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Hioutoo of tb Aasusl Iftstias of the Beard of Birsetere of Ike GUta
Cos&oay, teld la the Directors Beoa of fcba offices of i&e Cospaay, 900 Union
CoaKaercs Building, Cleveland, Ohio on Thursday, Bsces&er 8, 1966, at lltSS
o'clock c.ra.
The following Directors ears present*
Xteight p. Joyce B. V. ttaxey John H. Vesks
Robert 0. Rorner Willlea 6. Phillips
0. H. Halsey George s* Werner
William P. Smith Foul U. lfeldhardt Richard B* Turk, Sr. Raymond Q. Arctagton Robert B. Borfusyer
Viathrop B. Dailey, Jr
Messrs. Richard w, Patterson, Treasurer oad Donald E. Sreklne, Controller,
wore also present at the invitation of she Cbslraso.
Hr. Joyce, chairman, prooidod end Hi*. Richard x, Dutton, Secretary, recorded
the sioutoo*
Copies of the nlnutee of tin 38ovas&*r seating of the Board having boon
ailed to each director, the Director#, on sra&toa eadtf sod seconded, unanimously
agreed to dispense vith the reading of the okatea, which ware approved la the
fom received by then.
The Chairman announced that tbe meeting vould proceed vith the election of
officers and that noa&natlone would bo received, The following officers of the
Company ww nenineted and, on notion nade and seconded, unanimously elected to
bold office until the next Annual Meeting of Shareholders and. until their successors are elected end qualifieds
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Xytright P. Joyce
B. V. Kajeoy Willies C. Phillips Paul V* tfeidfcordt Gaorgs S. Wnraar Robert E. Dorfiasyer Cdorgs M. Halsey John U* Weeks Rofearfc D. Horner Joba H. Baths, Jr. Robert L. b>zoa Willisgi I.. Rodioh Gaorgo 8. Forbes
Robert ?. T. Ycuas Richard V. Patterson Richard K Button Doasld E. Brokine G. WilUasa Raid John P. Whit* H* Willloa Patera G. Keith Brovin Charles P. Fitcgarsld
C&sits&n cl the Board of Directors and Chief Bxaeutlvo Officer
Vico Mrsoa of the Board of Directors President
Executive Vie President Executive Vico Preeldent Vice Preoideafc*Corporate Development Senior Vico President Vico President Vico President
Vice President-Corporate Organisation Vico Preeidenfc-Cerperete Purchasing Vico prosldOBtZaorgoale Chcaleale
Vice F?s8ldeat~Coafcin&fi sad Resins Vico prasidoBt-Orgsaie Chemicals TntasuMr Secretary tad General Ceoasel Controller Assistant Secretary Assistant Secretary Assistant Treasurer Assistant Treasurer Assistant Controller
The Chalro&n esaouaced that &a had appointed the following persons to the
offices specified, which eppoiataaafce ware, on Bottom node and seconded, unanimously
approved by the Directors*
nCworApoieraimtei
Richard 8# Sing Gerald J. Baleldon
Vice PresideatCorporato Planning Assistant Secretory
Durkee Foods Group*
George ?. Atkinson Richard J. Bauer Willard P. Brown
Vice 7reaidentloduotrlal Products Division Vice fxosideat*Vcod Service Division
Vice President-Ceaetttsr products Division
Chemicals Group*
Jans C Rankin Walter C. Mitchell Karl Turk, Jv. Walter B. Junes
Vico PresideatHark*tlng
Vise Presidsat^Pignsnts A Colors Division Vice President,General Measgar-Fwoce Div. Vico President-Metals Division
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tJLlli&n D. Sicoell, Jr. Jaas3 I*. Baatsclissp
Keassfta ?. Killer R^flr6 8. Biw^soa
Sfoosao 9. Aml Richard H gfcsphcme KiHord . Sfcoteelfrerger
Geiorge J. Seitfe Roland C. Dl&noy Beraard XU Kroehis
Vico Preoldeat-KarUetin Koglosol Vico Preoidont "gloss! Vico Dreeidont &eg&aal Vico President Regional Vico President Regional Vico President
Regional Vico President Regional Vico President Vise Presides#S&tos Eosiseariag Division Vise Proaidsae-JJaeo (gessieai Bivlelea
rha following Director war ncaiaffited cad, a eotioa taada end seconded, imoaiooualy eloefcod to serve os regular cad altercate casabors of fete Elective CzsssalCtQ'jp ebo alteraate sseabore to serve raspocsivaly la eta order of Chair election in the ahoofcce of on or nwa oS the regular stators of tbs Coaaltfcse frea on? oeatiDSi
Dwight P, Joyce B. W, Kccc*? WlUiea G. Phillips Paul V. Ifeldhardt G&ougo S. Weroar 0* K. fislcey Robert B# Borftaayar John D. tfcofca
()?irsfc lUaraaCe) (secead Alternate) (fhtrS Alternate)
On BOtiea tsado ood eocosted, the following parses* vsro tsauaisoooly eloetod to serve as %os&ers of tha following designated Goosltteoer
rorftscg eas%CTBre>
B. V Kue;r Cbairaaa Uilllsa G, Phillips
Paul V. Ifeidhardt Richard ?/. Fsttorooa Donald E* Eroklae Robert j. Beehausoo
Sacrotfiryt Richard B. Xing
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John 8* Beekc* Chaitisoii B, V. Kar^ay
George 3* Kanaer Richard B. Turk, 8?* ftebsrfc E. BorSa&yor WUUo s b P. fiaith Secrotoryt Rickard 8. Fatterssa Advisor: Joha 8. Loth, Jr.
