, prototypes, samples, flow charts, data,
computer data, disks, diskettes, tapes, computer programs or other software, marketing plans, customer names, communications by
or to attorneys (including attorney-client privileged communications), memos and other materials prepared by attorneys or under
their direction (including attorney work product), and other technical, financial, employee or business information or data.

 

“Interest Payment”
has the meaning set forth in Section 4.02.

 

“Law” shall
mean any national, supranational, federal, state, provincial, local or similar law (including common law), statute, code, order,
ordinance, rule, regulation, treaty (including any income tax treaty), license, permit, authorization, approval, consent, decree,
injunction, binding judicial or administrative interpretation or other requirement, in each case, enacted, promulgated, issued
or entered by a Governmental Authority.

 

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“Level of Service”
has the meaning set forth in Section 2.02(b).

 

“Liabilities”
shall mean all debts, guarantees, assurances, commitments, liabilities, responsibilities, Losses, remediation, deficiencies, damages,
fines, penalties, settlements, sanctions, costs, expenses, interest and obligations of any nature or kind, whether accrued or fixed,
absolute or contingent, matured or unmatured, accrued or not accrued, asserted or unasserted, liquidated or unliquidated, foreseen
or unforeseen, known or unknown, reserved or unreserved, or determined or determinable, including those arising under any Law,
claim (including any Third-Party Claim), demand, Action, or order, writ, judgment, injunction, decree, stipulation, determination
or award entered by or with any Governmental Authority or arbitration tribunal, and those arising under any contract, agreement,
obligation, indenture, instrument, lease, promise, arrangement, release, warranty, commitment or undertaking, or any fines, damages
or equitable relief that is imposed, in each case, including all costs and expenses relating thereto.

 

“Losses”
shall mean actual losses (including any diminution in value), costs, damages, penalties and expenses (including legal and accounting
fees and expenses and costs of investigation and litigation), whether or not involving a Third-Party Claim.

 

“Minimum Service Period”
shall mean the period commencing on the Distribution Date and ending thirty (30) days after the Distribution Date.

 

“Parties”
shall mean the parties to this Agreement.

 

“Person”
shall mean an individual, a general or limited partnership, a corporation, a trust, a joint venture, an unincorporated organization,
a limited liability entity, any other entity and any Governmental Authority.

 

“Provider”
has the meaning set forth in the Preamble.

 

“Provider Board”
has the meaning set forth in the Recitals.

 

“Provider Business”
shall mean “Parent Business” as defined in the Separation and Distribution Agreement.

 

“Provider Indemnitees”
has the meaning set forth in Section 7.03.

 

“Provider Shares”
shall mean the common shares, $0.01 par value, of Provider.

 

“Record Date”
shall mean the close of business on the date to be determined by the Provider Board as the record date for determining holders
of Provider Shares entitled to receive SpinCo Shares pursuant to the Distribution.

 

“Representatives”
shall mean, with respect to any Person, any of such Person’s directors, officers, employees, agents, consultants, advisors,
accountants, attorneys or other representatives.

 

“Separation”
has the meaning set forth in the Recitals.

 

“Separation and Distribution
Agreement” has the meaning set forth in the Recitals.

 

“Service Baseline Period”
has the meaning set forth in Section 2.02(b).

 

“Service Period”
means, with respect to any Service, the period commencing on the Distribution Date and ending on the earlier of (a) the date that
a Party terminates the provision of

 

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such Service pursuant to Section 5.02
and (b) the date that is the two-year anniversary of the Distribution Date.

 

“Services”
has the meaning set forth in Section 2.01.

 

“SpinCo”
has the meaning set forth in the Preamble.

 

“SpinCo Business”
has the meaning set forth in the Separation and Distribution Agreement. “SpinCo Shares” shall mean the shares
of common stock, par value $0.01 per share, of SpinCo.

 

“Subsidiary”
shall mean, with respect to any Person, any corporation, limited liability company, joint venture or partnership of which such
Person (a) beneficially owns, either directly or indirectly, more than 50% of (i) the total combined voting power of all classes
of voting securities, (ii) the total combined equity interests or (iii) the capital or profit interests, in the case of a partnership,
or (b) otherwise has the power to vote, either directly or indirectly, sufficient securities to elect a majority of the board of
directors or similar governing body.

 

“Tax” has
the meaning set forth in the Tax Matters Agreement.

 

“Tax Matters Agreement”
shall mean the Tax Matters Agreement to be entered into by and between Provider and SpinCo or their respective Subsidiaries in
connection with the Separation, the Distribution or the other transactions contemplated by the Separation and Distribution Agreement.

 

“Taxing Authority”
has the meaning set forth in the Tax Matters Agreement.

 

“Termination Charges”
shall mean, with respect to the termination of any Service pursuant to Section 5.02(a)(i), the sum of (a) any
and all costs, fees and expenses (other than any severance or retention costs) payable by Provider to a Third Party principally
because of the early termination of such Service; provided, however, that Provider shall use commercially reasonable
efforts to minimize any costs, fees or expenses payable to any Third Party in connection with such early termination of such Service;
and (b) any additional severance and retention costs, if any, because of the early termination of such Service that Provider
incurs to employees who had been retained primarily to provide such terminated Service (it being agreed that the costs set forth
in this clause (b) shall only be the amount, if any, in excess of the severance and retention costs that Provider would have paid
to such employees if the Service had been provided for the full period during which such Service would have been provided hereunder
but for such early termination).

 

“Third Party”
shall mean any Person other than the Parties or any of their Affiliates.

 

“Third-Party Claim”
shall mean any Action commenced by any Third Party against any Party or any of its Affiliates.

 

“Transition Committee”
has the meaning set forth in the Separation and Distribution Agreement.

 

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Article II

SERVICES

 

Section 2.01.        Services.
     Commencing as of the Effective Time, Provider agrees to provide, or to cause one or more of its Subsidiaries to provide, to SpinCo,
or any Subsidiary of SpinCo, the applicable services (the “Services”) set forth on Schedule 1 hereto.

 

Section 2.02.        Performance
of Services.

 

(a)          Nothing
in this Agreement shall require Provider to perform or cause to be performed any Service to the extent that the manner of such
performance would constitute a violation of any applicable Law or violate, conflict with, result in the loss of any benefit under,
or increase the costs under any existing contract or agreement with a Third Party. If Provider is or becomes aware of any such
potential violation, conflict, loss of benefit or increased cost on the part of Provider or any of its Affiliates, Provider shall
use commercially reasonable efforts to promptly advise SpinCo of such potential violation, conflict, loss of benefit or increased
cost, and Provider and SpinCo will mutually seek an alternative that addresses such potential violation, conflict, loss of benefit
or increased cost. The Parties agree to cooperate in good faith and use commercially reasonable efforts to obtain any necessary
Third Party consents required under any existing contract or agreement with a Third Party to allow Provider to perform, or cause
to be performed, all Services hereunder in accordance with the standards set forth in this Section 2.02. Unless otherwise
agreed in writing by the Parties, all reasonable out-of-pocket costs and expenses (if any) incurred by Provider or any of its Subsidiaries
in connection with obtaining any such Third Party consent that is required to allow Provider to perform or cause to be performed
such Services shall be borne by SpinCo. If, with respect to a Service, the Parties, despite the use of such commercially reasonable
efforts, are unable to obtain a required Third Party consent, or the performance of such Service by Provider would constitute a
violation of any applicable Law or violate, conflict with, result in the loss of any benefit under or increase the costs under
any existing contract or agreement with a Third Party, then Provider shall determine and adopt, subject to SpinCo’s prior
written approval, a commercially reasonable alternative to the affected Services; provided, however, that if no such
commercially reasonable alternative is available, Provider shall have no obligation whatsoever to perform or cause to be performed
such Service.

 

(b)          Provider
shall perform or to cause to be performed such Service with substantially the same degree of care, skill and diligence with which
Provider performed analogous services for Provider or its applicable functional group or Subsidiary (collectively referred to as
the “Level of Service”) consistent with past practices during the six (6) months prior to the Effective Time
(the “Service Baseline Period”), including without limitation with respect to the quality and timeliness of
such Services; provided that the Level of Service shall not be deemed to be a guaranty of any particular result. If SpinCo
requests that Provider perform or cause to be performed any Service that exceeds the Level of Service during the Service Baseline
Period, then the Parties shall cooperate and act in good faith to determine whether Provider is willing to provide such requested
higher Level of Service (and, if so, the terms therefor). Furthermore, SpinCo may request additional transition services to the
extent such transition services reasonably relate to the transition of the SpinCo Business (each an “Additional Service”).
If the Parties determine that Provider shall provide the requested higher Level of Service or the requested

 

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Additional Service, then such higher Level
of Service or Additional Service shall be documented in a written agreement signed by the Parties. Each amended section of Schedule
1 hereto, as agreed to in writing by the Parties, shall be deemed part of this Agreement as of the date of such written agreement
and the Level of Service increases or Additional Services set forth in such written agreement shall be deemed a part of the “Services”
provided under this Agreement, in each case subject to the terms and conditions of this Agreement. If there is a conflict between
the immediate needs of Provider and those of SpinCo as to the use of or access to a particular Service, which conflict cannot reasonably
be avoided, Provider shall have the right, in its sole discretion, to establish reasonable priorities, at particular times and
under particular circumstances, as between Provider and SpinCo. In any such situation, Provider shall provide notice to SpinCo
of any changes at the earliest practical opportunity.

 

(c)          (i)
Neither Provider nor any of its Subsidiaries shall be required to perform or to cause to be performed any of the Services for the
benefit of any Third Party or any other Person other than SpinCo and its Subsidiaries, and (ii) EXCEPT AS EXPRESSLY PROVIDED IN
THIS SECTION 2.02 OR 7.04, EACH PARTY ACKNOWLEDGES AND AGREES THAT ALL SERVICES ARE PROVIDED ON AN “AS-IS”
BASIS, THAT SPINCO ASSUMES ALL RISK AND LIABILITY ARISING FROM OR RELATING TO ITS USE OF AND RELIANCE UPON THE SERVICES, AND THAT
PROVIDER MAKES NO OTHER REPRESENTATIONS OR GRANTS ANY WARRANTIES, EXPRESS OR IMPLIED, EITHER IN FACT OR BY OPERATION OF LAW, BY
STATUTE OR OTHERWISE, WITH RESPECT TO THE SERVICES. EACH PARTY SPECIFICALLY DISCLAIMS ANY OTHER WARRANTIES, WHETHER WRITTEN OR
ORAL, OR EXPRESS OR IMPLIED, INCLUDING ANY WARRANTY OF QUALITY, MERCHANTABILITY, OR FITNESS FOR A PARTICULAR USE OR PURPOSE OR
THE NON-INFRINGEMENT OF ANY INTELLECTUAL PROPERTY RIGHTS OF THIRD PARTIES.

 

(d)          Each
Party shall be responsible for its own compliance with any and all Laws applicable to its performance under this Agreement. No
Party shall knowingly take any action in violation of any such applicable Law that results in Liability being imposed on the other
Party.

 

(e)          Provider
shall not be required to incur capital expenses or employ additional personnel in order to provide the Services (other than employing
additional personnel in the future to replace exiting personnel providing the Services, if such replacement personnel are necessary
in order for Provider to fulfill its obligations under this Agreement). Furthermore, Provider shall not be obligated to provide
Services hereunder that are greater in nature and scope than the Services historically rendered by Provider in the operation of
SpinCo’s business by Provider prior to the date hereof, except as may be specifically provided on the Schedules hereto or
as otherwise agreed to in writing by Provider and SpinCo. Subject to the Level of Service, management of and control over the provision
of the Services (including without limitation the determination or designation at any time of the employees or other resources
of Provider to be used in connection with the Services) shall reside solely with Provider.

 

Section 2.03.        Charges
for Services.      SpinCo shall pay Provider a fee (either one-time or recurring) for the Services (or category of Services, as
applicable) (each fee constituting a “Charge” and, collectively, “Charges”), which Charges
are based upon the cost of providing such

 

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Services and are set forth on Schedule
A hereto. Except to the extent provided otherwise in Schedule A, Provider shall be solely responsible for the payment
of out-of-pocket costs and expenses incurred by Provider or any of its Subsidiaries in connection with providing the Services,
including all compensation for Provider’s personnel assigned to perform Services under this Agreement, and shall be responsible
for workers’ compensation insurance, unemployment insurance, severance and other termination costs, employment taxes and
all other employer payment obligations relating to Provider’s personnel, except to the extent SpinCo is responsible for Termination
Charges pursuant to Section 5.02(a)(i). During the term of this Agreement, the amount of a Charge for any Service may
be modified to the extent of (a) any adjustments mutually agreed to by the Parties, (b) any adjustments due to a change in Level
of Service or Additional Service requested by SpinCo and agreed upon by Provider, and (c) any adjustment in the rates or charges
imposed by any Third Party provider that is providing Services. Together with any invoice for Charges, Provider shall provide SpinCo
with reasonable documentation, including any additional documentation reasonably requested by SpinCo to the extent that such documentation
is in Provider’s or its Subsidiaries’ possession or control, to support the calculation of such Charges.

 

Section 2.04.        Changes
in the Performance of Services.      Subject to the performance standards for Services set forth in Sections 2.02(a) and
2.02(b), Provider may make changes from time to time in the manner of performing the Services if Provider is making similar
changes in performing analogous services for itself and if, to the extent practicable, Provider furnishes to SpinCo reasonable
prior written notice (in content and timing) of such changes. Except as otherwise provided in Section 2.03, no such change
shall materially adversely affect the timeliness or quality of, or the Charges for, the applicable Service and Provider shall be
solely responsible for any increase in costs and expenses required in order for SpinCo to continue to receive and utilize the applicable
Services in the same manner as SpinCo was receiving and utilizing such Service prior to such change. Upon request, SpinCo shall
provide Provider with reasonable documentation, including any additional documentation reasonably requested by Provider to the
extent such documentation is in SpinCo’s or its Subsidiaries’ possession or control, to support the calculation of
such increase in costs and expenses.

 

Section 2.05.        Transitional
Nature of Services.      The Parties acknowledge the transitional nature of the Services and agree to cooperate in good faith and
to use commercially reasonable efforts to effectuate a smooth transition of the Services from Provider to SpinCo (or its designee).
Accordingly, subject to Article V, Seller will use commercially reasonable efforts to as promptly as practicable following
the date hereof make the transition of each Service to its own internal organization or to obtain alternative Service from Third
Parties on or prior to the last day of the applicable Service Period.

 

Section 2.06.        Subcontracting.
     Provider may hire or engage one or more Third Parties to perform any or all of its obligations under this Agreement; provided,
however, that (a) Provider shall use the same degree of care (but at least reasonable care) in selecting each such Third
Party as it would if such Third Party was being retained to provide similar services to Provider and (b) notwithstanding anything
to the contrary in this Agreement but subject to Article VII, in no event shall Provider or any of its Affiliates be liable
for any Liability related to, arising out of or connected with any Service provided by such Third Party. Subject to the confidentiality
provisions set forth in Article VI, each Party shall, and shall cause their respective Affiliates to, provide,

 

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upon ten (10) business days’ prior
written notice from the other Party, any Information within such Party’s or its Affiliates’ possession that the requesting
Party reasonably requests in connection with any Services being provided to such requesting Party by a Third Party, including any
applicable invoices, agreements documenting the arrangements between such Third Party and Provider and other supporting documentation;
provided, further, however, that each Party shall make no more than one such request during any calendar quarter.

 

Article III

OTHER ARRANGEMENTS

 

Section 3.01.        Access.

