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

Company: Ingevity Corp
Filing Date: 2025-03-26
Form: DEFC14A
Chunk 26
---
 capital expenditures. Information derived from Bloomberg and the Company’s filings with the SEC.

| 17 |

| · | Granted exceptions to the Company’s Corporate Governance Guidelines to explicitly accommodate Mr. Sansone; |

| · | Approved the Company’s ill-advised acquisitions, ill-timed share repurchases, and off market pay package for Mr. Fernandez-Moreno as Interim CEO; and |

| · | The Company has been through 3 chief executive officers plus one interim chief executive officer during the past 5 years.13 |

Moreover, despite each of them being on the Board for 9 years, Ms. Blackwell and Mr. Sansone own 0.06% and 0.05% of the Company’s Shares, respectively.

In
addition, the Company’s Corporate Governance Guidelines provide that a director may not stand for re-election for any service
year after the director turns 72. Ms. Blackwell is 70 years old and has been a director for 9 years. Mr. Sansone is 72 years old and
has also been a director for 9 years. In its proxy statement, the Company acknowledges that this policy is to facilitate Board
refreshment. However, the Company indicated that the Company has granted an exception to Mr. Sansone―despite an express
prohibition on a director standing for election after the director turns 72 years old in its own policy.

We do not believe it was appropriate for the Company to approve an exception to this policy to allow Mr. Sansone to continue to serve. During Mr. Sansone’s tenure as a director and as Chair of the Audit Committee, the Company has faced challenges which relate to, among other things, its financial metrics, evaluation and implementation of acquisitions, and capital
allocation. The Company states this exception is to allow for transition of the role of the Chair of the Audit Committee. We believe that one of the four other members of the Audit Committee (Messrs. Lynch, Willis and Wright, and Ms. Narwold) would be capable of taking the lead as the Chair of Audit Committee. Accordingly, we do not believe that the exception granted to Mr. Sansone to allow him to stand for re-election is in the best interests of the Company’s stockholders.

Moreover,
under the Company’s policy, Ms. Blackwell would be permitted to serve for up to two more years without being granted an
exception. The Company admits this policy is to encourage refreshment on the Board. However, by granting exceptions, the