Form 4: Ingevity Corp Executive Platt Reports Stock Award Vesting and Tax Withholding

Phillip John Platt, SVP of Finance & CAO at Ingevity Corp, reports the vesting of performance-based restricted stock units (PSUs) and shares withheld for tax obligations.

Summary

• On February 19, 2025, Phillip John Platt, SVP, Finance & CAO of Ingevity Corp, had performance-based restricted stock units (PSUs) vest, resulting in the acquisition of 411 shares of common stock.
• These PSUs vested because the Talent and Compensation Committee of the Company's board of directors certified the attainment of performance goals.
• Also on February 19, 2025, 181 shares were withheld by Ingevity Corp to satisfy tax withholding obligations related to the vested PSUs at a price of $48.26.
• Following these transactions, Platt directly owns 27,889 shares of Ingevity Corp common stock.

Sentiment

Score: 7

Explanation: The sentiment is neutral to slightly positive as it reflects the achievement of performance goals leading to stock vesting, which is generally a good sign. However, it's a routine filing.

Positives

• The vesting of PSUs indicates that performance goals set by the company were achieved.

Industry Context

This filing is a routine disclosure related to executive compensation and stock ownership, common in publicly traded companies.

Comparison to Industry Standards

• Executive compensation packages including stock options and restricted stock units are standard practice among publicly traded companies like Ingevity Corp.
• Companies such as Albemarle Corporation (ALB) and Celanese Corporation (CE) also utilize similar equity-based compensation strategies to align executive interests with shareholder value.
• The vesting of PSUs based on performance metrics is a common method to incentivize executives to achieve specific company goals, similar to practices observed in peer companies.

Stakeholder Impact

• The vesting of PSUs aligns executive interests with shareholder value, potentially driving positive performance.
• Tax withholding impacts the executive's net compensation.

Key Dates

Keywords

Form 4, Ingevity Corp, Phillip John Platt, PSUs, Stock Vesting, Tax Withholding, Beneficial Ownership, NGVT