Inclusive Capital Partners, L.P. - Aug 2, 2023 Form 4 Insider Report for Enviva Inc. (EVA)

Role: Director, Other*, 10%+ Owner
Signature: Inclusive Capital Partners, L.P. /s/ Philippe B. Pradel, Chief Compliance Officer
Stock symbol: EVA
Transactions as of: Aug 2, 2023
Transactions value $: $0
Form type: 4
Date filed: 8/4/2023, 04:15 PM
Previous filing: Jun 20, 2023
Next filing: Nov 2, 2023

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	EVA	Common Stock	Award	$0	+2.54K	+26.66%	$0.00	12.1K	Aug 2, 2023	See footnotes	F1, F4
transaction	EVA	Common Stock	Award	$0	+2.85K	+53.01%	$0.00	8.22K	Aug 2, 2023	See footnotes	F2, F4
holding	EVA	Common Stock						7.6M	Aug 2, 2023	See footnotes	F3, F4

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents 2,544 shares of common stock granted to Mr. Jeffrey W. Ubben ("Mr. Ubben") by the Issuer on August 2, 2023 pursuant to the Enviva Inc. Long-Term Incentive Plan. Mr. Ubben is deemed to hold the shares of common stock for the benefit of certain funds (the "In-Cap Funds") managed by Inclusive Capital Partners, L.P., a Delaware limited partnership, ("In-Cap" or the "Reporting Person") to which In-Cap acts as investment manager 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.
F2	Represents 2,849 shares of common stock granted to Ms. Eva Zlotnicka, a Founder and Managing Partner at In-Cap, ("Ms. Zlotnicka") by the Issuer on August 2, 2023 pursuant to the Enviva Inc. Long-Term Incentive Plan. Ms. Zlotnicka is deemed to hold the 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. Ms. Zlotnicka has separately reported this grant on her own Form 4 as well.
F3	The securities reported herein are held by the In-Cap Funds to which In-Cap acts as investment manager. Mr. Ubben indirectly controls In-Cap.
F4	The filing of this statement shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Act of 1934, as amended, or otherwise. The Reporting Person expressly disclaims beneficial ownership of the securities reported herein except to the extent of its pecuniary interest therein.

Remarks:

In-Cap may be deemed to be a director by deputization for purposes of Section 16 under the Securities Exchange Act of 1934, as amended, by virtue of the fact that Mr. Ubben currently serves on the board of directors of the Issuer. Ms. Zlotnicka also serves on the board of directors of the Issuer.