Document 7MGGOvX06LyexLVR05okOQKO8

Philadelphia, Pa April 27, 1948 At a regular meeting of the Directors of John T* Loots A Bros* Company, hold this day at tholr offless In tho Wldonor Building, thoro were prosenti J. W* Cardinor, Prosidont 3* P. Reeves, Tioo Prosidont and Treasurer A, X* Wilson, Visa Prosidont X. H. Merritt, Boorotary L* T* Baals, Director Coo* A* Watts, Dlrootor Tho mooting was oallod to ordor by Mr* J* W, Oardlnor, who presidod, and Mr* X* H. Xorritt reported tho minutos of tho mooting* Tho minutos of tho mooting of Marsh 29, 1943 wars road and approrod. Mr* Watts roportod that our CAR applieatlon of $108,023*00 for tho expansion of our Motal Department had boon temporarily tabled* It was unanimously deoided to mako applieatlon for a CAR in tho amount of $5,600 to improve tho condition of our warehouse used for tho storage of Blended Paint* On motion duly made and oooondod It was unanimously deeldsd to contribute $200 to tho Salvation Army campaign for 1948* In connection with our Profit-Sharing Plan, on motion duly made and seconded, it was unanimously RESOLVED, That this Company hereby approves, ratifies and adopts tho amendment to Paragraph 2 of Article VI of the Profit-Sharing Agreement between national Load Company and Tho Chase Rational Bank of tho City of Row fork dated December 28, 1944, as amended, which said amendment amends the said Paragraph 2 of Article VI to read as followsi *2. Distribution of benefits. Tho smounts to which a parti cipant is entitled shall bo distributed by the Trustee upon written direction of the Cemmltigijf# as fbllewsi (> As of the mad of his tenth year of participation and as of the end of each subsequent year of his participation prior to but not coincidental with his death, severance dr retirement, each participant shall be paid 10* of the amount standing to the credit of his account prior to the crediting of any allocation for such year* In the event of the death of such participant in any year subsequent to his tenth year of participation, the Committee shall evaluate the fund standing to his credit as of the last day of Xaroh, June, September or December following his death and payment of tho amount thereof shall be made by the Trustee within 30 days after the date as of which such evaluation shall be made, as herein provided. NL 000040730 Pag 2 - to th beneficiary designated by th participant in writing and filed with th# Committee, subject to ohaag iron tin to tin a th parti* oipant nay desire, and, if no onoh beneficiary ha boon o designated, said amount shall bo paid by tbo Trust to th estate of such deasd participant. (b) .mJLmjpwMHn* that the participant's employment terminates during hi life, except by retirement, the Committee shall evaluate the fund standing to his credit as of the last day of March, June, September or December following such termination of employment and shall direct the Trust# to segregate the amount thereof to the individual credit of such participant and snob amount shall no longer constitute a part of the common trust fund) the said amount shall be paid to such participant in five equal consecutive annual installments, unless the said amount is less than $500, in which vent such amount shall be paid in annual installments of $100 or such lesser amount as is available. The first installment shall be due within ISO days next following tho dat of such termination of employ* .went The Trustee and the Committee may, in their discretion, exercise with regard to any segregated account, the same rights and powers of investment and reinvestment which they have under this Agreement with regard to th trust fund. Any,income of such segregated account shall be paid to such participant by the Trustee at the time of payment of the next succeeding annual installment. In the event of the death of such participant prior to the payment of the final installment, the whole of the unpaid balance remaining in his segregated account shall be paid by the Trustee la one lump sum to the beneficiary designated in writing by the participant and filed with the Committee subject to change from time to time as the participant may desire, and, if no such beneficiary has been so designated, the whole of said amount shall be paid by the Trustee to the estate of such deceased participant. (o> I bhe ease of a participant who is retired from service, the Cowittoo shall evaluate the fund standing to his credit as of the last day of March, June, September or December following such retirement and payment of the amount thereof shall bo made by the Trustee to such participant in one lump sum within 30 days after the date aft of which such evaluation shall be made, as herein provided. _ ,, J&UrpitMft, mx .ffrteHtifc RjmAW- .majurf , death of participant. In the event of the death of a participant prior to the completion of the tenth year of his participation and prior to ' the termination otherwise of his employment, the Committee shall evaluate the fund standing to his credit as of the last day of March, June, September or Deoember following his death and payment thereof shall be made by the Trustee within 30 days after the date as of which such evaluation shall be made, as herein provided, to the beneflolary NL 000040731 Pag* 3 designated by ths participant in writing and filad with the Committee, subject to change from tine to tima at tha participant nay desire, and, if no ouch beneficiary has boon o designatad, tha said amount shall ba paid by tha Truataa to tha aatata of such deceased participant" In oonnaction with onr Ratlraaant Annuity and Ufa Insurance Plan, on notion duly node and seconded it was unanimously BS30LV8D, That this Oonpany*s Ratlraaant Annuity and Life Insurance Plan, as aaandad, ba further amended to proride that no aaployao shall bo oliglbls for Retirement Annuity benefits who shall enter tha service of the Company after April 30, 1940 and who shall attain age 60 without hawing one year of credited service under the Plan) but any such employee shall be eligible for Life Insurance coverage under the Plan* R880LVED, That this Company's Retirement Annuity and Life Insurance Plan, as aaonded, be further amended to provide, effective Ray 1, 1940, that the Company may permit the retirement or may terminate the employment of any employe* covered under said Plan who has reached his 55th birthday and has had at least 1$ years' service