<PAGE> 1
As filed with the Securities and Exchange Commission on April 7, 1999
Registration Statement No. 333-
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
---------------
FORM S-8
REGISTRATION STATEMENT
Under
THE SECURITIES ACT OF 1933
---------------
CBS Corporation
(Exact name of Registrant as specified in its charter)
Pennsylvania 25-0877540
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
51 West 52nd Street
New York, New York 10019
(Address of Registrant's principal executive offices, including zip code)
CBS Corporation
1991 Long-Term Incentive Plan
(Full title of the plan)
ANGELINE C. STRAKA
Vice President, Secretary and Deputy General Counsel
51 West 52nd Street
New York, New York 10019
(Name and address of agent for service)
(212) 975-3335
(Telephone number, including area code, of agent for service)
---------------
<TABLE>
<CAPTION>
CALCULATION OF REGISTRATION FEE
Title of Proposed Proposed
securities Amount maximum maximum Amount of
to be to be offering price aggregate registration
registered registered per share(1) offering price(1) fee(1)
<S> <C> <C> <C> <C>
Common
Stock,
par value
$1.00 per share. . . 3,000,000 $40.9375 $122,812,500 $34,141.88
Preferred
Stock Purchase
Rights . . . . . . . 3,000,000 (2) (2) (2)
</TABLE>
(1) Pursuant to Rule 457 under the Securities Act of 1933, the proposed
maximum aggregate offering price and the registration fee are based
upon the average of the high and low prices per share of the
Registrant's Common Stock reported on the New York Stock Exchange
Composite Tape on March 31, 1999.
<PAGE> 2
(2) The Preferred Stock Purchase Rights of CBS are attached to and trade
with the shares of CBS Common Stock being registered hereby. Value
attributable to such Preferred Stock Purchase Rights, if any, is
reflected in the market price of CBS Common Stock.
-2-
<PAGE> 3
PART II
INFORMATION REQUIRED IN THE REGISTRATION STATEMENT
Item 3. Incorporation of Documents by Reference
The following documents, each as filed by CBS Corporation (the "Company")
with the Securities and Exchange Commission (the "Commission") pursuant to the
Securities Exchange Act of 1934, as amended (the "Exchange Act"), are
incorporated herein by reference:
(a) The Company's Annual Report on Form 10-K for the year ended
December 31, 1998.
(b) Description of the Company's Common Stock contained in its
Registration Statement on Form 10 filed pursuant to the Exchange Act on May 15,
1935, as amended or updated pursuant to the Exchange Act.
All documents subsequently filed by the Company pursuant to Sections
13(a) 13(c), 14 or 15(d) of the Exchange Act prior to the filing of a
post-effective amendment to this Registration Statement which indicates that all
shares covered hereby have been sold or which deregisters all such shares then
remaining unsold shall be deemed to be incorporated in this Registration
Statement by reference and to be a part hereof from the respective date of
filing of each such document. 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 such 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
As of April 7, 1999, Angeline C. Straka, Vice President, Secretary
and Deputy General Counsel of the Company, who has given an opinion as to the
legality of the securities being registered hereunder, held options to purchase
162,075 shares of the Common Stock of the Company.
Item 6. Indemnification of Directors and Officers
The contents of Item 6 of Registration Statement No. 333-12583 are
incorporated herein by reference.
Item 7. Exemption from Registration Claimed
Not applicable.
Item 8. Exhibits
Exhibit No. Description
---------- -----------
4.1 Restated Articles of Incorporation of the Company as amended
to December 11, 1997 are incorporated by reference to Exhibit
3(b) to the Company's Form 10-K for the year ended December
31, 1997.
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<PAGE> 4
4.2 By-laws of the Company, as amended to March 11, 1999 is
incorporated by reference to Exhibit 3(b) to the Company's
Form 10-K for the year ended December 31, 1998.
4.3 Rights Agreement is incorporated by reference to Exhibit 1 to
Form 8-A filed on January 9, 1996.
4.4 1991 Long-Term Incentive Plan of the Company, as amended to
April 1, 1999.
5 Opinion of Angeline C. Straka, Vice President, Secretary and
Deputy General Counsel, as to the legality of the securities
being registered.
23.1 Consent of Counsel - contained in opinion filed as Exhibit 5.
23.2 Consent of KPMG LLP.
24 Powers of Attorney.
Item 9. Undertakings
The contents of Item 9 of Registration Statement No. 33-53815 are
incorporated herein by reference.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1933, the
Registrant, CBS Corporation, 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 New York, State of New York, on the
7th day of April, 1999.
CBS Corporation
By: /s/ ANGELINE C. STRAKA
-------------------------------
Angeline C. Straka
Vice President, Secretary and
Deputy General Counsel
Pursuant to the requirements of the Securities Act of 1933, this
Registration Statement has been signed by the following persons on the 7th day
of April, 1999, in the capacities indicated:
Signature Title
* President and
Chief Executive Officer
- --------------------------------- (principal executive officer)
(Mel Karmazin) and Director
* Executive Vice President and
Chief Financial Officer
- --------------------------------- (principal financial officer)
(Fredric G. Reynolds)
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<PAGE> 5
* Vice President and Controller
- --------------------------------- (principal accounting officer)
(Robert G. Freedline)
*
- --------------------------------- Director
(Robert E. Cawthorn)
*
- --------------------------------- Director
(George H. Conrades)
*
- --------------------------------- Director
(William H. Gray III)
*
- --------------------------------- Director
(Martin C. Dickinson)
*
- --------------------------------- Director
(Jan Leschly)
*
- --------------------------------- Chairman and Director
(David T. McLaughlin)
*
- --------------------------------- Director
(Richard R. Pivirotto)
*
- --------------------------------- Director
(Raymond W. Smith)
*
- --------------------------------- Director
(Paula Stern)
*
- --------------------------------- Director
(Robert D. Walter)
*By /s/ ANGELINE C. STRAKA
-----------------------
Angeline C. Straka
Attorney-In-Fact
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<PAGE> 6
Exhibit No. Description
---------- -----------
4.1 Restated Articles of Incorporation of the Company as amended
to December 11, 1997 are incorporated by reference to Exhibit
3(b) to the Company's Form 10-K for the year ended December
31, 1997.
