This special meeting of the stockholders of Hendrick Tree Farm, Ltd. (HTF) was called as the result of the death of its founder and president, Roy W. Hendrick. Notification was by telephone and members of all stockholder households were present as attested by the attached sign-in roster.

The meeting was called to order at 11:00 AM by Roy W. Hendrick, Jr.

The first item of business was a discussion of the goals of Roy Sr. in establishing the HTF to guide the future course of HTF. After considerable discussion, the following three stood out as paramount:

• Demonstrate an economically viable, small, independent tree farm.
• Develop the tree farm recreational aspects.
• Support, as economically prudent, education through scholarships or other means. Special consideration should be paid to his heirs and forestry oriented efforts.

• Pattie A. Hendrick
• Paul E. Fox
• Roy W. Hendrick, Jr.

No more nominations being presented, it was moved and seconded to close the nominations. The motion carried unanimously by voice vote.

A motion to elect the slate of three was presented and seconded. This motion carried unanimously by voice vote establishing the three nominees as the incumbent HTF Board of Directors.

The next item of business was a report by Roy W. Hendrick III on tree farm operation and recent or in progress maintenance and development projects. A lot of projects are in various stages of completion.

These include:
• Upgrade upper "Fox Den" cabin. Kitchen size has been expanded, the front yard was graded, preparatory to installation of a portable swimming pool, a new septic system is planned and equipment (such as kitchen stove) should be upgraded.
• Lower cabin status. A new septic system has been installed but cabin needs work.
• Road maintenance. The road into the tree farm has been improved. Partly by granting the BLM a road right of way. The HTF portion of the road requires continued maintenance but the recent addition of some large culverts has eased the washout problem.
• Headquarters building. The road needs additional rocking to prevent a repetition of recent quagmire conditions. The water supply should be augmented, the downstairs chimney needs to be rebuilt to code and the fireplace reinstalled, and the bard should be painted or metal sheathed.

There being no further planned agenda items, the meeting was opened to floor discussion. These concerned the relationship of the HTF and its general manager. Roy III explained more of the business of running the tree farm, from negotiating timber contracts, through reforestation planting and brush control to bookkeeping. The proper means of compensation was discussed. Options range from a straight salary to profit on timber contracts. The main concern expressed by the stockholders was that the general manager be fairly compensated. The exact means will be established by the corporate executive officer, the President.

After discussion, the consensus of those present was that a stockholders meeting should be planned for mid July 1990 at the Hendrick Tree Farm. Lani Hendrick will contact people about this later.

There being no further business, adjournment was moved, seconded and passed unanimously by voice vote.

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