-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, ClSyyzGxHMdnLvP8PV8hS+2e/uxPrDbCqOmsKzzzCszWV6UlS3pnI1u2VghYdTf0 E8+K5hnXdd0+XNiOpgKgCg== 0000950132-99-000226.txt : 19990319 0000950132-99-000226.hdr.sgml : 19990319 ACCESSION NUMBER: 0000950132-99-000226 CONFORMED SUBMISSION TYPE: S-8 PUBLIC DOCUMENT COUNT: 4 FILED AS OF DATE: 19990318 EFFECTIVENESS DATE: 19990318 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ARMSTRONG WORLD INDUSTRIES INC CENTRAL INDEX KEY: 0000007431 STANDARD INDUSTRIAL CLASSIFICATION: PLASTICS PRODUCTS, NEC [3089] IRS NUMBER: 230366390 STATE OF INCORPORATION: PA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: S-8 SEC ACT: SEC FILE NUMBER: 333-74633 FILM NUMBER: 99567814 BUSINESS ADDRESS: STREET 1: P O BOX 3001 STREET 2: 313 W LIBERTY ST CITY: LANCASTER STATE: PA ZIP: 17604 BUSINESS PHONE: 7173970611 MAIL ADDRESS: STREET 1: P.O. BOX 3001 CITY: LANCASTER STATE: PA ZIP: 17604 FORMER COMPANY: FORMER CONFORMED NAME: ARMSTRONG CORK CO DATE OF NAME CHANGE: 19800611 S-8 1 FORM S-8 - -------------------------------------------------------------------------------- SECURITIES AND EXCHANGE COMMISSION WASHINGTON D.C. -------------------- FORM S-8 REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ====================== Armstrong World Industries, Inc. (Exact name of registrant as specified in its charter) Pennsylvania 23-0366390 (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 2500 Columbia Avenue Lancaster, Pennsylvania 17603 (Address of Principal Executive Offices)(Zip Code) ====================== TRIANGLE PACIFIC CORP. SALARIED EMPLOYEES PROFIT SHARING PLAN TRIANGLE PACIFIC CORP. NON-UNION HOURLY EMPLOYEES 401(k) PLAN ROBBINS HARDWOOD FLOORING, INC. EMPLOYEES' RETIREMENT SAVINGS PLAN HARTCO FLOORING COMPANY RETIREMENT SAVINGS PLAN HARTCO FLOORING COMPANY BARGAINING EMPLOYEES' RETIREMENT SAVINGS PLAN Full Title of the Plans) ----------------------- Deborah K. Owen, Esq. Senior Vice-President, Secretary and General Counsel 2500 Columbia Avenue Lancaster, Pennsylvania 17603 (Name and address of agent for service) (717) 396-3586 (Telephone number, including area code, of agent for service) Copies of Communications to: Vincent C. Deluzio Buchanan Ingersoll Professional Corporation One Oxford Centre 301 Grant Street, 21st Floor Pittsburgh, Pennsylvania 15219-1410 CALCULATION OF REGISTRATION FEE - ---------------------------------------------------------------------------- Proposed Title of Proposed Maximum Amount Securities Amount Maximum Aggregate of to be to be Offering Price Offering Registration Registered Registered Per Share(1) Price(1) Fee - ---------------------------------------------------------------------------- Common Stock, 300,000 $50.41 $15,123,000 $4,204.19 $1.00 par Shares(2)(3) value - ---------------------------------------------------------------------------- Interests in (4) (4) (4) (4) the Plans - ---------------------------------------------------------------------------- [FN] (1) Estimated solely for purposes of calculating the registration fee in accordance with Rule 457(h) under the Securities Act of 1933 (the "Securities Act") and based on the average of the high and low sales prices of the Common Stock on the New York Stock Exchange on March 12, 1999. (2) If, as a result of stock splits, stock dividends or similar transactions, the number of securities purported to be registered by this Registration Statement changes, the provisions of Rule 416 under the Securities Act shall apply to this Registration Statement, and this Registration Statement shall be deemed to cover the additional securities resulting from the split of, or the dividend on, the securities covered by this Registration Statement. (3) The shares of Common Stock registered hereby are being registered for offer and sale pursuant to the following employee benefit plans (the "Plans"): 180,000 shares for offer and sale pursuant to the Triangle Pacific Corp. Salaried Employees Profit Sharing Plan; 10,000 shares for offer and sale pursuant to the Triangle Pacific Corp. Non-Union Hourly Employees 401(k) Plan; 25,000 shares for offer and sale pursuant to the Robbins Hardwood Flooring, Inc. Employees' Retirement Savings Plan; 60,000 shares for offer and sale pursuant to the Hartco Flooring Company Retirement Savings Plan; and 25,000 shares for offer and sale pursuant to the Hartco Flooring Company Bargaining Employees' Retirement Savings Plan. The shares of Common Stock being registered consist of shares to be acquired by the trustees pursuant to the Plans for the accounts of participants. (4) In addition, pursuant to Rule 416(c) under the Securities Act, this Registration Statement also covers an indeterminate amount of interests to be offered or sold pursuant to the Plans. Pursuant to Rule 457(h)(2) under the Securities Act, no separate fee is required to register interests in the Plans. ============================================================================== PART I INFORMATION REQUIRED IN THE SECTION 10(a) PROSPECTUS Item 1. Plan Information.