Executive Moves Update (CEO, CFO, Directors) – June 6, 2025

Ticker: ASO
Mkt Cap: $2.9B
1-Yr TSR: -22.8%

• On June 5, 2025, Monique Picou was appointed as a member of the Nominating and Governance Committee of the Board.

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (75)
• Hot Seat Risk Score – CEO: Elevated (76)
• Immediate Resignation

Ticker: ARAY
Mkt Cap: $156.6M
1-Yr TSR: -12.6%

• Steven F. Mayer has been appointed to the Board as a Class III director, effective June 3, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (ARAY)
• CEO Tenure Was Under 2 Years: Sandeep Chalke
• Going Concern Risk Filings in the last year
• High CFO Turnover
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ACR
Mkt Cap: $134.5M
1-Yr TSR: 41.0%

• On June 5, 2025, ACRES Commercial Realty Corp. elected nine directors to serve until the next annual meeting in 2026.

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75

Ticker: ACVA
Mkt Cap: $2.8B
1-Yr TSR: -8.1%

• George Chamoun and Robert P. Goodman were elected as Class I directors of ACV Auctions Inc.’s Board of Directors during the Annual Meeting on May 28, 2025.

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• Negative Say-On-Pay Vote: 81% For

Ticker: ADCT
Mkt Cap: $341.2M
1-Yr TSR: -2.8%

• Mr. Coughlin was elected to the board of directors and appointed as chair of the audit committee.

• Bankruptcy Alert: 1 director has a bankruptcy history (ADCT)
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Hot Seat Risk Score – CEO: Elevated (72)
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: ADT
Mkt Cap: $6.9B
1-Yr TSR: 15.7%

• Marques Coleman retired from the Board of Directors of ADT Inc. on May 31, 2025.

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (ADT)
• Cyber Incident(s) within the last year
• Executive Termination(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Negative Say-On-Pay Vote: 86% For

Ticker: COLD
Mkt Cap: $4.8B
1-Yr TSR: -36.3%

• On June 2, 2025, Robert S. Chambers transitioned to the newly created role of President, while M. Bryan Verbarendse entered the role of President, Americas, succeeding Chambers.

• Bankruptcy Alert: 2 directors have bankruptcy histories (COLD)
• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (94)
• Negative Say-On-Pay Vote: 76% For
• SEC Correspondence in the last year
• Stock Alert: All-time low at $16.31
• Workforce Reduction

Ticker: FOLD
Mkt Cap: $1.8B
1-Yr TSR: -43.1%

• At the 2025 Annual Meeting of Stockholders, Michael A. Kelly, Margaret G. McGlynn, Michael G. Raab, and Glenn P. Sblendorio were elected as Class III directors for a three-year term.

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Overboarding

Ticker: AOMR
Mkt Cap: $213.1M
1-Yr TSR: -16.2%

• Edward M. Cummings is resigning from the Board of Directors of Angel Oak Mortgage REIT, Inc. effective June 10, 2025.

• 13D filed in the last 6 months
• Gov Risk: Chairman is not independent
• Limited external board experience
• SEC Correspondence in the last year

Ticker: APUS
Mkt Cap: $22.0M
1-Yr TSR: %

• Erick J. Frim has been appointed as Chief Financial Officer of Apimeds Pharmaceuticals US, Inc. on May 30, 2025, replacing Mark Corrao.

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $1.64

Ticker: APCX
Mkt Cap: $6.9M
1-Yr TSR: -78.1%

• Thomas DeRosa was appointed as President and Director of AppTech Payments Corp. on June 2, 2025, following the resignation of Virgilio Llapitan.

• Bankruptcy Alert: 1 director has a bankruptcy history (APCX)
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• High CFO Turnover
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• Negative Say-On-Pay Vote: 50% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: AHH
Mkt Cap: $557.1M
1-Yr TSR: -33.4%

• Eric E. Apperson resigned from his position as President of Construction at Armada Hoffler Properties, Inc. on May 23, 2025.

• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• High Activist Vulnerability Risk Score (83)

Ticker: ARAI
Mkt Cap: $154.3M
1-Yr TSR: %

• Laurie A. Tucker has been appointed as an independent director and member of the Board of Arrive AI, Inc., effective June 1, 2025.

• Going Concern Risk Filings in the last year
• Limited external board experience
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $5.25

Ticker: AVNT
Mkt Cap: $3.3B
1-Yr TSR: -17.2%

• Christopher L. Pederson, Senior Vice President and President of Specialty Engineered Materials, is retiring from Avient Corporation effective June 30, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (AVNT)
• High Activist Vulnerability Risk Score (78)
• Settlement Agreement

Ticker: BRN
Mkt Cap: $12.0M
1-Yr TSR: -55.4%

• Ms. Heather Isidoro resigned as a director of Barnwell Industries, Inc. effective May 30, 2025.

• 13D filed in the last 6 months
• Amended Filings (10-K/A) within the last year
• Contested Proxy (BRN)
• Going Concern Risk Filings in the last year
• Proxy Fight in the last 2 years
• Section 220 Disclosure
• Stock Alert: 52-week low at $1.18

Ticker: BBSI
Mkt Cap: $1.1B
1-Yr TSR: 29.9%

• Joseph S. Clabby has been appointed Chairman of the Board of Barrett Business Services, Inc., effective June 2, 2025, succeeding Anthony Meeker, who remains a Board member.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Limited external board experience

Ticker: BBWI
Mkt Cap: $5.6B
1-Yr TSR: -42.5%

• Gina R. Boswell resigned from the Board of Directors on May 16, 2025, and several individuals were elected to the Board for a one-year term during the Annual Meeting on June 5, 2025.

• Gov Risk: No lead independent director
• High CFO Turnover
• Pledging

Ticker: BILL
Mkt Cap: $4.7B
1-Yr TSR: -8.9%

• BILL Holdings, Inc. announced the appointment of Rohini Jain as CFO and the transition of John Rettig to President and COO, effective July 7, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (BILL)
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (91)
• Negative Say-On-Pay Vote: 87% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BMRA
Mkt Cap: $8.2M
1-Yr TSR: -27.2%

• Ms. Cathy Coste exited the Board of Directors of Biomerica, Inc. on June 4, 2025, and Mr. Eric Chin entered as an independent director on the same date.

• Going Concern Risk Filings in the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Immediate Resignation
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BJRI
Mkt Cap: $968.2M
1-Yr TSR: 25.4%

• Lyle D. Tick has been promoted to CEO and President, C. Bradford Richmond resigned as Interim CEO but will serve as Special Advisor, and Thomas A. Houdek will leave the company as CFO.

