Executive Moves Update – September 12, 2025

Ticker: DDD
Mkt Cap: $288.6M
1-Yr TSR: 2.7%
Board Rating: D

• On August 20, 2025, Phyllis Nordstrom was appointed interim CFO, while Jeffrey D. Creech resigned from the CFO position, effective August 29, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Jeffrey D Creech
• Class Action
• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• High CFO Turnover
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Multiple Dismissed Ind. Accountants within the last 3 years
• SEC Investigation Related
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ABCL
Mkt Cap: $1.4B
1-Yr TSR: 71.4%
Board Rating: C-

• On September 10, 2025, Sarah Noonberg, M.D., Ph.D., was appointed as the Chief Medical Officer of AbCellera Biologics Inc.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Negative Say-On-Pay Vote: 88% For
• Workforce Reduction

Ticker: ACHV
Mkt Cap: $161.5M
1-Yr TSR: -26.2%
Board Rating: C

• Dr. Cindy Jacobs is resigning from her role as Chief Medical Officer and President, effective October 6, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (ACHV)
• Bankruptcy Alert: Current CFO has bankruptcy history (ACHV)
• CFO Tenure Was Under 2 Years: Richard Alistair Stewart
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• High CFO Turnover
• Immediate Resignation
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: ADAP
Mkt Cap: $13.5M
1-Yr TSR: -95.3%
Board Rating: D

• Christopher Hill will join Adaptimmune Therapeutics plc as Chief Financial Officer effective September 10, 2025, after stepping down from his roles at Istesso Limited.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (ADAP)
• Going Concern Risk Filings in the last year
• High Activist Vulnerability Risk Score (83)
• Hot Seat Risk Score – CEO: Elevated (65)
• Overboarding
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.04
• Workforce Reduction

Ticker: ALKS
Mkt Cap: $4.6B
1-Yr TSR: 4.3%
Board Rating: B

• Joshua Reed has been appointed as Senior Vice President, Chief Financial Officer of Alkermes plc, effective September 15, 2025, succeeding Blair C. Jackson who was serving in an interim capacity.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (ALKS)
• Deceased Person Disclosure
• Gov Risk: Chairman is not independent
• Internal Control Risk
• Settlement Agreement
• Workforce Reduction

Ticker: BIRD
Mkt Cap: $49.8M
1-Yr TSR: -55.7%
Board Rating: D

• Ann Freeman is resigning from the Board of Directors of Allbirds, Inc. to become President of Foot Locker, North America, effective September 8, 2025.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• Hot Seat Risk Score – CEO: Elevated (69)
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: AB
Mkt Cap: $4.2B
1-Yr TSR: 23.8%
Board Rating: B-

• Chris Hogbin is resigning from his position as Global Head of Investments, effective September 30, 2025.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• CFO Tenure Was Under 2 Years: Jacqueline Marks
• High CFO Turnover

Ticker: ALXO
Mkt Cap: $63.2M
1-Yr TSR: -45.9%
Board Rating: D

• Barbara Klencke, M.D. is resigning from the Board of Directors, effective September 17, 2025, while Alan Sandler, M.D. is re-appointed to the Board and resigning as Chief Medical Officer, effective September 26, 2025, with Klencke transitioning to interim Chief Medical Officer on the same date.  (view source)

• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (90)
• Hot Seat Risk Score – CEO: Elevated (70)
• Internal Control Risk
• Listing Rule Violation: Minimum Bid
• Negative Say-On-Pay Vote: 71% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: ANET
Mkt Cap: $192.4B
1-Yr TSR: 78.5%
Board Rating: A

• On September 5, 2025, Kenneth Duda was appointed as President and Chief Technology Officer, and Tyson Lamoreaux was appointed as Senior Vice President of Cloud and AI Networking at Arista Networks, Inc.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (ANET)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Negative Say-On-Pay Vote: 62% For
• Overboarding
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $153.04

Ticker: ASPN
Mkt Cap: $560.1M
1-Yr TSR: -72.1%
Board Rating: C-

• Grant Thoele is being promoted to Chief Financial Officer and Treasurer, effective October 1, 2025, succeeding Ricardo C. Rodriguez.  (view source)

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

Ticker: ASPI
Mkt Cap: $795.0M
1-Yr TSR: 243.3%
Board Rating: B

• On September 6, 2025, Ralph L. Hunter was elected as a Class II director of ASP Isotopes Inc., effective September 8, 2025.  (view source)

• Abnormally High 8-K Filings
• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (ASPI)
• Bankruptcy Alert: Current CEO has bankruptcy history (ASPI)
• Class Action
• 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: ATI
Mkt Cap: $10.5B
1-Yr TSR: 23.8%
Board Rating: C

