Document K6LGeX5ZjprbKzw25w41kn6Gw

Min u t e s o f Re g u l a r Mo n t h l y Me e t in g o f t h e Bo a r d o f Dir e c t o r s o f NATIONAL LEAD COMPANY h e l d a t No . Ml Br o a d w a y , New Yo r k Cit y , Tu e s d a y , No v e mb e r 25, 1952, a t I I;15 o 'c l o c k A.M. RESENT: w. V . Bu r l e y J . H . Re id A . H . Dr e w e s J . A. Ma r t in o Win t h r o p Sa r g e n t J . A . Ta y l o r D . M MERS0N H. T. Wa r s h o w G. L. RATCL 1FF E W. J. We l c h H. C. W 1 L D N E R gSENT: Mr . L. T. Be a l e Th e Pr e s id e n t , J. A. Ma r t in o , a c t e d a s Ch a ir ma n o f t h e me e t in g , a n d J. B. He n r ic h a c t e d a s Se c r e t a r y . A s u mma r y o f t h e min u t e s o f t h e l a s t p r e c e d in g me e t in g h e l d Oc t o b e r 28, 1952, w a s p r e s e n t e d a n d u p o n mo t io n , t h e r e a d in g o f t h e min u t e s o f t h e p r e v io u s me e t in g w a s w a iv e o a n d t h e min u t e s WERE UNANIMOUSLY APPROVED. Up o n mo t io n s d u l y ma d e a n d s e c o n d e d , t h e f o l l o w in g r e s o l u t io n s WERE EACH UNANIMOUSLY ADOPTED: RESOLVED, Th a t t h e a c t io n s o f t h e Ex e c u t iv e Co mmit t e e a s s e t f o r t h in t h e min u t e s o f it s me e t in g s h e l d Oc t o b e r 29, No v e mb e r 5, No v e mb e r 12, a n d No v e mb e r 21, 1952, s u b mit t e d a t t h is me e t in g a n d in v o l v in g ex pen d it u r es an d appr o pr iat io n s o f $1,928,406.63, b e a n d t h e y h e r e b y a r e a p p r o v e o . RESOLVED, Th a t Div id e n o No . 103 o f $1.50 a s h a r e o n t h e Cl a s s B Pr e f e r r e d St o c k o f t h e Co mp a n y , b e a n d it h e r e b y is d e c l a r e d p a y a b l e f r o m Su r p l u s Fu n d a n d Pr o f it s o n Ja n u a r y 30, 1953, t o s t o c k h o l d e r s OF RECORD AT CLOSE OF BUSINESS JANUARY 12, l 953. RESOLVED, Th a t a q u a r t e r l y d iv id e n d o f 25 a s h a r e o n t h e $5 p a r s h a r e s o f t h e Co mmo n St o c k o f t h e Co mp a n y n o w a u t h o r iz e d a n d o u t s t a n d in g , a n d STILL OUTSTANDING ON THE RECORD DATE HEREIN FIXEDj BE AND IT HEREBY IS DECLARED, PAYABLE FROM SURPLUS Fu n d a n d Pr o f it s o n De c e mb e r 19, 1952, t o s t o c k h o l d e r s OF RECORD AT CLOSE OF BUSINESS DECEMBER 5, 1952. (' 0000-NLI-000022021 (BOARD OF DIRECTORS - No v emb er 25, 1952) RESOLVED, Th a t a n e x t r a d iv id e n d o f 4-5^ a SHARE or: THE $5 PAR SHARES OF THE COMMON STOCK OF THE Co mp a n y n o w a u t h o r iz e d a n d o u t s t a n d in g , a n d s t il l o u t s t a n d in g ON THE RECORD DATE HEREIN FIXED, BE AND IT HEREBY IS DECLARED, PAYABLE FROM SURPLUS FUND AND PROFITS o n De c e mb e r 19, 1952, t o s t o c k h o l d e r s o f r e c o r d a t c l o s e o f b u s in e s s De c e mb e r 5, 1952. Up o n mo t io n s d u l y ma d e a