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November 20', , 1940 4' 3 was held A regular meeting,of the Board of Directors of P. Lorillard Company today at the office of the Company, 1119 West 40th Street, New York City. There were present Messrs.: G. H. Hummel E. S. Bowling H. A. Kent J. J. DJrisco3l~. J. S. Freeman J. A. Glascock F. -Hopewe7:1 J. T. Keel Todd Wool On motiion duly made and seconded, the reading of the minutes of the pre- vious meeting,was dispensed with. On motion of Mr. Bowling, seconded by Mr. Driscoll, it was unani'mous],yr RESOLVED: That the dividend of $1.75 per share on the Preferred Stock of this Company, which would yperwiise be payable on the first business day of January, 1941, be and the same ihereby, by way of antic3.pation,, declared and made payable on December 20, 1940y to stockholders of record at the close of business on. December 6, 19'40• FURTHER RESOLVED: That a final dividend for the year 1940 of 300 per share on the outstanding Common Stock of this Company be and'the same is hereby declared and made payable on December 20„ 1940', ta stockhoiders of record at the close of' bnsiness on December 6, 1940. FURTHER RESOLVED: That the proper Officers of' the Company be and they hereby are authorized'and directed to deliver,, on or before the 19th day of December,,1940,,theamountrequired to make paymentof'the abovedioidends, towri'.t,o the sum of $733,187.27', taThe New York Trust Company, 100'Broadway, NewYork City, N.Y., which said sum in this manner is hereby irrevocably set aside for and allocated to the payment of said dividends and' shall be used by sadid! Trust Company for the pay- ment of said dividends in accordance with the terms of'this Resolution. FURTHER RESOLVED: Thr~t the aforesaid dividends and' each of them, be charged against current earnings of the Company for the year 1940, out of and with respect to which they are intended'to be declared'and paid. On motion of Mr. Driscoll, seconded by Mr. Keel, the following adver- tising expenditures were in all respects approaed, rat3:fied, and'confirmed:. Contract dated October 31, 194:0 with Madison Sqnare Garden Corporationy New York City for advertising,of OLD GOLD Cigarettes in the Professional Hockey„ Boxing, Champion- ship Fi'ghts and Bicycle Racing Programs, covering events held at Madison Square. Garden and Madison Garden Bowl, during the period November 1, 1940 to October 31, 1941, at a cost of' $750. Estimate #309 of Lennen & Mitchell Inc. dated November ll, 1940, covering radio ad- vertising of SENSATION Cigarettes over Station WGY, Schenectady, N.Y., for a period ofthinteen weeks from November 12, 1940',,at a,cost of~~'L,.,003'.78. Cbntract dated Novrember15,19'40'with Central Trades & LaborCounc3ll„ New,York City, for a half page OLD GOLD Cigarette advertisement in the Christmas 1940 issue of the Labor Chronicle, at a cost of $250'. 88111826 Contract dated November 15, 1940 with Central Labor IIniomof Hudson County,,Jersey

44 City, N.J., for a page advertisement of'Company products in the Hudson County Federationist, at a cost of'$350'• The Secretary laid before the meeting the followiing: Ag;reement with E'.I. du Pont de Nemours & Co., Cellophane Division, for pur- chase of cellophane during,the period November 1, 1940 to October 31, 1941, under terms and conditions fully set out therei'.n,. Agreement dated November 4, 1940' with llg,.cAnda•ews & Forbes C'ompany, New York City,, providing that contract dated Mey 20, 1931 for the purchase by this Company of licorice paste, which expires on December 31, 1941, shall continue in full force and' effect after saidi expiration date, subject to cancellation by either party at any time uponitwo years' written notice in advance; each of' which On motion nf'-Mr. Freemen, seconded •by Mr. Driscoll,, was in alll respectsapproved,,ratiLfiedi, andconfirmed.. On motion duly made and secondedi,, the meeting,adjourned. Secretary