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_Oai lfii 99 OS_:i9 Fl.\ 909 9a4 660.i <br />f;:1156R YEi~''fUKES <br />MINUTES OF THE BOARD OF DIILECTORS MEETING <br />KAISER STEEL RESOURCES, INC. <br />APRIL. 5, 1993 <br />A duly called regular meeting of the Boazd of Directors of Kaiser Steel <br />Resources, Inc. was held at the Corporate offices in Rancho Cucamonga, California, <br />on April 5, 1993, beginning at 12:55 p.m. Pacific Standard Time. <br />The meeting was called to order by Richard E. Stoddard, Chairman and Chief <br />Executive Officer of Kaiser Steel Resources, Inc. The foIlowing Directors, constituting <br />a quorum and representing all the elected Directors, were in attendance at the beginning <br />of the meeting: <br />Cass D. Alvin <br />Ronald E. Bitonti <br />Todd G. Cole <br />Elmer W. Johnson <br />Daniel N. Larson, President <br />Reynold C. MacDonald <br />Chazles );. Packazd <br />Lyle B. Stevenson <br />Thomas S. Raborte <br />Nicholas L. Rickard <br />Richazd E. Stoddard, Chairman <br />Mazshall F. Wallach <br />Also attending the meeting was Gerald A. Fawcett, Executive Vice President. <br />APPROVAL OF MINUTES <br />As the first order of business, the Board reviewed the draft minutes of the <br />regulaz scheduled meeting of the $oard of Directors held on January 11, 1993. After a <br />brief discussion, two clarification's were suggested to the minutes. The first was on <br />page 7 with respect to whether Mr. MacDonald voted for or against the resolution <br />clarifying the Company's 1992 Stock Option Plan. Mr. MacDonald pointed out that <br />his vote should be reflected.as a "no", whereas the draft minutes reflected him in two <br />different references. A second change was the addition of a paragraph and a resolution <br />regarding the Executive Session pertaining to executive bonuses for 1992. Upon <br />motion made by Mr. Rabone, and seconded by Mr. Packard, the draft minutes, as <br />0U? <br />