• On September 10, 2025, Elizabeth Lund and Jean Lydon-Rodgers were appointed to the Board of Directors of ATI Inc., effective November 1, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (ATI)
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BBY
Mkt Cap: $16.5B
1-Yr TSR: -15.8%
Board Rating: C

• On September 10, 2025, Meghan C. Frank was elected as a director of Best Buy Co., Inc.  (view source)

• 13D filed in the last 6 months
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (91)
• SEC No Action letter(s) in the last 2 years

Ticker: BCYC
Mkt Cap: $486.5M
1-Yr TSR: -74.0%
Board Rating: C

• Bicycle Therapeutics appointed Roger Dansey, M.D. as a Class III director and Hervé Hoppenot as a Class I director, both effective September 8, 2025.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (BCYC)
• Cooperation Agreement
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (95)
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: BWEN
Mkt Cap: $52.8M
1-Yr TSR: 6.0%
Board Rating: C

• Daniel E. Schueller resigned as President of Broadwind Heavy Fabrications, Inc. on September 8, 2025, in connection with the closing of a transaction.  (view source)

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

Ticker: BRT
Mkt Cap: $310.6M
1-Yr TSR: -4.2%
Board Rating: B

• On September 11, 2025, Matthew Gibbons was appointed as Chief Accounting Officer and Isaac Kalish was appointed as Chief Financial Officer, effective upon the retirement of the current CFO, George Zweier.  (view source)

• 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
• Gov Risk: More than one Director over 75
• Pledging
• SEC Correspondence in the last year

Ticker: BYRN
Mkt Cap: $461.1M
1-Yr TSR: 40.7%
Board Rating: C+

• On September 4, 2025, Adam L. Roth and TJ Kennedy were appointed as directors of Byrna Technologies Inc. following an increase in the Board size.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (BYRN)
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Limited external board experience
• Negative Say-On-Pay Vote: 80% For
• Short Report: Bonitas Research
• Significant Stock Drop(s) in past 2 years

Ticker: CAC
Mkt Cap: $688.3M
1-Yr TSR: 11.7%
Board Rating: C-

• Lawrence J. Sterrs will retire from the Board of Directors effective December 31, 2025, and Marie J. McCarthy has been appointed as Vice-Chair immediately and will become Chair upon Sterrs’ retirement.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (87)
• Hot Seat Risk Score – CEO: Elevated (68)
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: CF
Mkt Cap: $14.0B
1-Yr TSR: 13.8%
Board Rating: B

• W. Anthony Will is retiring as president and CEO of CF Industries, effective January 4, 2026, and Christopher D. Bohn has been elected to succeed him as president and CEO, also effective January 4, 2026.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (CF)

Ticker: CZNC
Mkt Cap: $313.7M
1-Yr TSR: 13.4%
Board Rating: C

• Susan E. Hartley is retiring as a director of Citizens & Northern Corporation and Citizens & Northern Bank, effective September 8, 2025, to focus on health matters.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (77)
• Limited external board experience
• Merger Agreement
• Negative Say-On-Pay Vote: 70% For
• SEC Correspondence in the last year

Ticker: CLNE
Mkt Cap: $554.8M
1-Yr TSR: -11.5%
Board Rating: D

• On September 10, 2025, Karine Boissy-Rousseau and Mathieu Soulas resigned from the Board of Clean Energy Fuels Corp., and Aimeric Ramadier and Marc de Guilhem de Lataillade were appointed as new directors.  (view source)

• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (83)
• Limited external board experience
• Negative Say-On-Pay Vote: 87% For
• Significant Stock Drop(s) in past 2 years

Ticker: CLSK
Mkt Cap: $2.9B
1-Yr TSR: 9.8%
Board Rating: C-

• On September 4, 2025, CleanSpark, Inc. announced several executive appointments and title changes, including Gary A. Vecchiarelli as President while retaining his CFO role, Scott E. Garrison as Executive Vice President & Chief Development Officer, and Taylor Monnig as Chief Operating Officer while retaining his CTO role.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: More than one Director over 75
• High Activist Vulnerability Risk Score (77)
• Internal Control Risk
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Negative Say-On-Pay Vote: 76% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: CME
Mkt Cap: $94.6B
1-Yr TSR: 25.4%
Board Rating: B-

• Jack Tobin is retiring from his role as Chief Accounting Officer effective October 30, 2026, after serving in the position since 2015.  (view source)

• 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
• Limited external board experience
• Negative Say-On-Pay Vote: 87% For
• Workforce Reduction

Ticker: CCB
Mkt Cap: $1.7B
1-Yr TSR: 126.8%
Board Rating: A

• Curt T. Queyrouze resigned as President of Coastal Community Bank, effective September 12, 2025.  (view source)

• 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
• Ind. Accountant Resigned
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Stock Alert: All-time high at $115.88
• Workforce Reduction

