Company: NGVT
Filing Date: 2025-03-20
Form Type: DEFC14A
Source: 0001308179-25-000174
Chunk: 11

Company: Ingevity Corp
Filing Date: 2025-03-20
Form: DEFC14A
Chunk 11
---
 of the Board and management on numerous occasions over the preceding three months.

| 16 | INGEVITY  |  2025 
 Proxy Statement   |

Background to the Solicitation Later on February 25, 2025, the Company issued a press release and stockholder letter in addition to a letter to the Company’s employees in response to Vision One’s presentation, highlighting the various actions that were underway at the Company to drive improved performance and value creation at the Company, including, among others, its recent financial results, its ongoing strategic review process, the CEO search process and the recent Board refreshment, all of which had been initiated prior to Vision One’s engagement with the Company. It also provided detail on its proposal to collaborate with Vision One to identify a mutually agreed director for appointment to the Board and for Vision One to present their views to the Board. The Company reiterated that despite Vision One’s rejection of the Company’s efforts to engage constructively amid the Company’s CEO search and active strategic review process, the Company remained open to further engagement with Vision One in a manner that would best serve the interests of all Ingevity stockholders. On March 3, 2025, the Company notified Vision One that the Company intends to solicit proxies for the following nine director nominees: Jean S. Blackwell, Luis Fernandez-Moreno, Diane H. Gulyas, Bruce D. Hoechner, Frederick J. Lynch, Karen G. Narwold, Daniel F. Sansone, J. Kevin Willis and Benjamin G. (Shon) Wright. On March 6, 2025, Vision One filed an amended version of its February 25, 2025 presentation with certain corrections and additional soliciting material. On March 10, 2025, the Company filed its preliminary proxy statement with the SEC. Later on March 10, 2025, the Board appointed David H. Li as the Company’s next president and CEO, effective April 7, 2025. Mr. Li has more than 25 years of experience in the specialty materials industry and most recently served as CEO, president and a member of the board of CMC Materials, Inc. prior to its sale to Entegris, Inc. in 2022. Although Vision One had not sought to re-engage since it rejected the Company’s offer to identify a mutually acceptable director nominee and present their views to the Board, the Company believed the recent successful culmination of its leadership search created an opportunity for constructive resolution. Later that