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[8-K] Ingevity Corporation Reports Material Event

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
8-K
Rhea-AI Filing Summary

Ingevity Corporation (NYSE: NGVT) filed a Form 8-K dated 1 July 2025 announcing the departure of S. Edward Woodcock, Executive Vice President and President of the Performance Materials segment (Item 5.02). The separation is effective the same day and a search for his successor has begun.

The company and Mr. Woodcock executed a Letter Agreement that mirrors provisions in his 2017 Severance and Change of Control Agreement. Key cash benefits include:

  • A lump-sum payment within 30 days for accrued salary, prorated 2025 annual incentive, and unused vacation.
  • Severance equal to one year of current base salary plus 2025 target bonus, payable monthly over 12 months.
  • An additional $500,000 lump-sum tied to an October 2024 incentive award.
Non-cash items comprise prorated vesting of outstanding equity awards under the 2016 Omnibus Incentive Plan and lump-sum payments for certain welfare and fringe benefits.

All consideration is conditioned on customary release of claims and ongoing covenant compliance (confidentiality, non-disparagement, non-competition, non-solicitation). The full Letter Agreement will be filed with the company鈥檚 Q2-25 10-Q.

Under Item 7.01, Ingevity furnished (but did not file) a press release (Exhibit 99.1) announcing the leadership change. No financial statements or earnings data were included.

Ingevity Corporation (NYSE: NGVT) ha presentato un modulo 8-K datato 1 luglio 2025 annunciando la partenza di S. Edward Woodcock, Vice Presidente Esecutivo e Presidente del segmento Performance Materials (Punto 5.02). La separazione 猫 effettiva lo stesso giorno e 猫 iniziata la ricerca del suo successore.

La societ脿 e il Sig. Woodcock hanno sottoscritto una Lettera di Accordo che riprende le clausole del suo Accordo del 2017 su Indennit脿 di Licenziamento e Cambio di Controllo. I principali benefici in denaro includono:

  • Un pagamento in un鈥檜nica soluzione entro 30 giorni per stipendio maturato, incentivo annuale 2025 proporzionato e ferie non utilizzate.
  • Un鈥檌ndennit脿 pari a un anno di stipendio base attuale pi霉 il bonus obiettivo 2025, pagabile mensilmente in 12 rate.
  • Un ulteriore pagamento una tantum di 500.000 $ legato a un premio incentivo di ottobre 2024.
Gli elementi non in denaro comprendono la maturazione proporzionata delle azioni in sospeso previste dal Piano Incentivi Omnibus 2016 e pagamenti una tantum per alcuni benefici welfare e fringe.

Tutte le compensazioni sono subordinate al consueto rilascio di reclami e al rispetto continuo degli obblighi (riservatezza, non denigrazione, non concorrenza, non sollecitazione). La Lettera di Accordo completa sar脿 depositata con il 10-Q del secondo trimestre 2025 della societ脿.

Ai sensi del Punto 7.01, Ingevity ha fornito (ma non depositato) un comunicato stampa (Allegato 99.1) che annuncia il cambio di leadership. Non sono stati inclusi bilanci o dati sugli utili.

Ingevity Corporation (NYSE: NGVT) present贸 un Formulario 8-K fechado el 1 de julio de 2025 anunciando la salida de S. Edward Woodcock, Vicepresidente Ejecutivo y Presidente del segmento de Materiales de Alto Rendimiento (Art铆culo 5.02). La separaci贸n es efectiva el mismo d铆a y ha comenzado la b煤squeda de su sucesor.

La compa帽铆a y el Sr. Woodcock firmaron un Acuerdo por Carta que refleja las disposiciones de su Acuerdo de Indemnizaci贸n y Cambio de Control de 2017. Los principales beneficios en efectivo incluyen:

  • Un pago 煤nico dentro de los 30 d铆as por salario acumulado, incentivo anual prorrateado de 2025 y vacaciones no utilizadas.
  • Indemnizaci贸n equivalente a un a帽o del salario base actual m谩s el bono objetivo de 2025, pagadero mensualmente durante 12 meses.
  • Un pago adicional de $500,000 en una suma global vinculado a un premio de incentivo de octubre de 2024.
Los elementos no monetarios comprenden la adquisici贸n prorrateada de las acciones pendientes bajo el Plan de Incentivos Omnibus de 2016 y pagos 煤nicos para ciertos beneficios sociales y complementarios.