* - -------------------------- Item 2. Registrant Information and Employee Plan Annual Information.* - -------------------------------------------------------------------- * Information required by Part I to be contained in the Section 10(a) prospectus is omitted from this Registration Statement in accordance with Rule 428 under the Securities Act and the Note to Part I of Form S-8. PART II INFORMATION REQUIRED IN THE REGISTRATION STATEMENT Item 3. Incorporation of Documents by Reference. - ---------------------------------------- The following documents have been filed with the Securities and Exchange Commission by Armstrong World Industries, Inc., a Pennsylvania corporation (the "Company"), and are incorporated herein by reference and made a part hereof: (a) The Company's Annual Report on Form 10-K for the fiscal year ended December 31, 1998; and (b) The description of the Company's capital stock under the caption "Description of Capital Stock" in the Company's Prospectus Supplement dated October 21, 1998, which is part of the Company's Registration Statement on Form S-3 (No. 333-06333) and which was filed pursuant to Rule 424(b)(5) of the Securities Act on October 22, 1998, together with the description of the Company's capital stock contained in a registration statement under the Exchange Act, including any amendment or report filed for the purpose of updating such description. All documents subsequently filed by the Company and the Plans pursuant to Sections 13(a), 13(c), 14 and 15(d) of the Exchange Act prior to the filing of a post-effective amendment that indicates that all securities offered pursuant to this Registration Statement have been sold or that deregisters all securities then remaining unsold shall also be deemed to be incorporated by reference herein and to be a part hereof from the dates of filing of such documents. Any statement contained in a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for purposes of this Registration Statement to the extent that a statement contained herein or in any other subsequently filed document which also is or is deemed to be incorporated by reference herein modifies or supersedes such statement. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Registration Statement. Item 4. Description of Securities. - ---------------------------------- Not applicable. Item 5. Interests of Named Experts and Counsel. - ----------------------------------------------- Not applicable. Item 6. Indemnification of Directors and Officers. - -------------------------------------------------- Subchapter D of Chapter 17 of the Pennsylvania Business Corporations Law (the" PBCL") provides in general that a corporation may indemnify any person, including its directors, officers and employees, who was or is a party or is threatened to be made a party to any threatened, pending or completed action or proceeding, whether civil, criminal, administrative or investigative (including actions by or in the right of the corporation) by reason of the fact that he or she is or was a representative of or serving at the request of the corporation, against expenses (including attorneys' fees), judgments, fines and amounts paid in settlement actually and reasonably incurred by him or her in connection with the action or proceeding if he or she is determined by the board of directors, or in certain circumstances by independent legal counsel or the shareholders, to have acted in good faith and in a manner he or she reasonably believed to be in, or not opposed to, the best interests of the corporation and, with respect to any criminal proceeding, had no reason to believe his or her conduct was unlawful. In the case of actions by or in the right of the corporation, indemnification is not permitted in respect of any claim, issue or matter as to which the person has been adjudged to be liable to the corporation except to the extent a court determines that the person is fairly and reasonably entitled to indemnification. In any case, to the extent that the person has been successful on the merits or otherwise in defense of any claim, issue or matter, he or she shall be indemnified against expenses (including attorneys' fees) actually and reasonably incurred by him or her in connection therewith. Subchapter D of Chapter 17 also provides that the indemnification permitted or required thereby is not exclusive of any other rights to which a person seeking indemnification may be entitled. Article IX of the