Document:

Exhibit 10.1

 

FORM OF TAX
MATTERS AGREEMENT

 

by and between

 

WESTROCK COMPANY

 

and

 

INGEVITY CORPORATION

 

Dated as of [●], 2016

 

     

     

    

 

TABLE OF CONTENTS

 

	 	 	Page
	 	 	 
	Article I
	 	 
	DEFINITIONS
	 	 	 
	Section 1.01.	General	2
	Section 1.02.	Additional Definitions	12
	 	 	 
	Article II
	 	 
	PREPARATION, FILING AND PAYMENT OF TAXES SHOWN DUE
 ON TAX RETURNS
	 	 	 
	Section 2.01.	Combined Tax Returns	12
	Section 2.02.	Parent Separate Tax Returns	12
	Section 2.03.	SpinCo Separate Tax Returns	12
	Section 2.04.	Restructuring Transfer Tax Returns	13
	 	 	 
	Article III
	 	 
	TAX RETURN PROCEDURES
	 	 	 
	Section 3.01.	Procedures Relating to Combined Tax Returns and Parent Separate Tax Returns	13
	Section 3.02.	Procedures relating to SpinCo Separate Tax Returns	14
	Section 3.03.	Preparation of all Tax Returns	14
	Section 3.04.	Tax Returns Reflecting Restructuring/Distribution Taxes	14
	 	 	 
	Article IV
	 	 
	TAX TIMING AND ALLOCATION
	 	 	 
	Section 4.01.	Timing of Payments	14
	Section 4.02.	Expenses	14
	Section 4.03.	Apportionment of SpinCo Taxes	15
	 	 	 
	Article V
	INDEMNIFICATION
	 	 	 
	Section 5.01.	Indemnification by Parent	15
	Section 5.02.	Indemnification by SpinCo	15
	Section 5.03.	Characterization of and Adjustments to Payments	15
	Section 5.04.	Timing of Indemnification Payments	16

 

     

     

    

 

	Article VI
	REFUNDS, DEDUCTIONS
	 	 	 
	Section 6.01.	Refunds	16
	Section 6.02.	Treatment of Deductions Associated with Equity-Related Compensation	16
	 	 	 
	Article VII
	TAX PROCEEDINGS
	 	 	 
	Section 7.01.	Notification of Tax Proceedings	17
	Section 7.02.	Tax Proceedings	17
	 	 	 
	Article VIII
	TAX-FREE STATUS OF THE TRANSACTIONS
	 	 	 
	Section 8.01.	Representations and Warranties	18
	Section 8.02.	Restrictions Relating to the Distribution	19
	Section 8.03.	Procedures Regarding Post-Distribution Rulings and Unqualified Tax Opinions	21
	Section 8.04.	Section 336(e) Election	22
	 	 	 
	Article IX
	COOPERATION
	 	 	 
	Section 9.01.	General Cooperation	23
	Section 9.02.	Retention of Records	23
	 	 	 
	Article X
	MISCELLANEOUS
	 	 	 
	Section 10.01.	Dispute Resolution	24
	Section 10.02.	Tax Sharing Agreements	24
	Section 10.03.	Interest on Late Payments	24
	Section 10.04.	Survival of Covenants	24
	Section 10.05.	Severability	24
	Section 10.06.	Entire Agreement	25
	Section 10.07.	No Third-Party Beneficiaries	25
	Section 10.08.	Specific Performance	25
	Section 10.09.	Amendment	25
	Section 10.10.	Rules of Construction	25
	Section 10.11.	Counterparts	26
	Section 10.12.	Coordination with Separation and Distribution Agreement	26
	Section 10.13.	Coordination with the Employee Matters Agreement	26
	Section 10.14.	Governing Law	26
	Section 10.15.	Assignability	26
	Section 10.16.	Notices	26
	Section 10.17.	Effective Date	27

 

    	 	ii 	 

     

    

 

DEFINED TERMS

 

	 	Page
	 	 
	Acquisition Transaction	2
	Adjustment	2
	Affiliate	2
	Agreement	1, 2
	Ancillary Agreement	3
	Benefited Party	3, 16
	Cash Transfer	3
	Code	3
	Combined Tax Return	3
	Contribution	3
	Disqualifying Action	3
	Distribution	1, 3
	Distribution Date	3
	Due Date	3
	Effective Time	3
	Employee Matters Agreement	3
	Equity Securities	3
	Fifty-Percent or Greater Interest	3
	Final Determination	3
	Income Tax Return	4
	Income Taxes	4
	Indemnified Party	4
	Indemnifying Party	4
	Information	4, 23
	Internal Contribution	4
	Internal Controlled	4
	Internal Controlled Entity	4
	Internal Controlled Group	4
	Internal Distributing	5
	Internal Distributing Acquisition Transaction	5
	Internal Distributing Active Trade or Business	5
	Internal Distributing Entity	5
	Internal Distributing Group	6
	Internal Distribution	6
	IRS	6
	IRS Ruling	6
	IRS Ruling Request	6
	Law	6
	Liability	6
	Non-Income Tax Return	6
	Notified Action	6, 21
	Ordinary Course of Business	6
	Parent	1, 6

 

    	 	iii 	 

     

    

 

	Parent Board	6
	Parent Business	6
	Parent Disqualifying Action	6
	Parent Entity	7
	Parent Group	7
	Parent Mergers	7
	Parent Separate Tax Return	7
	Parent Tax Proceeding	7, 17
	Parent Taxes	7
	Parties	1
	Party	1, 8
	Past Practice	8, 13
	Payment Date	8
	Person	8
	Plan of Reorganization	8
	Post-Distribution Ruling	8, 21
	Prime Rate	8
	Record Holders	8
	Refund	8
	Representatives	8
	Restriction Period	8
	Restructuring	1, 8
	Restructuring Transfer Taxes	9
	Restructuring/Distribution Taxes	8
	SAG	9
	Section 336(e) Election	9, 22
	Separate Return	9
	Separation and Distribution Agreement	1, 9
	SpinCo	1, 9
	SpinCo Active Trade or Business	9
	SpinCo Assets	9
	SpinCo Business	9
	SpinCo Disqualifying Action	9
	SpinCo Entity	9
	SpinCo Group	10
	SpinCo Liabilities	10
	SpinCo Separate Tax Return	1
	SpinCo Shares	10, 17
	SpinCo Tax Proceeding	10
	SpinCo Taxes	10
	Subsidiary	10
	Tax	10
	Tax Attributes	11
	Tax Counsel	11
	Tax Item	11
	Tax Materials	11

 

    	 	iv 	 

     

    

 

	Tax Matter	11, 23
	Tax Opinions	11
	Tax Package	11
	Tax Proceeding	11
	Tax Return	11
	Tax-Free Status	11
	Taxing Authority	12
	Taxing Jurisdiction	12
	Transactions	12
	Transfer Taxes	12
	Treasury Regulations	12
	U.S.	12
	Unqualified Tax Opinion	12
	Waiver	12, 21

 

    	 	v 	 

     

    

 

TAX MATTERS AGREEMENT

 

THIS TAX MATTERS AGREEMENT (this “Agreement”),
dated as of [●], 2016, is by and between WestRock Company, a Delaware corporation (“Parent”), and Ingevity
Corporation, a Delaware corporation (“SpinCo”). Each of Parent and SpinCo is sometimes referred to herein as
a “Party” and, collectively, as the “Parties.”

 

RECITALS

 

WHEREAS, Parent, through its respective
Subsidiaries, is engaged in the Parent Business and the SpinCo Business;

 

WHEREAS, the Parent Board has determined
that it is in the best interests of Parent and its stockholders to create a new publicly traded company which shall operate the
SpinCo Business;

 

WHEREAS, Parent and SpinCo have entered
into the Separation and Distribution Agreement, dated as of [●], 2016 (the “Separation and Distribution Agreement”),
providing for the separation of the SpinCo Business from the Parent Business, pursuant to which (a) Parent will, and will cause
its Subsidiaries to, transfer the SpinCo Assets and the SpinCo Liabilities to SpinCo and its Subsidiaries, as a result of which
transfer SpinCo and its Subsidiaries will own, directly and through their respective Subsidiaries, the SpinCo Business (the “Restructuring”)
and (b) Parent will distribute all of the outstanding shares of common stock, par value $0.01 per share, of SpinCo (“SpinCo
Shares”) owned by Parent to the Record Holders of the issued and outstanding shares of common stock, par value $0.01
per share, of Parent on a pro rata basis (the “Distribution”);

 

WHEREAS, Parent and its Subsidiaries have
engaged in the Internal Contribution (as defined below) and Internal Distribution (as defined below) to facilitate the Distribution;

 

WHEREAS, for U.S. federal Income Tax purposes,
it is intended that (i) the Contribution (as defined herein) and the Distribution, taken together, and (ii) the Internal Contribution
and the Internal Distribution, taken together, shall in each case qualify as a tax-free transaction under Sections 355(a) and 368(a)(1)(D)
of the Code; and

 

WHEREAS, the Parties wish to (a) provide
for the payment of Tax liabilities and entitlement to refunds thereof, (b) allocate responsibility for, and cooperation in, the
filing of Tax Returns, and provide for certain other matters relating to Taxes, and (c) set forth certain covenants and indemnities
relating to the preservation of the tax-free status of certain steps of the Restructuring and the Distribution.

 

NOW, THEREFORE, in consideration of the
foregoing and the terms, conditions, covenants and provisions of this Agreement, each of the Parties mutually covenants and agrees
as follows:

 

     

     

    

 

Article
I

DEFINITIONS

 

Section 1.01.         General.
As used in this Agreement, the following terms shall have the following meanings:

 

“Acquisition Transaction”
means a transaction or series of transactions (or any agreement, understanding or arrangement, within the meaning of Section 355(e)
of the Code and Treasury Regulations Section 1.355-7, or any other regulations promulgated thereunder, to enter into a transaction
or series of transactions), whether such transaction is supported, permitted or solicited by management or shareholders of SpinCo,
is a hostile acquisition, or otherwise, as a result of which SpinCo would merge or consolidate with or enter into any other reorganization
transaction with any other Person or as a result of which one or more Persons would (directly or indirectly) acquire, or have the
right to acquire, from SpinCo and/or one or more holders of outstanding shares of Equity Securities of SpinCo, as the case may
be, a number of shares of Equity Securities of SpinCo that would, when combined with any other direct or indirect changes in ownership
of the Equity Securities of SpinCo pertinent for purposes of Section 355(e) of the Code (including the Parent Mergers), comprise
a 50% or greater interest in SpinCo (A) by value, as of the date of such transaction, or in the case of a series of transactions,
the date of the last transaction of such series, or (B) by vote, as of the date of such transaction, or in the case of a series
of transactions, the date of the last transaction of such series. Notwithstanding the foregoing, an Acquisition Transaction shall
not include (A) the adoption by SpinCo of a shareholder rights plan or (B) issuances of Equity Securities by SpinCo that satisfy
Safe Harbor VIII (relating to acquisitions in connection with a person’s performance of services) or Safe Harbor IX (relating
to acquisitions by a retirement plan of an employer) of Treasury Regulations Section 1.355-7(d). For purposes of determining whether
a transaction constitutes an indirect acquisition, any recapitalization resulting in a shift of voting power shall be treated as
an indirect acquisition of shares of Equity Securities by the shareholders whose voting power is increased thereby and any redemption
of shares of Equity Securities shall be treated as an indirect acquisition of shares of Equity Securities by the non-exchanging
shareholders. For purposes of this definition, each reference to SpinCo shall include a reference to any entity treated as successor
thereto. This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and shall
be interpreted accordingly. Any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of
the Code or published IRS guidance with respect thereto shall be incorporated in this definition and its interpretation.

 

“Adjustment” means any
change in the Tax liability of a taxpayer, whether in connection with a Tax Proceeding, resulting from a change in facts or subsequent
transactions, pursuant to amendment or otherwise, determined issue-by-issue, transaction-by-transaction, or with respect to a taxable
period, as the case may be.

 

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

 

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

 

    	 	2 	 

     

    

 

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

 

“Benefited Party” has
the meaning set forth in Section 6.01(b).

 

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

 

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

 

“Combined Tax Return”
means a consolidated, combined, unitary, affiliated or similar Income Tax Return or Non-Income Tax Return that actually includes,
by election or otherwise, one or more members of the Parent Group together with one or more members of the SpinCo Group.

 

“Contribution” means
the contribution and assignment by Parent and certain of its Subsidiaries of certain SpinCo Assets and SpinCo Liabilities to SpinCo
in exchange for SpinCo Shares and the Cash Transfer, pursuant to the Plan of Reorganization and the Separation and Distribution
Agreement.

 

“Disqualifying Action”
means a Parent Disqualifying Action or a SpinCo Disqualifying Action.

 

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

 

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

 

“Due Date” means (i)
with respect to a Tax Return, the date (taking into account all valid extensions) on which such Tax Return is required to be filed
under applicable Law and (ii) with respect to a payment of Taxes, the date on which such payment is required to be made to avoid
the incurrence of interest, penalties and/or additions to Tax.

 

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

 

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

 

“Equity Securities” means,
with respect to a Person, all classes or series of capital stock of such Person (or any entity treated as a successor to such Person)
and all other instruments treated as stock in such Person (or any entity treated as a successor to such Person) for U.S. federal
Income Tax purposes, and including all options, warrants or any other rights to acquire such stock.

 

“Fifty-Percent or Greater Interest”
has the meaning ascribed to such term for purposes of Sections 355(d) and (e) of the Code.

 

“Final Determination”
means the final resolution of liability for any Tax or Tax Item, which resolution may be for a specific issue or adjustment or
for a taxable period, by or as a result

 

    	 	3 	 

     

    

 

of (i) IRS Form 870 or 870-AD (or any successor
forms thereto), on the date of acceptance by or on behalf of the taxpayer, or by a comparable form under the Laws of any Taxing
Jurisdiction, except that an IRS Form 870 or 870-AD or comparable form shall not constitute a Final Determination to the extent
that it reserves (whether by its terms or by operation of law) the right of the taxpayer to file a claim for Refund or the right
of the Taxing Authority to assert a further deficiency in respect of such issue or adjustment or for such taxable period (as the
case may be); (ii) a final decision, judgment, decree or other order by any court of competent jurisdiction that can no longer
be appealed; (iii) a final settlement with the IRS, a closing agreement or accepted offer in compromise under Sections 7121 or
7122 of the Code, or a comparable agreement under the Laws of any Taxing Jurisdiction; (iv) any allowance of a Refund or credit
in respect of an overpayment of Tax, but only after the expiration of all periods during which such Refund or credit may be recovered
by the jurisdiction imposing the Tax; or (v) any other final resolution, including by reason of the expiration of the applicable
statute of limitations, the execution of a pre-filing agreement with the IRS or other Taxing Authority or by mutual agreement of
the Parties.

 

“Income Tax Return” means
any Tax Return relating to Income Taxes.

 

“Income Taxes” means
any Taxes measured by or calculated with respect to net income, profits, net receipts or gross receipts (including any margin Tax,
capital Tax, excise Tax or franchise Tax), but excluding (i) any Transfer Taxes and (ii) those Taxes listed on Schedule 1.

 

“Indemnified Party” means
the Party which is entitled to seek indemnification from another Party pursuant to the provisions of Article V.

 

“Indemnifying Party”
means the Party from which another Party is entitled to seek indemnification pursuant to the provisions of Article V.

 

“Information” has the
meaning set forth in Section 9.01.

 

“Internal Contribution”
means the deemed contribution of assets to Internal Controlled upon its conversion to a state law corporation, pursuant to the
Plan of Reorganization and the Separation and Distribution Agreement.

 

“Internal Controlled”
shall mean the successor of WestRock Virginia Corporation, a Delaware corporation, after the completion of both (i) its conversion
to a limited liability company organized under the laws of the State of Delaware disregarded as separate from Internal Distributing
for U.S. federal income Tax purposes, and (ii) its subsequent conversion to a state law corporation, in each case pursuant to the
Plan of Reorganization.

 

“Internal Controlled Entity”
means any member of the Internal Controlled Group other than Internal Controlled.

 

“Internal Controlled Group”
means individually or collectively, as the case may be, (a) Internal Controlled and any of its Subsidiaries (including, for the
avoidance of doubt, any such Subsidiary that is treated as a “disregarded entity” for U.S. federal Income Tax purposes
(or for purposes of any state, local or foreign Tax law)) immediately after the Internal Distribution (giving effect to the Restructuring
completed up to such time and the Internal Distribution), (b) any

 

    	 	4 	 

     

    

 

Person that shall have merged or liquidated
into Internal Controlled or any such Subsidiary and (c) any predecessor or successor to any Person otherwise described in this
definition.

 

“Internal Distributing”
shall mean Ingevity Virginia Corporation, a Virginia corporation.

 

“Internal Distributing Acquisition
Transaction” means a transaction or series of transactions (or any agreement, understanding or arrangement, within the
meaning of Section 355(e) of the Code and Treasury Regulations Section 1.355-7, or any other regulations promulgated thereunder,
to enter into a transaction or series of transactions), whether such transaction is supported, permitted or solicited by management
or shareholders of SpinCo and/or Internal Distributing, is a hostile acquisition, or otherwise, as a result of which Internal Distributing
would merge or consolidate with or enter into any other reorganization transaction with any other Person or as a result of which
one or more Persons would (directly or indirectly) acquire, or have the right to acquire, from Internal Distributing and/or one
or more holders of outstanding shares of Equity Securities of Internal Distributing, as the case may be, a number of shares of
Equity Securities of Internal Distributing that would, when combined with any other direct or indirect changes in ownership of
the Equity Securities of Internal Distributing pertinent for purposes of Section 355(e) of the Code (including the Parent Mergers),
comprise a 50% or greater interest in Internal Distributing (A) by value, as of the date of such transaction, or in the case of
a series of transactions, the date of the last transaction of such series, or (B) by vote, as of the date of such transaction,
or in the case of a series of transactions, the date of the last transaction of such series. Notwithstanding the foregoing, an
Internal Distributing Acquisition Transaction shall not include (A) the adoption by Internal Distributing of a shareholder rights
plan or (B) issuances of Equity Securities by Internal Distributing that satisfy Safe Harbor VIII (relating to acquisitions in
connection with a person’s performance of services) or Safe Harbor IX (relating to acquisitions by a retirement plan of an
employer) of Treasury Regulations Section 1.355-7(d). For purposes of determining whether a transaction constitutes an indirect
acquisition, any recapitalization resulting in a shift of voting power shall be treated as an indirect acquisition of shares of
Equity Securities by the shareholders whose voting power is increased thereby and any redemption of shares of Equity Securities
shall be treated as an indirect acquisition of shares of Equity Securities by the non-exchanging shareholders. For purposes of
this definition, each reference to Internal Distributing shall include a reference to any entity treated as successor thereto.
This definition and the application thereof is intended to monitor compliance with Section 355(e) of the Code and shall be interpreted
accordingly. Any clarification of, or change in, the statute or regulations promulgated under Section 355(e) of the Code or published
IRS guidance with respect thereto shall be incorporated in this definition and its interpretation.

 

“Internal Distributing Active Trade
or Business” means the active conduct (as defined in Section 355(b)(2) of the Code and the regulations thereunder) by
Internal Distributing and its “separate affiliated group” (as defined in Section 355(b)(3)(B) of the Code) of the business
of manufacturing and selling specialty chemicals, immediately prior to the Internal Distribution.

 

“Internal Distributing Entity”
means any member of the Internal Distributing Group other than Internal Distributing.

 

“Internal Distributing Group”
means individually or collectively, as the case may be, (a) Internal Distributing and any of its Subsidiaries (including, for the
avoidance of doubt, any such

 

    	 	5 	 

     

    

 

Subsidiary that is treated as a “disregarded
entity” for U.S. federal Income Tax purposes (or for purposes of any state, local or foreign Tax law)) immediately after
the Internal Distribution (giving effect to the Restructuring completed up to such time and the Internal Distribution), (b) any
Person that shall have merged or liquidated into Internal Distributing or any such Subsidiary and (c) any predecessor or successor
to any Person otherwise described in this definition.

 

“Internal Distribution”
shall mean the distribution by Internal Distributing of all the common stock of Internal Controlled to Parent (or a wholly owned
subsidiary of Parent disregarded for U.S. federal income Tax purposes) in a transaction intended to qualify as a distribution that
is generally tax free pursuant to Sections 355(a) and 368(a)(1)(D) of the Code.

 

“IRS” means the U.S.
Internal Revenue Service.

 

“IRS Ruling” means the
U.S. federal income Tax ruling, and any supplements thereto, issued to Parent by the IRS in connection with the Restructuring and
the Distribution.

 

“IRS Ruling Request”
means any letter filed by Parent with the IRS requesting a ruling regarding certain tax consequences of the Transactions and any
amendment or supplement to such ruling request letter.

 

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

 

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

 

“Non-Income Tax Return”
means any Tax Return relating to Taxes other than Income Taxes.

 

“Non-Income Taxes” means
(i) any Taxes other than Income Taxes and (ii) for the avoidance of doubt, those Taxes listed on Schedule 1.

 

“Notified Action” has
the meaning set forth in Section 8.03(a).

 

“Ordinary Course of Business”
means an action taken by a Person only if such action is taken in the ordinary course of the normal day-to-day operations of such
Person.

 

“Parent” has the meaning
set forth in the preamble.

 

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

 

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

 

“Parent Disqualifying Action”
means (i) any action (or the failure to take any action) by Parent or any Parent Entity (including entering into any agreement,
understanding or arrangement or any negotiations or discussions with respect to any transaction or series of transactions) that,
(ii) any acquisition of all or a portion, or any event (or series of events) involving, the Equity Securities of Parent, any assets
of Parent or any Equity Securities or assets of any Parent Entity, Internal Controlled or any Internal Controlled Entity that,
or (iii) any inaccuracy in or breach

 

    	 	6 	 

     

    

 

by Parent or any Parent Entity of any of the
representations, warranties or covenants of or made by Parent in this Agreement or in connection with the Tax Opinions, the IRS
Ruling, or any IRS Ruling Request (other than, in each case, any representations and warranties made by Parent on behalf of, or
with respect to, SpinCo or any SpinCo Entity) that, in each case, causes any of the Transactions to fail to have Tax-Free Status;
provided, however, that the term “Parent Disqualifying Action” shall not include any action expressly
contemplated by the Separation and Distribution Agreement or any Ancillary Agreement or that is undertaken pursuant to the Restructuring,
the Distribution or the Plan of Reorganization.

 

“Parent Entity” means
any member of the Parent Group other than Parent.

 

“Parent Group” means,
individually or collectively, as the case may be, (a) Parent and any of its Subsidiaries (including, for the avoidance of doubt,
any such Subsidiary that is treated as a “disregarded entity” for U.S. federal Income Tax purposes (or for purposes
of any state, local or foreign Tax law)) immediately after the Effective Time (and giving effect to the Restructuring and the Distribution),
(b) any Person that shall have merged or liquidated into Parent or any such Subsidiary and (c) any predecessor or successor to
any Person otherwise described in this definition.

 

The “Parent Mergers”
means the Mergers, as defined in the Second Amended and Restated Business Combination Agreement, dated as of April 17, 2015, by
and among Parent (then named Rome-Milan Holdings, Inc.), MeadWestvaco Corporation, a Delaware Corporation, Rock-Tenn Company, a
Georgia Corporation, Milan Merger Sub, LLC, a Delaware limited liability company and Rome Merger Sub, Inc., a Georgia corporation,
as restated and amended by the First Amendment to the Second Amended and Restated Business Combination Agreement, by and among
Parent (then named Rome-Milan Holdings, Inc.), MeadWestvaco Corporation, Rock-Tenn Company, Milan Merger Sub, LLC and Rome Merger
Sub, Inc.

 

“Parent Separate Tax Return”
means any Separate Return required to be filed by any member of the Parent Group.

 

“Parent Tax Proceeding”
has the meaning set forth in Section 7.02(a).

 

“Parent Taxes” means,
without duplication, (i) any Taxes of or imposed on Parent or any Parent Entity (including any Taxes reported on or otherwise imposed
with respect to a Combined Tax Return, but excluding any Restructuring/Distribution Taxes), whether imposed as a result of an Adjustment,
amendment or otherwise, (ii) any Restructuring Transfer Taxes (A) due in connection with an originally-filed Tax Return that Parent
determines to be due or (B) attributable to, or arising with respect to, assets or activities of the Parent Business (in the case
of clause (B), whether imposed as a result of an Adjustment, amendment or otherwise), (iii) any Restructuring/Distribution Taxes,
whether imposed as a result of an Adjustment, amendment or otherwise, and (iv) any Taxes attributable to a Parent Disqualifying
Action, whether imposed as a result of an Adjustment, amendment or otherwise; provided, that, notwithstanding anything in
clauses (i) through (iv) to the contrary, Parent Taxes shall not include any SpinCo Taxes (including, for the avoidance of doubt,
any Taxes attributable to a SpinCo Disqualifying Action).

 

“Party” has the meaning
set forth in the preamble.

 

    	 	7 	 

     

    

 

“Past Practice” has the
meaning set forth in Section 3.01(a).

 

“Payment Date” means
(i) with respect to any Combined Tax Return, the earliest of the due date for any required installment of estimated taxes determined
under Section 6655 of the Code or any similar provision of foreign Tax Law, the due date (determined without regard to extensions)
for filing the return determined under Section 6072 of the Code or any similar provision of foreign Tax Law, and the date the return
is filed, and (ii) with respect to any other Tax Return, the corresponding dates determined under the applicable Tax Law.

 

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

 

“Plan of Reorganization”
has the meaning set forth in the Separation and Distribution Agreement.

 

“Post-Distribution Ruling”
has the meaning set forth in Section 8.02(d).

 

“Post-Separation Period”
means any taxable period (or portion thereof) beginning on or after the Distribution Date, including for the avoidance of doubt,
the portion of any Straddle Period beginning on or after the Distribution Date.

 

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

 

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

 

“Refund” means any refund
(or credit in lieu thereof) of Taxes (including any overpayment of Taxes that can be refunded or, alternatively, applied to other
Taxes payable), including any interest paid on or with respect to such refund of Taxes; provided, however, that for
purposes of this Agreement, the amount of any Refund required to be paid to another Party shall be reduced by the net amount of
any Income Taxes imposed on, related to, or attributable to, the receipt or accrual of such Refund.

 

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

 

“Restriction Period”
means the period beginning on the date hereof and ending on the twenty five (25) month anniversary of the Distribution Date.

 

“Restructuring” has the
meaning set forth in the recitals and includes, for the avoidance of doubt, the Contribution and the Distribution.

 

“Restructuring/Distribution Taxes”
means any Taxes imposed on, in connection with, or by reason of the Restructuring or the Distribution (not including any Transfer
Taxes), other than any such Taxes caused by a Disqualifying Action.

 

“Restructuring Transfer Taxes”
means any Transfer Taxes imposed on, in connection with, or by reason of the Restructuring or the Distribution.

 

    	 	8 	 

     

    

 

“SAG”
has the meaning ascribed to the term “separate affiliated group” in Section 355(b)(3)(B) of the Code.

 

“Section 336(e) Election”
has the meaning set forth in Section 8.04.

 

“Separate Return” means
(i) in the case of any Tax Return required to be filed by any member of the Parent Group (including any consolidated, combined,
unitary or similar Tax Return), any such Tax Return that does not include any member of the SpinCo Group and (ii) in the case of
any Tax Return required to be filed by any member of the SpinCo Group (including any consolidated, combined, unitary or similar
Tax Return), any such Tax Return that does not include any member of the Parent Group.

 

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

 

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

 

“SpinCo Active Trade or Business”
means the trade or business actively conducted (within the meaning of Section 355(b) of the Code) by SpinCo (taking into account
Section 355(b)(3) of the Code and Revenue Ruling 2007-42, 2007-2 C.B. 44) immediately prior to the Distribution and relied upon
to satisfy the requirements of Section 355(b) of the Code with respect to the Distribution, as set forth in the Tax Materials.