4.2 By-laws of the Company, as amended to March 11, 1999 are
incorporated by reference to Exhibit 3(b) to the Company's
Form 10-K for the year ended December 31, 1998.
4.3 Rights Agreement is incorporated by reference to Exhibit 1 to
Form 8-A filed on January 9, 1996.
4.4 1991 Long-Term Incentive Plan of the Company, as amended to
April 1, 1999.
5 Opinion of Angeline C. Straka, Vice President, Secretary and
Deputy General Counsel, as to the legality of the securities
being registered.
23.1 Consent of Counsel - contained in opinion filed as Exhibit 5.
23.2 Consent of KPMG LLP.
24 Powers of Attorney.
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<PAGE> 1
EXHIBIT 4.4
CBS CORPORATION
1991 LONG-TERM INCENTIVE PLAN
(as amended as of April 1, 1999)
ARTICLE I
GENERAL
1.1 Purpose
The purposes of the 1991 Long-Term Incentive Plan ("Plan") for eligible
employees of CBS Corporation (formerly known as Westinghouse Electric
Corporation) ("Corporation") and its Subsidiaries (the Corporation and its
Subsidiaries severally and collectively referred to in the Plan as the
"Company") are to foster and promote the long-term financial success of the
Company and materially increase stockholder value by (i) attracting and
retaining employees of outstanding ability, (ii) strengthening the Company's
capability to develop, maintain and direct a high performance team, (iii)
motivating employees, by means of performance-related incentives, to achieve
long-range performance goals, (iv) providing incentive compensation
opportunities competitive with those of other major companies and (v) enabling
employees to participate in the long-term growth and financial success of the
Company.
1.2 Administration
(a) The Plan will be administered by a committee of the Board of
Directors of the Corporation ("Committee") which will consist of two or more
members. The members will be appointed by the Board of Directors, and any
vacancy on the Committee will be filled by the Board of Directors or in a manner
authorized by the Board.
The Committee will keep minutes of its meetings and of any action taken
by it without a meeting. A majority of the Committee will constitute a quorum,
and the acts of a majority of the members present at any meeting at which a
quorum is present will be the acts of the Committee. Any action that may be
taken at a meeting of the Committee may be taken without a meeting if a consent
or consents in writing setting forth the action so taken is signed by all of the
members of the Committee. The Committee will make appropriate reports to the
Board of Directors concerning the operations of the Plan.
(b) Subject to the limitations of the Plan, the Committee will have the
sole and complete authority: (i) to select in accordance with Section 1.3
persons who will participate in the Plan ("Participant" or "Participants")
(including the right to delegate authority to select Participants); (ii) to make
Awards and payments in such forms and amounts as it may determine, including the
right to delegate authority to make Awards within limits approved by the
Committee; (iii) to impose such limitations, restrictions, terms and conditions
upon such Awards
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as the Committee or its authorized delegates deems appropriate; (iv) to
interpret the Plan and the terms of any document relating to the Plan and to
adopt, amend and rescind administrative guidelines and other rules and
regulations relating to the Plan; (v) to amend or cancel an existing Award in
whole or in part (including the right to delegate authority to amend or cancel
an existing Award in whole or in part within limits approved from time to time
by the Committee), except that the Committee and its authorized delegates may
not, unless otherwise provided in the Plan, or unless the Participant affected
thereby consents, take any action under this clause that would adversely affect
the rights of such Participant with respect to the Award, and except that the
Committee and its authorized delegates may not take any action to amend any
outstanding Option under the Plan in order to decrease the Option Price under
such Option or to cancel and replace any such Option with an Option with a lower
Option Price; and (vi) to make all other determinations and to take all other
actions necessary or advisable for the interpretation, implementation and
administration of the Plan. The Committee's determinations on matters within its
authority will be conclusive and binding upon the Company and all other persons.
(c) The Committee will act with respect to the Plan on behalf of the
Corporation and on behalf of any Subsidiary issuing stock under the Plan,
subject to appropriate action by the board of directors of any such Subsidiary.
All expenses associated with the Plan will be borne by the Corporation subject
to such allocation to its Subsidiaries and operating units as it deems
appropriate.
1.3 Selection for Participation
Participants selected by the Committee or its authorized delegates must
be Eligible Persons as defined below. "Eligible Persons" are persons who are
employees of the Company ("Employee" or "Employees") or, in the event of death
while an Employee, his or her estate. Eligible Persons will also include
independent contractors of the Company as to an Award if the person is an
independent contractor at the time the Award is granted. In making this
selection and in determining the form and amount of Awards, the Committee may
give consideration to the functions and responsibilities of the Eligible Person,
his or her past, present and potential contributions to the Company and other
factors deemed relevant by the Committee.
1.4 Types of Awards under Plan
Awards ("Awards") under the Plan may be in the form of any one or more
of the following: (i) Non-statutory Stock Options ("NSOs" or "Options"), as
described in Article II, (ii) Stock Appreciation Rights ("SARs") and Limited
Stock Appreciation Rights ("Limited Rights"), as described in Article III, (iii)
Performance Awards ("Performance Awards") as described in Article IV, and (iv)
Restricted Stock ("Restricted Stock") as described in Article V.
