Company: NGVT
Filing Date: 2025-03-26
Form Type: DEFC14A
Source: 0001539497-25-001044
Chunk: 9

Company: Ingevity Corp
Filing Date: 2025-03-26
Form: DEFC14A
Chunk 9
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 due diligence review of the Company and its corporate governance, capital allocation, performance, strategy, management team,
and board composition.

Beginning in September 2024, Vision One began purchasing Shares in open market transactions because Vision One believed that the Shares represented an attractive investment opportunity. Vision One continued to increase the size of its investment in the Company over the next few months. For additional information regarding Vision One and its ownership of the Shares, please see Annexes Iand IIto this Proxy Statement.

On November 26, 2024, Vision One sent a letter, which is included in the Schedule 14A filed by Vision One with the SEC on February 25, 2025, to the Board raising its concerns relating to the Company’s track record with respect to appropriately valuing acquisition targets and obtaining the anticipated benefits from such acquisitions, capital expenditures, and use of capital to conduct share repurchases rather than reduce the Company’s debt. Vision One also raised concerns regarding the Company’s decision to appoint Mr. Fernandez-Moreno as Interim President and CEO of the Company with a lucrative pay package and questioned the current Board’s alignment with the Company’s stockholders. Vision One specifically recommended that the Board initiate a strategic review process to explore alternatives for the Performance Chemicals or “PC” segment. In this letter, Vision One requested the form of director questionnaire required to propose directors to be nominated under Ingevity’s Fourth Amended and Restated Bylaws (the “ Bylaws”).

1Shockingly, in the Company’s third quarter earnings call on October 30, 2024, Mr. Fernandez-Moreno boasted that he had been a member of the Board since the “day we became public” while at the same time indicating that with him “coming on board” as the Interim President and Chief Executive Officer that it was a “good time to revisit” and “check if this is the right corporate strategy, the right portfolio composition”. We are rightfully concerned that a long-time director would think it was appropriate to “revisit” and “check” the corporate strategy and portfolio composition that he had been implementing along with the other directors for the past nine years!

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On December 3, 2024, Mr. Ryan C. Fisher, Ingevity’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