[8-K] Ingevity Corporation Reports Material Event
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.
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’s 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 è effettiva lo stesso giorno e è iniziata la ricerca del suo successore.
La società e il Sig. Woodcock hanno sottoscritto una Lettera di Accordo che riprende le clausole del suo Accordo del 2017 su Indennità di Licenziamento e Cambio di Controllo. I principali benefici in denaro includono:
- Un pagamento in un’unica soluzione entro 30 giorni per stipendio maturato, incentivo annuale 2025 proporzionato e ferie non utilizzate.
- Un’indennità pari a un anno di stipendio base attuale più 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.
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 sarà depositata con il 10-Q del secondo trimestre 2025 della società.
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) presentó 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 (Artículo 5.02). La separación es efectiva el mismo día y ha comenzado la búsqueda de su sucesor.
La compañía y el Sr. Woodcock firmaron un Acuerdo por Carta que refleja las disposiciones de su Acuerdo de Indemnización y Cambio de Control de 2017. Los principales beneficios en efectivo incluyen:
- Un pago único dentro de los 30 días por salario acumulado, incentivo anual prorrateado de 2025 y vacaciones no utilizadas.
- Indemnización equivalente a un año del salario base actual más 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.
Todo el paquete está condicionado a la habitual renuncia de reclamaciones y cumplimiento continuo de convenios (confidencialidad, no difamación, no competencia, no solicitación). El Acuerdo completo será presentado con el 10-Q del segundo trimestre de 2025 de la empresa.
Bajo el Artículo 7.01, Ingevity proporcionó (pero no presentó) un comunicado de prensa (Exhibición 99.1) anunciando el cambio de liderazgo. No se incluyeron estados financieros ni datos de ganancias.
인게비티 코퍼레이션 (NYSE: NGVT)은 2025년 7월 1일성능 소재 부문 부사장 겸 사장 S. Edward Woodcock의 퇴임을 발표했습니다(항목 5.02). 퇴임은 같은 날 효력이 발생하며 후임자 물색이 시작되었습니다.
회사와 우드콕 씨는 2017년 해고 및 지배권 변경 계약의 조항을 반영한 서면 합의서를 체결했습니다. 주요 현금 혜택은 다음과 같습니다:
- 미지급 급여, 2025년 연간 인센티브 비례 지급, 미사용 휴가에 대한 30일 이내 일시금 지급.
- 현재 기본급 1년치와 2025년 목표 보너스에 해당하는 퇴직금, 12개월 분할 월별 지급.
- 2024년 10월 인센티브 상여금과 연계된 추가 50만 달러 일시금.
모든 보상은 일반적인 청구권 포기 및 지속적인 약속 준수(기밀 유지, 비방 금지, 경쟁 금지, 유인 금지)을 조건으로 합니다. 전체 서면 합의서는 회사의 2025년 2분기 10-Q 보고서에 첨부될 예정입니다.
항목 7.01에 따라 인게비티는 리더십 변경을 알리는 보도자료(증거자료 99.1)를 제공했으나 제출하지는 않았습니다. 재무제표나 수익 데이터는 포함되지 않았습니다.
Ingevity Corporation (NYSE : NGVT) a déposé un formulaire 8-K daté du 1er juillet 2025 annonçant le départ de S. Edward Woodcock, vice-président exécutif et président du segment des matériaux performants (point 5.02). La séparation prend effet le même jour et une recherche de son successeur a été lancée.
La société et M. Woodcock ont signé une lettre d’accord reprenant les dispositions de son accord de 2017 sur les indemnités de départ et le changement de contrôle. Les principaux avantages en espèces comprennent :
- Un paiement forfaitaire dans les 30 jours pour le salaire accumulé, l’incitation annuelle 2025 au prorata et les congés non utilisés.
- Une indemnité équivalente à un an de salaire de base actuel plus le bonus cible 2025, payable mensuellement sur 12 mois.
- Un versement forfaitaire supplémentaire de 500 000 $ lié à une prime d’incitation d’octobre 2024.
