Generac adopts proxy access bylaw allowing 3% holder groups to nominate directors

GENERAC HOLDINGS INC.

Stockholders owning 3%+ for >=3 years can nominate up to 20% of board or 2 directors via company proxy.
Bylaws updated to comply with SEC universal proxy card rules; certain nominations void if holder fails to comply.
Board reserves white proxy card for its exclusive use; other solicitors must use different color.
Legacy provision removed; other conforming changes and clarifications included.

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

GENERAC HOLDINGS INC.: Amended and restated bylaws to add proxy access for eligible stockholders and update universal proxy card rules (effective 2023-03-09).

Change: bylaw amendment
Effective: 2023-03-09

Exact text from the filing

On March 9, 2023, the Board of Directors of Generac Holdings Inc. (the “Company”), upon recommendation of the Nominating and Corporate Governance Committee, adopted an amendment and restatement of the Company’s Amended and Restated Bylaws (as further amended and restated, the “Restated Bylaws”) to, among other things, provide “proxy access” for eligible stockholders and make changes in connection with the new Securities and Exchange Commission rules regarding universal proxy cards.

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GENERAC HOLDINGS INC. filing history →

Source: SEC EDGAR

accession 0001437749-23-006220

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