 

(a)          Each
of Provider and SpinCo shall, and shall cause its Subsidiaries to, allow the other Party and its Subsidiaries and their respective
Representatives reasonable access to the facilities of such Party and its Subsidiaries that is necessary for the Parties to fulfill
their obligations under this Agreement.

 

(b)          In
addition to the foregoing right of access, Provider shall, and shall cause its Subsidiaries to, afford SpinCo, its Subsidiaries
and their respective Representatives, upon reasonable advance written notice, reasonable access during normal business hours to
the facilities, Information, systems, infrastructure and personnel of Provider and its Subsidiaries as reasonably necessary for
SpinCo to verify the adequacy of internal controls over information technology, reporting of financial data and related processes
employed in connection with the Services being provided by Provider or its Subsidiaries, including in connection with verifying
compliance with Section 404 of the Sarbanes-Oxley Act of 2002; provided that (i) such access shall not unreasonably
interfere with any of the business or operations of Provider or any of its Subsidiaries and (ii) in the event that Provider
determines that providing such access could be commercially detrimental, violate any applicable Law or agreement or waive any attorney-client
privilege, then the Parties shall use commercially reasonable efforts to permit such access in a manner that avoids each of such
harm and consequence. SpinCo agrees that all of its and its Subsidiaries’ employees shall, and that it shall use commercially
reasonable efforts to cause its Representatives’ employees to, when on the property of Provider or its Subsidiaries, or when
given access to any facilities, Information, systems, infrastructure or personnel of Provider or its Subsidiaries, conform to the
policies and procedures of Provider and its Subsidiaries, as applicable, concerning health, safety and conduct, and computer hardware,
software and data security, which are made known or provided to SpinCo from time to time.

 

Article IV

BILLING; TAXES

 

Section 4.01.        Procedure.
     Charges for the Services shall be charged to and payable by SpinCo. Amounts payable pursuant to this Agreement shall be paid by
wire transfer (or such other method of payment as may be agreed between the Parties from time to time) to Provider (as directed
by Provider), on a monthly basis in the case of recurring fees, which amounts shall be due within thirty (30) days of SpinCo’s
receipt of each such invoice, including reasonable documentation pursuant to Section 2.03. All amounts due and payable
hereunder shall be invoiced and paid in U.S. dollars.

 

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Section 4.02.        Late
Payments.      Charges not paid when due pursuant to this Agreement (and any amounts billed or otherwise invoiced or demanded and
properly payable that are not paid within thirty (30) days of the receipt of such bill, invoice or other demand) shall accrue interest
at a rate of 12% per annum (or such lesser amount as shall be the maximum amount permitted by Law) (the “Interest Payment”).

 

Section 4.03.        Taxes.
     Without limiting any provisions of this Agreement, SpinCo shall bear any and all Taxes and other similar charges (and any related
interest and penalties) imposed on, or payable with respect to, any fees or charges, including any Charges, payable by it pursuant
to this Agreement, including all sales, use, value-added, and similar Taxes, but excluding Taxes based on Provider’s net
income and any excise taxes imposed under Section 4981 of the Code. Notwithstanding anything to the contrary in the previous sentence
or elsewhere in this Agreement, SpinCo shall be entitled to withhold from any payments to Provider any such Taxes that SpinCo
is required by applicable Law to withhold and shall pay such Taxes to the applicable Taxing Authority.

 

Section 4.04.        No
Set-Off.      Except as mutually agreed to in writing by Provider and SpinCo, SpinCo shall not have any right of set-off or other
similar rights with respect to (a) any amounts received pursuant to this Agreement or (b) any other amounts claimed to be owed
to Provider or any of its Subsidiaries arising out of this Agreement.

 

Article V

TERM AND TERMINATION

 

Section 5.01.        Term.
     This Agreement shall commence at the Effective Time and shall terminate upon the earlier to occur
of (a) the last date on which Provider is obligated to provide any Service Party in accordance with the terms of this Agreement;
(b) the mutual written agreement of the Parties to terminate this Agreement in its entirety; and (c) the date that is the two-year
anniversary of the Distribution Date. Unless otherwise terminated pursuant to Section 5.02, this Agreement shall
terminate with respect to each Service as of the close of business on the last day of the Service Period for such Service. To
the extent that Provider’s ability to provide a Service is dependent on the continuation of a specified Service, Provider’s
obligation to provide such dependent Service shall terminate automatically with the termination of such supporting Service.

 

Section 5.02.        Early
Termination.

 

(a)          Without
prejudice to SpinCo’s rights with respect to Force Majeure, SpinCo may from time to time terminate this Agreement with respect
to the entirety of any individual Service but not a portion thereof:

 

(i)          subsequent
to the end of the Minimum Service Period, for any reason or no reason, upon the giving of at least sixty (60) days’ prior
written notice to Provider (it being agreed that such notice may not be delivered prior to the end of the Minimum Service Period);
provided, however, that any such termination (x) may only be effective as of the last day of a month and (y) shall
be subject to the obligation to pay any applicable Termination Charges pursuant to Section 5.04; or

 

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(ii)         if
Provider has failed to perform any of its material obligations under this Agreement with respect to such Service, and such failure
shall continue to be uncured for a period of at least thirty (30) days after receipt by Provider of written notice of such failure
from SpinCo; provided, however, that any such termination may only be effective as of the last day of a month; and
provided, further, that SpinCo shall not be entitled to terminate this Agreement with respect to the applicable
Service if, as of the end of such period, there remains a good-faith Dispute between the Parties (undertaken in accordance with
the terms of Article VII of the Separation and Distribution Agreement) as to whether Provider has cured the applicable
failure to so perform.

 

(b)          Provider
may terminate this Agreement with respect to any individual Service, but not a portion thereof, at any time upon prior written
notice to SpinCo if SpinCo has failed to perform any of its material obligations under this Agreement relating to such Service,
including making payment of Charges for such Service when due, and such failure shall continue to be uncured for a period of at
least thirty (30) days after receipt by SpinCo of a written notice of such failure from Provider; provided, however,
that any such termination may only be effective as of the last day of a month; and provided, further, that Provider
shall not be entitled to terminate this Agreement with respect to the applicable Service if, as of the end of such period, there
remains a good-faith Dispute between the Parties (undertaken in accordance with the terms of Article VII of the Separation and Distribution Agreement) as to whether
SpinCo has cured the applicable failure to so perform. Schedule 1 hereto shall be updated to reflect any terminated Service.

 

Section 5.03.        Interdependencies.
     The Parties acknowledge and agree that (a) there may be interdependencies among the Services being provided under this Agreement;
(b) upon the request of either Party, the Parties shall cooperate and act in good faith to determine whether (i) any such
interdependencies exist with respect to the particular Service that a Party is seeking to terminate pursuant to Section 5.02
and (ii) in the case of such termination, Provider’s ability to provide a particular Service in accordance with this Agreement
would be materially and adversely affected by such termination of another Service; and (c) in the event that the Parties have determined
that such interdependencies exist (and, in the case of such termination that Provider’s ability to provide a particular Service
in accordance with this Agreement would be materially and adversely affected by such termination), the Parties shall negotiate
in good faith to amend Schedule 1 hereto with respect to such termination of such impacted Service, which amendment shall
be consistent with the terms of comparable Services.

 

Section 5.04.        Effect
of Termination.      Upon the termination of any Service pursuant to this Agreement, Provider shall have no further obligation to
provide the terminated Service, and SpinCo shall have no obligation to pay any future Charges relating to such Service; provided,
however, that SpinCo shall remain obligated to Provider for (a) the Charges owed and payable in respect of Services provided
prior to the effective date of termination for such Service, and (b) any applicable Termination Charges (which, in the case
of each of clauses (a) and (b), shall be payable only in the event that SpinCo terminates any Service pursuant to Section 5.02(a)(i)).
In connection with the termination of any Service, the provisions of this Agreement not relating solely to such terminated Service
shall survive any such termination, and in connection with a termination of this Agreement, Article I, this Article V,
Article VII and Article IX, all confidentiality obligations under this Agreement and Liability for all
due and unpaid Charges, and Termination Charges shall continue to survive indefinitely.

 

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Section 5.05.        Information
Transmission.      Provider, on behalf of itself and its Subsidiaries, shall use commercially reasonable
efforts to provide or make available, or cause to be provided or made available, to SpinCo, in accordance with Section 6.1
of the Separation and Distribution Agreement, any Information received or computed by Provider for the benefit of SpinCo concerning
the relevant Service during the Service Period; provided, however, that, except as otherwise agreed to in writing
by the Parties (a) Provider shall not have any obligation to provide, or cause to be provided, Information in any non-standard
format, (b) Provider and its Subsidiaries shall be reimbursed for their reasonable costs in accordance with Section 6.3 of
the Separation and Distribution Agreement for creating, gathering, copying, transporting and otherwise providing such Information,
and (c) Provider shall use commercially reasonable efforts to maintain any such Information in accordance with Section 6.4
of the Separation and Distribution Agreement.

 

Article VI

CONFIDENTIALITY; PROTECTIVE ARRANGEMENTS

 

Section 6.01.        Provider
and SpinCo Obligations.      Subject to Section 6.04, until the five (5)-year anniversary of the date of the termination
of this Agreement in its entirety, each of Provider and SpinCo, on behalf of itself and each of its Subsidiaries, agrees to hold,
and to cause its respective Representatives to hold, in strict confidence, with at least the same degree of care that applies to
Provider’s Confidential Information pursuant to policies in effect as of the Effective Time, all Confidential Information
concerning the other Party or its Subsidiaries or their respective businesses that is either in its possession (including Confidential
Information in its possession prior to the date hereof) or furnished by such other Party or such other Party’s Subsidiaries
or their respective Representatives at any time pursuant to this Agreement, and shall not use any such Confidential Information
other than for such purposes as may be expressly permitted hereunder, except, in each case, to the extent that such Confidential
Information has been (a) in the public domain or generally available to the public, other than as a result of a disclosure by such
Party or any of its Subsidiaries or any of their respective Representatives in violation of this Agreement; (b) later lawfully
acquired from other sources by such Party or any of its Subsidiaries, which sources are not themselves bound by a confidentiality
obligation or other contractual, legal or fiduciary obligation of confidentiality with respect to such Confidential Information;
or (c) independently developed or generated without reference to or use of the Confidential Information of the other Party or any
of its Subsidiaries. If any Confidential Information of a Party or any of its Subsidiaries is disclosed to the other Party or any
of its Subsidiaries in connection with providing the Services, then such disclosed Confidential Information shall be used only
as required to perform such Services.

 

Section 6.02.        No
Release; Return or Destruction.      Each Party agrees (a) not to release or disclose, or permit
to be released or disclosed, any Confidential Information of the other Party addressed in Section 6.01 to any other
Person, except its Representatives who need to know such Confidential Information in their capacities as such (whom shall be advised
of their obligations hereunder with respect to such Confidential Information) and except in compliance with Section 6.04,
and (b) to use commercially reasonable efforts to maintain such Confidential Information in accordance with Section 6.9
of the Separation and Distribution Agreement. Without limiting the foregoing, when any such Confidential Information is no longer
needed for the purposes contemplated by the Separation and Distribution Agreement, this Agreement or any other

 

    	 	-11-	 

     

    

 

Ancillary Agreements, each Party will promptly
after request of the other Party either return to the other Party all such Confidential Information in a tangible form (including
all copies thereof and all notes, extracts or summaries based thereon) or notify the other Party in writing that it has destroyed
such Information (and such copies thereof and such notes, extracts or summaries based thereon).

 

Section 6.03.        Privacy
and Data Protection Laws.      Each Party shall comply with all applicable state, federal and foreign privacy and data protection
Laws that are or that may in the future be applicable to the provision of the Services under this Agreement.

 

Section 6.04.        Protective
Arrangements.      In the event that a Party or any of its Subsidiaries either determines on the advice of its counsel that it is
required to disclose any Information pursuant to applicable Law or receives any request or demand under lawful process or from
any Governmental Authority to disclose or provide Information of the other Party (or any of its Subsidiaries) that is subject to
the confidentiality provisions hereof, such Party shall notify the other Party (to the extent legally permitted) as promptly as
practicable under the circumstances prior to disclosing or providing such Information and shall cooperate, at the expense of the
other Party, in seeking any appropriate protective order requested by the other Party. In the event that such other Party fails
to receive such appropriate protective order in a timely manner and the Party receiving the request or demand reasonably determines
that its failure to disclose or provide such Information shall actually prejudice the Party receiving the request or demand, then
the Party that received such request or demand may thereafter disclose or provide Information to the extent required by such Law
(as so advised by its counsel) or by lawful process of such Governmental Authority, and the disclosing Party shall promptly provide
the other Party with a copy of the Information so disclosed, in the same form and format so disclosed, together with a list of
all Persons to whom such Information was disclosed, in each case to the extent legally permitted. 

 

Article VII

LIMITED LIABILITY AND INDEMNIFICATION

 

Section 7.01.       Limitations
on Liability.

 

(a)          SUBJECT
TO the obligation to re-perform a Service pursuant TO SECTION 7.02, THE LIABILITIES
OF PROVIDER AND ITS SUBSIDIARIES AND THEIR RESPECTIVE REPRESENTATIVES, COLLECTIVELY, UNDER THIS AGREEMENT FOR ANY ACT OR FAILURE
TO ACT IN CONNECTION HEREWITH (INCLUDING THE PERFORMANCE OR BREACH OF THIS AGREEMENT), OR FROM THE SALE, DELIVERY, PROVISION OR
USE OF ANY SERVICES PROVIDED UNDER OR CONTEMPLATED BY THIS AGREEMENT, WHETHER IN CONTRACT, TORT (INCLUDING NEGLIGENCE AND STRICT
LIABILITY) OR OTHERWISE, SHALL NOT EXCEED (X) IF THE SERVICES WERE PERFORMED BY PROVIDER FOR ONE YEAR OR LESS, THE AGGREGATE CHARGES
PAID TO PROVIDER BY SPINCO PURSUANT TO THIS AGREEMENT OR (Y) IF THE SERVICES WERE PERFORMED BY SUCH PROVIDER FOR MORE THAN ONE
YEAR, THE AGGREGATE CHARGES PAID TO PROVIDER BY SPINCO PURSUANT TO THIS AGREEMENT DURING THE TWELVE (12)-MONTH PERIOD IMMEDIATELY
PRECEDING THE EVENT GIVING RISE TO SUCH LIABILITIES.

 

    	 	-12-	 

     

    

 

(b)          IN
NO EVENT SHALL EITHER PARTY, ITS SUBSIDIARIES OR THEIR RESPECTIVE REPRESENTATIVES BE LIABLE TO THE OTHER PARTY FOR ANY LOSS OF
REVENUE OR INCOME, LOSS OF BUSINESS REPUTATION OR OPPORTUNITY, DIMINUTION IN VALUE, DAMAGES BASED ON ANY TYPE OF MULTIPLE OR ANY
INDIRECT, PUNITIVE, EXEMPLARY, REMOTE, SPECIAL, INCIDENTAL, CONSEQUENTIAL, SPECULATIVE OR SIMILAR DAMAGES IN EXCESS OF COMPENSATORY
DAMAGES OF THE OTHER PARTY IN CONNECTION WITH THE PERFORMANCE OF THIS AGREEMENT (OTHER THAN ANY SUCH LIABILITY OWING TO A THIRD
PARTY WITH RESPECT TO A THIRD-PARTY CLAIM), AND EACH PARTY HEREBY WAIVES ON BEHALF OF ITSELF, ITS SUBSIDIARIES AND ITS REPRESENTATIVES
ANY CLAIM FOR SUCH DAMAGES, WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE.

