Item 5.03. Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year. OnJanuary 20, 2021 , the board of directors ofMidWestOne Financial Group, Inc. (the "Company") voted to amend and restate the Company's current bylaws as its Third Amended and Restated Bylaws ("Third Amended and Restated Bylaws"). The Third Amended and Restated Bylaws are effective as ofJanuary 20, 2021 .
Amendments contained in the Third Amended and Restated Bylaws include the following:
(1) the addition of a new paragraph in Section 3.2 providing that: (a) the three classes of directors shall be as nearly equal in number as possible, with the term of office of one class expiring each year; (b) if the number of directors is increased, additional directors may be elected by a majority of the directors then in office and shall hold office until the next election of the class for which such directors were chosen; and (c) at each annual meeting of shareholders, the successors to the class of directors whose term is then expiring shall be elected to hold office for a term expiring at the third succeeding annual meeting (paragraph 2 of Section 3.2 of the Third Amended and Restated Bylaws); (2) the deletion of the requirements relating the number of Class I directors previously selected by Central Bancshares, Inc. ("Central") because these provisions expired upon the 2020 annual meeting of shareholders. These requirements had been implemented in connection with the Company's merger with Central onMay 1, 2015 (Section 3.2 of the Third Amended and Restated Bylaws); (3) the deletion of the requirement for supermajority approval by the board of directors of: (a) a change in the Company's name; (b) a change in the location of the Company's headquarters; (c) the removal of any director; (d) the approval of certain sale or merger transactions; (e) the issuance of securities in certain circumstances; and (f) the amendment of certain provisions of the Company's bylaws; because these provisions expired onOctober 28, 2019 . This requirement had been implemented in connection with the Company's merger with Central onMay 1, 2015 (Section 3.7 of the Third Amended and Restated Bylaws); and (4) an amendment increasing the mandatory retirement age of directors from seventy-two to seventyfive and requiring that directors reaching the age of seventy-five automatically cease being a director at the close of business on the day of the next shareholders' meeting at which directors are to be elected (Section 3.14 of the Third Amended and Restated Bylaws).
The foregoing description of the Third Amended and Restated Bylaws does not purport to be complete and is qualified by reference to the full text of the Third Amended and Restated Bylaws, which is attached as Exhibit 3.1 to this Current Report on Form 8-K and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits. (d) Exhibits. Third Amended and Restated Bylaws of MidWestOne Financial
3.1 20, 2021. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)
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