Ticker: CLBK
Mkt Cap: $1.6B
1-Yr TSR: -6.0%
Board Rating: D

• Matthew Smith is exiting his role as Senior Executive Vice President and Chief Operating Officer of Columbia Financial, Inc. effective October 5, 2025.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (86)
• Limited external board experience
• Pledging
• Workforce Reduction

Ticker: CYH
Mkt Cap: $420.4M
1-Yr TSR: -45.7%
Board Rating: C-

• On September 10, 2025, Community Health Systems, Inc. appointed Kevin J. Hammons as Interim Chief Executive Officer and Jason K. Johnson as Interim Chief Financial Officer, both effective October 1, 2025.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (CYH)
• Cyber Incident(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: More than one Director over 75
• HHS-OIG Investigation Related
• High Activist Vulnerability Risk Score (76)
• Significant Stock Drop(s) in past 2 years

Ticker: COMP
Mkt Cap: $5.0B
1-Yr TSR: 57.4%
Board Rating: C+

• Ethan Glass has been appointed as Chief Legal Officer and Corporate Secretary, while Brad Serwin is transitioning from General Counsel to private practice, effective December 31, 2025.  (view source)

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

Ticker: CNMD
Mkt Cap: $1.7B
1-Yr TSR: -25.3%
Board Rating: C

• On September 8, 2025, Kim Kelderman was appointed as a director of CONMED Corporation, effective immediately.  (view source)

• Settlement Agreement
• Workforce Reduction

Ticker: CRBG
Mkt Cap: $18.3B
1-Yr TSR: 30.3%
Board Rating: B-

• Marc Costantini has been appointed as President and CEO of Corebridge Financial, effective December 1, 2025, while Kevin Hogan will exit as President and CEO and resign from the Board on the same date.  (view source)

• 13D filed in the last 6 months
• Cyber Incident(s) within the last year

Ticker: CRH
Mkt Cap: $77.0B
1-Yr TSR: 35.7%
Board Rating: A

• On September 8, 2025, Patrick Decker was appointed as a non-management Director of CRH plc, effective October 1, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Allan Connolly
• Stock Alert: All-time high at $114.47

Ticker: DDOG
Mkt Cap: $48.5B
1-Yr TSR: 27.1%
Board Rating: B-

• On September 11, 2025, Ami Vora was appointed as a Class I director of Datadog, Inc., increasing the Board size to ten members.  (view source)

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• Limited external board experience

Ticker: DELL
Mkt Cap: $84.3B
1-Yr TSR: 17.3%
Board Rating: A-

• Yvonne McGill is resigning as CFO effective September 9, 2025, and David Kennedy is appointed as interim CFO effective the same day.  (view source)

• 13D filed in the last 6 months
• Gov Risk: Chairman is not independent
• Gov Risk: Multi-Class Shares
• Internal Control Risk
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: DSGN
Mkt Cap: $339.4M
1-Yr TSR: 14.2%
Board Rating: C-

• On September 9, 2025, Arsani William, M.D. resigned from the board of directors of Design Therapeutics, Inc., and Justin Gover was appointed as a Class III director and chair of the Compensation Committee, effective the same day.  (view source)

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

Ticker: DLTR
Mkt Cap: $20.3B
1-Yr TSR: 49.3%
Board Rating: B-

• On September 9, 2025, Richard McNeely announced his retirement as Chief Merchandising Officer effective April 2026, and Brent Beebe will succeed him in that role.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (DLTR)
• CEO Tenure Was Under 2 Years: Richard W Dreiling
• Gov Risk: Entrenched Board
• High CFO Turnover
• Immediate Resignation
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: DUK
Mkt Cap: $95.0B
1-Yr TSR: 9.0%
Board Rating: C+

• Jeffrey Guldner has been appointed to the Board of Directors of Duke Energy Corporation, effective September 15, 2025.  (view source)

• Cyber Incident(s) within the last year
• Gov Risk: Entrenched Board
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: DRRX
Mkt Cap: $59.3M
1-Yr TSR: 27.3%
Board Rating: C-

• Several directors exited the Company Board as a result of the Merger, effective September 11, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Listing Rule Violation: Minimum Bid
• Merger Agreement
• Negative Say-On-Pay Vote: 86% For
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: EGBN
Mkt Cap: $623.8M
1-Yr TSR: 2.4%
Board Rating: D

• On September 8, 2025, Kris Pederson and Ted Wilm were appointed as directors of Eagle Bancorp, Inc. and EagleBank, effective immediately.  (view source)

• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (100)
• Limited external board experience
• Negative Say-On-Pay Vote: 81% For
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: EU
Mkt Cap: $437.8M
1-Yr TSR: -35.9%
Board Rating: C+

• On September 10, 2025, Kevin Kremke was appointed as Chief Financial Officer of enCore Energy Corp, effective October 1, 2025.  (view source)