Todo el paquete est谩 condicionado a la habitual renuncia de reclamaciones y cumplimiento continuo de convenios (confidencialidad, no difamaci贸n, no competencia, no solicitaci贸n). El Acuerdo completo ser谩 presentado con el 10-Q del segundo trimestre de 2025 de la empresa.

Bajo el Art铆culo 7.01, Ingevity proporcion贸 (pero no present贸) un comunicado de prensa (Exhibici贸n 99.1) anunciando el cambio de liderazgo. No se incluyeron estados financieros ni datos de ganancias.

鞚戈矊牍勴嫲 旖旐嵓霠堨澊靺� (NYSE: NGVT)鞚赌 2025雲� 7鞗� 1鞚�靹彪姤 靻岇灛 攵氍� 攵靷灔 瓴� 靷灔 S. Edward Woodcock鞚� 韲挫瀯鞚� 氚滍憸頄堨姷雼堧嫟(頃 5.02). 韲挫瀯鞚赌 臧欖澏� 雮� 須牓鞚� 氚滌儩頃橂┌ 頉勳瀯鞛� 氍检儔鞚� 鞁滌瀾霅橃棃鞀惦媹雼�.

須岇偓鞕 鞖半摐旖� 鞌姅 2017雲� 頃搓碃 氚� 歆氚瓣秾 氤瓴� 瓿勳暯鞚� 臁绊暛鞚� 氚橃榿頃� 靹滊┐ 頃╈潣靹�毳� 觳搓舶頄堨姷雼堧嫟. 欤检殧 順勱笀 順滍儩鞚赌 雼れ潓瓿� 臧欖姷雼堧嫟:

  • 氙胳旮� 旮夓棳, 2025雲� 鞐瓣皠 鞚胳劶韹半笇 牍勲 歆旮�, 氙胳偓鞖� 頊搓皜鞐� 雽頃� 30鞚� 鞚措偞 鞚检嫓旮� 歆旮�.
  • 順勳灛 旮半掣旮� 1雲勳箻鞕 2025雲� 氇╉憸 氤措剤鞀れ棎 頃措嫻頃橂姅 韲挫旮�, 12臧滌洈 攵勴暊 鞗旊硠 歆旮�.
  • 2024雲� 10鞗� 鞚胳劶韹半笇 靸侅棳旮堦臣 鞐瓣硠霅� 於旉皜 50毵� 雼煬 鞚检嫓旮�.
牍勴槃旮� 頃鞙茧電� 2016雲� 膦呿暕 鞚胳劶韹半笇 頂岆灉鞐� 霐半ジ 氙胳旮� 欤检嫕 氤挫儊鞚� 牍勲 旆摑瓿� 鞚茧秬 氤奠 氚� 攵臧 順滍儩鞐� 雽頃� 鞚检嫓旮� 歆旮夓澊 韽暔霅╇媹雼�.

氇摖 氤挫儊鞚赌 鞚茧皹鞝侅澑 觳惮甓� 韽赴 氚� 歆靻嶌爜鞚� 鞎届啀 欷靾�(旮半皜 鞙犾, 牍勲癌 旮堨, 瓴届焷 旮堨, 鞙犾澑 旮堨)鞚� 臁瓣贝鞙茧 頃╇媹雼�. 鞝勳泊 靹滊┐ 頃╈潣靹滊姅 須岇偓鞚� 2025雲� 2攵勱赴 10-Q 氤搓碃靹滌棎 觳秬霅� 鞓堨爼鞛呺媹雼�.

頃 7.01鞐� 霐半澕 鞚戈矊牍勴嫲電� 毽崝鞁� 氤瓴届潉 鞎岆Μ電� 氤措弰鞛愲(歃濌卑鞛愲 99.1)毳� 鞝滉车頄堨溂雮� 鞝滌稖頃橃電� 鞎婌晿鞀惦媹雼�. 鞛鞝滍憸雮� 靾橃澋 雿办澊韯半姅 韽暔霅橃 鞎婌晿鞀惦媹雼�.