Company's By-laws, as amended, provides that the Company shall indemnify any person who was or is made a party to, or threatened to be made a party to, or is involved in, any action, suit, or proceeding (including actions by or in the right of the Company) by reason of the fact that he or she is or was a director or officer of the Company (or is or was serving at the request of the Company as a director, officer, trustee, employee, or agent of a related enterprise including service with respect to an employee benefit plan or is or was serving at the specific written request of the Company as a director, officer, trustee, employee, or agent of an unrelated enterprise) against all expenses and liability he or she actually incurs, including, without limitation, judgments and amounts paid or to be paid in settlement of or in actions brought by or in the right of the Company, to the fullest extent permitted by law. Article IX also provides that directors and officers shall be entitled to payment in advance of expenses incurred in defending any such action, suit, or proceeding, upon receipt of an undertaking to repay all amounts so advanced if it is ultimately determined that they are not entitled to be indemnified or, in the case of criminal action, a majority of the Board of Directors so determines. In addition, the Company has entered into indemnification agreements with each of its directors which entitle the director to indemnification for certain expenses to the fullest extent permitted by law. The By-laws of the Company also provide pursuant to Section 1713 of the PBCL that a director of the Company shall not be personally liable for monetary damages as such for any action taken, or any failure to take any action, unless: (1) the director has breached or failed to perform the duties of his/her office under Section 1712 of the PBCL (relating to standard of conduct and justifiable reliance); and (2) the breach or failure to perform constitutes self-dealing, willful misconduct or recklessness. This limitation on the personal liability of directors of the Company does not apply to: (1) the responsibility or liability of a director pursuant to any criminal statute; or (2) the liability of a director for the payment of taxes pursuant to local, state or Federal law. The Company and its subsidiaries also carry insurance insuring their officers and directors against certain liabilities which they might incur as directors or officers of the Company or of any other organization which they serve at its request, including certain liabilities under the Securities Act. Item 7. Exemption from Registration Claimed. - -------------------------------------------- Not applicable. Item 8. Exhibits. - ----------------- The following is a list of exhibits filed as part of this Registration Statement. Exhibit No. Description - ----------- ----------- 4.1 The Company's Rights Agreement effective as of March 21, 1996, between the Company and Chemical Mellon Shareholder Services, L.L.C., as Rights Agent, relating to the Company's Preferred Stock Purchase Rights is incorporated by reference herein from the Company's registration statement on Form 8-A/A dated March 15, 1996, wherein it appeared as Exhibit 4. 4.2 The Company's Retirement Savings and Stock Ownership Plan as amended and restated effective October 1, 1996, is incorporated by reference herein from the Company's 1996 Annual Report on Form 10-K where it appeared as Exhibit 4(b). * 4.3 The Company's Indenture, dated as of March 15, 1988, between the Company and Morgan Guaranty Trust Company of New York, as Trustee, as to which The First National Bank of Chicago is successor trustee, is incorporated herein by reference from the Company's 1995 Annual Report on Form 10-K wherein it appeared as Exhibit 4(c). 4.4 The Company's Supplemental Indenture dated as of October 19, 1990, between the Company and The First National Bank of Chicago, as Trustee, is incorporated by reference herein from the Company 1994 Annual Report on Form 10-K wherein it appeared as Exhibit 4(d). 4.5 The Company's Credit Agreement (364-day) dated as of October 29, 1998, among the Company, The Chase Manhattan Bank as administrative agent, and listed banks, is incorporated by reference from the Company's 1998 Annual Report on Form 10-K wherein it appeared as Exhibit 4(e). 4.6 The Company's Credit Agreement (5-year) dated as of October 29, 1998, among the Company, The Chase Manhattan Bank as administrative agent, and listed banks, is incorporated by reference from the Company's 1998 Annual Report on Form 10-K wherein it appeared as Exhibit 4(f). 4.7 The Company's Indenture, dated as of August 6, 1996, between the Company and The Chase Manhattan Bank, formerly known as Chemical Bank, as successor to Mellon Bank, N.A., as Trustee, is incorporated herein by reference from the Company's registration statement on Form S-3/A dated August 14, 1996. 