Company: NGVT
Filing Date: 2025-03-24
Form Type: PRRN14A
Source: 0001539497-25-001025
Chunk: 27

Company: Ingevity Corp
Filing Date: 2025-03-24
Form: PRRN14A
Chunk 27
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 is to encourage refreshment on the Board. However, by granting exceptions, the Company may
undermine the goal of the policy.

We believe that Board refreshment is necessary in this instance as these are two directors who have served for 9 years when the Company has struggled. We also believe that new directors, who would not require an exception from the Company’s director age limit policy to serve currently or to serve in the near term, would be beneficial and would further align the interests of the Board with those of the Company’s stockholders.

Based on our past interactions with Board, we do not believe that these directors will be receptive to concerns from stockholders or that they will take the level of action necessary to overcome the challenges and obstacles that the Company has faced and put the Company on a better path forward. Accordingly, we strongly recommend that you vote “FOR” the election
of the Vision One Nominees.

If you have any questions or require any assistance with voting your Shares, please contact our proxy solicitor, HKL & Co., LLC: Banks and Brokerage Firms Please Call Collect: +1 (212) 468-5380; All Others Call Toll-Free: +1 (800) 257-3995; Email: .

Refers to the Company’s return on invested capital (“ROIC”) of 30.7% as of December 31, 2017, as compared to the Company’s ROIC of 12.2% as of as of February 24, 2025 (one day prior to the date on which Vision One publicly announced its intent to nominate directors to the Company’s Board for the Annual Meeting). Return on invested capital is calculated as Net Operating Profit After Tax divided by average Invested
Capital over the last two fiscal years. This calculation is referred to by the Company as “Period-End ROIC” as last disclosed by the Company in its proxy statement. Beginning in its proxy statement for the Annual Meeting, NGVT began excluding cash and cash equivalents from the calculation of Invested Capital. Information derived from Bloomberg and the Company’s filings with the SEC.

Refers to (i) Michael Wilson, who served as the Company’s chief executive officer from May 2016 to February 2020, (ii) John Fortson, who served as the Company’s chief executive officer from September 2020 to September 2024, (iii) David Li, who will serve as the Company’s chief executive officer beginning on April 7, 2025, and