 

(c)          Except
for the obligation to re-perform a Service pursuant to Section 7.02 and as otherwise provided in Section 7.04, Provider
shall not be liable for any Liabilities (including, without limitation, any Liabilities sustained by SpinCo in respect of a Third
Party Claim) relating to, arising out of or resulting from the furnishing of or failure to furnish the Services, whether arising
out of breach of warranty, strict liability, tort, contract or otherwise, other than any Liability OWING TO A THIRD PARTY with
respect to a Third Party Claim resulting from Provider’s willful misconduct or fraud with respect to the furnishing of or
failure to furnish the Services hereunder.

 

(d)          The
limitations in Section 7.01(a) and Section 7.01(b) shall not apply in respect of any Liability arising
out of or in connection with (i) either Party’s Liability for breaches of confidentiality under Article VI
or (ii) willful misconduct or fraud of or by the Party to be charged.

 

Section 7.02.        Obligation
to Re-Perform; Liabilities.     In the event of any breach of this Agreement by Provider with respect to the provision of any Services
(with respect to which Provider can reasonably be expected to re-perform in a commercially reasonable manner), Provider shall (a)
promptly correct in all material respects such error, defect or breach or re-perform in all material respects such Services at
the request of SpinCo and at the sole cost and expense of Provider and (b) subject to the limitations set forth in Section 7.01,
reimburse SpinCo and its Subsidiaries and Representatives for Liabilities attributable to such breach by Provider. Except as set
forth in Section 7.04, the remedy set forth in this Section 7.02 shall be the sole and exclusive remedy of SpinCo
for any such breach of this Agreement; provided, however, that the foregoing shall not prohibit SpinCo from exercising
its right to terminate this Agreement in accordance with the provisions of Section 5.02(a)(ii). Any request for re-performance
in accordance with this Section 7.02 by SpinCo must be in writing and specify in reasonable detail the particular
error, defect or breach, and such request must be made no more than forty-five (45) days from the date on which such breach occurred.

 

Section 7.03.        SpinCo
Indemnity.      SpinCo shall indemnify, defend and hold harmless Provider, its Subsidiaries and each of their respective Representatives,
and each of the successors

 

    	 	-13-	 

     

    

 

and assigns of any of the foregoing (collectively,
the “Provider Indemnitees”), from and against any and all Liabilities owing to Third Parties with respect to
Third Party Claims relating to, arising out of or resulting from Provider’s furnishing or failing to furnish the Services
provided for in this Agreement, other than such Liabilities that relate to, arise out of or result from the willful misconduct
or fraud of any Provider Indemnitee with respect to the furnishing or failure to furnish the Services provided for in this Agreement.
The indemnification obligations set forth herein are the exclusive indemnification obligations and the sole and exclusive remedy
with respect to the matters addressed in this Section 7.03 and are in lieu of any other indemnification obligations of SpinCo
(if any) under the Separation and Distribution Agreement or any other Ancillary Agreement with respect to the matters addressed
herein.

 

Section 7.04.        Provider
Indemnity.     Provider shall indemnify, defend and hold harmless SpinCo, its Subsidiaries and each of their respective Representatives,
and each of the successors and assigns of any of the foregoing, from and against any and all Liabilities owing to Third Parties
with respect to Third Party Claims relating to, arising out of or resulting from the furnishing of or failure to furnish the Services
provided for in this Agreement, but only to the extent that such Liabilities relate to, arise out of or result from Provider’s
willful misconduct or fraud with respect to the furnishing or failure to furnish the Services provided for in this Agreement. The
indemnification obligations set forth herein are the exclusive indemnification obligations and the sole and exclusive remedy with
respect to the matters addressed in this Section 7.04 and are in lieu of any other indemnification obligations of Provider
(if any) under the Separation and Distribution Agreement or any other Ancillary Agreement, or fraud.

 

Section 7.05.        Indemnification
Procedures.      The procedures for indemnification set forth in Article VII of the Separation
and Distribution Agreement shall govern claims for indemnification under this Agreement.

 

Article VIII

TRANSITION COMMITTEE

 

Section 8.01.        Establishment.     Pursuant to the Separation and Distribution Agreement, a Transition Committee is to be established by Provider and SpinCo to, among
other things, monitor and manage matters arising out of or relating in any way to this Agreement. Without limiting the generality
of the foregoing, each Party shall cause each member of the Transition Committee who is an employee, agent or other Representative
of such Party, to work in good faith to resolve any Dispute arising out of or relating in any way to this Agreement.

 

Section 8.02.        Dispute
Resolution.      Provider and SpinCo shall attempt in good faith to resolve any Dispute arising out of or relating to this Agreement
promptly by negotiation in accordance with Article VII of the Separation and Distribution Agreement.

 

    	 	-14-	 

     

    

 

Article IX

MISCELLANEOUS

 

Section 9.01.        Mutual
Cooperation.     Each Party shall, and shall cause its Subsidiaries to, cooperate with the other Party and its Subsidiaries in
connection with the performance of the Services hereunder; provided, however, that such cooperation shall not unreasonably
disrupt the normal operations of such Party or its Subsidiaries; and, provided, further, that this Section 9.01
shall not require such Party to incur any out-of-pocket costs or expenses unless and except as expressly provided in this Agreement
or otherwise agreed to in writing by the Parties.

 

Section 9.02.        Further
Assurances.     Each Party shall take, or cause to be taken, any and all reasonable actions, including the execution, acknowledgment,
filing and delivery of any and all documents and instruments that any other Party may reasonably request to effect the intent and
purpose of this Agreement and the transactions contemplated hereby.

 

Section 9.03.        Audit
Assistance.     Each of the Parties and their respective Subsidiaries are or may be subject to regulation and audit by a Governmental
Authority (including a Taxing Authority), standards organizations, customers or other parties to contracts with such Parties or
their respective Subsidiaries under applicable Law, standards or contract provisions. If a Governmental Authority, standards organization,
customer or other party to a contract with a Party or its Subsidiary exercises its right to examine or audit such Party’s
or its Subsidiary’s books, records, documents or accounting practices and procedures pursuant to such applicable Law, standards
or contract provisions, and such examination or audit relates to the Services, then the other Party shall provide, at the sole
cost and expense of the requesting Party, all assistance reasonably requested by the Party that is subject to the examination or
audit in responding to such examination or audits or requests for Information, to the extent that such assistance or

 

    	 	-15-	 

     

    

 

Information is within the reasonable control
of the cooperating Party and is related to the Services.

 

Section 9.04.        Title
to Intellectual Property.     Except as expressly provided for under the terms of this Agreement or the Separation and Distribution
Agreement, SpinCo acknowledges that it shall acquire no right, title or interest (including any license rights or rights of use)
in any intellectual property that is owned or licensed by Provider or any of its Affiliates, by reason of the provision of the
Services hereunder. SpinCo shall not remove or alter any copyright, trademark, confidentiality or other proprietary notices that
appear on any intellectual property owned or licensed by Provider or any of its Affiliates, and SpinCo shall reproduce any such
notices on any and all copies thereof. SpinCo shall not attempt to decompile, translate, reverse engineer or make excessive copies
of any intellectual property owned or licensed by Provider or any of its Affiliates, and SpinCo shall promptly notify Provider
of any such attempt, regardless of whether by SpinCo or any Third Party, of which SpinCo becomes aware.

 

Section 9.05.        Independent
Contractors.     The Parties each acknowledge and agree that they are separate entities, each of which has entered into this Agreement
for independent business reasons. The relationships of the Parties hereunder are those of independent contractors and nothing contained
herein shall be deemed to create a joint venture, partnership or any other relationship between the Parties. Employees performing
services hereunder do so on behalf of, under the direction of, and as employees of, Provider, and SpinCo shall have no right, power
or authority to direct such employees.

 

Section 9.06.        Counterparts;
Entire Agreement; Corporate Power.

 

(a)          This
Agreement may be executed in one or more counterparts, all of which shall be considered one and the same agreement, and shall become
effective when one or more counterparts have been signed by each of the Parties and delivered to the other Party.

 

(b)          This
Agreement, the Separation and Distribution Agreement and the Ancillary Agreements and the Exhibits, Schedules and appendices hereto
and thereto contain the entire agreement between the Parties with respect to the subject matter hereof, supersede all previous
agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter,
and there are no agreements or understandings between the Parties other than those set forth or referred to herein or therein.

 

(c)          Provider
represents on behalf of itself and, to the extent applicable, each of its Subsidiaries, and SpinCo represents on behalf of itself
and, to the extent applicable, each of its Subsidiaries, as follows:

 

(i)          each
such Person has the requisite corporate or other power and authority and has taken all corporate or other action necessary to execute,
deliver and perform this Agreement and to consummate the transactions contemplated hereby; and

 

(ii)         this
Agreement has been duly executed and delivered by it and constitutes a valid and binding agreement of it enforceable in accordance
with the terms hereof.

 

    	 	-16-	 

     

    

 

(d)          Each
Party acknowledges and agrees that delivery of an executed counterpart of a signature page to this Agreement (whether executed
by manual, stamp or mechanical signature) by facsimile or by email in portable document format (PDF) shall be effective as delivery
of such executed counterpart of this Agreement. Each Party expressly adopts and confirms each such facsimile, stamp or mechanical
signature (regardless of whether delivered in person, by mail, by courier, by facsimile or by email in portable document format
(PDF)) made in its respective name as if it were a manual signature delivered in person, agrees that it will not assert that any
such signature or delivery is not adequate to bind such Party to the same extent as if it were signed manually and delivered in
person and agrees that, at the reasonable request of the other Party at any time, it will as promptly as reasonably practicable
cause this Agreement to be manually executed (any such execution to be as of the date of the initial date thereof) and delivered
in person, by mail or by courier.

 

Section 9.07.        Governing
Law; Waiver of Jury Trial.     This Agreement (and any claims or disputes arising out of or related hereto or to the transactions
contemplated hereby or to the inducement of any Party to enter herein, whether for breach of contract, tortious conduct or otherwise
and whether predicated on common law, statute or otherwise) shall be governed by and construed and interpreted in accordance with
the Laws of the State of Delaware, irrespective of the choice of Laws principles of the State of Delaware, including all matters
of validity, construction, effect, enforceability, performance and remedies. EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY
WAIVES TO THE FULLEST EXTENT PERMITTED BY LAW TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING RELATING TO THIS AGREEMENT AND FOR
ANY COUNTERCLAIM THEREIN.

 

Section 9.08.        Assignability.     This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors and permitted assigns;
provided, however, that neither Party may assign its rights or delegate its obligations under this Agreement without
the express prior written consent of the other Party. Notwithstanding the foregoing, no such consent shall be required for the
assignment of a Party’s rights and obligations under the Separation and Distribution Agreement, this Agreement and the other
Ancillary Agreements in whole (i.e., the assignment of a Party’s rights and obligations under the Separation and Distribution
Agreement, this Agreement and all the other Ancillary Agreements all at the same time) in connection with a change of control of
a Party so long as the resulting, surviving or transferee Person assumes all the obligations of the relevant party thereto by operation
of Law or pursuant to an agreement in form and substance reasonably satisfactory to the other Party. Nothing herein is intended
to, or shall be construed to, prohibit either Party or any of its Subsidiaries from being party to or undertaking a change of control.

 

Section 9.09.        Third-Party
Beneficiaries.     Except as provided in Article VII with respect to the Provider Indemnitees in their capacities as
such, (a) the provisions of this Agreement are solely for the benefit of the Parties and are not intended to confer upon any other
Person except the Parties any rights or remedies hereunder; and (b) there are no other third-party beneficiaries of this Agreement
and this Agreement shall not provide any other Third Party with any remedy, claim, Liability, reimbursement, claim of Action or
other right in excess of those existing without reference to this Agreement.

 

    	 	-17-	 

     

    

 

Section 9.10.        Notices.     All notices, requests, claims, demands or other communications under this Agreement shall be in writing and shall be given or made
(and shall be deemed to have been duly given or made upon receipt) by delivery in person, by overnight courier service, to the
respective Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in
accordance with this Section 9.10):

 

If to WestRock, to:

 

WestRock Company

504 Thrasher Street NW

Norcross, GA 30071-1967

Attention: Chief Financial Officer

 

(with a copy to):

 

WestRock Company

504 Thrasher Street NW

Norcross, GA 30071-1967

Attention: General Counsel

 

If to SpinCo, to:

 

Ingevity Corporation

5255 Virginia Avenue

North Charleston, SC 29406

Attention: General Counsel

 

Any Party may, by notice
to the other Party, change the address to which such notices are to be given.

 

Section 9.11.        Severability.     If any provision of this Agreement or the application thereof to any Person or circumstance is determined by a court of competent
jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons
or circumstances or in jurisdictions other than those as to which it has been held invalid or unenforceable, shall remain in full
force and effect and shall in no way be affected, impaired or invalidated thereby. Upon such determination, the Parties shall negotiate
in good faith in an effort to agree upon such a suitable and equitable provision to effect the original intent of the Parties.

 

Section 9.12.        Force
Majeure.     No Party shall be deemed in default of this Agreement for any delay or failure to fulfill any obligation hereunder
(other than the obligation to pay money) so long as and to the extent to which any delay or failure in the fulfillment of such
obligations is prevented, frustrated, hindered or delayed as a consequence of circumstances of Force Majeure. In the event of any
such excused delay, the time for performance (other than the obligation to pay money) shall be extended for a period equal to the
time lost by reason of the delay unless this Agreement has previously been terminated under Article V or under this
Section 9.12. A Party claiming the benefit of this provision shall, as soon as reasonably practicable after the occurrence
of any such Force Majeure, (a) provide written notice to the other Party of the nature and extent of such Force Majeure; and (b)
use commercially reasonable efforts to remove any

 

    	 	-18-	 

     

    

 

such causes and resume performance under
this Agreement as soon as reasonably practicable (and in no event later than the date that the affected Party resumes providing
analogous services to, or otherwise resumes analogous performance under any other agreement for, itself, its Affiliates or any
Third Party) unless this Agreement has previously been terminated under Article V or this Section 9.12.
SpinCo shall be (i) relieved of the obligation to pay Charges for the affected Service(s) throughout the duration of such Force
Majeure, (ii) free to acquire such Services from an alternative source, at SpinCo’s sole cost and expense, and without liability
to Provider, for the period and to the extent reasonably necessitated by such non-performance, and (iii) entitled to permanently
terminate such Service(s) if the delay or failure in providing such Services because of a Force Majeure shall continue to exist
for more than thirty (30) consecutive days (it being understood that SpinCo shall not be required to provide any advance notice
of such termination to Provider).

 

Section 9.13.        Headings.     The Article, Section and Paragraph headings contained in this Agreement are for reference purposes only and shall not affect in
any way the meaning or interpretation of this Agreement.

 

Section 9.14.        Survival
of Covenants.     Except as expressly set forth in this Agreement, the covenants, representations and warranties and other
agreements contained in this Agreement, and Liability for the breach of any obligations contained herein, shall survive the Effective
Time and shall remain in full force and effect thereafter.

 

Section 9.15.        Waivers
of Default.     Waiver by any Party of any default by the other Party of any provision of this Agreement shall not be deemed a
waiver by the waiving Party of any subsequent or other default, nor shall it prejudice the rights of the waiving Party. No failure
or delay by any Party in exercising any right, power or privilege under this Agreement shall operate as a waiver thereof, nor shall
a single or partial exercise thereof prejudice any other or further exercise thereof or the exercise of any other right, power
or privilege.