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<PAGE> 3
1.5 Shares Subject to the Plan
Shares of stock issued under the Plan may be in whole or in part
authorized and unissued or treasury shares of the Corporation's common stock,
par value $1.00 ("Common Stock"), or "Formula Value Stock" as defined in Section
8.12(d) (Common Stock and Formula Value Stock severally and collectively
referred to in the Plan as "Stock").
The maximum number of shares of Stock which may be issued for all
purposes under the Plan will be 30,500,000, plus such additional shares as the
Board of Directors or the Committee may, from time to time, authorize by a
resolution or resolutions duly adopted by said Board of Directors or Committee.
Except as otherwise provided below, any shares of Stock subject to an
Option or other Award which is canceled or terminates without having been
exercised will again be available for Awards under the Plan. Shares subject to
an option canceled upon the exercise of an SAR will not again be available for
Awards under the Plan except to the extent the SAR is settled in cash. To the
extent that an Award is settled in cash, shares of Stock subject to that Award
will again be available for Awards. Shares of Stock tendered by a Participant or
withheld by the Company to pay the exercise price of an Option or to satisfy the
tax withholding obligations of the exercise or vesting of an Award will be
available again for Awards under the Plan. Shares of Restricted Stock forfeited
to the Company in accordance with the Plan and the terms of the particular Award
will be available again for Awards under the Plan.
No fractional shares will be issued, and the Committee will determine
the manner in which fractional share value will be treated.
ARTICLE II
STOCK OPTIONS
2.1 Award of Stock Options
The Committee may, from time to time, subject to the provisions of the
Plan and such other terms and conditions as the Committee may prescribe, award
to any Participant Options to purchase Stock.
The Committee may provide with respect to any option to purchase Stock
that, if the Participant, while an Eligible Person, exercises the option in
whole or in part using already-owned Stock, the Participant will, subject to
this Section 2.1 and such other terms and conditions as may be imposed by the
Committee, receive an additional option ("Reload Option"). The Reload Option
will be to purchase, at Fair Market Value as of the date the original option was
exercised, a number of shares of Stock equal to the number of whole shares used
by the Participant to exercise the original option. The Reload Option will be
exercisable only between the date of its grant and the date of expiration of the
original option.
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<PAGE> 4
A Reload Option will be subject to such additional terms and conditions
as the Committee may approve, which terms may provide that the Committee may
cancel the Participant's right to receive the Reload Option and that the Reload
Option will be granted only if the Committee has not canceled such right prior
to the exercise of the original option. Such terms may also provide that, upon
the exercise by a Participant of a Reload Option while an Eligible Person, an
additional Reload Option will be granted with respect to the number of whole
shares used to exercise the first Reload Option.
2.2 Stock Option Agreements
The award of an option will be evidenced by a written agreement ("Stock
Option Agreement") in such form and containing such terms and conditions as the
Committee may from time to time determine.
2.3 Option Price
The purchase price of Stock under each Option ("Option Price") will not
be less than the Fair Market Value of such Stock on the date the Option is
awarded.
2.4 Exercise and Term of Options
(a) Except as otherwise provided in the Plan, Options will become
exercisable at such time or times as the Committee may specify. The Committee
may at any time and from time to time accelerate the time at which all or any
part of the Option may be exercised.
(b) The Committee will establish procedures governing the exercise of
options and will require that notice of exercise be given. Stock purchased on
exercise of an option must be paid for as follows: (1) in cash or by check
(acceptable to the Company in accordance with guidelines established for this
purpose), bank draft or money order payable to the order of the Company or (2)
if so provided by the Committee (i) through the delivery of shares of Stock
which are then outstanding and which have a Fair Market Value on the date of
exercise equal to the exercise price, (ii) by delivery of an unconditional and
irrevocable undertaking by a broker to deliver promptly to the Company
sufficient funds to pay the exercise price, or (iii) by any combination of the
permissible forms of payment.
2.5 Termination of Eligibility
Unless the Committee provides otherwise, in the event the Participant
is no longer an Eligible Person and ceased to be such as a result of termination
of service to the Company with the consent of the Committee or as a result of
his or her death, retirement or disability, each of his or her outstanding
Options will be exercisable by the Participant (or his or her legal
representative or designated beneficiary), to the extent that such Option was
then exercisable, at
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<PAGE> 5
any time prior to an expiration date established by the Committee at the time of
award, but in no event after such expiration date. In the event an Award is made
to the estate of a person who died while an Employee, each outstanding Option
held by such estate will be exercisable by the estate (or the distributee of
said estate) at any time prior to an expiration date established by the
Committee at the time of award. If the Participant ceases to be an Eligible
Person for any other reason, all of the Participant's then outstanding Options
will terminate immediately.
ARTICLE III
STOCK APPRECIATION RIGHTS AND LIMITED RIGHTS
3.1 Award of Stock Appreciation Right
(a) An SAR is an Award entitling the recipient on exercise to receive
an amount, in cash or Stock or a combination thereof (such form to be determined
by the Committee), determined in whole or in part by reference to appreciation
in Stock value.
(b) In general, an SAR entitles the Participant to receive, with
respect to each share of Stock as to which the SAR is exercised, the excess of
the share's Fair Market Value on the date of exercise over its Fair Market Value
on the date the SAR was granted.
(c) SARs may be granted in tandem with options granted under the Plan
("Tandem SARS") or independently of Options ("Independent SARs"). An SAR granted
in tandem with an NSO may be granted either at or after the time the option is
granted.
