Document:

Exhibit 10.6

 

CRUDE TALL OIL AND BLACK LIQUOR
SOAP SKIMMINGS AGREEMENT

 

THIS CRUDE TALL OIL
AND BLACK LIQUOR SOAP SKIMMINGS AGREEMENT (this “Agreement”) is made and entered into on ___________, 2016,
(“Effective Date”), by and between WestRock Shared Services, LLC and WestRock MWV, LLC, on behalf of the affiliates
of WestRock Company (“Seller”), and Ingevity Corporation, a Delaware corporation (“Buyer”).
Buyer and Seller may each be referred to as a “Party” and collectively as the “Parties.”

 

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

 

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

 

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

 

		1.	PURCHASE AND SALE

 

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

 

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

 

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

 

		B.	Mill locations: Seller’s and its affiliates’ mills whose Products are included
in this Agreement are located at Fernandina Beach, FL; Hodge, LA; West Point, VA; Florence,

 

     

     

    

 

SC; Panama City, FL; Hopewell,
VA; Demopolis, AL; Phenix City, AL, Evadale TX, and Tres Barras, Santa Cantarina Brazil, and any New Mills whose Products are added
by Seller pursuant to section 6 (A) below (each, a “Mill” and collectively, the “Mills”).
In the event Seller sells or otherwise transfers any Mill or ceases production of Products at any Mill, or removes any Mill from
this Agreement as set forth herein, the remaining above-named Mills and any New Mills shall be deemed the Mills for purposes of
this Agreement.

 

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

 

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

 

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

 

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

 

     

     

    

 

WQA Acid Number of 160, the credit
would be ((165-160)/165)* $300 * 1,000 = $9,091.

 

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

 

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

 

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

 

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

 

iii.           Fiber
in Soap. See Exhibit B.

 

iv.           In
the event that Seller provides an individual load or loads of Products with one or more Negative Impacts (as defined below), Seller
in its discretion shall do one of the following: (a) take back such load(s) with Seller reimbursing Buyer for its freight costs
and third party demurrage charges incurred; (b) instruct Buyer to dispose of such loads

 

     

     

    

 

with Seller reimbursing Buyer for
its actual costs incurred for such disposal; or (c) if Buyer provides in writing the actual and reasonable costs it would incur
to accept and process such load(s), then Seller may, in its sole discretion, agree to cover such costs and then allow Buyer to
proceed with processing such load(s). In the event Seller elects in its sole discretion to pursue either of the foregoing options
(a) or (b), Buyer shall have no responsibility for payment to Seller for such load(s). For purposes of this section, a “Negative
Impact” refers to (a) a Product varying so significantly from a Specification that it would require substantial pre-processing
or other extraordinary corrective measures prior to using such Product in Buyer’s typical production processes, or (b) a
Product adversely affected by a temporary process change at Seller’s Mill or Mills, such as adding a pulping agent, which
would result in abnormal plugging, fouling, or buildup in Buyer’s production system so as to interfere with Buyer’s
standard production process.

 

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

 

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

 

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

 

		E.	Freight: Buyer is responsible for determining the mode of transportation and for providing
suitable tank trucks, rail cars or barges for shipments of one hundred percent (100%) of the Products from the Mills. All freight
charges, insurance, demurrage and all other expenses incident thereto are for Buyer’s account; provided that, if Buyer incurs
third party demurrage charges due to Seller’s delay, then Seller shall reimburse Buyer for such charges. Seller will make
commercially reasonable efforts to fully load tank trucks or rail cars to minimize total cost of transportation. Buyer may request
and Seller shall provide a credit of one percent (1%) of the Purchase Price for each one percent (1%) of volume that each load
falls below ninety five percent (95%) of the working capacity of the tank truck or rail car used to transport such load from the
applicable Mill.

 

Buyer and Seller will work in good
faith to enable transportation by barge as is appropriate and mutually agreed. The initial cost to develop and construct infrastructure
for barge shipments shall be borne by Buyer and the maintenance costs for such infrastructure shall be as agreed in writing.

 

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

 

		G.	EXCEPT FOR SECTION 1(C)(IV), IN NO EVENT WILL THE TOTAL OF CREDITS AVAILABLE UNDER THIS SECTION
1 FOR BELOW STANDARD PRODUCTS

 

     

     

    

 

EXCEED THE PURCHASE PRICE DESCRIBED
IN SECTION 3 FOR THE APPLICABLE TONNAGE OF SUCH BELOW STANDARD PRODUCTS. THE REMEDIES SET FORTH IN THIS SECTION 1 ARE THE SOLE
AND EXCLUSIVE REMEDIES TO COMPENSATE FOR, OR CORRECT THE CONDITION OF, DEFECTIVE OR NON-CONFORMING PRODUCTS, AND NO OTHER REMEDIES
CONNECTED WITH THIS AGREEMENT, AT LAW, OR IN EQUITY SHALL APPLY TO SUCH MATTERS.

 

		2.	TERM

 

		A.	This Agreement shall be effective for an initial period commencing on the Effective Date until
terminated as provided herein (the “Term”).

 

		B.	Notwithstanding Section 1 or any other provision of this Agreement to the contrary, beginning January
1, 2022 through December 31, 2025, either Party may give a written notice to the other, designating one (1) Mill each (and the
volume of Products it produces) that the notifying party elects to remove from the Mills that are subject to the terms, conditions,
and requirements of this Agreement for the remainder of the Term (a “Mill Removal Notice”). If Buyer elects
to remove any Mill from the Agreement pursuant to this Section 2B, then the Incentive Payments described in Exhibit G shall not
be adversely affected or reduced by such removal, and for the remainder of the Term Buyer shall include in the percentage and volume
calculations of each incentive payment the volumes of Products produced by such Mill during the most recent Calendar Half prior
to such removal, subject to the wind down provisions of Section 2C below.

 

		C.	Beginning January 1, 2025 and at any time thereafter, either Party may give written notice to the
other Party that this Agreement will terminate five (5) years from the date of such notice (the “Agreement Termination
Date”). In that event, the quantity of Products subject to this Agreement will be gradually reduced during a five (5)
year period beginning one (1) year after the termination notice date and ending on the Agreement Termination Date (the “Transition
Period”). The Parties shall meet at least six (6) months prior to each calendar year of the Transition Period to discuss
the commercial needs of each Party in regards to this Agreement, and may mutually agree to the Mills and the quantity of Products
that are released from the purchase and sale obligations set forth in this Agreement in the following year(s). In the event that
the Parties do not reach such a mutual agreement, then, without limiting the first sentence of Section 1A(i) above, the following
schedule of Products volumes shall be automatically released from any purchase and sale obligations set forth this Agreement during
the Transition Period:

 

i. During the first year (“Year
One”) of the Transition Period, Seller shall be obligated to supply, and Buyer shall be obligated to purchase, one hundred
percent (100%) of the output of BLSS and CTO produced at Mills, subject to adjustments for opting Product volumes in or out of
this Agreement as provided in Section 7 below (such total amount of Products sold by Seller to Buyer during such year to be known
as the “Year One Volume”);

 

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

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

i. If Buyer’s Brazilian BLSS
refinery was shut down, then Buyer may remove from this Agreement the Brazilian BLSS, after first ceasing to purchase any BLSS
from all other suppliers for such refinery.

 

ii. If one of Buyer’s North
American CTO refineries was shut down, then Buyer may remove from this Agreement fifty percent (50%) of the then-current annual
volume of Seller’s North American CTO Equivalent Tons, after Buyer first ceases to purchase: (a) the same volume of
CTO Equivalent Tons from all other suppliers in the aggregate, or (b) all Products from all other suppliers.

 

     

     

    

 

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

 

		3.	PURCHASE PRICE

 

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

 

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

 

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

 

		D.	For BLSS or CTO sold by Seller from its Brazilian Mill, the Purchase Price shall be established
in accordance with Exhibit E.

 

		4.	TERMINATION OF EXISTING AGREEMENT

 

The Parties acknowledge that
the Crude Tall Oil and Black Liquor Soap Skimmings Agreement, dated December 6, 2006 as amended, among MeadWestvaco Corporation,
Rock Tenn Mill Company and RockTenn CP, LLC, is deemed terminated and superseded by merger of these companies as of July 1, 2015.

