The 2025 say-on-pay vote received only 33.5% support — far below the 70% threshold that normally requires visible changes or a No vote — but the company has taken meaningful, concrete action in response: it eliminated the single-trigger change-in-control severance provisions that shareholders specifically cited as the reason for their against votes, engaged a new independent compensation consultant, and introduced a new 2026 incentive framework that adds performance-based stock awards (awards that only vest if pre-set financial targets are met) and shifts more pay into long-term equity. Because the company has genuinely remediated the primary shareholder concern rather than offering vague promises, the policy's prior-low-support rule does not require a continued No vote. The CEO's total pay of approximately $4.75 million for a $560 million market-cap industrial company, while substantial, reflects a year of solid profitability ($50.4 million Adjusted Pretax Income) and the pay mix — roughly 54% variable (cash bonus plus stock awards) — meets the policy's requirement that at least 50–60% of senior executive pay be performance-linked.

The non-audit fee ratio (audit-related fees of $29,120 plus tax fees of $275,673 = $304,793 non-audit, divided by audit fees of $904,478) works out to approximately 34% — well below the 50% threshold that would trigger a No vote. Elliott Davis has served for over 20 years, but the policy's tenure trigger requires 25 or more years to fire, so the current tenure does not trigger a No vote. No material restatements are disclosed. As a regional firm auditing a company with a market cap of $560 million (below the $1 billion threshold), Elliott Davis is considered adequate for this engagement.