(d) SARs awarded under the Plan will be evidenced by either a Stock
Option Agreement (when SARs are granted in tandem with an Option) or a separate
agreement between the Company and the Participant.
(e) Except as otherwise provided herein, a Tandem SAR will be
exercisable only at the same time and to the same extent and subject to the same
conditions as the option related thereto is exercisable, and the Committee may
prescribe additional conditions and limitations on the exercise of the SAR. The
exercise of a Tandem SAR will cancel the related Option. Tandem SARs may be
exercised only when the Fair Market Value of Stock to which it relates exceeds
the Option Price.
(f) Except as otherwise provided herein, an Independent SAR will become
exercisable at such time or times, and on such conditions, as the Committee may
specify, and the Committee may at any time accelerate the time at which all or
any part of the SAR may be exercised.
The Committee may provide, under such terms and conditions as it may
deem appropriate, for the automatic grant of additional SARs upon the full or
partial exercise of an Independent SAR.
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<PAGE> 6
Any exercise of an Independent SAR must be in writing, signed by the
proper person and delivered or mailed to the Company, accompanied by any other
documents required by the Committee.
(g) Except as otherwise provided herein, all SARs will automatically be
exercised on the last trading day prior to the expiration date established by
the Committee at the time of the award for the SAR, or, in the case of a Tandem
SAR, for the related Option, so long as exercise on such date will result in a
payment to the Participant.
(h) Unless otherwise provided by the Committee, no SAR will become
exercisable or will be automatically exercised for six months following the date
on which it was granted.
(i) At the time of award of an SAR, the Committee may limit the amount
of the payment that may be made to a Participant upon the exercise of the SAR.
The Committee may further determine that, if the amount to be received by a
Participant in any year is limited pursuant to this provision, payment of all or
a portion of the amount that is unpaid as a result of the limitation may be made
to the Participant at a subsequent time. No such limitation will require a
Participant to return to the Company any amount theretofore received by him or
her upon the exercise of an SAR.
(j) Payment of the amount to which a Participant is entitled upon the
exercise of an SAR will be made in cash, Stock, or partly in cash and partly in
Stock, as the Committee may determine. To the extent that payment is made in
Stock, the shares will be valued at their Fair Market Value on the date of
exercise of the SAR.
(k) Each SAR will expire on a date determined by the Committee or
earlier upon the occurrence of the first of the following: (i) in the case of a
Tandem SAR, termination of the related option, (ii) expiration of a period of
six months after the Participant's ceasing to be an Eligible Person as a result
of termination of service to the Company with the consent of the Committee or as
a result of his or her death, retirement or disability, or (iii) the Participant
ceasing to be an Eligible Person for any other reason.
3.2 Limited Rights
(a) The Committee may award Limited Rights pursuant to the provisions
of this Section 3.2 to the holder of an Option to purchase Common Stock granted
under the Plan (a "Related Option") with respect to all or a portion of the
shares subject to the Related Option. A Limited Right may be exercised only
during the period beginning on the first day following a Change in Control, as
defined in Section 7.2 of the Plan, and ending on the thirtieth day following
such date. Each Limited Right will be exercisable only to the same extent that
the Related Option is exercisable, and in no event after the termination of the
Related Option. In no event may a Limited Right be exercised during the first
six months after the date of grant of the Limited Right. Limited Rights will be
exercisable only when the Fair Market Value (determined as of the date of
exercise of the Limited Rights) of each share of Common Stock with respect to
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<PAGE> 7
which the Limited Rights are to be exercised exceeds the Option Price per share
of Common Stock subject to the Related option.
(b) Upon the exercise of Limited Rights, the Related Option will be
considered to have been exercised to the extent of the number of shares of
Common Stock with respect to which such Limited Rights are exercised. Upon the
exercise or termination of the Related Option, the Limited Rights with respect
to such Related Option will be considered to have been exercised or terminated
to the extent of the number of shares of Common Stock with respect to which the
Related Option was so exercised or terminated.
(c) The effective date of the grant of a Limited Right will be the date
on which the Committee approves the grant of such Limited Right. Each grantee of
a Limited Right will be notified promptly of the grant of the Limited Right in
such manner as the Committee prescribes.
(d) Upon the exercise of Limited Rights, the holder thereof will
receive in cash an amount equal to the product computed by multiplying (i) the
excess of (a) the higher of (x) the Minimum Price Per Share (as hereinafter
defined), or (y) the highest reported closing sales price of a share of Common
Stock on the New York Stock Exchange at any time during the period beginning on
the sixtieth day prior to the date on which such Limited Rights are exercised
and ending on the date on which such Limited Rights are exercised, over (b) the
Option Price per share of Common Stock subject to the Related Option, by (ii)
the number of shares of Common Stock with respect to which such Limited Rights
are being exercised.
(e) For purposes of this Section 3.2, the term "Minimum Price Per
Share" will mean the highest gross price (before brokerage commissions and
soliciting dealers' fees) paid or to be paid for a share of Common Stock
(whether by way of exchange, conversion, distribution upon liquidation or
otherwise) in any Change in Control which is in effect at any time during the
period beginning on the sixtieth day prior to the date on which such Limited
Rights are exercised and ending on the date on which such Limited Rights are
exercised. For purposes of this definition, if the consideration paid or to be
paid in any such Change in Control will consist, in whole or in part, of
consideration other than cash, the Board will take such action, as in its
judgment it deems appropriate, to establish the cash value of such
consideration.