4.8 Copy of portions of the Company's Board of Directors' Pricing Committee's resolution establishing the terms and conditions of the issuance of $200,000,000 of 6.35% Senior Notes Due 2003 and $150,000,000 of 6 1/2% Senior Notes Due 2005, is incorporated by reference from the Company's 1998 Annual Report on Form 10-K wherein it appeared as Exhibit 4(h). 4.9 Copy of portions of the Company's Board of Directors' Pricing Committee's resolution establishing the terms and conditions of the issuance of $180,000,000 7.45% Senior Quarterly Interest Bonds Due 2038, is incorporated by reference from the Company's 1998 Annual Report on Form 10-K wherein it appeared as Exhibit 4(i). 4.10 Credit Agreement between the Company, certain banks listed therein, and Morgan Guaranty Trust Company of New York, as Agent, dated as of February 7, 1995, providing for a $200,000,000 credit facility, is incorporated by reference herein from the Company's 1994 Annual Report on Form 10-K wherein it appeared as Exhibit 10(i)(c). 4.11 The Company's Amendment No. 1 to Credit Agreement is incorporated by reference herein from the Company's 1998 Annual Report on Form 10-K wherein it appeared as Exhibit 10(i)(d). 5.1 Opinion of Buchanan Ingersoll Professional Corporation regarding legality of the securities being registered. 5.2 In lieu of the opinion of counsel or determination letter contemplated by Item 601(b)(5) of Regulation S-K, the Company confirms that it has submitted or will submit the Plans and all amendments thereto to the Internal Revenue Service in a timely manner and that it has made or will make all changes required by the Internal Revenue Service in order to qualify the Plans under Section 401 of the Internal Revenue Code. 23 Consent of KPMG LLP 24 Powers of Attorney * Compensatory Plan Item 9. Undertakings. - --------------------- The Company hereby undertakes: (1) To file, during any period in which offers or sales are being made, a post-effective amendment to this Registration Statement: (i) to include any prospectus required by Section 10(a)(3) of the Securities Act; (ii) to reflect in the prospectus any facts or events arising after the effective date of this Registration Statement (or the most recent post-effective amendment thereof) which, individually or in the aggregate, represent a fundamental change in the information set forth in this Registration Statement; and (iii) to include any material information with respect to the plan of distribution not previously disclosed in this Registration Statement or any material change to such information in this Registration Statement; provided, however, that paragraphs (1)(i) and (1)(ii) do not apply if the information required to be included in a post-effective amendment by those paragraphs is contained in periodic reports filed by the Company pursuant to Section 13 or Section 15(d) of the Exchange Act that are incorporated by reference in this Registration Statement. (2) That, for the purposes of determining any liability under the Securities Act, each such post-effective amendment shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (3) To remove from registration by means of a post-effective amendment any of the securities being registered which remain unsold at the termination of the offering. (4) That, for purposes of determining any liability under the Securities Act, each filing of the Company's annual report pursuant to Section 13(a) or Section 15(d) of the Exchange Act that is incorporated by reference in this Registration Statement shall be deemed to be a new Registration Statement relating to the securities offered therein, and the offering of such securities at that time shall be deemed to be the initial bona fide offering thereof. (5) Insofar as indemnification for liabilities arising under the Securities Act may be permitted to directors, officers and controlling persons of the Company pursuant to the foregoing provisions, or otherwise, the Company has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Company of expenses incurred or paid by a director, officer or controlling person of the Company in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Company will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue. SIGNATURES THE REGISTRANT. Pursuant to the requirements of the Securities Act, the Company certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form S-8 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Lancaster, State of Pennsylvania, on the 15th day of March, 1999. ARMSTRONG WORLD INDUSTRIES, INC. By:/s/ Frank A. Riddick, III - --------------------------------------- Frank