BOARD CHAIR MESSAGE

A year like 2021 offered a window into the character of POWER Engineers and the view provided by this window should make all of us very proud to be a part of POWER.

For the past two years, I have thanked each of you for your contribution to POWER’s continuing success story, and this year I want to do that again. 2021 didn’t come without challenges, but instead of hitting an ‘easy’ button, each of you stepped up to the plate in big ways. There is example after example of our employees making a difference every day. From the parents who worked 2-3 hours in the morning before their kids got out of bed and then another 4-5 hours after their day was over, only to get up the next day and do it all over again. To the roommates who share the kitchen table as a workspace and then go to the local coffee shop when one of them must take a conference call. Employees both new and experienced went the extra mile throughout the year to make sure designs, drawings, and documents were delivered on time. I want you to know that your continued dedication and sacrifices didn’t go unnoticed. As your Board Chair, I get the opportunity each year to write this letter and update you on how we are remaining focused on our best-inclass corporate governance. This year there are three things I want to specifically call to your attention. The first being what happened when our CEO, Bret, resigned in July. Thanks to the plan that was in place in case of an unexpected change in leadership, our company was able to continue thriving through change, which isn’t an easy feat. The courage displayed by Jim in immediately assuming the CEO role was nothing short of inspirational. His steady and confident leadership, combined with our strong sense of teamwork, allowed us to remain focused on the common goal of continuing to do good work while having fun and staying profitable. Another change that is currently in progress is adding a candidate to fill our open board seat. We modified our bylaws to allow for a 3rd outside board member to address board diversity and help create a smooth transition for our long-time board members. We are excited for the new perspectives this individual will bring to the table. The final thing I want to mention is a responsibility we take very seriously as a board and that is to constantly evaluate different capitalization structures. We do this to ensure that as an organization, we are set up for long-term success and that we are allowing shareholders and future shareholders to succeed along with us. A year like 2021 offered a window into the character of POWER Engineers, and the view provided by this window should make all of us very proud to be a part of POWER. Thank you once again for your contribution to POWER’s continuing success story!

Ron Carrington