The Los Angeles-based firm's board of directors agreed to the execution and delivery of an agreement with American Financial Corp. to implement the capital infusion program announced March 11. Consummation of the transactions contemplated by the agreement is subject to the receipt of necessary regulatory approvals. Full copies of the agreement will be filed with the SEC within the next 20 days. The board of directors also said it will propose to the shareholders a reduction in the number of directors to six. The slate of directors nominated for election at the annual meeting on June 20 includes Carl H. Lindner, Ronald F. Walker, Richard A. Haverland, Raymond D. Johnson Jr., Joseph M. Klein and Julius S. Anreder.