Ingevity Corporation (NYSE : NGVT) a d茅pos茅 un formulaire 8-K dat茅 du 1er juillet 2025 annon莽ant le d茅part de S. Edward Woodcock, vice-pr茅sident ex茅cutif et pr茅sident du segment des mat茅riaux performants (point 5.02). La s茅paration prend effet le m锚me jour et une recherche de son successeur a 茅t茅 lanc茅e.

La soci茅t茅 et M. Woodcock ont sign茅 une lettre d鈥檃ccord reprenant les dispositions de son accord de 2017 sur les indemnit茅s de d茅part et le changement de contr么le. Les principaux avantages en esp猫ces comprennent :

  • Un paiement forfaitaire dans les 30 jours pour le salaire accumul茅, l鈥檌ncitation annuelle 2025 au prorata et les cong茅s non utilis茅s.
  • Une indemnit茅 茅quivalente 脿 un an de salaire de base actuel plus le bonus cible 2025, payable mensuellement sur 12 mois.
  • Un versement forfaitaire suppl茅mentaire de 500 000 $ li茅 脿 une prime d鈥檌ncitation d鈥檕ctobre 2024.
Les 茅l茅ments non mon茅taires comprennent la maturation au prorata des attributions d鈥檃ctions en suspens selon le Plan d鈥檌ncitation Omnibus 2016 et des paiements forfaitaires pour certains avantages sociaux et accessoires.

Toutes les contreparties sont conditionn茅es 脿 la renonciation habituelle aux r茅clamations et au respect continu des engagements (confidentialit茅, non-d茅nigrement, non-concurrence, non-sollicitation). La lettre d鈥檃ccord compl猫te sera d茅pos茅e avec le rapport 10-Q du deuxi猫me trimestre 2025 de la soci茅t茅.

En vertu du point 7.01, Ingevity a fourni (mais n鈥檃 pas d茅pos茅) un communiqu茅 de presse (Annexe 99.1) annon莽ant ce changement de direction. Aucun 茅tat financier ni donn茅e sur les r茅sultats n鈥檕nt 茅t茅 inclus.

Ingevity Corporation (NYSE: NGVT) reichte am 1. Juli 2025 ein Formular 8-K ein und k眉ndigte den Austritt von S. Edward Woodcock an, Executive Vice President und Pr盲sident des Segments Performance Materials (Punkt 5.02). Die Trennung tritt am selben Tag in Kraft, und die Suche nach einem Nachfolger hat begonnen.

Das Unternehmen und Herr Woodcock haben eine Schriftliche Vereinbarung getroffen, die die Bestimmungen seines Abfindungs- und Kontrollwechselvertrags von 2017 widerspiegelt. Wichtige Barleistungen umfassen:

  • Eine Einmalzahlung innerhalb von 30 Tagen f眉r aufgelaufenes Gehalt, anteiligen Jahresbonus 2025 und nicht genutzten Urlaub.
  • Abfindung in H枚he eines Jahres des aktuellen Grundgehalts plus Zielbonus 2025, zahlbar monatlich 眉ber 12 Monate.
  • Eine zus盲tzliche Einmalzahlung von 500.000 $, die an eine Incentive-Auszeichnung im Oktober 2024 gebunden ist.
Nicht monet盲re Leistungen umfassen anteilige Vesting von ausstehenden Aktienoptionen gem盲脽 dem Omnibus Incentive Plan 2016 und Einmalzahlungen f眉r bestimmte Sozial- und Zusatzleistungen.

Alle Leistungen stehen unter der Bedingung der 眉blichen Freistellung von Anspr眉chen und fortlaufenden Einhaltung von Verpflichtungen (Vertraulichkeit, Nicht-Diskreditierung, Wettbewerbsverbot, Abwerbeverbot). Die vollst盲ndige schriftliche Vereinbarung wird mit dem 10-Q-Bericht des Unternehmens f眉r das zweite Quartal 2025 eingereicht.

Unter Punkt 7.01 stellte Ingevity eine Pressemitteilung (Anlage 99.1) zur Verf眉gung (aber reichte sie nicht ein), die die F眉hrungs盲nderung ank眉ndigt. Finanzberichte oder Gewinnzahlen wurden nicht beigef眉gt.