Jaha 8* Beaks* Chalswaa
B. 8* Hcstoy
George 8# Warner
Richard a.
Sr.
Robert 8, Bor&aysv
Willie* P. Smith
Secretary: Richard V. Fattoreca
Advisort John H. Lstfea, Jr.
nmm.immmmqa.jk tmmw mssnt casaggsg*
John a. tM) Mtass B. V. Kaasy Richard a. Tusk, Sr. Richard K, Button | i John K. Lathe, Jr. Richard W. Fattersea 11 ttaldoa I. Van Pleat I ! Jfich B. Bredt ! > Secretary: Edwin R. Vitkina
isnamam cowaraatt-mgrag k a ib :
B. V. Hasay, Chalrtaa VilUao 6. Phillip* Paul v. Raldhardt Billiot P. Salth John B. tfeeka Secretary: Richard W. Battersea
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Richard 8* Pafctsrsos, Cbaisasa Stottl V. fJeldkerdi: Itayaaaad q Araisgtoa Jbba B. l^fthdt Jf. Bosald B. Bvskias David G. Kay. Seeretery
Etoi&ht P. Jsyca B. 9, Kascy mz&sts G. Phillips 8craearyj Richard W, Paaterooa legal Advf-scrr Richard Bo Button
Hr. Haill&po, President, stated that la order to cbtala sufficient kiss* tor
ell Director to prepare for Bsard Hsetfc^a it was desirable to ebaage tbs date
for roguldr ffioctiage of fcha Board of Directors fren tfeo fourth Tuesday to the
fourth Itadsesday of the calendar stfatha whaa esastioga veto to be bald during 1967.
Ga c&tien rad sad eocoadod, it was uGsaiasusly
ftSSOLVSD* that tegular otetlegs of this Board of Directors for tbs calendar year 1967 hall be bald la the Directors Boca of the offices of the Caspar#* 900 tfnioa Cesa&refl Building. Cleveland* Ohio ct 10 occlech a. os the Sollcndss datesz FSBJWAHY 24; M&7 24$ mm 23; emssssa 27; mdP H3S5H85R 22; end that the ttuu&sl Orgo&i&atiOB Hsefciag of febo Board of Directors for calendar 1967 be told cs ESC32S3SK 14* isssadiafcoiy follouiag the Aaoual t&etlag of Shareholder of tfe Cs&ogy; cad
FURTBSR R55C5*V3. that if the date ao iiwd for any meting shell to a legal: holiday,ttoa the swotlag Otherwise to be held oa that date* shall be hold e& tbs sss boar. oa tbs east eaceeedi&g btssiasss day ctet a logoi holiday; end
PCRTaSR R2S0&92D* that this resolatioei supersedes oil prior rosalotioes relating to the ttatebilsi&mt of the tisa sad place for regular uat#63 esfcd the asaual Orgsaioatics KoetStig of the Board of Directors* Giteo-pfc ^st the sos&lo of the resolution adopted by this Board of Direstora9 Cesmary 25. 1953* porfceiaimg to Directors* fees, shall re* sssia g full fores sad effect.