Toutes les contreparties sont conditionnées à la renonciation habituelle aux réclamations et au respect continu des engagements (confidentialité, non-dénigrement, non-concurrence, non-sollicitation). La lettre d’accord complète sera déposée avec le rapport 10-Q du deuxième trimestre 2025 de la société.
En vertu du point 7.01, Ingevity a fourni (mais n’a pas déposé) un communiqué de presse (Annexe 99.1) annonçant ce changement de direction. Aucun état financier ni donnée sur les résultats n’ont été inclus.
Ingevity Corporation (NYSE: NGVT) reichte am 1. Juli 2025 ein Formular 8-K ein und kündigte den Austritt von S. Edward Woodcock an, Executive Vice President und Präsident 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 für aufgelaufenes Gehalt, anteiligen Jahresbonus 2025 und nicht genutzten Urlaub.
- Abfindung in Höhe eines Jahres des aktuellen Grundgehalts plus Zielbonus 2025, zahlbar monatlich über 12 Monate.
- Eine zusätzliche Einmalzahlung von 500.000 $, die an eine Incentive-Auszeichnung im Oktober 2024 gebunden ist.
Alle Leistungen stehen unter der Bedingung der üblichen Freistellung von Ansprüchen und fortlaufenden Einhaltung von Verpflichtungen (Vertraulichkeit, Nicht-Diskreditierung, Wettbewerbsverbot, Abwerbeverbot). Die vollständige schriftliche Vereinbarung wird mit dem 10-Q-Bericht des Unternehmens für das zweite Quartal 2025 eingereicht.
Unter Punkt 7.01 stellte Ingevity eine Pressemitteilung (Anlage 99.1) zur Verfügung (aber reichte sie nicht ein), die die Führungsänderung ankündigt. Finanzberichte oder Gewinnzahlen wurden nicht beigefügt.
- 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.
- Departure of a key business leader could disrupt the Performance Materials segment’s 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’s 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—one year of salary plus a $500 k incentive payment—appears immaterial relative to Ingevity’s 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 è effettiva lo stesso giorno e è iniziata la ricerca del suo successore.
La società e il Sig. Woodcock hanno sottoscritto una Lettera di Accordo che riprende le clausole del suo Accordo del 2017 su Indennità di Licenziamento e Cambio di Controllo. I principali benefici in denaro includono:
- Un pagamento in un’unica soluzione entro 30 giorni per stipendio maturato, incentivo annuale 2025 proporzionato e ferie non utilizzate.
- Un’indennità pari a un anno di stipendio base attuale più 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.
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 sarà depositata con il 10-Q del secondo trimestre 2025 della società.
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) presentó 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 (Artículo 5.02). La separación es efectiva el mismo día y ha comenzado la búsqueda de su sucesor.
La compañía y el Sr. Woodcock firmaron un Acuerdo por Carta que refleja las disposiciones de su Acuerdo de Indemnización y Cambio de Control de 2017. Los principales beneficios en efectivo incluyen:
- Un pago único dentro de los 30 días por salario acumulado, incentivo anual prorrateado de 2025 y vacaciones no utilizadas.
- Indemnización equivalente a un año del salario base actual más 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.
Todo el paquete está condicionado a la habitual renuncia de reclamaciones y cumplimiento continuo de convenios (confidencialidad, no difamación, no competencia, no solicitación). El Acuerdo completo será presentado con el 10-Q del segundo trimestre de 2025 de la empresa.
Bajo el Artículo 7.01, Ingevity proporcionó (pero no presentó) un comunicado de prensa (Exhibición 99.1) anunciando el cambio de liderazgo. No se incluyeron estados financieros ni datos de ganancias.
인게비티 코퍼레이션 (NYSE: NGVT)은 2025년 7월 1일성능 소재 부문 부사장 겸 사장 S. Edward Woodcock의 퇴임을 발표했습니다(항목 5.02). 퇴임은 같은 날 효력이 발생하며 후임자 물색이 시작되었습니다.
