# EDGAR Filing Document

**Accession Number:** 0001592057
**File Stem:** 0000902664-23-002098
**Filing Date:** 2023-3
**Character Count:** 31100
**Document Hash:** 97bf0ff0962646265a526c9c7e3b4cec
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000902664-23-002098.hdr.sgml**: 20230302

**ACCESSION NUMBER**: 0000902664-23-002098

**CONFORMED SUBMISSION TYPE**: SC 13D/A

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20230302

**DATE AS OF CHANGE**: 20230302

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Enviva Inc.
- **CENTRAL INDEX KEY:** 0001592057
- **STANDARD INDUSTRIAL CLASSIFICATION:** LUMBER & WOOD PRODUCTS (NO FURNITURE) [2400]
- **IRS NUMBER:** 464097730
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-88876
- **FILM NUMBER:** 23700341

**BUSINESS ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVE.
- **STREET 2:** SUITE 1800
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814
- **BUSINESS PHONE:** (301) 657-5560

**MAIL ADDRESS:**
- **STREET 1:** 7272 WISCONSIN AVE.
- **STREET 2:** SUITE 1800
- **CITY:** BETHESDA
- **STATE:** MD
- **ZIP:** 20814

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Enviva Partners, LP
- **DATE OF NAME CHANGE:** 20131114
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INCLUSIVE CAPITAL PARTNERS, L.P.
- **CENTRAL INDEX KEY:** 0001817187
- **IRS NUMBER:** 851004318
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D/A

**BUSINESS ADDRESS:**
- **STREET 1:** 1170 GORGAS AVENUE
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94129
- **BUSINESS PHONE:** (415) 440-5801

**MAIL ADDRESS:**
- **STREET 1:** 1170 GORGAS AVENUE
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94129

---

| |
|:---|
| &nbsp;&nbsp;SECURITIES AND EXCHANGE COMMISSION |
| &nbsp;&nbsp;Washington, D.C. 20549 |
| &nbsp;&nbsp;SCHEDULE 13D/A |
| &nbsp;&nbsp;Under the Securities Exchange Act of 1934 |
| &nbsp;&nbsp;(Amendment No. 4)\* |
| &nbsp;&nbsp; Enviva Inc. |
| &nbsp;&nbsp;(Name of Issuer) |
| &nbsp;&nbsp; Common stock, par value $0.001 per share |
| &nbsp;&nbsp;(Title of Class of Securities) |
| &nbsp;&nbsp; 29415B1035 |
| &nbsp;&nbsp;(CUSIP Number) |
| &nbsp;&nbsp;Philippe B. Pradel |
| &nbsp;&nbsp;Inclusive Capital Partners, L.P. |
| &nbsp;&nbsp;1170 Gorgas Avenue |
| &nbsp;&nbsp;San Francisco, CA 94129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Eleazer Klein, Esq. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adriana Schwartz, Esq. |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Schulte Roth & Zabel LLP |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;919 Third Avenue |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New York, NY 10022 |
| &nbsp;&nbsp; (212) 756-2000 |
| &nbsp;&nbsp;(Name, Address and Telephone Number of Person |
| &nbsp;&nbsp;Authorized to Receive Notices and Communications) |
| &nbsp;&nbsp; February 28, 2023 |
| &nbsp;&nbsp;(Date of Event Which Requires Filing of This Statement) |

---

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ◻

(Page 1 of 7 Pages)

______________________________

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

---

| | | |
|:---|:---|:---|
| **CUSIP No. 29415B1035** | **SCHEDULE 13D/A** | **Page 2 of 7 Pages** |

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| | | | |
|:---|:---|:---|:---|
| **1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAME OF REPORTING PERSON<br> Inclusive Capital Partners, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAME OF REPORTING PERSON<br> Inclusive Capital Partners, L.P. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAME OF REPORTING PERSON<br> Inclusive Capital Partners, L.P. |
| **2** | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp; (a) ◻<br> (b) ◻ |
| **3** | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |
| **4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOURCE OF FUNDS<br> OO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOURCE OF FUNDS<br> OO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOURCE OF FUNDS<br> OO |
| **5** | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | &nbsp;&nbsp;◻ |
| **6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Delaware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Delaware | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> Delaware |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 5,750,457\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 5,750,457\* |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **10** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 5,750,457\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 5,750,457\* |
| **11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 5,750,457\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 5,750,457\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 5,750,457\* |
| **12** | &nbsp;&nbsp;CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;◻ |
| **13** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br> 8.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br> 8.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br> 8.5% |
| **14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> PN, IA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> PN, IA | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> PN, IA |

---

\* As disclosed in Item 5(b), includes 8,018 shares of Common Stock held by Mr. Ubben for the benefit of In-Cap and the In-Cap Funds.