• 13D filed in the last 6 months
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• Gov Risk: No lead independent director
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: BLNK
Mkt Cap: $80.3M
1-Yr TSR: -76.2%

• Michael Bercovich was appointed as Chief Financial Officer of Blink Charging Co., effective June 23, 2025.

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• CEO Tenure Was Under 2 Years: Brendan Sean Jones
• Failed to File Annual/Quarterly Report
• High Activist Vulnerability Risk Score (87)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• SEC Investigation Related
• Significant Stock Drop(s) in past 2 years

Ticker: BLUE
Mkt Cap: $48.7M
1-Yr TSR: -72.3%

• Several individuals ceased to be members of the Board and their employment terminated due to the completion of a Merger.

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (72)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Merger Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BSFC
Mkt Cap: $1.2M
1-Yr TSR: -98.0%

• Miozotis Ponce resigned as Chief Operating Officer of Blue Star Foods Corp, effective June 30, 2025.

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: BAH
Mkt Cap: $12.7B
1-Yr TSR: -32.7%

• Robert C. O’Brien has been appointed as a new member of the Board of Directors of Booz Allen Hamilton Holding Corporation, effective June 9, 2025.

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $102.14

Ticker: BOXL
Mkt Cap: $4.2M
1-Yr TSR: -50.4%

• Michael Pope is a current director of Boxlight Corporation and the former chairman, president, and CEO, who is also the CEO of J.J. ASTOR.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (80)
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (65)
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: BYD
Mkt Cap: $6.0B
1-Yr TSR: 38.9%

• Theodore A. Bogich, Chief Operating Officer of Boyd Gaming Corporation, is stepping down and retiring effective December 31, 2025.

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: No lead independent director
• Internal Control Risk
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: BHR
Mkt Cap: $154.2M
1-Yr TSR: -14.2%

• Mr. Jay H. Shah resigned from the Board of Directors of Braemar Hotels & Resorts Inc. effective June 2, 2025.

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Cooperation Agreement in the last 2 years
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Limited external board experience
• Proxy Fight in the last 2 years
• SEC No Action letter: Requests
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: BRZE
Mkt Cap: $3.8B
1-Yr TSR: .1%

• Bill Magnuson has been appointed as President and CEO of the Company, while Mr. Kleeger has resigned from his position as President and Chief Commercial Officer, effective June 1, 2025.

• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• Hot Seat Risk Score – CEO: Elevated (72)
• Immediate Resignation
• Internal Control Risk
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CABO
Mkt Cap: $765.1M
1-Yr TSR: -63.7%

• Julia M. Laulis will retire as Chair of the Board, President, and CEO of Cable One, Inc. on or before December 31, 2025, and will transition to a senior advisor role until January 3, 2027.

• Amended Filing (10-Q/A)
• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (81)
• Internal Control Risk
• Negative Say-On-Pay Vote: 85% For
• Non-Reliance / Restatement in last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $135.95

Ticker: CBT
Mkt Cap: $4.0B
1-Yr TSR: -22.9%

• Hobart C. Kalkstein is stepping down as Executive Vice President and President of the Reinforcement Materials Segment, effective June 15, 2025, and Matthew Wood is appointed as his successor.

• Gov Risk: Classified Board / Staggered Director Elections
• Settlement Agreement
• Workforce Reduction

Ticker: CADL
Mkt Cap: $278.1M
1-Yr TSR: -30.9%

• Maha Radhakrishnan, M.D. has been appointed to the Board of Directors of Candel Therapeutics, Inc. as an independent director, effective June 4, 2025.

• Going Concern Risk Filings in the last year
• Overboarding
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: CCBG
Mkt Cap: $629.8M
1-Yr TSR: 39.9%

• Several personnel changes at Capital City Bank Group, Inc. include the appointment of Bethany H. Corum as President of the Bank and a member of the Board of Directors, and Thomas A. Barron as Chairman of the Board, effective July 1, 2025, while William G. Smith, Jr. resigns as President and Chairman of the Board of Capital City Bank.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Limited external board experience
• Pledging
• SEC Correspondence in the last year

Ticker: COF
Mkt Cap: $73.6B
1-Yr TSR: 43.3%

• On June 3, 2025, Capital One appointed Mr. Shepherd to the Risk and Audit Committees, and Mr. Maheras and Ms. Wong to the Risk Committee, effective immediately.

• Abnormally High 8-K Filings
• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• SEC Correspondence in the last year
• SEC No Action letter: Requests
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: CPRX
Mkt Cap: $3.1B
1-Yr TSR: 55.5%

• On June 1, 2025, Gary Ingenito retired as Chief Medical and Regulatory Officer of Catalyst Pharmaceuticals, and on June 2, 2025, William Andrews was appointed as the new Chief Medical Officer.

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: CLDX
Mkt Cap: $1.3B
1-Yr TSR: -40.8%

• Karen Shoos exited the board of directors on June 5, 2025, and Harry H. Penner, Jr. was elected as Chair of the board on the same date.

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Settlement Agreement

Ticker: CENN
Mkt Cap: $28.4M
1-Yr TSR: -47.4%

• On May 31, 2025, Mr. Jiawei ‘Joe’ Tong resigned from the Board of Cenntro Inc., and Mr. Guangguang ‘Steve’ Qin was appointed as a new director.

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (90)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Listing Rule Violation: Minimum Bid
• Multiple Dismissed Ind. Accountants within the last 3 years
• Significant Stock Drop(s) in past 2 years

Ticker: GTLS
Mkt Cap: $6.7B
1-Yr TSR: -2.1%

• The text discusses multiple people moves related to the governance of the Combined Company following a merger, including appointments of directors and executives.

• Merger Agreement
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: CI
Mkt Cap: $83.1B
1-Yr TSR: -5.7%

• Michael J. Hennigan has been appointed as an independent member of the Board of The Cigna Group, effective June 2, 2025.

• Gov Risk: Chairman is not independent
• Negative Say-On-Pay Vote: 89% For
• SEC Correspondence in the last year
• Settlement Agreement
• Workforce Reduction

Ticker: CLAR
Mkt Cap: $129.4M
1-Yr TSR: -49.5%

• Michael A. Henning and Donald L. House will not stand for re-election as directors of Clarus Corporation, ceasing to be directors effective May 29, 2025.

