Company: NGVT
Filing Date: 2025-03-14
Form Type: PREC14A
Source: 0001539497-25-000939
Chunk: 31

Company: Ingevity Corp
Filing Date: 2025-03-14
Form: PREC14A
Chunk 31
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ernandez-Moreno to act as the Company’s Interim President and Chief Executive Officer with an excessive pay package demonstrates
that the current Board is beholden to Mr. Fernandez-Moreno.

We also question whether the Company’s disclosure
in its proxy statement regarding its 2024 target pay mix, which reflects 85% at-risk compensation and 15% base salary, for its President
and Chief Executive Officer is misleading.

Refers to the median of the annual
base salaries of the following individuals as compared to the annual base salary for Mr. Fernandez-Moreno that was approved by the Company’s
Board in October 2024:

| - | $1,100,000 for Mr. Sean D. Keohane in his capacity as President and Chief Executive Officer of Cabot Corporation (as disclosed in Cabot 
 Corporation’s proxy statement filed with the SEC on January 24, 2025);                                                                  |

| - | $1,360,810 for Mr. Mark J. Costa in his capacity as Chief Executive Officer of Eastman Chemical Company (as disclosed in Eastman Chemical 
 Company’s proxy statement filed with the SEC on March 21, 2024);                                                                          |

| - | $1,200,000 for Mr. Timothy M. Knavish in his capacity as Chief Executive Officer of PPG Industries, Inc. (as disclosed in PPG Industries, 
 Inc.’s proxy statement filed with the SEC on March 7, 2024); and                                                                          |

| - | $1,300,000 for Ms. Heidi G. Petz in her capacity as President                                                               
 and Chief Executive Officer of The Sherwin-Williams Company (as disclosed in The Sherwin Williams Company’s proxy statement 
 filed with the SEC on March 6, 2024).                                                                                       |

| 22 |

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