Document m9KYy908XzJbkbvvbOkmoeoO

National Lead Company held at No. Ill Broadway, Yew York City, on Tuesday, June 22, 1937, at ^;10 oT clock A. M.___________________________________________ Present: Messrs. 'BealeV1 -u' ' - tBeschorman/v/V/V ^erte^cA. > > *Caselton` /'/vVV - E. J. Cornish^^ F. W. hockwell^' W. H. Croft ^ H. G. Sidford ' 0. H. Greene / /"V v' Charles Simon *1 frond a II- Mai&h cu y G. W. Thompson /V>- W. F. Meredith `/'H. T. ftarshow >- - Absent: f f /3w<<. CL^L~r Present by invitation: The minutes of the last preceding meeting held May 25, were read and duly approved. Upon motion duly made and seconded the actions of the 'cutive Committee since the last meeting of the Board, as forth in the minutes of its meetings held June 3rd, 10th 17th, 1937, submitted for the approval of the meeting, were Ly and unanimously approved, the roll being called on all ems involving the expenditure of money. ' - Upon motion duly made and seconded the affixing of the .seal of the Company to sundry documents specified in schedule submitted by the Secretary was duly and unanimously approved, ' 1 ' . .' ratified and confirmed, and- said schedule was ordered filed with the minutes of the meeting. Upon separate motions the following resolutions were each unanimously adopted, the roll being called wnere the ex penditure of money was involved. : 0000-NLI-000021977 syvj ABSOLVED, that the action of the officers of the Company ending to July 1, 1949, the due date for the payment e balance of the indebtedness of Dr. Gustav Jebsen for -rchase of shares of Titan Company Inc. and Titan Co. A/S "by him (originally evidenced by his promissory note to Ayder of this Company for the principal amount of $172961.15 March 28, 1929 and due March 28, 1939) by acceptance bstitution for said last mentioned note of his renewal ssory note dated April 1, 1937 and due July 1, 1949 the principal amount of $166049.45, being the balance pincipal of said original note remaining due and unpaid on date of said renewal note, be and it hereby is and said sion of payment is in all respects approved,ratified and irmed. RESOLVED, that the construction of the third from last paragraph of Article Second of that certain oyment Agreement between the Company and Dr. Gustav Jebsen ed July 1, 1327 (as extended by supplementary agreement d June 5, 1936) expressed in letter of My. w. C. Beschorman Dr. Jebsen dated June 4, 1937, submitted for the approval this meeting, be and it hereby is approved, ratified and irmed. ;S! RESOLVED, that the action of the officers of the -pany in entering into that certain Agreement between the mpany and Dr. Gustav Jebsen dated June 7, 1937, submitted r the approval of this meeting, amending paragraphs numbered irst", "Second" and "Third" of that certain Agreement between e same parties dated June 5, 1936 providing for the purchase the Company in certain contingencies of the shares of it an Company Inc. and of Titan Co. A/S owned by Dr. Jebsen, be it hereby is and said amending agreement is approved, atified and confirmed. v RESOLVED, that the action of the officers of the Company in entering into that certain Agreement between the Company and Willis F. Washburn dated May 17, 1937, submitted for the approval of this meeting, abrogating his former agreement writh Titanium Pigment Co. Inc., dated March 8, 1935, and granting him six months leave of absence with pay to October 31, 1937, and providing for the continuance of his services thereafter in a consultative capacity and on a retainer basis until he shall have reached age 65, and securing to him the benefits of the Retirement Annuity Plan and Plan of Past Service and Minimum Pensions and of the Death Benefits Plan of the Company as therein provided, be and it hereby is and said Agreement is in all respects approved, ratified and confirmed. 0000-NLI-000021978 RESOLVED, that the sum of $63,936. be and it hereby Is appropriated for alterations of and additions to equipment at Sayreville Plant, Titanium Division, for the purpose of adapting It to the production of nC" Pigment by the St. Louis Process, in conformity with formal application dated June 2, 1937. RESOLVED, that the sum of #10,093. be and it hereby is appropriated to cover cost of ex tension to Plant water.purification system, St. Louis Plant, Titanium Division, in conformity with formal application dated June 17, 1937. RESOLVED, that the sum of $>3000. be and JLt hereby is appropriated for the purchase and in stallation of a third pretreatment tank for the production of basic lead.sulphate and Thompson-Stewart Process white lead at St. Louis Lead-fit,,-Oil works, St. Louis Branch, in conforaity with, letter of Mr. J. A. Caselton, manager, dated June 19, 1937. RESOLVED,that the sum of $825.90 be and it hereby is appropriated for renewing roof and skylight on Kansas City warehouse, St. Louis Branch, in conformity with letter of *r. J. A. Caselton, Manager, dated June 19, 1937. RESOLVED, that the sum of $1209.43 be and it hereby is appropriated for the purchase and installation of-equipment for improving the ven tilation of the New York accounting office, Atlantic Branch, in conformity with letter of Mr. H. W. Dickerson, Comptroller, dated June 16, 1937. RESOLVED, that the authorization by the Manufacturing Committee of the expenditure of the net amount of #2,336.75 during tne period May 25th to June 21st, 1937, for the purchase of two Ford coupes, one Ford coach, one Chevrolet coach and two Plymouth coupes for Company use, in conformity with report of Mr. F. *. Rockwell, Chairman, dated June 21, 1937, be and it hereby is approved. RESOLVED, that the officials of the National Pigments k Chemical Division of the Company be and they hereby are autnorized and empowered to continue and conclude negotiations for a license from Messrs. Roy Cross and Matthew F. Cross under tneir two certain patents relating to oil and gas well drilling, substantially upon the terms outlined in letter of Mr. J. A. Caselton, General Manager, dated June IS, 1937. 0000-NLI-000021979 nE30LVED, that the action of tne officials gf National figments & Chemical Division of the ^jcmpany in negotiating a certain license Agreement between Gulf nesearch & Development Company and this Company dated April 15, 1937 and submitted at this meeting, securing to this Company a license under United States betters latent No. 1819646 issued august 18, 1931 to Loomis, Ambrose & ^rown and owned by said Gulf Research & Development Company, upon the terms stated in said Agreement* be and it hereby is approved, ratified and confirmed, and that the officers of the Company be and they ,, .. hereby are authorized and directed to execute and deliver said Agreement for and on behalf of this Comoany. RESOLVED, that the Vice President-Comptroller and the secretary of the Company be and.they hereby are authorized and directed to execute under the corporate seal and to file with the securities and Exchange Commission the Annual Report of the Company required by tne Securities Exchange Act of 1934 for the fiscal year ended December 31, 1936, in the form submitted at this meeting.. On motion the meeting/ then adjourned Secretary.