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Workforce Reduction

Ticker: CNXC
Mkt Cap: $3.6B
1-Yr TSR: -6.7%

• Olivier Duha resigned from the Board of Directors of Concentrix Corporation effective June 3, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (CNXC)
• High Activist Vulnerability Risk Score (85)
• Immediate Resignation
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: CNOB
Mkt Cap: $867.9M
1-Yr TSR: 28.8%

• Mr. Christopher Becker, Edward J. Haye, and Peter Quick were appointed to the Board of Directors of the Registrant and the Bank following the merger, with Becker transitioning to Vice Chairman.

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Gov Risk: Chairman is not independent
• Merger Agreement
• Negative Say-On-Pay Vote: 84% For
• Pledging
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: CNR2
Mkt Cap: $3.1B
1-Yr TSR: 49.2%

• On June 1, 2025, several individuals were re-elected as directors of the Company, effective immediately until the next annual meeting or until their successors are duly elected and qualified.

• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk

Ticker: CUBI
Mkt Cap: $1.6B
1-Yr TSR: 17.2%

• Philip Watkins will transition to a new role, while Mark McCollom will join as CFO.

• Class Action
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Pledging

Ticker: DFDV
Mkt Cap: $206.7M
1-Yr TSR: ###.#%

• Bruce Rosenbloom stepped down as CFO on April 17, 2025, and continues as Executive Vice President of Finance.

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• CFO Tenure Was Under 2 Years: Bruce S Rosenbloom
• Cyber Incident(s) within the last year
• High CFO Turnover
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: DMRC
Mkt Cap: $297.6M
1-Yr TSR: -52.7%

• Carle Quinn has been appointed as Chief Operating Officer of Digimarc Corporation, effective June 1, 2025, transitioning from her previous role as Executive Vice President and Chief People Officer.

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Gov Risk: No lead independent director
• Immediate Resignation
• Limited external board experience
• Negative Say-On-Pay Vote: 84% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: DCI
Mkt Cap: $8.1B
1-Yr TSR: -5.0%

• Richard B. Lewis has been appointed as Chief Operating Officer of Donaldson Company, Inc., effective August 1, 2025.

• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections

Ticker: DORM
Mkt Cap: $3.9B
1-Yr TSR: 39.2%

• Mr. David M. Hession is retiring as CFO of Dorman Products, Inc. on June 2, 2025, and will transition to an advisory role after his successor is appointed.

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (DORM)
• Gov Risk: Chairman is not independent
• Workforce Reduction

Ticker: DV
Mkt Cap: $2.4B
1-Yr TSR: -18.0%

• On June 2, 2025, Jennifer Storms was appointed to the Board of Directors of DoubleVerify Holdings, Inc. as a Class I director, filling an existing vacancy and also joining the Nominating and Corporate Governance Committee.

• Class Action
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (79)
• Significant Stock Drop(s) in past 2 years

Ticker: DYAI
Mkt Cap: $29.2M
1-Yr TSR: -56.9%

• On May 29, 2025, Joseph Hazelton was appointed as President of Dyadic International, Inc., while continuing as Chief Operating Officer.

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• SEC Correspondence in the last year
• Stock Alert: All-time low at $0.94

Ticker: ENGN
Mkt Cap: $188.3M
1-Yr TSR: -53.5%

• Dr. Raj S. Pruthi is resigning from his position as Chief Medical Officer of enGene Holdings Inc., effective June 16, 2025.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (ENGN)
• CEO Tenure Was Under 2 Years: Jason David Hanson
• Going Concern Risk Filings in the last year
• Internal Control Risk
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: ENFY
Mkt Cap: $13.6M
1-Yr TSR: -67.1%

• Mr. Tianping Cai was appointed to the Board of Directors of Enlightify Inc. as Chairman of the Audit Committee effective April 10, 2025.

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (90)
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: TRDA
Mkt Cap: $308.2M
1-Yr TSR: -50.4%

• Maha Radhakrishnan, M.D. has been appointed to the Board of Directors of Entrada Therapeutics, Inc. as a Class III director and to the Audit Committee, effective June 1, 2025.

• Gov Risk: Classified Board / Staggered Director Elections
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: EQT
Mkt Cap: $33.1B
1-Yr TSR: 37.2%

• Robert R. Wingo is resigning from his role as Executive Vice President Corporate Ventures & Midstream at EQT, effective June 20, 2025.

• Abnormally High 8-K Filings
• Workforce Reduction

Ticker: FDS
Mkt Cap: $16.4B
1-Yr TSR: 8.3%

• F. Philip Snow is retiring as CEO and Director, while Sanoke Viswanathan is appointed as the new CEO effective September 1, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (FDS)
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Internal Control Risk

Ticker: FDSB
Mkt Cap: $68.1M
1-Yr TSR: %

• On June 3, 2025, Amie L. Lyons was appointed as interim President and Chief Executive Officer of Fifth District Bancorp, Inc. following the passing of Brian W. North, who also served as a Director.

• CEO Tenure Was Under 2 Years: Brian W North
• Deceased Person Disclosure
• Internal Control Risk
• Limited external board experience
• Pledging

Ticker: FIBK
Mkt Cap: $2.9B
1-Yr TSR: 11.1%

• Mr. Della Camera is succeeding to the role of Executive Vice President and Chief Financial Officer of the Company effective June 2, 2025.

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (94)
• Pledging

Ticker: FLIC
Mkt Cap: $269.2M
1-Yr TSR: 29.8%

• As of the Effective Time of the Merger, Christopher Becker, Edward J. Haye, and Peter Quick were appointed to the board of directors of ConnectOne, with Becker serving as the non-executive Vice Chairman.

• Cyber Incident(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Internal Investigation
• Limited external board experience
• Merger Agreement

Ticker: FIVE
Mkt Cap: $7.0B
1-Yr TSR: -3.6%

• Kristy Chipman is exiting her role, and Kenneth R. Bull is entering as interim CFO and Treasurer.

• Bankruptcy Alert: 1 director has a bankruptcy history (FIVE)
• CEO Tenure Was Under 2 Years: Kenneth R Bull
• CFO Tenure Was Under 2 Years: Kristy Chipman
• Class Action
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (92)
• High CFO Turnover
• Immediate Resignation
• Overboarding
• Significant Stock Drop(s) in past 2 years

Ticker: FLS
Mkt Cap: $6.2B
1-Yr TSR: -.2%

• Scott Rowe will serve as CEO, Jillian Evanko as non-executive chair, and John Garrison as lead independent director of the Combined Company Board following the merger.