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| | | |
|:---|:---|:---|
| **CUSIP No. 29415B1035** | **SCHEDULE 13D/A** | **Page 3 of 7 Pages** |

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| | | | |
|:---|:---|:---|:---|
| **1** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAME OF REPORTING PERSON<br> Jeffrey W. Ubben | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAME OF REPORTING PERSON<br> Jeffrey W. Ubben | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; NAME OF REPORTING PERSON<br> Jeffrey W. Ubben |
| **2** | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp;CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP | &nbsp;&nbsp; (a) ◻<br> (b) ◻ |
| **3** | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY | &nbsp;&nbsp;SEC USE ONLY |
| **4** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOURCE OF FUNDS<br> OO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOURCE OF FUNDS<br> OO | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOURCE OF FUNDS<br> OO |
| **5** | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDING IS REQUIRED PURSUANT TO ITEMS 2(d) or 2(e) | &nbsp;&nbsp;◻ |
| **6** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> United States | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CITIZENSHIP OR PLACE OF ORGANIZATION<br> United States |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **7** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE VOTING POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **8** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 5,750,457\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED VOTING POWER<br> 5,750,457\* |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **9** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SOLE DISPOSITIVE POWER<br> 0 |
| &nbsp;&nbsp;NUMBER OF<br> SHARES<br> BENEFICIALLY<br> OWNED BY<br> EACH<br> REPORTING<br> PERSON WITH | **10** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 5,750,457\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; SHARED DISPOSITIVE POWER<br> 5,750,457\* |
| **11** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 5,750,457\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 5,750,457\* | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON<br> 5,750,457\* |
| **12** | &nbsp;&nbsp;CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;CHECK IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES | &nbsp;&nbsp;◻ |
| **13** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br> 8.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br> 8.5% | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)<br> 8.5% |
| **14** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> IN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> IN | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; TYPE OF REPORTING PERSON<br> IN |

---

\* As disclosed in Item 5(b), includes 8,018 shares of Common Stock held by Mr. Ubben for the benefit of In-Cap and the In-Cap Funds.

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| | | |
|:---|:---|:---|
| **CUSIP No. 29415B1035** | **SCHEDULE 13D/A** | **Page 4 of 7 Pages** |

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The following constitutes Amendment No. 4 to the Schedule 13D filed by the undersigned ("<u>Amendment No. 4</u>"). This Amendment No. 4 amends the Schedule 13D as specifically set forth herein. Capitalized terms used herein and not otherwise defined in this Amendment No. 4 have the meanings set forth in the Schedule 13D, as amended. This Amendment No. 4 amends Items 4, 5(a)-(c), 6 and 7 as set forth below.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Item 4.** | &nbsp;&nbsp;**PURPOSE OF TRANSACTION** |
|  | &nbsp;&nbsp;Item 4 of the Schedule 13D is hereby amended and supplemented to add the following: |
|  | &nbsp;&nbsp; On February 28, 2023, In-Cap entered into a Subscription Agreement with the Issuer (the "Subscription Agreement"), to purchase 1,856,271 shares of Series A Preferred Stock of the Issuer, par value $0.001 per share ("Preferred Shares"), having the terms as set forth in the Issuer's Certificate of Designations for Preferred Shares, at a price of $37.71 per share. Each Preferred Share is convertible into one share of Common Stock, subject to adjustment for any stock dividends, splits, combinations, and similar events, and will automatically convert into Common Stock upon shareholder approval of the conversion by a majority of the votes cast. The closing of the private placement is expected to occur on or around March 20, 2023. The foregoing description is not complete and is qualified in its entirety by reference to the full text of the form of Subscription Agreement, which is included as Exhibit 1.1 to the Issuer's Current Report on Form 8-K filed on March 2, 2023, and is incorporated herein by reference.<br>Pursuant to the Subscription Agreement, In-Cap and the Issuer have agreed to enter into a registration rights agreement (the "Registration Rights Agreement") in connection with the closing of the private placement, pursuant to which the Issuer will agree to file and maintain a registration statement with respect to the resale of the Common Stock issuable upon conversion of the Preferred Shares on the terms set forth therein. The Registration Rights Agreement will also provide certain investors with customary piggyback registration rights. The foregoing description is not complete and is qualified in its entirety by reference to the full text of the form of Registration Rights Agreement, which is included as Exhibit 1.2 to the Issuer's Current Report on Form 8-K filed on March 2, 2023, and is incorporated herein by reference.<br>On February 28, 2023, In-Cap entered into a Voting Agreement with the Issuer (the "Voting Agreement"), pursuant to which In-Cap has agreed to vote shares of Common Stock held by it in favor of the conversion of Preferred Shares. The foregoing description is not complete and is qualified in its entirety by reference to the full text of the form of Voting Agreement, which is included as Exhibit G hereto, and is incorporated herein by reference. |