ARTICLE IV
PERFORMANCE AWARDS
4.1 Nature of Performance Awards
A Performance Award provides for the recipient to receive an amount in
cash or Stock or a combination thereof (such form to be determined by the
Committee) following the attainment of Performance Goals. Performance Goals may
be related to personal performance, corporate performance (including corporate
stock performance), departmental performance or any other category of
performance deemed by the Committee to be important to the success of the
Company. The Committee will determine the Performance Goals, the period or
periods during which performance is to be measured and all other terms and
conditions applicable to the Award.
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<PAGE> 8
Regardless of the degree to which Performance Goals are attained, a Performance
Award will be paid only when, if and to the extent that the Committee determines
to make such payment.
4.2 Other Awards Subject to Performance Condition
The Committee may, at the time any Award described in this Plan is
granted, impose the condition (in addition to any conditions specified or
authorized in the Plan) that Performance Goals be met prior to the Participant's
realization of any payment or benefit under the Award.
ARTICLE V
RESTRICTED STOCK
5.1 Award of Restricted Stock
The Committee may award to any Participant shares of Stock subject to
this Article V and such other terms and conditions as the Committee may
prescribe, such Stock referred to herein as "Restricted Stock."
Each certificate for Restricted Stock will be registered in the name of
the Participant and deposited by him or her, together with a stock power
endorsed in blank, with the Corporation.
5.2 Restricted Stock Agreement
Shares of Restricted Stock awarded under the Plan will be evidenced by
a written agreement in such form and containing such terms and conditions as the
Committee may determine.
5.3 Restriction Period
At the time of award, there will be established for each Participant a
"Restriction Period" of such length as the Committee determines. The Restriction
Period may be waived by the Committee. Shares of Restricted Stock may not be
sold, assigned, transferred, pledged or otherwise encumbered, except as
hereinafter provided, during the Restriction Period. Subject to such restriction
on transfer, the Participant as owner of such shares of Restricted Stock will
have the rights of the holder of such Restricted Stock, except that the
Committee may provide at the time of the Award that any dividends or other
distributions paid on such Stock during the Restriction Period will be
accumulated and held by the Company and will be subject to forfeiture under
Section 5.4.
Upon the expiration or waiver by the Committee of the Restriction
Period, the Corporation will redeliver to the Participant (or his or her legal
representative or designated beneficiary) the shares deposited pursuant to
Section 5.1.
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<PAGE> 9
5.4 Termination of Eligibility
In the event the Participant is no longer an Eligible Person and ceased
to be such as a result of termination of service to the Company with the consent
of the Committee, or as a result of his or her death, retirement or disability,
the restrictions imposed under this Article V will lapse with respect to such
number of shares theretofore awarded to him or her as may be determined by the
Committee. All other shares of Restricted Stock theretofore awarded to him or
her which are still subject to restrictions, along with any dividends or other
distributions thereon that have been accumulated and held by the Company, will
be forfeited, and the Corporation will have the right to complete the blank
stock power.
In the event the Participant ceases to be an Eligible Person for any
other reason, all shares of Restricted Stock theretofore awarded to him or her
which are still subject to restrictions, along with any dividend or other
distributions thereon that have been accumulated and held by the Company, will
be forfeited, and the Corporation will have the right to complete the blank
stock power.
ARTICLE VI
DEFERRAL OF PAYMENTS
6.1 Deferral of Amounts
If the Committee makes a determination to designate Awards or, from
time to time, groups or types of Awards, eligible for deferral hereunder, a
Participant may, subject to such terms and conditions and within such limits as
the Committee may from time to time establish, elect to defer the receipt of
amounts due to him or her under the Plan. Amounts so deferred are referred to
herein as "Deferred Amounts." The Committee may also permit amounts now or
hereafter deferred or available for deferral under any present or future
incentive compensation program or deferral arrangement of the Company to be
deemed Deferred Amounts and to become subject to the provisions of this Article.
Awards which are so deferred will be deemed to have been awarded in cash and the
cash deferred as Deferred Amounts.
The period between the date on which the Participant's Deferred Amount
would have been payable absent deferral and the final payment of such Deferred
Amount will be referred to herein as the "Deferral Period."
6.2 Investment During Deferral Period
Unless otherwise determined by the Committee, and subject to such
changes as the Committee may determine, the Deferred Amount will be treated
during the Deferral Period as if it were invested in putative convertible
debentures with a fixed interest rate, compounded annually, for the entire
Deferral Period. For purposes of determining the value of the Deferred
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<PAGE> 10
Amount at the time of payment, each putative debenture will be deemed to be
convertible into Common Stock at a conversion rate computed by reference to the
Fair Market Value of the Common Stock on the last trading day prior to the
regular January meeting of the Board of Directors on or preceding the date of
deferral. Payment of Deferred Amounts may be made in cash, Stock, or partly in
cash and partly in Stock, in the Committee's sole discretion.
6.3 Participant Reports
Annually, each Participant who has a Deferred Amount will receive a
report setting forth all of his or her then Deferred Amounts and the yield
thereon to date.
6.4 Payment of Deferred Amounts
Payment of Deferred Amounts will be made at such time or times, and may
be in cash, Stock, or partly in cash and partly in Stock, as the Committee from
time to time determines. The limitations respecting the issuance of Stock or
other limitations on aggregate awards payable contained in the Annual
Performance Plan of the Corporation, Article XVI of the by-laws of the
Corporation, the 1974 Stock Option Plan, the 1979 Stock Option and Long-Term
Incentive Plan, the 1984 Long-Term Incentive Plan, the Plan and in any plan
hereafter adopted by the stockholders will be limitations applicable to the
payment of any Deferred Amounts under this Article VI.