• Bankruptcy Alert: 2 directors have bankruptcy histories (FLS)
• Bankruptcy Alert: Current CFO has bankruptcy history (FLS)
• Merger Agreement
• Workforce Reduction

Ticker: FCN
Mkt Cap: $5.6B
1-Yr TSR: -25.7%

• FTI Consulting, Inc. appointed Eric Steigerwalt and Janet Zelenka to its Board of Directors, with subsequent committee assignments effective June 4, 2025.

• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (81)
• Workforce Reduction

Ticker: GD
Mkt Cap: $73.7B
1-Yr TSR: -6.5%

• On June 4, 2025, General Dynamics Corporation announced two personnel moves: Danny Deep has been promoted to executive vice president, Global Operations, and Jason Aiken will take over as executive vice president, Combat Systems.

• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years

Ticker: GLBZ
Mkt Cap: $14.4M
1-Yr TSR: 16.6%

• Jeffrey D. Harris, CFO of Glen Burnie Bancorp, intends to retire on June 30, 2025, prompting a search for a new CFO.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (86)
• Hot Seat Risk Score – CEO: Elevated (66)
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Negative Say-On-Pay Vote: 89% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: GNL
Mkt Cap: $1.7B
1-Yr TSR: 12.9%

• Robert Kauffman has been appointed as Non-Executive Chairperson of the Board, effective May 30, 2025, succeeding Sue Perrotty, who resigned but will remain on the Board as an independent director.

• Abnormally High 8-K Filings
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Overboarding
• Workforce Reduction

Ticker: GSIT
Mkt Cap: $85.3M
1-Yr TSR: 22.0%

• Jack A. Bradley will not stand for re-election to the Board of Directors of GSI Technology, Inc. at the next annual meeting.

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: No new Directors in last 5 years
• Internal Control Risk
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: HNRG
Mkt Cap: $722.4M
1-Yr TSR: 92.3%

• On June 4, 2025, Todd E. Telesz was appointed as the new Chief Financial Officer, effective June 23, 2025, succeeding Marjorie Hargrave who is leaving the company.

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: No lead independent director
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: HBIO
Mkt Cap: $18.3M
1-Yr TSR: -86.5%

• On June 2, 2025, John D. Duke was appointed as a Class II director, Katherine Eade was appointed as the Lead Independent Director, and Thomas Loewald resigned from the Board.

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.28
• Workforce Reduction

Ticker: HEES
Mkt Cap: $3.5B
1-Yr TSR: 102.0%

• Several executives transitioned to new roles and others resigned in connection with the Acquisition on June 2, 2025.

• Executive Termination(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Merger Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: HRI
Mkt Cap: $3.4B
1-Yr TSR: -12.3%

• On May 29, 2025, Mr. John M. Engquist was appointed to the Board of Directors, effective June 2, 2025, while Ms. Suzanne Wood withdrew her consideration for appointment.

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (HRI)
• Merger Agreement

Ticker: ICFI
Mkt Cap: $1.5B
1-Yr TSR: -41.6%

• Ms. Caroline Angoorly was appointed as a director of ICF International, Inc. on March 6, 2025, and later appointed to the Audit Committee on June 4, 2025.

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (78)
• Significant Stock Drop(s) in past 2 years

Ticker: IHRT
Mkt Cap: $228.8M
1-Yr TSR: 50.5%

• Scott Hamilton transitioned from principal accounting officer to a consulting arrangement, while Michael B. McGuinness was designated as the new principal accounting officer.

• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (81)
• Negative Say-On-Pay Vote: 73% For
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BACK
Mkt Cap: $400,000
1-Yr TSR: -91.7%

• Jeffrey Busch resigned as a director of IMAC Holdings, Inc., effective May 31, 2025.

• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Faith Zaslavsky
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Listing Rule Violation: Minimum Bid
• Multiple Dismissed Ind. Accountants within the last 3 years
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: NSPR
Mkt Cap: $76.6M
1-Yr TSR: -7.4%

• Michael Berman and Scott R. Ward were re-elected as Class 2 directors of InspireMD, Inc. for a term of three years.
• Michael Lawless has been appointed as Chief Financial Officer of InspireMD, Inc., effective on or before June 30, 2025, succeeding Craig Shore who will be terminated simultaneously.

• Going Concern Risk Filings in the last year
• Gov Risk: More than one Director over 75
• Gov Risk: No lead independent director
• Negative Say-On-Pay Vote: 88% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: IAS
Mkt Cap: $1.4B
1-Yr TSR: -9.6%

• Alpana Wegner has been appointed as Chief Financial Officer of Integral Ad Science, effective June 10, 2025, while Jill Putman will cease to serve as Interim Chief Financial Officer on the same date.

• Class Action
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: IRM
Mkt Cap: $29.9B
1-Yr TSR: 26.6%

• The Board of Directors approved several committee appointments effective May 29, 2025, including Walter C. Rakowich as Chair of the Audit Committee, Robin L. Matlock as Chair of the Compensation Committee, and Theodore R. Samuels as Chair of the Nominating and Governance Committee.

• SEC Correspondence in the last year

Ticker: ITOS
Mkt Cap: $389.6M
1-Yr TSR: -41.5%

• Tim Van Hauwermeiren resigned from the Board of Directors of iTeos Therapeutics, Inc. on June 1, 2025.

• 13D filed in the last 6 months
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (83)
• Internal Control Risk
• Overboarding
• Significant Stock Drop(s) in past 2 years

Ticker: JYNT
Mkt Cap: $188.4M
1-Yr TSR: -20.8%

• On June 3, 2025, Sandra R.A. Karrmann was appointed as a director and will serve as Chair of the Compensation Committee.

• 13D filed in the last 6 months
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• Internal Control Risk
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: KBR
Mkt Cap: $6.8B
1-Yr TSR: -16.3%

• Alison Vasquez is resigning as Senior Vice President, Chief Accounting Officer, effective June 18, 2025, and Shad E. Evans is appointed as interim Chief Accounting Officer effective the same day, with Jennefer Taylor succeeding him as Vice President, Chief Accounting Officer on August 1, 2025.

• Settlement Agreement

Ticker: KMTS
Mkt Cap: $1.0B
1-Yr TSR: %

• On June 4, 2025, Mr. Conor Hanley was elected as a new member of the Board of Directors of Kestra Medical Technologies, Ltd.