 

Section 9.16.        Specific
Performance.     Subject to Section 7.02 and Article VII of the Separation and Distribution Agreement, in the event of any actual or threatened default
in, or breach of, any of the terms, conditions and provisions of this Agreement, the Party or Parties who are, or are to be, thereby
aggrieved shall have the right to specific performance and injunctive or other equitable relief (on an interim or permanent basis)
in respect of its rights or their rights under this Agreement, in addition to any and all other rights and remedies at Law or in
equity, and all such rights and remedies shall be cumulative. The Parties agree that the remedies at Law for any breach or threatened
breach, including monetary damages, may be inadequate compensation for any loss and that any defense in any Action for specific
performance that a remedy at Law would be adequate is waived. Any requirements for the securing or posting of any bond with such
remedy are hereby waived by each of the Parties.

 

Section 9.17.        Amendments.     No provisions of this Agreement or any Ancillary Agreement shall be deemed waived, amended, supplemented or modified by a Party,
unless such waiver, amendment, supplement or modification is in writing and signed by the authorized representative of the Party
against whom it is sought to enforce such waiver, amendment, supplement or modification.

 

    	 	-19-	 

     

    

 

Section 9.18.        Interpretation.     In
this Agreement, (a) words in the singular shall be deemed to include the plural and vice versa and words of one gender shall
be deemed to include the other genders as the context requires; (b) the terms “hereof,” “herein,”
and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement
as a whole (including all of the Schedules, Annexes and Exhibits hereto) and not to any particular provision of this Agreement;
(c) Article, Section, Exhibit, Annex and Schedule references are to the Articles, Sections, Exhibits, Annexes and Schedules
to this Agreement unless otherwise specified; (d) unless otherwise stated, all references to any agreement shall be deemed
to include the exhibits, schedules and annexes to such agreement; (e) the word “including” and words of similar
import when used in this Agreement shall mean “including, without limitation,” unless otherwise specified; (f) the
word “or” shall not be exclusive; (g) unless otherwise specified in a particular case, the word “days”
refers to calendar days; (h) references to “business day” shall mean any day other than a Saturday, a Sunday
or a day on which banking institutions are generally authorized or required by law to close in the United States or Atlanta, Georgia
or Charleston, South Carolina; (i) references herein to this Agreement or any other agreement contemplated herein shall be
deemed to refer to this Agreement or such other agreement as of the date on which it is executed and as it may be amended, modified
or supplemented thereafter, unless otherwise specified; and (j) unless expressly stated to the contrary in this Agreement,
all references to “the date hereof,” “the date of this Agreement,” “hereby” and “hereupon”
and words of similar import shall all be references to May 14, 2016.

 

Section 9.19.        Mutual
Drafting.     This Agreement shall be deemed to be the joint work product of the Parties and any rule of construction that a document
shall be interpreted or construed against a drafter of such document shall not be applicable to this Agreement.

 

Section 9.20.        Effect
if Distribution Does Not Occur.     If the Distribution does not occur, then all actions and events that are, under this Agreement,
to be taken or occur shall not be taken or occur except to the extent specifically agreed by the parties.

 

[Remainder of page intentionally left
blank]

 

    	 	-20-	 

     

    

 

IN WITNESS WHEREOF, the Parties
have caused this Agreement to be executed by their duly authorized Representatives.

 

	 	WESTROCK COMPANY
	 	 	 
	 	By:	/s/ Robert B. McIntosh
	 	 	Name: Robert B. McIntosh
	 	 	Title: Executive Vice President, General Counsel
	 	 	 
	 	INGEVITY CORPORATION
	 	 	 
	 	By:	/s/ Edward A. Rose
	 	 	Name: Edward A. Rose
	 	 	Title: President, Specialty Chemicals

 

[Signature Page to Transition Services
Agreement]EXHIBIT 10.3

 

EMPLOYEE
MATTERS AGREEMENT

 

by and between

 

WESTROCK
COMPANY

 

and

 

INGEVITY
CORPORATION

 

Dated as of May 14, 2016

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
		
	ARTICLE I DEFINITIONS	1
	 	 
	ARTICLE II GENERAL PRINCIPLES	8
	 	 
	2.1	Employment of SpinCo Employees	8
	2.2	Assumption and Retention of Liabilities; Related Assets	8
	2.3	SpinCo Participation in Parent Benefit Plans	9
	2.4	Terms of Participation by SpinCo Employees in SpinCo Benefit Plans	9
	2.5	Commercially Reasonable Efforts	9
	2.6	Regulatory Compliance	9
	2.7	Approval by Parent as Sole Stockholder	9
	2.8	No Change in Control	10
	 	 	 
	ARTICLE III DEFINED CONTRIBUTION PLANS; DEFINED BENEFIT PLANS	10
	 	 
	3.1	Defined Contribution Plans	10
	3.2	Defined Benefit Plans	11
	 	 	 
	ARTICLE IV HEALTH AND WELFARE PLANS	13
	 	 
	4.1	U.S. Health and Welfare Plans	13
	4.2	Non-U.S. Health and Welfare Plans	15
	4.3	Retention of Sponsorship and Liabilities	15
	4.4	Workers’ Compensation Liabilities	16
	4.5	Payroll Taxes and Reporting of Compensation	16
	 	 	 
	ARTICLE V EXECUTIVE BENEFITS AND OTHER BENEFITS	16
	 	 
	5.1	Assumption of Executive Benefit Plan Obligations	16
	5.2	Short-Term Incentive Awards	17
	5.3	Parent Equity and Long-Term Incentive Awards	17
	5.4	Employment Agreements	20
	5.5	Parent Executive DC Plans	20
	5.6	Severance	21
	 	 	 
	ARTICLE VI LABOR MATTERS	21
	 	 
	6.1	Works Councils; Employee Notices	21
	6.2	Collective Bargaining Agreements	22
	6.3	Reinstatements	22
	 	 	 
	ARTICLE VII GENERAL AND ADMINISTRATIVE	22
	 	 
	7.1	Sharing of Participant Information	22
	7.2	Reasonable Efforts/Cooperation	23
	7.3	No Third-Party Beneficiaries	23
	7.4	Fiduciary Matters	23
	7.5	Consent of Third Parties	23
	 	 	 
	ARTICLE VII MISCELLANEOUS	24
	 	 
	8.1	Effect If Effective Time Does Not Occur	24
	8.2	Relationship of Parties	24
	8.3	Affiliates	24
	8.4	Notices	24
	8.5	Incorporation of Separation and Distribution Agreement Provisions	24

 

 

 

 

 

    	 	 i	 

     

    

 

EMPLOYEE
MATTERS AGREEMENT

 

This Employee Matters Agreement (this “Agreement”),
dated as of May 14, 2016, with effect as of the Effective Time (as defined below), is entered into by and between
WestRock Company, a Delaware corporation (“Parent”),
and Ingevity Corporation, a Delaware corporation (“SpinCo,”
and together with Parent, the “Parties”).

 

RECITALS:

 

WHEREAS, Parent and SpinCo have entered
into a Separation and Distribution Agreement pursuant to which the Parties have set out the terms on which, and the conditions
subject to which, they wish to implement the Separation (as defined in the Separation and Distribution Agreement) (such agreement,
as amended, restated or modified from time to time, the “Separation
and Distribution Agreement”).

 

WHEREAS, in connection therewith, Parent
and SpinCo have agreed to enter into this Agreement to allocate between them assets, liabilities and responsibilities with respect
to certain employee compensation, pension and benefit plans, programs and arrangements and certain employment matters.

 

NOW THEREFORE, in consideration of the mutual
agreements, covenants and other provisions set forth in this Agreement, the Parties hereby agree as follows:

 

ARTICLE
I

DEFINITIONS

 

Unless otherwise defined in this Agreement,
capitalized words and expressions and variations thereof used in this Agreement have the meanings set forth below. Capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Separation and Distribution Agreement.

 

1.1         “Accrued
Union Hourly DB Benefit” has the meaning set forth in Section 3.2(b).

 

1.2         “Affiliate”
has the meaning given that term in the Separation and Distribution Agreement.

 

1.3         “Agreement”
means this Employee Matters Agreement, including all the Schedules hereto.

 

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1.4         “Ancillary
Agreements” has the meaning given that term in the Separation and Distribution Agreement.

 

1.5         “Approved
Leave of Absence” means an absence from active service pursuant to an approved leave policy with a guaranteed right of
reinstatement.

 

1.6         “Benefit
Agreement” means each employment, consulting, bonus, incentive, deferred compensation, equity or equity-based compensation,
change in control, retention, severance, termination, restrictive covenant or other compensatory Contract between any Parent Entity
or SpinCo Entity, on the one hand, and any current or former employee or service provider of any Parent Entity or SpinCo Entity
(as applicable), on the other hand.

 

1.7         “Benefit
Plan” means, with respect to an entity or any of its Subsidiaries, (a) each “employee welfare benefit plan”
(as defined in Section 3(1) of ERISA) and all other employee benefits arrangements, plans, policies or payroll practices (including
severance pay, sick leave, vacation pay, salary continuation, disability, retirement, deferred compensation, bonus, stock option
or other equity-based compensation, hospitalization, medical insurance or life insurance) sponsored or maintained by such entity
or by any of its Subsidiaries (or to which such entity or any of its Subsidiaries contributes or is required to contribute) and
(b) all “employee pension benefit plans” (as defined in Section 3(2) of ERISA), occupational pension plan or arrangement
or other pension arrangements sponsored, maintained or contributed to by such entity or any of its Subsidiaries (or to which such
entity or any of its Subsidiaries contributes or is required to contribute). For the avoidance of doubt, “Benefit Plans”
includes Health and Welfare Plans, Parent Executive DB Plans, and SpinCo Executive Benefit Plans. When immediately preceded by
“Parent,” Benefit Plan means any Benefit Plan sponsored, maintained or contributed to by Parent or a Parent Entity
or any Benefit Plan with respect to which Parent or a Parent Entity is a party and when immediately preceded by “SpinCo,”
Benefit Plan means any Benefit Plan sponsored, maintained or contributed to by SpinCo or any SpinCo Entity or any Benefit Plan
with respect to which SpinCo or a SpinCo Entity is a party, as in effect as of the time relevant to the applicable provision of
this Agreement; provided however, a Benefit Plan sponsored or maintained by Parent or a Parent Entity shall not be a SpinCo
Benefit Plan (regardless of whether such Benefit Plan is contributed to by SpinCo or a SpinCo Entity), and a Benefit Plan sponsored
or maintained by SpinCo or a SpinCo Entity shall not be a Parent Benefit Plan (regardless of whether such Benefit Plan is contributed
to by Parent or a Parent Entity).

 

1.8         “Cash
LTI Award” means a cash-based long-term incentive award granted under any Parent Long-Term Incentive Plan.  

 

1.9         “COBRA”
means the continuation coverage requirements for “group health plans” under Title X of the Consolidated Omnibus Budget
Reconciliation Act of 1985, as amended, and as codified in Code § 4980B and ERISA §§ 601 through 608.

 

1.10       “Code”
means the Internal Revenue Code of 1986, as amended, or any successor U.S. federal income tax law. Reference to a specific Code
provision also includes any proposed, temporary or final regulation in force under that provision.

 

1.11       “Collective
Bargaining Agreement” has the meaning set forth in Section 6.2.

 

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1.12       “Committee” has the meaning set forth in Section 5.3(a).

 

1.13       “Contract”
has the meaning given that term in the Separation and Distribution Agreement.

 

1.14       “Distribution
Date” has the meaning given that term in the Separation and Distribution Agreement.

 

1.15       “Effective
Time” has the meaning given that term in the Separation and Distribution Agreement.

 

1.16       “ERISA”
means the Employee Retirement Income Security Act of 1974, as amended. Reference to a specific provision of ERISA also includes
any proposed, temporary or final regulation in force under that provision.

 

1.17       “Former
Parent Employee” means any individual who is a former employee of the Parent Group or the SpinCo Group and who has not
resumed employment with the Parent Group, in each case, other than any SpinCo Employee or Former SpinCo Employee.

 

1.18       “Former
SpinCo Employee” means any individual who becomes a former employee of the SpinCo Group on or after January 1, 2016 and
who has not resumed employment with the SpinCo Group as of the Effective Time.

 

1.19       “Former
SpinCo Non-U.S. Employee” means a Former SpinCo Employee whose principal place of employment or engagement was outside
of the United States at the time such employee ceased to be a SpinCo Employee.

 

1.20       “Former
SpinCo U.S. Employee” means a Former SpinCo Employee whose principal place of employment or engagement was in the United
States at the time such employee ceased to be a SpinCo Employee.

 

1.21       “Health
and Welfare Plans” means any plan, fund or program which was established or is maintained for the purpose of providing
for its participants or their dependents and beneficiaries, through the purchase of insurance or otherwise, medical (including
PPO, EPO and HDHP coverages), dental, prescription, vision, short-term disability, long-term disability, life and AD&D, employee
assistance, group legal services, wellness, cafeteria (including premium payment, health flexible spending account and dependent
care flexible spending account components), travel reimbursement, transportation, or other benefits in the event of sickness, accident,
disability, death or unemployment, or vacation benefits, apprenticeship or other training programs or day care centers, scholarship
funds, or prepaid legal services, including any such plan, fund or program as defined in Section 3(1) of ERISA.

 

1.22       “HIPAA”
means the health insurance portability and accountability requirements for “group health plans” under the Health Insurance
Portability and Accountability Act of 1996, as amended.

 

1.23       “Liability”
has the meaning given that term in the Separation and Distribution Agreement.

 

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1.24       “MeadWestvaco
Long-Term Incentive Plans” means the MeadWestvaco Corporation 2005 Performance Incentive Plan, the 2009 Compensation
Plan for Non-Employee Directors, the 1996 Stock Option Plan, each as amended and restated and any other plan providing for the
grant of equity-based compensation or cash-based long-term incentive awards maintained by MeadWestvaco Corporation on or prior
to July 1, 2015.

 

1.25       “Non-U.S.
Health and Welfare Plan” means any Health and Welfare Plan that is not a U.S. Health and Welfare Plan.

 

1.26       “NYSE”
has the meaning given that term in the Separation and Distribution Agreement.  

 

1.27        “Option”
(a) when immediately preceded by “Parent” means an option (either nonqualified or incentive) to purchase shares of
Parent Common Stock granted under any Parent Long-Term Incentive Plan and (b) when immediately preceded by “SpinCo,”
Option means an option (either nonqualified or incentive) to purchase shares of SpinCo Common Stock following the Effective Time
granted (or deemed to be granted) under the SpinCo Long-Term Incentive Plan.  If not immediately preceded by “Parent”
or “SpinCo”, Option means Parent Options and SpinCo Options.

 

1.28       “Parent
401(k) Plans” means the WestRock Company 401(k) Retirement Savings Plan or any other defined contribution plan intended
to be qualified under Section 401 of the Code maintained by Parent or any Parent Entity as in effect as of the time relevant to
the applicable provision of this Agreement.

 

1.29       “Parent
Common Stock” means shares of common stock, $0.01 par value per share, of Parent

 

1.30       “Parent
DSU” means an award of director stock units corresponding to shares of Parent Common Stock granted under any Parent Long-Term
Incentive Plan.

 

1.31        “Parent
Employee” means any individual who (a) as of immediately prior to January 1, 2016, was either actively employed by, or
then on Approved Leave of Absence from, any Parent Entity or (b) became actively employed by any Parent Entity on or after such
date, in each case, excluding any Former Parent Employee, SpinCo Employee, or Former SpinCo Employee.

 

1.32       “Parent
Entities” means the members of the Parent Group, as defined in the Separation and Distribution Agreement.