 

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

 

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

 

“SpinCo Disqualifying Action”
means (i) any action (or the failure to take any action) by SpinCo or any SpinCo Entity (including entering into any agreement,
understanding or arrangement or any negotiations or discussions with respect to any transaction or series of transactions) that,
(ii) any acquisition of all or a portion, or any event (or series of events) involving, the Equity Securities of SpinCo, any assets
of SpinCo or any Equity Securities or assets of any SpinCo Entity, Internal Distributing or any Internal Distributing Entity that,
or (iii) any inaccuracy in or breach by SpinCo or any SpinCo Entity of any of the representations, warranties or covenants of or
made by SpinCo in this Agreement or in connection with the Tax Opinions, the IRS Ruling or any IRS Ruling Request (irrespective
of whether Parent made the same representation or warranty on behalf of, or with respect to, SpinCo or any SpinCo Entity), that,
in each case, causes any of the Transactions to fail to have Tax-Free Status (regardless of whether a Post-Distribution Ruling,
Unqualified Tax Opinion or Waiver may have been obtained or provided with respect to such action, event, inaccuracy or breach);
provided, however, that the term “SpinCo Disqualifying Action” shall not include any action expressly
contemplated by the Separation and Distribution Agreement or any Ancillary Agreement or that is undertaken pursuant to the Restructuring,
the Distribution or the Plan of Reorganization.

 

“SpinCo Entity” means
any member of the SpinCo Group other than SpinCo.

 

“SpinCo Group” means
individually or collectively, as the case may be, (a) SpinCo and any of its Subsidiaries (including, for the avoidance of doubt,
any such Subsidiary that is treated

 

    	 	9 	 

     

    

 

as a “disregarded entity” for
U.S. federal Income Tax purposes (or for purposes of any state, local or foreign Tax law)) immediately after the Effective Time
(and giving effect to the Restructuring and the Distribution), (b) any Person that shall have merged or liquidated into SpinCo
or any such Subsidiary and (c) any predecessor or successor to any Person otherwise described in this definition.

 

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

 

“SpinCo Separate Tax Return”
means any Separate Return required to be filed by any member of the SpinCo Group.

 

“SpinCo Tax Proceeding”
has the meaning set forth in Section 7.02(a).

 

“SpinCo Taxes” means,
without duplication, (i) any Income Taxes of or imposed on any member of the SpinCo Group (including any Taxes reported on or otherwise
imposed with respect to a Combined Tax Return), in each case, for any Post-Separation Period, attributable to, or arising with
respect to, assets or activities of the SpinCo Business (excluding any Restructuring/Distribution Taxes or any Restructuring Transfer
Taxes), whether imposed as a result of an Adjustment, amendment or otherwise, (ii) any Non-Income Taxes of or imposed on any member
of the Parent Group or any member of the SpinCo Group (including any Taxes reported on or otherwise imposed with respect to a Combined
Tax Return), in each case, required to be paid in any Post-Separation Period, attributable to, or arising with respect to, assets
or activities of the SpinCo Business (excluding any Restructuring/Distribution Taxes or any Restructuring Transfer Taxes), whether
imposed as a result of an Adjustment or amendment or otherwise, (iii) any Restructuring Transfer Taxes resulting from an Adjustment
or amendment and attributable to, or arising with respect to, assets or activities of the SpinCo Business, and (iv) any Taxes attributable
to a SpinCo Disqualifying Action, whether imposed as a result of an Adjustment, amendment or otherwise; provided, that SpinCo
Taxes shall not include any Taxes attributable to a Parent Disqualifying Action.

 

“Straddle Period” means
any taxable period beginning on or prior to the Distribution Date and ending after the Distribution Date.

 

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

 

“Tax” means (i) all taxes,
charges, fees, duties, levies, imposts, or other similar assessments, imposed by any U.S. federal, state or local or foreign governmental
authority, including, but not limited to (A) income, gross receipts, excise, property, sales, use, license, capital stock, transfer,
franchise, margin, payroll, withholding, social security, value added and other taxes and (B) for the avoidance of doubt, those
taxes listed on Schedule 1, (ii) any interest, penalties or additions attributable thereto and (iii) all liabilities
in respect of any items described in clause (i) or (ii) payable by reason of contract, transferee or successor liability, operation
of Law or Treasury Regulations Section 1.1502-6(a) (or any predecessor or successor thereof or any analogous or similar provision
under Law).

 

    	 	10 	 

     

    

 

“Tax Attributes” means
net operating losses, capital losses, credits, earnings and profits, overall foreign losses, previously taxed income, separate
limitation losses and all other Tax attributes.

 

“Tax Counsel” shall mean
tax counsel of recognized national standing that is acceptable to Parent.

 

“Tax Item” means any
item of income, gain, loss, deduction, credit, recapture of credit or any other item that increases or decreases Taxes paid or
payable.

 

“Tax Materials” means
(i) the IRS Ruling, (ii) the Tax Opinions, (iii) each submission to the IRS in connection with any IRS Ruling Request, (iv) the
representation letters from Parent and SpinCo addressed to Tax Counsel supporting the Tax Opinions and (v) any other materials delivered
or deliverable by Parent or SpinCo in connection with the rendering by Tax Counsel of the Tax Opinions or the issuance by the IRS
of the IRS Ruling.

 

“Tax Matter” has the
meaning set forth in Section 9.01.

 

“Tax Opinions” shall mean
the opinions issued by Tax Counsel to Parent with respect to certain Tax aspects of the Contribution and the Distribution, as referenced
in [Section 3.3(a)(iv)] of the Separation and Distribution Agreement.

 

“Tax Package” means all
relevant Tax-related information relating to the operations of the Parent Business or the SpinCo Business, as applicable, that
is reasonably necessary to prepare and file the applicable Tax Return.

 

“Tax Proceeding” means
any audit, assessment of Taxes, pre-filing agreement, other examination by any Taxing Authority, proceeding, appeal of a proceeding
or litigation relating to Taxes, whether administrative or judicial, including proceedings relating to competent authority determinations.

 

“Tax Return” means any
return, report, certificate, form or similar statement or document (including any related or supporting information or schedule
attached thereto and any information return, or declaration of estimated Tax) supplied to, filed with or required to be supplied
to or filed with, a Taxing Authority in connection with the payment, determination, assessment or collection of any Tax or the
administration of any Laws relating to any Tax and any amended Tax return or claim for refund.

 

“Tax-Free Status” means,
with respect to (a) the Contribution and the Distribution, taken together, and (b) the Internal Contribution and the Internal Distribution,
taken together, the qualification in each case thereof (i) as a reorganization described in Sections 355(a) and 368(a)(1)(D) of
the Code, (ii) as a transaction in which the stock distributed thereby is “qualified property” for purposes of Sections
355(c)(2) and 361(c) of the Code, and (iii) as a transaction in which Parent, SpinCo, members of the Parent Group, members of the
SpinCo group and the shareholders of Parent recognize no income or gain for U.S. federal Income Tax purposes pursuant to Sections
355, 361 and 1031 of the Code, other than intercompany items or excess loss accounts taken into account pursuant to the Treasury
Regulations promulgated pursuant to Section 1502 of the Code.

 

    	 	11 	 

     

    

 

“Taxing Authority” means
any governmental authority or any subdivision, agency, commission or entity thereof or any quasi-governmental or private body having
jurisdiction over the assessment, determination, collection or imposition of any Tax (including the IRS).

 

“Taxing Jurisdiction”
means the United States and every other government or governmental unit having jurisdiction to tax Parent, SpinCo or any of their
respective Affiliates.

 

“Transactions” means
the transactions referred to in the definition of “Tax-Free Status.”

 

“Transfer Taxes” means
all sales, use, transfer, real property transfer (whether such transfer is direct or indirect), intangible, recordation, registration,
documentary, stamp or similar Taxes.

 

“Treasury Regulations”
means the final and temporary (but not proposed) income Tax regulations promulgated under the Code, as such regulations may be
amended from time to time (including corresponding provisions of succeeding regulations).

 

“U.S.” means the United
States of America.

 

“Unqualified Tax Opinion”
means a “will” opinion, without substantive qualifications, of a nationally recognized law firm, which law firm is
reasonably acceptable to Parent, to the effect that a transaction will not affect the conclusions set forth in the Tax Opinions.

 

“Waiver” has the meaning
set forth in Section 8.02(d).

 

Section 1.02.         Additional
Definitions. Capitalized terms not defined in this Agreement shall have the meaning
ascribed to them in the Separation and Distribution Agreement.

 

Article
II

PREPARATION, FILING AND PAYMENT OF TAXES SHOWN DUE

ON TAX RETURNS

 

Section 2.01.         Combined
Tax Returns. Parent shall prepare and file (or cause to be prepared and filed)
all Combined Tax Returns and shall pay (or cause to be paid) all Taxes shown to be due and payable on such Tax Returns; provided,
that SpinCo shall reimburse Parent for any such Taxes that are SpinCo Taxes.

 

Section 2.02.         Parent
Separate Tax Returns. Parent shall prepare and file (or cause to be prepared and
filed) all Parent Separate Tax Returns and shall pay (or cause to be paid) all Taxes shown to be due and payable on such Tax Returns;
provided, that SpinCo shall reimburse Parent for any such Taxes that are SpinCo Taxes.

 

Section 2.03.         SpinCo
Separate Tax Returns. SpinCo shall prepare and file (or cause to be prepared and
filed) all SpinCo Separate Tax Returns and shall pay (or cause to be paid) all Taxes shown to be due and payable on such Tax Returns;
provided, that Parent shall reimburse SpinCo for any such Taxes that are Parent Taxes.

 

    	 	12 	 

     

    

 

Section 2.04.         Restructuring
Transfer Tax Returns. Parent shall prepare and file (or cause to be prepared and
filed) all Tax Returns required to be filed with respect to Restructuring Transfer Taxes and Parent shall pay (or cause to be
paid) all Taxes shown to be due and payable on such Tax Returns; provided, that SpinCo shall reimburse Parent for any such
Taxes that are SpinCo Taxes.

 

Article
III

TAX RETURN PROCEDURES

 

Section 3.01.         Procedures
Relating to Combined Tax Returns and Parent Separate Tax Returns.

 

(a)          In
connection with the preparation of any Combined Tax Return pursuant to Section 2.01 or any Parent Separate Tax Return pursuant
to Section 2.02 that may include Tax Items relating to the activities or assets of the SpinCo Business, SpinCo will (and will cause
the SpinCo Entities to) assist and cooperate with Parent by preparing and providing to Parent such information and other documentation
as may be requested by or necessary to enable Parent, in such form as Parent may reasonably request, to prepare such Combined Tax
Return or Parent Separate Tax Return, including, but not limited to, pro forma Tax Returns for SpinCo and any SpinCo Entity to
be included in such Combined Tax Return or equivalent financial data to be used in the preparation of such Parent Separate Tax
Return, as applicable. Any such pro forma Tax Return or equivalent financial data shall be prepared in accordance with past practices,
accounting methods, elections and conventions (“Past Practice”), unless otherwise required by Law or reasonably
requested in writing by Parent, and shall be delivered no later than sixty (60) days following Parent’s request therefor.
At its option, Parent may engage an accounting firm of its choice to review the pro forma Tax Return or equivalent financial data,
supporting documentation, and statements submitted by SpinCo and in connection therewith, shall determine whether such Tax Return
was prepared in accordance with Past Practice. All costs and expenses associated with such review will be borne by Parent.

 

(b)          Parent
(or its designee) shall determine the entities to be included in any Combined Tax Return and make or revoke any Tax elections,
adopt or change any Tax accounting methods, and determine any other position taken on or in respect of any Combined Tax Return
or Parent Separate Tax Return. Notwithstanding the immediately preceding sentence, any Combined Tax Return or Parent Separate Tax
Return shall, to the extent relating to SpinCo, any SpinCo Entity or the activities or assets of the SpinCo Business, be prepared
in good faith. Parent shall deliver to SpinCo for its review a draft of any Combined Tax Return or Parent Separate Tax Return,
in each case, if such Tax Return reflects or relates to Taxes for which SpinCo would reasonably be expected to be liable hereunder,
at least fifteen (15) days prior to the Due Date for such Tax Return to enable SpinCo to analyze and comment on such Tax Return
(along with a statement setting forth the calculation of the Tax shown due and payable on such Tax Return reimbursable by SpinCo
under Section 2.01 or Section 2.02). Parent shall in good faith consider any such reasonable comments received from SpinCo and
Parent and SpinCo shall attempt in good faith to resolve any issues arising out of the review of any such Tax Return; provided,
however, that nothing herein shall prevent Parent from timely filing (or causing to be filed) any such Tax Return.

 

    	 	13 	 

     

    

 

Section 3.02.         Procedures
relating to SpinCo Separate Tax Returns. In the case of any SpinCo Separate Tax
Return that reflects or relates to Taxes for which Parent would reasonably be expected to be liable hereunder, SpinCo shall (1)
unless otherwise required by Law or agreed to in writing by Parent, prepare (or cause to be prepared) such Tax Return in a manner
consistent with Past Practice to the extent such items affect the Taxes for which Parent may be responsible pursuant to this Agreement,
and (2) submit to Parent a draft of any such Tax Return (along with a statement setting forth the calculation of the Tax shown
due and payable on such Tax Return reimbursable by Parent under Section 2.03) at least fifteen (15) days prior to the Due Date
for such Tax Return to enable Parent to analyze and comment on such Tax Return. SpinCo shall reflect any such reasonable comments
received from Parent in good faith, to the extent such comments relate to Taxes for which Parent would reasonably be expected
to be liable hereunder.

 

Section 3.03.         Preparation
of all Tax Returns. Except as required by applicable Law or as a result of a Final
Determination, (i) neither Parent nor SpinCo shall (nor shall cause or permit any members of the Parent Group or SpinCo Group,
respectively, to) take any position that is either inconsistent with the Tax-Free Status (or analogous status under any state
or local Law) or, with respect to a specific Tax Item on any Tax Return, treat such Tax Item in a manner that is inconsistent
with the manner such Tax Item is reported on a Tax Return prepared or filed by Parent pursuant to Article II hereof (including,
without limitation, the claiming of a deduction previously claimed on any such Tax Return) and (ii) Parent and SpinCo shall (and
shall cause the members of the Parent Group and SpinCo Group, respectively, to) prepare all Tax Returns in a manner consistent
with the terms of this Agreement and the Separation and Distribution Agreement.

 

Section 3.04.         Tax
Returns Reflecting Restructuring/Distribution Taxes. Notwithstanding
anything to the contrary in Articles II, III and IV, the portion of any Tax Return that relates to any Restructuring/Distribution
Taxes or any Taxes attributable to a Parent Disqualifying Action shall be prepared by Parent in the manner determined by Parent
in its sole discretion.

 

Article
IV

TAX TIMING AND ALLOCATION

 

Section 4.01.         Timing
of Payments. All Taxes required to be paid or caused to be paid pursuant to Article
II by either Parent or SpinCo, as the case may be, to an applicable Taxing Authority or to be reimbursed by Parent or SpinCo to
the other Party (or any member of its Group) pursuant to this Agreement, shall, in the case of a payment to a Taxing Authority,
be paid on or before the Due Date for the payment of such Taxes and, in the case of a payment to the other Party, be paid at least
two (2) business days before the Due Date for the payment of such Taxes by the other Party.

 

Section 4.02.         Expenses.
Except as otherwise expressly provided herein (including in Section 3.01), each Party shall bear its own expenses incurred in
connection with this Agreement.

 

Section 4.03.         Apportionment
of SpinCo Taxes. For all purposes of this Agreement, Parent shall determine in
its sole discretion exercised in good faith which Tax Items are properly

 

    	 	14 	 

     

    

 

attributable to assets or activities of the
SpinCo Business (and in the case of a Tax Item that is properly attributable to both the SpinCo Business and the Parent Business,
the allocation of such Tax Item between the SpinCo Business and the Parent Business).

 

Article
V

INDEMNIFICATION

 

Section 5.01.         Indemnification
by Parent. Parent shall pay, and shall indemnify and hold SpinCo and the SpinCo
Entities harmless from and against, without duplication, (i) all Parent Taxes, (ii) all Taxes incurred by SpinCo or any SpinCo
Entity as a result of any inaccuracy in or breach by Parent or any Parent Entity of any of the representations, warranties or
covenants of or made by Parent in this Agreement, and (iii) any costs and expenses related to the foregoing (including reasonable
fees of attorneys and experts and out-of-pocket expenses).

 

Section 5.02.         Indemnification
by SpinCo. SpinCo shall pay, and shall indemnify and hold Parent and the Parent
Entities harmless from and against, without duplication, (i) all SpinCo Taxes, (ii) all Taxes incurred by Parent or any Parent
Entity as a result of any inaccuracy in or breach by SpinCo or any SpinCo Entity of any of the representations, warranties or
covenants of or made by SpinCo in this Agreement, and (iii) any costs and expenses related to the foregoing (including reasonable
fees of attorneys and experts and out-of-pocket expenses).

 

Section 5.03.         Characterization
of and Adjustments to Payments.

 

(a)          For
all Tax purposes, the Parties agree to treat (and to cause their respective Affiliates to treat) (i) any payment required by this
Agreement (other than payments with respect to interest accruing after the Distribution Date) as either a contribution by Parent
to SpinCo or a distribution by SpinCo to Parent, as the case may be, occurring immediately prior to the Distribution or as a payment
of an assumed or retained Liability and (ii) any payment of non-federal Taxes by or to a Taxing Authority or any payment of interest
as taxable or deductible, as the case may be, to the Party entitled under this Agreement to retain such payment or required under
this Agreement to make such payment, in each case, except as otherwise required by applicable Law.

 

(b)          Any
indemnification payment under this Article V and under Article VI of the Separation and Distribution Agreement shall be increased
to take into account any inclusion in taxable income of the Indemnified Party arising from the receipt of such indemnity payment
and shall be decreased to take into account any reduction in taxable income of the Indemnified Party arising from such indemnified
Liability. For purposes hereof, any adjustment to an indemnification payment on account of Taxes shall be determined (i) using
the highest marginal rates in effect for Parent, in the case of an Indemnified Party that is a member of the Parent Group, or for
SpinCo, in the case of an Indemnified Party that is a member of the SpinCo Group, at the time of the determination and (ii) assuming
that the Indemnified Party will be liable for Taxes at such rate and has no Tax Attributes at the time of the determination.

 

Section 5.04.         Timing
of Indemnification Payments. Indemnification payments required pursuant to this
Article V shall be paid by the Indemnifying Party to the Indemnified Party within ten (10) business days of the receipt by the
Indemnifying Party of notification of the amount owed, together with reasonable documentation showing (i) the basis for the calculation
of such

 

    	 	15 	 

     

    

 

amount and (ii) if the Indemnified Party has
already paid such amount to the relevant Taxing Authority or other recipient, evidence of such payment.

 

Article
VI

REFUNDS, DEDUCTIONS

 

Section 6.01.         Refunds.

 

(a)          Parent
shall be entitled to all Refunds of Taxes for which Parent is responsible pursuant to Article II or for which Parent is or may
be liable pursuant to Article V, and SpinCo shall be entitled to all Refunds of Taxes for which SpinCo is responsible pursuant
to Article II or for which SpinCo is or may be liable pursuant to Article V. A Party receiving a Refund to which the other Party
is entitled pursuant to this Agreement shall pay the amount to which such other Party is entitled within ten (10) days after the
receipt of the Refund.

 

(b)          In
the event of an Adjustment relating to Taxes for which one Party is responsible pursuant to Article II or is or may be liable pursuant
to Article V which would have given rise to a Refund but for an offset against the Taxes for which the other Party is or may be
liable pursuant to Article V (the “Benefited Party”), then the Benefited Party shall pay to the other Party,
within ten (10) days of the Final Determination of such Adjustment an amount equal to the lesser of (i) the amount of such hypothetical
Refund or (ii) the amount of such reduction in the Taxes of the Benefited Party, in each case plus interest at the rate set forth
in Section 6621(a)(1) of the Code on such amount for the period from the filing date of the Tax Return that would have given rise
to such Refund to the payment date. For purposes of this Section 6.01(b), a decrease in taxable income shall be considered a reduction
in Taxes of a Benefited Party, and an increase in taxable income shall be considered Taxes for which a party is or may be liable.

 

(c)          Notwithstanding
Section 6.01(a), to the extent that a Party applies or causes to be applied an overpayment of Taxes as a credit toward or a reduction
in Taxes otherwise payable (or a Taxing Authority requires such application in lieu of a Refund) and such overpayment of Taxes,
if received as a Refund, would have been payable by such Party to the other Party pursuant to this Section 6.01, such Party shall
pay such amount to the other Party no later than the Due Date of the Tax Return for which such overpayment is applied to reduce
Taxes otherwise payable.

 

(d)          To
the extent that the amount of any Refund under this Section 6.01 is later reduced by a Taxing Authority or a Tax Proceeding, such
reduction shall be allocated to the Party to which such Refund was allocated pursuant to this Section 6.01 and an appropriate adjusting
payment shall be made.

 

Section 6.02.         Treatment
of Deductions Associated with Equity-Related Compensation. The treatment of Tax
deductions associated with equity-related compensation shall be governed by Section [5.3] of the Employee Matters Agreement.

 

    	 	16 	 

     

    

 

Article
VII

TAX PROCEEDINGS

 

Section 7.01.         Notification
of Tax Proceedings. Within thirty (30) days after an Indemnified Party becomes
aware of the commencement of a Tax Proceeding that may give rise to Taxes for which an Indemnifying Party is responsible pursuant
to Article V, such Indemnified Party shall notify the Indemnifying Party of such Tax Proceeding, and thereafter shall promptly
forward or make available to the Indemnifying Party copies of notices and communications relating to such Tax Proceeding. The
failure of the Indemnified Party to notify the Indemnifying Party of the commencement of any such Tax Proceeding within such thirty
(30)-day period or promptly forward any further notices or communications shall not relieve the Indemnifying Party of any obligation
which it may have to the Indemnified Party under this Agreement except to the extent that the Indemnifying Party is actually prejudiced
by such failure.

 

Section 7.02.         Tax
Proceedings.

 

(a)          Generally.
Except as provided in Section 7.02(c)(i), Parent (or such member of the Parent Group as Parent shall designate) shall have the
sole right to control, and to represent the interests of the members of the Parent Group and the members of the SpinCo Group and
to employ counsel of its choice at its expense in, any Tax Proceeding (including any Tax Proceeding with respect to Restructuring/Distribution
Taxes) relating to (i) any Combined Tax Return, (ii) any Parent Separate Tax Return, (iii) any Restructuring/Distribution Taxes,
or (iv) any Non-Income Taxes that are both SpinCo Taxes and Parent Taxes (each, a “Parent Tax Proceeding”).
Except as provided in Section 7.02(c)(ii), SpinCo (or such member of the SpinCo Group as SpinCo shall designate) shall have the
sole right to control, and to represent the interests of the members of the SpinCo Group and to employ counsel of its choice at
its expense in, (i) any Tax Proceeding relating to any SpinCo Separate Tax Return and (ii) any Non-Income Taxes or Restructuring
Transfer Taxes that are attributable to, or arise with respect to, assets or activities of the SpinCo Business, in each case, other
than a Parent Tax Proceeding (a “SpinCo Tax Proceeding”).

 

(b)          Power
of Attorney. SpinCo shall (and shall cause the members of the SpinCo Group to) execute and deliver to Parent (or such member
of the Parent Group as Parent shall designate) any power of attorney or other document reasonably requested by Parent (or such
designee) in connection with any Parent Tax Proceeding.

 

(c)          Participation
Rights.

 

(i)          Parent
Tax Proceedings. In the event of any Parent Tax Proceeding the resolution of which could reasonably be expected to give rise
to an indemnification obligation of SpinCo pursuant to Article V, (A) Parent shall consult with SpinCo reasonably in advance of
taking any significant action in connection with such Tax Proceeding, (B) Parent shall consult with SpinCo and offer SpinCo a reasonable
opportunity to comment before submitting any written materials prepared or furnished in connection with such Tax Proceeding, (C)
Parent shall defend such Tax Proceeding diligently and in good faith as if it were the only party in interest in connection with
such Tax Proceeding, and (D) Parent shall provide SpinCo copies of any written materials relating to such Tax Proceeding received
from the relevant Taxing Authority.

 

    	 	17 	 

     

    

 

Notwithstanding anything in the preceding
sentence to the contrary, the final determination of the positions taken, including with respect to settlement or other disposition,
in any Parent Tax Proceeding shall be made in the sole discretion of Parent and shall be final and not subject to the dispute resolution
provisions of Section 10.01 (or, for the avoidance of doubt, Article [VII] of the Separation and Distribution Agreement).

 

(ii)         SpinCo
Tax Proceedings. In the event of any SpinCo Tax Proceeding the resolution of which could reasonably be expected to give rise
to an indemnification obligation of Parent pursuant to Article V or which otherwise could reasonably be expected to have an adverse
impact on Parent, (A) SpinCo shall consult with Parent reasonably in advance of taking any significant action in connection with
such Tax Proceeding, (B) SpinCo shall consult with Parent and offer Parent a reasonable opportunity to comment before submitting
any written materials prepared or furnished in connection with such Tax Proceeding, (C) SpinCo shall defend such Tax Proceeding
diligently and in good faith as if it were the only party in interest in connection with such Tax Proceeding, (D) SpinCo shall
provide Parent copies of any written materials relating to such Tax Proceeding received from the relevant Taxing Authority, (E) Parent
shall be entitled to participate in such Tax Proceeding at its own expense and (F) SpinCo shall not settle, compromise or abandon
any such Tax Proceeding without obtaining the prior written consent of Parent, which consent shall not be unreasonably withheld,
conditioned or delayed.

 

Article
VIII

TAX-FREE STATUS OF THE TRANSACTIONS

 

Section 8.01.         Representations
and Warranties.

 

(a)          SpinCo.
SpinCo hereby represents and warrants that (i) it has examined the Tax Materials, and (ii) the facts presented and the representations
made in the Tax Materials, to the extent descriptive of or in reference to the SpinCo Group or the SpinCo Business (including with
respect to the plans, proposals, intentions and policies of the SpinCo Group), are true, correct and complete in all respects.

 

(b)          Parent.
Parent hereby represents and warrants that (i) it has delivered complete and accurate copies of the Tax Materials to SpinCo and
(ii) the facts presented and the representations made in the Tax Materials, to the extent descriptive of or in reference to the
Parent Group or the Parent Business (including with respect to the business purposes for the Distribution described in the Tax
Materials and the plans, proposals, intentions and policies of the Parent Group), are true, correct and complete in all respects.

 

(c)          No
Contrary Plan. Each of Parent and SpinCo represents and warrants that neither it, nor any of its Affiliates, has any plan or
intention to take any action (or fail to take any action) or knows of any fact or circumstance (after due inquiry) (A) which is
inconsistent with any statements or representations made in the Tax Materials, this Agreement or the Separation and Distribution
Agreement (or that could cause any such statements or representations to be untrue) or (B) which may cause any of the Transactions
not to have Tax-Free Status.

 

    	 	18 	 

     

    

 

Section 8.02.         Restrictions
Relating to the Distribution.

 

(a)          General.
SpinCo shall not, and shall not permit any SpinCo Entity to, take any action that constitutes (and shall not fail to take an action,
the omission of which would result in) a Disqualifying Action described in the definition of SpinCo Disqualifying Action.