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Hr. Jeyeo, Chalzsaa, Hr. Kb7, Vic Ctairagon, cud Hr. Xhllltpa, President,
t#re excused Srca tbs ^tioUt2g durir ecGslteticn of the folloving s32tr, vifch
Hr. JJoidfcardfc, Executive Vis President, presiding la chair absence, T&c DlreeCoro
fcUaa discussed the caapsasatloa to bo paid such officers sad all other officers of
Cba coapaay, to bo detorelned !jy tlsa 9taCora under the provisions of the Asended
PvasoiaciGas of the Co&peny, adopted by tbs shareholders foeetatar 8, 1956, for tta
followiag year. Gpca o5;fcm uads ead sosoaded, the following resolution woo auaai**
ssuoly adopted;
E5S0&.V3I), that tbs ecespBacstftoa of Wight P. Joyce as Chief S&acutivo Officer of thle Ccesjaay be established, effective foces&ar 8, 1966, at the rate of One Hundred Xton thousand Dollars ($110,000) per year, payable la equal seni-sisafcbly i&3fcall*ate, plus addlfciaaal cenpaesetlofl, payable on the ninetieth (90th) day follcsvlxag the end of each fiscal year, of a sun equivalent to ens per coat (11) of the net profit of this Caspaay for each fiscal year as defined bar*lap but set to exaeed Sfiffey thousand Poller* ($30,000)} end
PUKCES& RBSO.VS0, that the tarn "nst profit" stall, for the purpose of cceputiag said additional coapeasatioo, men the flsauel net profit of this Coopery, as published end certified by Its Auditors, after tsnes oed all other charges and after deducting an allewsace of Eighty Cants (80s) per stare oa the CRGEcoa gtoeh of this Coetpasy outstanding at the sad of each fiscal year; end
HSW RBSOLVBD, that fcbio resolution supersedes tta resolu tion adopted 8eptee&er 28, 1035 eta the sms subject; sad
F9RS1SR KBSCLV^, that the eoRpessatleo of B. V. Ifcusey as Vies Ctalrnca of this Ceo^aesy be and it hereby is established at tta rate of 8svso2jrta Utasred foliar* ($72,000) par year, payable la oqnot scal-jssntfely isstaltaastsi and
PBRTBBSa RESOLVED, that the coopsesatloa of ell other officers of this Go&paay (estaept ttat of the President uhleh has been established by an Agree&ent approved by the Board of Directors, Koveasfcer 22, 1936) be detOTcincd by tta President to vhoa such authority la hereby delegated, under each procedures so he nay establish fra* ties to fciaa.
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K&aestw &&&> t-lasay end Phillips rejoined fcha K&otla# with tar. Joyce presiding for fcho fealc&aa thereof.
She jSirKOa ocasuaasd that its the ehsanoe of fioal figures for fitcol 1966 and la \7i<ru of fcha discuss*? of th sales end profit porferaaaee of the Cosep&ay, cdssaatD <Sa is^orscat dcvslopoents oad fosters affoetlcg jcretisae and profit cod cowroafc oanftlngp* ea t;w> Rovas&or SI, 1966 Board o Directors mating, further detailed reports tsar x& appropriate ot this acting.
(ksp^ eoatrtbufcioas cos forth la a report bp tha Pwatioos Csmlttea dated B&cae&or 6* 1966* eevaring the Ccapaay's I960 flssal year, were reviewed, sisd on Obion wads nod seconded, ttsooimausly approved bp the Directors.
S*a Directors accepted a report dated peoeober 6, 1966, addressed to tha Directors* on the status aad invsstaismt parforcsoaeo of the Cecapaay'a Postsloo poods, a of uly 31, 1968, prsparsd by Hr. fattorsaa, SecretaryXavecfctaasfc Cesaitfceo-- Bonaflt Eleco, o copy oS vblch had bsm furnished to aeh director prior to the GttQti&g*
Hr. Phillips ead Kr tforoer, Brscutlve Vies Prasidoot, discussed vifcb the Blroctors the proposed acquisifcica of the Kartrudo Corpdmcica, l&spath, Long 1*W* SW Xosk, a Efflaufacfeoror of sa ll*purpco lease mix,used principally as oa isgrcdicat la M drinks vitb a otssaher of secondary uses, sloag with esa* sidomtioa of rights to reage osd cola n&io trader eoatreote betwea ifertrude ad the inventor thereof, on the basis of the pwratissa of assets for Cesnsa Stock of the Cos&aay ead the porches of certain roal ostots for cash. Hr. Warner stated that the acquioitloe would he the sdijeet of m definitive proposal in the near future calling for action by She Sirocfeors.
At 11:49 o'clock a., the oaetisg e&a recoessd for lurafcasn mi toooavesed at 1:45 o'clook p.a
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At tho request of {Sr, Mssster, fch* D&voc&ora ueSBicn&ucsXy approved tbs drftwsl of iu6fcs>rifcy to gxs&r^nfcGa a IS-yaar lease go gas Valley Produced Co., as approved by the Eaoeutivs Carsicessi, Sepces&or 10, 1060, os the beala that Gua Valley bo locker 1b g fteaatal or oarkaCiag position zearrontiag sach a guaraofceo.