 

		5.	TOLL ACIDULATION

 

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

 

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

 

		C.	For Toll Acidulation, the price shall be established in accordance with Exhibit F.

 

		D.	Seller shall have the right to refuse to sell BLSS to Buyer from Mills with limited or no acidulation
capacity, to transfer BLSS produced by Seller to alternative Mills for acidulation into CTO (“Internally Acidulated BLSS”),
and to sell the resulting CTO to Buyer in accordance with the terms of this Agreement, including without limitation the pricing
for CTO as set forth herein. Seller shall be responsible for handling and shipping among Seller’s facilities such Internally
Acidulated BLSS in connection with Seller’s acidulation efforts. Seller shall give Buyer written notice at least sixty (60)
days prior to beginning such internal acidulation efforts. Once Buyer has begun purchasing CTO from such Internally Acidulated 

 

     

     

    

 

BLSS
from Seller, Seller shall give Buyer written notice at least one (1) year prior to terminating such supply of CTO, which termination
shall be in Seller’s sole discretion. Such termination shall thereby obligate Buyer to resume the purchase of BLSS from
the original producing Mill.

  

		6.	NEW MILL OPTION; SALE OF MILL; SALE OF BUYER; THIRD PARTY PRODUCTS 

 

		A.	During the Term, in the event Seller or its affiliates enable the new production of BLSS or CTO
at existing mills or acquire, construct or otherwise begin to operate additional mills which produce BLSS or CTO (each, a “New
Mill”), Seller may in its discretion provide Buyer the option of adding to this Agreement the CTO or BLSS production
of each New Mill, subject to any time limits as Seller may determine (the “New Mill Option”). If Seller elects
to provide such option, Seller shall provide notice of availability to Buyer one hundred and eighty (180) days, or such other time
as Seller may determine, prior the date of first availability of Products from such New Mill. If Seller and Buyer elect to add
a New Mill to this Agreement, then for a term mutually agreed upon in writing by the Parties: (1) Buyer shall purchase one hundred
percent (100%) of the output of Products produced at the New Mill; (2) the New Mill shall be added to the list of Seller’s
Mills set forth in Section 1A; and (3) quality Specifications will be added to this Agreement by a mutually agreed upon written
amendment, which Specifications will be based in part on the most recent six (6) months’ production from the New Mill; provided,
that with respect to Seller’s Covington, VA; Tacoma, WA and La Tuque, Quebec mills, such quality Specifications are set forth
on Exhibit B. For the avoidance of doubt, Seller’s decision not to add Product volumes from any New Mill(s) to this
Agreement will not negatively impact the incentive payment set forth in Exhibit G, Section 2.

 

		B.	In the event that Seller or its affiliates sells or transfers its ownership interest in any Mill
during the Term, Seller or its affiliates, as the case may be, may, subject to Section 17 below, assign this Agreement in part
to the entity acquiring such Mill or may cause such entity to enter into a written agreement, pursuant to which such entity will
assume all of Seller’s or its affiliates’ rights and obligations under this Agreement with respect to such Mill, except
that such entity acquiring such Mill shall not be subject to Section 6A. Upon such assignment and assumption, Seller and its affiliates,
as applicable, shall have no further obligations under this Agreement with respect to such Mill. For the avoidance of doubt, any
sale or transfer of a Mill will not negatively impact the incentive payment set forth in Exhibit G, Section 2.

 

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

 

		D.	From the Effective Date through December 31, 2021, Seller and its affiliates will not directly
or indirectly purchase, utilize, process or sell CTO or BLSS from any third party unaffiliated with Seller (“Third Party
Products”). From January 1, 2022 through the remainder of the

 

     

     

    

 

Term, Seller may purchase Third
Party Products, and utilize, process, or sell such Third Party Products to third parties in Seller’s sole discretion, subject
to the following terms:

 

i.If
Seller intends to commence purchases of any Third Party Products, Seller’s Director of Procurement shall notify the CEO of
Buyer of such intent prior to Seller’s first purchase of Third Party Products.

 

ii. If
Seller intends to commence purchases of any Third Party Products, Seller shall provide Buyer with written notice of the type of
Product(s), a sample of such Third Party Products, anticipated monthly or quarterly volumes, originating mill location, Seller
mill location (if third party BLSS is to be acidulated by Seller) and the anticipated time period Seller intends for the Third
Party Products transactions to occur (the “Option Notice”). Buyer shall have the option to add the Third Party
Products described in the Option Notice to this Agreement by notifying Seller in writing within thirty (30) days of receipt of
the Option Notice. If Buyer does not provide such notice to Seller within such thirty (30) day period, or declines to exercise
such option, then such Third Party Products shall not become part of this Agreement, and Seller may sell the Third Party Products
described in the Option Notice to one or more third parties. Upon Seller purchasing any Third Party Products, the pricing and incentives
on Exhibits C, D, E and G shall adjust, as applicable, as provided in such Exhibit(s).

 

iii.For
the avoidance of doubt, Third Party Products shall not be included in Products sold to Buyer under this Agreement without Buyer’s
prior written consent. If Buyer elects to add the Third Party Products described in the Option Notice to this Agreement, then for
the time period set forth in the Option Notice: (a) Buyer shall purchase one hundred percent (100%) of the Third Party Products
identified in the Option Notice; and (b) quality Specifications for such Third Party Products will be added to this Agreement by
a mutually agreed upon written amendment to this Agreement.

 

		7.	COMPETITIVE OFFER

 

		A.	Notwithstanding Section 1 or any other provision to the
contrary and in addition to Seller’s other rights under this Agreement, if at any time during the Term Seller in its sole
discretion believes that the then-current Purchase Prices paid by Buyer may not be reflective of the fair market value of either
of the Products, then Seller may solicit offers from unaffiliated third parties to purchase from Seller the annual production
of such Products from one (1) Mill (each a “Competitive Offer”). Beginning on the date of the initial Competitive
Offer and each anniversary thereafter (the twelve months between each anniversary to be known as a “Solicitation Period”),
Seller may solicit additional Competitive Offers for one (1) additional Mill each Solicitation Period. Seller may elect to present
to Buyer any Competitive Offer that contains (a) a purchase price that exceeds the then-current Purchase Price per ton of Products
from the applicable Mill, and (b) a term of supply lasting one (1) year or longer (the “Competitive Offer Term”).
Buyer shall, upon receipt of written notice of each such Competitive Offer, have fifteen (15) business days (the “Offer
Period”) to agree in writing to accept the price set forth in the Competitive Offer for the volume set forth in the
Competitive Offer for the duration of the Competitive Offer Term. If Buyer fails to respond or accept a Competitive Offers
within the Offer Period, then Seller shall have the right and option to sell, beginning one (1) year after date Buyer received
the applicable Competitive Offer notice, the Products from the Mill designated in the Competitive Offer to any third party purchasers
that are willing to pay the Competitive Offer. For clarification, the intent of this Section 7A is to permit Seller to remove
from this Agreement the cumulative number of Mills for which Buyer has not accepted Competitive Offers presented by Seller.

 

     

     

    

 

		8.	ROSIN AVAILABILITY FOR THE PRODUCTION OF ROSIN BASED SIZE

 

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

 

		9.	PERFORMANCE INCENTIVES

 

Seller is eligible for certain
performance incentives outlined in Exhibit G.

 

		10.	OTHER CONSIDERATIONS 

 

		A.	Due to unique conditions related to the location in Panama City, Florida, Buyer may from time to
time offer to Swap (as defined below) Products from Panama City with other consumers of CTO or BLSS. Buyer will make a good faith
effort to make the Swap occur on an ongoing basis. Seller recognizes Buyer may not be able to come to reasonable terms and should
a Swap agreement fail to be completed or fail to continue for the duration of the Term, Buyer shall bear all costs associated with
the installation of equipment at Seller’s Panama City, Florida Mill required to enable the loading of BLSS into rail cars
or tank trucks for delivery to Buyer; provided that, any such costs paid by Buyer will be credited against any Unique Contractual
Commitment payment owed by Buyer to Seller pursuant to Exhibit J, Section 2 of this Agreement provided that such credit
must be utilized within five (5) years of Buyer incurring such costs. For purposes of this Agreement, a “Swap”
shall mean the trade, exchange or similar transaction between Buyer and a third party unaffiliated with Buyer of: (i) Buyer’s
CTO and/or BLSS for (ii) the CTO Equivalent Ton of such third party’s CTO or BLSS.

 

		B.	Once per year during the Term: (i) Seller shall have the right to audit Buyer’s compliance
with Sections 1C, 3, 9 and Exhibit J of this Agreement during the most recent twelve (12) month period and (ii) Buyer shall
have the right to audit Seller’s compliance with Sections 1(first paragraph), 2B, 3D, 6D, 7 and Exhibit H of this
Agreement during the most recent twelve (12) month period.