 

(b)          SpinCo
Obligations. SpinCo shall not take any action (including, but not limited to, any cessation, transfer or disposition of all
or any portion of any SpinCo Business, payment of extraordinary dividends and acquisitions or issuance of Equity Securities) or
permit any member of the SpinCo Group to take any such action, and SpinCo shall not fail to take any such action or permit any
SpinCo Entity to fail to take any such action, in each case, unless such action or failure to act (x) could not reasonably be expected
to cause any of the Transactions to fail to have Tax-Free Status or (y) could not require Parent or SpinCo to reflect a liability
or reserve for Taxes or other amounts with respect to the Transactions in its financial statements.

 

(c)          SpinCo
Restrictions. Prior to the first (1st) day after the end of the Restriction Period, SpinCo:

 

(i)          (x)
shall continue and/or cause to be continued the active conduct (within the meaning of Section 355(b) of the Code) of the SpinCo
Active Trade or Business and the Internal Distributing Active Trade or Business (by Internal Distributing) as conducted immediately
prior to the Distribution, taking into account Section 355(b)(3) of the Code and Revenue Ruling 2007-42, 2007-2 C.B. 44, and (y)
shall not engage (or permit Internal Distributing or any other SpinCo Entity to engage) in any transaction (including, without
limitation, any cessation, transfer or disposition of all or any portion of any SpinCo Business) that could reasonably be expected
to result in either SpinCo ceasing to be a company engaged in the SpinCo Active Trade or Business or Internal Distributing ceasing
to be a company engaged in the Internal Distributing Active Trade or Business.

 

(ii)         shall
not, and shall not permit any SpinCo Entity, Internal Distributing or any Internal Distributing Entity (other than any SpinCo Entity
or Internal Distributing Entity treated as an entity disregarded as separate from its owner for U.S. federal Income Tax purposes)
to voluntarily dissolve or liquidate (or take any other action or enter into any transaction that would effect a liquidation for
U.S. federal Income Tax purposes).

 

(iii)        shall
not (1) enter into, solicit, agree to, participate in, approve or effect any Acquisition Transaction or any Internal Distributing
Acquisition Transaction or, to the extent SpinCo has the right to prohibit any Acquisition Transaction or any Internal Distributing
Acquisition Transaction, permit any Acquisition Transaction or any Internal Distributing Acquisition Transaction to occur, (2)
redeem or otherwise repurchase or agree to redeem or otherwise repurchase (directly or through an Affiliate) any Equity Securities
of SpinCo or Internal Distributing, except to the extent such repurchases satisfy Section 4.05(1)(b) of Revenue Procedure 96-30
(as in effect prior to the amendment of such Revenue Procedure by Revenue Procedure 2003-48), (3) amend SpinCo’s or Internal
Distributing’s certificate of incorporation (or other organizational documents), or take any other action, whether through
a stockholder vote or otherwise, affecting the relative voting rights of SpinCo’s or Internal Distributing’s Equity
Securities (including through the conversion of any Equity Securities into another class of Equity Securities), (4) merge or consolidate
(or agree to merge or consolidate) with any other Person or permit any SpinCo Entity, Internal Distributing or any Internal Distributing
Entity to merge or consolidate

 

    	 	19 	 

     

    

 

(or agree to merger or consolidate) with any
other Person (other than, (A) in the case of a SpinCo Entity, either SpinCo or another SpinCo Entity, or (B) in the case of an
Internal Distributing Entity, Internal Distributing or another Internal Distributing Entity) or (5) take any other action or actions
(including any action or transaction that would be reasonably likely to be inconsistent with any statement or representation made
in the Tax Materials) which, individually or in the aggregate (and taking into account any other transactions described in this
Section 8.02(c)(iii)) would be reasonably likely to have the effect of causing or permitting one or more Persons (whether or not
acting in concert) to acquire, directly or indirectly, Equity Securities representing a Fifty-Percent or Greater Interest in SpinCo
or Internal Distributing or otherwise jeopardize the Tax-Free Status of any of the Transactions. In addition, SpinCo shall not
at any time, whether before or subsequent to the expiration of the Restriction Period, engage in or permit any action described
in the immediately preceding sentence if it is pursuant to an agreement negotiated (in whole or in part) prior to the first (1st)
day after the end of the Restriction Period, even if at the time of the Distribution or thereafter such action is subject to various
conditions.

 

(iv)        (1)
shall not, and shall not permit any SpinCo Entity to, sell, transfer, or otherwise dispose of or agree to, sell, transfer or otherwise
dispose (including in any transaction treated for U.S. federal Income Tax purposes as a sale, transfer or disposition) of assets
(including, any shares of Equity Securities of a Subsidiary) that, in the aggregate, constitute more than thirty percent (30%)
of the gross assets of SpinCo or more than thirty percent (30%) of the consolidated gross assets of SpinCo and the members of its
SAG; and (2) shall not permit Internal Distributing or any Internal Distributing Entity to sell, transfer, or otherwise dispose
of or agree to, sell, transfer or otherwise dispose (including in any transaction treated for U.S. federal Income Tax purposes
as a sale, transfer or disposition) of assets (including, any shares of Equity Securities of a Subsidiary) that, in the aggregate,
constitute more than thirty percent (30%) of the gross assets of Internal Distributing or more than thirty percent (30%) of the
consolidated gross assets of Internal Distributing and the members of its SAG. The foregoing sentence shall not apply to (A) sales,
transfers, or dispositions of assets in the Ordinary Course of Business, (B) any cash paid to acquire assets from an unrelated
Person in an arm’s-length transaction, (C) any assets transferred to a Person that is disregarded as an entity separate
from the transferor for U.S. federal Income Tax purposes or (D) any mandatory or optional repayment (or pre-payment) of any indebtedness
of SpinCo or Internal Distributing, as applicable (or any member of the applicable SAG). The percentages of gross assets of SpinCo
or of the consolidated gross assets of SpinCo and the members of its SAG, as the case may be, sold, transferred, or otherwise disposed
of, shall be based on the fair market value of the gross assets of such entity or entities as of the Distribution Date. The percentages
of gross assets of Internal Distributing or of the consolidated gross assets of Internal Distributing and the members of its SAG,
as the case may be, sold, transferred, or otherwise disposed of, shall be based on the fair market value of the gross assets of
such entity or entities as of the date of the Internal Distribution. For purposes of this Section 8.02(c)(iv), a merger of SpinCo
or Internal Distributing (or a member of the applicable SAG) with and into any Person shall constitute a disposition of all of
the assets of such entity or such member.

 

(d)          Notwithstanding
the restrictions imposed by Section 8.02(c), during the Restriction Period, SpinCo may proceed with (or permit to proceed) any
of the actions or transactions described in Section 8.02(c), if (x) such action or transaction is not described in Section 8.02(a)
or Section 8.02(b) and (y) prior to entering into any agreement contemplating such action

 

    	 	20 	 

     

    

 

or transaction, and prior to taking or consummating
any such action or transaction, (i) SpinCo shall first have requested Parent to obtain a private letter ruling from the IRS (and
any other relevant Taxing Authority) (a “Post-Distribution Ruling”) in accordance with Section 8.03(d) of this
Agreement to the effect that such action or transaction will not affect the Tax-Free Status of any of the Transactions and Parent
shall have received such Post-Distribution Ruling in form and substance satisfactory to Parent in its sole and absolute discretion,
(ii) SpinCo shall have provided Parent with an Unqualified Tax Opinion in form and substance satisfactory to Parent in its
sole and absolute discretion, or (iii) Parent shall have waived in writing (a “Waiver”) the requirement to obtain
such Post-Distribution Ruling or Unqualified Tax Opinion. In determining whether a Post-Distribution Ruling or Unqualified Tax
Opinion is satisfactory, Parent shall exercise its discretion in good faith and may consider, among other factors, the appropriateness
of any underlying assumptions or representations used as a basis for the Post-Distribution Ruling or Unqualified Tax Opinion and
the views on the substantive merits. For the avoidance of doubt, SpinCo shall not be relieved of any indemnification obligation
pursuant to Article V or otherwise under this Agreement as a result of having satisfied the requirements of clauses (i), (ii) or
(iii) of this Section 8.02(d).

 

(e)          Tax
Reporting. Each of SpinCo and Parent covenants and agrees that it will not take, and will cause its respective Affiliates not
to take, any position on any Tax Return that is inconsistent with the Tax-Free Status of the Transactions.

 

Section 8.03.         Procedures
Regarding Post-Distribution Rulings and Unqualified Tax Opinions.

 

(a)          Notification.
If SpinCo determines that it desires to take one of the actions described in Section 8.02(c) (a “Notified Action”),
SpinCo shall promptly notify Parent of this fact in writing.

 

(b)          Post-Distribution
Rulings or Unqualified Tax Opinions at SpinCo’s Request. Upon the reasonable request of SpinCo pursuant to Section 8.03(a),
Parent shall cooperate with SpinCo and use its commercially reasonable efforts to seek to obtain, as expeditiously as possible,
a Post-Distribution Ruling or an Unqualified Tax Opinion for the purpose of permitting SpinCo to take the Notified Action unless
Parent shall have waived the requirement to obtain such Post-Distribution Ruling or Unqualified Tax Opinion in writing pursuant
to Section 8.02(d). Notwithstanding the foregoing, in no event shall Parent be required to file or cooperate in the filing of any
ruling request for a Post-Distribution Ruling under this Section 8.03(b) unless SpinCo represents that (i) it has read such ruling
request, and (ii) all statements, information and representations relating to any member of the SpinCo Group contained in such
ruling request are (subject to any qualifications therein) true, correct and complete. SpinCo shall reimburse Parent for all reasonable
costs and expenses incurred by the Parent Group in obtaining a Post-Distribution Ruling or Unqualified Tax Opinion requested by
Parent within ten (10) days after receiving an invoice from Parent therefor.

 

(c)          Post-Distribution
Rulings or Unqualified Tax Opinions at Parent’s Request. Parent shall have the right to obtain a Post-Distribution Ruling
or a tax opinion at any time in its sole and absolute discretion. If Parent determines to obtain a Post-Distribution Ruling or
a tax opinion, SpinCo shall (and shall cause each SpinCo Entity to) cooperate with Parent and use

 

    	 	21 	 

     

    

 

commercial reasonably efforts to take any
and all actions reasonably requested by Parent in connection with obtaining such Post-Distribution Ruling or tax opinion (including,
without limitation, by making any representation or covenant or providing any information, documents and materials requested by
the IRS, any other relevant Taxing Authority or the Tax Counsel issuing such opinion); provided, that SpinCo shall not be
required to make (or cause a SpinCo Entity to make) any representation or covenant that is inconsistent with historical facts or
as to future matters or events over which it has no control. Parent and SpinCo shall each bear its own costs and expenses in obtaining
a Post-Distribution Ruling or tax opinion requested by Parent.

 

(d)          All
Post-Distribution Rulings. Parent shall have sole and exclusive control over the process of obtaining any Post-Distribution
Ruling, and only Parent shall be permitted to apply for a Post-Distribution Ruling. In connection with obtaining a Post-Distribution
Ruling, (i) Parent shall keep SpinCo informed in a timely manner of all material actions taken or proposed to be taken by
Parent in connection therewith; (ii) Parent shall (1) reasonably in advance of the submission of any request for a Post-Distribution
Ruling provide SpinCo with a draft copy thereof; (2) reasonably consider SpinCo’s comments on such draft copy; and (3) provide
SpinCo with a final copy; and (iii) Parent shall provide SpinCo with notice reasonably in advance of, and SpinCo shall have the
right to attend, any formally scheduled meetings with the IRS (subject to the approval of the IRS) that relate to such Post-Distribution
Ruling. Neither SpinCo nor any SpinCo Entity shall seek any guidance from the IRS or any other Taxing Authority (whether written,
verbal or otherwise) at any time concerning the Restructuring, the Distribution, the Internal Contribution or the Internal Distribution
(including the impact of any transaction on the Restructuring, the Distribution, the Internal Contribution or the Internal Distribution,
as applicable) without Parent’s prior written consent.

 

Section 8.04.         Section
336(e) Election. The Parties agree that (i) Parent and SpinCo shall enter into
a written, binding agreement and (ii) Parent and Internal Distributing, as applicable, shall timely make a protective election
under Section 336(e) of the Code (and any similar provision of any relevant U.S. state or local jurisdiction) and Treasury Regulation
Section 1.336-2(j) (each election, a “Section 336(e) Election”), with respect to the Distribution and the Internal
Distribution, in each case, in accordance with Treasury Regulation Section 1.336-2(h). SpinCo shall (or shall cause the relevant
SpinCo Entity or Internal Distributing Entity to) join with Parent or the relevant Parent Entity in the making of such election
and shall take any action reasonably requested by Parent or that is otherwise necessary to give effect to such election (including
making any other related election). To the extent, pursuant to a Final Determination, the Distribution or the Internal Distribution
constitutes a “qualified stock disposition,” as defined in Treasury Regulation Section 1.336-1(b)(6), the Parties
shall not and shall not permit any of their respective Subsidiaries to, take any position for Tax purposes inconsistent with the
relevant Section 336(e) Election, except as may be required pursuant to a Final Determination. For the avoidance of doubt,
in the event that (x) Section 336(e) applies to the Distribution and (y) neither Section 355(c) nor Section 361(c) applies to
the Internal Distribution, Parent shall be permitted to make an election under Treasury Regulation Section 1.1502-13(f)(5)(ii)
in accordance with Treasury Regulation Section 1.1502-13(f)(5)(ii)(E) and specifying Treasury Regulation Section 1.1502-13(f)(5)(ii)(C)
as the basis for relief. In the event the Transactions fail to have Tax-Free Status and Parent is not entitled to indemnification
for any Taxes or Losses arising from such failure, SpinCo shall pay over to Parent any refund, credit, or other reduction in otherwise
required Tax payments realized by the SpinCo Group or any member of the SpinCo Group arising from the

 

    	 	22 	 

     

    

 

step-up in Tax basis resulting from a Section
336(e) Election. In the event the Transactions fail to have Tax-Free Status and Parent is entitled to indemnification for any Taxes
or Losses arising from such failure, the Restructuring/Distribution Taxes subject to such indemnification shall include any additional
Taxes payable by Parent and its affiliates as a result of the relevant Section 336(e) Election.

 

Article
IX

COOPERATION

 

Section 9.01.         General
Cooperation.

 

(a)          The
Parties shall each cooperate fully (and each shall cause its respective Subsidiaries to cooperate fully) with all reasonable requests
in writing from the other Party hereto, or from an agent or Representative of such Party, in connection with the preparation and
filing of Tax Returns (including the preparation of Tax Packages), claims for Refunds, Tax Proceedings, and calculations of amounts
required to be paid pursuant to this Agreement, in each case, related or attributable to or arising in connection with Taxes of
any of the Parties or their respective Subsidiaries covered by this Agreement and the establishment of any reserve required in
connection with any financial reporting (a “Tax Matter”). Such cooperation shall include the provision of any
information reasonably necessary or helpful in connection with a Tax Matter (“Information”) and shall include,
without limitation, at each Party’s own cost:

 

(i)          the
provision of any Tax Returns of the Parties and their respective Subsidiaries, books, records (including information regarding
ownership, Tax basis of property, and earnings and profits), documentation and other information relating to such Tax Returns,
including accompanying schedules, related work papers, and documents relating to rulings or other determinations by Taxing Authorities;

 

(ii)         the
execution of any document (including any power of attorney) in connection with any Tax Proceedings of any of the Parties or their
respective Subsidiaries, or the filing of a Tax Return or a Refund claim of the Parties or any of their respective Subsidiaries;

 

(iii)        the
use of the Party’s reasonable best efforts to obtain any documentation in connection with a Tax Matter; and

 

(iv)        the
use of the Party’s reasonable best efforts to obtain any Tax Returns (including accompanying schedules, related work papers,
and documents), documents, books, records or other information in connection with the filing of any Tax Returns of any of the Parties
or their Subsidiaries.

 

(b)          Each
Party shall make its employees, advisors, and facilities available, without charge, on a reasonable and mutually convenient basis
in connection with the foregoing matters.

 

Section 9.02.         Retention
of Records. Parent and SpinCo shall retain or cause to be retained all Tax Returns,
schedules and work papers, and all material records or other documents relating thereto in their possession, until sixty (60)
days after the expiration of the applicable statute of limitations (including any waivers or extensions thereof) of the taxable
periods to which such Tax Returns and other documents relate or until the expiration of any additional

 

    	 	23 	 

     

    

 

period that any Party reasonably requests,
in writing, with respect to specific material records or documents. A Party intending to destroy any material records or documents
shall provide the other Party with reasonable advance notice and the opportunity to copy or take possession of such records and
documents. The Parties hereto will notify each other in writing of any waivers or extensions of the applicable statute of limitations
that may affect the period for which the foregoing records or other documents must be retained.

 

Article
X

MISCELLANEOUS

 

Section 10.01.         
Dispute Resolution. In the event of any dispute between the Parties as to
any matter covered by this Agreement, the Parties shall cooperate in good faith to resolve such dispute. If the Parties cannot
resolve such dispute within thirty (30) days from the time such dispute arises, Parent shall, in its reasonable discretion, resolve
such dispute, after considering in good faith any comments provided by SpinCo.

 

Section 10.02.         
Tax Sharing Agreements. All Tax sharing, indemnification and similar agreements,
written or unwritten, as between Parent or a Parent Entity, on the one hand, and SpinCo or a SpinCo Entity, on the other hand
(other than this Agreement, the Separation and Distribution Agreement, any other Ancillary Agreement and any agreement entered
into after the Distribution), shall be or shall have been terminated no later than the Effective Time and, after the Effective
Time, none of Parent, any Parent Entity, SpinCo or any SpinCo Entity shall have any further rights or obligations under any such
Tax sharing, indemnification or similar agreement.

 

Section 10.03.         
Interest on Late Payments. With respect to any payment between the Parties
pursuant to this Agreement not made by the due date set forth in this Agreement for such payment, the outstanding amount will
accrue interest at a rate per annum equal to the rate in effect for underpayments under Section 6621 of the Code from such due
date to and including the earlier of the ninetieth (90th) day or the payment date, and thereafter will accrue interest at a rate
per annum equal to Prime Rate plus 2%.

 

Section 10.04.         
Survival of Covenants. Except as otherwise contemplated by this Agreement,
all covenants and agreements of the Parties contained in this Agreement shall survive the Effective Time and remain in full force
and effect in accordance with their applicable terms; provided, however, that the representations and warranties
and all indemnification for Taxes shall survive until sixty (60) days following the expiration of the applicable statute of limitations
(taking into account all extensions thereof), if any, for assessment of the Tax that gave rise to the indemnification; provided,
further, that, in the event that notice for indemnification has been given within the applicable survival period, such
indemnification shall survive until such time as such claim is finally resolved.

 

Section 10.05.         
Severability. If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced under any Law or as a matter of public policy, all other conditions and provisions of this
Agreement shall remain in full force and effect. Upon such determination that any term or other provision is invalid, illegal
or incapable of being enforced, the

 

    	 	24 	 

     

    

 

Parties to this Agreement shall negotiate
in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually
acceptable manner.

 

Section 10.06.         
Entire Agreement. Except as otherwise expressly provided in this Agreement
and subject to Section 10.12 hereof, this Agreement, the Employee Matters Agreement, and the Separation and Distribution Agreement
constitute the entire agreement of the Parties hereto with respect to the subject matter of this Agreement and supersede all prior
agreements and undertakings, both written and oral, between or on behalf of the Parties hereto with respect to the subject matter
of this Agreement.

 

Section 10.07.         
No Third-Party Beneficiaries. Except as provided in Article V with respect
to indemnified Parties, this Agreement is for the sole benefit of the Parties to this Agreement and their respective Subsidiaries
and their permitted successors and assigns and nothing in this Agreement, express or implied, is intended to or shall confer upon
any other Person any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement.

 

Section 10.08.         
Specific Performance. 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 who is or is to be thereby aggrieved shall
have the right to specific performance and injunctive or other equitable relief of its 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 waived by the Parties to this Agreement.

 

Section 10.09.         
Amendment. No provision of this Agreement may be amended or modified except
by a written instrument signed by the Parties to this Agreement. No waiver by any Party of any provision of this Agreement shall
be effective unless explicitly set forth in writing and executed by the Party so waiving. The waiver by any Party of a breach
of any provision of this Agreement shall not operate or be construed as a waiver of any other subsequent breach.

 

Section 10.10.         
Rules of Construction. Interpretation of this Agreement shall be governed
by the following rules of construction: (i) words in the singular shall be held to include the plural and vice versa and words
of one gender shall be held to include the other gender as the context requires; (ii) references to the terms Article, Section,
paragraph, clause, Exhibit and Schedule are references to the Articles, Sections, paragraphs, clauses, exhibits and schedules
of this Agreement unless otherwise specified; (iii) the terms “hereof,” “herein,” “hereby,”
“hereto,” and derivative or similar words refer to this entire Agreement, including the Schedules and Exhibits hereto;
(iv) references to “$” shall mean U.S. dollars; (v) the word “including” and words of similar import
when used in this Agreement shall mean “including without limitation,” unless otherwise specified; (vi) the word “or”
shall not be exclusive; (vii) references to “written” or “in writing” include in electronic form; (viii)
provisions shall apply, when appropriate, to successive events and transactions; (ix) the table of contents and headings contained
in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement;
(x) Parent and SpinCo have each participated in the negotiation and drafting of this

 

    	 	25 	 

     

    

 

Agreement and if an ambiguity or question
of interpretation should arise, this Agreement shall be construed as if drafted jointly by the parties hereto and no presumption
or burden of proof shall arise favoring or burdening either Party by virtue of the authorship of any of the provisions in this
Agreement or any interim drafts of this Agreement; and (xi) a reference to any Person includes such Person’s successors and
permitted assigns.

 

Section 10.11.         
Counterparts. This Agreement may be executed in one or more counterparts,
each of which when executed shall be deemed to be an original, but all of which taken together shall constitute one and the same
agreement. Delivery of an executed counterpart of a signature page to this Agreement by facsimile or portable document format
(PDF) shall be as effective as delivery of a manually executed counterpart of any such Agreement.

 

Section 10.12.         
Coordination with Separation and Distribution Agreement. In the event of
any inconsistency between this Agreement and the Separation and Distribution Agreement, the Employee Matters Agreement, or any
other Ancillary Agreement with respect to matters addressed herein the provisions of this Agreement shall control.

 

Section 10.13.         
Coordination with the Employee Matters Agreement. To the extent any covenants
or agreements between the Parties with respect to employee withholding Taxes are expressly set forth in the Employee Matters Agreement,
such Taxes shall be governed exclusively by the Employee Matters Agreement and not by this Agreement.

 

Section 10.14.         
Governing Law. 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.

 

Section 10.15.         
Assignability. This Agreement shall be binding upon and inure to the benefit
of the Parties and their respective successors and permitted assigns. Neither Party may assign its rights or delegate its obligations
under this Agreement without the express prior written consent of the other Party hereto; provided, however, that
each Party may assign all of its rights and obligations under this Agreement to any of its Subsidiaries; provided, further,
that no such assignment shall release the assigning Party from any of its liabilities or obligations under this Agreement.

 

Section 10.16.         
Notices. Any notice, demand, claim or other communication under this Agreement
will be in writing and will be deemed to have been given (a) on delivery if delivered personally; (b) on the date on which delivery
thereof is guaranteed by the carrier if delivered by a national courier guaranteeing delivery within a fixed number of days of
sending; or (c) on the date of facsimile transmission thereof if delivery is confirmed, but, in each case, only if addressed to
the Parties in the following manner at the following addresses or facsimile numbers (or at the other address or other number as
a Party may specify by notice to the others):

 

    	 	26 	 

     

    

 

If to Parent, to:

 

WestRock Company

504 Thrasher Street

Norcross, GA 30071

Attention:    Chief Financial Officer

Facsimile:    [●]

 

with a copy (until the Effective Time) to:

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, New York 10019
 Facsimile:    (212) 403-2000

 

If to SpinCo, to:

 

Ingevity Corporation

5255 Virginia Avenue

North Charleston, SC 29406

Attention:    [●]

Facsimile:    [●]

 

with a copy (until the Effective Time) to:

Wachtell, Lipton, Rosen & Katz

51 West 52nd Street

New York, New York 10019
 

Facsimile:    (212) 403-2000

 

Section 10.17.         
Effective Date. This Agreement shall become effective only upon the occurrence
of the Distribution.

 

[The remainder of this page is intentionally
left blank.]

 

    	 	27 	 

     

    

 

IN WITNESS WHEREOF, the Parties have caused
this Agreement to be executed by their duly authorized representatives as of the day and year first above written.