n d s e c o n d e d , t h e -f o l l o w in g RESOLUTIONS WERE EACH UNANIMOUSLY ADOPTED: RESOLVED, Th a t t h e o f f ic e r s o f t h e Co mp a n y a n d a l l Br a n c h a n d Div is io n Ma n a g e r s , b e a n d t h e y h e r e b y ARE AUTHORIZED TO PAY ON OR AFTER DECEMBER 8, 1952, TO EACH EMPLOYEE IN THE COMPANY'S SERVICE ON NOVEMBER 30, 1952 (e x c l u d in g t h e o f f ic e r s a n d d ir e c t o r s o f t h e Co m p a n y ), EXTRA COMPENSATION EqUAL TO OF THE TOTAL c o mp e n s a t io n u p t o a ma x imu m o f $6,000.00 r e c e iv e d b y EACH EMPLOYEE DURING THE FIRST ELEVEN MONTHS OF 1952, EXCEPT THAT ANY PROPOSEO OR AGREED UPON RETROACTIVE WAGE OR SALARY ADJUSTMENTS PENDING BEFORE GOVERNMENT Wa g e o r Sa l a r y St a b il iz a t io n a g e n c ie s a s o f t h is d a t e , SHALL NOT BE INCLUDED IN THE CALCULATION OF EARNINGS FOR THE YEAR 1952; SUCH EXTRA COMPENSATION TO BE OFFERED TO ORGANIZED EMPLOYEES ONLY THROUGH THEIR DULY CONSTITUTED REPRESENT AT IVES. FURTHER RESOLVED, Th a t a l l t h o s e in t h e r eg u l ar e mp l o y o f t h e Co mp a n y w h o w e r e r e l e a s e d f r o m a c t iv e e m p l o y me n t o n o r a f t e r Ja n u a r y 1, 1952, f o r t h e p u r p o s e OF ENTERING THE MILITARY OR NAVAL SERVICE OF THE UNITED St a t e s a r e h e r e b y d e c l a r e d t o b e e n t it l e d t o t h e e x t r a COMPENSATION FOR THE CALENDAR YEAR 1952 AUTHORIZED BY THE FOREGOING RESOLUTION, NOTWITHSTANDING THE FACT THAT THEY WERE NOT IN ACTIVE EMPLOYMENT ON NOVEMBER 30, 1952, AND THAT IN EACH SUCH CASE SUCH EXTRA COMPENSATION SHALL BE COMPUTED ON THE BASIS OF THE ACTUAL SALARY OR WAGES PAID FOR SERVICES RENDERED BETWEEN JANUARY 1) 1952 AND THE OATE OF TERMINATION OF ACTIVE EMPLOYMENT PREPARATORY TO SUCH MILITARY OR NAVAL SERVICE. Af t e r f u l l c o n s id e r a t io n , t h e f o l l o w in g p r e a mb l e s a n d RESOLUTIONS WERE ADOPTED: WHEREAS, Do e h l e r - Ja r v is Co r p o r a t io n , a Mic h ig a n CORPORATION, HAS AN AUTHORIZED CAPITAL STOCK CONSISTING OF 1,500,000 s h a r e s o f Co mmo n St o c k , $5 p a r v a l u e , o f w h ic h 0000-NLI-000022022 Jj"jwl (BOARD OF DIRECTORS - No v emb e r 25, 1952) 1,067,642 SHARES ARE ISSUED AND OUTSTANDING, 6,902 SHARES ARE HELD IN ITS TREASURY, AND 67,575 SHARES (CONSTITUTING ABOUT 6%) ARE OWNED BY NATIONAL LEAD Co mp a n y ; a n d WHEREAS, IN THE JUDGMENT OF THIS BOARD IT IS IN THE INTEREST OF NATIONAL LEAD COMPANY EITHER (a ) TO ACQUIRE AN ADDITIONAL 74% OR MORE OF THE TOTAL ISSUED AND OUTSTANDING SHARES OF COMMON STOCK OF DOEHLER Ja r v is Co r p o r a t io n ; o r (b ) t o a c q u ir e a l l o f t h e a s s e t s o f Do e h l e r - Ja r v is Co r p o r a t io n in c o n s id e r a t io n o f s h a r e s o f t h e Co mmo n St o c k o f Na t io n a l Le a d Co mp a n y o n t h e t e r ms h e r e in a f t e r s