 

     

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

     

     

    

 

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

 

		G.	The Parties shall comply with the strategic supplier payment procedures set forth on Exhibit
J.

 

		11.	DELIVERY

 

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

 

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

 

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

 

		12.	TERMS OF PAYMENT

 

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

 

		B.	To the extent that Buyer is more than thirty (30) days past due with payments, Buyer shall pay
interest on unpaid amounts at the rate equal to the lesser of (i) then-applicable “Prime Rate” of interest per annum
as published in the Wall Street Journal plus eight percent (8%), and (ii) the maximum amount permitted by applicable law. To the
extent that Buyer is sixty (60) or more days past due with payments, Seller may demand a letter of credit for past due

 

     

     

    

 

amounts. Seller may cease to
ship CTO and/or BLSS to Buyer until such letter of credit or all past due payments are received, in addition to its other rights
and remedies in connection with this Agreement.

 

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

 

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

 

     

     

    

 

		13.	WARRANTIES

 

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

 

		14.	CLAIMS

 

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

 

		15.	LIABILITY

 

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

 

		16.	FORCE MAJEURE

 

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

 

     

     

    

 

production, Delivery, or consumption
of any materials covered by this Agreement. The affected Party shall promptly notify the other Party of the occurrence of any of
the foregoing and use commercially reasonable efforts to resolve such issue promptly.

 

		17.	ASSIGNMENT

 

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

 

		18.	DEFAULT

 

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

 

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

 

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

 

		19.	INSURANCE
                                         AND SAFETY POLICIES

 

		A.	Each
                                         Party shall obtain, pay for and keep in force during the Term the following insurance
                                         coverage with at least the following minimum limits of coverage: (i) statutory
                                         workers’ compensation in accordance with all state and local requirements; (ii)
                                         employer’s liability with a limit of no less than $1,000,000 for one or more claims
                                         arising from each accident; (iii) commercial general liability, including coverage for
                                         completed operations (for at least two years after the performance of the Services) and
                                         contractually assumed obligations, with liability limit of no less than $1,000,000 per
                                         occurrence and $2,000,000 general aggregate; (iv) business automobile liability for all
                                         owned, non-owned and hired vehicles with bodily injury limits of no less than $1,000,000
                                         combined single limit; and (v) excess umbrella liability coverage with a limit of no
                                         less than

 

     

     

    

 

$5,000,000 per occurrence. Each
Party shall cause its insurers to (a) waive all rights of subrogation against the other Party, its officers, directors and employees,
(b) include the other Party and its affiliates as additional insureds for the coverages set forth in clauses (iii), (iv) and (v)
above and (c) furnish certificates of insurance to the other Party in a form acceptable to the other Party evidencing that the
above insurance is in effect and otherwise complies with the requirements of this Section. Each Party shall give the other Party
at least thirty (30) days written notice of any material change or alteration in or the cancellation of any required policy of
insurance. At all times during the Term, all insurance must be issued by an entity authorized to do business in the State(s) where
business is transacted relating to the Products and must be rated “A-” or better with a financial rating of VIII or
better in the A.M. Best Rating Guide. The carrying by each Party of the insurance required herein shall in no way be interpreted
as relieving such Party of any other obligations it may have under this Agreement.

 

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

 

		20.	NOTICE

 

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

 

To
Seller:

 

WestRock Company

3950 Shackleford Road

Duluth, GA 30096

Attn: Chief Procurement Officer

 

With a copy to:

WestRock Company

Attn: General Counsel

504 Thrasher Street

Norcross, Georgia 30071

 

Email: LegalDepartment@WestRock.com

 

To Buyer:

 

Ingevity Corporation

Attn: CTO Procurement Manager

5255 Virginia Avenue

North Charleston, SC 29406

			

     

     

    

 

Ingevity Corporation

Attn: General Counsel

5255 Virginia Avenue

North Charleston, SC
29406

 

		21.	Confidentiality. 

 

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

 

		22.	GOVERNING LAW

 

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

 

		23.	WAIVER; AMENDMENT

 

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

 

     

     

    

 

		24.	ENTIRE AGREEMENT

 

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

 

		25.	COUNTERPARTS; FACSIMILE SIGNATURE

 

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

 

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

 

	INGEVITY CORPORATION	 	WESTROCK SHARED
	 	 	SERVICES, LLC
	 	 	 
	By:______________________	 	By:__________________________
	Name:	 	Name:
	Title:	 	Title:
	 	 	 
	 	 	WESTROCK MWV, LLC
	 	 	 
	 	 	By:___________________________
	 	 	Name:
	 	 	Title:Exhibit
10.9

 

INTELLECTUAL
PROPERTY AGREEMENT

 

This INTELLECTUAL
PROPERTY AGREEMENT, dated as of ______, 2016 (this “Agreement”), is by and between WestRock Company, a
Delaware corporation (“Parent”), and Ingevity Corporation, a Delaware corporation (“SpinCo”).
Capitalized terms used herein and not otherwise defined shall have the respective meanings assigned to them in Section 1
or the Separation Agreement. SpinCo and Parent may be individually referred to herein as a “Party” and collectively
as the “Parties.”

 

R E C I T A L S

 

WHEREAS, Parent and
SpinCo have entered into that certain Separation and Distribution Agreement, dated as of even date herewith, (the “Separation
Agreement”);

 

WHEREAS, the Separation
Agreement sets forth the principal corporate transactions required to effect the Separation;

 

WHEREAS, Parent and
SpinCo desire to enter into this Agreement to set forth the terms and conditions pertaining to the allocation of ownership and
other rights associated with certain Intellectual Property; and

 

WHEREAS, this Agreement
is deemed to be an Ancillary Agreement under the Separation Agreement.

 

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

 

1.      
    DEFINITIONS. For the purpose of this Agreement, the following terms shall have the following
meanings:

 

1.1           “Common
Information” shall mean that Information that is related to, but not exclusively related to, the SpinCo Assets, the
SpinCo Liabilities, the SpinCo Business or the Transferred Entities.

 

1.2           “Control”
or “Controlled” shall mean, with respect to Intellectual Property, that SpinCo or a member of the SpinCo
Group owns such Intellectual Property, in whole or in part, and/or has the right to grant a license to Parent with respect to
such Intellectual Property as set forth herein and without incurring any financial or other obligations to any other Person, subject,
in each case, to the terms of any license or other agreement to which SpinCo or any of the SpinCo Group is a party that relates
to any such Intellectual Property.

 

     

     

    

 

1.3           “Embedded
SpinCo Information” shall mean such Information that is exclusively used or exclusively held for use in the SpinCo Business
that cannot, through commercially reasonable efforts on behalf of Parent or the relevant member of the Parent Group, be separated
or extracted, either physically, electronically or by other means, from Information that is not exclusively used or exclusively
held for use in the SpinCo Business.

 

1.4           “Improvements”
shall mean any improvements, derivative works, enhancements, refinements, advances or other modifications with respect
to any Licensed SpinCo IP (whether or not patentable or reduced to practice).

 

1.5           “Intellectual
Property” shall mean all of the following whether arising under the Laws of the United States or of any other foreign
or multinational jurisdiction: (a) patents, patent applications (including patents issued thereon) and statutory invention registrations,
including reissues, divisions, continuations, continuations in part, substitutions, renewals, extensions and reexaminations of
any of the foregoing, and all rights in any of the foregoing provided by international treaties or conventions, (b) trademarks,
service marks, trade names, service names, trade dress, logos and other source or business identifiers, including all goodwill
associated with any of the foregoing, and any and all common law rights in and to any of the foregoing, registrations and applications
for registration of any of the foregoing, all rights in and to any of the foregoing provided by international treaties or conventions,
and all reissues, extensions and renewals of any of the foregoing, (c) Internet domain names, accounts with Facebook, LinkedIn,
Twitter and similar social media platforms, registrations and related rights, (d) copyrightable works, copyrights, moral rights,
mask work rights, database rights and design rights, in each case, other than Software, whether or not registered, and all registrations
and applications for registration of any of the foregoing, and all rights in and to any of the foregoing provided by international
treaties or conventions, (e) confidential and proprietary information, including trade secrets, invention disclosures, processes
and know-how and (f) any other intellectual property rights, in each case, other than Software.

 

1.6           “Licensed
SpinCo IP” shall mean (a) the SpinCo Intellectual Property (excluding any trademarks and service marks,
whether registered or unregistered), the SpinCo Software, and the SpinCo Technology and (b) all rights, interests and claims
of either Party or any of the members of its Group as of the Effective Time with respect to Information that is exclusively related
to the items of the aforementioned clause (a) that have or may have application outside of the SpinCo Field, in each case,
to the extent Controlled by SpinCo or any member of the SpinCo Group as of the Effective Time (including as a result of the assignments
made by this Agreement).

