Company: NGVT
Filing Date: 2025-03-24
Form Type: PRRN14A
Source: 0001539497-25-001025
Chunk: 10

Company: Ingevity Corp
Filing Date: 2025-03-24
Form: PRRN14A
Chunk 10
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gevity’s SVP, General Counsel and Corporate Secretary, shared a letter from Mr. Fernandez-Moreno by email to Mr. Mather that suggested calendar dates for a potential discussion.

On December 6, 2024, Mr. Fisher provided the form of questionnaire by email to Mr. Mather.

On December 12, 2024, Messrs. Acero and Mather met with Luis Fernandez-Moreno, Interim President and CEO of the Company, and Jean S. Blackwell, Chair of the Company’s Board, by video conference. At this video conference, Vision One presented its concerns regarding the Company’s existing strategy and performance to Ms. Blackwell and Mr. Fernandez-Moreno. Ms. Blackwell and Mr. Fernandez-Moreno listened to Vision One’s concerns and indicated that they would discuss with the full Board; however, they did not engage in any substantive discussion with Vision One at this time. At no point on this video conference did Ms. Blackwell or Mr. Fernandez-Moreno refute the ideas raised by Vision One or otherwise indicate that the possible sale of the Company’s Performance Chemicals business would be a bad idea.

Following this video conference, neither the Board nor any representative of the Company initiated any contact with Vision One until January 27, 2025 – two months after Vision One first contacted the Company and well after Vision One confirmed its intent to nominate directors to the Company’s Board on January 9, 2025, by email to the Company’s Corporate Secretary.

On December 16, 2024, Ingevity announced an increase in the size of its Board to nine members and the election of Mr. J. Kevin Willis, a former colleague of Mr. Fernandez-Moreno at Ashland, Inc., to fill the vacancy created by the expansion of the Board.

On January 9, 2025, Vision One confirmed its intent to nominate directors by email to Mr. Fisher.

On January 16, 2025, Ingevity issued a press release to announce its plans to “explore strategic alternatives” for its Performance Chemicals Industrial Specialties product line and its North Charleston CTO refinery and announced preliminary results. Vision One suggested a strategic alternatives review in its letter to the Company from November and again when it met with representatives of the Company in December – months before this announcement by the Company. Vision One believes that without the continued pressure from Vision One, the Company would have continued the status quo and would not have publicly announced that