6.5 Alternative Valuation Election
Unless otherwise determined by the Committee, a Participant may, at a
time established by the Committee, but prior to such Participant's ceasing to be
an Eligible Person, elect to establish the ultimate payable value of each
Deferred Amount by reference to the Fair Market Value of the Common Stock as of
the day on which an alternate valuation election is received by the corporation
in accordance with procedures established by the Committee.
Notwithstanding the establishment of the ultimate payable value
resulting from the alternate valuation election by the Participant, the yield
will continue as though no such election had been made and will continue to be
subject to the limitations set forth in Section 6.2, and Deferred Amounts and
the yield thereon will be paid as otherwise provided in this Article.
ARTICLE VII
CHANGES IN CONTROL
7.1 Effect of Change in Control
Notwithstanding any other provision of the Plan, upon the occurrence of
a Change in Control, as defined in Section 7.2: (i) all Options and, subject to
the exercise provisions of
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Section 3.2(a) of the Plan, Limited Rights, but not SARS, outstanding and
unexercised on the date of the Change in Control will become immediately
exercisable; (ii) all Performance Awards will be deemed to have been earned on
such basis as the Committee may prescribe and then paid on such basis, at such
time and in such form as the Committee may prescribe, or deferred in accordance
with the elections of Participants; (iii) all Restricted Stock will be deemed to
be earned and the Restriction Period will be deemed expired on such terms and
conditions as the Committee may determine; and (iv) all amounts deferred under
this Plan will be paid to a trustee or otherwise on such terms as the Committee
may prescribe or permit.
7.2 Definition of Change in Control
The term "Change in Control" means the occurrence of one or more of the
following events: (a) there shall be consummated (i) any consolidation or merger
of the Corporation in which the Corporation is not the continuing or surviving
corporation or pursuant to which shares of the Common Stock would be converted
into cash, securities or other property, other than a merger of the Corporation
in which the holders of Common Stock immediately prior to the merger have the
same proportionate ownership of common stock of the surviving corporation
immediately after the merger, or (ii) any sale, lease, exchange or other
transfer (in one transaction or a series of related transactions) of all, or
substantially all, of the assets of the Corporation, or (b) the stockholders of
the Corporation shall approve any plan or proposal for the liquidation or
dissolution of the Corporation, or (c) (i) any person (as such term is defined
in Section 13(d) of the Securities Exchange Act of 1934, as amended (the
"Exchange Act")), corporation or other entity shall purchase any Common Stock of
the Corporation (or securities convertible into Common Stock) for cash,
securities or any other consideration pursuant to a tender offer or exchange
offer, unless, prior to the making of such purchase of Common Stock (or
securities convertible into Common Stock), the Board shall determine that the
making of such purchase shall not constitute a Change in Control, or (ii) any
person (as such term is defined in Section 13(d) of the Exchange Act),
corporation or other entity (other than the Corporation or any benefit plan
sponsored by the Corporation or any of its subsidiaries) shall be the
"beneficial owner" (as such term is defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of securities of the Corporation representing
twenty percent or more of the combined voting power of the Corporation's then
outstanding securities ordinarily (and apart from any rights accruing under
special circumstances) having the right to vote in the election of directors
(calculated as provided in Rule 13d-3(d) in the case of rights to acquire any
such securities), unless, prior to such person so becoming such beneficial
owner, the Board shall determine that such person so becoming such beneficial
owner shall not constitute a Change in Control, or (d) at any time during any
period of two consecutive years, individuals who at the beginning of such period
constituted the entire Board shall cease for any reason to constitute at least a
majority thereof, unless the election or nomination for election of each new
director during such two-year period was approved by a vote of at least
two-thirds of the directors then still in office who were directors at the
beginning of such two-year period.
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ARTICLE VIII
GENERAL PROVISIONS
8.1 Non-Transferability
No Option, Limited Right, SAR, Performance Award or share of Restricted
Stock or Deferred Amount under the Plan will be transferable other than by will,
by the applicable laws of descent and distribution, or by transfer to a properly
designated beneficiary in the event of death. All Awards and Deferred Amounts
will be exercisable or received during the Participant's lifetime only by such
Participant or his or her legal representative. Any transfer contrary to this
Section 8.1 will nullify the option, Limited Right, SAR, Performance Award or
share of Restricted Stock, and any attempted transfer of a Deferred Amount
contrary to this Section 8.1 will be void and of no effect.
8.2 Beneficiaries
The Committee may establish or authorize the establishment of
procedures not inconsistent with Section 8.1 under which a Participant may
designate a beneficiary or beneficiaries to hold, exercise and/or receive
amounts due under an Award or with respect to Deferred Amounts in the event of
the Participant's death.
8.3 Adjustments Upon Changes in Stock
If there is any change in the Stock of the Company, through merger,
consolidation, reorganization, recapitalization, stock dividend, stock split,
split up, dividend in kind or other change in the corporate structure or
distribution to the stockholders, appropriate adjustments may be made by the
Board of Directors of the Company (or if the Company is not the surviving
corporation in any such transaction, the board of directors of the surviving
corporation) in the aggregate number and kind of shares subject to the Plan, and
the number and kind of shares and the price per share subject to outstanding
Options or which may be issued under outstanding Performance Awards or Awards of
Restricted Stock. Appropriate adjustments may also be made by the Board of
Directors or the Committee in the terms of any Awards under the Plan to reflect
such changes and to modify any other terms of outstanding Awards on an equitable
basis, including modifications of performance targets and changes in the length
of Performance Periods.