 

1.7           “Other
IP” shall mean all Intellectual Property, other than Registrable IP, that is owned by either Party or any member of
its Group as of the Effective Time.

 

1.8         
 “Mill Recovery Technology/Intellectual Property” shall mean all Technology, Software and Intellectual
Property relating to mill-based recovery processes that generate biorefinery materials.

 

1.9           “Parent
Name and Parent Marks” shall mean the names, marks, trade dress, logos, monograms, domain names and other source or
business identifiers of either Party or any member of its Group using or containing “WestRock,” “MeadWestvaco”
or “RockTenn” or their ticker symbols “WRK,” “MWV,” or “RKT,” either alone
or in combination with other words or elements, and all names, marks, trade dress, logos, monograms, domain names and other source
or business identifiers confusingly similar to or embodying any of the foregoing either alone or in combination with other words
or elements, together with the goodwill associated with any of the foregoing.

 

    -2-

     

    

 

1.10         “Pre-applied
Adhesive Technology/Intellectual Property” shall mean all Technology, Software and Intellectual Property relating to
the methods and processes of applying adhesives to cellulose based materials (e.g., paper, paper board, liner board and
corrugated materials) and packaging, including without limitation, related machine and press manufacturing processes, and
the use of such cellulose based materials with adhesives applied thereon. Pre-applied Adhesive Technology/Intellectual Property
does not include the chemical formulations of adhesives, nor any process Technology for making adhesives.

 

1.11         “Registrable
IP” shall mean all patents, patent applications, statutory invention registrations, registered trademarks, registered
service marks, trademark and service mark applications, registered Internet domain names and copyright registrations.

 

1.12         “Software”
shall mean any and all (a) computer programs, including any and all software implementation of algorithms, models and methodologies,
whether in source code, object code, human readable form or other form, (b) databases and compilations, including any and all data
and collections of data, whether machine readable or otherwise, (c) descriptions, flow charts and other work products used to design,
plan, organize and develop any of the foregoing, (d) screens, user interfaces, report formats, firmware, development tools, templates,
menus, buttons and icons and (e) documentation, including user manuals and other training documentation, relating to any of the
foregoing.

 

1.13         “SpinCo
Field” shall mean that field of use set forth and described on Schedule 1.13 attached hereto.

 

1.14         “SpinCo
Intellectual Property” shall mean (a) the Registrable IP set forth on Schedule 1.14 and (b) all Other IP owned
by, licensed by or to, or sublicensed by or to either Party or any member of its Group as of the Effective Time that is exclusively
used or exclusively held for use in the SpinCo Business, including any Other IP set forth on Schedule 1.14; provided,
however, that SpinCo Intellectual Property does not include any Registrable IP or Other IP that comprises (i) Mill Recovery
Technology/Intellectual Property, or (ii) Pre-applied Adhesives Technology/Intellectual Property.

 

1.15         “SpinCo
IP Assets” shall mean all (a) SpinCo Intellectual Property, SpinCo Software, SpinCo Technology, and SpinCo
IP Contracts, and (b) all rights, interests and claims of either Party or any of the members of its Group as of the Effective
Time with respect to Information that is exclusively related to the items of the aforementioned clause (a) or the SpinCo
IP Liabilities, provided, however, that SpinCo IP Assets shall not include copies of the Embedded SpinCo Information
retained by Parent and members of the Parent Group.

 

1.16         “SpinCo
IP Contracts” shall mean the following contracts and agreements to which either Party or any member of its Group is a
party or by which it or any member of its Group or any of their respective Intellectual Property is bound, whether or not in writing;
provided that SpinCo IP Contracts shall not include any contract or agreement that is expressly contemplated to be retained
by Parent or any member of the Parent Group from and after the Effective Time pursuant to any provision of the Separation Agreement,
this Agreement or any other Ancillary Agreement:

 

    -3-

     

    

 

		(a)	any vendor contracts or agreements with a Third Party
pursuant to which such Third Party (i) grants or receives a license, permission or use right to Intellectual Property, any covenant
not to sue under any Intellectual Property, or access and use rights to information technology (for example, software as a service
agreements), or (ii) undertakes an obligation to assign, or has a right to be assigned, Intellectual Property to or by either
Party or any member of its Group exclusively for use or in connection with the SpinCo Business as of the Effective Time;

 

		(b)	any contract or agreement pertaining primarily to Intellectual
Property that is otherwise expressly contemplated pursuant to this Agreement, the Separation Agreement or any of the Ancillary
Agreements to be assigned to, or be a contract or agreement in the name of, SpinCo or any member of the SpinCo Group;

 

		(c)	any other contract or agreement exclusively related to
the SpinCo IP Assets; and

 

		(d)	any contracts, agreements or settlements specifically
set forth on Schedule 1.16, including the right to recover any amounts under such contracts, agreements or settlements.

 

1.17        “SpinCo
IP Liabilities” shall mean all Liabilities relating to, arising out of or resulting from exploitation by, or
on behalf of the SpinCo Group, of: (i) the SpinCo Intellectual Property, SpinCo Software, SpinCo Technology, and SpinCo IP Contracts;
(ii) the Information that is exclusively related to the items of the aforementioned clause (i); and (iii) all Liabilities arising
from the use by the SpinCo Group of Common Information.

 

1.18        “SpinCo
Software” shall mean all Software owned or licensed by either Party or member of its Group exclusively used or exclusively
held for use in the SpinCo Business as of the Effective Time; provided, however, that SpinCo Software does not include
(a) any Software embodying or related to Mill Recovery Technology/Intellectual Property, or (b) any Software
embodying or related to Pre-applied Adhesive Technology/Intellectual Property.

 

1.19        “SpinCo
Technology” shall mean all Technology owned or licensed by either Party or any member of its Group exclusively used
or exclusively held for use in the SpinCo Business as of the Effective Time; provided, however, that SpinCo Technology
does not include any Technology that is (a) Mill Recovery Technology/Intellectual Property, or (b) Pre-applied
Adhesive Technology/Intellectual Property.

 

1.20       
“Technology” shall mean all technology, designs, formulae, algorithms, procedures, methods, discoveries, processes,
techniques, ideas, know-how, research and development, technical data, tools, materials, specifications, processes, inventions
(whether patentable or unpatentable and whether or not reduced to practice), apparatus, creations, improvements, works of authorship
in any media, confidential, proprietary or nonpublic information, and other similar materials, and all recordings, graphs, drawings,
reports, analyses and other writings, and other tangible embodiments of the foregoing in any form whether or not listed herein,
in each case, other than Software.

 

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		2.	THE SEPARATION

 

2.1          Matters
Governed Exclusively by this Agreement. This Agreement shall exclusively govern the allocation of Assets and Liabilities
that are comprised of Intellectual Property of the Parent Group or the SpinCo Group. In the case of any conflict between the Separation
Agreement and this Agreement in relation to any matters addressed herein, this Agreement shall prevail.

 

2.2          Transfer
of Assets and Assumption of Liabilities.

 

(a)          On
or prior to the Effective Time, but in any case, prior to the Distribution, in accordance with the Plan of Reorganization:

 

(i)          Transfer
and Assignment of SpinCo IP Assets. Parent shall, and shall cause the applicable members of its Group to, contribute, assign,
transfer, convey and deliver to SpinCo, or to the applicable SpinCo Designees, and SpinCo shall, and shall cause such SpinCo Designees
to, accept from Parent and the applicable members of the Parent Group, all of Parent’s and such Parent Group member’s
respective direct or indirect right, title and interest in and to all of the SpinCo IP Assets (it being understood that if any
SpinCo IP Asset shall be held by a Transferred Entity or a wholly owned Subsidiary of a Transferred Entity, such SpinCo IP Asset
may be assigned, transferred, conveyed and delivered to SpinCo as a result of the transfer of all of the equity interests in such
Transferred Entity from Parent or the applicable members of the Parent Group to SpinCo or the applicable SpinCo Designee); and

 

(ii)         Acceptance
and Assumption of SpinCo IP Liabilities. SpinCo shall, and shall cause the applicable SpinCo Designees to, accept, assume and
agree faithfully to perform, discharge and fulfill all the SpinCo IP Liabilities in accordance with their respective terms. SpinCo
shall, and shall cause such SpinCo Designees to, be responsible for all SpinCo IP Liabilities, regardless of when or where such
SpinCo IP Liabilities arose or arise, or whether the facts on which they are based occurred prior to or subsequent to the Effective
Time, regardless of where or against whom such SpinCo IP Liabilities are asserted or determined (including any SpinCo IP Liabilities
arising out of claims made by Parent’s or SpinCo’s respective directors, officers, employees, agents, Subsidiaries
or Affiliates against any member of the Parent Group or the SpinCo Group) or whether asserted or determined prior to the date hereof,
and regardless of whether arising from or alleged to arise from negligence, recklessness, violation of Law, fraud or misrepresentation
by any member of the Parent Group or the SpinCo Group, or any of their respective directors, officers, employees, agents, Subsidiaries
or Affiliates.

