Lennar Corporation
Extract: Bylaws Amended/Restated (Plain English Desc) from a 8-K on 07/01/2019   Download
SEC Document
SEC Filing

On June 26, 2019, the Board of Directors (the “Board”) of Lennar Corporation (the “Company”) adopted amendments to the Company’s By-Laws (as so amended, the “Amended By-Laws”) to provide that, in an uncontested election of directors, a person will not be elected as a director unless that person receives a majority of the votes cast. Plurality voting is retained for contested elections. In order for any incumbent director to become a nominee of the Board for further service on the Board, the incumbent director will be required to submit an irrevocable resignation, which resignation shall become effective upon (a) that person not receiving a majority of the votes cast in an uncontested election, and (b) acceptance by the Board of that resignation in accordance with the policies and procedures adopted by the Board for such purpose. The Amended By-Laws became effective immediately upon adoption by the Board.