A. Riddick III, Senior Vice President, Finance and Chief Financial Officer Pursuant to the requirements of the Securities Act of 1933, this registration statement has been signed by the following persons in the capacities and on the date indicated. George A. Lorch ) Chairman of the Board ) and Chief Executive Officer ) Frank A. Riddick, III ) Senior Vice-President, Finance and ) Chief Financial Officer ) (Principal Financial Officer ) Edward R. Case ) Vice President and Controller ) (Principal Accounting Officer) ) ) H. Jesse Arnelle ) Director ) ) Van C. Campbell ) Director ) /s/ Frank A. Riddick, III ) ------------------------- ) Frank A. Riddick, III Donald C. Clark ) Attorney-in-Fact Director ) and on his own behalf ) David W. Raisbeck ) Director ) ) John A. Krol ) Director ) ) David M. LeVan ) Director ) ) James E. Marley ) Director ) ) Judith R. Haberkorn ) Director ) ) Jerre L. Stead ) Director ) THE PLANS. Pursuant to the requirements of the Securities Act, the trustees (or other persons who administer the Plans) have duly caused this Registration Statement to be signed on behalf of the Plans by the undersigned, thereunto duly authorized, in the City of Dallas, State of Texas, on March 15, 1999. TRIANGLE PACIFIC CORP. SALARIED EMPLOYEES PROFIT SHARING PLAN By:The Profit Sharing Committee of the Triangle Pacific Corp. Salaried Employees Profit Sharing Plan By: /s/ Jennifer Wisdom - --------------------------------- Jennifer Wisdom, Committee Member TRIANGLE PACIFIC CORP. NON-UNION HOURLY EMPLOYEES 401(k) PLAN By:The 401(k) Committee of the Triangle Pacific Corp. Non-Union Hourly Employees 401(k) Plan By: /s/ Jennifer Wisdom - --------------------------------- Jennifer Wisdom, Committee Member ROBBINS HARDWOOD FLOORING, INC. EMPLOYEES' RETIREMENT SAVINGS PLAN By:The Plan Administrator of the Robbins Hardwood Flooring, Inc. Employees' Retirement Savings Plan By: /s/ Jennifer Wisdom - --------------------------------- Jennifer Wisdom, Committee Member HARTCO FLOORING COMPANY RETIREMENT SAVINGS PLAN By:The Administrative Committee of the Hartco Flooring Company Retirement Savings Plan By: /s/ Jennifer Wisdom - --------------------------------- Jennifer Wisdom, Committee Member HARTCO FLOORING COMPANY BARGAINING EMPLOYEES' RETIREMENT SAVINGS PLAN By:The Administrative Committee of the Hartco Flooring Company Bargaining Employees' Retirement Savings Plan By: /s/ Jennifer Wisdom - --------------------------------- Jennifer Wisdom, Committee Member EX-5.1 2 OPINION OF BUCHANAN INGERSOLL P.C. EXHIBIT NO. 5.1 [Letterhead of Buchanan Ingersoll Professional Corporation] March 15, 1999 Board of Directors Armstrong World Industries, Inc. P.O. Box 3001 Lancaster, Pennsylvania 17604 Ladies and Gentlemen: We have acted as counsel to Armstrong World Industries, Inc., a Pennsylvania corporation (the "Company"), in connection with the proposed issuance by the Company of up to 300,000 shares of the Company's Common Stock, par value $1.00 per share (the "Common Stock"), pursuant to the terms of the Triangle Pacific Corp. Salaried Employees Profit Sharing Plan, the Triangle Pacific Corp. Non-Union Hourly Employees 401(k) Plan, the Robbins Hardwood Flooring, Inc. Employees' Retirement Savings Plan, the Hartco Flooring Company Retirement Savings Plan and the Hartco Flooring Company Bargaining Employees' Retirement Savings Plan, as proposed to be amended (collectively, the "Plans"). In connection with such proposed issuance, we have examined the Articles of Incorporation of the Company, as amended, the Bylaws of the Company, as amended, the relevant corporate proceedings of the Company, the Registration Statement on Form S-8 covering the issuance of such shares, and such other documents, records, certificates of public officials, statutes and decisions as we consider necessary to express the opinions contained herein. In the examination of such documents, we have assumed the genuineness of all signatures and the authenticity of all documents submitted to us as originals and the conformity to those original documents of all documents submitted to us as certified or photostatic copies. Based on the foregoing, we are of the opinion that when the Registration Statement shall have been declared effective by order of the Securities and Exchange Commission and when the Common Stock has been duly issued and delivered pursuant to the terms of the Plans, as amended, such shares of Common Stock will be legally issued, fully paid and non-assessable. We hereby consent to the filing of this opinion as an exhibit to the Registration Statement. Very truly yours, BUCHANAN INGERSOLL PROFESSIONAL CORPORATION By: /s/ Stephen W. Johnson ---------------------- Stephen W. Johnson EX-23 3 CONSENT OF KPMG LLP EXHIBIT NO. 23 Consent