Company: NGVT
Filing Date: 2025-03-10
Form Type: PREC14A
Source: 0001308179-25-000061
Chunk: 44

Company: Ingevity Corp
Filing Date: 2025-03-10
Form: PREC14A
Chunk 44
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 Form 8-K filed on October 3, 2024, following his departure from the Company, Mr. Fortson became eligible for severance compensation and benefits under the terms of his Severance Agreement dated February 17, 2022 and as described above. Mr. Fortson must adhere to confidentiality, non-competition, and non-solicitation covenants, and payment was contingent upon his execution and non-revocation of a release of claims against the Company, which was completed. A copy of the Severance Agreement was previously filed with the SEC on February 24, 2022, as Exhibit 10.50 to the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. Cozad agreement.As disclosed in the Form 8-K filed on June 26, 2024, the Company entered into a Transition Agreement with Ms. Cozad in recognition of her service and to ensure a smooth handoff of her duties following her resignation. Ms. Cozad received a one-time cash payment of $673,741, less applicable taxes and withholdings, reflecting the estimated cash value of her unvested RSUs, which she forfeited upon her resignation. A copy of the Transition Agreement was previously filed with the Company’s Quarterly Report on Form 10-Q for the quarter ended June 30, 2024. Equity awards – Omnibus Plan The treatment of Ingevity’s equity awards in the event of a change of control is governed by the award agreements and our Omnibus Plan. In particular, in the event of a change of control where the NEO receives a “replacement award,” there will be no accelerated vesting, exercisability, or payment of an outstanding award unless the NEO’s employment is terminated without Cause (as defined below), other than as a result of death or disability, or the NEO resigns for Good Reason (as defined below) within two years of the change of control event. In such cases, upon the second trigger, NEO holders of such awards will be entitled to accelerated vesting; awards will be exercisable and/or will be settled. If a NEO does not receive a replacement award or if an award is not otherwise assumed by the acquirer, then upon the occurrence of a change of control, all outstanding unvested awards will be fully vested (with the exception of PSUs, which will vest on a pro-rata basis as further described in the table below) and exercisable.

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