Company: NGVT
Filing Date: 2025-03-26
Form Type: DEFC14A
Source: 0001539497-25-001044
Chunk: 36

Company: Ingevity Corp
Filing Date: 2025-03-26
Form: DEFC14A
Chunk 36
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 However, despite having larger market capitalizations, the annual base compensation payable by these entities to their respective chief executive officers is between $1.1 million to $1.3 million,
which is much less than the $3.0 million that Ingevity agreed to pay to Mr. Fernandez-Moreno. Vision One believes that Mr. Fernandez-Moreno’s annual base compensation is excessive based on Ingevity’s market capitalization and is excessive when compared to the compensation payable to chief executive officers at larger chemicals companies.

As of February 24, 2025, one day prior to Vision One publicly announcing its intent to nominate directors to the Company’s Board for the Annual Meeting, the market capitalization of Ingevity was $1,676 million. As of February 24, 2025, the market capitalization of Cabot Corporation, Eastman Chemical Company, PPG Industries, Inc., and The Sherwin-Williams Company was $4,063 million, $11,313 million, $25,766 million, and $86,487 million,
respectively.

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The Company has chosen to present information relating
only to John Fortson, the Company’s former president and chief executive officer, and has specifically excluded the compensation
payable to Mr. Fernandez-Moreno. If the Company disclosed this information for Mr. Fernandez-Moreno’s compensation, it would reflect
25% at-risk and 75% base salary based on his annual base salary of $3,000,000 and the one-time restricted stock unit grant he received
that was valued at $1,000,000. In its proxy statement, the Company touts that the “majority of target total direct compensation
is at-risk” for its President and Chief Executive Officer but this is clearly not the case if the Company were to include Mr. Fernandez-Moreno
in its calculation.

Based on information in the Company’s proxy statement, the vote on Proposal 2 is advisory and is not binding on the Company or its Board. However, the Company has indicated in its proxy statement that its Board and Talent and Compensation Committee will consider the outcome of Proposal 2 in connection with their ongoing evaluation of the Company’s executive compensation program.

The approval of the advisory resolution in Proposal 2 requires the affirmative vote of the majority of the Shares present in person or represented by proxy at the Annual Meeting and entitled to vote on Proposal 2 is required to approve, on a non-binding, advisory basis, the compensation