with the Company, if the Company finds that he has become for any reason permanently incapable of rendering satisfactory service with the degree of efficiency required by the Company, in which event the Company will pay or provide for payment to such employee of tho full retirement benefits under the Plan without reduction because of such earlier retirement or termination of employment; the Retirement AnsttLty and any pension payable te begin upon such retirement or teradnatien of employment; the Retirement Annuity in such ease to be in the full amount of annuity accumulated te the date of retirement or termination of employment and any Past Service Pension to which such employee may be entitled to be in the full amount to which the employee would have been entitled upon retirement at Hemal Retirement Pate under the Plan* RB30LTXD, That this Company's Retirement Annuity and Life Insurance Plan, as amended, be further amended to provide thet eny employee qualified for Retirement Annuity benefits under the Plan who shall have completed at leaat 20 years' service with the Company, who shall have reached hie 60th birthday and shall retire after the eloee of business on April 30, 1948 and boforo hla normal Retirement Date, shall be entitled to retirement benefits under tho Plan at a rednoec scale to begin upon retirement; the formula for computing and fining the amount of ameh reduced benefit a to bo that provided in tha Croup Contraot covering Retirement Annuities in force at Mia tine of retire ment. RK30ITSD, That this Company's Retirement Annuity and Life Insurance Plan, at amended, bo further amended to provide that any employee qualified for Retirement Annuity benefits under the Plan who shall have completed at leaat 30 years' servise with the Company, who shall have reached hie 60th birthday and shall retire after tho close of business on April 30, 194i and before hla Dermal Retirement Date, HI 000040732  Page 4 shall ha antItled to the full retirement benafite under the Plan to begin upon retirement without radustion beoause of eueh earlier retire ments the retirement benefit* in euoh ease to be in the full amount of Retirement Annuity aeeumulated to the date of retirement and any Past Servian Pension to which euoh employee nay be entitled upon retire ment at Vernal Retirement Date under the Plan* The Company* at it# option* may itself pay or may provide for the payment of sueh retire ment benefits for the period between the time of sueh earlier retire ment and the Vernal Retirement Date of euoh employee* RESOLVED* That this Company1* Retirement Annuity and Ufa Insurance Plan* a* amended* be further amended and extended to provide* offestive May 1* 1948* for Retirement Annuity coverage in respect of salary classes without limitation as to maximum salary and for that purpose to establish appropriate salary classes in addition to the salary classes now provided for in the Plans said additional salary, classes and the Retirement Annuities and employees' contributions in respect thereof to be determined in accordance with the principles and formula now in effect under the Plan* Such amendment and extension shall not affect the amount of any Retirement Annuity In respect of service* contribution* salary or wages prior to Ray 1* 1948* RESOLVED * That this Company's Ratiromont Annuity and Ufa Insurance Plan* as amended* be further amended to provide that the j amount of Life Insurance Coverage of any omploys who shall enter the service of the Company after April 30* 1948 and after having reached hie 55th birthday shall be determined upon qualiflootion end upon each February let thereafter and shall bo an amount equal to one year's pty at the rate currently in effect for purposes of insurance coverage* but shall be not loss than 8500 nor more than 81000} provided* that if the amount of such oho year* a pay bo not am oven multiple of 8100 the amount of Life Insurance shall be the even multiple of 8100 next higher then sueh one year's pay and sueh amount of Life Insurance shall continue without reduction upon the retirement of any such employee who shall be entitled te receive Retirement Annuity payments) however* any eueh employee who shall not be eligible for Retirement Annuity benefits shall not ho entitled to continued Life Insurance coverage under the Plan after retirement* RESOLVED* That this Company's Retirement Annuity and Life In surance Plan* as amended* be further amended te provide that for any employee retiring after the close of business on April 30* 1948 under the sold Plan* oxoopt any employee who shall enter the service of the Company after April 30* 1948 end who shall have reached hie 55th birthday at the time of entering eueh service* the amount of Life Insurance after such retirement shall bo reduced by the amounts of monthly Retirement Annuity and pension payments as paid under the Retirement Annuity Plan or any Pension Plan of the Company (taken in whole dollore and disre garding fractional parte of dollars) to an amount equal to the annual rate of pay of sold employee in offset fer purposes of Life Insuranto coverage at the tine of ratiromont* but not to bo lose than 81000 nor more than 810*000 in any ease* ML 000040733 Pag* 5 - RESOLVED, That this Company' R*tlr*s*nt Annnity and life In surance Plan, a* amended, bo further amended as of June 24# 1947 a# aa to providt fov tho increase of th* uxlau individual Life Imnitna* coverage therenndor from $20,000 to $30,000* Hr* Rhell, Aaalatant Treasurer and Credit Manager, was ask*d to Join tho sooting and reported that at tho preaont tin* our Aoaonnta Resolvable showed approximately $900,000, built up largely during tho loot two dr thro* sentha by aalos of Blond*d Paint* Thoa* aaloa aro duo for diaoount May 10th* Bo roportod that only ono a*count in tho aatount of $42*70 had bon ohargod off aiaoo January 1st. 1942* At tho and of th* year 1947 uo only had 5% of our aaloa atill on our book* whoroaa tho average of tho paint induatry ahowod hotter than 2$* Our bad dobt aaloa for 1947 wore .012 whoroaa tho bad dobt aaloa for tho paint induatry war* *24* Month by month our collections run k% to 36$ bettor than tho paint induatry* Mr* Rholl was given a vet* of thanks for his splondid report* Th* regular report of shipments far th* week ending April 23rd was submitted* ^ There boing no further business, upon motion th* mooting adjourned* NL 000040734