8.4 Conditions of Awards
(a) Unless the Committee determines otherwise, either by waiving the
condition(s) or by limiting or otherwise amending the condition(s) with respect
to any specified Award or group of Awards, the rights of a Participant with
respect to any Award received under this Plan will be subject to the conditions
that, until the Participant has fully received all payments, transfers and other
benefits under the Award, he or she will (i) not engage, either directly or
indirectly, in any
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manner or capacity as advisor, principal, agent, partner, officer, director,
employee, member of any association or otherwise, in any business or activity
which is at the time competitive with any business or activity conducted by the
Company and (ii) be available, unless he or she has died, at reasonable times
for consultations at the request of the Company's management with respect to
phases of the business with which he or she is or was actively connected during
his or her employment, but such consultations will not (except in the case of a
Participant whose active service was outside the United States) be required to
be performed at any place or places outside of the United States of America or
during usual vacation periods or periods of illness or other incapacity. In the
event that either of the above conditions is applicable (or is applicable as
modified by the Committee) and is not fulfilled, the Participant will forfeit
all rights to any unexercised option or SAR, or any Performance Award or Stock
held which has not yet been determined by the Committee to be payable or
unrestricted (and any unpaid amounts equivalent to dividends or other
distributions or amounts equivalent to interest relating thereto) as of the date
of the breach of condition. Any determination by the Board of Directors of the
Corporation, which will act upon the recommendation of the Chief Executive
Officer, that the Participant is, or has, engaged in a competitive business or
activity as aforesaid or has not been available for consultations as aforesaid
or, if the Committee has modified such condition(s) with respect to the
Participant's Award, that the Participant has not complied with such
condition(s) as modified by the Committee will be conclusive.
(b) This Section 8.4 will not apply to Limited Rights.
8.5 Use of Proceeds
All cash proceeds from the exercise of options will constitute general
funds of the Company.
8.6 Tax Withholding
The Company will withhold from any cash payment made pursuant to an
Award an amount sufficient to satisfy all statutory federal, state and local
withholding tax requirements (the "withholding requirements").
In the case of an Award pursuant to which Stock may be delivered, the
Committee will have the right to require that the Participant or other
appropriate person remit to the Company an amount sufficient to satisfy the
statutory withholding requirements, or make other arrangements satisfactory to
the Committee with regard to such requirements, prior to the delivery of any
Stock. If and to the extent that such withholding is required, the Committee may
permit the Participant or such other person to elect at such time and in such
manner as the Committee provides to have the Company hold back from the shares
to be delivered, or to deliver to the Company, Stock having a value calculated
to satisfy the statutory withholding requirement. In the alternative, the
Committee may, at the time of grant of any such Award, require that the Company
withhold from any shares to be delivered Stock with a value calculated to
satisfy applicable statutory tax withholding requirements.
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8.7 Non-Uniform Determinations
The Committee's determinations under the Plan, including without
limitation, (i) the determination of the Participants to receive Awards, (ii)
the form, amount, timing and payment of such Awards, (iii) the terms and
provisions of such Awards and (iv) the agreements evidencing the same, need not
be uniform and may be made by it selectively among Participants who receive, or
who are eligible to receive, Awards under the Plan, whether or not such
Participants are similarly situated.
8.8 Leaves of Absence; Transfers
The Committee will be entitled to make such rules, regulations and
determinations as it deems appropriate under the Plan with respect to any leave
of absence from the Company granted to a Participant. Without limiting the
generality of the foregoing, the Committee will be entitled to determine (i)
whether or not any such leave of absence will be treated as if the Participant
ceased to be an Employee and (ii) the impact, if any, of any such leave of
absence on Awards under the Plan. In the event a Participant transfers within
the Company, such Participant will not be deemed to have ceased to be an
Employee for purposes of the Plan.
8.9 General Restriction
(a) Each Award under the Plan will be subject to the condition that, if
at any time the Committee determines that (i) the listing, registration or
qualification of shares of Stock upon any securities exchange or under any state
or federal law, (ii) the consent or approval of any government or regulatory
body or (iii) an agreement by the Participant with respect thereto, is necessary
or desirable, then such Award will not be consummated in whole or in part unless
such listing, registration, qualification, consent, approval or agreement has
been effected or obtained free from any conditions not acceptable to the
Committee.
(b) Shares of Common Stock for use under the provisions of this Plan
will not be issued until they have been duly listed, upon official notice of
issuance, upon the New York Stock Exchange and such other exchanges, if any, as
the Board of Directors of the Corporation determines, and a registration
statement under the Securities Act of 1933 with respect to such shares has
become, and is, effective.
8.10 Effective Date
The Plan will be deemed effective as of December 4, 1991.
No Award may be granted under the Plan after the Plan is terminated
pursuant to Section 8.11, but Awards previously made may extend beyond that date
and Reload Options and
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additional Reload Options provided for with respect to original options
outstanding prior to that date may continue unless the Committee otherwise
provides and subject to such additional terms and conditions as the Committee
may provide, and the provisions of Article VI of the Plan will survive and
remain effective as to all present and future Deferred Amounts until such later
date as the Committee or the Board of Directors may determine.
The adoption of the Plan will not preclude the adoption by appropriate
means of any other stock option or other incentive plan for employees and/or
independent contractors.
8.11 Amendment, Suspension and Termination of Plan
The Board of Directors may at any time or times amend the Plan for any
purpose which may at the time be permitted by law, or may at any time suspend or
terminate the Plan as to any further grants of Awards.
8.12 Certain Definitions
(a) Unless otherwise determined by the Committee, the terms
"retirement" and "disability" as used under the Plan will be construed by
reference to the provisions of the Westinghouse Pension Plan or other similar
plan or program of the Company applicable to a Participant.
