Company: NGVT
Filing Date: 2025-03-14
Form Type: PREC14A
Source: 0001539497-25-000939
Chunk: 19

Company: Ingevity Corp
Filing Date: 2025-03-14
Form: PREC14A
Chunk 19
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 Willis, who is a former colleague of Mr. Fernandez-Moreno, the board member turned interim 
 CEO.                                                                                                                                    |

We believe that the
case for change is simple ― the Company’s longest serving directors need to be held accountable for the Company’s underperformance
and failure to implement an effective corporate strategy and the stockholders must send a message to the Board that the status quo will
not suffice.

<div align='center'>We Believe that Ingevity’s Current Plan Will Further Destroy Stockholder Value</div>

We do not agree with
the Company’s recently announced plan to review strategic alternatives for its Performance Chemicals Industrial Specialties product
line. The Board has not formed a committee charged with oversight of a portfolio review process. Vision One further contends that the
Board’s failure to announce the appointment of an outside advisor to conduct a formal strategic review process underscores the Company’s
apparent unwillingness to commit to a structured and transparent review. The absence of both a committee with authority and an outside
advisor to oversee the process raises significant doubt about the sincerity of the Company’s commitment to exploring strategic alternatives,
which leaves Vision One to wonder whether the Company has undertaken a narrow and non-exhaustive approach on its own that fails to consider
all available alternatives.

We believe that the
disposition by the Company of this product line will have a disproportionately negative impact on the remaining Performance Chemicals
assets that are retained by the Company.

The Company’s
proposed sale of the Industrial Specialties product line has been described by Mr. Fernandez-Moreno as a “condominium” where
the buyer would operate the Chemical Industrial Specialties product line that it acquired from the Company at the same site as the Company
operates, and would continue to operate, its Road Technologies business. We believe that the Company’s co-location plan introduces
substantial new risk that a buyer of the Industrial Specialties product line could access and impact the proprietary operations of the
Company’s Road Technologies business, which could impair the Road Technologies business by slowing its future growth and permanently
limiting its valuation. We believe the Company’s proposed “condominium” plan increases operating complexity and will
deter potential buyers from acquiring the remaining assets of the Performance Chemicals business.

9Refers to the Company’s acquisition of Georgia-Pacific’s Pine Chemicals business in March 2018, the Capa caprolactone division of Perstorp Holding AB in February 2019, and the Ozark Materials business in March 202