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::ti1:ICE'S '`' .? reet:n~: -*-t;1e F.ioarcl oi Directnrs i•! Phill*1 .'torris . tcor-.,.rn:r, [! .'old '.a(' (-,;?'IcC's or the CCY'L1T3i.'C~i v,T3i.'C~iv, i{)0 ?;lri: tivenile. ',LG' Yt,.rk. `I . r: .? t j t): Z() ',t c I ocK t Z the I orenoon ;'1 l.'cr;-3L)er 11 , 1q(i'~ P.u rSttaRC to t;`r'- c[' ^:ai t F`[j fCl .',1L the d; rectors. Present, tI ne !-o11owing: ssrs. : .,. F. Cttllnan, d I:. . Dammann J. :{. Davi s R. N. DuPuis t;. ,a. Ki bbee . ?.asker T. N. Lawler . P. Koner A. Snaoner S. ,•1ei l G. t;eissman J. H. Wi lkinson, Jr. A. E. Lyon, Honorary Chairman Il. S. Cullman, Director Emeritus H. E. Riddell, Director Emeritus K. H. Rockey, Director Emeritus Absent: W. H. Ha tche r L. C. Hanson, Director E:r,eritlis :'r. Paul D. Smith, vice president and general counsel was also oresent :It the meeting. Upon motion duly made and seconded, the following resolution was unanimously adopted: RESOLVED, That the minutes of the meeting of this Board held on September 19, 1962, copies of which were furnished the members of the Board, be and the same hereby are adopted as and for the minutes of the said meeting. t>} [y Mr. Joseph Cullman then reported to the Board on the September meeting 00 C3 ' of the Executive Committee of the Board of Directors. 4h ta ¢*

. .. ~-."r .,iL.; ,;,ri n r~1 ~}' - ~'?a 'l~i~'Car,nC. . E'rp^'^IF,nC~atlon , ~,nnclir're!~ lr . !i rnctnr; rnLet P:'-'rr r•c•mnanv -~^d e:i!1r'.nr, 'L:lc., '.f?r a .:?`+i tai ;1n.n'"e"-ri 1e`_: C~'1 ::? C'lr' :i'"toltnC nt V ' 1r C'._? Pxpan- - i"a anEl -nciern:_IC NLcC)iL't Paner Corlonnt'' s DePere ol ant h1 instailin.^l a CS, Irr- 1 n:17E'r ^'.1'Ci n:' 1".ac'1i no and modernl7: T1L.* the nri R1'nal i^achl n('s t'and 2. T t ,:"•f? .^c'oCitt"i t[lat ttlr' it'IcE)lE't Paner dlvislon i`Y ',•ilLprlnt, c. ^n a,atrc}ri 7-ed t~: i:•ciir slich ::oentii ture. r-ldvi -'eci r_,zat the_mana~:e;aent ., ..';e Cor,lnanv n^nr,C1': I 7:L.'.1 ,?7nrnlrlatiin the 1P1o1.1at i}' anoro::i•:'-Itei'-. J11 :2, 000 Fnr t~ie '.:.staii•ltirn c't %•aric}ixs iire orevention devices, ?ncludine a 300,000 ~ailon *.•ar_er rEsrrvni r, ;O•:•<irants, snrinklers, fire doors and =11itomatic C02 equipment, ~- n the Downinztown nt ant of Milorint, Inc. i t was the consensus of the meeting that "Iilnrint, Tnc. he atithorized to incur this expenditure. In connection with the noerations of the Company's American Safety :az-r ciivisien, t'-e Board was advised that manaf;ement recomullended canital ::pnrooriations in• the amount of 561,000 for a nilot hardeninn and temoering r.init :or stai,iless steel razor blades stri.a, and in the amount of $451,000 for machinery, equipment, tools, dies, Fi::tures and preproduction costs necessary `'or the production of a PAL injector economy razor. On motion duly made and seconded, the follot•iing resolution was then unanimously adopted: RESOLVED, That the proper officers of the Company be and they hereby are authorized to expend, in connection with the Company's American Safety Razor division, approximately $61,000 for a pilot hardening and tempering unit for stainless steel razor blades strip and approximately $451,000 for machinery, equipment, tools, dies, fixtures and preproduction costs necessary for the production of a PAL injector economy razor.

:.. - .. ,nrv •..iq ~ ..!„',^,`c•r , . •.irCa-r --.1n1i.•c•iTtent _'L:1n....onQ:ir.-)n nl- a_ i^. "' i .-ralpj-e -?;.:n:: Li< r . -P^.or.riE "ST.. ?'lnrox'r;ditPi-. . . 10. lIti(1 .-r .if. . ,..., _ . I -a1 ..? .-'l . . a :c`I -"•eri...C. .. : : cior i)'."`f1t' F(.`i`.:";er .,otttEler.n. (klviCion"oF •-?~"Pr Iaau5~,ier • I~r. :n t>rrrlvi l?e, Sotith (:zrolina, -•"cii rimounc to include "1n cost -o-,ie r-acrc•r as e•,r• 4 1 -1, l`trd and ntiilrai re necessirv i n connection . •r•re::•, t 1 t "as _.o c.. ,tsei;;, .. o; . •:v r^eptin4: t•iat t;ie Pok"er Southern Poi',--•[„- I aCj•.iSr ri n`:, . nc. '1.^ a[rtho`.-i .^.F-`C t) i nC:tir .'?tc`t r*::nendlttlre. ..iE' .d ltlrd .:::,; PcSWqori- , :ii in r.cCt?rd3nCe ..h til rr'lced(ireq .:'.stahlLsCled n"tr (" .!arcO .1W. t„-r.^; trpe ••q 6tlrrent :nvent<,ries had '_E?t i:E'c: _ronc rCc ,ot:2 i-rom tac'_ 1:1terP.a;, dttdltor and the Leaf Denart^lent and was A3t1 Si iO'c:- titaC t[te tc'St ; c`i q+lanti tic's and ;trices renresented a iair oresentation - i nventorv valliattc'ns as of Sc>ntember 30. 1962. :he uoarcl was advi qed of the nurchases made bv the Comnanv of i ts ;-orunon 5toc,: since the Auzu5t _9, 1962 meeting of the Board of Directors. .:r. Josenh Cul 1:nan commented nn the ni ne months and rhi rd ntiarter "lE'rZt=o.'ls, and aPenerat iilscitss_?on of tn£- business of the t.omDanl' E'rislled__c3t_ °:Ie c:.•nc_•tsio:-i of which the rirer_ina aci;ourned. Secretarv ~ .a EJ C~i