Positive
  • Transparent disclosure of severance terms and governance covenants limits legal and reputational risk.
  • Structured payout schedule spreads the bulk of severance over 12 months, reducing immediate cash drain.
Negative
  • Departure of a key business leader could disrupt the Performance Materials segment鈥檚 operational execution and strategic initiatives.
  • No successor named, creating interim leadership uncertainty and potential investor concern.

Insights

TL;DR: Senior segment head exits; orderly severance reduces legal risk but leaves leadership gap in Performance Materials.

The loss of Mr. Woodcock removes an experienced leader from a core business line that contributed materially to Ingevity鈥檚 recent growth. While the severance package is standard for an EVP, the company has not identified an interim or permanent replacement, introducing short-term execution risk. The cash cost鈥攐ne year of salary plus a $500 k incentive payment鈥攁ppears immaterial relative to Ingevity鈥檚 cash flow, but investors may scrutinize the impact on segment strategy and margins until a successor is named. From a governance standpoint, transparent disclosure and covenant protections mitigate reputational and litigation exposure. Overall impact is neutral to mildly negative, hinging on the speed and quality of the replacement.

Ingevity Corporation (NYSE: NGVT) ha presentato un modulo 8-K datato 1 luglio 2025 annunciando la partenza di S. Edward Woodcock, Vice Presidente Esecutivo e Presidente del segmento Performance Materials (Punto 5.02). La separazione 猫 effettiva lo stesso giorno e 猫 iniziata la ricerca del suo successore.

La societ脿 e il Sig. Woodcock hanno sottoscritto una Lettera di Accordo che riprende le clausole del suo Accordo del 2017 su Indennit脿 di Licenziamento e Cambio di Controllo. I principali benefici in denaro includono:

  • Un pagamento in un鈥檜nica soluzione entro 30 giorni per stipendio maturato, incentivo annuale 2025 proporzionato e ferie non utilizzate.
  • Un鈥檌ndennit脿 pari a un anno di stipendio base attuale pi霉 il bonus obiettivo 2025, pagabile mensilmente in 12 rate.
  • Un ulteriore pagamento una tantum di 500.000 $ legato a un premio incentivo di ottobre 2024.
Gli elementi non in denaro comprendono la maturazione proporzionata delle azioni in sospeso previste dal Piano Incentivi Omnibus 2016 e pagamenti una tantum per alcuni benefici welfare e fringe.

Tutte le compensazioni sono subordinate al consueto rilascio di reclami e al rispetto continuo degli obblighi (riservatezza, non denigrazione, non concorrenza, non sollecitazione). La Lettera di Accordo completa sar脿 depositata con il 10-Q del secondo trimestre 2025 della societ脿.

Ai sensi del Punto 7.01, Ingevity ha fornito (ma non depositato) un comunicato stampa (Allegato 99.1) che annuncia il cambio di leadership. Non sono stati inclusi bilanci o dati sugli utili.

Ingevity Corporation (NYSE: NGVT) present贸 un Formulario 8-K fechado el 1 de julio de 2025 anunciando la salida de S. Edward Woodcock, Vicepresidente Ejecutivo y Presidente del segmento de Materiales de Alto Rendimiento (Art铆culo 5.02). La separaci贸n es efectiva el mismo d铆a y ha comenzado la b煤squeda de su sucesor.

La compa帽铆a y el Sr. Woodcock firmaron un Acuerdo por Carta que refleja las disposiciones de su Acuerdo de Indemnizaci贸n y Cambio de Control de 2017. Los principales beneficios en efectivo incluyen:

  • Un pago 煤nico dentro de los 30 d铆as por salario acumulado, incentivo anual prorrateado de 2025 y vacaciones no utilizadas.
  • Indemnizaci贸n equivalente a un a帽o del salario base actual m谩s el bono objetivo de 2025, pagadero mensualmente durante 12 meses.
  • Un pago adicional de $500,000 en una suma global vinculado a un premio de incentivo de octubre de 2024.
Los elementos no monetarios comprenden la adquisici贸n prorrateada de las acciones pendientes bajo el Plan de Incentivos Omnibus de 2016 y pagos 煤nicos para ciertos beneficios sociales y complementarios.

Todo el paquete est谩 condicionado a la habitual renuncia de reclamaciones y cumplimiento continuo de convenios (confidencialidad, no difamaci贸n, no competencia, no solicitaci贸n). El Acuerdo completo ser谩 presentado con el 10-Q del segundo trimestre de 2025 de la empresa.

