EXHIBIT 2.4
TENDER AND VOTING AGREEMENT
TENDER AND VOTING AGREEMENT (this "AGREEMENT"), dated as of January 18,
2001, by and between Ocean Energy, Inc., a Texas corporation ("PARENT"), OEI
Acquisition Corp. (the "PURCHASER"), a Nevada corporation and a wholly-owned
subsidiary of Parent, and the stockholders set forth in SCHEDULE I hereto (each,
a "STOCKHOLDER" and collectively, the "Stockholders").
WHEREAS, concurrently herewith, Parent, Purchaser and Texoil, Inc. (the
"COMPANY"), a Nevada corporation, are entering into an Agreement and Plan of
Merger of even date herewith (the "MERGER AGREEMENT") (capitalized terms used
but not defined herein shall have the meanings set forth in the Merger
Agreement), pursuant to which Purchaser has agreed to commence a tender offer
(the "OFFER") to purchase (i) all of the outstanding shares (the "COMMON
SHARES") of the Company's common stock, par value $0.01 per share ("COMPANY
COMMON STOCK"), at a price per Common Share of $8.25 (such price or such higher
price as may be paid for Common Shares in the Offer, the "OFFER PRICE") net to
the seller in cash and (ii) all of the outstanding shares (the "PREFERRED
SHARES") of the Company's Series A Convertible Preferred Stock, par value $0.01
per share ("COMPANY PREFERRED STOCK"), at a price per Preferred Share of $18.04
(such price or such higher price as may be paid for Preferred Shares in the
Offer, the "PREFERRED OFFER PRICE") net to the seller in cash;
WHEREAS, as of the date hereof, each Stockholder owns, beneficially and of
record, the outstanding shares of Common Stock, Preferred Stock, the options to
purchase Common Stock the ("COMPANY OPTIONS") and warrants convertible into
Common Stock (the "COMPANY WARRANTS") set forth opposite such Stockholder's name
on SCHEDULE I hereto; provided, however, that any shares held in a fiduciary
capacity for the benefit of others by any Stockholder that is a financial
institution or its Affiliates shall not be subject to this Agreement;
WHEREAS, each of Energy Capital Investment Company, PLC ("ENERGY
CAPITAL"), EnCap Equity 1996 Limited Partnership ("ENCAP"; together with Energy
Capital, the "ENCAP STOCKHOLDERS") and the Company, as successor in interest to
Cliffwood Oil & Gas Corp. ("CLIFFWOOD"), are parties to that certain Investment
Agreement (the "INVESTMENT AGREEMENT") dated as of September 26, 1996;
WHEREAS, pursuant to Section 8 of the Investment Agreement, each of the
EnCap Stockholders has the right (the "ENCAP PUT RIGHT") during a period
commencing on May 27, 2001 and ending September 27, 2001, to cause the Company
to repurchase certain securities of the Company from the EnCap Stockholders, all
on the terms and conditions detailed in the Investment Agreement;
WHEREAS, First Union Capital Partners, Inc. ("FIRST UNION") and the
Company, as successor in interest to Cliffwood, are parties to that certain
Common Stock and Warrant Purchase Agreement (the "PURCHASE AGREEMENT") dated as
of May 30, 1997;
WHEREAS, pursuant to Article 9 of the Purchase Agreement, First Union has
the right (the "FIRST UNION PUT RIGHT") commencing on a change of control of the
Company to cause the Company to repurchase certain securities of the Company
from First Union, all on the terms and conditions detailed in the Purchase
Agreement;
WHEREAS, V&C Energy Limited Partnership ("V&C") may have certain special
rights relating to the management and future activities of the Company and its
Affiliates (the "V&C MANAGEMENT RIGHTS"), including but not limited to the right
to participate in acquisitions and dispositions of the Company, its Affiliates,
and of various assets, interests or other properties by the Company or its
Affiliates;
WHEREAS, as a condition to their willingness to enter into the Merger
Agreement and make the Offer, Parent and Purchaser have required that each
Stockholder agree, and in order to induce Parent and Purchaser to enter into the
Merger Agreement, each Stockholder hereby agrees, (i) to tender pursuant to the
Offer the Common Shares and the Preferred Shares now legally and/or beneficially
owned ("OWNED") by such Stockholder (the "OWNED SHARES"), together with any
Shares acquired after the date hereof and prior to the termination of the Offer,
whether upon the exercise of Company Options, Company Warrants, conversion of
convertible securities or otherwise (collectively, the "TENDER SHARES") on the
terms and subject to the conditions provided for in this Agreement and (ii) to
enter into the other agreements set forth herein; and
WHEREAS, there are no prior agreements, arrangements or understandings
with respect to the subject matter hereof or the Merger Agreement.