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| | | |
|:---|:---|:---|
| **CUSIP No. 29415B1035** | **SCHEDULE 13D/A** | **Page 5 of 7 Pages** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Item 5.** | &nbsp;&nbsp;**INTEREST IN SECURITIES OF THE ISSUER** |
|  | &nbsp;&nbsp;Items 5(a)-(c) of the Schedule 13D is hereby amended and restated as follows: |
| &nbsp;&nbsp;(a) | &nbsp;&nbsp;See rows (11) and (13) of the cover pages to this Schedule 13D for the aggregate number of shares of Common Stock and percentages of the shares of Common Stock beneficially owned by each Reporting Person. The percentages used in this Schedule 13D are calculated based upon 67,610,102 shares of Common Stock outstanding as of February 24, 2023, as reported in the Issuer's Annual Report on Form 10-K for the fiscal year ended December 31, 2022 filed by the Issuer with the SEC on March 1, 2023. |
| &nbsp;&nbsp;(b) | &nbsp;&nbsp;See rows (7) through (10) of the cover pages to this Schedule 13D for the number of shares of Common Stock as to which each Reporting Person has the sole or shared power to vote or direct the vote and sole or shared power to dispose or to direct the disposition. |
|  | &nbsp;&nbsp;Mr. Ubben holds 8,018 shares of Common Stock directly, which shares were issued to Mr. Ubben pursuant to stock award grants and upon vesting of previously reported restricted stock units that were issued to Mr. Ubben for his service on the board of directors of the Issuer and its predecessor. Mr. Ubben holds such 8,018 shares of Common Stock for the benefit of the In-Cap Funds and indirectly for the benefit of In-Cap, and may, after vesting, if applicable, transfer the shares of Common Stock directly to the In-Cap Funds. |
| &nbsp;&nbsp;(c) | &nbsp;&nbsp;Other than the stock award granted to Mr. Ubben on February 16, 2023 and reported in Mr. Ubben's Form 4 filed on February 21, 2023, no transactions in the shares of Common Stock were effected in the past sixty (60) days by the Reporting Persons. |

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| | | |
|:---|:---|:---|
| **CUSIP No. 29415B1035** | **SCHEDULE 13D/A** | **Page 6 of 7 Pages** |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Item 6.** | &nbsp;&nbsp;**CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT TO SECURITIES OF THE ISSUER** |
|  | &nbsp;&nbsp; Item 6 of the Schedule 13D is hereby amended and supplemented to add the following:<br>The information disclosed in Item 4 which is incorporated herein by reference.<br>On January 31, 2023, Mr. Ubben received a total of 3,463 restricted stock units in consideration for his service on the board of directors of the Issuer. The restricted stock units will vest on the first anniversary of the date of grant as long as Mr. Ubben continues to serve as a member of the board of directors of the Issuer through such date, and may be settled in either cash or shares of Common Stock. Mr. Ubben is deemed to hold the restricted units for the benefit of the In-Cap Funds and indirectly for the benefit of In-Cap, and may, after vesting, if applicable, transfer the shares of Common Stock directly to the In-Cap Funds.<br>Eva Zlotnicka, a Founder and Managing Partner at In-Cap ("Ms. Zlotnicka"), holds 3,665 shares of Common Stock directly and, on January 31, 2023, received a total of 3,463 restricted stock units in consideration for her service on the board of directors of the Issuer. The restricted stock units will vest on the first anniversary of the date of grant as long as Ms. Zlotnicka continues to serve as a member of the board of directors of the Issuer through such date, and may be settled in either cash or shares of Common Stock. Ms. Zlotnicka is deemed to hold such shares of Common Stock and restricted stock units for the benefit of the In-Cap Funds and indirectly for the benefit of In-Cap, and may, after vesting, if applicable, transfer the shares of Common Stock directly to the In-Cap Funds. |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Item 7.** | &nbsp;&nbsp;**MATERIAL TO BE FILED AS EXHIBITS** |
|  | &nbsp;&nbsp;Item 7 of the Schedule 13D is hereby amended and supplemented to add the following: |
| Exhibit E: | &nbsp;&nbsp;Form of Subscription Agreement (incorporated herein by reference to Exhibit 1.1 of the Issuer's Current Report on Form 8-K filed on March 2, 2023). |
| Exhibit F: | &nbsp;&nbsp;Form of Registration Rights Agreement (incorporated herein by reference to Exhibit 1.2 of the Issuer's Current Report on Form 8-K filed on March 2, 2023). |
| Exhibit G: | &nbsp;&nbsp;Form of Voting Agreement. |