 

1.33       “Parent
Executive DB Plans” means the Rock-Tenn Company Supplemental Executive Retirement Plan, the MeadWestvaco Corporation
Executive Retirement Plan, the MeadWestvaco Corporation Retirement Restoration Plan, each as amended and restated, or any other
similar plan maintained by Parent as in effect as of the time relevant to the applicable provision of this Agreement, other than
any Parent Executive DC Plan.

 

1.34       “Parent
Executive DC Plans” means the MeadWestvaco Deferred Income Plan, the Rock-Tenn Company Supplemental Retirement Savings
Plan, the WestRock Company

 

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Deferred Compensation Plan or any other supplemental
defined contribution plan maintained by Parent as in effect as of the time relevant to the applicable provision of this Agreement.

 

1.35       “Parent
Retiree Life Insurance Plan” means the MeadWestvaco Corporation Retiree Welfare Benefit Program, to the extent such program
provides for post-employment life insurance benefits.

 

1.36       “Parent
Retiree Medical Plan” means the MeadWestvaco Corporation Retiree Welfare Benefit Program, to the extent such program
provides for post-employment health insurance benefits.

 

1.37       “Parent
Union Hourly DB Plan” has the meaning set forth in Section 3.2(a).

 

1.38       “Parent
Indemnitees” has the meaning given that term in the Separation and Distribution Agreement.

 

1.39       “Parent
Long-Term Incentive Plans” means the WestRock Company 2016 Incentive Stock Plan, Rock-Tenn Company Amended and Restated
2004 Incentive Stock Plan, the Rock-Tenn Company 2000 Incentive Stock Plan, the Rock-Tenn Company 1993 Employee Stock Option Plan,
the MeadWestvaco Corporation 2005 Performance Incentive Plan, the 2009 Compensation Plan for Non-Employee Directors and the 1996
Stock Option Plan, each as amended and restated, and any other plan providing for the grant of equity-based compensation or cash-based
long-term incentive awards maintained by Parent, as in effect as of the time relevant to the applicable provision of this Agreement.

 

1.40       “Parent
Non-U.S. Health and Welfare Plans” has the meaning set forth in Section 4.3(b) of this Agreement.

 

1.41       “Parent
Pension Plan” has the meaning set forth in Section 3.2(a).

 

1.42       “Parent
Post-Separation Stock Value” means the closing per-share price of Parent Common Stock in the “ex-distribution
market” on the NYSE on the last trading day preceding the Distribution Date, as reported by Bloomberg L.P.

 

1.43       “Parent
Pre-Separation Stock Value” means the closing per-share price of Parent Common Stock trading “regular way with
due bills” on the NYSE on the last trading day preceding the Distribution Date, as reported by Bloomberg L.P.

 

1.44       “Parent
Ratio” means the quotient obtained by dividing the Parent Pre-Separation Stock Value by the Parent Post-Separation Stock
Value.

 

1.45       “Parent
U.S. Health and Welfare Plan” means a U.S. Health and Welfare Plan sponsored by any Parent Entity, other than a SpinCo
U.S. Health and Welfare Plan.

 

1.46       “Parent”
has the meaning set forth in the preamble to this Agreement.

 

1.47       “Participating
Company” means (a) Parent and (b) any other Person (other than an individual) that participates in a plan sponsored by
any Parent Entity.

 

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1.48       “Parties”
has the meaning set forth in the preamble to this Agreement.

 

1.49       “Person”
has the meaning given that term in the Separation and Distribution Agreement.

 

1.50       “Reimbursement
Award” means any award, whether vested or unvested, that was granted under any MeadWestvaco Long-Term Incentive Plan
(other than any Cash LTI Award) that is outstanding as of immediately prior to the Effective Time and held by a SpinCo Employee.

 

1.51       “Reimbursement
Event” means (i) the settlement of any Reimbursement Award that is an RSU, Restricted Share or similar full-value share-based
award or (ii) the exercise of any Reimbursement Award that is an Option or SAR.

 

1.52       “Reimbursement
Invoice” has the meaning set forth in Section 5.3(e).

 

1.53       “Restricted
Share” (a) when immediately preceded by “Parent,” means a share of Parent Common Stock that is subject to
transfer restrictions granted under any Parent Long-Term Incentive Plan and (b) when immediately preceded by “SpinCo,”
means a share of SpinCo Common Stock that is subject to transfer restrictions following the Effective Time granted (or deemed to
be granted) under the SpinCo Long-Term Incentive Plan.  If not immediately preceded by “Parent” or “SpinCo”,
Restricted Share means Parent Restricted Shares and SpinCo Restricted Shares.

 

1.54       “Retiree
Life Participants” has the meaning set forth in Section 4.1(f).

 

1.55       “Retiree
Medical Beneficiaries” has the meaning set forth in Section 4.1(d).

 

1.56       “Retiree
Medical Invoice” has the meaning set forth in Section 4.1(d).

 

1.57       “RSU”
(a) when immediately preceded by “Parent,” means units granted under any Parent Long-Term Incentive Plan representing
a general unsecured promise by Parent to pay the value of shares of Parent Common Stock in cash or shares of Parent Common Stock,
other than Parent DSUs, and, (b) when immediately preceded by “SpinCo,” means units granted (or deemed to be granted)
under the SpinCo Long-Term Incentive Plan representing a general unsecured promise by SpinCo to pay the value of shares of SpinCo
Common Stock in cash or shares of SpinCo Common Stock following the Effective Time.  If not immediately preceded by “Parent”
or “SpinCo”, RSU means Parent RSUs and SpinCo RSUs.

 

1.58       “SAR”
(a) when immediately preceded by “Parent” means a stock appreciation right covering shares of Parent Common Stock granted
under any Parent Long-Term Incentive Plan, and (b) when immediately preceded by “SpinCo,” SAR means a stock appreciation
right covering shares of SpinCo Common Stock following the Effective Time granted (or deemed to be granted) under the SpinCo Long-Term
Incentive Plan.  If not immediately preceded by “Parent” or “SpinCo”, SAR means Parent SARs and
SpinCo SARs.

 

1.59       “Section
414(l) Amount” has the meaning set forth in Section 3.2(c).

 

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1.60       “Separation
and Distribution Agreement” has the meaning set forth in the recitals to this Agreement.

 

1.61       “Separation”
has the meaning given that term in the Separation and Distribution Agreement.

 

1.62       “SpinCo”
has the meaning set forth in the preamble to this Agreement.

 

1.63       “SpinCo
401(k) Plan” has the meaning set forth in Section 3.1(a).

 

1.64       “SpinCo
401(k) Plan Trust” has the meaning set forth in Section 3.1(a).

 

1.65       “SpinCo
Common Stock” means shares of common stock, $0.01 par value per share, of SpinCo.

 

1.66       “SpinCo
Employee” means any individual who (a) as of immediately prior to January 1, 2016, was either actively employed by,
or then on Approved Leave of Absence (including, for the avoidance of doubt, any individual absent due to long-term disability
as determined by Parent in its sole discretion) from, a SpinCo Entity or (b) became actively employed by a SpinCo Entity on or
after such date, in each case, excluding any Former SpinCo Employee.

 

1.67       “SpinCo
Entities” means the members of the SpinCo Group as defined in the Separation and Distribution Agreement.

 

1.68       “SpinCo
Executive Benefit Plans” means the executive benefit and nonqualified plans, programs, and arrangements established,
sponsored, maintained, or agreed upon, by any SpinCo Entity for the benefit of employees and former employees of any SpinCo Entity.

 

1.69       “SpinCo
Executive DB Obligations” has the meaning set forth in Section 5.1.

 

1.70       “SpinCo
Executive DC Plan” has the meaning set forth in Section 5.5(b).

 

1.71       “SpinCo
Long-Term Incentive Plan” has the meaning set forth in Section 2.7.

 

1.72       “SpinCo
Non-U.S. Health and Welfare Plans” has the meaning set forth in Section 4.2.

 

1.73       “SpinCo
Non-U.S. Employee” means a SpinCo Employee whose principal place of employment or engagement is outside the United States.

 

1.74       “SpinCo
NQDC Plan” has the meaning set forth in Section 5.5(b).

 

1.75       “SpinCo
Pension Plan” has the meaning set forth in Section 3.2(b).

 

1.76       “SpinCo
Pension Plan Trust” has the meaning set forth in Section 3.2(b).

 

1.77       “SpinCo
U.S. Employee” means a SpinCo Employee whose principal place of employment or engagement is in the United States.

 

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1.78       “SpinCo
U.S. Health and Welfare Plans” has the meaning set forth in Section 4.1(a) of this Agreement.

 

1.79       “Subsidiary”
has the meaning given that term in the Separation and Distribution Agreement.

 

1.80       “Transfer
Date” has the meaning set forth in Section 3.2(c).

 

1.81       “Union
Hourly SpinCo Employee” means each SpinCo Employee (including, for the avoidance of doubt, those SpinCo Employees on
Approved Leave of Absence, including due to long-term disability as determined by Parent in its sole discretion) who, as of immediately
prior to the Effective Time, is participating in any Parent Pension Plan under any benefit formula applicable to bargained hourly
employees.

 

1.82       “United
States” or “U.S.” means the 50 United States of America and the District of Columbia.

 

1.83       “U.S.
Health and Welfare Plan” means any Health and Welfare Plan that is primarily for the benefit of employees whose principal
place of employment or engagement is in the United States.

 

ARTICLE
II

GENERAL PRINCIPLES

 

2.1         Employment
of SpinCo Employees. All employees of SpinCo and each other SpinCo Entity as of immediately prior to the Effective Time (including,
for the avoidance of doubt, any individual absent due to long-term disability as determined by Parent in its sole discretion) shall
continue to be employees of SpinCo or such other SpinCo Entity, as the case may be, immediately after the Effective Time.

 

2.2         Assumption
and Retention of Liabilities; Related Assets.

 

(a)          As
of the Distribution Date, except as expressly provided in this Agreement, the Parent Entities shall assume or retain and Parent
hereby agrees to pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all Parent Benefit Plans
with respect to all Parent Employees, Former Parent Employees and their dependents and beneficiaries, (ii) all Liabilities with
respect to the employment or termination of employment of all Parent Employees and Former Parent Employees, and (iii) any other
Liabilities expressly assigned to Parent under this Agreement. All assets held in trust to fund the Parent Benefit Plans and all
insurance policies funding the Parent Benefit Plans shall be Parent Assets (as defined in the Separation and Distribution Agreement),
except to the extent specifically provided otherwise in this Agreement.

 

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(b)          From
and after the Distribution Date, except as expressly provided in this Agreement, SpinCo and the SpinCo Entities shall assume or
retain, as applicable, and SpinCo hereby agrees to pay, perform, fulfill and discharge, in due course in full, (i) all Liabilities
under all SpinCo Benefit Plans, (ii) all Liabilities with respect to the employment or termination of employment of all SpinCo
Employees and Former SpinCo Employees, and (iii) any other Liabilities expressly assigned to SpinCo or any SpinCo Entity under
this Agreement.

 

2.3         SpinCo
Participation in Parent Benefit Plans. Except as expressly provided in this Agreement, effective as of the Effective Time (or,
in the case of Parent U.S. Health and Welfare Plans and Parent 401(k) Plans, January 1, 2016), SpinCo and each other SpinCo Entity
shall cease to be a Participating Company in any Parent Benefit Plan and each SpinCo Employee and each Former SpinCo Employee shall
cease to be an individual participant in any Parent Benefit Plan, and Parent and SpinCo shall take all necessary action to effectuate
such cessation as a Participating Company and as an individual participant.  With respect to SpinCo Employees and Former
SpinCo Employees, service with SpinCo or any other SpinCo Entity on or after the Effective Time (or, in the case of Parent U.S.
Health and Welfare Plans and Parent 401(k) Plans, January 1, 2016) shall not be recognized under any Parent Benefit Plan for any
purpose, except to the extent otherwise required by applicable law or as expressly provided in this Agreement.

 

2.4         Terms
of Participation by SpinCo Employees in SpinCo Benefit Plans. Parent and SpinCo shall agree on methods and procedures, including
amending the respective Benefit Plan documents, to prevent SpinCo Employees from receiving duplicative benefits from the Parent
Benefit Plans and the SpinCo Benefit Plans.  With respect to SpinCo Employees, each SpinCo Benefit Plan shall provide
that all service, all compensation and all other benefit-affecting determinations that, as of the Effective Time, were recognized
under the corresponding Parent Benefit Plan shall, as of immediately after the Distribution Date or any subsequent effective date
for such SpinCo Benefit Plan, receive full recognition, credit and validity and be taken into account under such SpinCo Benefit
Plan to the same extent as if such items occurred under such SpinCo Benefit Plan, except to the extent that duplication of benefits
would result or for benefit accrual under any defined benefit pension plan.

 

2.5         Commercially
Reasonable Efforts. Parent and SpinCo shall use commercially reasonable efforts to (a) enter into any necessary agreements
to accomplish the assumptions and transfers contemplated by this Agreement and (b) provide for the maintenance of the necessary
participant records, the appointment of the trustees and the engagement of recordkeepers, investment managers, providers, insurers,
and other third parties reasonably necessary to maintaining and administering the Parent Benefit Plans and the SpinCo Benefit Plans.

 

2.6         Regulatory
Compliance. Parent and SpinCo shall, in connection with the actions taken pursuant to this Agreement, reasonably cooperate
in making any and all appropriate filings required under the Code, ERISA and any applicable securities laws, implementing all appropriate
communications with participants, transferring appropriate records and taking all such other reasonable actions as the requesting
party may reasonably determine to be necessary or appropriate to implement the provisions of this Agreement in a timely manner.

 

2.7         Approval
by Parent as Sole Stockholder. Prior to the Effective Time, Parent shall cause SpinCo to adopt a long-term incentive plan or
program, to be effective immediately prior

 

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to the Distribution Date (the “SpinCo
Long-Term Incentive Plan”) and Parent shall approve the SpinCo Long-Term Incentive Plan as the sole stockholder of SpinCo.

 

2.8         No
Change in Control.  The Parties hereto agree that none of the transactions contemplated by the Separation and Distribution
Agreement or any of the Ancillary Agreements, including this Agreement, constitutes a “change in control,” “change
of control” or similar term, as applicable, within the meaning of any SpinCo Benefit Plan or SpinCo Benefit Agreement, including
the SpinCo Long-Term Incentive Plan.

 

ARTICLE
III

Defined Contribution Plans; Defined Benefit Plans

 

3.1         Defined
Contribution Plans.

 

(a)          SpinCo
has established a defined contribution Benefit Plan intended to be qualified under Section 401(a) of the Code (the “SpinCo
401(k) Plan”) and a related trust that is intended to be exempt from tax under Section 501(a) of the Code (the “SpinCo
401(k) Plan Trust”). Effective as of January 1, 2016, Parent implemented a trust to trust transfer of the accounts of
the SpinCo Employees and Former SpinCo Employees (in each case, determined as of the date of transfer) under the Parent 401(k)
Plan (including any outstanding participant loans) and such accounts were transferred to the SpinCo 401(k) Plan and the SpinCo
401(k) Plan Trust in cash or such other assets as determined by Parent in its sole discretion; provided that shares of Parent
Common Stock were transferred as provided in Section 3.1(b).  Effective as of January 1, 2016, SpinCo shall cause
the SpinCo 401(k) Plan to assume and be solely responsible for all Liabilities for plan benefits under the SpinCo 401(k) Plan to
or relating to SpinCo Employees and Former SpinCo Employees, including those whose accounts have been transferred from the Parent
401(k) Plan. Parent and SpinCo agree to cooperate in making all appropriate filings and taking all reasonable actions required
to implement the provisions of this Section 3.1; provided that SpinCo acknowledges that it will be responsible for
complying with any requirements and applying for any Internal Revenue Service determination letters with respect to the SpinCo
401(k) Plan.

