Company: NGVT
Filing Date: 2025-03-26
Form Type: DEFC14A
Source: 0001539497-25-001044
Chunk: 21

Company: Ingevity Corp
Filing Date: 2025-03-26
Form: DEFC14A
Chunk 21
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Refers to the Company’s acquisition of the Pine Chemicals business in March 2018, the Capa caprolactone division in February 2019, and the Ozark Materials business in March 2022.

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In our view, the best
path forward for maximizing value for the Company’s stockholders would be a sale of the Company’s entire Performance Chemicals
segment (as compared to the Company’s proposal to sell only the Industrial Specialties product line) as the Company would be able
to offset the gains from the sale against prior losses resulting from unsuccessful acquisitions for tax purposes and use the proceeds
to pay down its existing secured indebtedness and repurchase Shares at a substantial discount to the intrinsic business value of the continuing
operations. This would allow the Company to then be able to focus on its remaining businesses – the Performance Materials and Capa
caprolactone business. We believe that the Company’s Performance Materials and Capa caprolactone business on a stand-alone basis
would benefit from an increased valuation due to the beneficial margins, low earnings volatility, and stable market position of these
remaining businesses.

<div align='center'>Change is Required to Reposition the Company for Success and Now is the Time for Change</div>

We are soliciting your support to elect the Vision One Nominees at the Annual Meeting because we believe that an immediate change in the leadership of Ingevity is needed. We strongly believe that the Company needs new directors who were not involved in the Company’s prior missteps to ensure that the Company is repositioned for success.

We are nominating
two individuals to the Board because we believe that new directors will bring new, objective, and fully independent perspectives to the
Board. We also believe that multiple stockholder-oriented directors are necessary to facilitate 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.

We believe our concerns
are well-founded given the Company’s recent experience with another concerned stockholder that sought representation on the Board,
Inclusive Capital Partners, L.P (“”). While Inclusive did not publicly identify its specific concerns regarding
the Company, according to the Schedule 13D it filed with the SEC on April 7, 2022, Inclusive sought, among other things, to have discussions
with the Company regarding board composition, capital allocation, financial condition, mergers and acquisitions strategy, overall business
strategy, executive compensation, and corporate