• Bankruptcy Alert: Current CFO has bankruptcy history (KMTS)
• SEC Correspondence in the last year
• Settlement Agreement
• Stock Alert: All-time low at $19.63

Ticker: KNSA
Mkt Cap: $2.2B
1-Yr TSR: 49.8%

• The Company’s shareholders re-elected several directors at the Annual Meeting, including Sanj K. Patel, Thomas R. Malley, Richard S. Levy, Stephen R. Biggar, G. Bradley Cole, Barry D. Quart, Felix J. Baker, M. Cantey Boyd, Tracey L. McCain, and Kimberly J. Popovits.

• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: KTB
Mkt Cap: $3.8B
1-Yr TSR: -5.3%

• On June 2, 2025, Andrew E. Page resigned from the Board of Directors, effective immediately, reducing the Board size to seven members.

• Gov Risk: Chairman is not independent
• Workforce Reduction

Ticker: KORE
Mkt Cap: $43.1M
1-Yr TSR: -23.5%

• Anthony Bellomo has been appointed as Executive Vice President, Chief Financial Officer & Treasurer, while Paul Holtz is departing from the same role.

• 13D filed in the last 6 months
• Amended Filings (10-Q/A) within the last year
• Bankruptcy Alert: 2 directors have bankruptcy histories (KORE)
• Executive Termination(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Hot Seat Risk Score – CEO: High (82)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Non-Reliance / Restatement in last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: LFWD
Mkt Cap: $13.1M
1-Yr TSR: -73.9%

• Michael Lawless is resigning as Chief Financial Officer of Lifeward Ltd., effective June 27, 2025.

• Director Elections: < 95% average votes FOR
• Failed Say-On-Pay Vote: 18% For
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $1.19

Ticker: LINE
Mkt Cap: $10.0B
1-Yr TSR: %

• Robert Crisci, CFO of Lineage, Inc., plans to retire on May 29, 2025, and will remain until a successor is appointed.

• Bankruptcy Alert: 1 director has a bankruptcy history (LINE)
• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (87)
• Internal Control Risk
• SEC Correspondence in the last year
• Settlement Agreement
• Stock Alert: All-time low at $42.69
• Workforce Reduction

Ticker: LOAR
Mkt Cap: $8.4B
1-Yr TSR: 54.0%

• At the 2025 Annual Meeting, Dirkson Charles, Anthony M. Carpenito, Taiwo Danmola, and Paul S. Levy were re-elected as directors of the Company.

• Bankruptcy Alert: 1 director has a bankruptcy history (LOAR)
• SEC Correspondence in the last year

Ticker: L
Mkt Cap: $18.6B
1-Yr TSR: 18.6%

• Jonathan M. Tisch will retire from his position as Executive Chairman of Loews Hotels Holding Corporation effective December 31, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (L)
• Cyber Incident(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Immediate Resignation
• SEC Correspondence in the last year

Ticker: LPLA
Mkt Cap: $30.4B
1-Yr TSR: 34.0%

• Althea Brown is resigning from her role as Chief Legal Officer and Corporate Secretary at LPL Financial Holdings Inc., effective June 30, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (LPLA)
• Executive Termination(s) within the last year
• Gov Risk: Entrenched Board
• SEC Correspondence in the last year
• SEC Investigation Related
• Settlement Agreement
• Stock Alert: All-time high at $387.55

Ticker: YHC
Mkt Cap: $1.4M
1-Yr TSR: -96.7%

• Five nominees were elected to the Board of Directors, while two directors, Alexandra Hoffman and James O’Brien, exited the Board after the Annual Meeting.

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (87)
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $1.27

Ticker: LVLU
Mkt Cap: $17.6M
1-Yr TSR: -76.4%

• Tiffany R. Smith is resigning as CFO effective June 30, 2025, and Crystal Landsem is appointed as Interim CFO effective the same date.

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (84)
• Hot Seat Risk Score – CEO: High (91)
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• Listing Rule Violation: Minimum Stockholder Equity
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: TUSK
Mkt Cap: $126.1M
1-Yr TSR: -27.6%

• Multiple personnel changes occurred, including resignations and appointments effective July 1, 2025, and June 11, 2025.

• CEO Tenure Was Under 2 Years: Phillip Lancaster
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• SEC Correspondence in the last year
• SEC Investigation Related
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: MKTX
Mkt Cap: $8.5B
1-Yr TSR: 16.7%

• Nitin A. Mirwani has been appointed as Chief Accounting Officer at MarketAxess Holdings Inc., effective June 23, 2025, while Michael R. Cianciulli will transition from interim principal accounting officer to Head of External Reporting & Compensation Accounting.

• High CFO Turnover
• Significant Stock Drop(s) in past 2 years

Ticker: MIGI
Mkt Cap: $11.3M
1-Yr TSR: -54.2%

• Kaliste Saloom was appointed as Interim Chief Executive Officer effective June 3, 2025, following the administrative leave of Rahul Mewawalla, who was the previous CEO.

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (100)
• High CFO Turnover
• Hot Seat Risk Score – CEO: High (95)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Listing Rule Violation: Minimum Bid
• Significant Stock Drop(s) in past 2 years

Ticker: MBX
Mkt Cap: $396.4M
1-Yr TSR: %

• On June 5, 2025, Carl L. Gordon, Ph.D., CFA exited from the board of directors of MBX Biosciences, Inc.

• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (83)
• Internal Control Risk
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: MDBH
Mkt Cap: $37.7M
1-Yr TSR: -55.1%

• Matthew Hayden is resigning as a director of MDB Capital Holdings, LLC, effective June 30, 2025.

• Director Elections: < 95% average votes FOR
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $3.70

Ticker: MGTI
Mkt Cap: $3.6M
1-Yr TSR: -61.5%

• On June 1, 2025, MGT Capital Investments, Inc. appointed Mr. Jonathan Pfohl as its Chief Financial Officer.

• Internal Control Risk
• SEC Correspondence in the last year

Ticker: MVBF
Mkt Cap: $247.5M
1-Yr TSR: 8.5%

• On June 4, 2025, Rick Cordella was appointed as a Member of the Board of Directors at MVB Financial Corp.

• Abnormally High 8-K Filings
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (78)
• Limited external board experience
• Negative Say-On-Pay Vote: 88% For

Ticker: MYGN
Mkt Cap: $453.5M
1-Yr TSR: -78.3%

• Samraat S. Raha, Heiner Dreismann, PH.D., and Colleen F. Reitan were elected as directors of the Company for a term expiring at the 2028 Annual Meeting of Stockholders.

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (95)
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: NC
Mkt Cap: $270.7M
1-Yr TSR: 15.8%

• Lori Robinson resigned from the Board of Directors of NACCO Industries, Inc. on May 27, 2025, effective immediately.

