Company: NGVT
Filing Date: 2025-03-26
Form Type: DEFC14A
Source: 0001539497-25-001044
Chunk: 22

Company: Ingevity Corp
Filing Date: 2025-03-26
Form: DEFC14A
Chunk 22
---
 governance. Between July 25, 2022 and March 15, 2024, William J. Slocum, a partner at
Inclusive, served on the Company’s Board. Mr. Slocum was one of 9 directors during his tenure. During Mr. Slocum’s tenure
on the Board, the Company’s stock price declined from $64.49 on July 25, 2022 to $45.27 on March 15, 2024. We do not know what occurred
during Mr. Slocum’s tenure, but we do know that any efforts by Mr. Slocum to address the concerns raised by Inclusive could easily
have been overridden or ignored by the other 8 directors, 4 of whom are the same directors that continue to sit on the Board and that
Vision One opposes.

We believe that in this instance Board refreshment requires more than one new stockholder-oriented director. The Vision One Nominees are committed to working with the Company to address its challenges and drive change, including the other board members. However, we do not believe that the Company’s existing directors will take sufficient action or implement the changes necessary
to address the Company’s ongoing challenges. Accordingly, we are asking the stockholders to elect both of the Vision One Nominees.

We do not agree with
the Company’s recently announced plan to review strategic alternatives for its Performance Chemicals Industrial Specialties product
line because we believe, as discussed more fully above, that disposition of this product line, without disposing of the Company’s
Performance Chemicals segment, will result in a disproportionately negative impact on the remaining Performance Chemicals assets held
by the Company and prevent or inhibit the future sale of these assets. We believe that the announced plan reduces intrinsic business value
and amounts to an admission of prior acquisition mistakes.

Accordingly, we urge
you to vote “FOR” the Vision One Nominees as now is the time for change.

| 15 |

<div align='center'>The Vision One Nominees Are the Right Individuals to Increase Transparency and Accountability</div>

Vision One believes that motivated, independent directors
with accountability to the Company’s stockholders are needed to increase transparency and accountability and bring an ownership
mentality to the boardroom. We do not believe that the current Board, which is disproportionally comprised of long-tenured legacy directors
and has appointed one of its own as interim CEO (Mr. Fernandez-Moreno) and has selected a new Board