Bajo el Art铆culo 7.01, Ingevity proporcion贸 (pero no present贸) un comunicado de prensa (Exhibici贸n 99.1) anunciando el cambio de liderazgo. No se incluyeron estados financieros ni datos de ganancias.

鞚戈矊牍勴嫲 旖旐嵓霠堨澊靺� (NYSE: NGVT)鞚赌 2025雲� 7鞗� 1鞚�靹彪姤 靻岇灛 攵氍� 攵靷灔 瓴� 靷灔 S. Edward Woodcock鞚� 韲挫瀯鞚� 氚滍憸頄堨姷雼堧嫟(頃 5.02). 韲挫瀯鞚赌 臧欖澏� 雮� 須牓鞚� 氚滌儩頃橂┌ 頉勳瀯鞛� 氍检儔鞚� 鞁滌瀾霅橃棃鞀惦媹雼�.

須岇偓鞕 鞖半摐旖� 鞌姅 2017雲� 頃搓碃 氚� 歆氚瓣秾 氤瓴� 瓿勳暯鞚� 臁绊暛鞚� 氚橃榿頃� 靹滊┐ 頃╈潣靹�毳� 觳搓舶頄堨姷雼堧嫟. 欤检殧 順勱笀 順滍儩鞚赌 雼れ潓瓿� 臧欖姷雼堧嫟:

  • 氙胳旮� 旮夓棳, 2025雲� 鞐瓣皠 鞚胳劶韹半笇 牍勲 歆旮�, 氙胳偓鞖� 頊搓皜鞐� 雽頃� 30鞚� 鞚措偞 鞚检嫓旮� 歆旮�.
  • 順勳灛 旮半掣旮� 1雲勳箻鞕 2025雲� 氇╉憸 氤措剤鞀れ棎 頃措嫻頃橂姅 韲挫旮�, 12臧滌洈 攵勴暊 鞗旊硠 歆旮�.
  • 2024雲� 10鞗� 鞚胳劶韹半笇 靸侅棳旮堦臣 鞐瓣硠霅� 於旉皜 50毵� 雼煬 鞚检嫓旮�.
牍勴槃旮� 頃鞙茧電� 2016雲� 膦呿暕 鞚胳劶韹半笇 頂岆灉鞐� 霐半ジ 氙胳旮� 欤检嫕 氤挫儊鞚� 牍勲 旆摑瓿� 鞚茧秬 氤奠 氚� 攵臧 順滍儩鞐� 雽頃� 鞚检嫓旮� 歆旮夓澊 韽暔霅╇媹雼�.

氇摖 氤挫儊鞚赌 鞚茧皹鞝侅澑 觳惮甓� 韽赴 氚� 歆靻嶌爜鞚� 鞎届啀 欷靾�(旮半皜 鞙犾, 牍勲癌 旮堨, 瓴届焷 旮堨, 鞙犾澑 旮堨)鞚� 臁瓣贝鞙茧 頃╇媹雼�. 鞝勳泊 靹滊┐ 頃╈潣靹滊姅 須岇偓鞚� 2025雲� 2攵勱赴 10-Q 氤搓碃靹滌棎 觳秬霅� 鞓堨爼鞛呺媹雼�.

頃 7.01鞐� 霐半澕 鞚戈矊牍勴嫲電� 毽崝鞁� 氤瓴届潉 鞎岆Μ電� 氤措弰鞛愲(歃濌卑鞛愲 99.1)毳� 鞝滉车頄堨溂雮� 鞝滌稖頃橃電� 鞎婌晿鞀惦媹雼�. 鞛鞝滍憸雮� 靾橃澋 雿办澊韯半姅 韽暔霅橃 鞎婌晿鞀惦媹雼�.

Ingevity Corporation (NYSE : NGVT) a d茅pos茅 un formulaire 8-K dat茅 du 1er juillet 2025 annon莽ant le d茅part de S. Edward Woodcock, vice-pr茅sident ex茅cutif et pr茅sident du segment des mat茅riaux performants (point 5.02). La s茅paration prend effet le m锚me jour et une recherche de son successeur a 茅t茅 lanc茅e.

