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EXHIBIT 99.4
GETTY REALTY CORP.
(a Maryland corporation)
TERMS AGREEMENT
July 26, 2001
To: Getty Realty Corp.
000 Xxxxxxx Xxxxxxxx, Xxxxx 000
Xxxxxxx, Xxx Xxxx 00000
Ladies and Gentlemen:
We understand that Getty Realty Corp., a Maryland corporation (the
"Company"), proposes to issue and sell 7,700,000 shares of its common stock, par
value $.01 per share (the "Common Stock") (such securities also being
hereinafter referred to as the "Initial Underwritten Securities"). Subject to
the terms and conditions set forth or incorporated by reference herein, we the
underwriters named below (the "Underwriters") offer to purchase, severally and
not jointly, the number of Underwritten Securities opposite their names set
forth below at the purchase price set forth below, and a proportionate share of
Option Underwritten Securities set forth below, to the extent any are purchased.
NUMBER OF INITIAL
UNDERWRITER UNDERWRITTEN SECURITIES
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Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx
Incorporated.......................................... 3,780,000
Xxxx Xxxxx Xxxx Xxxxxx, Incorporated.............................. 2,520,000
Advest, Inc....................................................... 100,000
BB&T Capital Markets, A division of Xxxxx & Xxxxxxxxxxxx, Inc..... 100,000
Xxxxxx X. Xxxxx & Co. Incorporated................................ 100,000
Xxxxxxx, Xxxxxx & Co.............................................. 100,000
Xxxxxxxxxx & Co. Inc.............................................. 100,000
Xxxxxx Xxxxxxxxxx Xxxxx LLC....................................... 100,000
Xxxxxx X. Xxxxx & Co., L.P........................................ 100,000
McDonald Investments Inc.......................................... 100,000
Xxxxxx Xxxxxx & Company, Inc...................................... 100,000
Xxxxxxx Xxxxx & Associates, Inc................................... 100,000
The Xxxxxxxx-Xxxxxxxx Company, Inc................................ 100,000
The Xxxxxxx Companies Incorporated................................ 100,000
Xxxxxx Xxxxxxx Incorporated....................................... 100,000
Wachovia Securities, Inc.......................................... 100,000
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7,700,000
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The Underwritten Securities shall have the following terms:
Common Stock
Title: Common Stock, par value $0.01 per share
Number of shares: 7,700,000
Number of Option Underwritten Securities: 1,155,000
Initial public offering price per share: $16.00
Purchase price per share: $15.16
Listing requirements: New York Stock Exchange, Inc.
Lockup provisions: The Company will not sell or transfer any preferred stock or
common stock for 90 days after the date hereof without first obtaining the
written consent of Xxxxxxx Xxxxx. Specifically, the Company will not directly or
indirectly:
o offer, pledge, sell or contract to sell any preferred stock or common
stock;
o sell any option or contract to purchase any preferred stock or common
stock;
o purchase any option or contract to sell any preferred stock or common
stock;
o grant any option, right or warrant for the sale of any preferred stock
or common stock;
o lend or otherwise dispose of or transfer any preferred stock or common
stock;
o file a registration statement for any preferred stock or common stock;
or
o enter into any swap or other agreement or any transaction that
transfers, in whole or in part, directly or indirectly, the economic
consequence of ownership of any preferred stock or common stock
whether any such swap or transaction is to be settled by delivery of
shares or other securities, in cash or otherwise.
This lockup provision applies to preferred stock and common stock and
to securities convertible into or exchangeable or exercisable for or repayable
with preferred stock or common stock. This lockup provision will not apply to:
o any option grant or exercise of any option granted pursuant to the
Company's 1998 Stock Option Plan;
o any shares of the Company's common or preferred stock issued in
connection with any petroleum marketing or related property
acquisition (which shares, if issued, will also be subject to these
lockup provisions); or
o any shares of the Company's common stock issued upon conversion or
exchange of outstanding shares of the Company's series A preferred
stock.
Other terms and conditions: None
Closing date and location: August 1, 2001, Sidley Xxxxxx Xxxxx & Xxxx LLP, Xxx
Xxxxx Xxxxx Xxxxxx, Xxx Xxxx, Xxx Xxxx, 00000-0000
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All of the provisions contained in the document attached as Annex I
hereto entitled GETTY REALTY CORP. (a Maryland corporation), $150,000,000
Preferred Stock, par value $0.01 per share and Common Stock, par value $0.01 per
share, Underwriting Agreement, dated July 26, 2001 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 11:59 o'clock P.M. (New York
City time) on July 26, 2001 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 XXXXX XXXX XXXXXX, INCORPORATED
By: Xxxxxxx Lynch, Pierce, Xxxxxx & Xxxxx
Incorporated
By:
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Authorized Signatory
Acting on behalf of itself and the other
named Underwriters.
Accepted:
GETTY REALTY CORP.
By
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Name: Xxx Xxxxxxxxx
Title: Chief Executive
Officer and President
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