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| | | |
|:---|:---|:---|
| **CUSIP No. 29415B1035** | **SCHEDULE 13D/A** | **Page 7 of 7 Pages** |

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**SIGNATURES**

After reasonable inquiry and to the best of his or its knowledge and belief, the undersigned certifies that the information set forth in this statement is true, complete and correct.

Date: March 2, 2023

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| | |
|:---|:---|
| &nbsp;&nbsp;**Inclusive Capital Partners, L.P.** | &nbsp;&nbsp;**Inclusive Capital Partners, L.P.** |
| &nbsp;&nbsp;By: | /s/ Philippe B. Pradel |
| &nbsp;&nbsp;Name: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Philippe B. Pradel |
| &nbsp;&nbsp;Title: | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Chief Compliance Officer |
| &nbsp;&nbsp;/s/ Jeffrey W. Ubben | &nbsp;&nbsp;/s/ Jeffrey W. Ubben |
| &nbsp;&nbsp;**JEFFREY W. UBBEN** | &nbsp;&nbsp;**JEFFREY W. UBBEN** |

---

## Ex-99

**VOTING AGREEMENT**

This Voting Agreement (this "***Agreement***"), dated as of February 28, 2023, is entered into by and among each of the persons signatory hereto (each such person, a "***Party***", and collectively, the "***Parties***").

**RECITALS**

**WHEREAS**, pursuant to those Subscription Agreements (the "***Subscription Agreements***"), each dated as of the date hereof, by and among Enviva Inc., a Delaware corporation (hereinafter called "***EVA***"), the Parties, and certain other investors (the "***Subscribers***"), the Subscribers have agreed to purchase, and EVA has agreed to sell, equity securities of EVA;

**WHEREAS**, pursuant to the Subscription Agreements, the equity securities purchased by the Subscribers may be Series A Preferred Stock, which will convert into common stock (the "***Preferred Conversion***") upon satisfaction of certain conditions, which may include shareholder approval as required by Rule 312.03 of the NYSE Listed Company Manual ("***Shareholder Approval***"); and

**WHEREAS**, subject to the terms and conditions herein, the Parties desire to agree to certain voting arrangements and transfer restrictions with respect to the shares of EVA common stock (the "***EVA Shares***") held by such Shareholders and their respective Affiliates (as defined below) as further described herein.

**NOW THEREFORE**, in consideration of the premises set forth herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties covenant and agree as follows:

**AGREEMENTS**

**Article 1<br>VOTING**

Section 1.1 <u>Voting</u>. Each Party agrees that, if EVA seeks Shareholder Approval, such Party shall, and shall cause such Party's Affiliates to, vote all EVA Shares then held (directly or indirectly) by such Party or such Party's Affiliates (whether acquired in the public market, held as of the date hereof, or otherwise) in favor of the Preferred Conversion and such other proposals related thereto.

Section 1.2 <u>Transfer Restrictions</u>. Each Party agrees that such Party shall not, and shall not permit any controlled Affiliate of such Party to, Transfer any EVA Shares held (directly or indirectly) by such Party or such Party's Affiliates (whether acquired in the public market or otherwise) until the date of the Preferred Conversion; provided, however, the foregoing restrictions shall not apply to Transfers between or among a Party and its Affiliates provided that in the case of a Transfer from a Party to one or more of such Party's Affiliates each such transferee executes and delivers to the other Parties a joinder pursuant to which such transferee shall become a Party for purposes of this Agreement.

**Article 2<br> MISCELLANEOUS**

Section 2.1 <u>Entire Agreement</u>. This Agreement supersedes all prior oral discussions and written agreements among the Parties with respect to the subject matter of this Agreement. This Agreement contains the sole and entire agreement among the Parties hereto with respect to the subject matter hereof.

