Morning, welcome to the 2026 Annual Meeting of Stockholders of Treace Medical Concepts. I am John T. Treace, CEO, Chairman, and founder of Treace Medical, and it's my pleasure to welcome you here today for this meeting. We're very pleased to host our annual stockholders meeting in virtual format today, allowing us to be more inclusive and reach a greater number of our stockholders. We will conduct the business portion of our meeting first and then answer questions. However, if a stockholder submits a comment through the web portal about an item to be voted on at the annual meeting before the time of the matter is presented for consideration, we will strive to address that comment about a voting matter before the polls are closed.
Though we may not be able to answer every question, we will do our best to respond to as many as possible and plan to address any appropriate unanswered questions on our corporate website after the meeting. It is now a little after 11:00 A.M. Eastern Time on May 19th, 2026, and this meeting is officially called to order. I would like to introduce the other members of the board who are present at the stockholders meeting. The other directors that are present are John Bakewell, Jane Kiernan, Betsy Hanna, and Lance Berry. John Bakewell. Now it's my pleasure to introduce Scot Elder, Corporate Secretary. Mr. Elder will act as secretary of the meeting, and I will turn to him with any procedural issues that may arise.
Thanks, John. We are also joined here today by our independent auditors from Grant Thornton LLP. They will be available during the question and answer session after the business portion of the meeting to respond to appropriate questions. The company has appointed Broadridge Financial Solutions to act as inspector of election. Lou Larson, a representative from Broadridge, is with us today and has taken the oath of inspector of election. After the formal business of the meeting is concluded and the meeting is adjourned, we will provide time for general questions. Only verified stockholders may ask questions in the designated field on the web portal. Out of consideration for others, please limit yourself to two questions. Please note that this meeting is being recorded. However, no one attending via the webcast or telephone is permitted to use any audio recording device.
The board of directors fixed March 23rd, 2026, as the record date for determining stockholders entitled to vote at this meeting. An affidavit has been delivered attesting to the fact that either, one, a notice of internet availability of the notice of the meeting, the proxy statement, and the 2025 annual report to stockholders, or, two, the documents themselves were mailed on or about April 6th, 2026, to all stockholders as of the record date and will be incorporated into the minutes of this meeting. The stockholder list shows that as of the record date, there were 64,784,436 shares of common stock outstanding and entitled to vote at this meeting.
We are informed by the inspector of election that there are represented in person or by proxy shares of common stock 48,141,562 votes, or approximately 74% of the voting power on the record date. Since this represents more than a majority of the voting power of all issued and outstanding stock entitled to vote on the record date, a quorum is present for purposes of transacting business. Now I will present the matters to be voted upon. Please note that we will give stockholders an opportunity to comment on the proposals themselves after all proposals have been presented. Proposal 1 is the election of directors. If elected, the nominees for director will hold office until the 2029 annual meeting of stockholders or until their successors are duly elected and qualified.
Proposal 2 is to approve on an advisory non-binding basis the compensation of our executive officers named in the proxy statement. Proposal 3 is to ratify the appointment of Grant Thornton LLP to serve as independent auditors for the year ending December 31st, 2026. If any stockholder would like to make a comment regarding any of these proposals, please submit your comment through the web portal. I now turn the meeting back to our chairman.
Thank you, Scot. It is now 11:05 A.M. Eastern Time on May 19th, 2026, and the polls are now open. Any stockholder who hasn't yet voted or wishes to change their vote may do so by clicking on the voting button on the web portal and following the instructions there. Stockholders who have sent in proxies or voted via telephone or internet and do not want to change their vote do not need to take any further action. Now that everybody has had the opportunity to vote, I declare the polls for the 2026 annual meeting of stockholders closed, and I turn the meeting back to our Corporate Secretary.
Thank you, Mr. Chairman. We have been informed by the inspector of election that the preliminary vote report shows that the nominees for election to the board have been duly elected, the advisory vote on the compensation of our named executive officers has been approved, and the appointment of Grant Thornton LLP as independent auditors for 2026 has been ratified. We will be reporting the final vote results in a Form 8-K to be filed with the SEC within four business days after today. With that, I turn the meeting back to our chairman.
Thank you, Scot. There being no further business to come before the meeting, the business portion of the annual meeting of stockholders of Treace Medical Concepts is now complete. We will now take stockholders' questions that are being entered today on the web portal. Please note we will attempt to answer as many questions as time allows, but only questions that are germane to the meeting will be addressed. We may decide to address any appropriate questions that we do not answer today on our company's website.
Mr. Chairman, there was a question submitted by a stockholder. The question was what the average increase of salary increase for non-executives in the company. The answer is that inclusive of promotion and market adjustment, it was approximately 4.7% increase last year.
There being no further questions posed that are germane to the meeting, this concludes our meeting. We thank you for your attendance today and for the continued support from our customers, our stockholders, and our employees. Thank you.
This concludes today's meeting. You may now disconnect.