The standard GNU Lesser General Public License (LGPL) is has a few caveats that make it "less useful" in licensing general purpose libraries that may be USED in closed source projects. This "LGPL Like" license attempts to provide a Licensing where the Library and any derivative of the library are required to be under this same LGPL Like license, but there is no responsibility to "infect" any works that use the Library with the same license.
In particular this clarifies/modifies issues described in sections 5 and 6 of the LGPL License so that it makes it more practical to USE the Library in closed source projects.
The terms for this LGPL Like License are the same as those for the LGPL License version 2.1 with the following exceptions:
LGPL Section 3: “You may opt to apply the terms of the ordinary GNU General Public License instead of this License to a given copy of the Library. ”
This is permitted in the LGPL Like license except with one restriction in that you may NOT opt to do so if the purpose is to create a "fork" of the Library under the GPL License.
LGPL Section 5: “However, linking a "work that uses the Library" with the Library creates an executable that is a derivative of the Library (because it contains portions of the Library), rather than a "work that uses the library". The executable is therefore covered by this License. Section 6 states terms for distribution of such executables.”
This LGPL Like license considers the above described executable as a "work that uses the Library" NOT "a derivative of the Library". This absolves the need to distribute binary objects that can be "re-linked" with different versions of the library by the user using such techniques described in section 6 of the LGPL License.
LGPL Section 5: “When a "work that uses the Library" uses material from a header file that is part of the Library, the object code for the work may be a derivative work of the Library even though the source code is not. Whether this is true is especially significant if the work can be linked without the Library, or if the work is itself a library. The threshold for this to be true is not precisely defined by law.”
When a "work that uses the Library" uses material from a header file that is part of the Library, the object code for the work is NOT considered a derivative work of the Library but is considered a "work that uses the Library".
If those above statements don't make it clear, the purpose of modifying the LGPL license is to ensure that the Library can be used in closed source projects without having to release source code that makes use of the library. However any changes made to the library itself or its header files must be released under this same license. This tries to ensure that the Library and all derivatives of the Library remain under the LGPL Like License but works that use the library are not restriced by this License.