Company: NGVT
Filing Date: 2025-03-19
Form Type: PRER14A
Source: 0001308179-25-000166
Chunk: 7

Company: Ingevity Corp
Filing Date: 2025-03-19
Form: PRER14A
Chunk 7
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 overall corporate strategy. This review was first publicly disclosed once it had been sufficiently progressed internally. The review process first began at the Board level in March 2024 in collaboration with senior members of management and, soon after, external advisors, including a major investment bank and a leading accounting firm. Detailed discussion continued throughout the summer and at subsequent Board meetings, including in June, July, September, October and December, at the last of which the Board approved the formal strategic alternatives process for the majority of its Industrial Specialties business and the North Charleston refinery. The Company’s strategic review process continues to this day as part of the Company’s strategy of focusing on higher margin and higher growth products. On November 14, 2024, Vision One filed a Form 13F with the SEC disclosing its holding of 112,521 Ingevity shares, which represented 0.31% of the total outstanding shares of the Company as of October 28, 2024. This was the first 13F filing that reflected Vision One’s position in the Company. On November 26, 2024, Courtney Mather and Julio Acero of Vision One sent a letter addressed to the Board via email to Mr. Fisher. The letter stated Vision One’s views regarding the Company’s financial performance, history of acquisitions, and governance. In their letter Vision One demanded that the Company’s Board initiate a strategic review process to explore alternatives for the Performance Chemicals and

| 14 | INGEVITY  |  2025 
 Proxy Statement   |

Background to the Solicitation Advanced Polymer Technologies segments, add a director to its Board who is a stockholder representative and implement certain corporate governance changes. Vision One also requested to promptly speak to the Company regarding its views and requested copies of the forms that a proposed director nominee would be required to furnish in accordance with the Company’s Bylaws if it were to nominate a director for election at the next annual meeting. Neither the Company nor any members of the Board had received any requests for engagement or any other feedback from Vision One prior to the letter. Mr. Fisher confirmed receipt of the letter to Mr. Mather by email on the same day. On December 3, 2024, Mr. Fernandez-Moreno sent a letter addressed to Mr. Mather and Mr. Acero via email from Mr. Fisher, which letter invited them to meet to discuss their letter and their perspectives on Ingevity and its corporate strategy with Mr. Fernandez-Moreno and Ms. Blackwell,