 

(b)          Stock
Considerations.

 

(i)          To
the extent that SpinCo Employees or Former SpinCo Employees hold shares of Parent Common Stock under the SpinCo 401(k) Plan, such
shares will be deposited in a stock fund under the SpinCo 401(k) Plan, subject to such limitations (including the ability to dispose
of such shares of Parent Common Stock in accordance with the terms of the SpinCo 401(k) Plan), or the removal of such stock fund,
in each case, as determined solely by SpinCo or the applicable fiduciary of the SpinCo 401(k) Plan.  Following January
1, 2016, SpinCo Employees and Former SpinCo Employees shall not be permitted to acquire shares of Parent Common Stock in any stock
fund under the SpinCo 401(k) Plan, except for dividend reinvestments permitted under the terms of the SpinCo 401(k) Plan.

 

(ii)         To
the extent that Parent Employees or Former Parent Employees receive shares of SpinCo Common Stock in connection with the Separation
with respect

 

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to Parent Common Stock held under
the Parent 401(k) Plan, such shares will be deposited in the Parent 401(k) Plan, subject to such limitations (including the ability
to dispose of such shares of SpinCo Common Stock in accordance with the terms of the Parent 401(k) Plan), or the removal of such
fund, in each case, as determined solely by Parent or the applicable fiduciary of the Parent 401(k) Plan.  Following
January 1, 2016, Parent Employees and Former Parent Employees shall not be permitted to acquire shares of SpinCo Common Stock fund
under the Parent 401(k) Plan, except for the shares of SpinCo Common Stock acquired in connection with the Separation.

 

(c)          Parent
and SpinCo shall assume sole responsibility for ensuring that their respective savings plans are maintained in compliance with
applicable laws (including the fiduciary requirements under ERISA) with respect to holding shares of their respective common stock
and common stock of the other Party.

 

3.2         Defined
Benefit Plans.   (a)  On and after the Distribution Date, (i) Parent shall make payments under any Parent
Benefit Plan that is a defined benefit pension plan subject to Title IV of ERISA, other than a “multiemployer plan”
as defined in Section 4001(a)(3) of ERISA, (each a “Parent Pension Plan”) to any SpinCo Employees who participated
in any such Parent Pension Plan prior to the Distribution Date, other than any Union Hourly SpinCo Employee and (ii) Parent shall
make payments under any Parent Pension Plan to any Parent Employee, Former Parent Employee or Former SpinCo Employee (for the avoidance
of doubt, determined as of the Distribution Date), in each case, in accordance with the terms of the applicable Parent Pension
Plan as in effect from time to time.

 

(b)          Establishment
of SpinCo Pension Plan.  As of the Distribution Date, SpinCo shall have in effect a defined benefit pension plan
that is intended to be qualified under Section 401(a) of the Code (the “SpinCo Pension Plan”) and a related
trust that is intended to be exempt from tax under Section 501(a) of the Code (the “SpinCo Pension Plan Trust”).  The
SpinCo Pension Plan shall be established and maintained for the benefit of all Union Hourly SpinCo Employees.  Without
limiting the generality of Section 2.2 or Section 2.3, as of the Effective Time, (i) each Union Hourly SpinCo Employee
shall become a participant in the SpinCo Pension Plan and (ii) SpinCo shall assume all Liabilities and obligations of the Parent
Entities for the benefits accrued by the Union Hourly SpinCo Employees in respect of service prior to the Effective Time under
any benefit formula applicable to bargained hourly employees (such benefits, the “Accrued Union Hourly DB Benefits”)
whether arising prior to, at or after the Effective Time; provided that, for the period between the Distribution Date and
the Transfer Date (as defined below), Parent or any other applicable Parent Entity shall, to the extent permitted by applicable
law, continue to make benefit payments to Union Hourly SpinCo Employees from the Parent Pension Plans in respect of benefit payments
under the SpinCo Pension Plan.  The SpinCo Pension Plan and the SpinCo Pension Plan Trust (and any successors to such
plan and/or trust) shall provide that (A) with respect to assets transferred to the SpinCo Pension Plan from the Parent Pension
Plans in accordance with Section 3.2(c), such assets shall be held by the SpinCo Pension Plan Trust for the exclusive benefit
of the participants in the SpinCo Pension Plan, (B) the Accrued Union Hourly DB Benefits may not be decreased by amendment or otherwise
and (C) at the time he or she otherwise would be eligible to receive a payment in respect of his or her Accrued Union Hourly DB
Benefit, each Union Hourly SpinCo Employee shall have the right to elect to receive under the SpinCo Pension Plan his or her

 

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Accrued Union Hourly DB Benefit in any form
such Union Hourly SpinCo Employee would have been permitted to elect under the Parent Pension Plan.  

 

(c)          Transfer
of Assets to SpinCo Pension Plan.  As soon as practicable following the Effective Time and subject to this Section
3.2(c), Parent shall cause the trustee of the applicable Parent Pension Plans to transfer to the trustee of the SpinCo Pension
Plan assets in respect of the Accrued Union Hourly DB Benefits equal to:  (i) the amount required to be transferred
pursuant to Section 414(l) of the Code, Treasury Regulation Section 1.414(l)-1(n)(2) (unless the requirements of such section
cannot be satisfied) and such other applicable law using the actuarial assumptions and methodology deemed reasonable by Parent
in its sole discretion (for the avoidance of doubt, such actuarial assumptions and methodology need not include the safe harbor
assumptions specified in Section 414(l) of the Code), subject to any requirements under such Section of the Code and ERISA (the
“Section 414(l) Amount”); plus (ii) for the period between the Distribution Date and the date such assets
are transferred (the “Transfer Date”), an interest increment on the Section 414(l) Amount at the rate equal
to the yield on the three month US Treasury Bill rate as of the Distribution Date; less (iii) any benefit payments that
are made from the Parent Pension Plans to the Union Hourly SpinCo Employees in respect of the Accrued Union Hourly DB Benefits
for the period between the Distribution Date and the Transfer Date; less (iv) any costs or expenses incurred by
Parent in respect of the Accrued Union Hourly DB Benefits for the period between the Distribution Date and the Transfer Date.  Notwithstanding
the foregoing, no transfer shall be made until such time as Parent has been provided evidence reasonably satisfactory to Parent
that SpinCo has submitted the SpinCo Pension Plan to the Internal Revenue Service for a favorable determination letter;
provided that, to the fullest extent permitted by law, SpinCo shall, and shall cause each of the other SpinCo Entities
to, indemnify, defend and hold harmless the Parent Indemnitees, from and against any and all Liabilities of the Parent Indemnitees
relating to, arising out of or resulting from, directly or indirectly, SpinCo not having received the applicable favorable determination
letter.  For purposes of this Section 3.2(c), the fair market value of the assets of the Parent Pension Plans
shall be based on actual market values as of the Distribution Date. For the avoidance of doubt, Parent and the trustee of the
applicable Parent Pension Plan shall retain all assets of the applicable Parent Pension Plan other than the assets described in
the first sentence of this Section 3.2(c).

 

(d)          Determination
of Section 414(l) Amount; Disputes.  The Section 414(l) Amount shall be determined by an enrolled actuary designated
by Parent, and Parent shall provide an actuary designated by SpinCo with information reasonably necessary to calculate the Section
414(l) Amount and to verify that such calculations have been performed in a manner consistent with Section 414(l) of the Code.  Within
14 days following receipt by SpinCo’s actuary of the calculation of the Section 414(l) Amount, SpinCo shall notify Parent
in writing if there is a good faith dispute between Parent’s actuary and SpinCo’s actuary as to whether Parent’s
calculation of the Section 414(l) Amount is in violation of applicable law or contains errors of a mathematical nature.  If
SpinCo does not notify Parent of any such good faith dispute within such 14-day period, the determination of Parent’s actuary
shall become conclusive, final and binding.  If any such dispute remains unresolved for 14 days following Parent’s
receipt of such written notification from SpinCo (or within such longer period as Parent and SpinCo shall mutually agree), Parent
and SpinCo shall (in writing) select and appoint a third actuary (the cost of which shall be borne equally by Parent and SpinCo),
who shall make a final and binding

 

    	 	12	 

     

    

 

determination of the Section 414(l) Amount
in accordance with applicable law.  Each of Parent and SpinCo shall be responsible for the cost of its own actuary.  Parent’s
actuary shall be responsible for the required actuarial certification under Section 414(l) of the Code.

 

(e)          Filings.  Parent
and SpinCo shall reasonably cooperate to make any and all filings and submissions to the appropriate governmental agencies and
authorities required to be made by Parent or SpinCo in effectuating the provisions of this Section 3.2, including (i) IRS Forms
5310-A in respect of the transfers of assets, if applicable, and (ii) in the event that the transactions contemplated by the Separation
and Distribution Agreement or any of the Ancillary Agreements constitute a “reportable event” (within the meaning of
Section 4043 of ERISA) for which the 30-day notice has not been waived, timely notification of the Pension Benefit Guaranty Corporation
and filing of all reports required in connection therewith.

 

ARTICLE
IV

HEALTH AND WELFARE PLANS

 

4.1         U.S.
Health and Welfare Plans

 

(a)          Establishment
of SpinCo Health and Welfare Plans. Effective as of January 1, 2016, SpinCo has adopted U.S. Health and Welfare Plans for the
benefit of SpinCo U.S. Employees, Former SpinCo U.S. Employees and their dependents and beneficiaries (the “SpinCo U.S.
Health and Welfare Plans”), and SpinCo shall be responsible for all Liabilities relating to, arising out of or resulting
from health and welfare coverage (including COBRA continuation coverage) from and after January 1, 2016 or claims incurred on or
after January 1, 2016 by or on behalf of SpinCo U.S. Employees, Former SpinCo U.S. Employees or their covered dependents and beneficiaries
under the SpinCo U.S. Health and Welfare Plans.

 

(b)          Flexible
Benefit Plan. Effective as of January 1, 2016, SpinCo has established a flexible benefit plan for the benefit of SpinCo U.S.
Employees.  

 

(c)          COBRA
and HIPAA Compliance. Parent shall be responsible for administering compliance with the health care continuation requirements
of COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the Parent U.S. Health
and Welfare Plans with respect to Parent Employees and Former Parent Employees and their covered dependents and beneficiaries who
incur a COBRA qualifying event or loss of coverage under the Parent U.S. Health and Welfare Plans at any time before, on or after
the Effective Time. Parent shall be responsible for administering compliance with the health care continuation requirements of
COBRA, the certificate of creditable coverage requirements of HIPAA, and the corresponding provisions of the Parent U.S. Health
and Welfare Plans with respect to SpinCo Employees and their covered dependents and beneficiaries who incurred a COBRA qualifying
event or loss of coverage under the Parent U.S. Health and Welfare Plans at any time prior to January 1, 2016. SpinCo or another
SpinCo Entity shall be responsible for administering compliance with the health care continuation requirements of COBRA, the certificate
of creditable coverage requirements of HIPAA, and the corresponding provisions of the SpinCo U.S. Health and Welfare Plans with
respect to SpinCo Employees and Former

 

    	 	13	 

     

    

 

SpinCo Employees and their covered dependents
who incur a COBRA qualifying event or loss of coverage under the SpinCo U.S. Health and Welfare Plans on or after January 1, 2016.
The Parties hereto agree that none of the transactions contemplated by the Separation and Distribution Agreement or any of the
Ancillary Agreements, including this Agreement, shall constitute a COBRA qualifying event for any purpose of COBRA.  

 

(d)          Retiree
Medical Benefits. Each SpinCo Employee and each former employee of the SpinCo Group (excluding any Parent Employee), and each
of their respective dependents and beneficiaries, who participated in the Parent Retiree Medical Plan as of January 1, 2016 (the
“Retiree Medical Beneficiaries”) may continue to participate in the Parent Retiree Medical Plan during the period
commencing on January 1, 2016 and ending on December 31, 2016 on the same general terms and conditions as similarly situated Parent
Employees and former employees of the Parent Group (and their respective dependents and beneficiaries) for so long as such individual
satisfies the applicable eligibility criteria (with, in the case of SpinCo Employees, employment with any SpinCo Entity being treated
as employment with Parent).  Beginning on the Distribution Date, as promptly as practicable following the end of each
calendar month, Parent shall deliver to SpinCo a summary (the “Retiree Medical Invoice”) that sets forth the
following amounts for the applicable calendar month (or, in the case of the first Retiree Medical Invoice delivered to SpinCo,
since January 1, 2016):  (i) the aggregate amounts paid by the Parent Group for welfare benefit claims in respect of
the Retiree Medical Beneficiaries under the Parent Retiree Medical Plan, to the extent not fully covered by insurance (if applicable);
(ii) the aggregate premiums paid by the Parent Group to third-party insurance providers in respect of coverage of the Retiree Medical
Beneficiaries; and (iii) the aggregate administrative costs and any legal fees incurred by the Parent Group in respect of participation
by the Retiree Medical Beneficiaries in the Parent Retiree Medical Plan.  Within ten (10) days following SpinCo’s
receipt of each Retiree Medical Invoice, SpinCo shall make a cash payment to Parent in an amount equal to the aggregate amount
set forth on such Retiree Medical Invoice (in the case of the first Retiree Medical Invoice delivered to SpinCo, reduced by any
amounts previously paid by SpinCo in respect thereof prior to the Distribution Date).  Notwithstanding anything in Section
7.5 to the contrary, Parent’s obligation to permit the participation provided for in this Section 4.1(d) shall
be subject to any necessary consents of any third-party vendors and insurance carriers in respect of the Parent Retiree Medical
Plan.  In order to implement the provisions of this Section 4.1(d), Parent and SpinCo shall reasonably cooperate
in the exchange of information, notification to Retiree Medical Beneficiaries and in the preparation of any documentation required
to be filed with appropriate governmental agencies or authorities, except as prohibited by applicable law.

 

(e)          Retiree
Medical Indemnification.  Notwithstanding anything in the Separation and Distribution Agreement or any of the Ancillary
Agreements, including this Agreement, to the contrary, to the fullest extent permitted by law, SpinCo shall, and shall cause each
of the other SpinCo Entities to, indemnify, defend and hold harmless the Parent Indemnitees, from and against any and all Liabilities
of the Parent Indemnitees relating to, arising out of or resulting from, directly or indirectly, any suit or other claim by any
Retiree Medical Beneficiary, SpinCo Employee or Former SpinCo Employee related to (i) participation in the Parent Retiree Medical
Plan or (ii) the termination of post-employment health insurance benefits under the Parent Retiree Medical Plan; provided,
however, that this indemnity shall not

 

    	 	14	 

     

    

 

apply to any such Liabilities resulting from
the willful misconduct of Parent or any other member of the Parent Group.

 

(f)           Retiree
Life Insurance.  As of the Distribution Date, SpinCo shall have in effect a life insurance plan (the “SpinCo
Life Insurance Plan”).  The SpinCo Life Insurance Plan shall be established and maintained for the benefit
of all SpinCo Employees and former employees of the SpinCo Group (excluding any Parent Employees) who participate in the Parent
Retiree Life Insurance Plan as of the Effective Time (“Retiree Life Participants”).  Without limiting
the generality of Section 2.2 or Section 2.3, as of the Effective Time, (i) each Retiree Life Participant shall become
a participant in the SpinCo Life Insurance Plan and (ii) SpinCo shall assume all Liabilities and obligations of the Parent Entities
in respect of the Retiree Life Participants under the Parent Retiree Life Insurance Plan.  