• Abnormally High 8-K Filings
• CFO Tenure Was Under 2 Years: Robert J Willette
• CFO Tenure Was Under 2 Years: Shona Wilson
• Director Elections: < 95% average votes FOR
• Gov Risk: Entrenched Board
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: EOLS
Mkt Cap: $485.8M
1-Yr TSR: -50.8%
Board Rating: C-

• Tatjana Mitchell has been appointed as the Chief Financial Officer of Evolus, Inc. effective September 8, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (EOLS)
• CFO Tenure Was Under 2 Years: David Moatazedi
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High CFO Turnover
• SEC Correspondence in the last year
• Section 220 Disclosure
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: FIBK
Mkt Cap: $3.4B
1-Yr TSR: 19.0%
Board Rating: C-

• On September 3, 2025, First Interstate BancSystem, Inc. announced the appointment of Lorrie Asker and Chris Shepler as Co-Chief Banking Officers, effective September 10, 2025, following a realignment of senior management.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (96)
• Pledging
• Rule 10b5-1 Entered

Ticker: FLUT
Mkt Cap: $51.4B
1-Yr TSR: 32.7%
Board Rating: B+

• On September 12, 2025, Stefan Bomhard was appointed as a non-executive director of Flutter Entertainment plc, effective October 1, 2025.  (view source)

• Abnormally High 8-K Filings
• Cyber Incident(s) within the last year
• Internal Control Risk
• SEC Correspondence in the last year
• Settlement Agreement
• Workforce Reduction

Ticker: FL
Mkt Cap: $2.3B
1-Yr TSR: -12.5%

• At the Effective Time of the Merger, all members of the Foot Locker board of directors resigned, and several officers, including Mary N. Dillon, Franklin R. Bracken, Michael A. Baughn, Elliott D. Rodgers, and Cynthia Carlisle, ceased to be officers of Foot Locker.  (view source)

• Abnormally High 8-K Filings
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (80)
• High CFO Turnover
• Merger Agreement
• Negative Say-On-Pay Vote: 87% For
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: BEN
Mkt Cap: $12.9B
1-Yr TSR: 35.9%
Board Rating: D

• Daniel Gamba was appointed Co-President and Chief Commercial Officer, while Terrence Murphy and Matthew Nicholls were appointed Co-Presidents, effective October 15, 2025. Jennifer M. Johnson will relinquish her title as President, and Adam Spector will resign as Executive Vice President and Head of Global Distribution, effective the same date.  (view source)

• Cyber Incident(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• High Activist Vulnerability Risk Score (92)
• Overboarding

Ticker: FCN
Mkt Cap: $5.4B
1-Yr TSR: -24.0%
Board Rating: B-

• On September 4, 2025, Paul Linton was appointed as Interim Chief Financial Officer of FTI Consulting, Inc., effective September 12, 2025, following Ajay Sabherwal’s resignation.  (view source)

• Cyber Incident(s) within the last year
• High Activist Vulnerability Risk Score (79)
• Workforce Reduction

Ticker: GITS
Mkt Cap: $9.4M
1-Yr TSR: -36.2%
Board Rating: D

• On September 5, 2025, Aram Ahn was removed from the Board of Directors of Global Interactive Technologies, Inc. due to cause as determined by the Board.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Failed to File Annual/Quarterly Report
• Going Concern Risk Filings in the last year
• 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
• Limited external board experience
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: GVA
Mkt Cap: $4.8B
1-Yr TSR: 51.6%
Board Rating: B

• On September 8, 2025, J. Timothy Romer was appointed as a director of Granite Construction Incorporated, joining the class of directors whose terms expire at the 2028 Annual Meeting of Stockholders.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (GVA)
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: No lead independent director
• High CFO Turnover
• Internal Control Risk
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: HROW
Mkt Cap: $1.5B
1-Yr TSR: -4.6%
Board Rating: B

• Mark L. Baum is the Chairman and CEO, and Andrew R. Boll is the President and CFO of the Company, both of whom have interests in Melt Pharmaceuticals, Inc.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (HROW)
• Cyber Incident(s) within the last year
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Significant Stock Drop(s) in past 2 years

Ticker: HBIO
Mkt Cap: $19.8M
1-Yr TSR: -84.3%
Board Rating: C-

• On September 5, 2025, Stephen DeNelsky was appointed as a Class I director of Harvard Bioscience, Inc.  (view source)

• 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
• Internal Control Risk
• Limited external board experience
• Listing Rule Violation: Minimum Bid
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: HCAT
Mkt Cap: $228.0M
1-Yr TSR: -59.2%
Board Rating: D