Section 2.2 <u>Successors and Assigns</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All of the terms of this Agreement will be binding upon, and inure to the benefit of, and be enforceable by, the Parties and their respective successors and permitted assigns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Neither this Agreement nor any of the rights, interests, or obligations hereunder shall be assignable by a Party without the prior written consent of the other Parties; provided, that any Party may assign such rights, interests or obligations to an Affiliate pursuant to a transfer of EVA Shares made in accordance with Section 1.2 .

Section 2.3 <u>Amendments and Waivers</u>. All amendments to this Agreement, or waivers of the obligations of any party under this Agreement, must be in writing and signed by each of the Parties. The waiver by any Party of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent breach. Except as otherwise expressly provided herein, no failure to exercise, delay in exercising, or single or partial exercise of any right, power, or remedy by a Party, and no course of dealing between the Parties, shall constitute a waiver of any such right, power, or remedy.

Section 2.4 <u>Notices</u>. Unless otherwise provided herein, all notices, requests, consents, approvals, demands, and other communications to be given hereunder will be in writing and will be deemed given upon (a) confirmed delivery by a reputable overnight carrier or when delivered by hand, addressed to the respective Parties listed below at the following addresses (or such other address for a Party hereto as will be specified by like notice); (b) actual receipt; (c) the expiration of four (4) Business Days after the day when mailed by registered or certified mail (postage prepaid, return receipt requested), addressed to the respective Parties listed below at the following addresses (or such other address for a Party hereto as will be specified by like notice); or (d) delivery by electronic mail to a Party at the electronic mail address set forth in such Party's Subscription Agreement (or at such other address as such Party shall designate by like notice).

Section 2.5 <u>Governing Law</u>. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without reference to the choice of law principles thereof.

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Section 2.6 <u>Dispute Resolution; Waiver of Jury Trial</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Each of the Parties (i) consents to submit itself to the exclusive personal jurisdiction and venue of any U.S. federal court located in the State of Delaware or any Delaware state court with respect to any suit relating to or arising out of this Agreement or any of the transactions contemplated hereby, (ii) agrees it will not attempt to defeat or deny such personal jurisdiction or venue by motion or otherwise, (iii) agrees it will not bring any such suit in any court other than a U.S. federal or state court sitting in the State of Delaware, (iv) irrevocably agrees any such suit (whether at law, in equity, in contract, in tort, or otherwise) shall be heard and determined exclusively in such U.S. federal or state court sitting in the State of Delaware, (v) agrees to service of process in any such action in any manner prescribed by the laws of the State of Delaware, and (vi) agrees service of process upon such Party in any action or proceeding shall be effective if notice is given in accordance with Section 2.4.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) EACH PARTY ACKNOWLEDGES AND AGREES ANY SUCH CONTROVERSY THAT MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH SUCH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT SUCH PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY SUCH LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT.

Section 2.7 <u>Severability</u>. In the event any of the provisions hereof are held to be invalid or unenforceable under applicable laws, the remaining provisions hereof will not be affected thereby. In such event, the Parties hereto agree and consent such provisions and this Agreement will be modified and reformed so as to effect the original intent of the Parties as closely as possible with respect to those provisions that were held to be invalid or unenforceable.

Section 2.8 <u>Rights of Third Parties</u>. Nothing expressed or implied in this Agreement is intended or shall be construed to confer upon or give any person, other than the Parties, any right or remedies under or by reason of this Agreement.

Section 2.9 <u>Counterparts</u>. This Agreement may be executed by electronic mail exchange of .pdf signature pages and 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 Party hereto and delivered (including by electronic mail exchange of .pdf signature pages) to the other Parties hereto.

Section 2.10 <u>Specific Performance</u>. The Parties agree if any of the provisions of this Agreement were not performed in accordance with their specific terms or were otherwise breached, irreparable damage would occur and money damages may not be a sufficient remedy. In addition to any other remedy at law or in equity, each Party shall be entitled to specific performance by each other Party of its obligations under this Agreement and immediate injunctive relief, without the necessity of proving the inadequacy of money damages as a remedy.

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Section 2.11 <u>Certain Definitions</u>. For purposes of this Agreement, the term "***Affiliate***" means with respect to a person, any other person controlling, controlled by, or under common control with such person, and "***control***", including the correlative terms "***controlling***", "***controlled by***", and "***under common control with***" means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of a person, whether through ownership of voting securities, by contract or otherwise; and the term "***Transfer***" means the (i) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase, or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the U.S. Securities and Exchange Commission promulgated thereunder with respect to, any security, (ii) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) public announcement of any intention to effect any transaction specified in clause (i) or (ii).

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