 

4.2         Non-U.S.
Health and Welfare Plans. Effective as of the Distribution Date, SpinCo shall adopt Non-U.S. Health and Welfare Plans for the
benefit of SpinCo Non-U.S. Employees, Former SpinCo Non-U.S. Employees and their dependents and beneficiaries (the “SpinCo
Non-U.S. Health and Welfare Plans”), and SpinCo shall be responsible for all Liabilities relating to, arising out of
or resulting from health and welfare coverage from and after the Distribution Date or claims incurred on or after the Distribution
Date by or on behalf of SpinCo Non-U.S. Employees, Former SpinCo Non-U.S. Employees or their covered dependents and beneficiaries
under the SpinCo Non-U.S. Health and Welfare Plans.    

 

4.3         Retention
of Sponsorship and Liabilities.

 

(a)          Following
December 31, 2015, the Parent Entities shall retain:

 

(i)          sponsorship
of all Parent U.S. Health and Welfare Plans and any trust or other funding arrangement established or maintained with respect to
such plans, including any assets held as of December 31, 2015 with respect to such plans; and

 

(ii)         all
Liabilities under the Parent U.S. Health and Welfare Plans, except as set forth in Section 4.1(d),  Section
4.1(e) or Section 4.1(f).

 

(b)          Following
the Distribution Date, the Parent Entities shall retain:

 

(i)          sponsorship
of all Non-U.S. Health and Welfare Plans sponsored by any Parent Entity, other than a SpinCo Non-U.S. Health and Welfare Plan (the
“Parent Non-U.S. Health and Welfare Plans”) and any trust or other funding arrangement established or maintained
with respect to such plans, including any assets held as of the Distribution Date with respect to such plans; and

 

(ii)         all
Liabilities under the Parent Non-U.S. Health and Welfare Plans, except as set forth in Section 4.1(d),  Section
4.1(e) or Section 4.1(f).

 

Parent shall not assume any Liability under any SpinCo U.S.
Health and Welfare Plan or any SpinCo Non-U.S. Health and Welfare Plan, and all such claims shall be satisfied pursuant to Section
4.1(a) and Section 4.2.

 

    	 	15	 

     

    

 

4.4         Workers’
Compensation Liabilities. The Parent Entities shall retain all workers’ compensation Liabilities relating to, arising
out of, or resulting from any claim by a Parent Employee or Former Parent Employee and SpinCo Entities shall retain all workers’
compensation Liabilities relating to, arising out of, or resulting from any claim by a SpinCo Employee or Former SpinCo Employee.
Parent and SpinCo shall cooperate with respect to any notification to appropriate governmental agencies or authorities of the effective
time of, and the issuance of new, or the transfer of existing, workers’ compensation insurance policies and claims handling
contracts. In the event that any claims arising prior to the Effective Time are part of a Parent Entity self-insurance program
that cannot by statute be transferred to the SpinCo Entities, SpinCo will arrange for a separate administration agreement of such
claims and/or will arrange for financial payment of or reimbursement for any claim and expense payments made on such claims made
on its behalf by the Parent Entities.  SpinCo shall promptly provide any and all data required by the Parent Entities
for filing of any self-insurance reports and shall promptly pay any and all fees and assessments as they become due from any governing
state self-insurance agency.  SpinCo shall also pay its proportionate share of any collateral required (including associated
collateral fees) for any self-insured workers’ compensation Liabilities.

 

4.5         Payroll
Taxes and Reporting of Compensation. Parent and SpinCo shall, and shall cause the other Parent Entities and the other SpinCo
Entities to, respectively, take such action as may be reasonably necessary or appropriate in order to minimize Liabilities related
to payroll taxes after the Distribution Date.   Subject to Sections 5.3(e) and 5.3(f), Parent and SpinCo shall,
and shall cause the other Parent Entities and the other SpinCo Entities to, respectively, each bear its responsibility for payroll
tax obligations and for the proper reporting to the appropriate governmental agencies or authorities of compensation earned by
their respective employees after the Effective Time, including compensation related to the Parent Executive DC Plans, the SpinCo
Executive DC Plans, the exercise of Options or SARs or the vesting and/or settlement of any RSUs, DSUs or Restricted Shares.

 

ARTICLE
V

EXECUTIVE BENEFITS AND OTHER BENEFITS

 

5.1         Assumption
of Executive Benefit Plan Obligations. Except as expressly provided in this Agreement, effective as of the Effective Time,
the SpinCo Entities shall assume and be solely responsible for all Liabilities to or relating to SpinCo Employees and Former SpinCo
Employees under all Parent Executive DB Plans (the “SpinCo Executive DB Obligations”) and SpinCo Executive Benefit
Plans.  After the Effective Time, the Parent Entities shall provide the SpinCo Entities with all information, data and
administrative support that is reasonably necessary for SpinCo to properly fully satisfy the SpinCo Executive DB Obligations in
accordance with the terms of the Parent Executive DB Plans; provided that, to the fullest extent permitted by law, SpinCo
shall, and shall cause each of the other SpinCo Entities to, indemnify, defend and hold harmless the Parent Indemnitees, from and
against any and all Liabilities of the Parent Indemnitees relating to, arising out of or resulting from, directly or indirectly,
the SpinCo Executive DB Obligations, including such provision of information, data and administrative support.

 

    	 	16	 

     

    

 

5.2         Short-Term
Incentive Awards.

 

(a)          SpinCo
Bonus Awards.

 

(i)          SpinCo
shall assume all Liabilities with respect to any bonus or other short-term incentive awards payable under any Benefit Plan or Benefit
Agreement (other than any equity-based awards described in Section 5.3) to any SpinCo Employee or Former SpinCo Employee
on or after January 1, 2016 (the “SpinCo Bonus Payments”).  SpinCo shall be responsible for determining
the amounts of all SpinCo Bonus Payments that have not be determined prior to the Effective Time, including the extent to which
established performance criteria (as interpreted by SpinCo, in its sole discretion) have been met, and shall pay all SpinCo Bonus
Payments no later than the times provided for under the applicable Benefit Plan or Benefit Agreement.  For the avoidance
of doubt, any determinations made prior to the Effective Time regarding the amounts of any SpinCo Bonus Payments shall be subject
to Parent’s approval.

 

(ii)         If
any SpinCo Employee (determined as of January 1, 2016) received a bonus or other short-term incentive award cash payment from Parent
in respect of the period beginning on July 1, 2015 and ending on September 30, 2015 and has remained continuously employed by the
Parent Entities or the SpinCo Entities through January 1, 2016, then SpinCo shall provide such SpinCo Employee with one or more
bonus or other short-term incentive award cash payments in respect of the period beginning on October 1, 2015 and ending on December
31, 2015 in amounts that shall be determined by SpinCo in its reasonable discretion.

 

(b)          Parent
Bonus Awards. Parent shall retain all Liabilities with respect to any bonus or other short-term incentive awards payable under
any Benefit Plan or Benefit Agreement (other than equity-based awards described in Section 5.3) to Parent Employees for
the fiscal year of Parent in which the Effective Time occurs and thereafter.

 

5.3         Parent
Equity and Long-Term Incentive Awards. Parent and SpinCo shall use commercially reasonable efforts to take all actions necessary
or appropriate so that each outstanding Parent Option, Parent SAR, Parent RSU, Parent Restricted Share, Parent Cash LTI Award and
any other award (including cash awards) granted under the Parent Long-Term Incentive Plans held by any individual, in each case,
as of the Effective Time, shall be treated as set forth in this Section 5.3.  

 

(a)          Parent
Options and Parent SARs.  As determined by the Compensation Committee of the Parent Board of Directors (the “Committee”)
pursuant to its authority under the applicable Parent Long-Term Incentive Plan, each Parent Option and each Parent SAR, whether
vested or unvested, shall be subject to the same terms and conditions after the Effective Time as were applicable to such Parent
Option or Parent SAR immediately prior to the Effective Time; provided,
however, that from and after the Effective Time:

 

(i)          the
number of shares of Parent Common Stock subject to such Parent Option or Parent SAR shall be equal to the product, rounded down
to the nearest whole share, obtained by multiplying (A) the number of shares of Parent Common Stock subject to such Parent Option
or Parent SAR immediately prior to the Effective Time by (B) the Parent Ratio,

 

    	 	17	 

     

    

 

(ii)         the
per share exercise or base price of such Parent Option or Parent SAR shall be equal to the quotient, rounded up to the nearest
whole cent, obtained by dividing (A) the per share exercise or base price of such Parent Option or Parent SAR immediately prior
to the Effective Time by (B) the Parent Ratio and

 

(iii)        any
portion of such Parent Option or Parent SAR that is unvested immediately prior to the Effective Time and that is held by a SpinCo
Employee shall vest in full on the Effective Time.

 

(b)          Parent
RSUs and Parent DSUs. As determined by the Committee pursuant to its authority under the applicable Parent Long-Term Incentive
Plan, each Parent RSU and each Parent DSU awarded in respect of service as a Parent director shall be subject to the same terms
and conditions after the Effective Time as the terms and conditions applicable to such Parent RSUs or Parent DSUs immediately prior
to the Effective Time; provided, however,
that from and after the Effective Time:

 

(i)          the
number of Parent RSUs or Parent DSUs shall be equal to the product, rounded to the nearest whole share, obtained by multiplying
(A) the number of Parent RSUs or Parent DSUs immediately prior to the Effective Time by (B) the Parent Ratio,

 

(ii)         Parent
RSUs that (A) were granted prior to 2015, (B) are unvested immediately prior to the Effective Time and (C) are held by a SpinCo
Employee shall vest in full on the Effective Time and shall be settled in accordance with their terms, and

 

(iii)        a
pro-rata portion of the Parent RSUs that (A) were granted in 2015, (B) are unvested immediately prior to the Effective
Time and (C) are held by a SpinCo Employee shall vest on the Effective Time and shall be settled in accordance with their terms
such that the ratio of (x) the total number of shares of Parent Common Stock covered by such Parent RSUs that have vested after
giving effect to this provision to (y) the total number of shares of Parent Common Stock covered by such Parent RSUs shall
equal the ratio of (I) the number of full months that have elapsed from January 1, 2015 through the date on which the Effective
Time occurs to (II) thirty-six (36), and the balance of such Parent RSUs shall be forfeited; provided that performance with
respect to any Parent RSUs subject to performance criteria shall be deemed satisfied at the target performance level.

 

(c)          Parent
Restricted Shares. Notwithstanding anything in the Separation and Distribution Agreement to the contrary, as determined by
the Committee pursuant to its authority under the applicable Parent Long-Term Incentive Plan, the holder of each Parent Restricted
Share shall be entitled to receive a number of SpinCo Restricted Shares determined in the same manner as the number of shares of
SpinCo Common Stock to be received by the holder of each share of Parent Common Stock upon the Distribution, which SpinCo Restricted
Shares shall be subject to the same terms and conditions after the Effective Time as were applicable to the Parent Restricted Shares
to which they relate.  For the avoidance of doubt, no Parent Restricted Share shall receive any shares of SpinCo Common
Stock that are not SpinCo Restricted Shares in connection with the Distribution.

 

    	 	18	 

     

    

 

(d)          Cash
LTI Awards.  As determined by the Committee pursuant to its authority under the Parent Long-Term Incentive Plans,
the Cash LTI Awards held by a SpinCo Employee shall be assumed by the SpinCo Long-Term Incentive Plan, which shall be considered
a successor to the applicable Parent Long-Term Incentive Plans with respect to such Cash LTI Awards, and shall otherwise be subject
to the same terms and conditions after the Effective Time as were applicable to such Cash LTI Award immediately prior to the Effective
Time.  The SpinCo Entities shall be solely responsible for all Liabilities in connection with any payments pursuant to
such assumed Cash LTI Awards.

 

(e)          Reimbursement
Awards.  Following the Effective Time, Parent may, from time to time, deliver to SpinCo a summary (a “Reimbursement
Invoice”) of all Reimbursement Events that have occurred on or after the date of the previous Reimbursement Invoice
or, in the case of the first Reimbursement Invoice delivered to SpinCo, the Effective Time.  Such Reimbursement Invoice
shall also provide Parent’s determination of the amounts that are due in respect of such Reimbursement Events under this
Section 5.3(e), as described below.  Within ten (10) days following the delivery of such Reimbursement Invoice,
SpinCo shall make a cash payment to Parent equal to the aggregate value of all Reimbursement Awards settled or exercised, in whole
or in part, in connection with the Reimbursement Events identified in such Reimbursement Invoice, as determined in accordance
with this Section 5.3(e), plus the amount of any employer-paid employment and payroll taxes paid by any Parent Entity
related to such Reimbursement Events.  With respect to each Reimbursement Award that is an RSU, Restricted Share or
similar full-value share-based equity award, the value for purposes of this Section 5.3(e) shall be equal to the number
of shares of Parent Common Stock with respect to which such award is settled, multiplied by the closing per share price of Parent
Common Stock on the day of settlement of such award.  With respect to each Reimbursement Award that is an Option or
SAR, the value for purposes of this Section 5.3(e) shall be equal to (A) the number of shares of Parent Common Stock with
respect to which such award was exercised, multiplied by (B) the closing per share price of Parent Common Stock on the day of
such exercise minus the exercise price or base price, as applicable, of such award.  The Parties shall reasonably cooperate
with respect to the exchange of any other information necessary to satisfy their obligations under this Section 5.3(e).
Income tax deductions with respect to the vesting and settlement of Reimbursement Awards pursuant to this Section 5.3(e) shall
be claimed solely by SpinCo. Within ten (10) days following the Effective Time, SpinCo shall make a cash payment to Parent
in the amount of $25,000 to compensate Parent for the administrative costs and expenses Parent will incur in connection with the
Reimbursement Awards.

 

(f)          Foreign
Grants/Awards. To the extent that any of the Parent Options, Parent SARs, Parent RSUs or Parent Restricted Shares are held
by non-U.S. employees, Parent and SpinCo shall use their commercially reasonable efforts to preserve, at and after the Effective
Time, the value and tax treatment accorded to such Parent Options, Parent SARs, Parent RSUs or Parent Restricted Shares; provided
that, SpinCo shall, and shall cause each of the other SpinCo Entities to, indemnify, defend and hold harmless the Parent Indemnitees,
from and against any and all Liabilities of the Parent Indemnitees relating to, arising out of or resulting from, directly or indirectly,
any such efforts by Parent in respect of any Reimbursement Award.

 

(g)          Miscellaneous
Equity Award Terms. After the Distribution Date, Parent Options, Parent SARs, Parent RSUs, Parent DSUs, and Parent Restricted
Shares, regardless of by whom held, shall be settled by Parent pursuant to the terms of the Parent Long-Term Incentive Plans, and
SpinCo Options, SpinCo SARs, SpinCo RSUs, and SpinCo Restricted Shares, regardless of by whom held, shall be settled by SpinCo
pursuant to the terms of the SpinCo Long-Term Incentive Plan.  Accordingly, it is intended that, to the extent of the
issuance of such

 

    	 	19	 

     

    

 

SpinCo Restricted Shares in connection with
the adjustment provisions of this Section 5.3, the SpinCo Long-Term Incentive Plan shall be considered a successor to the
applicable Parent Long-Term Incentive Plan.  With respect to equity awards adjusted pursuant to this Section 5.3,
employment with any SpinCo Entity shall be treated as employment with Parent with respect to Parent equity awards held by SpinCo
Employees and employment with any Parent Entity shall be treated as employment with SpinCo with respect to SpinCo equity awards
held by Parent Employees.

