Laserfiche WebLink
name from consideration. Mr. Ippel asked whether the Board of Directors <br />could number thirteen. Mr. Goodrich stated that the By-Laws call for <br />eleven directors; to accommodate thirteen, the By-Laws would need to be <br />amended; the meeting notice did not include a reference to amending the <br />By-Laws. <br /> <br />Motion by Mr. DeLuca and seconded by Mr. Ippel to close the nominations. <br />Motion carried unanimously, <br /> <br />Mr. Goodrich distributed ballots and explained why Mr. Ippel receives eight <br />ballots; Mr. Ippel has seven proxies authorizing him to vote for them. <br /> <br />Mr. Goodrich noted that there are several shareholders who want to vote <br />cumulatively; Mr. Goodrich explained cumulative voting and that in this <br />case, it will tak 33.9 votes to elect a Board member. <br /> <br />Mr. Raudio stated that he would vote all three of his shares cumulatively. <br />Ms. Sentyrz stated that she would cumulatively vote both of her shares. <br />Mr. Wagner stated that he would vote his one share cumulatively; so dis Mr. <br />Erkenbrack. <br /> <br />Mr. Goodrich read the results of the election: four directors qualified <br />under cumulative voting: Mr. DeLuca, Mr. Greenberg, Mr. Denzen and Ms. <br />Sentyrz. <br /> <br />Mr. Raudio withdrew his name from the ballot. <br /> <br />Mr. Goodrich stated that the By-Laws require a minimum of five shareholders <br />for Company business; the shareholders may call for another election this <br />evening. Mr. Goodrich asked whether the shareholders objected to a new <br />ballot tonight. <br /> <br />Mr. Fults withdrew his name from the ballot. <br /> <br />Motion by Mr. Ippel and seconded by Mr. Raudio to hold a new election at <br />this meeting. Motion carried. <br /> <br />Mr. Goodrich noted that the following would be voting their shares with <br />cumulative voting: Jack Ippel, Ted Erkenbrack, Mary Jo Sentyrz, Art Raudio <br />and Josephine Smothers. <br /> <br />Motion by Mr. Ippel and seconded by Mr. Raudio to close the nominations. <br />Motion carried unanimously. <br /> <br />Motion by Mr. Ippel and seconded by Mr. Raudio directing the new Board of <br />review the By-Laws prior to the annual shareholders' meeting in January of <br />1989. Further discussion: Mr. Fults commented that more people need to get <br />involved in the Company activities. Motion carried unanimously. <br /> <br />Mr. Goodrich distributed the ballots for the second election. Mr. Goodrich <br />announced the results of the second election: Mr. DeLuca, Mr. Ippel, Ms. <br />Smothers, Mr. Greenberg, Mr. Denzen and Ms. Sentyrz were elected to the <br />Board. <br /> Economic Development Company/June 22, 1988 <br /> <br />Page 2 of 3 <br /> <br /> <br />