Toro amends bylaws with universal proxy rules, federal forum provision, and updated stockholder notice requirements

TORO CO

Updated stockholder meeting adjournment notice and list availability to align with recent Delaware law changes.
Clarified stockholder proposal and nomination procedures; added disclosure requirements for proposing stockholders.
Adopted a federal forum provision requiring 1933 Act claims to be brought in federal courts.
Addressed SEC's universal proxy rules, including representations on proxy solicitation for director nominees.
Changed majority vote standard for non-director proposals to majority of votes cast; broker non-votes and abstentions have no effect.

Key facts

Extracted from this filing and checked against the source text.

Governance Changes SEC 8-K Item 5.03/5.05/5.06 confidence 0.9

TORO CO: Amended and Restated Bylaws adopted to update provisions related to stockholder meetings, stockholder proposals, majority vote standard, universal proxy rules, proxy card color, and federal forum for Securities Act claims (effective 2023-05-23).

Change: bylaw amendment
Effective: 2023-05-23

Exact text from the filing

On May 23, 2023, the Board of Directors (the “Board”) of The Toro Company (“TTC”), acting upon the recommendation of the Nominating & Governance Committee of the Board, approved and adopted Amended and Restated Bylaws of The Toro Company (the “Amended and Restated Bylaws”), effective as of May 23, 2023.

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Source: SEC EDGAR

accession 0001140361-23-027141

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