La soci茅t茅 et M. Woodcock ont sign茅 une lettre d鈥檃ccord reprenant les dispositions de son accord de 2017 sur les indemnit茅s de d茅part et le changement de contr么le. Les principaux avantages en esp猫ces comprennent :

  • Un paiement forfaitaire dans les 30 jours pour le salaire accumul茅, l鈥檌ncitation annuelle 2025 au prorata et les cong茅s non utilis茅s.
  • Une indemnit茅 茅quivalente 脿 un an de salaire de base actuel plus le bonus cible 2025, payable mensuellement sur 12 mois.
  • Un versement forfaitaire suppl茅mentaire de 500 000 $ li茅 脿 une prime d鈥檌ncitation d鈥檕ctobre 2024.
Les 茅l茅ments non mon茅taires comprennent la maturation au prorata des attributions d鈥檃ctions en suspens selon le Plan d鈥檌ncitation Omnibus 2016 et des paiements forfaitaires pour certains avantages sociaux et accessoires.

Toutes les contreparties sont conditionn茅es 脿 la renonciation habituelle aux r茅clamations et au respect continu des engagements (confidentialit茅, non-d茅nigrement, non-concurrence, non-sollicitation). La lettre d鈥檃ccord compl猫te sera d茅pos茅e avec le rapport 10-Q du deuxi猫me trimestre 2025 de la soci茅t茅.

En vertu du point 7.01, Ingevity a fourni (mais n鈥檃 pas d茅pos茅) un communiqu茅 de presse (Annexe 99.1) annon莽ant ce changement de direction. Aucun 茅tat financier ni donn茅e sur les r茅sultats n鈥檕nt 茅t茅 inclus.

Ingevity Corporation (NYSE: NGVT) reichte am 1. Juli 2025 ein Formular 8-K ein und k眉ndigte den Austritt von S. Edward Woodcock an, Executive Vice President und Pr盲sident des Segments Performance Materials (Punkt 5.02). Die Trennung tritt am selben Tag in Kraft, und die Suche nach einem Nachfolger hat begonnen.

Das Unternehmen und Herr Woodcock haben eine Schriftliche Vereinbarung getroffen, die die Bestimmungen seines Abfindungs- und Kontrollwechselvertrags von 2017 widerspiegelt. Wichtige Barleistungen umfassen:

  • Eine Einmalzahlung innerhalb von 30 Tagen f眉r aufgelaufenes Gehalt, anteiligen Jahresbonus 2025 und nicht genutzten Urlaub.
  • Abfindung in H枚he eines Jahres des aktuellen Grundgehalts plus Zielbonus 2025, zahlbar monatlich 眉ber 12 Monate.
  • Eine zus盲tzliche Einmalzahlung von 500.000 $, die an eine Incentive-Auszeichnung im Oktober 2024 gebunden ist.
Nicht monet盲re Leistungen umfassen anteilige Vesting von ausstehenden Aktienoptionen gem盲脽 dem Omnibus Incentive Plan 2016 und Einmalzahlungen f眉r bestimmte Sozial- und Zusatzleistungen.

Alle Leistungen stehen unter der Bedingung der 眉blichen Freistellung von Anspr眉chen und fortlaufenden Einhaltung von Verpflichtungen (Vertraulichkeit, Nicht-Diskreditierung, Wettbewerbsverbot, Abwerbeverbot). Die vollst盲ndige schriftliche Vereinbarung wird mit dem 10-Q-Bericht des Unternehmens f眉r das zweite Quartal 2025 eingereicht.

Unter Punkt 7.01 stellte Ingevity eine Pressemitteilung (Anlage 99.1) zur Verf眉gung (aber reichte sie nicht ein), die die F眉hrungs盲nderung ank眉ndigt. Finanzberichte oder Gewinnzahlen wurden nicht beigef眉gt.

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

 

 

CURRENT REPORT

Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934

July 1, 2025

 

Date of Report (date of earliest event reported)

 

 

 

INGEVITY CORPORATION

(Exact name of registrant as specified in its charter)

 

 

 

Delaware   001-37586   47-4027764

(State or other jurisdiction of

incorporation or organization)

 

(Commission

File Number)

 

(I.R.S. Employer

Identification No.)