• 13D filed in the last 6 months
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director

Ticker: NNE
Mkt Cap: $1.1B
1-Yr TSR: 265.9%

• Dr. Seth Berl was appointed as an independent director of Nano Nuclear Energy Inc. on June 1, 2025.

• Class Action
• Immediate Resignation
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: NAOV
Mkt Cap: $2.5M
1-Yr TSR: -89.5%

• On June 4, 2025, Doron Besser was appointed as CEO of NanoVibronix, Inc., while Brian Murphy resigned as CEO but will remain a director of the Board.

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Immediate Resignation
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Merger Agreement
• Negative Say-On-Pay Vote: 70% For
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.86

Ticker: NATR
Mkt Cap: $267.2M
1-Yr TSR: -4.9%

• Terrence O. Moorehead is stepping down as President, CEO, and Director of Nature’s Sunshine Products, effective upon the appointment of a successor.

• Significant Stock Drop(s) in past 2 years

Ticker: NBBK
Mkt Cap: $675.5M
1-Yr TSR: 12.0%

• Joseph B. Reilly will join the Boards of Directors of the Company and Needham Bank after the Merger, while also entering into a Consulting Agreement with Needham.
• Joseph B. Reilly will join the Boards of Directors of the Company and Needham Bank following the completion of the Merger.

• Gov Risk: Classified Board / Staggered Director Elections
• Limited external board experience
• Pledging
• Settlement Agreement
• Workforce Reduction

Ticker: NTHI
Mkt Cap: $142.5M
1-Yr TSR: %

• Patrick Walters is retiring as Chief Operating Officer of NeOnc Technologies Holdings, Inc. effective June 1, 2025.

• 13D filed in the last 6 months
• Going Concern Risk Filings in the last year
• Gov Risk: More than one Director over 75
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: NEHC
Mkt Cap: $8.4M
1-Yr TSR: -94.7%

• William H. Flores resigned from the Board of Directors of New Era Helium, Inc. effective May 30, 2025.

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Michael J Rugen
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (100)
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.51

Ticker: NKTX
Mkt Cap: $129.9M
1-Yr TSR: -73.9%

• David Shook, M.D. is resigning as Chief Medical Officer and Head of Research & Development, effective June 6, 2025, and Shawn Rose, M.D. Ph.D. is appointed to succeed him starting June 23, 2025.

• 13D filed in the last 6 months
• CFO Tenure Was Under 2 Years: Alyssa Levin
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Overboarding
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: NSC
Mkt Cap: $55.7B
1-Yr TSR: 13.1%

• Claude Mongeau resigned as Chair of the Board of Directors of Norfolk Southern Corporation on June 2, 2025.

• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• High Activist Vulnerability Risk Score (83)
• Immediate Resignation
• Proxy Fight in the last 2 years
• Workforce Reduction

Ticker: OPTT
Mkt Cap: $87.1M
1-Yr TSR: 186.0%

• Matthew Burdyny is resigning as Chief Commercial Officer effective June 13, 2025, and Jason Weed is appointed as Senior Vice President – Commercial Sales on June 4, 2025.

• Abnormally High 8-K Filings
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Internal Control Risk
• Negative Say-On-Pay Vote: 88% For
• Proxy Fight in the last 2 years
• SEC Correspondence in the last year
• Section 220 Disclosure
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: OMCL
Mkt Cap: $1.4B
1-Yr TSR: 1.1%

• Nchacha Etta will step down from his role as Executive Vice President, Chief Financial Officer of Omnicell, effective September 15, 2025, with a separation agreement extending his service until November 15, 2025.

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: OGS
Mkt Cap: $4.4B
1-Yr TSR: 23.9%

• Robert S. McAnnally, CEO, and Christopher Sighinolfi, CFO, will be attending the Mizuho Mid-Cap Utilities Conference.

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (OGS)
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Settlement Agreement

Ticker: POWW
Mkt Cap: $156.7M
1-Yr TSR: -48.6%

• Jared Smith resigned as CEO and Board member, while Steven F. Urvan was appointed as CEO and Chairman of the Board, effective May 30, 2025.

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (POWW)
• Executive Termination(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Non-Reliance / Restatement in last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: OM
Mkt Cap: $355.5M
1-Yr TSR: -67.1%

• Renee Gaeta has been appointed as Chief Financial Officer, while Nabeel Ahmed is exiting the role of Chief Financial Officer.

• Class Action
• Gov Risk: Chairman is not independent
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (61)
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: PZZA
Mkt Cap: $1.6B
1-Yr TSR: 6.0%

• On June 5, 2025, Caroline Miller Oyler was promoted to Chief Administrative Officer at Papa John’s International, Inc.

• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Ravi Thanawala
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: PMNT
Mkt Cap: $11.1M
1-Yr TSR: -77.0%

• Adam Z. Epstein was elected as a director of Perfect Moment Ltd. effective May 29, 2025.

• CFO Tenure Was Under 2 Years: Jeff Clayborne
• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• High CFO Turnover
• Limited external board experience
• Listing Rule Violation: Minimum Stockholder Equity
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.62

Ticker: PRGO
Mkt Cap: $3.6B
1-Yr TSR: 1.3%

• Ronald Janish is retiring from his position as Executive Vice President, Global Operations and Supply Chain, effective June 23, 2025, and Matt Winterman is appointed to the same position, also effective June 23, 2025.

• Bankruptcy Alert: 2 directors have bankruptcy histories (PRGO)
• High Activist Vulnerability Risk Score (82)
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: PAL
Mkt Cap: $204.0M
1-Yr TSR: -50.1%

• Proficient Auto Logistics, Inc. announced that Rick O’Dell, Amy Rice, and Brad Wright will attend the William Blair Growth Stock Conference on June 4, 2025.

• Director Elections: < 95% average votes FOR
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years

Ticker: PROF
Mkt Cap: $170.1M
1-Yr TSR: -30.9%

• On June 4, 2025, Leonard Wheeler was named as a Global Ambassador for TULSA-PRO® by Profound Medical Corp.

• Going Concern Risk Filings in the last year
• Internal Control Risk
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year
• Settlement Agreement

Ticker: PVBC
Mkt Cap: $202.2M
1-Yr TSR: 14.6%

• Joseph B. Reilly will join the Boards of Directors of the Company and Needham Bank following the completion of the Merger, and he has entered into a Consulting Agreement with Needham.