e t f o r t h ; RESOLVED, t h a t t h e p r o p e r t h e Co mp a n y b e a n o t h e y h e r e b y o f t h e Co mp a n y a s f o l l o w s : ex ec u t iv e o f f ic er s o f ar e au t h o r ized o n beh al f Up o n p r io r d u e c o mp l ia n c e w it h a p p l ic a b l e l a w s a n d g o v e r n me n t a l r e g u l a t io n s a n d w it h s u c h p r o v is io n s a s TO TIME AND OTHER TERMS AS THE PROPER EXECUTIVE OFFICERS MAY DEEM PROPER, EITHER (a ) TO OFFER TO THE STOCKHOLDERS OF DOEHLER Ja r v is Co r p o r a t io n t o e x c h a n g e s h a r e s o f t h e Co mmo n St o c k o f Na t io n a l Le a d Co mp a n y f o r s h a r e s o f t h e Co mmo n St o c k o f Do e h l e r - Ja r v is Co r p o r a t io n o n t h e b a s is o f 1.15 s h a r e s o f t h e Co mmo n St o c k o f Na t io n a l Le a d Co mp a n y f o r I s h a r e o f t h e Co mmo n St o c k o f Do e h l e r - Ja r v is Co r p o r a t io n , - w h ic h is h e r e b y d e t e r min e d t o b e a r e a s o n a b l e AND PROPER BASIS FOR SUCH EXCHANGE AND IS SO FIXED BY t h is Bo a r d - s u c h o f f e r t o b e o n t h e c o n d it io n t h a t p r io r TO A DATE TO BE FIXED AT THE TIME SAID OFFER BE MADE AT LEAST 74% OF THE THEN TOTAL ISSUED AND OUTSTANDING SHARES o f Co mmo n St o c k o f Do e h l e r - Ja r v is Co r p o r a t io n b e t e n d e r e d FOR EXCHANGE PURSUANT TO SUCH OFFER; OR {B) TO OFFER TO DOEHLER - JARVIS CORPORATION TO PURCHASE ALL OF ITS ASSETS AND ASSUME ALL OF ITS LIABILITIES FOR A CONSIDERATION OF 1,227,788.3 SHARES OF THE COMMON STOCK o f Na t io n a l Le a d Co mp a n y , s u c h o f f e r t o b e o n t h e c o n d it io n THAT THE HOLDERS OF NOT MORE THAN 5% OF THE TOTAL ISSUED AND o u t s t a n d in g Co mmo n St o c k o f Do e h l e r - Ja r v is Co r p o r a t io n SHALL HAVE VOTED AGAINST THE ACTION TAKEN BY SAID CORPORATION IN AUTHORIZING SUCH SALE AND WITHIN 20 DAYS AFTER SUCH ACTION SHALL HAVE OBJECTED THERETO IN WRITING AND DEMANDED PAYMENT OF THE FAIR CASH VALUE OF THEIR SHARES AS PROVIDED BY THE Mic h ig a n Ge n e r a l Co r p o r a t io n Ac t ; 0000-NLI-000022023 \ (BOARD OF DIRECTORS No v e mb e r 25, 1952) FURTHER RESOLVED, t h a t t h e p r o p e r e x e c u t iv e OFFICERS OF THE COMPANY BE AND THEY HEREBY ARE AUTHOR IZED TO DETERMINE WHICH OF SAID OFFERS SHALL BE MADE? FURTHER RESOLVED, t h a t t h e p r o p e r o f f ic e r s o f t h e Co mp a n y b e a n d t h e y h e r e b y a r e a u t h o r iz e d t o t a k e ALL NECESSARY OR PROPER STEPS TO COMPLY WITH APPLICABLE LAWS AND GOVERNMENTAL REGULATIONS, IN ORDER TO MAKE SUCH OFFER, AND ARE FURTHER AUTHORIZED TO TAKE SUCH OTHER AND FURTHER STEPS AS THEY MAY DEEM NECESSARY OR PROPER TO CARRY OUT THE INTENTS AND PURPOSES OF THE FOREGOING RESOLUTIONS. Up o n mo t io n , t h e me e t in g t h e n a d j o u r n e d . 0000-NLI-000022024