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SALEM CORPORATION ANNOUNCES STIPULATION OF SETTLEMENT

 PITTSBURGH, May 20 /PRNewswire/ -- Salem Corporation (AMEX: SBS) announced that a Stipulation of Settlement has been executed by counsel for all parties in the derivative suit brought by Edward Marshall and others, which has been pending in the United States District Court for the Western District of Pennsylvania since November 1989. Under the Stipulation of Settlement, three individuals, Leo Wallberg, Alex Stuart, and Philip Smith, will be nominated for election as directors along with others who are incumbent directors. It is contemplated that the newly elected directors will serve on the various committees of the board of the corporation along with other incumbent directors. Executive compensation will be subject to certain limits with provision for incentive payments, bonuses, and long-term incentive compensation to be developed by the Compensation Committee of the board. The court has scheduled a hearing for July 6, 1993 to approve the settlement in this lawsuit.
 The board of directors has postponed the annual meeting of shareholders until July 16, 1993 to permit the mailing of notices and proxy statements.
 -0- 5/20/93
 /CONTACT: George A. Douglas of Salem Corporation, 412-923-2200/
 (SBS)


CO: Salem Corporation ST: Pennsylvania IN: SU:

JB-AW -- FL010 -- 0977 05/20/93 17:23 EDT
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Publication:PR Newswire
Date:May 20, 1993
Words:202
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