Company: NGVT
Filing Date: 2025-03-14
Form Type: PREC14A
Source: 0001539497-25-000939
Chunk: 15

Company: Ingevity Corp
Filing Date: 2025-03-14
Form: PREC14A
Chunk 15
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5 annual meeting of stockholders, which will be held on April 22, 2025, and (ii) Vision
One intended to reduce its slate of nominees for the Company’s Annual Meeting from four individuals to two individuals. Vision One
also noted that it remained committed to working collaboratively with Ingevity.

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The Vision One
Participants have decided to seek support from the Company’s stockholders for two nominees instead of four nominees. We
believe that more than one stockholder-oriented director is needed to ensure an appropriate level of discourse regarding the
Company’s challenges and to minimize the ability of the other directors to override or ignore concerns raised by a single
director. The Company has not denied that it has challenges and has neither refuted Vision One’s specific criticisms nor
rejected Vision One’s views on how to address these challenges. Instead, the Company has merely indicated that
“actions” are “underway” to “drive improved performance and value creation.” We believe this
amounts to the Company asking its stockholders to “trust them” rather than agreeing to engage in a constructive dialogue
with one of its stockholders. Vision One is not prepared to continue to trust that the Board will take the depth and breadth of
action that is necessary to complete the actions that are underway in a manner that will benefit all stockholders. For these
reasons, among others, Vision One believes that the election of the two Vision One Nominees proposed by Vision One to replace two of
the long-tenured existing directors will provide stockholders with a needed added assurance that the Board and management of
Ingevity are properly focused on the challenges facing the Company and are comprehensive in their exploration of options to enhance
share value.

On March 12, 2025,
Mr. Mather, Ms. Blackwell and Mr. Fernandez-Moreno participated in a conference call. Ms. Blackwell and Mr. Fernandez-Moreno indicated that the Board did not believe a proxy contest was in the best interests of the Company. Ms. Blackwell and Mr. Fernandez-Moreno stated that the Board would be willing to consider adding a director that was to be mutually agreed upon between Vision One and the Company, but that the Company did not intend to add any of the four individuals proposed by Vision One to the Board as none of them had experience in the chemicals industry. Mr. Mather responded that most of the existing members of the Board have chemical industry experience and that the current Board