February 24, 2010
Exhibit 2
February 24, 2010
XXXXXXX XXXXX & CO.
Xxxxxxx Xxxxx, Xxxxxx, Xxxxxx & Xxxxx
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Incorporated |
X.X. Xxxxxx Securities Inc.,
as Representatives of the several
Underwriters to be named in the
within-mentioned Purchase Agreement
Underwriters to be named in the
within-mentioned Purchase Agreement
c/x Xxxxxxx Xxxxx & Co.
Xxxxxxx Xxxxx, Xxxxxx, Xxxxxx & Xxxxx
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Incorporated |
One Bryant Park
New York, New York 10036
New York, New York 10036
X.X. Xxxxxx Securities Inc.
000 Xxxxxxx Xxxxxx
Xxx Xxxx, Xxx Xxxx 00000
Xxx Xxxx, Xxx Xxxx 00000
Re: | Proposed Public Offering by Xxxxx Xxxxxxx/Fibreboard Asbestos Personal Injury Trust |
Dear Sirs:
The undersigned, stockholder of Xxxxx Corning, a Delaware corporation (the “Company”),
understands that Xxxxxxx Lynch, Xxxxxx, Xxxxxx & Xxxxx Incorporated (“Xxxxxxx Xxxxx”) and X.X.
Xxxxxx Securities Inc. (together with Xxxxxxx Xxxxx, the “Representatives”) propose to enter into a
Purchase Agreement (the “Purchase Agreement”) with the Company and Xxxxx Corning/Fibreboard
Asbestos Personal Injury Trust, a Delaware statutory trust, acting through its trustees (the
“Selling Stockholder”) providing for the public offering of shares (the “Securities”) of the
Company’s common stock, par value $0.01 per share (the “Common Stock”). In recognition of the
benefit that such an offering will confer upon the undersigned as a stockholder of the Company, and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the undersigned agrees with each underwriter to be named in the Purchase Agreement
that, during a period of 180 days from the date of the Purchase Agreement, the undersigned will
not, without the prior written consent of the Representatives, directly or indirectly, (i) offer,
pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or
contract to sell, grant any option, right or warrant for the sale of, or otherwise dispose of or
transfer any shares of the Company’s Common Stock or any securities convertible into or
exchangeable or exercisable for Common Stock, whether now owned or hereafter acquired by the
undersigned or with respect to which the undersigned has or hereafter acquires the power of
disposition (collectively, the “Lock-Up Securities”), or exercise any right with respect to the
registration of any of the Lock-up Securities, or file, or cause to be filed, any registration
statement in connection therewith, under the Securities Act of 1933, as amended or (ii) enter into
any swap or any other agreement or any transaction that transfers, in whole or in part, directly or
indirectly, the economic consequence of ownership of the Lock-Up Securities, whether any such swap
or transaction is to be settled by delivery of Common Stock or other securities, in cash or
otherwise.
The undersigned may sell shares of Common Stock purchased by the undersigned on the open
market following the public offering of Securities by the Selling Stockholder if and only if (i)
such sales are not required to be reported in any public report or filing with the Securities and
Exchange
Commission, or otherwise and (ii) the undersigned does not otherwise voluntarily effect any
public filing or report regarding such sales.
Notwithstanding the foregoing, if:
(1) during the last 17 days of the 180-day lock-up period, the Company issues an earnings
release or material news or a material event relating to the Company occurs; or
(2) prior to the expiration of the 180-day lock-up period, the Company announces that it will
release earnings results or becomes aware that material news or a material event will occur during
the 16-day period beginning on the last day of the 180-day lock-up period,
the Representatives may extend, by written notice to the Company, the restrictions imposed by this
lock-up agreement until the expiration of the 18-day period beginning on the issuance of the
earnings release or the occurrence of the material news or material event, as applicable.
The undersigned hereby acknowledges and agrees that written notice of any extension of the
180-day lock-up period pursuant to the previous paragraph will be delivered by the Representatives
to the Company (in accordance with Section 13 of the Purchase Agreement) and that any such notice
properly delivered will be deemed to have been given to, and received by, the undersigned. The
undersigned further agrees that, prior to engaging in any transaction or taking any other action
that is subject to the terms of this lock-up agreement during the period from the date of this
lock-up agreement to and including the 34th day following the expiration of the initial
180-day lock-up period, he will give notice thereof to the Company and will not consummate such
transaction or take any such action unless he has received written confirmation from the Company
that the 180-day lock-up period (as may have been extended pursuant to the previous paragraph) has
expired.
The undersigned also agrees and consents to the entry of stop transfer instructions with the
Company’s transfer agent and registrar against the transfer of the Lock-Up Securities except in
compliance with the foregoing restrictions.
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Very truly yours, XXXXX CORNING/FIBREBOARD ASBESTOS PERSONAL INJURY TRUST |
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By | /s/ Xxxx X. Xxxxxxxx | |||
Xxxx X. Xxxxxxxx, Managing Trustee |