Company: NGVT
Filing Date: 2025-03-24
Form Type: PRRN14A
Source: 0001539497-25-001025
Chunk: 14

Company: Ingevity Corp
Filing Date: 2025-03-24
Form: PRRN14A
Chunk 14
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 resistance it has experienced in its past dealings with the Company.

On March 6, 2025, Vision One filed an updated presentation with the SEC to include additional information regarding, among other things, its estimates and assumptions in the annexes to the presentation.

On March 10, 2025,
the Company filed its preliminary proxy statement with the SEC.

Later that day, on
March 10, 2025, the Company announced that it had appointed Mr. David H. Li as President and Chief Executive Officer of the Company, effective
April 7, 2025. The Company announced that in connection with Mr. Li’s appointment, (i) Mr. Li was expected to join the Board following
the Annual Meeting, (ii) Mr. Fernandez-Moreno would step down as interim President and Chief Executive Officer as of the effective date
of Mr. Li’s appointment, and (iii) Mr. Fernandez-Moreno would continue to serve on the Board.

Vision One believes
that its concerns were well-founded. The Board appointed a new chief executive officer despite Vision One publicly expressing its concerns
regarding the Company’s lack of a succession plan and publicly indicating that the Company’s stockholders should be involved
in the selection of the next chief executive officer. The Board also appears to have reconsidered the appropriate salary for the Company’s
chief executive officer as Mr. Li’s annual base salary is $1,100,000 compared to Mr. Fernandez-Moreno’s excessive annual base
salary of $3,000,000.

Vision One was not
contacted by the Company or the Board until after the announcement that Mr. Li had been appointed as Chief Executive Officer. Instead,
on the evening of March 10, 2025, Mr. Fisher emailed a letter from Mr. Fernandez-Moreno to Mr. Mather. In that letter, Mr. Fernandez-Moreno
indicated that “[o]ur focus continues to be on taking decisive action to deliver stockholder value.” Vision One is left to
question whether “decisive action” in this instance refers to the Board pushing forward with its own agenda despite a stockholder
raising its concerns first privately with the Company and then publicly after the Company failed to engage in discussions with the stockholder.

On the evening of March 10, 2025, Vision One notified the Company that (i) Mr. Mather had been included as a director candidate by The Chemours Company (NYSE: CC) in its proxy statement