 

2.3          Approvals
and Notifications.

 

(a)          Approvals
and Notifications for SpinCo IP Assets. To the extent that the transfer or assignment of any SpinCo IP Asset or the assumption
of any SpinCo IP Liability requires Approvals or Notifications, the Parties shall use their commercially reasonable efforts to
obtain or make such Approvals or Notifications as soon as reasonably practicable; provided, however, that, except
to the extent expressly provided in this Agreement or as otherwise agreed in writing between Parent and SpinCo, neither Parent
nor SpinCo shall be obligated to contribute capital or pay any consideration in any form (including providing any letter of credit,
guaranty or other financial accommodation)
to any Person in order to obtain or make such Approvals or Notifications.

 

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(b)          Delayed
SpinCo Transfers. If and to the extent that the valid, complete and perfected transfer or assignment to the SpinCo Group of
any SpinCo IP Asset or assumption by the SpinCo Group of any SpinCo IP Liability would be a violation of applicable Law or require
any Approvals or Notifications in connection with the Separation that has not been obtained or made by the Effective Time, then,
unless the Parties shall otherwise mutually agree in writing, the transfer or assignment to the SpinCo Group of such SpinCo IP
Assets or the assumption by the SpinCo Group of such SpinCo IP Liabilities, as the case may be, shall be automatically deemed deferred
and any such purported transfer, assignment or assumption shall be null and void until such time as all legal impediments are removed
or such Approvals or Notifications have been obtained or made. Notwithstanding the foregoing, any such SpinCo IP Assets or SpinCo
IP Liabilities shall continue to constitute SpinCo IP Assets and SpinCo IP Liabilities for all other purposes of this Agreement.

 

(c)          Treatment
of Delayed SpinCo IP Assets and Delayed SpinCo IP Liabilities. If any transfer or assignment of any SpinCo IP Asset (or a portion
thereof) or any assumption of any SpinCo IP Liability (or a portion thereof) intended to be transferred, assigned or assumed hereunder,
as the case may be, is not consummated on or prior to the Effective Time, whether as a result of the provisions of Section 2.3(b)
or for any other reason (any such SpinCo IP Asset (or a portion thereof), a “Delayed SpinCo IP Asset” and any
such SpinCo IP Liability (or a portion thereof), a “Delayed SpinCo IP Liability”), then, insofar as reasonably
possible and subject to applicable Law, the member of the Parent Group retaining such Delayed SpinCo IP Asset or such Delayed SpinCo
IP Liability, as the case may be, shall thereafter hold such Delayed SpinCo IP Asset or Delayed SpinCo IP Liability, as the case
may be, for the use and benefit of the member of the SpinCo Group entitled thereto (at the expense of the member of the SpinCo
Group entitled thereto). In addition, the member of the Parent Group retaining such Delayed SpinCo IP Asset or such Delayed SpinCo
IP Liability shall, insofar as reasonably possible and to the extent permitted by applicable Law, treat such Delayed SpinCo IP
Asset or Delayed SpinCo IP Liability in the ordinary course of business in accordance with past practice and take such other actions
as may be reasonably requested by the member of the SpinCo Group to whom such Delayed SpinCo IP Asset is to be transferred or assigned,
or which will assume such Delayed SpinCo IP Liability, as the case may be, in order to place such member of the SpinCo Group in
a substantially similar position as if such Delayed SpinCo IP Asset or Delayed SpinCo IP Liability had been transferred, assigned
or assumed as contemplated hereby and so that all the benefits and burdens relating to such Delayed SpinCo IP Asset or Delayed
SpinCo IP Liability, as the case may be, including use, non-abandonment, avoidance from contribution to the public domain, risk
of loss, potential for gain, and dominion, control and command over such Delayed SpinCo IP Asset or Delayed SpinCo IP Liability,
as the case may be, and all costs and expenses related thereto, shall inure from and after the Effective Time to the SpinCo Group.

 

(d)          Transfer
of Delayed SpinCo IP Assets and Delayed SpinCo IP Liabilities. If and when the Approvals or Notifications, the absence of which
caused the deferral of transfer or assignment of any Delayed SpinCo IP Asset or the deferral of assumption of any Delayed SpinCo
IP Liability pursuant to Section 2.3(b), are obtained or made, and, if and when any other legal or other impediments for
the transfer or assignment of any Delayed SpinCo IP Asset or the

 

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assumption of any Delayed
SpinCo IP Liability have been removed, the transfer or assignment of the applicable Delayed SpinCo IP Asset or the assumption of
the applicable Delayed SpinCo IP Liability, as the case may be, shall be effected in accordance with the terms of this Agreement
and/or the applicable Ancillary Agreement as soon as reasonably practicable.

 

(e)          Costs
for Delayed SpinCo IP Assets and Delayed SpinCo IP Liabilities. Any member of the Parent Group retaining a Delayed SpinCo IP
Asset or a Delayed SpinCo IP Liability due to the deferral of the transfer or assignment of such Delayed SpinCo IP Asset or the
deferral of the assumption of such Delayed SpinCo IP Liability, as the case may be, shall not be obligated, in connection with
the foregoing, to expend any money unless the necessary funds are advanced (or otherwise made available) by SpinCo or the member
of the SpinCo Group entitled to the Delayed SpinCo IP Asset or Delayed SpinCo IP Liability, other than reasonable out-of-pocket
expenses, attorneys’ fees and recording or similar fees, all of which shall be promptly reimbursed by SpinCo or the member
of the SpinCo Group entitled to such Delayed SpinCo IP Asset or Delayed SpinCo IP Liability.

 

2.4          Novation
of SpinCo IP Liabilities.

 

(a)          Except
as set forth in Schedule 2.4(a), each of Parent and SpinCo, at the request of the other, shall use its commercially reasonable
efforts to obtain, or to cause to be obtained, as soon as reasonably practicable, any consent, substitution, approval or amendment
required to novate or assign all SpinCo IP Liabilities and obtain in writing the unconditional release of each member of the Parent
Group that is a party to any such arrangements, so that, in any such case, the members of the SpinCo Group shall be solely responsible
for such SpinCo IP Liabilities; provided, however, that, except as otherwise expressly provided in this Agreement
or any of the Ancillary Agreements, neither Parent nor SpinCo shall be obligated to contribute any capital or pay any consideration
in any form (including providing any letter of credit, guaranty or other financial accommodation) to any third Person from whom
any such consent, substitution, approval, amendment or release is requested.

 

(b)          If
Parent or SpinCo is unable to obtain, or to cause to be obtained, any such required consent, substitution, approval, amendment
or release as set forth in Section 2.4(a) and the applicable member of the Parent Group continues to be bound by such
agreement, lease, license or other obligation or Liability (each, an “Unreleased SpinCo IP Liability”), SpinCo
shall, to the extent not prohibited by Law, as indemnitor, guarantor, agent or subcontractor for such member of the Parent Group,
as the case may be, (i) pay, perform and discharge fully all the obligations or other Liabilities of such member of the Parent
Group that constitute Unreleased SpinCo IP Liabilities from and after the Effective Time and (ii) use its commercially reasonable
efforts to effect such payment, performance or discharge prior to any demand for such payment, performance or discharge is permitted
to be made by the obligee thereunder on any member of the Parent Group. If and when any such consent, substitution, approval, amendment
or release shall be obtained or the Unreleased SpinCo IP Liabilities shall otherwise become assignable or able to be novated, Parent
shall promptly assign, or cause to be assigned, and SpinCo or the applicable SpinCo Group member shall assume, such Unreleased
SpinCo IP Liabilities without exchange of further consideration.