 

(h)          Waiting
Period for Exercisability of Options and SARs and Settlement of RSUs and DSUs. Parent Options and Parent SARs that are covered
by this Section 5.3 shall not be exercisable during a period beginning on a date prior to the Distribution Date determined
by Parent in its sole discretion, and continuing until the Parent Post-Separation Stock Value is determined after the Effective
Time, or such longer period as Parent determines necessary to implement the provisions of this Section 5.3. Parent RSUs
and Parent DSUs that are covered by this Section 5.3 shall not be settled during a period beginning on a date prior to the
Distribution Date determined by Parent in its sole discretion, and continuing until the Parent Post-Separation Stock Value is determined
after the Effective Time, or such longer period as Parent determines necessary to implement the provisions of this Section 5.3.

 

(i)           MWV
LTI Indemnification.  Notwithstanding anything in the Separation and Distribution Agreement or any of the Ancillary
Agreements, including this Agreement, to the contrary and in addition to the indemnifications set forth in Section 5.3(e)
and Section 5.3(f), to the fullest extent permitted by law, SpinCo shall, and shall cause each of the other SpinCo Entities
to, indemnify, defend and hold harmless the Parent Indemnitees, from and against any and all Liabilities of the Parent Indemnitees
relating to, arising out of or resulting from, directly or indirectly, any suit or other claim relating to any awards granted under
the MeadWestvaco Long-Term Incentive Plans to any SpinCo Employee (determined as of the Effective Time) (other than any Reimbursement
Awards).    

 

5.4         Employment
Agreements. Any employment agreement between Parent and a SpinCo Employee shall, effective as of January 1, 2016, be assigned
by Parent to SpinCo and assumed by SpinCo.

 

5.5         Parent
Executive DC Plans.

 

(a)          Parent
shall retain, or cause another of the Parent Entities to retain, all assets and all Liabilities arising out of or relating to the
Parent Executive DC Plans related to (i) any Parent Employee or Former Parent Employee or (ii) any SpinCo Employee or Former SpinCo
Employee in connection with his or her service prior to December 31, 2015, including the obligation to make all payments or distributions
in respect of such Liabilities in accordance with the terms of the applicable Parent Executive DC Plan. The Parties hereto agree
that none of the transactions contemplated by the Separation and Distribution Agreement or any of the Ancillary Agreements, including
this Agreement, will trigger a payment or distribution of

 

    	 	20	 

     

    

 

compensation under the Parent Executive DC
Plans to any SpinCo Employee or Former SpinCo Employee and, consequently, that the payment or distribution of any compensation
to which any SpinCo Employee or Former SpinCo Employee is entitled under the Parent Executive DC Plans will occur upon the time
provided for under the applicable Parent Executive DC Plan and such SpinCo Employee’s or Former SpinCo Employee’s deferral
election.

 

(b)          On
or as soon as practicable following January 1, 2016, SpinCo shall, in respect of each Parent Executive DC Plan in which any SpinCo
Employee participates, establish a nonqualified deferred compensation plan (a “SpinCo Executive DC Plan”) for
the benefit of such participating SpinCo Employees (the date such plan is established, a “SpinCo NQDC Plan Date”).  For
the avoidance of doubt, from and after December 31, 2015, all participating SpinCo Employees shall cease participation in the applicable
Parent Executive DC Plan, and on the applicable SpinCo NQDC Plan Date shall begin to accrue benefits, if any, under the applicable
SpinCo Executive DC Plan in accordance with the terms of such SpinCo Executive DC Plan, and the Parent Entities shall have no Liabilities
or obligations with respect to the SpinCo Executive DC Plans.  

 

5.6         Severance.
The Parties hereto agree that none of the transactions contemplated by the Separation and Distribution Agreement or any of the
Ancillary Agreements, including this Agreement, shall result in any SpinCo Employee or Former SpinCo Employee being deemed to have
incurred a termination of employment or being eligible to receive severance benefits. The SpinCo Entities shall be solely responsible
for all Liabilities arising out of any payments and benefits relating to the termination or alleged termination of the employment
of any SpinCo Employee or Former SpinCo Employee (in each case, determined as of January 1, 2016), including for purposes of the
MeadWestvaco Corporation Change of Control Severance Pay Plan for Salaried and Non-Union Hourly Employees, other than with respect
to the portion of any such payments or benefits to SpinCo Employees or Former SpinCo Employees who terminate employment prior to
the Effective Time that Parent has agreed, in its sole discretion, to provide to such employees as a payment from, or benefit under,
a Parent Pension Plan.  For the avoidance of doubt, such Liabilities shall include any employer-paid portion of any employment
and payroll taxes (including social security or similar contributions) related thereto.

 

ARTICLE
VI

Labor Matters

 

6.1         Works
Councils; Employee Notices.  Prior to the Effective Time, (a) SpinCo shall, and shall cause the other SpinCo
Entities, to satisfy all legally required obligations of the SpinCo Entities and (b) Parent shall, and shall cause the other
Parent Entities, to satisfy all legally required obligations of the Parent Entities, in each case, relating to (i) notification
and consultation with works councils, labor unions and other employee representatives, (ii) completion of all regulatory filings
relating to SpinCo Employees and Former SpinCo Employees, (iii) notification of SpinCo Employees, and Former SpinCo Employees,
(iv) obtaining any required consents from any SpinCo Employees and Former SpinCo Employees and (v) taking such other
actions with respect to the SpinCo Employees and Former SpinCo Employees as may be required by applicable law, in each case, as
may be necessary in order to consummate the transactions contemplated by the Separation and Distribution Agreement or any of the
Ancillary Agreements, including this Agreement. Each of the Parties

 

    	 	21	 

     

    

 

hereto shall indemnify, defend and hold harmless
the other Party hereto from and against any and all Liabilities relating to, arising out of or resulting from the failure of any
of the indemnifying Party to satisfy its obligations pursuant to this Section 6.1.

 

6.2         Collective
Bargaining Agreements. As of the Effective Time, SpinCo shall, and shall cause the other SpinCo Entities as appropriate to,
adopt and assume any collective bargaining, works council or other labor union contract or labor arrangement (collectively, “Collective
Bargaining Agreements”) covering any of the SpinCo Employees immediately prior to the Effective Time and recognize the
works councils, labor unions and other employee representatives that are party to such Collective Bargaining Agreements; provided
that, any compensation or benefits that were, prior to the Effective Time, provided to SpinCo Employees under the Collective Bargaining
Agreements through the Parent Benefit Plans shall, from and after the Effective Time, be provided through the SpinCo Benefit Plans
as set forth in this Agreement.

 

6.3         Reinstatements.  Subject
to applicable laws and Collective Bargaining Agreements, in the event that any individual who is a former employee of the SpinCo
Group (regardless of whether such employee is a Former SpinCo Employee
or a Former Parent Employee) is awarded reinstatement to employment with the Parent Entities under any applicable law or
Collective Bargaining Agreement, including any Collective Bargaining Agreement dispute resolution procedure, within five days of
receiving notification of such reinstatement from Parent, SpinCo, or one of the other SpinCo Entities, shall offer such former
employee of the SpinCo Group employment with SpinCo or one of the other SpinCo Entities on substantially identical terms and conditions
as required pursuant to the terms of the award of reinstatement, and the Parties shall otherwise reasonably cooperate in order
to transfer (a) the employment of such former employee of the SpinCo Group and (b) all Liabilities related to such former employee
of the SpinCo Group that would have become liabilities of the SpinCo Group under this Agreement if such former employee had been
a SpinCo Employee immediately prior to the Effective Time (including, for the avoidance of doubt, the portion of any backpay awarded
to such former employee of the SpinCo Group in respect of the period beginning on the Distribution Date) to SpinCo or one of the
other SpinCo Entities, including taking all reasonable actions to ensure that such former employee of the SpinCo Group accepts
such offer of employment.  

 

ARTICLE
VII

GENERAL AND ADMINISTRATIVE

 

7.1         Sharing
of Participant Information. Subject to applicable laws, Parent and SpinCo shall share, and Parent shall cause each other Parent
Entity to share, and SpinCo shall cause each other SpinCo Entity to share with each other and their respective agents and vendors
(without obtaining releases) all participant information necessary for the efficient and accurate administration of each of the
SpinCo Benefit Plans and the Parent Benefit Plans. Parent and SpinCo and their respective authorized agents shall, subject to
applicable laws, be given reasonable and timely access to, and may make copies of, all information relating to the subjects of
this Agreement in the custody of the other Party, to the extent necessary for such administration. Until the Effective Time, all
participant information shall be provided in the manner and medium applicable to Participating Companies in Parent Benefit Plans
generally. Notwithstanding anything in the Separation and Distribution Agreement or any of the Ancillary Agreements, including
this Agreement, to the contrary, to the fullest extent permitted by law SpinCo shall, and shall cause each of the other SpinCo
Entities to, indemnify, defend and hold harmless the Parent Indemnitees, from and against any and all Liabilities of the Parent
Indemnitees relating to, arising out of or resulting from, directly or indirectly, any failure by SpinCo to comply with the provisions
of this Section 7.1.

 

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7.2         Reasonable
Efforts/Cooperation. Each of the Parties hereto will use its commercially reasonable efforts to promptly take, or cause to
be taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations
to consummate the transactions contemplated by this Agreement. Each of the Parties hereto shall cooperate fully on any issue relating
to the transactions contemplated by this Agreement, including, but not limited to, those for which the other Party seeks a determination
letter or private letter ruling from the Internal Revenue Service, an advisory opinion from the Department of Labor or any other
filing (including, but not limited to, securities filings (remedial or otherwise)), consent or approval with respect to or by a
governmental agency or authority in any jurisdiction in the U.S. or abroad.  Without limiting the generality of the preceding
sentence, the Parties shall cooperate in connection with any (a) audits of (i) any Benefit Plan with respect to which such Party
may have relevant information or (ii) their respective payroll services in connection with the services provided by one Party to
the other Party and (b) any terminations of the employment of any Parent Employee or any SpinCo Employee to the extent necessary
to administer any Benefit Plans and Benefit Agreements of the Parties, including the Parent Executive DC Plans and the SpinCo Executive
DC Plans and any equity-awards held by Parent Employees and SpinCo Employees.

 

7.3         No
Third-Party Beneficiaries. This Agreement is solely for the benefit of the Parties hereto and is not intended to confer upon
any other Persons any rights or remedies hereunder. Except as expressly provided in this Agreement, nothing in this Agreement shall
preclude Parent or any other Parent Entity, at any time after the Effective Time, from amending, merging, modifying, terminating,
eliminating, reducing, or otherwise altering in any respect any Parent Benefit Plan or Benefit Agreement, any benefit under any
Parent Benefit Plan or Benefit Agreement or any trust, insurance policy or funding vehicle related to any Parent Benefit Plan or
Benefit Agreement.  Except as expressly provided in this Agreement, nothing in this Agreement shall preclude SpinCo or
any other SpinCo Entity, at any time after the Effective Time, from amending, merging, modifying, terminating, eliminating, reducing,
or otherwise altering in any respect any SpinCo Benefit Plan or Benefit Agreement, any benefit under any SpinCo Benefit Plan or
Benefit Agreement or any trust, insurance policy or funding vehicle related to any SpinCo Benefit Plan or Benefit Agreement.

 

7.4         Fiduciary
Matters. It is acknowledged that actions required to be taken pursuant to this Agreement may be subject to fiduciary duties
or standards of conduct under ERISA or other applicable law, and no Party shall be deemed to be in violation of this Agreement
if it fails to comply with any provisions hereof based upon its good faith determination that to do so would violate such a fiduciary
duty or standard. Except as provided in Section 4.1(e), each Party shall be responsible for taking such actions as are deemed
necessary and appropriate to comply with its own fiduciary responsibilities and shall fully release and indemnify the other Party
for any Liabilities caused by the failure to satisfy any such responsibility.

 

7.5         Consent
of Third Parties. If any provision of this Agreement is dependent on the consent of any third party (such as a vendor) and
such consent is withheld, the Parties hereto shall use commercially reasonable efforts to implement the applicable provisions of
this Agreement to the full extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such
third party to consent, the Parties hereto shall negotiate in good faith to implement the provision in a mutually satisfactory
manner. The phrase

 

    	 	23	 

     

    

 

“commercially reasonable efforts”
as used herein shall not be construed to require any Party to incur any unreasonable expense or Liability or to waive any right.

 

ARTICLE
VIII

MISCELLANEOUS

 

8.1         Effect
If Effective Time Does Not Occur. If the Separation and Distribution Agreement is terminated in accordance with its terms prior
to the Effective Time, then this Agreement shall terminate and all actions and events that are, under this Agreement, to be taken
or occur effective immediately prior to or as of the Effective Time, or immediately after the Effective Time, or otherwise in connection
with the Separation, shall not be taken or occur except to the extent specifically agreed by Parent and SpinCo.

 

8.2         Relationship
of Parties. Nothing in this Agreement shall be deemed or construed by the Parties or any third party as creating the relationship
of principal and agent, partnership or joint venture between the Parties, it being understood and agreed that no provision contained
herein, and no act of the Parties, shall be deemed to create any relationship between the Parties other than the relationship set
forth herein.

 

8.3         Affiliates.
Each of Parent and SpinCo shall cause to be performed, and hereby guarantees the performance of, all actions, agreements and obligations
set forth in this Agreement to be performed by another Parent Entity or another SpinCo Entity, respectively.

 

8.4         Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be deemed given to a Party
when (a) delivered to the appropriate address by hand or by nationally recognized overnight courier service (costs prepaid); (b)
sent by facsimile with confirmation of transmission by the transmitting equipment; or (c) received or rejected by the addressee,
if sent by certified mail, return receipt requested, in each case to the following addresses and facsimile numbers and marked to
the attention of the person (by name or title) designated below (or to such other address, facsimile number or person as a Party
may designate by notice to the other Parties):

 

(a)          if
to Parent:

 

WestRock Company

504 Thrasher Street

Norcross, GA 30071

Attention:  General Counsel

 

(b)         if
to SpinCo:

 

Ingevity Corporation

5255 Virginia Avenue

North Charleston, SC 29406

Attention:  General Counsel

 

8.5         Incorporation
of Separation and Distribution Agreement Provisions. The following provisions of the Separation and Distribution Agreement
are hereby incorporated

 

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herein by reference, and unless otherwise
expressly specified herein, such provisions shall apply as if fully set forth herein mutatis mutandis, and modified to the extent
necessary to comply with applicable laws (references in this Section 8.5 to an “Article” or “Section” shall
mean Articles or Sections of the Separation and Distribution Agreement, and references in the material incorporated herein by reference
shall be references to the Separation and Distribution Agreement):  Article IV (relating to Mutual Releases; Indemnification);
Article VI (relating to Exchange of Information; Confidentiality); Article VII (relating to Dispute Resolution); Article VIII (relating
to Further Assurances); Article IX (relating to Termination); and Article X (relating to Miscellaneous).

 

[REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK]

 

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IN WITNESS WHEREOF, the Parties have caused
this Employee Matters Agreement to be duly executed as of the day and year first above written.

 

	 	WESTROCK COMPANY	 
	 	 	 	 
	 	By:	/s/ Robert B. McIntosh	 
	 	 	Name: Robert B. McIntosh	 
	 	 	Title: Executive Vice President, General Counsel	 
	 	 	 	 
	 	INGEVITY CORPORATION	 
	 	 	 	 
	 	By:	/s/ Edward A. Rose	 
	 	 	Name: Edward A. Rose	 
	 	 	Title: President, Specialty Chemicals	 

 

[SIGNATURE PAGE TO EMPLOYEE MATTERS AGREEMENT]

 

    	 	26

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