• Benjamin Albert has been appointed as President and Chief Operating Officer of Health Catalyst, effective September 16, 2025, while Dan LeSueur will exit from the role of Chief Operating Officer on September 15, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year
• Bankruptcy Alert: 1 director has a bankruptcy history (HCAT)
• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Merger Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: HSIC
Mkt Cap: $8.4B
1-Yr TSR: 3.7%
Board Rating: C+

• James Breslawski transitioned out of his role as Senior Advisor and member of the Executive Management Committee on September 5, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (HSIC)
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Negative Say-On-Pay Vote: 88% For
• SEC Correspondence in the last year
• Settlement Agreement
• Workforce Reduction

Ticker: HUBB
Mkt Cap: $24.0B
1-Yr TSR: 16.3%
Board Rating: B+

• On September 10, 2025, Joseph A. Capozzoli was promoted to Senior Vice President and Chief Financial Officer, effective January 1, 2026, succeeding William R. Sperry, who is retiring as CFO on December 31, 2025.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (HUBB)
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Negative Say-On-Pay Vote: 89% For
• SEC No Action letter(s) in the last 2 years
• Workforce Reduction

Ticker: INTC
Mkt Cap: $107.7B
1-Yr TSR: 25.3%
Board Rating: C-

• On September 7, 2025, Michelle Johnston Holthaus, CEO of Intel Products, announced her resignation but will remain in a non-executive role until March 1, 2026.  (view source)

• Abnormally High 8-K Filings
• Bankruptcy Alert: 1 director has a bankruptcy history (INTC)
• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (100)
• Overboarding
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: IREN
Mkt Cap: $8.9B
1-Yr TSR: 336.3%
Board Rating: B-

• On September 8, 2025, Anthony Lewis was appointed as Chief Financial Officer of IREN Limited, while Belinda Nucifora exited her role as Chief Financial Officer on the same date.  (view source)

• Class Action
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time high at $33.63

Ticker: JBIO
Mkt Cap: $253.2M
1-Yr TSR: -85.7%

• Hetal Kocinsky, M.D. is exiting her role as Chief Medical Officer effective September 9, 2025.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (96)
• Internal Control Risk
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: JNJ
Mkt Cap: $429.9B
1-Yr TSR: 11.8%
Board Rating: C+

• On September 8, 2025, John Morikis was elected to the Board of Directors of Johnson & Johnson.  (view source)

• Gov Risk: Chairman is not independent
• SEC Correspondence in the last year
• SEC No Action letter(s) in the last 2 years
• Settlement Agreement

Ticker: KPTI
Mkt Cap: $57.6M
1-Yr TSR: -39.8%
Board Rating: D

• Mansoor Raza Mirza, M.D. is resigning from the Board of Directors and his position as Chief Oncologist at Copenhagen University National Medical Center.  (view source)

• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Classified Board / Staggered Director Elections
• Internal Control Risk
• Listing Rule Violation: Minimum Bid
• Negative Say-On-Pay Vote: 72% For
• Overboarding
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: LAZ
Mkt Cap: $6.4B
1-Yr TSR: 29.5%
Board Rating: B-

• Evan L. Russo will transition to a Senior Advisor role, and Christopher Hogbin will be appointed as Managing Director and CEO of Lazard’s asset management business.  (view source)

• 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
• Negative Say-On-Pay Vote: 67% For

Ticker: LVO
Mkt Cap: $61.4M
1-Yr TSR: -64.5%
Board Rating: C-

• Effective September 5, 2025, Jay Krigsman was appointed to the Audit Committee of the Board and as Chairman of the Audit Committee at LiveOne, Inc.  (view source)

• 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
• Late Filings (NT 10-K / NT 10-Q) within the last year
• SEC Correspondence in the last year
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $0.44

Ticker: LVWR
Mkt Cap: $1.0B
1-Yr TSR: -11.4%
Board Rating: D

• Jochen Zeitz is resigning from the Board of Directors effective September 30, 2025, and Jonathan Root will become Chairman of the Board effective October 1, 2025.  (view source)

• Gov Risk: Chairman is not independent
• High Activist Vulnerability Risk Score (79)
• Hot Seat Risk Score – CEO: High (86)
• Ind. Accountant Dismissed
• Multiple Dismissed Ind. Accountants within the last 3 years
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MX
Mkt Cap: $109.9M
1-Yr TSR: -31.7%
Board Rating: C

• Theodore S. Kim will be exiting his roles as Chief Compliance Officer, General Counsel, and Secretary effective October 22, 2025, following a separation agreement.  (view source)

• Director Elections: < 95% average votes FOR
• High Activist Vulnerability Risk Score (87)
• Ind. Accountant Dismissed
• Negative Say-On-Pay Vote: 77% For
• Significant Stock Drop(s) in past 2 years

Ticker: MQ
Mkt Cap: $2.7B
1-Yr TSR: 18.7%
Board Rating: C-

• Michael (Mike) Milotich has been appointed as Chief Executive Officer and a member of the Board of Directors of Marqeta, Inc., effective September 8, 2025.  (view source)