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Limited external board experience
• Merger Agreement
• SEC Investigation Related
• Settlement Agreement
• Workforce Reduction

Ticker: QMCO
Mkt Cap: $60.4M
1-Yr TSR: 9.7%

• On June 2, 2025, Hugues Meyrath was appointed as President and CEO, Donald J. Jaworski was appointed as Chairman of the Board, and Brian E. Cabrera resigned as Chief Administrative Officer.

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High CFO Turnover
• Internal Control Risk
• Limited external board experience
• Listing Rule Violation: Market Value of Publicly Held Shares
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: AIRE
Mkt Cap: $24.3M
1-Yr TSR: -55.7%

• On June 3, 2025, Giri Devanur transitioned to Executive Chairman of the Board, and Michael J. Logozzo was appointed as Chief Executive Officer of the Company.

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• CEO Tenure Was Under 2 Years: Giri Devanur
• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• High CFO Turnover
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.45

Ticker: RENB
Mkt Cap: $53.9M
1-Yr TSR: -78.0%

• Maurice van Tilburg is resigning as CEO of GEDi Cube B.V. effective May 30, 2025, but will remain on the Board of Directors of Renovaro Inc.

• 13D filed in the last 6 months
• Amended Filing (10-Q/A)
• Going Concern Risk Filings in the last year
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• Merger Agreement
• Non-Reliance / Restatement in last year
• SEC Correspondence in the last year
• Section 220 Disclosure
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.29

Ticker: RPTX
Mkt Cap: $63.9M
1-Yr TSR: -62.9%

• Sandra Alves has been appointed as the Company’s Senior Vice President, Chief Accounting Officer, and principal accounting officer, effective May 28, 2025.

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (RPTX)
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (83)
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: REXR
Mkt Cap: $8.4B
1-Yr TSR: -16.4%

• On June 3, 2025, Tyler H. Rose was appointed as Chairman of the Board, succeeding Richard Ziman who retired from the role.

• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (93)
• High CFO Turnover
• Negative Say-On-Pay Vote: 62% For
• Negative Say-On-Pay Vote: 86% For

Ticker: SNWV
Mkt Cap: $237.8M
1-Yr TSR: %

• Nanci Gilmore was terminated as Chief Commercial Officer on May 30, 2025, and Dustin Libby joined as Executive Vice President of Commercial Operations on June 3, 2025.

• Abnormally High 8-K Filings
• Executive Termination(s) within the last year
• Going Concern Risk Filings in the last year
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: SCPX
Mkt Cap: $300,000
1-Yr TSR: -99.8%

• Tan Sze Thuan resigned from the Board of Directors of Scorpius Holdings, Inc. effective immediately on June 4, 2025.

• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Immediate Resignation
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: FOUR
Mkt Cap: $8.3B
1-Yr TSR: 33.0%

• Jared Isaacman resigned as CEO and was appointed Executive Chairman, while Taylor Lauber was appointed as the new CEO and Class I Director.

• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SGHT
Mkt Cap: $217.1M
1-Yr TSR: -41.3%

• Gerhard F. Burbach has been appointed to the Board of Directors of Sight Sciences, Inc. on April 21, 2025.

• 13D filed in the last 6 months
• Bankruptcy Alert: Current CFO has bankruptcy history (SGHT)
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• Significant Stock Drop(s) in past 2 years

Ticker: SLP
Mkt Cap: $558.9M
1-Yr TSR: -40.8%

• Several leadership changes occurred, including the appointment of John DiBella as Chief Revenue Officer and the departure of Daniel Szot from the same role.

• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SCKT
Mkt Cap: $8.9M
1-Yr TSR: -6.7%

• Several individuals are involved in the company’s financing, including Charlie Bass, Bill Parnell, Kevin Mills, Lynn Zhao, Jason Wu, Eric Glaenzer, and Enrico Mills.

• 13D filed in the last 6 months
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Limited external board experience
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: SEDG
Mkt Cap: $1.0B
1-Yr TSR: -63.7%

• At the Annual Meeting on June 3, 2025, six individuals were elected as members of the Board of Directors, each serving until the 2026 annual meeting.

• Abnormally High 8-K Filings
• CFO Tenure Was Under 2 Years: Ariel Porat
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (98)
• High CFO Turnover
• Limited external board experience
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SFST
Mkt Cap: $283.9M
1-Yr TSR: 33.7%

• Effective June 1, 2025, three new directors were appointed to the Board of Directors of Southern First Bancshares, Inc. and Southern First Bank: Ms. Jennifer S. Cluverius, Mr. Darrin Goss, Sr., and Mr. William M. McClatchey, Jr.

• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• High CFO Turnover
• Limited external board experience
• Negative Say-On-Pay Vote: 83% For
• Pledging

Ticker: SWX
Mkt Cap: $5.1B
1-Yr TSR: -3.2%

• Lori L. Colvin will retire as Vice President/Controller/Chief Accounting Officer effective June 1, 2025, and Robert J. Stefani will transition to also serve as Controller effective the same date.

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (SWX)
• Cooperation Agreement
• Cooperation Agreement in the last 2 years
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• Negative Say-On-Pay Vote: 88% For

Ticker: SBUX
Mkt Cap: $98.9B
1-Yr TSR: 9.9%

• On June 4, 2025, Mike Grams was appointed as Chief Operating Officer of Starbucks, and Brad Lerman will exit as Chief Legal Officer.

• CEO Tenure Was Under 2 Years: Rachel Ruggeri
• Executive Termination(s) within the last year
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (88)
• High CFO Turnover
• Negative Say-On-Pay Vote: 86% For
• Proxy Fight in the last 2 years
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: LGF.B
Mkt Cap: $1.8B
1-Yr TSR: -24.5%

• Mr. Marc Graboff resigned from his position as a member of the Board of Directors of Starz Entertainment Corp. on June 3, 2025, with the resignation accepted on June 4, 2025.

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Jeffrey Hirsch
• CFO Tenure Was Under 2 Years: Scott D Macdonald
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• Negative Say-On-Pay Vote: 79% For
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: RGR
Mkt Cap: $592.2M
1-Yr TSR: -15.9%

• Kevin B. Reid, Sr. is resigning as General Counsel and Corporate Secretary, while Sarah F. Colbert is appointed to the same roles effective upon Reid’s resignation.

• Bankruptcy Alert: 1 director has a bankruptcy history (RGR)
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: STRO
Mkt Cap: $69.6M
1-Yr TSR: -79.3%

• Gregory K. Chow has been appointed as Chief Financial Officer of Sutro Biopharma, Inc., effective June 2, 2025.