 

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2.5           Disclaimer
of Representations and Warranties. EACH OF PARENT (ON BEHALF OF ITSELF AND EACH MEMBER OF THE PARENT GROUP) AND SPINCO (ON
BEHALF OF ITSELF AND EACH MEMBER OF THE SPINCO GROUP) UNDERSTANDS AND AGREES THAT, EXCEPT AS EXPRESSLY SET FORTH HEREIN OR IN THE
SEPARATION AGREEMENT, NO PARTY TO THIS AGREEMENT OR OTHERWISE, IS REPRESENTING OR WARRANTING IN ANY WAY AS TO THE ASSETS, BUSINESSES
OR LIABILITIES TRANSFERRED OR ASSUMED AS CONTEMPLATED HEREBY OR THEREBY, AS TO ANY CONSENTS OR APPROVALS REQUIRED IN CONNECTION
THEREWITH, AS TO THE VALUE OR FREEDOM FROM ANY SECURITY INTERESTS OF, OR ANY OTHER MATTER CONCERNING, ANY ASSETS OF SUCH PARTY,
OR AS TO THE ABSENCE OF ANY DEFENSES OR RIGHT OF SETOFF OR FREEDOM FROM COUNTERCLAIM WITH RESPECT TO ANY CLAIM OR OTHER ASSET,
INCLUDING ANY ACCOUNTS RECEIVABLE, OF ANY PARTY, OR AS TO THE LEGAL SUFFICIENCY OF ANY ASSIGNMENT, DOCUMENT OR INSTRUMENT DELIVERED
HEREUNDER TO CONVEY TITLE TO ANY ASSET OR THING OF VALUE UPON THE EXECUTION, DELIVERY AND FILING HEREOF OR THEREOF. EXCEPT AS MAY
EXPRESSLY BE SET FORTH HEREIN OR IN THE SEPARATION AGREEMENT, ALL SUCH ASSETS ARE BEING TRANSFERRED ON AN “AS IS,”
“WHERE IS” BASIS AND THE RESPECTIVE TRANSFEREES SHALL BEAR THE ECONOMIC AND LEGAL RISKS THAT (I) ANY CONVEYANCE WILL
PROVE TO BE INSUFFICIENT TO VEST IN THE TRANSFEREE GOOD AND MARKETABLE TITLE, FREE AND CLEAR OF ANY SECURITY INTEREST, AND (II) ANY
NECESSARY APPROVALS OR NOTIFICATIONS ARE NOT OBTAINED OR MADE OR THAT ANY REQUIREMENTS OF LAWS OR JUDGMENTS ARE NOT COMPLIED WITH.

 

		3.	LICENSES

 

3.1           License
Grant to Parent. Subject to the terms and conditions of this Agreement, SpinCo hereby grants to each individual member of
the Parent Group, on behalf of itself and the other members of the SpinCo Group, a license on the terms set forth in Schedule
3.1.

 

3.2           License
Grant to SpinCo. Subject to the terms and conditions of this Agreement, Parent hereby grants to each individual member
of the SpinCo Group, on behalf of itself and the other members of the Parent Group, and shall cause the other members
of the Parent Group to grant to each individual member of the SpinCo Group, a non-exclusive, worldwide, perpetual,
irrevocable, fully paid-up, royalty-free right and license, solely in the SpinCo Field, to (a) use, reproduce, distribute,
display, perform, make improvements and exploit Intellectual Property owned or controlled by Parent or a member of the Parent
Group and currently used in the SpinCo Business, and (b) make, have made, use, sell, offer to sell and import any goods and
services incorporating, embodying or utilizing Common Information solely within the SpinCo Field such Intellectual Property
currently used in the SpinCo Business. Such license shall be transferrable subject to the foregoing restriction with any sale
or transfer of a SpinCo business that utilizes such Intellectual Property, but, for the avoidance of doubt, such license shall
not otherwise be sublicensable or transferable.

 

3.3           No
Implied Rights. As between the Parties, all right, title and interest in and to all Licensed SpinCo IP shall be owned by SpinCo
and the other members of the SpinCo Group, and Parent shall not acquire, and nothing contained herein shall be construed as conferring,
by implication, estoppel or otherwise, any license or other right, title or interest in or to such Licensed SpinCo IP or any other
Intellectual Property owned by SpinCo or of any of its Group, except for the license granted to Parent pursuant to Section 3.1.

 

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3.4          Improvements.
For the avoidance of doubt, as between the Parties, Parent shall own all right, title and interest in and to any and all Improvements
authored, developed, invented, reduced to practice or otherwise created by Parent or any member of the Parent Group and all Intellectual
Property rights therein and thereto.

 

3.5          Filing,
Prosecution and Maintenance. SpinCo shall have the first right, but not the obligation, to file, prosecute and maintain, at
its cost and expense, all patents, patent applications licensed to Parent pursuant to Section 3.1 (“Licensed SpinCo
Patents”); provided, however, that if SpinCo elects not to prosecute any Licensed SpinCo Patent that has
been published or maintain any Licensed SpinCo Patent that is an issued patent, and has not otherwise intentionally elected to
prevent another party from doing so, then SpinCo shall so notify Parent in writing wherever possible according to the following
terms:

 

(a)          For
abandonments:

 

(i)          by
the later of (A) 60 days in advance of the abandonment deadline, or (B) 5 days after receipt of notification of an applicable action,
SpinCo shall notify Parent of the approaching abandonment deadline, and

 

(ii)         within
5 days of making the decision to abandon a previously published application, and not later than 45 days in advance of the abandonment
deadline, SpinCo shall notify Parent of the decision to abandon the application.

 

(b)          For
elections not to file applications based on other published applications, validate, or designate in additional countries, SpinCo
shall notify Parent of the approaching deadline and shall provide a list of countries in which SpinCo intends to file, validate,
or designate, by the later of (i) 60 days in advance of the deadline, or (ii) 5 days after receipt of notification of an applicable
event.

 

(c)          Upon
receipt of such notice under Section 3.5(a) or (b), Parent shall have the right, but not the obligation, at its cost
and expense, to pursue the filing or additional filing or support the continued prosecution or maintenance of such Licensed SpinCo
Patent. If Parent does elect to take such action, then Parent shall notify SpinCo of such election, and SpinCo shall reasonably
cooperate with Parent, upon Parent’s request and at Parent’s cost and expense, in connection with such filing or additional
filing or continued prosecution or maintenance, as applicable, including, if requested by Parent, by assigning to Parent all of
SpinCo’s right, title and interest in and to any such Licensed Patent owned by SpinCo or any of the SpinCo Group to the extent
it has the right to do so.

 

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3.6          Enforcement
of Licensed IP.

 

(a)          Control
of Enforcement IP Actions. Except as may otherwise be mutually agreed by the Parties, as between the Parties, SpinCo shall
have the right to enforce the Licensed SpinCo IP as follows: 

 

(i)          SpinCo
shall have the right, but not the obligation (through itself and/or through its designee), to control the initiation, conduct and,
subject to this Section 3.6, settlement or other resolution, at its cost and expense and in its sole discretion, of any
enforcement claim, demand, action, suit or proceeding, whether civil or criminal or in law or in equity (each, an “IP
Action”) relating to the Licensed SpinCo IP, including the right to communicate any objection or other form of challenge
to any Third Party; and

 

(ii)         if
SpinCo does not initiate such an IP Action itself or through its designee with respect to infringement, misappropriation or other
violation of any Licensed SpinCo IP outside of the SpinCo Field by a Third Party within ninety (90) days after receipt of a written
request from Parent to assume control over the enforcement of such violation of such Licensed SpinCo IP outside of the SpinCo Field,
then Parent shall have the right, but not the obligation, to bring and to control such IP Action (provided that if Parent does
not do so within thirty (30) days after the end of such original ninety (90) day-deadline, the right to initiate and control an
IP Action shall revert back to SpinCo and shall again be subject to the terms set forth above). For avoidance of doubt, Parent
shall not have any right to initiate any IP Action with respect to infringement, misappropriation or other violation of any Licensed
SpinCo IP within the SpinCo Field by a Third Party.

 

(b)          Enforcement
Action Process.

 

(i)          The
Party initiating or otherwise controlling any enforcement IP Action hereunder (the “Enforcing Party”),
including the right to communicate any objection or other form of challenge to any Third Party, shall, as between the Parties,
have the right to select counsel for any IP Action initiated by it or its designee pursuant to this Section 3.6. The
Party that is not the Enforcing Party (the “Non-Enforcing Party”) shall, to the extent it is a necessary party
to the IP Action (or is otherwise reasonably requested by the enforcing Party), join the Enforcing Party (and/or, if applicable,
its designee(s)) at the Enforcing Party’s expense and agree to be represented by counsel for the Enforcing Party in any
infringement or other IP Action commenced by the Enforcing Party (or its designee) and shall, upon request of the Enforcing Party,
execute such documents and perform such other acts as may be reasonably required and requested by the Enforcing Party at the Enforcing
Party’s expense in connection with such enforcement IP Action; provided that the Non-Enforcing Party shall have the
right to engage, at its cost and expense, independent counsel of its choice to advise such Non-Enforcing Party in connection with
such assistance to the Enforcing Party.

