THE XXXXX CORPORATION
(a Delaware corporation)
COMMON STOCK
TERMS AGREEMENT
March 20, 1997
To: The Xxxxx Corporation
0000 Xxxxxx Xxxx.,
Xxxxx 000
Xxxxxxxxx, Xxxxxxxx 00000
Ladies and Gentlemen:
We understand that The Xxxxx Corporation, a Delaware corporation (the
"Company"), proposes to issue and sell 150,000 shares of its common stock,
par value $0.01 per share (the "Common Stock") (such securities also being
hereinafter referred to as the "Securities"). Subject to the terms and
conditions set forth or incorporated by reference herein, the underwriters
named below (the "Underwriters") offer to purchase, severally and not
jointly, the respective number of Securities set forth below opposite their
names at the purchase price set forth below.
NUMBER OF
UNDERWRITER SECURITIES
----------- ----------
Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx Incorporated.................. 22,125
Xxxx Xxxxxx Xxxxxxxx Inc............................................ 22,125
Xxxx Xxxxx Xxxx Xxxxxx Incorporated................................. 22,125
Salomon Brothers Inc................................................ 22,125
Alex. Xxxxx & Sons Incorporated..................................... 3,300
Credit Suisse First Boston Corporation.............................. 3,300
Xxxxxxxxx, Lufkin & Xxxxxxxx Securities Corporation................. 3,300
X.X. Xxxxxxx & Sons, Inc............................................ 3,300
PaineWebber Incorporated............................................ 3,300
Prudential Securities Incorporated.................................. 3,300
Xxxxx Xxxxxx Inc.................................................... 3,300
Xxxxxxxxxxx Xxxxxxx Securities, Inc................................. 3,300
Xxxxxx X. Xxxxx & Co. Incorporated.................................. 1,660
Xxxxxxx Xxxxx & Company, L.L.C...................................... 1,660
Xxxxxxxx, Xxxxxx & Co............................................... 1,660
Xxxx Xxxxxxxx Incorporated.......................................... 1,660
EVEREN Securities, Inc.............................................. 1,660
Xxxxxxxxxx & Co. Inc................................................ 1,660
Friedman, Billings, Xxxxxx & Co., Inc............................... 1,660
Gruntal & Co., Incorporated......................................... 1,660
Xxxxxx Xxxxxxxxxx Xxxxx Inc......................................... 1,660
Xxxxxx X. Xxxxx & Co., L.P.......................................... 1,660
XxXxxxxx & Company Securities, Inc.................................. 1,660
Mesirow Financial, Inc.............................................. 1,660
Xxxxx Xxxxxxx Inc................................................... 1,660
Xxxxxxxx Xxxxxx Refsnes, Inc........................................ 1,660
Xxxxxxx Xxxxx & Associates, Inc..................................... 1,660
Xxxxx & Co., LLC.................................................... 1,660
Sands Brothers & Co., Ltd........................................... 1,660
The Xxxxxxx Companies Incorporated.................................. 1,660
Sutro & Co. Incorporated............................................ 1,660
Xxxxxxxx Capital Partners, L.P...................................... 1,660
Wheat, First Securities, Inc........................................ 1,660
-----------
Total............................................................... 150,000
The Securities shall have the following terms:
Title: Common Stock
Number of shares: 150,000
Purchase price per share: $24.75
Listing requirements: NYSE
Black-out provisions: N/A
Lock-up provisions During the period of eighty-two (82) days
from the Closing Time, the Company will not,
without the prior written consent of the
Representatives, directly or indirectly,
offer to sell, sell, contract to sell, grant
any option for the sale of, or otherwise
dispose of, any shares of Common Stock or
Units or any security convertible into or
exchangeable into or exercisable for Common
Stock or Units, except for (i) the issuance
of shares of Common Stock upon the exercise
of options or grant of restricted shares of
Common Stock under the Xxxxx Corporation's
1994 Executive Incentive Plan, as amended and
(ii) the exchange of Units for Common Stock.
Other terms and conditions: N/A
Closing date and location: March 21, 1997 at the offices of Xxxxx &
Xxxxxxx, L.L.P., 000 00xx Xxxxxx, X.X.
Xxxxxxxxxx, X.X. 00000.
All of the provisions contained in the document attached as Annex I hereto
entitled "THE XXXXX CORPORATION--Common Stock, Preferred Stock and Warrants to
Purchase Common Stock--Underwriting Agreement" are hereby incorporated by
reference in their entirety herein and shall be deemed to be a part of this
Terms Agreement to the same extent as if such provisions had been set forth in
full herein. Terms defined in such document are used herein as therein defined.
Please accept this offer no later than 5:00 P.M. (New York City time) on
March 20, 1997 by signing a copy of this Terms Agreement in the space set forth
below and returning the signed copy to us.
VERY TRULY YOURS,
XXXXXXX LYNCH, PIERCE, XXXXXX & XXXXX
INCORPORATED
XXXX XXXXXX XXXXXXXX INC.
XXXX XXXXX XXXX XXXXXX
INCORPORATED
SALOMON BROTHERS INC
BY: XXXXXXX LYNCH, PIERCE, XXXXXX &
XXXXX INCORPORATED, for itself on
behalf of the other Representatives
By: /s/ Xxxxxx X. Xxxxxxxxxx
-------------------------------
Name: Xxxxxx X. Xxxxxxxxxx
Title: Authorized Signatory
Acting on behalf of themselves and
the other named Underwriters.
Accepted:
THE XXXXX CORPORATION
By: /s/ Xxxxx X. XxXxxxxxx
--------------------------
Name: Xxxxx X. XxXxxxxxx
Title: President and Chief
Operating Officer