 

	 	WESTROCK COMPANY
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 
	 	 
	 	INGEVITY CORPORATION
	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

[Signature Page to Tax Matters Agreement]

 

    	 	 	 

     

    

 

SCHEDULE 1

 

The following Taxes shall not, for purposes of this Agreement,
constitute Income Taxes:

 

		·	Sales Tax

		·	Use Tax

		·	Value Added Tax

		·	LLC Tax

		·	Real Property Tax

		·	Personal Property Tax

		·	Doing Business Tax

		·	Business License Tax

		·	Business Privilege Tax

		·	Occupational TaxExhibit 10.4

 

COVINGTON PLANT

 

SERVICES AGREEMENT

 

between

 

WESTROCK VIRGINIA, LLC

 

and

 

INGEVITY VIRGINIA CORPORATION

 

Dated as of February 1, 2016

 

     

     

    

 

Table of Contents

 

	 	 	Page
	 	 	 
	ARTICLE 1 DEFINITIONS	1
	 	 
	ARTICLE 2 USE OF CERTAIN JOINT ASSETS	8
	 	 	 
	Section 2.1	Use of Jointly Used Rail Facilities	8
	Section 2.2	Use of Jointly Used Pipe Bridges	8
	 	 	 
	ARTICLE 3 SERVICES AND CHARGES	9
	 	 	 
	Section 3.1	Steam	9
	Section 3.2	Water	10
	Section 3.3	Electricity	10
	Section 3.4	Compressed Air	12
	Section 3.5	Fire and Emergency Services; Security Services	12
	Section 3.6	Sawdust Procurement Services	13
	Section 3.7	Medical Services	14
	Section 3.8	Joint Storeroom and Motor Pool Services	14
	Section 3.9	Use of Expansion Warehouse	16
	Section 3.10	Other Services	16
	Section 3.11	Interim Supply of Natural Gas	16
	Section 3.12	Use of Pinehurst Lot Property	17
	 	 	 
	ARTICLE 4 WASTEWATER TREATMENT	17
	 	 	 
	Section 4.1	Treatment and Monitoring of the Wastewater Streams	17
	 	 	 
	ARTICLE 5 MAINTENANCE OF CONTINUOUS AND JOINTLY USED ASSETS	17
	 	 	 
	Section 5.1	Ownership of Continuous Assets	17
	Section 5.2	Repair and Maintenance of the Continuous Assets	17
	Section 5.3	Repair and Maintenance of Certain Jointly Used and Other Assets	18
	Section 5.4	Repair and Maintenance of Roads and Parking Areas	19
	 	 	 
	ARTICLE 6 ADDITIONAL PROVISIONS WITH RESPECT TO CHARGES	19
	 	 	 
	Section 6.1	General	19
	Section 6.2	Adjustments Based on Extraordinary Changes	19
	Section 6.3	Service Level Failures	19
	Section 6.4	Payment Terms	21
	Section 6.5	Documentation; Books and Records	22
	Section 6.6	Availability of Information for Calculations; Monthly Adjustments	22
	Section 6.7	Delays or Failures	22
	Section 6.8	Calculation of Operating Costs	22
	 	 	 
	ARTICLE 7 CAPITAL EXPENDITURES	23
	 	 	 
	Section 7.1	Capital Expenditures to Satisfy Regulatory Requirements and in Connection with Expansion	23
	Section 7.2	Capital Improvements for Rail Infrastructure	23

 

    	 	-i-	 

     

    

  

	Section 7.3	Capital Improvements to Maintain Assets Used to Provide the Services	23
	Section 7.4	Other Mutual Capital Projects	24
	Section 7.5	Capital Improvements with Respect to the Continuous Assets	24
	Section 7.6	No Capital Improvement Obligation on the Part of the Mill Owner	24
	 	 	 
	ARTICLE 8 OPTIONS TO PURCHASE; USE OF CERTAIN ASSETS	24
	 	 	 
	Section 8.1	Mill Owner Option to Purchase	24
	Section 8.2	Purchase Price of Mill Owner Option Assets	25
	Section 8.3	Continued Operation of Assets Used to Provide Critical Services	26
	 	 	 
	ARTICLE 9 REPRESENTATIONS AND WARRANTIES	26
	 	 	 
	Section 9.1	Power and Authority of Ingevity; Enforceability	26
	Section 9.2	Power and Authority of the Mill Owner; Enforceability	26
	Section 9.3	Limitation of Warranties	27
	 	 	 
	ARTICLE 10 ADDITIONAL COVENANTS	27
	 	 	 
	Section 10.1	Insurance	27
	Section 10.2	Service Level Failures; Wastewater Remedy Payments; and Optimization of Operations	28
	Section 10.3	Applicable Law	28
	 	 	 
	ARTICLE 11 NOTICES	29
	 	 	 
	Section 11.1	Required Notices	29
	Section 11.2	How Notices are Given	30
	 	 	 
	ARTICLE 12 TERM AND TERMINATION	30
	 	 	 
	Section 12.1	Term	30
	Section 12.2	Termination	31
	 	 	 
	ARTICLE 13 LIMITATION OF LIABILITY; INDEMNIFICATION	32
	 	 	 
	Section 13.1	Limitation of Liability and Waiver of Subrogation	32
	Section 13.2	Indemnification by Ingevity	33
	Section 13.3	Indemnification by the Mill Owner	34
	Section 13.4	Notice of Claim	35
	Section 13.5	Force Majeure	35
	Section 13.6	Duty to Mitigate	35
	Section 13.7	Other	35
	Section 13.8	Limitation of Liability	35
	 	 	 
	ARTICLE 14 CONTRACT MANAGERS; GOVERNANCE; DISPUTE RESOLUTION	36
	 	 	 
	Section 14.1	Contract Managers and Operating Council	36
	Section 14.2	Dispute Resolution	37
	 	 	 
	ARTICLE 15 MISCELLANEOUS	38
	 	 	 
	Section 15.1	Confidential Information	38

 

    	 	-ii-	 

     

    

  

	Section 15.2	Independent Contractors	38
	Section 15.3	Assignment by Ingevity	38
	Section 15.4	Assignment by the Mill Owner	39
	Section 15.5	Amendment; Waiver	39
	Section 15.6	Entire Agreement	39
	Section 15.7	Choice of Law and Venue	39
	Section 15.8	Binding Agreement; Successors	39
	Section 15.9	Headings and Other Interpretations	40
	Section 15.10	Counterparts	40
	Section 15.11	Schedules	40
	Section 15.12	Severability, etc.	40
	Section 15.13	No Presumption Against Drafter	40

 

    	 	-iii-	 

     

    

 

COVINGTON PLANT SERVICES AGREEMENT

 

THIS AGREEMENT (this “Agreement”)
is made as and effective as of 12:01 a.m. on February 1, 2016 (the “Effective Date”) between WESTROCK
VIRGINIA, LLC, a Delaware limited liability company (the “Mill Owner”), and INGEVITY VIRGINIA CORPORATION,
a Virginia corporation (“Ingevity”), under the following circumstances:

 

A.          Pursuant
to a Distribution Agreement of even date herewith between the Mill Owner and Ingevity, certain of the assets and liabilities of
the specialty chemicals business of WestRock Company, including the Carbon Plant (as hereinafter defined) operated in conjunction
with and within the Mill Owner’s paperboard and pulp mill in Covington, Virginia, are being distributed from the Mill Owner
to Ingevity. Following such distribution, Ingevity will operate the Carbon Plant.

 

B.          Concurrently
with the execution of this Agreement, the Mill Owner is leasing the real property underlying the Carbon Plant to Ingevity pursuant
to the Ground Lease (as hereinafter defined). Under the Ground Lease, each party also has certain specified ancillary rights to
access and use the real property owned or leased by the other party. Under the Ground Lease, Ingevity also has an option to purchase
the real property underlying the Carbon Plant and, if Ingevity purchases the real property underlying the Carbon Plant pursuant
to this option, the ancillary rights provided by the Ground Lease will be converted into perpetual reciprocal easements for the
benefit of Ingevity and the Mill Owner.

 

C.          The
Carbon Plant is dependent upon the Mill Owner’s paperboard and pulp mill for certain essential services. The parties are
entering into this Agreement to set forth their agreement with respect to the ongoing provision of services by the Mill Owner’s
paperboard and pulp mill to Ingevity’s Carbon Plant.

 

NOW, THEREFORE, in consideration of the mutual
covenants described in this Agreement and other good and valuable consideration, the receipt and sufficiency of which are acknowledged,
and intending to be legally bound hereby, Ingevity and the Mill Owner agree as follows:

 

ARTICLE 1

DEFINITIONS

 

When used in this Agreement, the following terms
shall have the meanings indicated:

 

“Affiliate” means,
as to any Person, (a) any Subsidiary of such Person and (b) any other Person that, directly or indirectly, controls, is controlled
by, or is under common control with, such Person. For the purposes of this definition, “control”
means the possession of the power to direct or cause the direction of management and policies of Person, whether through the ownership
of voting securities, by contract or otherwise.

 

“Agent” has the meaning
given that term in Section 13.1(a).

 

“Asset Owner” has
the meaning given that term in Section 5.2.

 

“Average Fuel Cost”
means the average fuel cost incurred by the Mill during the month to generate one MMBTU of steam, which shall be determined by:
(A) aggregating the cost to the Mill Owner of the Fuel Type used by the Mill to produce steam during the month, but with the cost
of the liquor from the pulp-making process used as a fuel in the recovery boilers being valued at zero for this purpose, and (B)
dividing the result by the sum of: (x) the aggregate fuel value of all of the Fuel Types used by the Mill during the month, which
shall be determined by multiplying the number of units of each

 

     

     

    

  

Fuel Type used by the Mill during the month by
the Fuel Value Per Unit for that Fuel Type and adding together the products so determined, plus (y) the aggregate Energy Value
of the 600 pound steam and the 1,500 pound steam generated by recovery boiler #1 and recovery boiler #2, respectively, during the
month.

 

“Carbon Plant” means
the carbon manufacturing facility, the adjacent carbon warehouse, the carbon research facility and offices, the former chipper
house and board mill, the Sawdust Pile and any ancillary facilities, all of which are located on the Carbon Plant Real Property.

 

“Carbon Plant Real Property”
means the real property on which the Carbon Plant is located, as more particularly described in the Ground Lease. As of the Effective
Date, the Carbon Plant Real Property is leased by Ingevity from the Mill Owner pursuant to the Ground Lease; however, during the
Term, the Carbon Plant Real Property may be purchased by Ingevity pursuant to the purchase option set forth in the Ground Lease.

 

“Claims” means any
claims, liabilities, obligations, damages, causes of action, penalties, fines, judgments, forfeitures, losses, expenses (including
but not limited to, reasonable attorneys’ fees, consultant’s fees, expert’s fees, and court costs) and costs.

 

“Clinic” has the meaning
given that term in Section 3.7.

 

“Closure” means a
shutdown of the Mill in which none of the Major Equipment is being operated on a continuous basis during the applicable time period;
provided, however, that a shutdown in connection with a Major Equipment Shutdown or a Cold Maintenance Shutdown shall not constitute
a Closure.

 

“Co-located Continuous Assets”
has the meaning given that term in Section 5.1.

 

“Cold Maintenance Shutdown”
means a planned shutdown of the Mill for maintenance and repairs (other than emergency maintenance or repairs resulting from a
Force Majeure Event) in which steam is not being generated by the Mill.

 

“Conclusion of the Escalation Process”
has the meaning given that term in Section 14.2(c).

 

“Continuous Assets”
means those assets, such as pipelines, pipe bridges, wires, cables, conveyors and other similar assets that are located partially
on the Mill Property and partially on the Carbon Plant Real Property. Those Continuous Assets that are not Mill Owner Retained
Assets are owned in part by the Mill Owner and in part by Ingevity, while those Continuous Assets that are Mill Owner Retained
Assets are owned solely by the Mill Owner. In the case of Continuous Assets that are utilities serving the Carbon Plant and the
Mill (such as the Filtered Water system, the Fire Water system, the wastewater system, the stormwater system and the Mill Electrical
Distribution System, but excluding the natural gas line that will be constructed to directly connect the local natural gas utility
to the Carbon Plant, which will be paid for and owned by Ingevity), the main distribution lines are owned by the Mill Owner and
the dedicated lines connecting the main distribution line to the Carbon Plant, serving only the Carbon Plant, are owned by Ingevity.
The Continuous Assets as of the Effective Date and the portions of each owned by each party are listed on Schedule 5.1.
Schedule 5.1 also indicates, as of the Effective Date, the Continuous Assets that are Mill Owner Retained Assets.

 

“Contract Manager”
has the meaning given that term in Section 14.1(a).

 

    	 	-2-	 

     

    

  

“Critical Services Equipment”
has the meaning given that term in Section 8.3.

 

“Cutover Date” has
the meaning given that term in Section 3.8(e).

 

“Default Rate” means
a fixed rate equal to: (i) the three month London interbank offered rate (LIBOR) as of the date of determination, as reported in
the Wall Street Journal Money Rate column (or, in the event the Wall Street Journal no longer is published, or no longer publishes
such rate, such other similarly determined rate as the Mill Owner and Ingevity mutually agree), plus (ii) 5% per annum.

 

“DEQ” means the Virginia
Department of Environmental Quality or any successor thereto.

 

“Direct Electric Purchase Arrangement”
has the meaning given that term in Section 3.3(c).

 

“Disputes” has the
meaning given that term in Section 14.2.

 

“Effective Date” has
the meaning given that term in the preamble to this Agreement.

 

“Emergency Response Plan”
has the meaning given that term in Section 3.5(a)(vi).

 

“Energy Value” means:
(i) for recovery boiler #1, the number of MMBTU’s per 1,000 pounds of 600 pound steam generated in the boiler, which is 1.203,
and (ii) for recovery boiler #2, the number of MMBTU’s per 1,000 pounds of 1,500 pound steam generated in the boiler, which
is 1.168.

 

“Environmental Laws”
shall mean all Laws relating to public health and safety, and pollution or protection of the environment, or that classify, regulate,
call for the remediation of, require reporting with respect to, or list or define air, water, groundwater, solid waste, hazardous
or toxic substances, materials, wastes, pollutants or contaminants; which regulate the presence, use, manufacture, generation,
handling, labeling, testing, transport, treatment, storage, processing, discharge, disposal, release, threatened release, control,
or cleanup of Hazardous Substances or materials containing Hazardous Substances; or which are intended to assure the protection,
safety and good health of the public. “Environmental Laws” include all applicable Environmental
Permits.

 

“Environmental Permits”
means any licenses, permits, quotas, authorizations, consents, orders, franchises, filings or registrations, variances, exceptions,
security clearances and other approvals from any Governmental Authority under Environmental Laws including, without limitation,
those that are required to generate, store, handle, transport, discharge, emit or dispose of Hazardous Substances used or generated
by the party.

 

“Escalation Process”
has the meaning given that term in Section 14.2(a).

 

“Excess Cost” has
the meaning given that term in Section 3.1(c)(iii)(A).

 

“Executive Management”
has the meaning given that term in Section 14.2(c).

 

“Expansion Warehouse”
means the building located at the corner of North Roanoke Street and North Allegheny Avenue adjacent to the Mill’s wood office,
which is the third-party managed warehouse owned by the Mill Owner and located on the Mill Property that is used by both the Mill
Owner and Ingevity for receiving and temporary storage of equipment.

 

“Failure Hours” has
the meaning given that term in Section 6.3(a).

 

“Filtered Water” means
water pumped from local waterways and filtered by the Mill.

 

    	 	-3-	 

     

    

  

“Fire/Emergency Services”
has the meaning given that term in Section 3.5(a).

 

“Fire Water” is pressurized
Filtered Water for use in fighting fires that is supplied through a fire water system that services the Mill and the Carbon Plant.

 

“Force Majeure Event”
means any cause, condition or event beyond the parties’ reasonable control that delays or prevents either party’s performance
of its obligations hereunder, including war, acts of government, acts of public enemy, riots, civil strife, lightning, fires, explosions,
storms, floods, power failures (including brown-outs, surges or other situations where the utility generates less than full power),
other acts of God or nature, labor strikes or lockouts by either party’s employees, and other similar events or circumstances;
provided, however, that adverse financial or market conditions shall not constitute a Force Majeure Event.

 

“Fuel Type” means
coal, natural gas, #6 fuel oil, #2 fuel oil, bark or purchased biofuel.

 

“Fuel Value Per Unit”
means, for each of the following fuel sources, the number of MMBTU’s per unit indicated:

 

	Fuel	 	Unit	 	Fuel
    Value Per Unit
	Coal	 	MMBTU per ton	 	26.000
	Natural gas	 	MMBTU per million cubic feet	 	1.070
	#6 Fuel oil	 	MMBTU per gallon	 	0.151
	#2 Fuel oil	 	MMBTU per gallon	 	0.138
	Bark	 	MMBTU per 1,000 pounds	 	4.400
	Purchased biofuel	 	MMBTU per 1,000 pounds	 	4.400

 

“Governmental Authority”
means any government or governmental or regulatory body thereof, or political subdivision thereof, of any country or subdivision
thereof, whether national, federal, state or local, or any agency or instrumentality thereof, or any court or arbitrator (public
or private).

 

“Ground Lease” means
the Ground Lease Agreement of even date herewith between the Mill Owner, as landlord, and Ingevity, as tenant, as the same may
be amended from time to time in accordance with its terms, with respect to the lease of the ground underlying the Carbon Plant.

 

“Hazardous Substances”
means any hazardous substance within the meaning of Section 101(14) of the Comprehensive Environmental Response, Compensation and
Liability Act of 1980, 42 U.S.C. §9601(14) or any chemical, pollutant, contaminant, waste or otherwise toxic, hazardous, extremely
hazardous or radioactive waste, including petroleum, petroleum derivatives, petroleum by-products or other hydrocarbons, asbestos
containing materials and polychlorinated biphenyls that, in each case, is regulated under any applicable Environmental Law.

 

“Hazmat Team” has
the meaning given that term in Section 3.5(a)(iii).

 

“Hourly Charge” has
the meaning given that term in Section 6.3(d).

 

“Identified Courts”
has the meaning given that term in Section 15.7.

 

“Incipient Fire Brigade”
has the meaning given that term in Section 3.5(a)(i).

 

“Ingevity” has the
meaning set forth in the preamble to this Agreement and includes any permitted successors as operator of the Carbon Plant.

 

    	 	-4-	 

     

    

  

“Ingevity Employee Ratio”
means, as of a specified date, the number of all employees of Ingevity and its Affiliates employed at the Carbon Plant as of the
preceding September 30 divided by the aggregate number of all employees of Ingevity and its Affiliates and the Mill Owner and its
Affiliates employed at the Carbon Plant and at the Mill, respectively, as of the preceding September 30.

 

“Ingevity Fire/Emergency Services”
has the meaning set forth in Section 3.5(a).

 

“Ingevity Indemnified Parties”
has the meaning given that term in Section 13.3.

 

“Ingevity Natural Gas Utility Facilities”
means any natural gas pipelines and related equipment owned by Ingevity (whether existing on the Effective Date or thereafter constructed
at the expense of Ingevity pursuant to the Lease) that are located on the Mill Property.

 

“Interim Operation”
has the meaning given that term in Section 8.3.

 

“Interim Natural Gas Period”
has the meaning given that term in Section 3.11(a). 

 

“Joint Motor Pool Services”
has the meaning given that term in Section 3.8(c).

 

“Joint Storeroom Services”
has the meaning given that term in Section 3.8(a).

 

“Jointly Used Pipe Bridges”
has the meaning given that term in Section 2.2.

 

“Jointly Used Rail Facilities”
means the rail system located within the Mill complex that is owned by the Mill Owner and serves the Mill and the Carbon Plant,
consisting of the track running from the Mill gate to the #13 spur at the edge of the Carbon Plant Real Property and the designated
railcar repair and cleaning track. The Jointly Used Rail Facilities do not include the portion of the #13 spur located on the Carbon
Plant Real Property. The Jointly Used Rail Facilities also do not include the Repair Track Access Track.

 

“Law” means any national,
federal, state or local law (including common law), statute, constitutional provision, code, ordinance, rule, regulation, opinion,
interpretive guidance, directive, concession, order or other official requirement or guideline of any country or subdivision, authority,
department or agency thereof.

 

“Law Change” has the
meaning given that term in Section 10.3(c).

 

“Losses” means any
and all damages, liabilities, obligations, losses, penalties, fines, costs, proceedings, deficiencies or damages (whether absolute,
accrued, conditional or otherwise and whether or not resulting from third party claims), including out-of-pocket expenses and reasonable
attorneys’ fees and accountants’ fees incurred in the investigation or defense of any of the same or in enforcing any
rights under this Agreement.

 

“Maintenance Standards”
means, with respect to equipment, machinery and other related components, the applicable maintenance and operating standards listed
on Schedule 1.2 or, if there is no applicable maintenance or operating standard listed on Schedule 1.2,
the applicable maintenance and operating standards being applied by the Mill or Ingevity, as the case may be, as of the Effective
Date.

 

“Major Equipment”
means the Wastewater Treatment Plant, the Electrical Distribution System, the Mill’s steam generation and distribution system
serving the Carbon Plant and the Mill’s Filtered Water and Fire Water distribution systems serving the Carbon Plant.

 

    	 	-5-	 

     

    

  

“Major Equipment Shutdown”
means a planned shutdown of any of the Major Equipment for maintenance and repairs (other than (i) emergency maintenance or
repairs resulting from a Force Majeure Event, or (ii) as part of a Cold Mill Shutdown) or for economic reasons which, in either
case, affects the Services provided to the Carbon Plant for more than 24 hours.

 

“Market Quality Sawdust”
has the meaning given that term in Section 3.6(b).

 

“Mill” means the Covington,
Virginia paperboard mill and pulp owned as of the date of this Agreement by the Mill Owner. For clarity, the Mill does not include
the Carbon Plant.

 

“Mill Electrical Distribution System”
means the Mill’s electrical distribution system providing electric service to the Carbon Plant and the Mill. The Mill Electrical
Distribution System does not include the dedicated line or lines serving only the Carbon Plant that connect the Mill Electrical
Distribution System to the Carbon Plant, which are owned by Ingevity, as shown on Schedule 5.1.

 

“Mill Indemnified Parties”
has the meaning given that term in Section 13.2.

 

“Mill Owner” has the
meaning given that term in the preamble to this Agreement, and includes any permitted successors as operator of the Mill.

 

“Mill Owner Option Exercise Notice”
has the meaning given that term in Section 8.1.

 

“Mill Owner Option”
has the meaning given that term in Section 8.1.

 

“Mill Owner Option Assets”
has the meaning given that term in Section 8.1.

 

“Mill Owner Retained Assets”
means: (i) any Continuous Assets that pass under, on or over the Carbon Plant Real Property and serve the Mill
but do not also serve the Carbon Plant (which include, without limitation, certain pipe bridges, conveyors and pipelines),
 and (ii) the building used by the Mill Owner as a truck repair shop as of the Effective Date (sometimes referred to as the Auto
Garage), subject to the right of Ingevity under the Ground Lease to expand the premises leased under the Ground Lease to include
such building. The Mill Owner Retained Assets as of the Effective Date (other than the truck repair shop referred to in
the preceding sentence) are listed on Schedule 5.1.

 

“Mill Property” means
the real property on which the Mill is located, excluding the Carbon Plant Real Property.

 

“MMBTU’s” means
1,000,000 British Thermal Units.

 

“Notice of Claim”
has the meaning given that term in Section 13.4.

 

“Operating Costs”
has the meaning given that term in Section 6.8.

 

“Operating Council”
has the meaning given that term in Section 14.1(c).

 

“Originating Party”
has the meaning given that term in Section 6.7.

 

“Party Wall” means
the common, or party, structural wall between the former board mill building on the Carbon Plant Property and the hydropulper building
on the Mill Property.

 

“Penalty Hours” has
the meaning given that term in Section 6.3(b).

 

“Permanent Closure of the Carbon
Plant” means a shutdown of the Carbon Plant in which no products are being manufactured, processed or stored on a
routine basis consistent with normal business practices for the Carbon Plant, if such shutdown has exceeded, or will exceed, one
year in duration

 

    	 	-6-	 

     

    

  

“Permanent Closure of the Mill”
means the Closure of the Mill, if such Closure has exceeded, or will exceed, one year in duration.

 

“Person” means any
individual, corporation, partnership, limited liability company, firm, joint venture, association, joint-stock company, trust,
unincorporated organization, representative office, branch, Governmental Authority or other similar entity, other than Mill Owner
or Ingevity.

 

“Pinehurst Lot” has
the meaning given that term in Section 3.12(a).

 

“Plant Owner” has
the meaning given that term in Section 5.2.

 

“Proceeding” has the
meaning given that term in Section 15.7.

 

“Property” has the
meaning given that term in Section 13.1(a).

 

“Proportionate Share of Rail Usage”
has the meaning given that term in Section 5.3(c).

 

“Protected Information”
has the meaning given that term in Section 15.1.

 

“Recipient Party”
has the meaning given that term in Section 6.7.

 

“Repair Track Access Track”
means the mainline track within the Mill Property between the #13 spur and the railcar repair and cleaning track (which Ingevity
has the right to use for the movement of railcars to and from the railcar repair and cleaning track but is not part of the Jointly
Used Rail Facilities).

 

“Rescue Squad”
has the meaning given that term in Section 3.5(a)(v).

 

“Review Process” has
the meaning given that term in Section 14.1(d).

 

“Sawdust Pile” means
the sawdust stored at Ingevity’s sawdust storage and processing site on the Carbon Plant Real Property.

 

“Sawdust Procurement Services”
has the meaning set forth in Section 3.6(a).

 

“Security Services”
has the meaning given that term in Section 3.5(b).

 

“Service Level Failure”
has the meaning given that term in Section 6.3(a).

 

“Service Level Payments”
has the meaning given that term in Section 6.3(c).

 

“Services” means the
services to be provided by the Mill Owner to Ingevity pursuant to Articles 3, 4 and 5 and the services
to be provided by Ingevity to the Mill Owner pursuant to Article 3.

 

“Services Specifications”
means, with respect to each Service, the technical standards and ranges of quantity, if any, applicable to such Service as set
forth on Schedule 1.1 under the heading “Services Specifications.” The
Services Specifications may be revised from time to time by the parties in writing pursuant to the Review Process so long as such
revisions are not otherwise inconsistent with any provision of this Agreement, and Schedule 1.1 shall be updated
by the parties to include any change to the Services Specifications agreed upon by the parties in writing pursuant to the Review
Process. Schedule 1.1 as so updated from time to time shall be deemed to be a part of this Agreement.

 

“Steam Charge/MMBTU has
the meaning given that term in Section 3.1(c).

 

    	 	-7-	 

     

    

 

“Stormwater” means
rainwater and non-process water collected on site at the Mill and the Carbon Plant. The Stormwater ultimately mixes with process
discharge water before entering the Wastewater Treatment Plant.

 

“Structural Fire Brigade”
has the meaning given that term in Section 3.5(a)(ii).

 

“Supporting Information”
has the meaning given that term in Section 6.5.

 

“Surplus Sawdust”
has the meaning given that term in Section 3.6(b).

 

“Term” has the meaning
given that term in Section 12.1.

 

“Vehicle” means any
land vehicle that is subject to any Virginia statutory motor vehicle insurance Law.

 

“Waiver” has the meaning
given that term in Section 3.11(a).

 

“Wastewater Remedy Payment”
means a payment Ingevity is required to make pursuant to Section 6.1.3, Section 6.1.4 or Section 6.1.5 of
the Wastewater Treatment Terms.

 

“Wastewater Treatment Plant”
means the wastewater treatment plant at the Mill and associated equipment and piping (including, without limitation, the phosphate
pre-treatment equipment conveyed by Ingevity to the Mill Owner and operated by the Mill Owner) used for the treatment of wastewater
produced by the Mill and the Carbon Plant.

 

“Wastewater Treatment Services”
means the Services to be provided by the Mill Owner to Ingevity pursuant to Section 4.1 and the Wastewater Treatment Terms.

 

“Wastewater Treatment Terms”
has the meaning given that term in Section 4.1.

 

ARTICLE 2

USE OF CERTAIN JOINT ASSETS

 

Section 2.1          Use
of Jointly Used Rail Facilities.  The parties shall cooperate with respect to their respective use of the Jointly
Used Rail Facilities and the Repair Track Access Track. The Mill Owner shall provide Ingevity and its contractors with access to,
and use of: (i) the Jointly Used Rail Facilities for purposes of switching, railcar storage and providing railcar deliveries and
shipments to and from the Carbon Plant, and (ii) the Repair Track Access Track for purposes of delivery of railcars to and retrieval
of railcars from the railcar repair and cleaning track, in each case consistent with the Ground Lease and the day-to-day manner
in which the Jointly Used Rail Facilities and the Repair Track Access Track were being used prior to the Effective Date. Each party
shall be responsible for entering into its own freight and related contracts with the railroads servicing the facility and third
party contractors who repair and clean railcars.

 

Section 2.2          Use
of Jointly Used Pipe Bridges.  The Mill Owner shall permit Ingevity to use the pipe bridges and similar structures
within the Mill that carry utilities transmission lines and pipelines through the Mill to the Carbon Plant (collectively, the “Jointly
Used Pipe Bridges”), consistent with the Ground Lease. The obligations of the parties with respect to the maintenance
and repair of such pipe bridges, which are Mill Owner Retained Assets, shall be as provided in Article 5.

 

    	 	-8-	 

     

    

  

ARTICLE 3

SERVICES AND CHARGES

 

Section 3.1          Steam.  (a)
The Mill Owner shall supply all of Ingevity’s requirements of steam for the Carbon Plant in accordance with the Services
Specifications; provided, that any increase in Ingevity’s requirements of steam for the Carbon Plant after the Effective
Date does not: (i) exceed, on an annual basis, 100% of the metered usage of steam by the Carbon Plant during the first 12 full
calendar months of the Term, (ii) require any capital expenditure by the Mill Owner, or (iii) require the Mill Owner to obtain
any new Environmental Permit or any modification of an existing Environmental Permit. Except in the case of a Major Equipment Shutdown,
a Cold Maintenance Shutdown or a Force Majeure Event, the Mill Owner shall not interrupt or reduce the steam service to the Carbon
Plant. In the event of any interruption or reduction in steam service from the Mill for any purpose: (i) the Mill Owner shall
not reduce the steam service to the Carbon Plant until after steam service to all users of steam at the Mill has been terminated,
and (ii) the Mill Owner shall cooperate with Ingevity with respect to the substitution of steam from the Mill’s package
steam plant or from a package steam plant to be obtained and operated by Ingevity. Following any interruption to its steam service
to the Carbon Plant as a result of a Major Equipment Shutdown, a Cold Maintenance Shutdown or a Force Majeure Event, the Mill Owner
shall have the right to restore service to the Mill before restoring service to the Carbon Plant, consistent with the practice
prior to the Effective Date; however, the Mill Owner, in cooperation with Ingevity, shall restore service to the Carbon Plant as
soon as is reasonbly practicable (and, in any event, within 24 hours) after restoration of such service to the Mill.