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (78)
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: TALO
Mkt Cap: $1.4B
1-Yr TSR: -27.0%

• Mr. Donald R. Kendall, Jr. exited the Board of Directors effective at the end of the Annual Meeting, reducing the Board size from eight to seven directors.

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Amended Filings (10-Q/A, 10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (TALO)
• CEO Tenure Was Under 2 Years: Joseph A Mills
• CFO Tenure Was Under 2 Years: Sergio L. Maiworm, Jr
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (98)
• Internal Control Risk
• Settlement Agreement

Ticker: TTGT
Mkt Cap: $498.3M
1-Yr TSR: -77.5%

• Don Hawk’s term as Executive Director, Product Innovation expired, and he was elected to the Board of Directors of TechTarget, Inc.

• 13D filed in the last 6 months
• High Activist Vulnerability Risk Score (89)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Non-Reliance / Restatement Filed
• Non-Reliance / Restatement in last year
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: 52-week low at $6.97
• Workforce Reduction

Ticker: TELA
Mkt Cap: $77.1M
1-Yr TSR: -65.9%

• Jeffrey Blizard resigned from the Board of Directors and was appointed as President of TELA Bio, effective June 2, 2025.

• Director Elections: < 95% average votes FOR
• Gov Risk: No new Directors in last 5 years
• Significant Stock Drop(s) in past 2 years

Ticker: TDS
Mkt Cap: $3.7B
1-Yr TSR: 53.7%

• James W. Butman is stepping down as President and CEO of TDS Telecom and resigning from the TDS Board, while Kenneth Dixon is succeeding him as President and CEO and joining the TDS Board.

• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (TDS)
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: THC
Mkt Cap: $16.0B
1-Yr TSR: 26.8%

• On May 30, 2025, Lisa Y. Foo was promoted to Chief Operating Officer of Tenet Healthcare Corporation, a newly created position.

• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: TOST
Mkt Cap: $24.8B
1-Yr TSR: 90.3%

• Gail Miller is exiting her role as Chief Accounting Officer, and Elena Gomez is entering the role of Interim Chief Accounting Officer.

• Executive Termination(s) within the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• Internal Control Risk
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: TOMZ
Mkt Cap: $22.8M
1-Yr TSR: 42.5%

• On May 30, 2025, Mr. David Vanston was appointed as the Chief Financial Officer of TOMI Environmental Solutions, Inc., succeeding Mr. Nick Jennings who served as Interim CFO.

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• CFO Tenure Was Under 2 Years: Joe Rzepka
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: TR
Mkt Cap: $2.6B
1-Yr TSR: 25.9%

• On June 2, 2025, Karen Gordon Mills was appointed as President and a director of Tootsie Roll Industries, Inc.

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Gov Risk: Multi-Class Shares
• Gov Risk: No lead independent director
• Limited external board experience
• SEC Correspondence in the last year

Ticker: CURV
Mkt Cap: $522.5M
1-Yr TSR: -25.4%

• Lisa M. Harper and Stefan L. Kaluzny were elected to the Board of Directors as Class I Directors until the 2028 Annual Meeting.

• Bankruptcy Alert: 1 director has a bankruptcy history (CURV)
• Cyber Incident(s) within the last year
• Executive Termination(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: TWNP
Mkt Cap: $201.7M
1-Yr TSR: %

• Michael Locey, Chief Development Officer, is retiring from Twin Hospitality Group Inc. effective June 6, 2025.

• CEO Tenure Was Under 2 Years: Joseph William Hummel
• CEO Tenure Was Under 2 Years: Kenneth J Kuick
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $4.02

Ticker: UBER
Mkt Cap: $177.1B
1-Yr TSR: 28.6%

• On June 2, 2025, Pierre-Dimitri Gore-Coty exited as Senior Vice President, Delivery, and Andrew “Mac” Macdonald entered as President & Chief Operating Officer at Uber Technologies, Inc.
• Nikesh Arora has been appointed to the Board of Directors of Uber Technologies, Inc. effective May 31, 2025.

• Bankruptcy Alert: 1 director has a bankruptcy history (UBER)
• Cyber Incident(s) within the last year
• Negative Say-On-Pay Vote: 85% For
• SEC No Action letter: Requests
• SEC No Action letter: Responses
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Workforce Reduction

Ticker: UPS
Mkt Cap: $82.0B
1-Yr TSR: -25.6%

• On June 2, 2025, John Morikis was appointed to the Board of Directors of United Parcel Service, Inc. as a non-employee director.

• Class Action
• Director Elections: < 95% average votes FOR
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (97)
• Negative Say-On-Pay Vote: 85% For
• SEC Correspondence in the last year
• SEC Investigation Related
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: UPWK
Mkt Cap: $2.0B
1-Yr TSR: 40.5%

• Dana L. Evan was nominated for election as a Class I director, and Glenn Kelman was appointed as a Class III director, both effective at the Annual Meeting. Additionally, both Evan and Kelman were appointed to serve on the Board’s compensation committee effective immediately following the Annual Meeting.

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• SEC Correspondence in the last year
• Workforce Reduction

Ticker: MTN
Mkt Cap: $5.8B
1-Yr TSR: -15.5%

• Robert A. Katz was appointed as Chief Executive Officer of Vail Resorts, Inc., effective May 22, 2025.

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board

Ticker: VRSN
Mkt Cap: $26.1B
1-Yr TSR: 54.1%

• George E. Kilguss III retired as CFO of VeriSign, Inc. effective May 31, 2025, and will provide consulting services thereafter.

• Bankruptcy Alert: 1 director has a bankruptcy history (VRSN)
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• SEC No Action letter(s) in the last 2 years

Ticker: VFF
Mkt Cap: $139.3M
1-Yr TSR: 17.0%

• Charlie Sweat has been appointed as Executive Chairman of Vanguard’s Board of Managers, Michael A. DeGiglio has been appointed to Vanguard’s Board of Managers and will serve as Interim CEO, and Steve Ruffini is also serving on Vanguard’s Board of Managers.

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Director Elections: < 95% average votes FOR
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• Internal Control Risk
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: WAY
Mkt Cap: $6.9B
1-Yr TSR: %

• Aashima Gupta and Michael Roman have been appointed as directors on the board of Waystar Holding Corp.

• SEC Correspondence in the last year

Ticker: WHG
Mkt Cap: $145.4M
1-Yr TSR: 32.5%

• On May 30, 2025, Jan Ryan was appointed to the Board of Directors of Westwood Holdings Group, Inc.

• Gov Risk: No lead independent director