 

4920 O’Hear Avenue Suite 400   29405
North Charleston South Carolina   (Zip code)
(Address of principal executive offices)    

 

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

 

Not Applicable

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

 

 

 

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

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
   
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

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

 

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

 

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

 

Emerging growth company

 

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

 

 

 

 

 

 

ITEM 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers

 

On July 1, 2025 (the “Separation Date”), S. Edward Woodcock, Executive Vice President and President, Performance Materials, departed from Ingevity Corporation (the “Company”). The Company will commence a search to identify Mr. Woodcock’s successor.

 

The terms of Mr. Woodcock’s separation from the Company have been memorialized in a Letter Agreement, dated July 1, 2025 (the “Letter Agreement”). Pursuant to the Letter Agreement, the Company has agreed, subject to Mr. Woodcock’s execution and non-revocation of a release of claims against the Company attached thereto, to provide Mr. Woodcock with severance benefits, including certain benefits described in the Severance and Change of Control Agreement between the Company and Mr. Woodcock, dated March 1, 2017 (the “Severance Agreement”), a copy of which was previously filed by the Company with the Securities and Exchange Commission as Exhibit 10.4 to the Company’s Current Report on Form 8-K dated March 7, 2017 and is incorporated by reference herein. The principal severance benefits for Mr. Woodcock include: (1) a lump sum cash payment to be delivered within 30 days following the Separation Date equal to (a) Mr. Woodcock’s unpaid and outstanding annual base salary through the Separation Date, (b) Mr. Woodcock’s prorated annual incentive payment, and (c) any accrued unpaid vacation pay; (2) a severance payment equal to the sum of Mr. Woodcock’s current base salary and his 2025 target incentive payment, payable monthly over a one-year period; (3) a lump sum payment of $500,000 pursuant to the terms of Mr. Woodcock’s October 1, 2024 incentive compensation award; (4) prorated vesting of certain equity compensation awards granted to Mr. Woodcock under the Ingevity Corporation 2016 Omnibus Incentive Plan; and (5) lump sum cash payments with respect to certain welfare and fringe benefits.

 

All compensation and benefits payable under the Letter Agreement are subject to Mr. Woodcock’s compliance with the terms of the Letter Agreement and Severance Agreement (including confidentiality, non-disparagement, non-competition and non-solicitation covenants provided for therein) and his execution and non-revocation of a release of claims against the Company.

 

The foregoing description of the Letter Agreement is qualified in its entirety by the full text the Letter Agreement. A copy of the Letter Agreement will be filed as an exhibit to the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2025.

 

ITEM 7.01. REGULATION FD DISCLOSURE

 

A copy of the press release announcing Mr. Woodcock’s departure from the Company is furnished as Exhibit 99.1 to this Current Report on Form 8-K (this “Current Report”).

 

The exhibit furnished under Item 7.01 of this Current Report shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing by the Company under the Securities Act of 1933 or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS

 

(d) Exhibits.

 

Exhibit No.  

Description of Exhibit

99.1   Press Release, dated July 1, 2025
104   Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

2

 

 

SIGNATURES

 

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

 

  INGEVITY CORPORATION
  (Registrant)
     
  By: /s/ Mary Dean Hall
    Mary Dean Hall
Date: July 1, 2025   Executive Vice President and Chief Financial Officer

 

3

FAQ

Why did Ingevity (NGVT) file an 8-K on July 1 2025?

The 8-K discloses the departure of EVP & President, Performance Materials, S. Edward Woodcock and outlines his severance terms.

What severance will former EVP S. Edward Woodcock receive?

He is entitled to one year of base salary plus 2025 target bonus, a $500,000 lump-sum tied to a 2024 award, prorated equity vesting and welfare benefit payments.

Is Ingevity naming an immediate successor for Mr. Woodcock?

No. The company stated it will begin a search to identify a successor; none has been appointed yet.

Will the severance payments affect Ingevity鈥檚 short-term cash flow?

Payments are modest relative to company scale; the largest severance element is spread monthly over one year, limiting near-term impact.

Where can investors find the full Letter Agreement?

Ingevity will file the Letter Agreement as an exhibit to its Form 10-Q for the quarter ending June 30 2025.
Ingevity Corp

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Specialty Chemicals
Chemicals & Allied Products
United States
NORTH CHARLESTON