 

(b)          For
steam supplied to the Carbon Plant by the Mill pursuant to Section 3.1(a), Ingevity shall pay the Mill Owner on a monthly
basis an amount determined by multiplying Ingevity’s actual metered usage of steam generated by the Mill during the month
(expressed in MMBTU’s) multiplied by the Steam Charge/MMBTU for the month.

 

(c)          The
“Steam Charge/MMBTU” for a month shall be the sum of the following amounts:

 

(i)          the
Mill Owner’s aggregate Operating Costs for the month to generate steam (which, for purposes of clarity, shall not include
all fuel costs), determined by adding the amounts accumulated for the month in the Mill Owner’s steam generation cost center
accounts (Account No. 8010108350 (utility general), 8010108366 (power boiler #6), 8010108371 (power boiler #11), 8010108352 (scrubber
system), 8010108321 (recovery boiler #1), 8010108322 (recovery boiler #2), 8010108353 (bark boiler handling), 8010108369 (power
boiler #9), 8010108730 (power boiler #10) and 8010108361 (power boiler #1) or the future equivalent accounts) divided by 90% of
the total number of MMBTU’s of steam generated by the Mill during the month (10% of such generated steam being the estimated
distribution loss); plus

 

(ii)         the
adjusted average fuel cost incurred by the Mill during the month to generate one MMBTU of steam, which shall be determined
by: (A) aggregating the cost to the Mill Owner of the Fuel Types used by the Mill to produce steam during the month, but with
the cost of the liquor from the pulp-making process used as a fuel in the recovery boilers being valued at zero for this purpose,
and (B) dividing the result by 90% of the total number of MMBTU’s of steam generated by the Mill during the month (10% of
such generated steam being the estimated distribution loss); plus

 

(iii)        a
surcharge amount, if any, determined as follows: (A) calculate the amount, if any, by which the cost of natural gas to generate
one MMBTU of steam for the month (determined by dividing the Mill Owner’s aggregate cost to purchase natural gas used to
generate steam during the month by the aggregate fuel value of the natural gas, which is calculated by multiplying the Fuel Value
Per Unit for natural gas multiplied by the number of million cubic feet

 

    	 	-9-	 

     

    

  

of natural gas used by the Mill to generate
steam during the month) exceeds the sum of: (x) the Average Fuel Cost for the month, plus (y) $3.00 (the amount of such
excess cost, if any, being referred to as the “Excess Cost”), (B) multiply the Excess Cost, if any, by
the aggregate fuel value of all of the Fuel Types used by the Mill during the month, which shall be determined by multiplying the
number of units of each Fuel Type used by the Mill during the month by the Fuel Value Per Unit for that Fuel Type (but with the
cost of the liquor from the pulp-making process used as a fuel in the recovery boilers being valued at zero for this purpose) and
adding together the products so determined, and (C) divide the result determined in (B) by 90% of the total number of MMBTU’s
of steam generated by the Mill during the month (10% of such generated steam being the estimated distribution loss).

 

A hypothetical calculation of the Steam Charge/MMBTU
for a month is included in the hypothetical monthly invoice for February, 2016 attached as Schedule 6.4.

 

(d)          In
the event that the Mill Owner, acting as permitted by Section 12.2(a)(iii), notifies Ingevity that the Mill Owner is terminating
its obligation to provide steam pursuant to this Section 3.1, the Mill Owner thereafter shall reasonably cooperate with
Ingevity in Ingevity’s efforts to obtain any necessary Environmental Permits for the operation of a replacement steam generation
and supply system for the Carbon Plant (including, without limitation, by providing available relevant historical data (such as
actual emissions measurements necessary to develop an emissions baseline), participating in any required national ambient air quality
standards modeling and attending meetings with Ingevity with the DEQ).

 

Section 3.2          Water.  (a)
The Mill Owner shall supply to the Carbon Plant, in accordance with the Services Specifications, all of Ingevity’s requirements
of: (i) Filtered Water, (ii) Fire Water, and (iii) potable water from the City of Covington or other local water
utility solely to the extent such potable water is being provided from a line running through a Mill meter as of the Effective
Date and subject to no material increase in Ingevity’s usage after the Effective Date. Ingevity shall supply to the Mill
all of the Mill’s requirements of potable water from the City of Covington or other local water utility solely to the extent
such potable water is being provided from a line running through a Carbon Plant meter as of the Effective Date and subject to no
material increase in the Mill Owner’s usage after the Effective Date.

 

(b)          For
Ingevity’s usage of Filtered Water supplied by the Mill pursuant to Section 3.2(a), Ingevity shall pay the Mill
Owner on a monthly basis an amount determined by multiplying the Mill Owner’s aggregate Operating Costs for maintaining and
repairing the Mill’s Filtered Water pumping station and for pumping and treating Filtered Water accumulated for the month
in the Mill Owner’s water treatment cost center account (Account No. 8010108351 or the future equivalent account) by a fraction,
the numerator of which is the Carbon Plant’s metered usage of Filtered Water for the month and the denominator of which is
the total usage of Filtered Water by the Mill and the Carbon Plant for the month. Neither Ingevity nor the Mill Owner shall be
required to pay the other for potable water provided by the other pursuant to Section 3.2(a). Ingevity shall not be
required to pay the Mill Owner for Fire Water supplied by the Mill Owner; however, for each maintenance or repair activity (specific
work order) undertaken by the Mill Owner with respect to the Fire Water delivery system serving both the Mill and the Carbon Plant,
Ingevity shall pay the Mill Owner an amount determined by multiplying the Mill Owner’s Operating Costs for such maintenance
or repair activity by a fraction, the numerator of which is the number of acres in the Carbon Plant Real Property and the denominator
of which is the aggregate number of acres in the Carbon Plant Real Property and the portion of the Mill Property inside the security
fence.

 

Section 3.3          Electricity.  (a)
The Mill Owner, as landlord under the Ground Lease, shall supply all of the requirements of the Carbon Plant for 60 Hz electricity,
in accordance with the Services Specifications and in a manner consistent with the manner in which the Mill Owner provided electricity
to the Carbon Plant prior to the Effective Date. Such 60 Hz electricity shall be supplied from electricity

 

    	 	-10-	 

     

    

 

purchased by the Mill from the local electric
utility. The Mill Owner shall maintain appropriate meters in accordance with applicable Law to measure the electricity provided
to Ingevity pursuant to this Agreement. The electricity provided to Ingevity by the Mill Owner pursuant to this Agreement shall
be used by Ingevity only for the operation of the Carbon Plant and related facilities and cannot be resold (other than to an Affiliate
of Ingevity, but only if such sale to an Affiliate does not violate applicable Law). The Mill Owner’s obligation to supply
electricity to the Carbon Plant pursuant to this Section 3.3(a) shall cease in the event: (i)  the Mill Owner
no longer is leasing the Carbon Plant Real Property to Ingevity, (ii) Ingevity breaches its obligation set forth in the preceding
sentence to use electricity supplied by the Mill only for the operation of the Carbon Plant and related facilities, (ii) Ingevity
sells any of the electricity provided by the Mill Owner (other than to an Affiliate of Ingevity, but only if such sale to an Affiliate
does not violate applicable Law), or (iii) Ingevity obtains its requirements for electricity from a source other than the
Mill.

 

(b)          For
electricity supplied by the Mill Owner to the Carbon Plant pursuant to Section 3.3(a), Ingevity shall pay the Mill
Owner on a monthly basis an aggregate amount determined by multiplying the Carbon Plant’s actual metered usage of electricity
supplied by the Mill during the month by a rate that is determined by dividing the Mill Owner’s total purchased electricity
cost for the billing month by the amount of electricity (in kilowatt hours) purchased by the Mill Owner during the billing month.

 

(c)          If
after the Effective Date the local electric utility serving the Mill and the Carbon Plant approves an arrangement under which each
of the Mill Owner and Ingevity may purchase its own electricity directly, using a jointly owned electric distribution system to
supply the electricity from the lines of the utility to the Carbon Plant without subjecting the Mill Owner to any additional regulation
under federal or state law (a “Direct Electric Purchase Arrangement”), Ingevity may elect to convert
the Services described under Section 3.3(a) to a Direct Electric Purchase Arrangement by giving at least six months prior
written notice of such election to the Mill Owner. If Ingevity elects to convert such Services to a Direct Electric Purchase Arrangement,
Ingevity shall provide to the Mill Owner prior to conversion to the Direct Electric Purchase Arrangement assurances reasonably
acceptable to the Mill Owner that the Mill Owner will not become subject to any additional regulation under federal or state Law
by reason of converting such Services to a Direct Electric Purchase Arrangement. If Ingevity has satisfied the requirement set
forth in the preceding sentence and if Ingevity is not then in default under any of its obligations under this Agreement or the
Ground Lease, then effective on the date that is six months after Ingevity gave notice of the election to convert to a Direct Electric
Purchase Arrangement (or on such other date as Ingevity and the Mill Owner may agree): (i) the Mill Owner shall expand the
property leased to Ingevity pursuant to the Ground Lease to include or, if Ingevity has purchased the Carbon Plant Property, shall
convey to Ingevity, an undivided fractional interest in the Mill Electrical Distribution System (with such fraction determined
by dividing the Carbon Plant’s aggregate usage of electricity over the last 12 full months ending prior to the conversion
by the aggregate usage of electricity by the Carbon Plant and the Mill of electricity supplied through the Mill Electrical Distribution
System during the same 12 month period), (ii) the obligation of the Mill Owner to supply electricity to Ingevity (but not
the obligation to maintain appropriate meters) pursuant to Section 3.3(a) shall cease, (iii) Ingevity shall have the
right to use the jointly owned Mill Electrical Distribution System to transport electricity purchased by Ingevity from the local
utility to the Carbon Plant consistent with its ownership interest in such system, and (iv) the obligation of the Mill Owner
to maintain and repair the Mill Electrical Distribution System as provided in Section 5.3(a) shall continue notwithstanding
the joint ownership of such system; however, Ingevity shall pay to the Mill Owner on a monthly basis an amount determined by multiplying
the Mill Owner’s Operating Costs for each maintenance or repair activity (specific work order) undertaken by the Mill Owner
during the month with respect to the Mill Electrical Distribution System by a percentage equal to Ingevity’s undivided fractional
interest in the Mill Electrical Distribution System.

 

    	 	-11-	 

     

    

  

Section 3.4          Compressed
Air.  (a) The Mill Owner shall supply all of Ingevity’s requirements of compressed air for the Carbon Plant
in accordance with the Services Specifications, as available from the Mill and consistent with the practice prior to the Effective
Date.

 

(b)          For
compressed air supplied by the Mill pursuant to Section 3.4(a), Ingevity shall pay to the Mill Owner on a monthly basis
an amount determined by multiplying Ingevity’s metered usage of compressed air supplied by the Mill Owner by an industry
average cost per 1,000 cubic feet of compressed air, as determined annually by the Operating Council. As of the Effective Date,
the agreed upon industry average cost of compressed air is $0.25/1,000 cubic feet. Notwithstanding the foregoing, if in the future
the Mill Owner separately tracks its Operating Costs to generate compressed air for the Mill and the Carbon Plant, the monthly
amount payable by Ingevity for compressed air supplied by the Mill Owner pursuant to Section 3.4(a) shall be calculated
by multiplying such Operating Costs for the month by a fraction, the numerator of which is the metered number of cubic feet of
compressed air used by the Carbon Plant during the month and the denominator of which is the total number of cubic feet of compressed
air used by the Carbon Plant and the Mill during the month.

 

Section 3.5          Fire
and Emergency Services; Security Services.  (a) The parties shall cooperate in the provision of fire, hazmat and
other emergency services in the following manner (the Services to be provided to Ingevity by the Mill Owner pursuant to this Section 3.5(a)
are referred to as the “Fire/Emergency Services,” and the assistance to be provided by
Ingevity to the Mill Owner in providing the Fire/Emergency Services pursuant to this Section 3.5(a) are referred to
as the “Ingevity Fire/Emergency Services”):

 

(i)          The
Mill Owner and Ingevity shall jointly maintain an incipient fire brigade (the “Incipient Fire Brigade”)
reasonably sufficient to fight fires in the Mill and the Carbon Plant in street clothing using fire extinguishers or 1 1/2 inch
fire hoses to control or extinguish the fire when heavy smoke is not threatening employees of the Mill or the Carbon Plant. The
Incipient Fire Brigade shall include all 24-hour shift (tour) maintenance employees of the Mill and all 24-hour shift (tour) maintenance
employees of the Carbon Plant and may include volunteers from among the other employees of the Mill and the Carbon Plant.

 

(ii)         The
Mill Owner shall maintain a structural fire brigade reasonably sufficient to fight interior and exterior structural fires at the
Mill and the Carbon Plant (the “Structural Fire Brigade”), which shall consist of employees who can meet
prescribed physical demand assessments (with an annual physical), wear structural firefighting clothing (bunker gear) and self-contained
breathing apparatus and are trained to fight such fires. Ingevity may, but shall not be required to, provide qualified employees
to serve on the Structural Fire Brigade.

 

(iii)        The
Mill Owner shall maintain a hazardous materials response team (the “Hazmat Team”), reasonably sufficient
to respond to releases of toxic and hazardous materials at the Mill and the Carbon Plant. The Hazmat Team shall consist of employees
who can meet prescribed physical demand assessments (with an annual physical), wear structural firefighting clothing (bunker gear),
Level B flash suits and Level A fully encapsulating suits and are trained in hazardous materials awareness, hazardous materials
operations and other appropriate skills. Ingevity shall provide at least one qualified employee to serve on the Hazmat Team.

 

(iv)        Except
as otherwise provided in Section 3.2 with respect to maintenance of the Fire Water system and in Section 3.5(b)
with respect to the fire detection monitoring and alarm system, each party shall be responsible for maintaining the fire and emergency
equipment located on its property (including, without limitation, hoses, hydrants, valves, sprinklers and fire detection devices).
The Mill Owner shall be responsible for purchasing and maintaining all mobile fire and emergency equipment. The Mill Owner’s
security personnel shall monthly

 

    	 	-12-	 

     

    

  

inspect all fire and emergency equipment
located at the Carbon Plant and, in the case of all such equipment which Ingevity is responsible for maintaining as provided in
the first sentence of this Section 3.5(a)(iv), issue to Ingevity a list of items that Ingevity shall be required to repair
or replace, at Ingevity’s expense.

 

(v)         As
of the Effective Date, the volunteer rescue squad operating in the Mill and the Carbon Plant (the “Rescue Squad”)
is independent of the Mill Owner and Ingevity and operates both in and outside of the Mill and the Carbon Plant but is funded by
the Mill Owner. At the election of the Mill Owner, the Mill Owner may contract with another provider for Rescue Squad services
for the Mill and the Carbon Plant.

 

(vi)        Following
the Effective Date, the Mill Owner and Ingevity shall continue to administer the agreed upon joint emergency response plan (the
“Emergency Response Plan”), which shall supplement the provisions of this Section 3.5(a)
with respect to the Fire/Emergency Services and the other matters set forth in this Section 3.5(a) and each party’s
disaster recovery plan. The Emergency Response Plan shall be subject to revision through the Review Process. The Mill Owner and
Ingevity shall act in accordance with the Emergency Response Plan.

 

(b)          The
Mill Owner shall provide to Ingevity physical security services, including operation and maintenance of the combined gate and badge
security, perimeter fencing, fire detection monitoring and emergency evacuation systems covering both the Mill and the Carbon Plant
(which may include imposing reasonable and appropriate restrictions on the Carbon Plant’s personnel and contractors, to the
extent required to meet security obligations imposed on the Mill by the Department of Homeland Security or other requirements of
Law) (collectively, the “Security Services”) in a manner consistent with the manner in which the Security
Services were being provided prior to the Effective Date.

 

(c)          Except
as provided in this Section 3.5(c), Ingevity shall not be obligated to pay or reimburse the Mill Owner for providing
the Fire/Emergency Services, and the Mill Owner shall not be obligated to pay or reimburse Ingevity for providing the Ingevity
Fire/Emergency Services. For the services of the Rescue Squad pursuant to Section 3.5(a)(v), Ingevity shall reimburse
the Mill Owner on a monthly basis for a portion of the cost to support the independent Rescue Squad (or any replacement) determined
by multiplying the aggregate Operating Costs paid by the Mill Owner to support the Rescue Squad (or any replacement) as accumulated
for the month in the Mill Owner’s rescue squad cost center account (Account No. 8010109112 or the future equivalent
account) by the Ingevity Employee Ratio.

 

(d)          For
the Security Services provided by the Mill Owner pursuant to Section 3.5(b), Ingevity shall pay the Mill Owner on a
monthly basis an amount determined by multiplying the Mill Owner’s aggregate Operating Costs to provide the Security Services
accumulated for the month in the Mill Owner’s security and fire protection cost center account (Account No. 8010109111
or the equivalent future account) by the Ingevity Employee Ratio.

 

(e)          Neither
Ingevity nor the Mill Owner shall be obligated to pay the other any employee costs with respect to employees of the other responding
to any incident at the Carbon Plant or the Mill, respectively, as part of or in connection with the Incipient Fire Brigade, the
Structural Fire Brigade or the Hazmat Team.

 

Section 3.6          Sawdust
Procurement Services.  (a) The Mill Owner shall act as Ingevity’s agent to purchase and pay for sawdust that
meets the specifications identified from time to time by Ingevity and to arrange for delivery of the purchased sawdust to the Mill
(in accordance with a delivery planning schedule approved by Ingevity) (collectively, the “Sawdust Procurement Services”).

 

(b)          The
Mill Owner shall not remove sawdust from the Sawdust Pile without Ingevity’s prior written consent; however, the Mill Owner
may remove excess (as determined by Ingevity) sawdust or

 

    	 	-13-	 

     

    

  

sawdust that does not comply with Ingevity’s
specifications in reasonable quantities for use as fuel (“Surplus Sawdust”). The Mill Owner shall pay
for any sawdust removed from the Sawdust Pile with Ingevity’s consent that is not Surplus Sawdust (“Market Quality
Sawdust”) and any Surplus Sawdust removed from the Sawdust Pile in accordance with Section 6.4(b).

 

(c)          For
the Sawdust Procurement Services provided by the Mill Owner pursuant to Section 3.6(a), Ingevity shall pay the Mill
Owner on a monthly basis the sum of: (i) one-twelfth of the budgeted cost for the year (as set forth in the annual budget
produced by the Mill Owner for its wood procurement group) for the salary, benefits for a full-time equivalent employee in the
wood procurement group multiplied by the number of full-time equivalent employee(s) of the Mill Owner engaged in providing the
Sawdust Procurement Services during the year, as determined annually by the Operating Council (as of the Effective Date, the agreed
upon number of full-time equivalent employees of the Mill Owner engaged in providing the Sawdust Procurement Services in 2015 was
1.625, which was calculated as set forth in Schedule 3.6), (ii) the budgeted cost for the year (as set
forth in the annual budget produced by the Mill Owner for its wood procurement group) for direct travel and entertainment expenses
to be incurred by the Mill Owner’s employee(s) in providing the Sawdust Procurement Services, divided by twelve, and (iii) the
amount paid by the Mill Owner during the month to third party vendors for the purchase and delivery of sawdust for Ingevity.

 

(d)          The
Mill Owner shall pay Ingevity for sawdust removed from Ingevity’s Sawdust Pile as follows: (i) for Market Quality Sawdust,
the Mill Owner shall pay the current average price per ton paid by the Mill Owner during the month to purchase sawdust and have
it delivered to the Sawdust Pile (including the cost of the Sawdust Procurement Services paid or to be paid by Ingevity), and (ii) for
Surplus Sawdust, the Mill Owner shall pay the price agreed upon in writing by the Mill Owner and Ingevity from time to time as
the then cost of the Mill’s “own made bark” (which is $5.04 per ton as of the Effective
Date).

 

Section 3.7          Medical
Services.  (a) The Mill Owner shall provide access to and use of the Mill’s medical clinic (the “Clinic”)
for the provision of medical services to the employees of Ingevity by a medical service provider selected by the Mill Owner to
operate the clinic, but separately engaged by Ingevity. Such access and use shall be consistent with the access and use of the
Clinic by Ingevity’s employees prior to the Effective Date; provided, however, that the Mill Owner may require Ingevity’s
employees to use the main gate of the Mill to access the Clinic absent a medical emergency.

 

(b)          For
access to and use of the Clinic building pursuant to Section 3.7(a), Ingevity shall pay the Mill Owner on a monthly
basis an amount determined by multiplying the Mill Owner’s aggregate Operating Costs to operate the Clinic accumulated for
the month in the Mill Owner’s medical cost center account (Account No. 8010109110 or the future equivalent account),
less any such Operating Costs included in such cost center with respect to any payment to the third party provider of medical services
at the Clinic to the Mill Owner’s employees, by the Ingevity Employee Ratio.

 

Section 3.8          Joint
Storeroom and Motor Pool Services.  (a) The Mill Owner shall continue after the Effective Date to operate the joint
storeroom located at the Mill (including providing pump shop services) and to provide access to authorized employees of the Carbon
Plant in a manner consistent with the manner in which the joint storeroom was operated prior to the Effective Date (the “Joint
Storeroom Services”). In providing the Joint Storeroom Services, the Mill Owner’s storeroom personnel shall
order (through Ingevity’s enterprise software system, with payment to be made by Ingevity), receive and store Ingevity’s
stores, keep records of the receipt and disbursement of Ingevity’s stores and provide security for the joint storeroom.

 

(b)          For
the Joint Storeroom Services provided by the Mill Owner pursuant to Section 3.8(a), Ingevity shall pay the Mill Owner on
a monthly basis an amount determined by multiplying the Mill

 

    	 	-14-	 

     

    

  

Owner’s aggregate Operating Costs accumulated
for the month in the Mill Owner’s storeroom cost center account (Account No. 8010109641 or the future equivalent account)
by a fraction, the numerator of which is the average number of square feet of the joint storeroom used to warehouse Ingevity’s
stores and the denominator of which is the aggregate number of square feet of the joint storeroom used to warehouse stores for
Ingevity and the Mill Owner, collectively. If the Mill Owner elects to contract with a third party to provide the Joint Storeroom
Services as provided in Section 3.8(c) and Ingevity elects to participate, instead of a payment calculated as provided in
the preceding sentence, Ingevity shall pay the Mill Owner on a monthly basis an amount determined by multiplying one-twelfth of
the annual aggregate invoice amount (excluding any stores purchased) paid by the Mill Owner to the third party contractor for providing
the Joint Storeroom Services by a fraction, the numerator of which is the average number of square feet of the third party joint
storeroom space used to warehouse Ingevity’s stores and the denominator of which is the aggregate number of square feet of
the third party joint storeroom space used to warehouse stores for Ingevity and the Mill Owner, collectively. In each case, each
party shall pay for its own stores and other materials stored in the joint storeroom.

 

(c)          The
Mill Owner shall continue after the Effective Date to operate the joint electric motor pool located at the Mill and to provide
access to authorized employees of the Carbon Plant in a manner consistent with the manner in which the joint electric motor pool
was operated prior to the Effective Date, including providing access to authorized Ingevity employees after hours through the Mill
Owner’s security staff (the “Joint Motor Pool Services”). In providing the Joint Motor Pool Services,
the Mill Owner shall maintain, repair and inventory electric motors consistent with current practice as of the Effective Date.
The Mill Owner shall check out motors (electrically) and make them available to Ingevity as requested.

 

(d)          For
the Joint Motor Pool Services provided by the Mill Owner pursuant to Section 3.8(c), Ingevity shall pay the Mill Owner
on a monthly basis an amount equal to: (i) one-twelfth of the budgeted cost for the year (as set forth in the annual budget
provided by the Mill Owner) for the salary and benefits for one full-time equivalent employee of the Mill Owner engaged in providing
the Joint Motor Pool Services multiplied by a fraction, the numerator of which is the number of Ingevity’s motors in the
joint motor pool and the denominator of which is the total number of all motors in the joint motor
pool, all as determined annually by the Operating Council (as of the Effective Date, the agreed upon amount is $500 per
month), plus (ii) for joint use electric motors withdrawn by Ingevity from the joint motor pool, Mill Owner’s
average cost to repair or, in the sole discretion of the Mill Owner, replace joint use electric motors which shall
be invoiced by the Mill Owner on a line item basis in the Mill Owner’s monthly invoice delivered pursuant to Section 6.4 for the month in which the joint
use motors are withdrawn by Ingevity. Repairs to and replacements of motors used exclusively by Ingevity shall be charged
directly to Ingevity by the third party repair service repairing and/or replacing such motors. If the Mill Owner elects to contract with a third party to provide
the Joint Motor Pool Services as provided in Section 3.8(c) and Ingevity elects to participate, instead of a payment
calculated as provided in the preceding sentence, Ingevity shall pay the Mill Owner on a monthly basis an amount determined by
multiplying one-twelfth of the annual aggregate invoice amount paid by the Mill Owner to the third party contractor for providing
the Joint Motor Pool Services (excluding any motors purchased) by a fraction, the numerator of which is the number of Ingevity’s
motors in the Joint Motor Pool and the denominator of which is the total number of all motors in the Joint Motor Pool, as determined
annually by the Operating Council.

 

(e)          Upon
not less than six months prior written notice by the Mill Owner to Ingevity, the Mill Owner may elect to contract with one or more
third parties to provide the Joint Storeroom Services and/or the Joint Motor Pool Services (the date specified in such notice by
the Mill Owner as the date on which such a third party contract or contracts will become effective is referred to as the “Cutover
Date”). Ingevity shall have the option, which must be exercised by giving written notice to the Mill Owner given
not less than two months prior to the Cutover Date, of electing not to participate jointly with the Mill Owner in such contracted
Joint Storeroom Services and/or Joint Motor Pool Services. Unless Ingevity so elects not to participate, the Mill Owner shall cause
its third party contractor to provide the Joint Storeroom Services and/or Joint Motor Pool Services jointly on an equal basis to
the Mill Owner and Ingevity, in a manner consistent with Section 3.8(a) and Section 3.8(c), respectively,
and effective as of

 

    	 	-15-	 

     

    

  

the Cutover Date. If Ingevity elects not to participate
jointly with the Mill Owner in such contracted services, the Mill Owner’s obligation to provide the Joint Storeroom Services
and/or the Joint Motor Pool Services, as the case may be, under Section 3.8(a) and/or Section 3.8(c), respectively,
shall terminate effective as of the Cutover Date.

 

Section 3.9           Use
of Expansion Warehouse.  (a) Ingevity shall have access to and the right to use the Expansion Warehouse (which as
of the Effective Date is operated by a third party under contract with the Mill Owner) on an approximately equal basis with the
Mill Owner. Ingevity and the Mill Owner shall reasonably cooperate with each other and the operator of the Expansion Warehouse
in the scheduling and use of the Expansion Warehouse. The Mill Owner shall have the sole right to select the operator of the Expansion
Warehouse and to negotiate from time to time the form of agreement with the third party operator of the Expansion Warehouse; provided,
however, that: (i) Ingevity shall have the right to approve any material change in the scope of any such agreement, and (ii) the
Mill Owner and Ingevity each shall enter into an agreement in such form directly with the third party operator.

 

(b)          For
use of the Expansion Warehouse, as provided in Section 3.9(a), Ingevity and the Mill Owner each shall directly pay
the third party operator of the Expansion Warehouse 50% of the aggregate annual invoice amounts payable to the third party operator
of the Expansion Warehouse. In addition, Ingevity shall reimburse the Mill Owner for 50% of the Mill Owner’s Operating Costs
for each maintenance or repair activity (specific work order) undertaken by the Mill Owner with respect to the Expansion Warehouse.

