Company: NGVT
Filing Date: 2025-03-26
Form Type: DEFC14A
Source: 0001539497-25-001044
Chunk: 35

Company: Ingevity Corp
Filing Date: 2025-03-26
Form: DEFC14A
Chunk 35
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 over the median of the annual base salary paid to chief executive officers of comparable companies.14
In contrast, as disclosed by the Company, the annual base salary for Mr. Li, the full time Chief Executive Officer appointed by the Company
on March 10, 2025 to replace Mr. Fernandez-Moreno, is $1,100,000 per year, which is slightly more than one-third of Mr. Fernandez-Moreno’s
annual base salary of $3,000,000.

We question why the Board approved an excessive pay package for Mr. Fernandez-Moreno to act as the Company’s Interim President and Chief Executive Officer.

We also question whether the Company’s disclosure
in its proxy statement regarding its 2024 target pay mix, which reflects 85% at-risk compensation and 15% base salary, for its President
and Chief Executive Officer is misleading.

Refers to the median of the annual
base salaries of the following individuals as compared to the annual base salary for Mr. Fernandez-Moreno that was approved by the Company’s
Board in October 2024:

| - | $1,100,000 for Mr. Sean D. Keohane in his capacity as President and Chief Executive Officer of Cabot Corporation (as disclosed in Cabot 
 Corporation’s proxy statement filed with the SEC on January 24, 2025);                                                                  |

| - | $1,360,810 for Mr. Mark J. Costa in his capacity as Chief Executive Officer of Eastman Chemical Company (as disclosed in Eastman Chemical 
 Company’s proxy statement filed with the SEC on March 21, 2024);                                                                          |

| - | $1,200,000 for Mr. Timothy M. Knavish in his capacity as Chief Executive Officer of PPG Industries, Inc. (as disclosed in PPG Industries, 
 Inc.’s proxy statement filed with the SEC on March 7, 2024); and                                                                          |

| - | $1,300,000 for Ms. Heidi G. Petz in her capacity as President                                                               
 and Chief Executive Officer of The Sherwin-Williams Company (as disclosed in The Sherwin Williams Company’s proxy statement 
 filed with the SEC on March 6, 2024).                                                                                       |

Vision One selected Cabot Corporation, Eastman Chemical Company, PPG Industries, Inc., and The Sherwin-Williams Company because each of these entities conducts business in the chemicals sector and has a larger market capitalization than Ingevity.