Document km5JRrDOMaxBDGVro7y4YLkNB

FLUID SEALING ASSOCIATION Board of Directors Meeting PLAINTIFF'S EXHIBIT Tuesday October 14, 1980 Mauna Kea Beach Hotel Kamuela, Hawaii Minutes The meeting of the Board of Directors of the Fluid Sealing Association was held on Thursday, October 14, 1980 at the Mauna Kea Beach Hotel, Hawaii and Presi dent Clay Jewett called the meeting to order at 2:25 p.m. Members Present: Clay M. Jewett, President Richard McDermott Jerry Rooney Bob Owen Thomas Warren Robert Pilmer Members Absent: John Scannell T.P. Jackson Vernon Gibson, Jr. Charles J. Kenkel^n George Mordas Staff Attending: Brent H. Farber, Jr., Secretary/Treasurer James Rodgers, Esq., Legal Counsel MINUTES The minutes of the Board of Directors meeting held on June 11, 1980 at the Greenbrier, White Sulphur Springs, West Virginia were approved as distributed. TREASURER'S REPORT Secretary/Treasurer Farber presented an Income and Expense Statement covering the period from January 1 to September 30, 1980 which showed a checking ac count balance of $2,807.53 and investment in the Delaware Cash Fund of $53,309.12. Following a review of the expenses during this period, motion was made and seconded that the Treasurer's Report be accepted as presented. BUDGET FOR 1981 Secretary/Treasurer Farber then presented a budget for the year 1981 in which it showed a projected income of $61,000.00 and expenses amounting to $52,126.00 leaving a surplus of $8,874.00. He told the Directors that MultiService Manage ment Company was requesting an increase in their management fee of approximately 9% which would bring their annual fee up to $21,976.00 and this increase was included in the projected expenses for 1981. A motion was made by Robert Pilmer and seconded that the budget for 1981 be -2- approved as presented. Motion carried. In concluding this report, the Secretary/Treasurer advised the Directors that he had discussed with James Matthews of ML&B the hourly time that was being charged to the FSA when Legal Counsel attended the regular meetings of the Association. He assured the Secretary/Treasurer that only time spent at the actual meetings was being charged plus any hours necessary for travel time. MEMBERSHIP The following Regular Membership applications were approved: GRS, Inc. Richmond, California Representative: James Keeby, President W.S. Shamban & Company - Seals Division Fort Wayne, Indiana Representative: William Newell, Group Vice President The application for Phelps Packing & Rubber Company was tabled for further information concerning the company. The following Associate Membership applications were approved: Hitco - Materials Division Gardenia, California Representative: Gary Shepherd Southern Textile Corporation Charlotte, North Carolina Representative: Frank Williams The application for Viking Technical Rubber, Inc. was turned over to the REJ Division for their review and recommendation. The application for Empak - MEX. S.A. for Associate foreign membership was tabled until we receive a formal application from Empak - MEX. S.A. COPYRIGHTS Secretary/Treasurer Farber advised the Board that all necessary copyrights for technical handbooks had been approved by the Copyright Office in Washing ton, D.C. QUALIFICATIONS FOR MEMBERSHIP Once again the qualifications for membership in FSA were discussed and it was decided that the qualifications for membership as now described in our By-Laws should be updated. President Clay Jewett appointed Jerry Rooney and Richard McDermott to study this section of our By-Laws and come up with a recommendation at our Mid-Winter meeting in February. They were also instructed to study the various dues classifications and determine how many members fall into each of these classifications. There being no further business, the meeting was adjourned at 3:50 p.m. 3 FLUID SEALING ASSOCIATION FORMERLY MECHANICAL PACKINO ASSOCIATION 2017 WALNUT STREET ( 21s ) 569-3630 PHILADELPHIA. PA. 19103 BULLETIN Brent H. Farber. Jr. SEC* Y. *TREAS. NEW BOARD OF DIRECTORS MEETING Thursday October 16, 1980 MINUTES Mauna Kea Beach Hotel Kamuela, Hawaii c President Clay Jewett called the meeting of the New Board of Directors to order at 11:20 a.m. with the following members present: Clay Jewett - President Richard McDermott Jerry Rooney Bob Owen Thomas Warren Alex Pilecki Robert Pilmer Members Absent: John Scannell T.P. Jackson George Mordas Charles Kenkelin Staff Attending: Brent H. Farber, Jr. - Secretary/Treasurer James Rodgers, Esq. - Legal Counsel President Clay Jewett said the first order of business was the election of officers for the year 1981. A motion was made and seconded that John Scannell be elected President for the coming year. Motion carried. A motion was then made and seconded that Bob Owen be elected Vice President for 1981. Motion carried. A motion was made and seconded that Brent H. Farber, Jr. be elected Secretary/ Treasurer for 1981. Motion carried. The Board of Directors elected the following Executive Committee after a motion was duly made and seconded: John Scannell - President Clay Jewett - Past President Bob Owen - Vice President Richard McDermott FSA 10/16/80 Page 2 MEMBERSHIP The New Board of Directors approved the Regular Membership application for Phelps Packing & Rubber Company, Baltimore, Maryland, representative Robert Phelps, Jr., after receiving further information regarding the qualifications of this company. CAUTIONARY WARNING FOR HANDBOOKS President Jewett told the Directors that at the meeting of the Compression Packing Division the subject of the proper wording to be used in a handbook, when a warning is necessary because of the use of asbestos. The Board decided on the following wording: "May contain asbestos" There being no further business, the meeting was adjourned at 11:45 a.m. February 27, 1981 FLUID SEALING ASSOCIATION ANNUAL REPORT OF DIRECTORS 1980 In accordance with Section XVII of our By-Laws the following is the Annual Report of the Directors of FSA to its members: 1. Statement of Assets, Liabilities and Fund Balance Cash Accounts Receivable Accrued Interest Received $65,741.00 550.00 $66,291.00 Liabilities and Fund Balance Liabilities: Prepaid Dues Accrued Expenses Fund Balance $29,345.00 7,036.00 29,910.00 $66,291.00 2 There were no principal changes in our assets and liabilities during the year 1980, however, our Working Capital decreased by $11,417.00. 3. The revenue of receipts of the Association were $77,250.00. 4. The expense or disbursements of the Association were $88,667.00. 5. The number of Regular Members of the Association as of December 31, 1980 were 60 and Associate Members 14. This is an increase of 3 Regular Members and two in Associate Members in 1980. We also have 5 Honorary Members. A list of our members may be found at the Association office, 2017 Walnut Street, Philadelphia, Pennsylvania 19103.