 

Section 3.10        Other
Services. (a) The Mill Owner shall provide to Ingevity, without charge, the following additional Services in a manner
consistent with the manner in which such Services were being provided prior to the Effective Date:

 

(i)          access
to and use of the training room in the Mill’s fire house;

 

(ii)         access
to and use of the Mill’s truck scales (including the weighing of purchased sawdust); and

 

(iii)        use
of voice and data network transmission lines within the Mill.

 

(b)          Ingevity
shall provide to the Mill Owner, without charge, use of voice and data network transmission lines within the Carbon Plant in a
manner consistent with the manner in which such use was being provided prior to the Effective Date.

 

Section 3.11        Interim
Supply of Natural Gas.  (a) During the period from the Effective Date until completion of the construction, at Ingevity’s
expense, of a direct pipeline connecting the Carbon Plant to the pipeline of the local natural gas utility (the “Interim
Natural Gas Period”), the Mill Owner shall supply the Carbon Plant with natural gas for the operation of the Carbon
Plant, in accordance with any limitations or requirements imposed by Virginia Law or as a condition to the waiver from regulation
as a public utility granted by the Commonwealth of Virginia State Corporation Commission (the “Waiver”)
prior to the Effective Date.

 

    	 	-16-	 

     

    

  

(b)          During
the Interim Natural Gas Period, natural gas purchased by the Mill Owner for Ingevity and pipeline capacity for the transportation
of that natural gas to the Mill for delivery to the Carbon Plant shall be allotted to, and paid for by, Ingevity in accordance
with provisions of Schedule 3.11.

 

(c)          Following
the end of the Interim Period, the provisions of Schedule 3.11 shall govern the rights and obligations of Ingevity
with respect to its access to certain natural gas transportation capacity held by the Mill Owner or an Affiliate.

 

Section 3.12        Use
of Pinehurst Lot.  (a) As of the Effective Date, the Mill Owner was leasing from Pounding Mill Inc. two parcels of
real property in Covington, Virginia known as the Pinehurst Lot (the “Pinehurst Lot”) for use for storage
and as a shuttle yard for trucks serving the Mill and the Carbon Plant. Following the Effective Date, the Mill Owner shall continue
to provide Ingevity and its contractors with access to and the right to use a portion of the Pinehurst Lot (space for 20 trucks)
as a shuttle yard for trucks serving the Carbon Plant consistent with the portion of the property that was being used, and consistent
with the manner in which it was being used, by the Carbon Plant as of the Effective Date. Ingevity shall contract for shuttle services
using the Pinehurst Lot with the same firm used by the Mill Owner for such services. The Mill Owner shall notify Ingevity in advance
if the Mill Owner’s lease of the Pinehurst Lot will be terminating, and Ingevity’s right to use any portion of the
Pinehurst Lot shall terminate upon the termination of the Mill Owner’s lease of the Pinehurst Lot.

 

(b)          For
use of the Pinehurst Lot, as provided in Section 3.12(a), Ingevity shall pay the Mill Owner, on a monthly basis, an amount
equal to the monthly rent paid by the Mill Owner under the Mill Owner’s lease of the Pinehurst Lot multiplied by a fraction,
the numerator of which is the amount of space on the Pinehurst Lot used by Ingevity and the denominator of which is the total amount
of space on the Pinehurst Lot (as of the date of this Agreement, the fraction is 1/10).

 

ARTICLE 4

WASTEWATER TREATMENT

 

Section 4.1          Treatment
and Monitoring of the Wastewater Streams.  The Mill Owner shall treat the wastewater and Stormwater produced by the
Carbon Plant at the Wastewater Treatment Plant (including phosphate pre-treatment) as provided in, and subject to the obligations,
requirements and restrictions of Ingevity set forth in, Schedule 4.1 (the “Wastewater Treatment Terms”),
which are incorporated into and made a part of this Agreement.

 

ARTICLE 5

MAINTENANCE OF CONTINUOUS
AND JOINTLY USED ASSETS

 

Section 5.1          Ownership
of Continuous Assets.  As of the Effective Date, ownership of the Continuous Assets (other than the Mill Owner Retained
Assets, which are owned solely by the Mill Owner) was divided between the Mill Owner and Ingevity at the points indicated on Schedule 5.1,
with the result that one party may own a portion of Continuous Assets physically located on real property owned or leased by the
other party (the “Co-located Continuous Assets”). The Ground Lease governs certain rights of the parties
with respect to the location, use and maintenance of, access to and responsibility for the Co-located Continuous Assets.

 

Section 5.2          Repair
and Maintenance of the Continuous Assets.  Unless the parties otherwise agree in writing, a party that owns Co-located
Continuous Assets (the “Asset Owner”) shall maintain and repair such Co-located Continuous Assets in
accordance with the Maintenance Standards regardless of whether such Co-located Continuous Assets are located on real property
owned or leased by the Asset Owner or on real property owned or leased by the other party (the “Plant Owner”).
The Asset Owner shall have the right to access, inspect and maintain its Co-located Continuous Assets located on the Plant

 

    	 	-17-	 

     

    

  

Owner’s property pursuant to the Ground
Lease. Notwithstanding the foregoing, this Section 5.2 shall not apply to the jointly owned Mill Electric Distribution
System if the Direct Electric Purchase Arrangement becomes effective.

 

Section 5.3          Repair
and Maintenance of Certain Jointly Used and Other Assets.  (a) Notwithstanding Section 5.2, the
Mill Owner shall maintain and repair the Jointly Used Rail Facilities, the Mill Electrical Distribution System (whether or not
the Direct Purchase Arrangement becomes effective), the Mill Owner Retained Assets (including, without limitation, the Jointly
Used Pipe Bridges), the Repair Track Access Track, the training room in the Mill’s fire house, the Mill’s truck scales,
the Ingevity Natural Gas Utility Facilities, the gas lines used to supply natural gas to the Carbon Plant on an interim basis pursuant
to Section 3.11, the Party Wall and the phosphate pre-treatment equipment that is part of the Wastewater Treatment Plant,
in each such case in all material respects in accordance with the Maintenance Standards.

 

(b)          For
the repair and maintenance of the Jointly Used Rail Facilities pursuant to Section 5.3(a), Ingevity shall pay to the
Mill Owner on a monthly basis: (i) an amount determined by multiplying the Mill Owner’s monthly Operating Costs for
each track inspection activity (specific work order) undertaken by the Mill Owner with respect to the Jointly Used Rail Facilities
during the month by Ingevity’s Proportionate Share of Rail Usage, plus (ii) for each maintenance or repair activity
with respect to the Jointly Used Rail Facilities (specific work order) undertaken by the Mill Owner during such month an additional
amount determined by multiplying the Mill Owner’s Operating Costs for such maintenance or repair by a fraction, the numerator
of which is the number of inbound rail cars moved over the Jointly Used Rail Facilities to the Carbon Plant during the month and
the denominator of which is the total number of inbound rail cars moved over the Jointly Owned Rail Facilities (including those
moved to the Carbon Plant) during the month. There shall be no charge to Ingevity for use of the Repair Track Access Track.

 

(c)          Ingevity’s
“Proportionate Share of Rail Usage” shall be a percentage determined by dividing the number of feet of
track in the Jointly Used Rail Facilities by the aggregate number of feet of railroad track on the Mill Property (for clarity,
including the Jointly Used Rail Facilities but excluding the track on the Carbon Plant Property) and multiplying the result by
a fraction, the numerator of which is the number of inbound rail cars moved over the Joint Owned Rail Facilities to the Carbon
Plant during the month and the denominator of which is the total number of inbound rail cars moved over the Jointly Owned Rail
Facilities (including those moved to the Carbon Plant) during the month.

 

(d)          For
Ingevity’s use of the Jointly Used Pipe Bridges to carry pipes and conduit owned by Ingevity (individually or in common with
the Mill Owner), Ingevity shall pay to the Mill Owner on a monthly basis an amount determined by multiplying the Mill Owner’s
Operating Costs for each maintenance or repair activity (specific work order) undertaken by the Mill Owner with respect to the
Jointly Used Pipe Bridges by a fraction, the numerator of which is the number of square inches of Ingevity’s pipes and conduits
carried by the Jointly Used Pipe Bridges during the month, if any, and the denominator of which is the total number of square inches
of pipes and conduits carried by the Jointly Used Pipe Bridges.

 

(e)          For
the repair and maintenance pursuant to Section 5.3(a) of the Mill Owner’s natural gas lines used to supply natural
gas to the Carbon Plant on an interim basis pursuant to Section 3.11, Ingevity shall pay the Mill Owner on a monthly basis
an aggregate amount determined by multiplying the Mill Owner’s Operating Costs for each maintenance or repair activity (specific
work order) with respect to such natural gas lines, if any, during the month by a fraction, the numerator of which is the quantity
of all natural gas used by Ingevity during the most recent month for which a bill is available and the denominator of which is
the aggregate quantity of natural gas used by the Mill Owner and Ingevity during the most recent month for which a bill is available.
For the repair and maintenance pursuant to

 

    	 	-18-	 

     

    

  

Section 5.3(a) of the Ingevity Natural
Gas Utility Facilities (including any gas lines constructed at the expense of Ingevity after the Effective Date on the Mill Property
pursuant to the Lease), Ingevity shall pay the Mill Owner on a monthly basis an aggregate amount equal to the Mill Owner’s
Operating Costs for each maintenance or repair activity (specific work order) with respect to the Ingevity Natural Gas Utility
Facilities.

 

(f)           For
the repair and maintenance of the Party Wall, Ingevity shall pay to the Mill Owner on a monthly basis an amount equal to 50% of
the Mill Owner’s Operating Costs for each maintenance or repair activity (specific work order) undertaken by the Mill Owner
during the month with respect to the Party Wall.

 

(g)          Except
as otherwise expressly provided in this Agreement, there shall be no other charge to Ingevity for the other maintenance and repair
services provided by the Mill Owner pursuant to Section 5.3.

 

Section 5.4          Repair
and Maintenance of Roads and Parking Areas.  (a) Each Plant Owner shall maintain in good order and repair as necessary
those roadways (including bridges) located on the real property owned or leased by the Plant Owner which the other party has the
right to use under the Ground Lease and this Agreement, at the Plant Owner’s expense. The Mill Owner shall: (i) maintain
in good order and repair as necessary all parking lots on the Carbon Plant Real Property and, to the extent Ingevity is entitled
to use them under the Ground Lease, parking lots on the Mill Property, and (ii) provide snow plowing and snow removal for:
(x) the parking lots on the Mill Property which Ingevity is entitled to use under the Ground Lease, (y) the roadways
on the Mill Property which Ingevity is entitled to use under the Ground Lease, and (z) the parking lots and roadways on the
Carbon Plant Real Property.

 

(b)          For
the parking lot maintenance and repair work and snow removal conducted by the Mill Owner pursuant to Section 5.4(a),
Ingevity shall pay to the Mill Owner on a monthly basis an amount determined by multiplying the Mill Owner’s Operating Costs
for each parking lot maintenance, repair or snow removal activity (specific work order) undertaken by the Mill Owner pursuant to
Section 5.4(a) during the month, if any, by the Ingevity Employee Ratio.

 

ARTICLE 6

ADDITIONAL PROVISIONS WITH
RESPECT TO CHARGES

 

Section 6.1          General.  Except
as otherwise expressly provided in this Agreement, the provisions of this Article 6 shall apply to all charges payable
under this Agreement pursuant to Article 3, Article 5 and the Wastewater Treatment Terms.

 

Section 6.2          Adjustments
Based on Extraordinary Changes.  Notwithstanding any other provision of this Article 6, if in any calendar
year the Mill Owner or Ingevity can demonstrate that the Mill Owner’s actual Operating Costs during the calendar year in
providing any Service to Ingevity varied (up or down) from the portion of the Mill Owner’s Operating Costs associated with
such Service that are paid by Ingevity as provided in Article 3, Article 5 or the Wastewater Treatment Terms for
the calendar year by more than 5% as a result of a change in usage by Ingevity or for another reason related to Ingevity, Ingevity
shall reimburse the Mill Owner for the amount by which such actual Operating Costs attributable to Ingevity exceeded the aggregate
monthly fee for the calendar year determined as provided in such Article, or the Mill Owner shall reimburse Ingevity for the amount
by which such actual Operating Costs attributable to Ingevity were less than the aggregate monthly fee for the calendar year determined
as provided in such Article.

 

Section 6.3          Service
Level Failures.  (a) “Failure Hours” shall be the number of hours (rounded,
for each incident, up or down to the nearest whole hour) in a calendar month during which Ingevity’s carbon manufacturing
operations at the Carbon Plant are not operating due to the failure of the

 

    	 	-19-	 

     

    

  

Mill Owner to provide Services, in each case in
accordance with the applicable Service Specifications, but excluding: (i) any hours during which all of the Mill’s paper
machines also are shut down at the same time primarily as a result of the lack of the same Service or Services, (ii) any hours
during which the only Services not being provided are Wastewater Treatment Services for which the Mill Owner has exercised a right
under the Wastewater Treatment Terms to require Ingevity to shut down the Carbon Plant, and (iii) any hours after the occurrence
of a Permanent Closure of the Mill. In calculating the Failure Hours for a calendar month, there shall be included any hours which
otherwise would have been a Failure Hour but for Ingevity maintaining the operation of the Carbon Plant through mitigation. Each
occurrence of a Failure Hour is referred to as a “Service Level Failure.”

 

(b)          Ingevity
shall monitor and record (and provide information to the Mill Owner with respect to) the number of Failure Hours for each calendar
month determined as provided in Section 6.3(a), noting the cause and duration of each such Failure Hour. The aggregate
Failure Hours, so determined for a calendar month then shall be reduced as follows (the number of Failure Hours, if any, remaining
after reduction in accordance with this Section 6.3(b) are referred to as “Penalty Hours”):

 

(i)          the
aggregate number of Failure Hours during the calendar month shall be reduced by 10 hours;

 

(ii)         the
number of Failure Hours during such calendar month shall be reduced by the number of such Failure Hours that resulted from a Major
Equipment Shutdown, a Cold Maintenance Shutdown, an emergency maintenance shutdown of Critical Services Equipment or a Closure
of the Mill;

 

(iii)        the
number of Failure Hours during such calendar month shall be reduced by the number of such Failure Hours that resulted from a Force
Majeure Event (based on documentation such as maintenance records, operator logs and the like, which the Mill Owner shall be required
to maintain and provide to Ingevity);

 

(iv)        the
number of Failure Hours during such calendar month shall be reduced by the number of such Failure Hours during which the Carbon
Plant was not being operated by Ingevity for reasons unrelated to the Service Level Failure (based on documentation such as maintenance
records, operator logs and the like, which Ingevity shall be required to maintain and provide to the Mill Owner);

 

(v)         the
number of Failure Hours during such calendar month shall be reduced by the number of such Failure Hours as to which the Mill Owner’s
performance was excused under Section 6.7; and

 

(vi)        in
each three year period during the Term (beginning with the three year period following the Effective Date, and continuing during
each consecutive three year period following such period), the number of Failure Hours shall be reduced by up to an aggregate of
75 hours (without a right to carry-forward into a subsequent three year period, any of such 75 hours that are not used during the
then-current three year period) in connection with one incidence of equipment or machinery failures at the Mill (for the avoidance
of doubt, one incidence may include the failure of several pieces of equipment or machinery in the same timeframe that are caused
directly or indirectly by the failure of one piece of equipment or machinery, but only if during such hours the Mill Owner is using
commercially reasonable efforts to effectuate a cure of such failure as soon as reasonably practicable).

 

(c)          The
Mill Owner shall pay to Ingevity Service Level Payments, if any, for each month calculated based on the respective number of Penalty
Hours: either: (x) if Ingevity was unable to mitigate the effect of the Service Level Failure during such Penalty Hour, the
Hourly Charge, or (y) if

 

    	 	-20-	 

     

    

  

Ingevity was able to mitigate the effect of the
Service Level Failure during such Penalty Hour, the lesser of: (1) the aggregate actual, documented costs and expenses reasonably
incurred and/or accrued by Ingevity to mitigate the effect of the Service Level Failure during such Penalty Hour, and (2) the Hourly
Charge. Notwithstanding the foregoing, however, in no event shall the Service Level Payments, together with any Losses for which
the Mill Owner is responsible as described in Section 6.3(g) with respect to the Service Level Failure(s) that gave rise
to such Service Level Payments: (A) for any one incidence or related incidences of Service Level Failure exceed $100,000 in the
aggregate, and (B) for any period of 12 consecutive calendar months exceed $400,000 in the aggregate. The amounts calculated as
provided in this Section 6.3(c) are referred to as “Service Level Payments.”

 

(d)          The
“Hourly Charge” shall be $4,500 per hour.

 

(e)          The
Service Level Payments payable under this Section 6.3 have been agreed upon as liquidated damages because actual damages
from Service Level Failures may be difficult to determine and are Ingevity’s exclusive remedy for the failure by the Mill
Owner to provide Services, absent the Mill Owner’s willful misconduct or gross negligence. The limitations set forth in this
Section 6.3(e) do not apply to, and are not intended to preclude: (i) any claim by either party with respect to
personal injury or tangible personal property damage resulting from any action or inaction of the other party constituting a Service
Level Failure, or (ii) any claim by either party based on a breach by the other party of any obligation under this Agreement
not constituting a Service Level Failure.

 

(f)           Ingevity
expressly acknowledges and agrees that interruptions in Mill Owner’s ability to provide Services will occur from time to
time due to shutdowns, upsets and other causes, both foreseen and unforeseen, and that such interruptions shall not constitute
a breach of this Agreement. Except as expressly provided in this Section 6.3 with respect to Service Level Payments and
subject to the exceptions set forth in the second sentence of Section 6.3(e), the Mill Owner shall have no liability to
Ingevity or any of its officers, directors, shareholders, employees, parents, affiliates or assigns for any Losses incurred by
Ingevity as the result of any such interruption in the Services.

 

(g)          The
Mill Owner’s liability for the failure to give Ingevity notice of a maintenance shutdown or Closure of the Mill pursuant
to Section 11.1(a)(i) shall be limited to the actual Losses, if any, incurred by Ingevity as a result of such failure, and
such Losses shall be subject to the limitations set forth in the next to last sentence of Section 6.3(c).

 

Section 6.4          Payment
Terms.  (a) As promptly as practical after the end of each calendar month during the Term, the Mill Owner shall
prepare and deliver to Ingevity an invoice showing in reasonable detail each amount payable to the Mill Owner under this Agreement
for Services, calculated as provided in this Agreement and an invoice for any Wastewater Remedy Payments, in each case with reasonably
detailed supporting documentation. A hypothetical form of invoice for the month of February, 2016, prepared as if this Agreement
had been in effect at such time, is attached as Schedule 6.4. Ingevity shall pay in full the aggregate amount
shown on each invoice within 19 days after receipt of such invoice, subject to Ingevity’s right to dispute any amount shown
on such invoice in accordance with Article 14 and to withhold payment of any such amount as Ingevity believes, in
good faith, to be overstated by more than $5,000.

 

(b)          Unless
the party entitled to receive a payment determines, based on the credit risk posed by the other party, that amounts owed by it
to the other party may be offset against amounts that the first party is entitled to receive, or unless the parties otherwise agree
in writing, amounts payable by one party with respect to a month shall not be netted against amounts payable by the other party
with respect to such month.

 

(c)          During
the 30 days following receipt of an invoice, the parties shall work together to reconcile any volumes and prices on such invoice
that are in dispute or otherwise have not been

 

    	 	-21-	 

     

    

  

determined finally as of the time the invoice
is prepared and to make any adjustment required as a result of such reconciliation (which shall be reflected on the next subsequent
invoice after such reconciliation is completed).

 

(d)          Any
amount payable under this Section 6.4 which is not paid when due (including any amount withheld by a party pursuant
to Section 6.4(a) which subsequently is determined by agreement of the parties or pursuant to Article 14
to be owed by such party) shall bear interest on the unpaid amount from the date originally due until the date payment is received
at the lesser of the highest amount allowed by applicable Law or the Default Rate.

 

(e)          No
party shall include in an invoice given to the other party any charge or other amount that arose more than one year prior to the
date of the invoice unless such charge or other amount was subject to a dispute submitted for resolution through the Escalation
Process within one year after it arose.

 

Section 6.5          Documentation;
Books and Records.  Each party shall use commercially reasonable efforts to maintain all meters and measuring devices
used to measure Services provided under this Agreement or to monitor compliance with the criteria specified in the Wastewater Treatment
Terms that are owned or controlled by that party in good working order and in compliance with the Maintenance Standards. Each party
shall maintain for a period of three years all records of readings and all other information and records calculations it uses to
determine the amount of any payment a party is required to make under this Agreement or to monitor compliance with the provisions
of this Agreement (including, without limitation, the Wastewater Treatment Terms) or the Lease (collectively, the “Supporting
Information”). A party with Supporting Information shall furnish such Supporting Information to the other party upon
request at any time. All books and records of a party with respect to the Services (including books and records with respect to
Failure Hours and Penalty Hours), the Wastewater Treatment Terms, compliance with this Agreement or the Lease (including, without
limitation, compliance by the party with all insurance requirements of this Agreement and the Lease and compliance by the party
with Law as required by this Agreement and the Lease) and all Supporting Information shall be kept open to examination and audit
by the other party and/or its representatives during normal business hours at a location mutually agreeable to both parties upon
reasonable advance notice. If either party is requested by the other party to provide Supporting Information pursuant to Section
2.2 of the Wastewater Treatment Terms, the party holding such Supporting Information shall provide such Supporting Information
to the other party promptly following such request.

 

Section 6.6          Availability
of Information for Calculations; Monthly Adjustments.  To the extent that any measurements or other information required
under this Agreement for calculating amounts payable by the parties for a month under this Agreement are not reasonably available
for the calculation of the amount payable for that month, the calculation for that month shall be made using measurements or other
information available through the third last day of the month or using those measurements from the prior month, and an adjustment
shall be made in the amount payable for the following month, based on the actual measurements.

 

Section 6.7          Delays
or Failures.  If either party’s breach of its obligations under this Agreement (the “Originating
Party”) directly causes the other party’s (“Recipient Party”) failure to perform
or delay in performing any Service, then the Recipient Party shall be deemed not to be in breach of this Agreement, nor shall such
Recipient Party be obligated to make a payment for such failure or delay, but only if the Recipient Party promptly notifies the
Contract Manager of the Originating Party (with written notice delivered within three business days after oral notice) of the Originating
Party’s act or omission and of the Recipient Party’s failure or delay in performing under the circumstances.

 

Section 6.8          Calculation
of Operating Costs.  If a provision of this Agreement requires that a payment be made based on specified “Operating
Costs” of the Mill Owner (“Operating Costs”), such

 

    	 	-22-	 

     

    

  

Operating Costs shall be calculated to include
the Mill Owner’s actual, documented costs in each of the categories listed on Schedule 6.8, to the extent
applicable to the matter for which the Operating Costs are being calculated. To the extent either party’s Operating Costs
include depreciation, such depreciation shall be determined based on such party’s depreciated actual cost without write-up
for external events such as a sale of the business, merger or the like and shall be subject to change to reflect capital improvements
to that party’s assets that are properly chargeable to the other party pursuant to Article 7 (to the extent that
the other party has not contributed to the cost of such capital improvement as provided in Article 7).

 

ARTICLE 7

CAPITAL EXPENDITURES

 

Section 7.1          Capital
Expenditures to Satisfy Regulatory Requirements and in Connection with Expansion.  Except as otherwise provided in
Section 10.3(c), in the event that a capital improvement is necessary to comply with regulatory or other requirements
of Law applicable to both the Mill and the Carbon Plant, the Mill Owner and Ingevity each shall cooperate with respect to identifying
and installing the capital improvement, and each of them shall contribute towards the cost of such capital improvement (and any
increased operating costs associated with such improvement) based on that party’s relative responsibility for the conditions
or circumstances that gave rise to the need for such capital improvement. Notwithstanding the foregoing, however: (i) in the
event a capital improvement is required to comply with a requirement administered by the United States Department of Homeland Security
(or its successor) applicable to a party and such capital improvement will benefit or be used by both parties for the benefit of
both parties (such as, for example only, protection for the combined facilities, but not including any capital improvement that
is specific to the protection of one party’s facility), the parties shall work together to identify a cost effective solution
and each party shall share the cost of such capital improvement in the same proportion as the costs of Security Services are shared
pursuant to Section 3.5(d) (and any increased operating costs associated with such improvement shall be allocated as agreed
upon by the Operating Council), and (ii) if, subsequent to any such capital improvement for which the parties share the cost
equally, the other party would be required (but for the earlier capital improvement for which the parties shared the cost equally)
to comply with a requirement administered by such Department (or its successor) requiring a similar capital improvement, the parties
shall re-allocate the cost of the earlier capital improvement between them to reflect their respective use of, or benefit from,
the earlier capital improvement. The Mill Owner and Ingevity shall cooperate to identify and select the most cost effective manner
of complying with such regulatory requirements, which may include determining that the capital improvement be undertaken by the
party with the lesser responsibility (with the costs of such improvement and any increased operating costs associated with such
improvement being allocated and paid for by the parties as provided in the preceding sentence). In the event of an expansion of
capacity or output or change in product produced or method of production by a party that results in the need to make any such capital
improvement to comply with applicable Law, the party making such expansion or change shall bear all of the cost thereof.

 

Section 7.2          Capital
Improvements for Rail Infrastructure.  In the event that the Mill Owner and Ingevity determine that a capital improvement
with respect to the railroad infrastructure located within the Mill and jointly used by the parties is required or desirable, both
parties shall contribute towards the cost of such capital improvement based on that party’s proportionate use of the jointly
used railroad infrastructure within the Mill, which shall be determined based on the proportion of the total railcar moves on such
jointly used railroad infrastructure that were for the benefit of such party during the prior 12-month period.

 

Section 7.3          Capital
Improvements to Maintain Assets Used to Provide the Services.  The Mill Owner shall have the right, in its sole discretion,
to determine if capital improvements are necessary and/or appropriate for maintenance of assets owned by the Mill Owner and used
to deliver the Services

 

    	 	-23-	 

     

    

  

under this Agreement. Except to the extent otherwise
expressly provided in Article 6, to the extent that Ingevity directly benefits from such capital improvement; such
capital improvement is not made for the purpose of accommodating an expansion of the Mill; and Ingevity was being charged for the
asset with respect to which such capital improvement was made prior to the Effective Date, Ingevity shall be allocated a portion
of the cost of the capital improvement based on Ingevity’s proportionate direct benefit from such capital improvement or
the applicable Service received by Ingevity, and Ingevity shall pay for such allocated portion either by paying such allocated
portion to the Mill Owner or, if Ingevity so determines, by an increase in the depreciation component of the Operating Costs paid
by Ingevity pursuant to Article 6, as provided in Section 6.8.

 

Section 7.4          Other
Mutual Capital Projects.  The Mill Owner and Ingevity from time to time jointly may identify, in their respective
sole discretion, other capital improvements that will benefit one or both of the parties, with each party contributing towards
the cost in such manner as they may agree.

 

Section 7.5          Capital
Improvements with Respect to the Continuous Assets.  The Asset Owner of a Co-located Continuous Asset located on
the other party’s Property may carry out capital improvements with respect to such Co-located Continuous Asset in accordance
with the provisions of the Ground Lease.

 

Section 7.6          No
Capital Improvement Obligation on the Part of the Mill Owner.  Notwithstanding anything to the contrary set forth
in this Agreement, the Mill Owner shall have no obligation to install or make (at its own expense or at the expense of Ingevity),
or contribute to the cost of, any capital improvement to the Carbon Plant, the Carbon Plant Real Property, the Mill or the Mill
Real Property. Any such capital improvement shall be installed or made, and any such contribution shall be made, in the Mill Owner’s
sole discretion. For clarity, the capital costs associated with any capital improvement or other capital project which the Mill
Owner agrees to install or make pursuant to this Article 7 shall include all applicable overhead costs of WestRock personnel (including,
without limitation, management personnel) associated with the design and installation or construction of such capital improvement
or project and all associated design, engineering and consulting fees, and all such overhead costs shall be shared by the parties
in the same manner as other capital costs for such capital improvement or capital project as provided in this Article 7.

