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RESOLVED, that the General Manager be and he is hereby authorized on behalf of the company to execute three i certein agreements with Selznick [International Pictures, ; Inec.: ‘
1) An agreement reducing the terms in England and Canada with Selznick International Pictures, Inc. on all pictures, commencing as of January 1, 1938 from 70-30% to 75-25%, and incorporating in the said Selznick errangements the so-called Silverstone Plan.
2) An agreement extending the Selznick International Pictures, Inc. agreements as written to cover a minimum of three (3) and a maximum of eight (8) additional pictures.
3) An agreement under the terms of which the corporation agrees to advance to Selznick International Pictures, Ine. upon delivery of the second picture to be delivered under the extension agreement the sum of $150,000 and a like sum upon delivery of each picture delivered thereafter with a maximum obligetion to advance $600,000,said agreement to provide, among other thet said advance shall be secured an assignment ia substantially the same form as the Mortgage, Pledge and Security Agreements heretofore executed from time to time by the Selznick International Pictures, Inc. in favor of the Bank of America which lien and security shall be subordinate only to 60% of the residual value of each said picture for which said advance is made.
The resolution was put to a vote and was carried, the four directors voting in favor being Messrs. O'Brien, Schwartz, EF. Silverstone and. Ceruso. Mr. Roosevelt asked to be recorded as "Not Voting,” and objected to the principle incorporated in paregreph 3) of the Selznick resolution on the ground that it violated a previously accepted and long respected United Artists’ principle that no contributiouw should be made to production costs.
7. GENERAL MANAGER EXPENSE ACCOUNT: The Generel Maneger
presented his expense account of his recent trip to California,
which was unanimously approved. 8. CONVENTION. The Generel Manager reported tat the
United Artists Convention had been set for May 7, in Los Angeles, _
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