Ca matioa aftclo cod socoGdsd, tho Dirastors aas&lsotteiy approved th* Gale ot the Coo^aay's equity latorest t3 the capital eteoh of Seklses Paiufc Cesapasy to XoMbnra 8as$ye Ssiaha, Ltd, of JStp-ea, ea the heel* sot forth la a esa&rmtdie* dated Ifcvss&Gjr 25, I96f rcut Sr. (I. SU Brevia, RLt q 2ter-1storaatleaal SpartsAt, addressed to Hr. Phillips, with copies to each fcho Dlretora. Zba Chairs2 consented oa the vary eosBandabte attitude and ec&ies a tbs part of eke ttaaSQo* aost of Xehihars t&tleh through each solo vould eosble tbs Caspeay to salvage ite basic lavsstsoat la Sehitoa under etiusadoo aafoyorablft elzeawfeeees.
Er. Phillips discussed rltb the t&raetars th3 details of a Pau3gea99t Inncative tosrd Pina 0&&?) as auseaarisad la a nsaoroift&a free fib lofoxnal Sosos Plaoalas Ceaalt&ee, doted Sedbbr 2, 1966, to Hr. ftsllllps, copies of i&lch bed baea furnished to eeeb director prior to fclio cmfibis* Mr. Phillips esplAhsd that the HXfi? ollevad l$$uy lo the application 2 fcho eward of beaoses for reeogolfclca of individual gerfomaaoec? tsador cpocla! elrounotGaeas which set otherwise eoafera to tho objective standards Sou eligibility end swards. After diccuoolen, tbs Birectora ua&a&zstssly rocosaaaded that l;fcs Straus committee adept ths KZAf for eonelderatles of the awarding of boausse during fiseal 1967. Mr. Vfeohs, CboiEwaa--Sojsua Comifcfcce, etatad that the HXA? had in fact been eon* sldered by the Straus Cco&ft&tfcee prior to this Slrsetoro Meetlag with ths cea carreaec sad reeocreeadatloiA of its wsc&ore that &ush Pies bo adapted for the fleet*!
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1067 cud otctod that a resolution to this offset would 1x3 adopted by tbs Boana Cearalt&oa et a subsequent mating*
Ah:. Phillips prGGonted and tfee Directoro, on ration t^ade and B-acondod,
unanimously approved flaaociug ftrraogoxeata for tfca Dwight p. Joyce Boeanreh Center ou the b&aia sou forth in a sGaorcndua of Kr. Pattoxsoa, dated tteeesfcer 5, X36G, addressed to Kr. Phillips, with copies to each of the Director, cad in cara&ctloa therewith, alee ttoanisously approved PPS 919-1*2 in tho total mount of $130,000., covering the odvaactoont of funds for construction purposes under tfca approved financing arraageaents, subject to approval, by the taw Boparttt&ftt of all tHs necessary documents incident thereto.
??io Directors reviewed the Secretary's report dated Deceesber 6, 1966 on settcrc on which Directors sad Executive Caseaittce action had been baton and on *iich other eetioa was pending.
the Chairmen discussed with the Directors suggested procedures for natters to bo euteaitted to the Board of Directors or to the Executive Cosaalttee for consideration and action, the procedures ware outlined In a saGBserendus of Kr. Joyce, dated Boccabar 7, 1966, a copy of which had been furnished to each director prior to the easting, covering basic Ritters which be proposed be handled by the Board of Directors or the Executive Gocs&ittes under the circusstances set forth in the oaaoxandua* Hr. Joyce stated that while the proce dures ware not designed to establish a fixed policy, ho felt the itemization of such basic natters would ba helpful to the Directors. After discussion, it was the unoateoas consensus of the Directors that these procedures be followed in the future.
Kr. Robert H. Soah&usea, Assistant to the Treasurer, presented a report on iavestsMHtt results - pension fu&d portfolio. Kr. Sochausoa's presentation
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taa acecsspsnicd by cbovtc cn<3 a datelied exploration by Mr. Massy and Hr. ftetibsm&a of bo s s of fcho policies flad phileGcphieo followed by tbo Cospaay 1st oimogiag tbs poasloa fuad portfolio. Uta Cfcairaao conapliiacated Hr. ttaekausen ea hid report oa& tfes wrh of tbs iudividualo involved m& the Xnvectraeat Goss'ietes*** Eoosfifc yittus Car the vary favorable* results QSfcSiRad ever tbs years covered.
Iftere bales no furthsr buaisass to cose bafera t&e Direcfcovo, tbe sooting tass c hSfoumart, et Sc 13 *clsek p.u., sloe dia, subject to reconvening ca tfce Gall of tbo Cbairaaa or oa otkerwiso provided Car in the Aaoaded Regulations of tbo Cospsoy.
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