 

ARTICLE 8

OPTIONS TO PURCHASE; USE
OF CERTAIN ASSETS

 

Section 8.1          Mill
Owner Option to Purchase.  If the Mill Owner receives notice of, or otherwise becomes aware of, a Permanent Closure
of the Carbon Plant and if Ingevity then owns the Carbon Plant Real Property, the Mill Owner shall have the exclusive option and
right, exercisable in the Mill Owner’s sole discretion (the “Mill Owner Option”), to purchase the
buildings and fixtures comprising the Carbon Plant and the Carbon Plant Real Property (collectively, the “Mill
Owner Option Assets”). The Mill Owner may exercise the Mill Owner Option with respect to any or all of the Mill Owner
Option Assets by giving written notice of such exercise to Ingevity at any time during the period commencing on the date the Mill
Owner first received notice of, or otherwise became aware of, the Permanent Closure of the Carbon Plant (but not prior to the date
the Carbon Plant is first closed), and ending six months after the later of: (i) the date the Carbon Plant is closed, or (ii )
the date the Mill Owner first received notice of, or otherwise became aware of, the Permanent Closure of the of the Carbon Plant
(and “Mill Owner Option Exercise Notice”). Notwithstanding the foregoing, however, the
Mill Owner may, in its sole discretion, rescind exercise of the Mill Owner Option in whole or part by giving written notice of
such rescission to Ingevity within 30 days after the purchase price of the Mill Owners Option Assets is finally determined as provided
in Section 8.2. If the Mill Owner rescinds its exercise of the Mill Owner Option, the Mill Owner: (i) thereafter, shall
have no further right to exercise the Mill Owner Option, and (ii) shall pay the expenses of the appraiser(s) appointed as provided
in Section 8.2. If

 

    	 	-24-	 

     

    

  

the Mill Owner receives notice of, or otherwise
becomes aware of, a Permanent Closure of the Carbon Plant and if Ingevity does not then own the Carbon Plant and the Lease is in
effect, the rights of the Mill Owner with respect to the buildings, fixtures and real property comprising the Carbon Plant and
the Carbon Plant Real Property shall be governed by the Lease and not this Section 8.1.

 

Section 8.2          Purchase
Price of Mill Owner Option Assets.  (a) The purchase price payable by the Mill Owner for the Mill Owner Option Assets
shall be determined by written agreement of Ingevity and the Mill Owner or, if no such agreement is reached within 30 days after
the Mill Owner gives the Mill Owner Option Exercise Notice, the purchase price shall be the fair market value of the Mill Owner
Option Assets (excluding any jointly owned assets included in the Mill Owner Option Assets and excluding any value associated with
this Agreement) in an arms-length sale to a third party as of the date the Mill Owner gave the Mill Owner Option Exercise Notice
(excluding any special value of the Mill Owner Option Assets to the Mill Owner that would not generally be available to another
potential purchaser), determined as follows:

 

(i)          If
Ingevity and the Mill Owner agree to appoint a single independent appraiser, the determination of the fair market value of the
Mill Owner Option Assets by such appraiser shall be the purchase price; or

 

(ii)         If
Ingevity and the Mill Owner fail to appoint a single independent appraiser within 45 days after the Mill Owner gives the Mill Owner
Option Exercise Notice, then within 20 days thereafter each of Ingevity and the Mill Owner shall appoint one independent appraiser
knowledgeable in the valuation of industrial assets similar to the Mill Owner Option Assets. The two appraisers so appointed shall
within 10 days after their appointment appoint a third independent appraiser knowledgeable in the valuation of industrial assets
similar to the Mill Owner Option Assets. Each appraiser so appointed shall determine such fair market value. If neither the lowest
appraised value nor the highest appraised value differs from the middle appraised value by more than 5% of such middle appraised
value, than the average of the three appraisals shall be the purchase price. If either the lowest appraised value or the highest
appraised value, differs from the middle appraised value by more than 5%, the average of the middle appraised value and the other
appraised value that is closest to the middle appraised value shall be the purchase price. If the lowest and highest appraised
values each differ from the middle appraised value by more than five percent (5%), the middle appraised value shall be the purchase
price.

 

Except as otherwise provided in Section 8.2,
Ingevity and the Mill Owner shall share equally the costs of the appraisal(s).

 

(b)          Ingevity
shall provide the appraisers appointed as provided in Section 8.2(a) with full access to its facilities (including, without
limitation, the Mill Owner Option Assets), personnel, books, records and shall reasonably cooperate with all such appraisers on
an equal basis, subject to such appraisers executing a commercially reasonable confidentiality agreement with Ingevity. Unless
the Mill Owner elects to rescind its exercise of the Mill Owner Option as provided in Section 8.1, the closing of the sale
of the Mill Owner Option Assets shall occur on a date agreed upon by the parties, but not later than 90 days after the purchase
price is finally determined (subject to necessary governmental approvals and the like). At such closing, the Mill Owner shall pay
to the Ingevity the purchase price in cash, and Ingevity shall convey to the Mill Owner all of its right, title and interest in
the Mill Owner Option Assets being so purchased in an “AS-IS, WHERE-IS” condition and otherwise
with all faults and defects as of the date of such closing, free and clear of all mortgages, security interest, liens, pledges,
deeds of trust, charges, options, rights of first refusal, easement, covenants, restrictions and other encumbrances.

 

    	 	-25-	 

     

    

  

Section 8.3          Continued
Operation of Assets Used to Provide Critical Services.  (a) Upon any Closure of the Mill, Major Equipment Shutdown
or other occurrence the result of which would be the Mill Owner’s discontinuance of the maintenance and operation of the
Wastewater Treatment Plant, the Jointly Used Rail Facilities, the Repair Track Access Track, the Mill’s steam generation
facilities and/or any other utility system then serving the Carbon Plant (collectively, the “Critical Services Equipment”),
at Ingevity’s request, Ingevity shall have the right to assume from the Mill Owner the operation and mainenance of all or
any part of such Critical Services Equipment for the purpose of providing continued Services to the Carbon Plant (the “Interim
Operation”), and the Mill Owner shall reasonably cooperate with Ingevity in the Interim Operation of such Critical
Services Equipment, including providing Ingevity’s Agents with all necessary access to the Critical Services Equipment for
such purpose and entering into reasonable arrangements with Ingevity to faciliate the Interim Operation of the Critical Services
Equipment. Ingevity shall be responsible for and pay all costs and expenses associated with the Interim Operation of such Critical
Services Equipment (including, without limitation, all property Taxes and license fees associated therewith) and shall comply with
all applicable Laws (including, without limitation, Environmental Laws) in connection with the Interim Operation of the Critical
Services Equipment.

 

(b)          Ingevity’s
rights with respect to the Interim Operation of Critical Services Equipment under Section 8.3(a) shall continue until the
earlier of: (i) the date the Mill Owner resumes operation and maintenance of such Critical Services Equipment and resumes providing
the Services dependent on such Critical Services Equipment, (ii) the date of termination specified in a written notice given by
Ingevity to the Mill Owner to be effective when Ingevity is able to obtain the Services dependent on such Critical Services Equipment
from its own equipment and systems or another source, (iii) the date of termination specified in a written notice given by the
Mill Owner to Ingevity reasonably in advance of such date if the Mill Owner reasonably demonstrates that the continued Interim
Operation of such Critical Services Equipment by Ingevity will unreasonably interfere with the Mill Owner’s ability to sell
the Mill or the Mill Property, or (iv) the date of termination specified in a written notice given by the Mill Owner to Ingevity
at least five years prior to the effective date of such termination.

 

ARTICLE 9

REPRESENTATIONS AND WARRANTIES

 

Section 9.1          Power
and Authority of Ingevity; Enforceability.  Ingevity represents and warrants to the Mill Owner that: (i) Ingevity
is a corporation duly organized and validly existing under the laws of the Commonwealth of Virginia, with the requisite corporate
power and authority to enter into this Agreement and to perform its obligations hereunder, and (ii) this Agreement has been
duly authorized, executed and delivered by Ingevity and constitutes the legal, valid and binding obligation of Ingevity, enforceable
against Ingevity in accordance with its terms, except as such enforceability may be limited by bankruptcy, reorganization, insolvency,
moratorium, receivership or other similar laws affecting or relating to the enforcement of creditors’ rights or remedies
generally and general principles of equity (whether considered at law or in equity).

 

Section 9.2          Power
and Authority of the Mill Owner; Enforceability.  The Mill Owner represents and warrants to Ingevity that: (i) the
Mill Owner is a limited liability company duly organized and validly existing under the laws of the state of Delaware, with the
requisite power and authority to enter into this Agreement and to perform its obligations hereunder, and is duly qualified or registered
to transact business in the Commonwealth of Virginia, and (ii) this Agreement has been duly authorized, executed and delivered
by the Mill Owner and constitutes the legal, valid and binding obligation of the Mill Owner, enforceable against the Mill Owner
in accordance with its terms, except as such enforceability may be limited by bankruptcy, reorganization, insolvency, moratorium,
receivership or other similar laws affecting or relating to the enforcement of creditors’ rights or remedies generally and
general principles of equity (whether considered at law or in equity).

 

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Section 9.3          Limitation
of Warranties.  EXCEPT AS EXPRESSLY OTHERWISE PROVIDED IN THIS AGREEMENT, THE SERVICES ARE BEING PROVIDED, “AS
IS” AND WITH ALL FAULTS, AND NEITHER PARTY IS MAKING ANY WARRANTIES, WRITTEN OR ORAL, STATUTORY, EXPRESS OR
IMPLIED, INCLUDING, IN PARTICULAR, ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE (AS DEFINED IN THE VIRGINIA
UNIFORM COMMERCIAL CODE), ALL OF WHICH ARE HEREBY EXPRESSLY EXCLUDED AND DISCLAIMED.

 

ARTICLE 10

ADDITIONAL COVENANTS

 

Section 10.1        Insurance.  (a)
The Mill Owner and Ingevity each shall maintain, during the Term (but subject to revision at the end of the policy term of the
applicable policy through the Review Process), at such party’s sole expense, insurance of the following types in at least
the amounts specified:

 

(i)          Commercial
General Liability Occurrence insurance coverage with limits of liability of $1,000,000 per occurrence and $2,000,000 general aggregate.
Such insurance shall include the other party, its Affiliates and their respective directors, officers and employees as additional
insureds and shall include a waiver of any rights of subrogation against the other party and its directors, officers and employees.

 

(ii)         Commercial
Automobile Liability insurance coverage for any automobile used in the performance of such party’s obligations under this
Agreement with limits of liability of $1,000,000 combined single limit. Such insurance shall include the other party, its Affiliates
and their respective directors, officers and employees as additional insureds and shall include a waiver of any right of subrogation
against the other party and its directors, officers and employees.

 

(iii)        Workers’
Compensation insurance coverage covering all persons providing services to the other party under this Agreement. Such insurance
(which may consist of a state-approved program of self-insurance) shall satisfy all applicable statutory requirements and be in
accordance with the laws of the state or states in which the party is operating under this Agreement, shall include an Alternate
Employer Endorsement naming the other party as the alternate employer and shall include a waiver of any right of subrogation against
the other party and its directors, officers and employees.

 

(iv)        Employer’s
Liability insurance coverage with limits of: (x) bodily injury by accident — $1,000,000 each accident, (y) bodily injury
by disease — $1,000,000 each employee, and (z) bodily injury by disease — $1,000,000 policy limit.

 

(v)         Excess
Umbrella Liability insurance coverage with limits of liability of $10,000,000 per occurrence, with excess limits provided for the
Commercial General Liability Occurrence, Automobile Liability and Employer’s Liability insurance coverages required under
this Section 10.1. Such insurance shall include the other party, its Affiliates and their respective directors, officers
and employees as additional insureds and shall include a waiver of any right of subrogation against the other party and its directors,
officers and employees.

 

(b)          All
insurance companies providing insurance required by this Section 10.1 must be authorized to do business in each state
in which the operations of the insured party under this Agreement are conducted and must be rated “A-”
or better with a financial rating of “VII” or better in the most recent edition of the
A.M. Best Rating Guide (or, in the event such rating guide is no longer published, or such ratings no longer are published in such
rating guide, such other published rating of insurance companies as the parties mutually determine). If a captive entity is used
to satisfy these insurance requirements, the captive entity shall provide a letter of good standing.

 

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(c)          Each
party shall use commercially reasonable efforts to require that all policies of insurance which such party is required to maintain
under this Section 10.1 shall provide for 30 days prior written notice of cancellation or non-renewal to the other
party under this Agreement. Prior to the Effective Date, each party shall provide to the other certificates evidencing all insurance
coverages it is required to maintain under this Agreement, and shall deliver renewal certificates within 10 days of renewal of
any required insurance throughout the Term of the Agreement; provided, however, that either the Mill Owner or Ingevity may, with
notice to the other, satisfy such obligation by making such certificates available on the website of the party providing the certificate
or an Affiliate. Any and all collateral required by an insurance carrier or a state agency and all deductibles or self-insured
retentions on referenced insurance coverages must be borne by the first named insured party. The insurance required herein will
not be limited by any limitations expressed in the indemnification language in this Agreement or any limitation placed on the indemnity
therein given as a matter of Law.

 

(d)          Failure
of either party to maintain insurance as required by this Agreement, to provide evidence of such insurance or to notify the other
party of any breach by such other party of the provisions of this Section 10.1 shall not constitute a waiver of any
such requirements to maintain insurance.

 

(e)          Each
party shall be responsible for risk of loss of, and damage to, raw material, equipment or Co-located Continuous Asset of the other
party in such party’s possession, custody or under its control, except to the extent that such loss or damage was caused
by the acts or omissions of the other party or its agents.

 

Section 10.2        Service
Level Failures; Wastewater Remedy Payments; and Optimization of Operations.  The Mill Owner and Ingevity shall: (i)
work together to determine the factors contributing to Service Level Failures, and failures or other matters giving rise to Wastewater
Remedy Payments and shall use commercially reasonable efforts to reduce the number and duration of such Service Level Failures
and such other failures or other matters giving rise to Wastewater Remedy Payments, and (ii) work together in a commercially reasonable
manner, including by giving the notices required with respect to expansions, to optimize their respective processes that affect
the operations of the other.

 

Section 10.3        Applicable
Law.  (a) In performing their respective obligations under this Agreement, each party shall comply, in all material
respects, with all applicable Laws and all permits held by it.

 

(b)          Each
party shall provide the other party, at the other party’s written request, with such information, data and reports that have
been prepared by the party receiving the request in the ordinary course as may be reasonably necessary for the requesting party
to comply with Law applicable to the requesting party in connection with its obligations under this Agreement.

 

(c)          Each
party shall use commercially reasonable efforts to inform the other party of any change in applicable Law that any representative
of such party on the Operating Council becomes aware of that is reasonably likely to have a material effect on either party’s
rights and obligations under this Agreement. If the parties become aware of: (x) any change in applicable Law that is likely to
require changes in the Services or the manner in which the Services are delivered, or (y) any order or other requirement by a Governmental
Authority to conduct ambient air modelling at either the Mill or the Carbon Plant (any of the foregoing, a “Law Change”),
the parties shall use commercially reasonable efforts: (i) if the Law Change is a proposed regulation or order, to work together,
if the parties so agree, to modify such proposed regulation or order, with each party contributing towards the cost of such efforts
based upon the relative effect of the Law Change on the parties, respectively, and/or (ii) to address the problem created by the
Law Change through technical, administrative or legal means. Any associated costs therefor shall be borne by the party whose ability
to conduct its business is affected by the Law Change or jointly if the ability of both parties to conduct their respective businesses
are affected. In the

 

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event a solution is not possible or commercially
reasonable through technical, administrative or legal means, then the Mill Owner and Ingevity shall work cooperatively to effect
a resolution that would allow both the Mill Owner and Ingevity to be in compliance with the Law Change.

 

(d)          If
the parties disagree in good faith about the interpretation or the effects of a Law Change, and either party reasonably believes
that acting in accordance with the other’s interpretation: (i) will create risk to such party of a violation of such Law
Change, or (ii) will materially limit or prohibit such party from performing its material obligations hereunder, then such disagreement
about the interpretation or the effects of a Law Change shall be submitted for resolution in accordance with the Escalation Process;
provided, however, that if the subject matter of such disagreement is an interpretation of the Law Change and cannot be resolved
by the Escalation Process pursuant to Section 14.2, then either party may seek resolution of such disagreement in any
court of competent jurisdiction (which may include, without limitation, seeking an injunction to prevent irreparable harm).

 

ARTICLE 11

NOTICES

 

Section 11.1        Required
Notices.  (a) The Mill Owner shall give Ingevity not less than the specified written notice for each of the following:

 

(i)          for
any Major Equipment Shutdown, Cold Maintenance Shutdown or Closure of the Mill, promptly following a determination by the Mill
Owner to effectuate such Major Equipment Shutdown, Cold Maintenance or Closure in accordance with the Mill Owner’s operating
procedures; and

 

(ii)         180
days prior written notice of: (x) any expansion or alteration of the Mill that is reasonably likely to have a material adverse
effect on Ingevity, and (y) any action by the Mill Owner that is reasonably likely to require ambient air modelling with respect
to the Mill or the Carbon Plant.

 

Each notice given pursuant to this Section 11.1(a) shall
specify the anticipated duration of the event giving rise to the requirement to give the notice. Each month during the Term, the
Mill Owner shall provide to Ingevity the Mill’s then-current “twelve month rolling maintenance schedule”
for informational purposes. Disclosure of a matter in the current “twelve month rolling maintenance schedule”
shall constitute adequate notice under Sections 11.1(a)(i) of such matter. The Mill Owner shall provide Ingevity with
a copy of the relevant notice provisions of the Mill Owner’s operating procedures referred to in Section 11.1(a)(i) and shall
promptly notify Ingevity of any material changes to such notice provisions. All other notices pursuant to this Section 11.1(a)
shall be given in accordance with Section 11.2. In the event that the commencement and/or duration of a Major Equipment
Shutdown, a Cold Maintenance Shutdown or a Closure must be changed, the Mill Owner shall so notify Ingevity as soon as the Mill
Owner becomes aware of the need for the change and shall reasonably work with Ingevity to minimize the impact on Ingevity of any
such change.

 

(b)          Ingevity
shall give the Mill Owner not less than the specified written notice for each of the following:

 

(i)          120
days prior written notice of any closure of the Carbon Plant that will continue for more than 30 days (including, without limitation,
any Permanent Closure of the Carbon Plant); and

 

(ii)         180
days prior written notice of: (i) any expansion or alteration of the Carbon Plant that is reasonably likely to have a material
adverse effect on the Mill, and (y) any action by

 

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Ingevity that is reasonably likely to
require ambient air modelling with respect to the Mill or the Carbon Plant.

 

Section 11.2        How
Notices are Given.  All notices and other communications under this Agreement shall be in writing and shall be deemed
given when delivered personally or by overnight mail or, to the extent receipt is confirmed, by facsimile, or five calendar days
after being mailed by registered mail, return receipt requested, to a party at the following address (or to such other address
as such party may have specified by notice given to the other party pursuant to this Section 11.2):

 

If to Mill Owner:               WestRock Virginia, LLC

504 Thrasher Street

Norcross, GA 30071

Attention: Chief Financial Officer

Facsimile: 770-263-3582

 

With a copy to:                  WestRock Company

504 Thrasher Street

Norcross, GA 30071

Attention: General Counsel

Facsimile: 770-263-3582

 

And to:                               WestRock Virginia, LLC

104 West Riverside Street

Covington, VA 24426

Attention: Production Manager

Facsimile: 540-969-5707

 

If to Ingevity:                     Ingevity Virginia Corporation

958 E. Riverside Street

Covington, Virginia 24426

Attention: Plant Manager

Facsimile: 540-969-3504

 

With a copy to:                  Ingevity Corporation

5255 Virginia Avenue

North Charleston, South Carolina 29406

Attention: Law Department

Facsimile: 843-746-8278

 

ARTICLE 12

TERM AND TERMINATION

 

Section 12.1        Term.  The
term of this Agreement (the “Term”) shall commence on the Effective Date and, unless earlier terminated
in whole or part pursuant to this Section 12.1, shall continue until the 50th anniversary of the Effective Date; provided,
that if Ingevity is not then in material default in the performance of any of its obligations under this Agreement, Ingevity may
extend the Term of this Agreement with respect to all (but not less than all) of such provisions for additional renewal terms of
five years each, effective as of the end of the initial 50 year period, or as of the end of any such five year renewal term, by
giving the Mill Owner written notice of such extension at least five years prior the end of such initial 50 year period or such
five year renewal term as of the end of which the extension is to be effective; provided, however, that the Mill Owner may reject
any such extension by so notifying Ingevity in writing within six months after receipt of Ingevity’s notice of extension,
and the Term shall then

 

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terminate as of the end of the initial 50 year
period (if the notice of extension was given during such period) or at the end of the then current renewal term.

 

Section 12.2        Termination.  (a)
This Agreement may be terminated prior to the end of the Term in the following manner:

 

(i)          at
any time by the mutual written agreement of the parties;

 

(ii)         as
to any individual Service only (other than the provision of steam pursuant to Section 3.1, the provision by either party
of potable water pursuant to Section 3.2, the provision of electricity pursuant to Section 3.3, the provision of
Security Services pursuant to Section 3.5(b), access to and use of the truck scales pursuant to Section 3.10(a)(ii),
the use of voice and data network transmission lines by either party pursuant to Section 3.10(a) or Section 3.10(b),
the use of the Expansion Warehouse pursuant to Section 3.9, the provision of natural gas pursuant to Section 3.11
or the provision of the Wastewater Treatment Services), by either party giving written notice of such termination to the other
party at least two years prior to the date as of which such termination is to be effective;

 

(iii)        with
respect to the provision by the Mill Owner of steam pursuant to Section 3.1 only, by either party giving written notice
of such termination to the other party at least three years prior to the date as of which such termination is to be effective;
provided, however, that any such termination by the Mill Owner shall not become effective unless and until either: (A) Ingevity,
using commercially reasonable efforts, is able to obtain and have currently available for use sufficient firm gas transportation
on commercially reasonable terms (which may include the requirement to pay “aid in construction” payments) to allow the operation
of a gas-fired package boiler to supply Ingevity’s then current steam requirements, or (B) the Mill Owner releases to Ingevity
firm gas transportation capacity at the receipt and delivery locations listed in Section II.2 of Schedule 3.11 that
is owned by the Mill Owner and/or re-releases to Ingevity firm gas transportation capacity that is owned by Columbia Gas of Virginia,
or a combination of both (A) and (B), to allow the operation of a gas-fired package boiler until such time as Ingevity obtains
its own contracts for such capacity in accordance with the preceding clause (A); provided, however, Mill Owner shall post the
capacity as non-biddable to the extent allowed by TCO’s FERC approved tariffs; however, Ingevity acknowledges that: (x) if the
capacity becomes biddable under TCO’s tariff then there is a possibility that Ingevity may have to match an above-maximum rate
offer for releases that are shorter than one year in order to obtain the capacity, (y) releases that are longer than one year
may be bid up in length of term and Ingevity would be required to match the term that was offered in order to obtain the capacity
and (z) once the Mill Owner posts the capacity as provided herein, the Mill Owner shall have no further obligation to provide
or release firm gas transportation to Ingevity in accordance with this Subsection (B) (the amount of natural gas capacity
released by the Mill Owner to supply Ingevity’s gas-fired package boiler will be based on the sum of the average monthly steam
takes of 150 pound steam and 30 pound steam by Ingevity, as measured in MMBTU's per month over the 12 months prior to the notice
of termination pursuant to this Section 12.2(a)(iii), adjusted for a 83% efficiency for a new 150 pound low-NOx boiler,
but not to exceed 2,970 MMBTU’s per day); and further provided, however, that if the Mill Owner terminates this Agreement pursuant
to this Section 12.2(a)(iii), Ingevity may delay the effective date of such termination by up to 12 months if Ingevity
reasonably demonstrates that such additional period is reasonably necessary to enable Ingevity to obtain any necessary Environmental
Permits for the operation of a replacement steam generation and supply system;

 

(iv)        with
respect to the provision by the Mill Owner of natural gas pursuant to Section 3.11 only, by either party giving written
notice of such termination to the other party at least two years prior to the date as of which such termination is to be effective;
provided, however, that Ingevity may delay the effective date of such termination by up to 12 months if Ingevity reasonably demonstrates
that such additional period is reasonably necessary to complete the installation of the direct pipeline connecting the
Carbon Plant to the pipeline of the local natural gas utility;

 

(v)         with
respect to the provision by the Mill Owner of Wastewater Treatment Services pursuant to the Wastewater Treatment Terms only, by
either party giving written notice of such termination to the other party at least five years prior to the date as of which such
termination is to be effective (which effective date shall not be prior to the 10th anniversary of the Effective Date); provided,
however, that the Mill Owner may not exercise the right to terminate the Wastewater Treatment Services pursuant to this Section
12.2(v) unless the Mill Owner has reasonably demonstrated to Ingevity that Ingevity can reasonably design, permit and construct
prior to the date of termination of the Wastewater Treatment Services and reasonably operate, in compliance with all applicable
Laws, using reasonably available commercialized technology, in space then reasonably available to Ingevity, a facility for treating
all discharges originating from the Carbon Plant that must be treated under applicable Law;

 

(vi)        by
either party giving written notice to the other party following a material breach by the other party (other than a Payment Breach)
of any of its obligations under this Agreement, if the other party has failed to fully cure such breach within 60 days after written
notice of such breach; provided however, that if there is a bona fide dispute between the parties as to whether a material breach
has occurred, termination of this Agreement shall not occur until the date on which it is determined, through the Escalation Process
or otherwise, that a material breach

 

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has occurred and, if the breach is capable
of being cured, an additional period of 60 days has passed following such determination during which the breach has not been cured;

 

(vii)       by
either party giving written notice to the other party, if the other party fails to pay any amount when due under this Agreement
and such failure is not cured within 30 days following receipt of written notice by the non-breaching party; provided that if there
is a bona fide dispute between the parties as to whether a payment was due, the party responsible for payment shall not be deemed
to have failed to make such payment (so long as such party is in compliance with Section 14.2) until it is determined,
through the Escalation Process or otherwise, that the payment is due and owing and an additional 30 days have passed following
such determination;

 

(viii)      by
the Mill Owner giving written notice to Ingevity, if Ingevity defaults in the performance of a material obligation under the Lease
and such default continues beyond any cure period provided in the Lease and is not waived by the Mill Owner, thereby giving the
Mill Owner the right to terminate the Lease;

 

(ix)         by
Ingevity giving written notice to the Mill Owner, if the Mill Owner defaults in the performance of a material obligation under
the Lease and such default continues beyond any cure period provided in the Lease and is not waived by Ingevity, thereby giving
Ingevity the right to terminate the Lease;

 

(x)          by
either party giving written notice to the other party: (1) if the terminating party receives notice of, or otherwise becomes aware
of, a Permanent Closure of the Mill or a Permanent Closure of the Carbon Plant (provided that such termination shall not become
effective prior to the date the Mill or the Carbon Plant, as the case may be, is closed), or (2) upon a termination of the
Ground Lease, if the Carbon Plant Real Property is not being conveyed upon such termination to Ingevity or its designee; or

 

(xi)         upon
the termination, pursuant to one or more other provisions of this Section 12.2(a), of all of the Services.

