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Joseph Cyril
Voting common stock 112.5 47.5
Nonvoting preferred stock 25,000 25,000
On October 31, 1951, Cyril also held certain options to
acquire JM stock. On October 31, 1945, Joseph had granted to
Cyril and Anna (as joint tenants with the right of survivorship)
an option to purchase 18,158 shares of Joseph’s common stock in
JM at $1 per share. The option could be exercised only within 90
days after Joseph’s death. Cyril also held various options to
purchase 7,185 shares of JM common and 11,850 shares of JM
preferred stock owned by Edward R. and Mae C. Nichols, which were
granted by four agreements dated between April 4, 1941, and May
6, 1943 (the Nichols options).4 Joseph was a party to the May 6
agreement, which had granted the option to purchase most of the
Nicholses’ JM stock (i.e., 7,185 shares of common and 10,000
shares of preferred stock).
Performance of October 31, 1951, Agreement
Joseph died on April 29, 1953. Cyril was the executor of
Joseph’s estate. Joseph’s Last Will and Testament bequeathed all
his stock in JM and Specialty to Cyril in trust and provided that
Cyril was to divide the stock into four separate trusts.
One-half of the stock was to be placed in the Cyril Magnin Trust
4In May 1960, Cyril assigned his rights in the Nichols
options to the testamentary trust established by Joseph’s will of
which he was the trustee. On June 3, 1960, Cyril exercised the
options on behalf of the trust.
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Last modified: May 25, 2011