• Class Action
• Director Elections: < 95% average votes FOR
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (83)
• Limited external board experience
• SEC Correspondence in the last year
• Short Report: J Capital Research
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: MUX
Mkt Cap: $747.2M
1-Yr TSR: 57.3%
Board Rating: C+

• On September 3, 2025, Ian Ball was appointed as Vice-Chairman of McEwen Inc., and Nicolas Darveau-Garneau was appointed to the Audit Committee as a replacement for Mr. Ball.  (view source)

• 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: No lead independent director
• Internal Control Risk
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: MEI
Mkt Cap: $289.5M
1-Yr TSR: -12.0%
Board Rating: C-

• On September 7, 2025, Stacie Schulz was appointed as Chief Accounting Officer of Methode Electronics, effective September 11, 2025.  (view source)

• CFO Tenure Was Under 2 Years: David A Rawden
• Internal Control Risk
• SEC Investigation Related
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years

Ticker: MFIC
Mkt Cap: $1.2B
1-Yr TSR: 5.5%
Board Rating: B

• On September 4, 2025, Joseph Durkin was appointed as Chief Accounting Officer of MidCap Financial Investment Corporation.  (view source)

• Director Elections: < 95% average votes FOR
• 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

Ticker: MSM
Mkt Cap: $5.1B
1-Yr TSR: 23.4%
Board Rating: C

• On September 5, 2025, MSC Industrial Direct Co., Inc. announced several leadership changes including Kim Shacklett transitioning to a new role, Jahida Nadi entering the company, and Julie Rockett becoming Chief People Officer.  (view source)

• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Entrenched Board
• Gov Risk: Multi-Class Shares
• Internal Control Risk
• Workforce Reduction

Ticker: VYX
Mkt Cap: $1.8B
1-Yr TSR: 8.7%
Board Rating: C-

• On September 3, 2025, Anthony Radesca resigned as Chief Accounting Officer, and on September 7, 2025, James Wise was appointed as Senior Vice President & Chief Accounting Officer, effective September 12, 2025.  (view source)

• CEO Tenure Was Under 2 Years: David O Wilkinson
• Cyber Incident(s) within the last year
• Internal Control Risk
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: NJR
Mkt Cap: $4.8B
1-Yr TSR: 6.4%
Board Rating: C+

• Amy B. Mansue has been elected as a director of New Jersey Resources Corporation, effective November 1, 2025.  (view source)

• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: Entrenched Board

Ticker: NVL
Mkt Cap: $3.4B
1-Yr TSR: 109.0%

• On September 8, 2025, Cary Chenanda exited as Executive Vice President and President of Novelis North America, and on September 11, 2025, Greg Schlicht entered as Executive Vice President and President of Novelis North America.  (view source)

• Amended Filing (10-K/A)
• Amended Filings (10-K/A) within the last year

Ticker: OLO
Mkt Cap: $1.7B
1-Yr TSR: 118.8%
Board Rating: C-

• Multiple individuals resigned from the board of directors of the Company as part of the Merger.  (view source)

• Director Elections: < 95% average votes FOR
• Executive Termination(s) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Multi-Class Shares
• Internal Control Risk
• Merger Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: STKS
Mkt Cap: $82.7M
1-Yr TSR: -16.8%
Board Rating: C+

• On September 3, 2025, Tyler Loy resigned as CFO, effective September 26, 2025, and Nicole Thaung was appointed as CFO, effective September 8, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 1 director has a bankruptcy history (STKS)
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: OBK
Mkt Cap: $1.1B
1-Yr TSR: 15.4%
Board Rating: B-

• Daniel T. Chu resigned from the Board of Directors of Origin Bancorp, Inc. and its subsidiary, effective immediately on September 7, 2025.  (view source)

• Amended Filing (10-K/A)
• Amended Filing (10-Q/A)
• Amended Filings (10-Q/A, 10-K/A) within the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Internal Control Risk
• Limited external board experience
• SEC Correspondence in the last year
• Settlement Agreement

Ticker: PACS
Mkt Cap: $1.5B
1-Yr TSR: -75.7%
Board Rating: D

• Derick Apt resigned as CFO on September 2, 2025, and Mark Hancock was appointed as interim CFO on September 3, 2025.  (view source)

• CFO Tenure Was Under 2 Years: Derick Apt
• Class Action
• Late Filings (NT 10-K / NT 10-Q) within the last year
• Limited external board experience
• Short Report: Hindenburg Research
• Significant Stock Drop(s) in past 2 years
• Stock Alert: All-time low at $7.71

Ticker: PBI
Mkt Cap: $2.0B
1-Yr TSR: 80.2%
Board Rating: A+

• Wayne Walker was appointed as a director, Shemin Nurmohamed exited as Executive Vice President, and Todd Everett resigned from the Board.  (view source)