 

(b)          Expiration
or termination of this Agreement for any reason shall not relieve a party from the obligation to pay any amounts accruing under
this Agreement prior to the effective date of such termination. Termination of this Agreement pursuant to Section 12.2(a)(vi)
or (vii) shall not relieve the breaching party of any liability to the non-defaulting party for breach of its obligations
under this Agreement. The provisions of Sections 15.1, 6.4, 6.5, 9.3, 11.2, 15.7
and Article 13 shall survive expiration or any termination of this Agreement.

 

ARTICLE 13

LIMITATION OF LIABILITY;
INDEMNIFICATION

 

Section 13.1        Limitation
of Liability and Waiver of Subrogation.  (a) Except as otherwise expressly provided in Section 13.3(ii),
Section 13.3(iii), Section 13.3(iv) and Section 13.4, the Mill Owner shall not be liable to
Ingevity for:

 

(i)          Losses
to any buildings, improvements, fixtures, furnishings, equipment or other personal property (“Property”)
located or found on the Carbon Plant Real Property (except for Losses to Property owned by third parties, which shall be subject
to Section 13.3(v)), notwithstanding that such Losses are caused by, result from or are attributable to any act or
omission of the Mill Owner or any servant, agent, employee, director, officer, subcontractor or supplier (“Agent”)
of the Mill Owner (including, without limitation, in connection with the provision by the Mill Owner of the Fire/Emergency Services);

 

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(ii)         any
Losses arising from bodily injury or death to any employee of Ingevity occurring on the Mill Property (including in connection
with the provision by Ingevity of the Ingevity Fire/Emergency Services), notwithstanding that such Losses are caused by, result
from or are attributable to any action or omission of the Mill Owner or any Agent of the Mill Owner;

 

(iii)        any
Loss caused by Ingevity to Property owned by third parties; and

 

(iv)        any
Losses arising from bodily injury or death to any employee of Mill Owner in connection with the provision by Mill Owner of the
Fire/Emergency Services, notwithstanding that such Losses are caused by, result from or are attributable to any action or omission
of the Mill Owner or any Agent, and except to the extent such Losses are covered by workers compensation insurance.

 

Ingevity hereby waives all rights of subrogation against the Mill
Owner with respect to the matters described in this Section 13.1(a).

 

(b)          Except
as otherwise expressly provided in Section 13.2(ii), Section 13.2(iv), Section 13.2(v) and
Section 13.4, Ingevity shall not be liable to the Mill Owner for:

 

(i)          any
Losses to any Property located or found on the Mill Property (except for Losses to Property owned by third parties, which shall
be subject to Section 13.2(vi)), notwithstanding that such Losses are caused by, result from or are attributable to
any act or omission of Ingevity or any Agent of Ingevity (including, without limitation, in connection with the provision by Ingevity
of the Ingevity Fire/Emergency Services);

 

(ii)         any
Losses arising from bodily injury or death to any employee of Mill Owner occurring on the Carbon Plant Real Property, notwithstanding
that such Losses are caused by, result from or are attributable to any action or omission of Ingevity or any Agent of Ingevity;
and

 

(iii)        any
Loss caused by the Mill Owner to Property owned by third parties.

 

The Mill Owner hereby waives all rights of subrogation against Ingevity
with respect to the matters described in this Section 13.1(b).

 

Section 13.2        Indemnification
by Ingevity.  Ingevity shall indemnify, defend and hold the Mill Owner and its Affiliates, and each of its and their
respective officers, directors, employees, successors and assigns (collectively, the “Mill Indemnified Parties”)
harmless, from and against all Losses (including, without limitation, any claim, demand, cause of action, or lawsuit in connection
therewith) resulting from, in connection with or arising out of:

 

(i)          with
respect to third party claims (other than third party claims of a type covered by another provision of this Article 13),
the performance of this Agreement by Ingevity, but only to the extent that the Mill Owner was not responsible for the subject matter
of such Losses;

 

(ii)         except
with respect to bodily injury or death to any employee of Mill Owner in connection with the Fire/Emergency Services (which shall
be subject to subsection (vii) of this Section 13.2), or bodily injury or death to any employee of Mill Owner caused
by a Vehicle owned by Ingevity or a Vehicle driven by a Ingevity employee (which shall be subject to subsection (v) of this Section 13.2),
any bodily injury or death to any employee of the Mill Owner occurring on the Carbon Plant Real Property and resulting from or
arising out of the gross negligence or intentional misconduct of Ingevity;

 

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(iii)        any
bodily injury or death to any employee of Ingevity resulting from or arising out of the provision of Ingevity Fire/Emergency Services;

 

(iv)        any
damage to any Property located or found on the Carbon Plant Real Property caused by a Vehicle owned by Ingevity or a Vehicle driven
by an employee of Ingevity;

 

(v)         bodily
injury or death to any employee of Mill Owner or to a third party (who is not an employee of Ingevity or Mill Owner) caused by
a Vehicle owned by Ingevity or a Vehicle driven by a Ingevity employee;

 

(vi)        any
damage to any Property of a third party caused by Ingevity;

 

(vii)       any
bodily injury or death to any employee of the Mill Owner resulting from or arising out of the provision of Fire/Emergency Services
except to the extent covered by the Mill Owner’s workers compensation insurance coverage; and

 

(viii)      Claims
which may be brought by any Person, including, without limitation, Claims brought by Governmental Authorities, for death, bodily
or personal injuries to any Person; damage to any property, including loss of use thereof and business interruption damages; contamination
of or adverse effects on natural resources or the environment, including without limitation, the costs for investigation and remediation
of such contamination under Environmental Laws and other Laws; natural resource damages; or any violation of Laws, to the extent
resulting from or arising out of: (A) Ingevity’s breach of the Wastewater Treatment Terms, (B) Ingevity’s discharge
of wastewater to the Mill or the Wastewater Treatment Plant, including, without limitation, any Non-Conforming Discharge (as defined
in the Wastewater Treatment Terms); (C) any activities of Ingevity and/or its Agents relating to or impacting the Wastewater Treatment
Terms; (D) any violation by Ingevity and/or its Agents of any applicable Laws, or (E) pollution or contamination of, or petroleum
or hazardous substances releases to, the Mill or the Wastewater Treatment Plant by Ingevity or any of its employees, consultants,
contractors, subcontractors, representatives and/or agents,

 

except, with respect to clauses (iv), (v), and (vii), to the extent
that any such Loss is finally determined (in accordance with the Escalation Process or otherwise) to have arisen out of or resulted
from the gross negligence or intentional misconduct of the Mill Owner or any such Affiliate, Agent, successor or assign and except
with respect to clauses (iii) and (vii), to the extent that any such Loss is finally determined (in accordance with the Escalation
Process or otherwise) to have arisen out of or resulted from the intentional misconduct of any employee, officer or agent of the
Mill Owner having managerial authority with respect to the subject matter of the misconduct. For purposes of this Section 13.2
and Section 13.3: (x) “intentional misconduct” means the intentional doing
of something with knowledge that it is likely to result in serious injury or property damage or with reckless disregard of its
probable consequences, and (y) “gross negligence” means the failure to use such care as
a reasonably prudent and careful Person would use under similar circumstances when such Person has knowledge of the results of
such Person’s acts or omissions and is recklessly or wantonly indifferent to the results. Nothing in clause (viii) of this
Section 13.2 shall limit the Mill Owner’s rights of action and defenses, if any, which may exist under applicable
Law relating to the subject matter of this Agreement, including the Wastewater Treatment Terms.

 

Section 13.3        Indemnification
by the Mill Owner.  The Mill Owner shall indemnify, defend and hold Ingevity and its Affiliates, and each of their
respective officers, directors, employees, successors and assigns (collectively, the “Ingevity Indemnified Parties”),
harmless from and against all Losses (including, without limitation, any claim, demand, cause of action, or lawsuit in connection
therewith) arising out of or resulting from:

 

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(i)          with
respect to third party claims (other than third party claims of a type covered by another provision of this Article 13),
the performance of this Agreement by the Mill Owner, but only to the extent that Ingevity was not responsible for the subject matter
of such Losses;

 

(ii)         except
with respect to bodily injury or death to any employee of Ingevity caused by a Vehicle owned by Mill Owner or a Vehicle driven
by a Mill Owner employee (which shall be subject to subsection (iv) of this Section 13.3), any bodily injury or death
to any employee of Ingevity occurring on the Mill Property and resulting from or arising out of the gross negligence or intentional
misconduct of the Mill Owner or any Agent of the Mill Owner;

 

(iii)        any
damage to any Property located or found on the Carbon Plant Real Property caused by a Vehicle owned by the Mill Owner or a Vehicle
driven by an employee of the Mill Owner;

 

(iv)        bodily
injury or death to any employee of Ingevity or to a third party (who is not an employee of Ingevity or the Mill Owner) caused by
a Vehicle owned by the Mill Owner or a Vehicle driven by any employee of the Mill Owner; and

 

(v)         any
damage to any Property of a third party caused by the Mill Owner,

 

except, with respect to clauses (iii), (iv) and (v), to the extent
that any such Loss is finally determined (in accordance with the Escalation Process or otherwise) to have arisen out of or resulted
from the gross negligence or intentional misconduct of Ingevity or any such Affiliate, Agent, successor or assign.

 

Section 13.4        Notice
of Claim.  Each party promptly shall notify the other party in writing of any Losses covered by the indemnification
obligations of the other party under Section 13.1 or Section 13.2 (a “Notice of Claim”).
Without limiting any other obligation of the party receiving a Notice of Claim hereunder, such party shall promptly respond to
the Notice of Claim and shall indemnify, defend and hold the party giving such Notice of Claim harmless from and against any cost,
expense or other damage arising from or relating to the occurrence or damage that is the subject of the Notice of Claim in accordance
with Section 13.1 or Section 13.2, as the case may be.

 

Section 13.5        Force
Majeure.  Neither party shall be liable to the other party under this Agreement for any delay in or failure of performance
by the party of its obligations hereunder resulting from a Force Majeure Event if the party has used commercially reasonable efforts
to perform notwithstanding the occurrence of the Force Majeure Event. If either party should become aware of a Force Majeure Event,
it shall give the other party’s Contract Manager prompt notice. Each party shall use commercially reasonable efforts to mitigate
or remedy the effects of a Force Majeure Event, and if the cause of the Force Majeure Event can be minimized or remedied, the parties
shall use their respective commercially reasonable efforts to do so promptly.

 

Section 13.6        Duty
to Mitigate.  Each party shall use commercially reasonable efforts to mitigate damages for which the other party
would be liable under this Agreement.

 

Section 13.7        Other.  Each
party shall use commercially reasonable efforts to require all contractors and third party invitees to the Mill Property and/or
the Carbon Plant Real Property to execute releases of liability for the benefit of both the Mill Owner and Ingevity prior to entering
such property.

 

Section 13.8        Limitation
of Liability.  EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT WITH RESPECT TO THE SERVICE LEVEL PAYMENTS (ALL OF
WHICH ARE INTENDED TO BE LIQUIDATED DAMAGES BECAUSE ACTUAL DAMAGES MAY BE DIFFICULT TO DETERMINE), AND EXCEPT FOR THE INDEMNIFICATION
OBLIGATIONS OF THE PARTIES UNDER THIS ARTICLE 13 (OTHER THAN SECTION 13.2(viii)), IN NO EVENT

 

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SHALL EITHER PARTY BE LIABLE TO THE OTHER PARTY
UNDER THIS AGREEMENT FOR ANY INCIDENTAL, CONSEQUENTIAL, INDIRECT, SPECIAL, LIQUIDATED, PUNITIVE OR EXEMPLARY DAMAGES.

 

ARTICLE 14

CONTRACT MANAGERS; GOVERNANCE;
DISPUTE RESOLUTION

 

Section 14.1        Contract
Managers and Operating Council.  (a) Each of the parties from time to time shall designate an individual who shall
be responsible for managing such party’s relationship with the other party and will serve as such party’s primary representative
with respect to operational matters under this Agreement (a “Contract Manager”). The initial Contract
Manager shall be the Production Manager of the Mill for the Mill Owner and the Plant Manager of the Carbon Plant for Ingevity.
Each Contract Manager shall be authorized to act for and on behalf of the party such Contract Manager is representing with respect
to all day to day matters relating to this Agreement. A party shall provide as much notice as is practicable to the other party
of any change in the individual who is designated by the party as its Contract Manager. Each party may rely on direction from and
decisions regarding day-to-day administration of this Agreement by the Contract Manager of the other party as being the directions
and decisions of the party represented by such Contract Manager, subject to any direction from a party or that party’s representatives
on the Operating Council to the contrary.

 

(b)          The
Contract Managers shall meet at least quarterly during the initial year of the Term and shall meet as frequently as they or the
Operating Council determine necessary thereafter to review the performance by the parties under this Agreement and to consider
other matters with respect to the administration of this Agreement.

 

(c)          An
operating council (the “Operating Council”) consisting of the Contract Manager and two other representatives
designated by each party shall have overall responsibility for assisting the parties to this Agreement in the administration of
this Agreement. The initial members of the Operating Council shall be the Production Manager of the Mill, the Mill Manager and
the Mill Owner’s Vice President of Operations for the Mill Owner and the Plant Manager of the Carbon Plant, the Services
and Support Manager of the Carbon Plant and Ingevity’s Vice President of Operations for Ingevity, or in each case a reasonably
equivalent position designated by the Mill Owner or Ingevity, as the case may be. In addition, each party from time to time may
designate alternate representatives, who shall be authorized to participate on the Operating Council on behalf of such party in
the absence of one or more of its primary representatives. Each party shall provide as much notice as is practicable to the other
party of any change in its designees on the Operating Council. The Operating Council shall meet on such a schedule, and for such
purposes (within the authority of the Operating Council established by this Agreement), as the Operating Council shall approve.
The presence of at least two representatives and/or alternates of each party at a meeting of the Operating Council shall be required
for a quorum. The Operating Council shall act only at a meeting at which a quorum is present. Each party’s representatives
on the Operating Council shall have, collectively, one vote, and any action shall be taken only with the affirmative vote of both
parties’ representatives.

 

(d)          The
Operating Council shall meet at least once each calendar year: (i) to review and discuss the processes, measurement methodologies
and methods for calculating the amounts payable by the parties under Article 6 and other matters which this Agreement
provides are subject to the Review Process and/or are to be reviewed by the Operating Council, to consider whether any adjustment
to the manner in which measurements are made or the amounts payable under Article 6 are calculated should be made for
the following year or whether any changes to other matters are to be made. In addition, at such other time or times as they may
determine, the Mill Owner and Ingevity may agree to modify any such processes, measurement methodologies and methods for calculating
the amounts payable under Article 6 or any other matters which this Agreement provides are subject to the Review Process
and/or are to be

 

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reviewed by the Operating Council. Any such adjustments
pursuant to this Section 14.1(d) shall be made only by written agreement of the parties (without the need for a formal
amendment to the Agreement as provided in Section 15.5). The process set forth in this Section 14.1(d)
is referred to as the “Review Process.”

 

(e)          Except
as expressly provided in Section 14.1(d), nothing in this Agreement shall be construed as permitting any amendment
to, or waiver of, any provision of this Agreement (including, without limitation, any notice requirements) except in the manner
expressly provided in Section 15.5.

 

Section 14.2        Dispute
Resolution.  (a)  Consideration by Contract Managers. All disputes, issues, controversies or claims
between the parties hereunder (“Disputes”) shall first be referred to the Contract Managers for resolution.
If the Contract Managers are unable to resolve, or do not anticipate resolving, a Dispute within 10 business days (or such other
period as reasonably may be approved by them) after referral of the matter to them, then the parties shall submit the Dispute to
the Operating Council for resolution. The Dispute escalation process described in this Section 14.2 is referred to
as the “Escalation Process.”

 

(b)          Escalation
to Operating Council. If a Dispute has been submitted to the Operating Council for resolution, the Operating Council shall
negotiate in good faith to resolve such Dispute within 10 business days (or such other period of time as may be approved by the
Operating Council).

 

(c)          Escalation
to Executive Management. If the Operating Council does not resolve a Dispute within 10 business days (or such other period
of time as may be approved by the Operating Council) after referral of the matter to it, then either party may notify the other
in writing that it desires to elevate such Dispute to the respective executive management of the Mill Owner, who shall be the President,
Paper Solutions of the Mill Owner’s ultimate parent (as of the Effective Date, WestRock Company), or reasonably equivalent
officer designated by the Mill Owner, and of Ingevity, who shall be Ingevity’s Chief Executive Officer (as
of the Effective Date, D. Michael Wilson) (collectively, the “Executive Management”) for resolution.
Upon receipt by the other party of such written notice, the Dispute shall be so elevated and the Executive Management shall negotiate
in good faith to resolve such Dispute within 10 business days (or such other period as may be approved by the Executive Management)
after referral of the matter to the Executive Management (the last day of such period is referred to as the “Conclusion
of the Escalation Process”).

 

(d)          Negotiation
of Disputes. During the Escalation Process, each party’s representatives shall negotiate in good faith. The location,
format, frequency, duration and conclusion of the discussions between the Contract Managers, the Operating Council and the Executive
Management, respectively, shall be left to the discretion of the representatives involved. Discussions and correspondence among
such representatives for purposes of these negotiations shall be treated as Confidential Information and information developed
for purposes of settlement, exempt from discovery and production, which shall not be admissible in subsequent proceedings between
the parties. Documents identified in or provided with such communications, which are not prepared for purposes of the negotiations,
are not so exempted and may, if otherwise admissible, be admitted in evidence in such subsequent proceeding.

 

(e)          Participation
in Escalation Process. Notwithstanding anything else in this Agreement to the contrary, and except as provided below in this
Section 14.2(e), the parties shall participate in the Escalation Process to until the Conclusion of the Escalation
Process, and shall not terminate negotiations concerning resolution of the matters in Dispute until the earlier of the Conclusion
of the Escalation Process or expiration or termination of this Agreement (so long as termination of this Agreement is not the subject
of the Dispute). No party shall commence a lawsuit or seek other remedies with respect to the Dispute (including termination of
this Agreement) prior to the Conclusion of the Escalation Process, provided that either party is authorized to institute formal
legal proceedings at any time: (i) to avoid the

 

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expiration of any applicable statute of limitations
period, (ii) to preserve a superior position with respect to other creditors, or (iii) to seek an injunction to prevent irreparable
harm, including in situations where the party reasonably believes that the matter involved in the Dispute may result in such party’s
operations being significantly curtailed or shut down.

 

ARTICLE 15

MISCELLANEOUS

 

Section 15.1        Confidential
Information.  Each party recognizes that the other party’s business interests require the fullest reasonably
practical protection and confidential treatment of all information related to the other party’s business and this Agreement
that is not generally known by the public, including, without limitation, documents, writings, memoranda, business plans, illustrations,
designs, plans, know-how, technology, financial information, personnel data, processes, formulas, programs, inventions, reports,
sources of supply, customer lists, supplier lists, pricing policies, operational methods, marketing plans or strategies, product
development techniques, business acquisition plans, methods of manufacture, trade secrets and all other valuable or unique information
and techniques acquired, developed or used by the other party that the party provided, or to which the party otherwise gains access,
through the transactions contemplated by this Agreement (hereinafter collectively termed “Protected Information”).
Protected Information shall not include: (i) information which is or becomes part of the public domain through no breach of this
Agreement by any party, or (ii) information that becomes available to a party or any of its Affiliates on a non-confidential basis
from a source other than the other party. Each party shall, and shall cause Affiliates controlled by it to, hold all such Protected
Information in confidence and not, directly or indirectly, to appropriate, divulge, disclose or otherwise disseminate to any other
Person nor use in any manner any Protected Information. Notwithstanding the foregoing, nothing in this Section 15.1
shall prohibit any party or any of its Affiliates from disclosing any Protected Information to comply with any Law or any subpoena
or other legal process (provided that the party shall provide the other party with notice as far in advance of any such disclosure
as is practicable in order for the other party to seek a protective order or other assurance of the protection of any Protected
Information the party or any such Affiliate is required to disclose).

 

Section 15.2        Independent
Contractors.  No relationship of employer and employee, or master and servant, is intended to exist, nor shall any
be construed to exist, between the Mill Owner and Ingevity, or between either party and any servant, agent, employee, subcontractor
or supplier of or to the other party. Each party shall select and pay its own servants, agents, employees, subcontractors and suppliers,
and neither party nor any of its servants, agents, employees, subcontractors and suppliers shall be subject to any orders, supervision
or control of the other party. The parties acknowledge that this Agreement does not create a partnership, joint venture or any
relationship other than a contract between independent parties.

 

Section 15.3        Assignment
by Ingevity.  Except as otherwise provided in this Section 15.3, this Agreement may not be assigned by
Ingevity in whole or in part. Notwithstanding the foregoing, Ingevity may assign this Agreement, with prior written notice to the
Mill Owner, to: (i) any Affiliate of Ingevity who is and at all times during the Term remains controlled by Ingevity (provided,
however, that no such assignment shall relieve Ingevity of any obligations under this Agreement), or (ii) any Person who acquires
all or substantially all of the assets of the Carbon Plant and who assumes all of the liabilities and obligations of Ingevity under
this Agreement, or any party into which Ingevity is merged, subject to such Person reasonably demonstrating to the Mill Owner that
such Person’s creditworthiness is equal to or better than the creditworthiness of Ingevity at the time of such assumption
or merger. In the event of any permitted assignment of this Agreement by either party, the assignor shall be released from its
obligations hereunder and the designated assignee shall assume, in writing, all of the rights and obligations of the assigning
party under this Agreement. Any purported assignment or transfer of this Agreement in

 

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violation of this Section 15.3 shall
be void and of no force or effect. This Agreement shall be binding upon and inure to the benefit of the parties and their respective
successors and permitted assigns.

 

Section 15.4        Assignment
by the Mill Owner.  Except as otherwise provided in this Section 15.4, this Agreement may not be assigned
by the Mill Owner in whole or in part. Notwithstanding the foregoing, the Mill Owner may assign this Agreement, with prior written
notice to Ingevity, to: (i) any Affiliate of the Mill Owner who is and at all times during the Term remains controlled by the Mill
Owner (provided, however, that no such assignment shall relieve the Mill Owner of any obligations under this Agreement), or (ii)
any Person who acquires all or substantially all of the assets of the Mill and, who assumes all of the liabilities and obligations
of the Mill Owner under this Agreement, or any party into which Mill Owner is merged. In the event of any permitted assignment
of this Agreement by either party, the assignor shall be released from its obligations hereunder and the designated assignee shall
assume, in writing, all of the rights and obligations of the assigning party under this Agreement. Any purported assignment or
transfer of this Agreement in violation of this Section 15.4 shall be void and of no force or effect. This Agreement
shall be binding upon and inure to the benefit of the parties and their respective successors and permitted assigns.

 

Section 15.5        Amendment;
Waiver.  No amendment, modification or discharge of this Agreement, and no waiver under this Agreement, shall be
valid or binding unless set forth in writing and duly executed by the party against whom enforcement of the amendment, modification,
discharge or waiver is sought. Any such waiver shall constitute a waiver only with respect to the specific matter described in
such writing and shall in no way impair the rights of the party granting such waiver in any other respect or at any other time.
The failure of either party to insist in any one or more instances upon strict performance of any of the provisions of this Agreement
or take advantage of any of its rights hereunder shall not be construed as a waiver of any such provisions or the relinquishment
of any such rights, but the same shall continue and remain in full force and effect.

 

Section 15.6        Entire
Agreement.  This instrument constitutes the entire agreement between the parties relating to the subject matter hereof
and there are no agreements, understandings, conditions, representations, or warranties not expressly set forth herein.

 

Section 15.7        Choice
of Law and Venue.  The rights and obligations of the parties under the Agreement shall be governed by, and construed
in accordance with, the laws of the Commonwealth of Virginia and of the United States, without giving effect to the principles
of Virginia law relating to the conflict or choice of laws. Any legal action, suit or proceeding brought by a party that in any
way arises out of this Agreement (“Proceeding”) must be litigated exclusively in the United States District
Court for the Eastern District of Virginia (Richmond Division) or the Circuit Court of the County of Henrico, Virginia (the “Identified
Courts”). Each party hereby irrevocably and unconditionally: (i) submits to the jurisdiction of the Identified
Courts for any Proceeding; (ii) shall not commence any Proceeding, except in the Identified Courts; (iii) waives, and shall not
plead or make, any objection to the venue of any Proceeding in the Identified Courts; (iv) waives, and shall not plead or make,
any claim that any Proceeding brought in the Identified Courts has been brought in an improper or otherwise inconvenient forum;
and (v) waives, and shall not plead or make, any claim that the Identified Courts lack personal jurisdiction over it.

 

Section 15.8        Binding
Agreement; Successors.  This Agreement shall bind the parties to this Agreement and their respective successors (including,
without limitation, any successor to the Mill Owner as owner of the Mill and any successor to Ingevity as owner of the Carbon Plant)
and shall bind, and inure to the benefit of, their permitted assigns under Sections 15.3 and 15.4. Nothing in
this Agreement is intended to confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of
this Agreement as a third party beneficiary; provided that this Agreement shall inure to the benefit of each Person entitled to
indemnification under Article 13.

 

    	 	-39-	 

     

    

  

Section 15.9        Headings
and Other Interpretations.  The section and other headings in this Agreement are inserted solely as a matter of convenience
and for reference, are not a part of this Agreement, and shall not be deemed to affect the meaning or interpretation of this Agreement.
As used in this Agreement, unless otherwise provided to the contrary, (a) all references to days will be deemed references to calendar
days unless expressly stated otherwise and (b) any reference to a “Section” or Schedule
shall be deemed to refer to a section or schedule of this Agreement. The Recitals and Exhibits to the Agreement are part of the
Agreement and are hereby incorporated herein by reference. Unless the context otherwise requires, as used in this Agreement, all
terms used in the singular will be deemed to refer to the plural as well, and vice versa. The words “hereof,”
“herein” and “hereunder” and words of similar import
referring to this Agreement refer to this Agreement as a whole and not to any particular provision of this Agreement. Whenever
the words “include,” “includes” or “including”
are used in this Agreement, they will be deemed to be followed by the words “without limitation.”
References in this Agreement to “$” will be deemed a reference to United States dollars.

 

Section 15.10      Counterparts.  This
Agreement may be executed in two or more counterparts, each of which shall be deemed an original, and all of which together shall
constitute one and the same instrument.

 

Section 15.11      Schedules.  All
schedules to this Agreement referenced herein are incorporated herein by reference.

 

Section 15.12      Severability,
etc. Any term or provision of this Agreement that is invalid or unenforceable in any jurisdiction shall, as to that jurisdiction,
be ineffective to the extent of such invalidity or unenforceability, without rendering invalid or unenforceable the remaining terms
and provisions of this Agreement or affecting the validity or unenforceability of any of the terms or provisions of this Agreement
in any other jurisdiction. If any term or provision of this Agreement is so broad as to be invalid or unenforceable, the provision
shall be interpreted to be only so broad as is valid or enforceable. Subject to the foregoing provisions of this Section 15.12,
if any term or provision of this Agreement is invalid or unenforceable for any reason, such circumstances shall not have the effect
of rendering such term or provision invalid or unenforceable in any other case or circumstance.

 

Section 15.13      No
Presumption Against Drafter.  Each of the parties hereto has jointly participated in the negotiation and drafting
of this Agreement. In the event of any ambiguity or question of intent or interpretation, this Agreement shall be construed as
if drafted jointly by each of the parties hereto and no presumptions or burdens of proof shall arise favoring any party by virtue
of the authorship of any of the provisions of this Agreement.

 

[Remainder of page intentionally left blank.] 

 

    	 	-40-	 

     

    

 

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

 

	 	“Mill Owner”
	 	 
	 	WESTROCK VIRGINIA, LLC
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	“Ingevity”
	 	 
	 	INGEVITY VIRGINIA CORPORATION
	 	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

[Signature page to Covington Plant Services
Agreement]

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