 

(ii)         The
Non-Enforcing Party shall cooperate with, and provide reasonable assistance to, the Enforcing Party (and its designees) in connection
with any IP Action brought by the Enforcing Party (or its designee) hereunder to the extent relating to the Licensed SpinCo IP,
as may be reasonably requested by the Enforcing Party, including by providing access to relevant documents and other evidence (provided
that the Parties shall enter into a joint defense

 

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agreement with respect
to the common interest privilege protecting such communications in a form reasonably acceptable to the Parties) and making its
employees available, subject to the other Party’s reimbursement of any costs and expenses incurred by the Non-Enforcing Party
in providing such assistance. The Enforcing Party shall keep the Non-Enforcing Party reasonably informed of any determinations
or significant developments in any IP Action initiated by it pursuant to this Section 3.6 and, if the Non-Enforcing Party
is SpinCo, then the Parent shall reasonably consult with the SpinCo and take into consideration input provided to Parent by SpinCo
to the extent reasonable and provided in a timely manner.

 

(c)          Allocation
of Costs and Recoveries. Unless otherwise mutually agreed by the Parties, (i) the costs and expenses relating to any enforcement
IP Action commenced pursuant to this Section 3.6 shall be borne by the Enforcing Party; and (ii) any settlement payments
or damages or other monetary awards (“Recoveries”) recovered in any IP Action by the Enforcing Party, itself
or through its designee, pursuant to this Section 3.6, whether by judgment or settlement, shall be allocated in the following
order: (A) to reimburse the Enforcing Party for any costs and expenses incurred by or on behalf of the Enforcing Party and/or its
designee(s) with respect to such IP Action, (B) to reimburse the Non-Enforcing Party for any costs and expenses incurred by such
Party with respect to such IP Action to the extent the Non-Enforcing Party participated in an IP Action pursuant to this Section
3.6 (and has not already been reimbursed by the Enforcing Party), including if it joins such IP Action (but excluding, for
the avoidance of doubt, the cost of any counsel employed by the Non-Enforcing Party), and (C) the remainder shall be allocated
to the Enforcing Party.

 

(d)          Settlement
of Enforcement IP Action. The Enforcing Party shall not settle, or enter into a voluntary consent judgment with respect to,
any enforcement IP Action under this Section 3.6 in a manner that would include any admissions of invalidity or unenforceability
against the Non-Enforcing Party, or wrongdoing by the Non-Enforcing Party or any of its Group, or imposes any liability or payment
or other obligation on the Non-Enforcing Party or any of its Group, without the Non-Enforcing Party’s written consent (such
consent not to be unreasonably withheld, conditioned or delayed) and in any event, without notifying the Non-Enforcing Party of
any such proposed settlement or voluntary consent judgment. For the avoidance of doubt, and without limiting the foregoing, as
between the Parties, the Enforcing Party shall have the sole and exclusive right to settle, or enter into a voluntary consent judgment
with respect to, any enforcement IP Action under this Section 3.6.

 

3.7          Bankruptcy.
In the event that this Agreement is terminated or rejected by SpinCo, a member of the SpinCo Group or its receiver or trustee under
applicable bankruptcy laws due to such Party’s bankruptcy, then all rights and licenses granted under or pursuant to this
Agreement by SpinCo to Parent are, and shall otherwise be deemed to be, for purposes of Section 365(n) of the U.S. Bankruptcy Code
(the “Code”) and any similar laws in any other country, licenses of rights to “intellectual property”
as defined under the Code for purposes of Section 365(n). The Parties agree that all intellectual property rights licensed hereunder,
including, without limitation, any patents or patent applications in any country of SpinCo or a member of SpinCo Group covered
by the license grants under this Agreement, are part of the “intellectual property” as defined under the Code for purposes
of Section 365(n) subject to the protections afforded the non-terminating Party under Section 365(n) of the Code, and any similar
law or regulation in any other country.

 

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3.8          Trademark
Disclaimer. Neither Parent nor any member of the Parent Group grants any right or license to SpinCo or any member of the SpinCo
Group to use any Parent Name or Parent Mark in any manner including, without limitation, use in commerce as a trade name, trademark
or other designation of origin.

 

		4.	MUTUAL RELEASES; INDEMNIFICATION

 

4.1          Release
of Pre-Distribution Claims.

 

(a)          SpinCo
Release of Parent. Except as provided in Sections 4.1(b) and 4.1(c), effective as of the Effective Time, SpinCo
does hereby, for itself and each other member of the SpinCo Group, and their respective successors and assigns, and, to the extent
permitted by Law, all Persons who at any time prior to the Effective Time have been shareholders, directors, officers, agents or
employees of any member of the SpinCo Group (in each case, in their respective capacities as such), remise, release and forever
discharge (i) Parent and the members of the Parent Group, and their respective successors and assigns, and (ii) all Persons
who at any time prior to the Effective Time are or have been shareholders, directors, officers, agents or employees of any member
of the Parent Group (in each case, in their respective capacities as such), and their respective heirs, executors, administrators,
successors and assigns, and (iii) all Persons who at any time prior to the Effective Time are or have been shareholders, directors,
officers, agents or employees of a Transferred Entity and who are not, as of immediately following the Effective Time, directors,
officers or employees of SpinCo or a member of the SpinCo Group, in each case from (A) all SpinCo IP Liabilities and (B) all
Liabilities arising from or in connection with actions, inactions, events, omissions, conditions, facts or circumstances occurring
or existing prior to the Effective Time (whether or not such Liabilities cease being contingent, mature, become known, are asserted
or foreseen, or accrue, in each case before, at or after the Effective Time), in each case to the extent relating to, arising out
of or resulting from the SpinCo IP Assets or the SpinCo IP Liabilities.

 

(b)          Obligations
Not Affected. Nothing contained in Section 4.1(a) shall impair any right of any Person to enforce this Agreement. Nothing
contained in Section 4.1(a) shall release any Person from:

 

(i)          any
Liability, contingent or otherwise, assumed, transferred, assigned or allocated to the Group of which such Person is a member in
accordance with, or any other Liability of any member of any Group under, this Agreement;

 

(ii)         any
Liability that the Parties may have with respect to indemnification or contribution or other obligation pursuant to this Agreement
for claims brought against the Parties by third Persons, which Liability shall be governed by the provisions of the Separation
Agreement; or

 

(iii)        any
Liability the release of which would result in the release of any Person other than a Person released pursuant to this Section
4.1.

 

In addition, nothing
contained in Section 4.1(a) shall release any member of the Parent Group from honoring its existing obligations to indemnify
any director, officer or employee of SpinCo who was a director, officer or employee of any member of the Parent Group on or prior
to

 

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the Effective Time, to
the extent such director, officer or employee becomes a named defendant in any Action (as defined in the Separation Agreement)
with respect to which such director, officer or employee was entitled to such indemnification pursuant to such existing obligations;
it being understood that, if the underlying obligation giving rise to such Action is a SpinCo IP Liability, SpinCo shall indemnify
Parent for such Liability (including Parent’s costs to indemnify the director, officer or employee) in accordance with the
provisions set forth in this Section 4.

 

(c)          No
Claims. SpinCo shall not make, and shall not permit any member of the SpinCo Group to make, any claim or demand, or commence
any Action asserting any claim or demand, including any claim of contribution or any indemnification, against Parent or any other
member of the Parent Group, or any other Person released pursuant to Section 4.1(a), with respect to any Liabilities released
pursuant to Section 4.1(a).

 

(d)          Execution
of Further Releases. At any time at or after the Effective Time, at the request of either Party, the other Party shall cause
each member of its respective Group to execute and deliver releases reflecting the provisions of this Section 4.1.

 

4.2          Indemnification
by SpinCo. Except as otherwise specifically set forth in this Agreement, to the fullest extent permitted by Law, SpinCo shall,
and shall cause the other members of the SpinCo Group to, indemnify, defend and hold harmless the Parent Indemnitees from and against
any and all Liabilities of the Parent Indemnitees relating to, arising out of or resulting from, directly or indirectly, (a) any
SpinCo IP Liability, and (b) any failure of SpinCo, any other member of the SpinCo Group or any other Person to pay, perform or
otherwise promptly discharge any SpinCo IP Liabilities in accordance with their terms, whether arising prior to, on or after the
Effective Time.

 

4.3          Other
Terms and Conditions Incorporated by Reference. SpinCo acknowledges and agrees that with respect to the indemnification obligations
set forth in Section 4.2 above, the terms and conditions of Section 4.4 (Indemnification Obligations Net of Insurance
Proceeds and Other Amounts) through Section 4.10 (Survival of Indemnities) of the Separation Agreement are hereby incorporated
by reference and shall apply to such indemnification obligations.

