On November 16, 2022, the stockholders of Texas Pacific Land Corporation (the “Company”) voted to approve an amendment to the Company’s Amended and Restated Certificate of Incorporation, providing for the declassification of the board of directors (the “Declassification Amendment”). The Declassification Amendment became effective upon the filing of a Second Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware on May 18, 2023.
You love to see it. Shareholder forced governance come to life. Gabi Gliksberg was a force here. Let’s get him working on term limits in Congress now.
Once the current terms of the individual board members are complete they each roll to a one year election cycle. New carrots and new sticks.
6 thoughts on “Declassified”
Thanks Gabi – That was a hell of fight!!!
And what are the current terms of each board member?
New shareholder, bought yesterday during the meeting. Just want to say that I appreciate this blog and those who contribute to it, as well as the activists working to make management accountable.
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So…what happens next? Do we have any timeline for the ruling from the judge?
Does anyone understand what the implications are of the preferred stock created under the Second amendmended and restated certificate of incorporation dated May 18 2023 really means.