• 13D filed in the last 6 months
• Abnormally High 8-K Filings
• CEO Tenure Was Under 2 Years: Lance Rosenzweig
• CFO Tenure Was Under 2 Years: Bob Gold
• CFO Tenure Was Under 2 Years: John Witek
• Cooperation Agreement in the last 2 years
• Director Elections: < 95% average votes FOR
• High CFO Turnover
• Limited external board experience
• Settlement Agreement
• Workforce Reduction

Ticker: RXT
Mkt Cap: $356.6M
1-Yr TSR: -38.9%
Board Rating: C-

• Amar Maletira is exiting as CEO, and Gajen Kandiah is entering as the new CEO of Rackspace Technology, Inc.  (view source)

• Cyber Incident(s) within the last year
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• High Activist Vulnerability Risk Score (85)
• High CFO Turnover
• Immediate Resignation
• Ind. Accountant Dismissed
• 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
• Workforce Reduction

Ticker: REEMF
Mkt Cap: $7.9M
1-Yr TSR: -80.0%

• Jaye Pickarts is retiring as Chief Operating Officer effective December 31, 2025.  (view source)

• SEC Correspondence in the last year
• Settlement Agreement

Ticker: RYAN
Mkt Cap: $13.6B
1-Yr TSR: -16.9%
Board Rating: B-

• On September 3, 2025, Michael G. Bungert was elected as a director of Ryan Specialty Holdings, Inc., effective immediately.  (view source)

• Bankruptcy Alert: 1 director has a bankruptcy history (RYAN)
• Gov Risk: Chairman is not independent
• Gov Risk: Classified Board / Staggered Director Elections
• Gov Risk: More than one Director over 75
• Gov Risk: Multi-Class Shares
• High Activist Vulnerability Risk Score (80)
• Stock Alert: 52-week low at $50.98

Ticker: SGMO
Mkt Cap: $160.5M
1-Yr TSR: -37.0%
Board Rating: D

• Prathyusha Duraibabu is resigning as Chief Financial Officer effective October 1, 2025, to take a senior leadership role at another company, while transitioning to part-time employment with Sangamo Therapeutics thereafter.  (view source)

• Cyber Incident(s) within the last year
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Listing Rule Violation: Minimum Bid
• Negative Say-On-Pay Vote: 58% For
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SDGR
Mkt Cap: $1.4B
1-Yr TSR: -8.7%
Board Rating: D

• On September 5, 2025, Dr. Geoffrey Porges exited his role as Executive Vice President and Chief Financial Officer of Schrödinger, Inc., following a separation agreement.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Pledging
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SEG
Mkt Cap: $318.3M
1-Yr TSR: -10.6%
Board Rating: C-

• Matt Partridge was appointed as President, CEO, and Director, while Lenah Elaiwat was appointed as Interim CFO and Treasurer, and Anton Nikodemus transitioned to Special Advisor and resigned from his roles as President, CEO, and Chairman of the Board.  (view source)

• CEO Tenure Was Under 2 Years: Anton D Nikodemus
• CFO Tenure Was Under 2 Years: Matthew Morris Partridge
• High Activist Vulnerability Risk Score (83)
• SEC Correspondence in the last year

Ticker: SIRI
Mkt Cap: $8.0B
1-Yr TSR: -12.0%
Board Rating: C-

• On September 5, 2025, Dave Stephenson was appointed to the Board of Directors of Sirius XM Holdings Inc., effective September 18, 2025.  (view source)

• Gov Risk: Entrenched Board
• High Activist Vulnerability Risk Score (100)
• High CFO Turnover
• Settlement Agreement
• Workforce Reduction

Ticker: SKX
Mkt Cap: $9.5B
1-Yr TSR: -3.8%
Board Rating: B+

• Several directors resigned as part of the merger, and the previous officers became the officers of the surviving corporation.  (view source)

• 13D filed in the last 6 months
• Director Elections: < 95% average votes FOR
• 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
• Gov Risk: Multi-Class Shares
• Internal Control Risk
• Limited external board experience
• Merger Agreement
• Workforce Reduction

Ticker: SM
Mkt Cap: $3.1B
1-Yr TSR: -28.6%
Board Rating: C

• Herbert S. Vogel is retiring as CEO on March 1, 2026, and resigning as President effective September 4, 2025, while Elizabeth A. McDonald is appointed as President and Chief Operating Officer effective September 4, 2025.  (view source)

• Bankruptcy Alert: 2 directors have bankruptcy histories (SM)
• Cooperation Agreement
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (82)

Ticker: SSM
Mkt Cap: $970.1M
1-Yr TSR: 268.0%
Board Rating: C

• George O’Leary is resigning as CEO and Managing Director of Sono Group N.V., effective September 9, 2025, while Kevin McGurn will provide CEO services as an independent contractor starting the same day.  (view source)