 

		5.	EXCHANGE OF INFORMATION; CONFIDENTIALITY

 

5.1          Agreement
for Exchange of Information.

 

(a)          Each
of Parent and SpinCo, on behalf of itself and each member of its Group, acknowledges and agrees that, with respect to Information
relating to Software, Technology and Intellectual Property that it will own as a result of the Separation, each is entitled, subject
to Section 5.1(b) below, to physical possession of such Information to the extent it is easily separable using commercially
reasonable efforts. Each of Parent and SpinCo, on behalf of itself and each member of its Group, further acknowledges and agrees
that Parent, or the applicable member of Parent Group, will retain possession of Embedded SpinCo Information.

 

(b)          Within
three (3) months of the Effective Time, SpinCo shall provide to Parent all copies of Information comprising research documents
relating to research conducted at the Laurel, MD, and Covington, VA facilities, and shall provide to Parent all copies of Information
comprising research documents pertaining to research conducted at the Charleston, SC facility

 

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(collectively, “Research
Information”); provided, however, copies of Information comprising research documents pertaining to research
conducted at the Charleston, SC facility that relate exclusively to lignin, asphalt, fatty acid, carbon, and tall oil Technology
may be retained by SpinCo, but Information comprising research documents pertaining to research conducted at the Charleston, SC
facility that relate to lignin, asphalt, fatty acid, carbon, and tall oil Technology and which are comingled with other Information
comprising research documents unrelated to lignin, asphalt, fatty acid, carbon, and tall oil Technology must be provided to Parent.
Components of such comingled research documents that relate to lignin, asphalt, fatty acid, carbon, and tall oil Technology will
be provided to SpinCo by Parent pursuant to Section 5.1(c) below. SpinCo shall not retain possession of any of the
Research Information.

 

(c)          Subject
to the applicable confidentiality obligations of the Separation Agreement, each of Parent and SpinCo, on behalf of itself and
each member of its Group, agrees to use commercially reasonable efforts to provide or make available, or cause to be provided
or made available, to the other Party and the members of such other Party’s Group, at any time before, on or after the Effective
Time, as soon as reasonably practicable after written request therefor, any Information (or a copy thereof) (including Embedded
SpinCo Information) in the possession or under the control of such Party or its Group which the requesting Party or its Group
requests to the extent that (i) such Information relates to any SpinCo IP Asset or SpinCo IP Liability, if SpinCo is the
requesting Party; (ii) such Information is necessary for Parent or any member of Parent Group to exercise its rights under
the license granted in Section 3.1 of this Agreement, if Parent is the requesting Party; (iii) such Information
is required by the requesting Party to comply with its obligations under this Agreement; or (iv) such Information is required
by the requesting Party to comply with any obligation imposed by any Governmental Authority; provided, however,
that, in the event that the Party to whom the request has been made determines that any such provision of Information could be
detrimental to the Party providing the Information, violate any Law or agreement, or waive any privilege available under applicable
Law, including any attorney-client privilege, then the Parties shall use commercially reasonable efforts to permit compliance
with such obligations to the extent and in a manner that avoids any such harm or consequence.  The Party providing Information
pursuant to this Section 5.1(c) shall only be obligated to provide such Information in the form, condition and format in
which it then exists, and in no event shall such Party be required to perform any improvement, modification, conversion, updating
or reformatting of any such Information, and nothing in this Section 5.1 shall expand the obligations of a Party under
Section 5.4.

 

5.2          Ownership
of Information. The provision of any Information pursuant to Section 5.1 shall not affect the ownership of such
Information (which shall be determined solely in accordance with the terms of this Agreement, the Separation Agreement and the
Ancillary Agreements), or constitute a grant of rights in or to any such Information (such grant of rights, to the extent they
exist, are expressly addressed elsewhere in this Agreement).

 

5.3          Compensation
for Providing Information. The Party requesting Information agrees to reimburse the other Party for the reasonable costs, if
any, of creating, gathering, copying, transporting and otherwise complying with the request with respect to such Information (including
any reasonable costs and expenses incurred in any review of Information for purposes of protecting the Privileged Information of
the providing Party or in connection with the restoration of backup media for purposes of providing the requested Information).
Except as may be otherwise

 

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specifically provided
elsewhere in this Agreement, the Separation Agreement, any other Ancillary Agreement or any other agreement between the Parties,
such costs shall be computed in accordance with the providing Party’s standard methodology and procedures.

 

5.4          Other
Rights and Obligations. The rights and obligations of the Parties under Section 6.4 (Record Retention), Section 6.5
(Limitation of Liability), Section 6.6 (Other Agreements Providing for Exchange of Information), Section 6.7 (Production
of Witnesses; Records; Cooperation), Section 6.8 (Privileged Matters), Section 6.9 (Confidentiality), and Section
6.10 (Protective Arrangements) of the Separation Agreement are hereby incorporated into this Section 5 as if fully
set forth herein. To the extent (a) Parent, or any member of the Parent Group, receives from SpinCo, or any member of the SpinCo
Group, or (b) SpinCo, or any member of the SpinCo Group receives from Parent, or any member of the Parent Group, any Information
that is trade secret under applicable law, the five (5) year confidentiality period of Section 6.9(a) of the Separation Agreement
with respect to such Information shall be extended until such time as the received Information is no longer trade secret.

 

		6.	FURTHER ASSURANCES AND ADDITIONAL COVENANTS

 

6.1          Further
Assurances.

 

(a)          In
addition to the actions specifically provided for elsewhere in this Agreement, each of the Parties shall use its commercially reasonable
efforts, prior to, on and after the Effective Time, to take, or cause to be taken, all actions, and to do, or cause to be done,
all things, reasonably necessary, proper or advisable under applicable Laws, regulations and agreements to consummate and make
effective the transactions contemplated by this Agreement.

 

(b)          Without
limiting the foregoing, prior to, on and after the Effective Time, each Party hereto shall cooperate with the other Party, and
without any further consideration, but at the expense of the requesting Party, to execute and deliver, or use its reasonable best
efforts to cause to be executed and delivered, all instruments, including instruments of conveyance, assignment and transfer, and
to make all filings with, and to obtain all Approvals or Notifications of, any Governmental Authority or any other Person under
any permit, license, agreement, indenture or other instrument (including any consents or Governmental Approvals), and to take all
such other actions as such Party may reasonably be requested to take by the other Party from time to time, consistent with the
terms of this Agreement, in order to effectuate the provisions and purposes of this Agreement and the transfers of the SpinCo IP
Assets and the assignment and assumption of the SpinCo IP Liabilities and the other transactions contemplated hereby and thereby.

 

(c)          On
or prior to the Effective Time, Parent and SpinCo in their respective capacities as direct and indirect shareholders of the members
of their Groups, shall each ratify any actions which are reasonably necessary or desirable to be taken by Parent, SpinCo or any
of the members of their respective Groups, as the case may be, to effectuate the transactions contemplated by this Agreement.

 

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		7.	TERMINATION

 

7.1          Termination.
This Agreement may be terminated at any time prior to the Effective Time by Parent, in its sole and absolute discretion, without
the approval or consent of any other Person, including SpinCo. After the Effective Time, this Agreement may not be terminated except
by an agreement in writing signed by a duly authorized officer of each of the Parties.

 

7.2          Effect
of Termination. In the event of any termination of this Agreement prior to the Effective Time, no Party (nor any of its directors,
officers, employees or agents) shall have any Liability or further obligation to the other Party by reason of this Agreement.

 

		8.	MISCELLANEOUS

 

8.1          Counterparts;
Entire Agreement; Corporate Power.

 

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

 

(b)          This
Agreement and the Separation Agreement and the Exhibits, Schedules and appendices hereto and thereto contain the entire agreement
between the Parties with respect to the subject matter hereof and supersede all previous agreements, negotiations, discussions,
writings, understandings, commitments and conversations with respect to such subject matter, and there are no agreements or understandings
between the Parties with respect to this Agreement.

 

(c)          Parent
represents on behalf of itself and each other member of the Parent Group, and SpinCo represents on behalf of itself and each other
member of the SpinCo Group, as follows:

 

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

 

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

 

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

 

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manually executed (any
such execution to be as of the date of the initial date thereof) and delivered in person, by mail or by courier.

 

8.2          Other
Incorporated Miscellaneous Terms. The terms and conditions set forth in Section 10.2 (Governing Law) through Section
10.19 (Mutual Drafting) of the Separation Agreement are hereby incorporated into this Section 8 as if fully set forth
herein.

 

[Remainder of page
intentionally left blank]

 

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

 

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

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