Smith-Midland amends by-laws to remove cause requirement for director removal, lowers vote threshold to majority

On February 8, 2023, the Board of Directors of the Company adopted an amendment to the By-Laws of the Company (the “Amendment”), effective as of such date. The Amendment amends Section 3.11 of Article III of the By-Laws such that (a) cause is no longer required to remove any director, or the entire Board of Directors, and (b) the vote required in order to remove any director, or the entire Board of Directors, has been changed from the affirmative vote of the holders of at least 80 percent of the voting power of all of the then-outstanding shares of Voting Stock, voting together as a single class, to the affirmative vote of the holders of a majority of the voting power of all of the then-outstanding shares of Voting Stock, voting together as a single class.