Company: NGVT
Filing Date: 2025-03-26
Form Type: DEFC14A
Source: 0001539497-25-001044
Chunk: 8

Company: Ingevity Corp
Filing Date: 2025-03-26
Form: DEFC14A
Chunk 8
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 directly with the Company and its management regarding these concerns, these attempts have been met with resistance. As a result, the Vision One Participants do not believe that the Company will take sufficient action and implement appropriate changes to address the Company’s ongoing challenges
without board refreshment. We strongly believe that the Company needs new directors who were not involved in the Company’s prior missteps to ensure that the Company is repositioned for success.

Vision One reviewed the Company’s description of the past contacts between the Company and the Vision One Participants included in the Company’s proxy statement filed with the SEC on March 20, 2025. Vision One disagrees with the Company’s characterization of the material events leading to this proxy solicitation and believes that the Company’s characterization
of such events is misleading.

For example, the
Company indicates for the first time in its February 25, 2025 press release that the review it had previously announced on October
30, 2024 as an area of “core focus” for Mr. Fernandez-Moreno, in his capacity as interim president and CEO, first began
in March 2024. We are confused as to why Mr. Fernandez-Moreno would state on October 30, 2024, that he would “conduct a review
of the Company’s portfolio of businesses and overall corporate strategy” when this review had supposedly already been
ongoing for a period over seven months at that time and why the Company would not disclose that this review was being conducted
until after Vision One publicly disclosed its concerns regarding the Company.1 The Board has not formed a committee charged with oversight of a portfolio review process. Vision One further contends that the
Board’s failure to announce the appointment of an outside advisor to conduct a formal strategic review process underscores the
Company’s apparent unwillingness to commit to a structured and transparent review. The absence of both a committee with
authority and an outside advisor to oversee the process raises significant doubt about the sincerity of the Company’s
commitment to exploring strategic alternatives, which leaves Vision One to wonder whether the Company has undertaken a narrow and
non-exhaustive approach on its own that fails to consider all available alternatives. This is one example of how we believe the
Company has inaccurately described the past events leading to this solicitation.

The following is a
chronology of the material events, including the key interactions and communications between the Vision One Participants and the Company,
leading up to the filing of this Proxy Statement:

During 2024, Vision
One began a