(b) The term "Fair Market Value" as it relates to Common Stock means
the mean of the high and low prices of the Common Stock as reported by the
Composite Tape of the New York Stock Exchange (or such successor reporting
system as the Committee may select) on the relevant date or, if no sale of the
Common Stock has been reported for that day, the average of such prices on the
next preceding day and the next following day for which there were reported
sales. The term "Fair Market Value" as it relates to Formula Value Stock will
mean the value determined by the Committee.
(c) The term "Subsidiary" will mean, unless the context otherwise
requires, any corporation (other than the Corporation) in an unbroken chain of
corporations beginning with the corporation if each of the corporations other
than the last corporation in such chain owns stock possessing at least 50% of
the voting power in one of the other corporations in such chain.
(d) "Formula Value Stock" means shares of a class or classes of stock
the value of which is derived from a formula established by the Committee which
reflects such financial measures as the Committee may determine. Such shares
will have such other characteristics as may be determined at time of their
authorization.
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Exhibit 5
April 7, 1999
CBS Corporation
51 West 52nd Street
New York, NY 10019
Common Stock, $1.00 par value
3,000,000 shares
1991 Long-Term Incentive Plan, as amended (the "Plan")
Ladies and Gentlemen:
This opinion is being submitted in connection with a Registration
Statement on Form S-8 (the "Registration Statement") being filed with the
Securities and Exchange Commission, under the Securities Act of 1933, as
amended, in respect of 3,000,000 shares of the Common Stock, par value $1.00 per
share (the "Common Stock"), of CBS Corporation (the "Company").
I have examined and am familiar with the Restated Articles and the
By-laws, both as amended, of the Company, a Pennsylvania corporation. I am of
the opinion that the Company is a duly organized and validly existing
corporation under the laws of the Commonwealth of Pennsylvania.
I am further of the opinion that the corporate proceedings to authorize
the issuance of 3,000,000 shares of Common Stock for use under the Plan have
been duly taken in accordance with the applicable law, and that said 3,000,000
shares of Common Stock have been duly authorized for issuance.
In addition, I am of the opinion that the 3,000,000 shares reserved,
when issued as provided in the Plan and the corporate proceedings related
thereto, will be legally issued, fully paid and nonassessable.
I know that I am referred to in the Registration Statement relating to
the Common Stock and I hereby consent to such use of my name in such
Registration Statement and to the use of this opinion for filing as an exhibit
to such Registration Statement as Exhibit 5 thereto.
Very truly yours,
/s/ ANGELINE C. STRAKA
Angeline C. Straka
Vice President, Secretary and
Deputy General Counsel
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Exhibit 23.2
CONSENT OF INDEPENDENT AUDITORS
We consent to the use of our reports dated January 27, 1999 appearing
on pages 23 and 55 of CBS Corporation's Form 10-K for the year ended December
31, 1998, incorporated by reference in this Registration Statement on Form S-8
of the Company.
/s/ KPMG LLP
- ------------------------------
New York, New York
April 6, 1999
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<PAGE> 1
Exhibit 24
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ Mel Karmazin
---------------------------
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<PAGE> 2
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ Fredric G. Reynolds
---------------------------
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<PAGE> 3
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ Robert G. Freedline
---------------------------
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<PAGE> 4
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ Robert E. Cawthorn
---------------------------
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<PAGE> 5
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ George H. Conrades
---------------------------
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<PAGE> 6
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ William H. Gray III
---------------------------
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<PAGE> 7
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ Martin C. Dickinson
---------------------------
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<PAGE> 8
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ Jan Leschly
---------------------------
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<PAGE> 9
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ David T. McLaughlin
---------------------------
-32-
<PAGE> 10
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ Richard R. Pivirotto
---------------------------
-33-
<PAGE> 11
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ Raymond W. Smith
---------------------------
-34-
<PAGE> 12
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ Paula Stern
---------------------------
-35-
<PAGE> 13
1991 Long-Term Incentive Plan
POWER OF ATTORNEY
The undersigned director and/or officer, or both, of CBS CORPORATION, a
Pennsylvania corporation (the "Company"), which is about to file with the
Securities and Exchange Commission, Washington, D.C., under the provisions of
the Securities Act of 1933, as amended, a Registration Statement on Form S-8,
for the registration under said Act of Three Million (3,000,000) shares of
common stock, par value $1.00 per shares, of the Company, in connection with the
Company's 1991 Long-Term Incentive Plan, as amended, hereby constitutes and
appoints Mel Karmazin, Louis J. Briskman, and Angeline C. Straka, his/her true
and lawful attorneys-in-fact and agents, and each of them, with full power to
act without the others, his/her true and lawful attorney-in-fact and agent, for
him/her and in his/her name, place and stead, in any and all capacities, to sign
said Registration Statement, and any and all amendments thereto, with power
where appropriate to affix the corporate seal of the Company thereto and to
attest said seal, and to file said Registration Statement and each such
amendment, with all exhibits thereto, and any and all other documents in
connection therewith, with the Securities and Exchange Commission, hereby
granting unto said attorneys-in-fact and agents, and each of them, full power
and authority to do and perform any and all acts and things requisite and
necessary to be done in and about the premises as fully to all intents and
purposes as he/she might or could do in person, hereby ratifying and confirming
all that said attorneys-in-fact and agents, or any of them, may lawfully do or
cause to be done by virtue hereof.
IN WITNESS WHEREOF, the undersigned has duly signed this Power of
Attorney this 7th day of April, 1999.
/s/ Robert D. Walter
---------------------------
-36-