of Independent Auditors The Board of Directors Armstrong World Industries, Inc.: We consent to the use of our report dated February 2, 1999, relating to the consolidated financial statements of Armstrong World Industries, Inc., and subsidiaries as of December 31, 1998 and 1997, and for each of the years in the three-year period ended December 31, 1998, and the related financial statement schedule, which report appears in the December 31, 1998 annual report on Form 10-K of Armstrong World Industries, Inc., incorporated herein by reference. /s/ KPMG LLP Philadelphia, Pennsylvania March 12, 1999 EX-24 4 POWER OF ATTORNEY Exhibit No. 24 POWER OF ATTORNEY KNOW ALL MEN BY THESE PRESENTS that the undersigned director and/or officer of Armstrong World Industries, Inc. (the "Company") hereby constitutes and appoints George A. Lorch, Frank A. Riddick and Deborah K. Owen, and each of them, the undersigned's true and lawful attorneys-in-fact and agents, with full power of substitution and resubstitution in each, for the undersigned in his or her name, place and stead, in any and all capacities (including the undersigned's capacity as a director and/or officer of the Company), granting unto said attorneys in- fact and agents, and each of them, full power and authority to do and perform each and every act and thing and to execute any and all instruments which said attorneys-in-fact and agents, or any of them, may deem necessary or advisable or which may be required to enable the Company to comply with the Securities Act of 1933, as amended, and any rules, regulations or requirements of the Securities and Exchange Commission in respect thereof, in connection with the registration under said Act of shares of Company Common Stock (the "Securities") and the offering thereof in connection with certain retirement savings plans of Triangle Pacific Corp., as fully to all intents and purposes as the undersigned might or could do in person, including specifically, but without limiting the generality of the foregoing, the power and authority to sign the name of the undersigned in the capacity of director and/or officer of the Company to any registration statement to be filed with the Securities and Exchange Commission in respect of said Securities, to any and all amendments and supplements to any such registration statements, including post-effective amendments thereto, and to any instruments or documents filed as part of or in connection with any such registration statements or amendments or supplements thereto, and to file such documents with the Securities and Exchange Commission; and to do any and all acts and things and to execute any and all instruments that said attorneys and agents and each of them may deem necessary or desirable to enable the Company to comply with the Securities Exchange Act of 1934, as amended, and any requirements of the Securities and Exchange Commission thereunder, including specifically, but without limiting the generality of foregoing, power and authority to sign the name of the undersigned director and/or officer in such capacity, to any application, report, instrument, certificate, form or other document, and any and all supplements and amendments thereto, to be filed on behalf of said Corporation with the Securities and Exchange Commission; and the undersigned hereby ratifies and confirms all that said attorneys-in-fact and agents, or any of them, or their or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof. IN WITNESS WHEREOF, the undersigned has subscribed these presents on the date set forth opposite his or her name below. Date: January 28, 1999 /s/ George A. Lorch --------------------- George A. Lorch - 2 - (Exhibit No. 24) All powers of attorney required to be filed are substantially identical in all material respects. Therefore, in accordance with SEC Regulation 229.601(a) Instruction 2, only the foregoing copy is being included except, however, that the manually signed copy filed with the Securities and Exchange Commission includes a complete set of powers of attorney. All powers of attorney differ from the form of the foregoing in that they are executed by the following parties in the capacities indicated on or about January 28, 1999 (except the power of attorney from Edward R. Case executed on or about March 15, 1999): Frank A. Riddick, III Senior Vice President, Finance and Chief Financial Officer (Principal Financial Officer) Edward R. Case Vice President and Controller (Principal Accounting Officer) H. Jesse Arnelle Director Van C. Campbell Director Donald C. Clark Director David W. Raisbeck Director John A. Krol Director David M. LeVan Director James E. Marley Director Judith R. Haberkorn Director Jerre L. Stead Director -----END PRIVACY-ENHANCED MESSAGE-----