회사와 우드콕 씨는 2017년 해고 및 지배권 변경 계약의 조항을 반영한 서면 합의서를 체결했습니다. 주요 현금 혜택은 다음과 같습니다:
- 미지급 급여, 2025년 연간 인센티브 비례 지급, 미사용 휴가에 대한 30일 이내 일시금 지급.
- 현재 기본급 1년치와 2025년 목표 보너스에 해당하는 퇴직금, 12개월 분할 월별 지급.
- 2024년 10월 인센티브 상여금과 연계된 추가 50만 달러 일시금.
모든 보상은 일반적인 청구권 포기 및 지속적인 약속 준수(기밀 유지, 비방 금지, 경쟁 금지, 유인 금지)을 조건으로 합니다. 전체 서면 합의서는 회사의 2025년 2분기 10-Q 보고서에 첨부될 예정입니다.
항목 7.01에 따라 인게비티는 리더십 변경을 알리는 보도자료(증거자료 99.1)를 제공했으나 제출하지는 않았습니다. 재무제표나 수익 데이터는 포함되지 않았습니다.
Ingevity Corporation (NYSE : NGVT) a déposé un formulaire 8-K daté du 1er juillet 2025 annonçant le départ de S. Edward Woodcock, vice-président exécutif et président du segment des matériaux performants (point 5.02). La séparation prend effet le même jour et une recherche de son successeur a été lancée.
La société et M. Woodcock ont signé une lettre d’accord reprenant les dispositions de son accord de 2017 sur les indemnités de départ et le changement de contrôle. Les principaux avantages en espèces comprennent :
- Un paiement forfaitaire dans les 30 jours pour le salaire accumulé, l’incitation annuelle 2025 au prorata et les congés non utilisés.
- Une indemnité équivalente à un an de salaire de base actuel plus le bonus cible 2025, payable mensuellement sur 12 mois.
- Un versement forfaitaire supplémentaire de 500 000 $ lié à une prime d’incitation d’octobre 2024.
Toutes les contreparties sont conditionnées à la renonciation habituelle aux réclamations et au respect continu des engagements (confidentialité, non-dénigrement, non-concurrence, non-sollicitation). La lettre d’accord complète sera déposée avec le rapport 10-Q du deuxième trimestre 2025 de la société.
En vertu du point 7.01, Ingevity a fourni (mais n’a pas déposé) un communiqué de presse (Annexe 99.1) annonçant ce changement de direction. Aucun état financier ni donnée sur les résultats n’ont été inclus.
Ingevity Corporation (NYSE: NGVT) reichte am 1. Juli 2025 ein Formular 8-K ein und kündigte den Austritt von S. Edward Woodcock an, Executive Vice President und Präsident 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 für aufgelaufenes Gehalt, anteiligen Jahresbonus 2025 und nicht genutzten Urlaub.
- Abfindung in Höhe eines Jahres des aktuellen Grundgehalts plus Zielbonus 2025, zahlbar monatlich über 12 Monate.
- Eine zusätzliche Einmalzahlung von 500.000 $, die an eine Incentive-Auszeichnung im Oktober 2024 gebunden ist.
Alle Leistungen stehen unter der Bedingung der üblichen Freistellung von Ansprüchen und fortlaufenden Einhaltung von Verpflichtungen (Vertraulichkeit, Nicht-Diskreditierung, Wettbewerbsverbot, Abwerbeverbot). Die vollständige schriftliche Vereinbarung wird mit dem 10-Q-Bericht des Unternehmens für das zweite Quartal 2025 eingereicht.
Unter Punkt 7.01 stellte Ingevity eine Pressemitteilung (Anlage 99.1) zur Verfügung (aber reichte sie nicht ein), die die Führungsänderung ankündigt. Finanzberichte oder Gewinnzahlen wurden nicht beigefügt.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15 (d) of the Securities Exchange Act of 1934
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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:
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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?
What severance will former EVP S. Edward Woodcock receive?
Is Ingevity naming an immediate successor for Mr. Woodcock?
Will the severance payments affect Ingevity’s short-term cash flow?
Where can investors find the full Letter Agreement?