• 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
• Settlement Agreement
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: SPWH
Mkt Cap: $118.0M
1-Yr TSR: 20.9%
Board Rating: C+

• Steven R. Becker resigned from the Board of Directors effective September 5, 2025, and Michael Tucci was appointed as a Director effective September 11, 2025.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Hot Seat Risk Score – CEO: Elevated (63)
• Immediate Resignation
• Significant Stock Drop(s) in past 2 years
• Workforce Reduction

Ticker: TBN
Mkt Cap: $319.5M
1-Yr TSR: 15.1%
Board Rating: C-

• On July 27, 2025, Scott D. Sheffield and Philip Z. Pace were appointed as directors of Tamboran Resources Corporation, with subsequent committee assignments made on September 2, 2025.  (view source)

• 13D filed in the last 6 months
• Bankruptcy Alert: 2 directors have bankruptcy histories (TBN)
• CEO Tenure Was Under 2 Years: Joel Riddle
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Entrenched Board
• Immediate Resignation
• Internal Control Risk
• SEC Correspondence in the last year

Ticker: TRNS
Mkt Cap: $712.1M
1-Yr TSR: -36.2%
Board Rating: C+

• On September 10, 2025, Kristina Johnston was appointed as the principal accounting officer of Transcat, Inc., succeeding Scott D. Deverell who is retiring.  (view source)

• Director Elections: < 95% average votes FOR
• Gov Risk: Classified Board / Staggered Director Elections
• High CFO Turnover
• Limited external board experience
• Significant Stock Drop(s) in past 2 years

Ticker: UNP
Mkt Cap: $128.1B
1-Yr TSR: -10.7%
Board Rating: C

• V. James Vena is the CEO of Union Pacific Corporation, and Jennifer L. Hamann is the Executive Vice President and CFO, both addressing the Morgan Stanley 13th Annual Laguna Conference on September 10, 2025.  (view source)

• High Activist Vulnerability Risk Score (88)
• Merger Agreement
• SEC No Action letter(s) in the last 2 years

Ticker: VREX
Mkt Cap: $477.3M
1-Yr TSR: .5%
Board Rating: C

• Kimberley Honeysett is transitioning out of her role as Chief Legal Officer at Varex Imaging Corporation, effective October 3, 2025, and will provide transition services until December 12, 2027.  (view source)

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

Ticker: VUZI
Mkt Cap: $182.5M
1-Yr TSR: 146.6%
Board Rating: D

• Chris Parkinson, PhD., has been appointed as the president of Vuzix Corporation’s Enterprise Solutions business unit, effective September 3, 2025.  (view source)

• Deceased Person Disclosure
• Director Elections: < 95% average votes FOR
• Going Concern Risk Filings in the last year
• Gov Risk: Average Director tenure over 10 years
• Gov Risk: Chairman is not independent
• Gov Risk: Entrenched Board
• Limited external board experience
• SEC Correspondence in the last year
• Significant Stock Drop(s) in past 2 years

Ticker: WD
Mkt Cap: $3.0B
1-Yr TSR: -13.1%
Board Rating: C+

• On September 11, 2025, Ernest M. Freedman was elected to the Board of Directors of Walker & Dunlop, Inc. and appointed to the Audit and Risk Committee.  (view source)

• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High Activist Vulnerability Risk Score (84)

Ticker: WST
Mkt Cap: $19.0B
1-Yr TSR: -12.5%
Board Rating: B-

• Kimberly Banks MacKay, Senior Vice President, General Counsel, and Corporate Secretary, is exiting the company with a transition period ending no later than December 31, 2025.  (view source)

• Class Action
• Gov Risk: Chairman is not independent
• SEC No Action letter(s) in the last 2 years
• Significant Stock Drop(s) in past 2 years

Ticker: WINT
Mkt Cap: $3.2M
1-Yr TSR: -100.0%
Board Rating: D

• On September 2, 2025, Steven G. Simonson, M.D. resigned as Senior Vice President and Chief Medical Officer of Windtree Therapeutics, Inc., effective immediately.  (view source)

• Abnormally High 8-K Filings
• CFO Tenure Was Under 2 Years: Jamie McAndrew
• Going Concern Risk Filings in the last year
• Gov Risk: Chairman is not independent
• Gov Risk: No lead independent director
• High CFO Turnover
• Immediate Resignation
• 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: YUM
Mkt Cap: $41.4B
1-Yr TSR: 12.9%
Board Rating: C+

• On September 8, 2025, Ranjith Roy was appointed as Chief Financial Officer of Yum Brands, effective October 1, 2025.  (view source)

• Cyber Incident(s) within the last year
• SEC No Action letter(s) in the last 2 years