NOW, THEREFORE, in consideration of the premises and for other good and
valuable consideration given to each party hereto, the receipt of which is
hereby acknowledged, the parties agree as follows:
SECTION 1. AGREEMENT TO TENDER AND TO VOTE.
1.1 TENDER. Each Stockholder hereby agrees, severally (and not jointly),
to validly tender (or cause the record owner of such Tender Shares to validly
tender), pursuant to and in accordance with the terms of the Offer, as soon as
practicable after commencement of the Offer but in no event later than ten
Business Days after the date of commencement of the Offer, its Tender Shares by
physical delivery of the certificates therefor and to not withdraw such Tender
Shares, except following termination of the Offer pursuant to its terms. Any
Preferred Shares tendered pursuant to this SECTION 1.1 and acquired pursuant to
the Offer will include, by way of amplification and not limitation, all rights
associated with such Shares, including but not limited to all cash and non-cash
dividends, distributions, rights, other Shares or other securities issued or
issuable in respect thereof on or after the date of this Agreement (including,
without limitation, with respect to the Preferred Shares, rights to dividends
pursuant to Section 4.17 of the Preferred Stock Purchase Agreement). Each
Stockholder hereby agrees and acknowledges that it will have no rights to
dividends on its Preferred Shares payable on or at any time subsequent to the
purchase of such Preferred Shares pursuant to the Offer. Each Stockholder
further acknowledges and agrees that Parent's and Purchaser's obligation to
accept for payment and pay for the Tender Shares is subject to the terms and
conditions of the Offer. Each Stockholder hereby permits
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Parent and Purchaser to publish and disclose in the Offer Documents and, if
approval of the Company's stockholders is required under applicable law, the
Proxy Statement (including all documents and schedules filed with the SEC) its
identity and ownership of the Tender Shares and the nature of its commitments,
arrangements and understandings under this Agreement.
1.2 VOTING. Each Stockholder hereby severally (and not jointly) agrees
that, during the time this Agreement is in effect, at any meeting of the
stockholders of the Company, however called, or in any other circumstance in
which the vote, consent or approval of stockholders of the Company is sought,
such Stockholder shall (i) vote the Tender Shares to approve and vote in favor
of the Merger Agreement; (ii) vote the Tender Shares against any action or
agreement that would result in a breach of any covenant, representation or
warranty or any other obligation or agreement of the Company under the Merger
Agreement; and (iii) vote the Tender Shares against any action or agreement
(other than the Merger Agreement or the transactions contemplated thereby) that
would impede, interfere with, delay, postpone or attempt to discourage the
Merger or the Offer, including, but not limited to: (1) any extraordinary
corporate transaction, such as a merger, consolidation or other business
combination involving the Company or any of its subsidiaries; (2) a sale or
transfer of a material amount of assets of the Company or any of the Company
Subsidiaries or a reorganization, recapitalization or liquidation of the Company
and the Company Subsidiaries; (3) any change in the management or board of
directors of the Company, except as otherwise agreed to in writing by Purchaser;
(4) any material change in the present capitalization or dividend policy of the
Company; or (5) any other material change in the Company's corporate structure
or business.
1.3 GRANT OF IRREVOCABLE PROXY; APPOINTMENT OF PROXY.
(a) Each Stockholder hereby irrevocably grants to, and appoints Parent
such Stockholder's proxy and attorney-in-fact (with full power of substitution),
for and in the name, place and stead of such Stockholder, to vote the Tender
Shares to approve and vote in favor of the Offer, the Merger Agreement and the
transactions contemplated by the Merger Agreement, against any Acquisition
Proposal and otherwise as contemplated by SECTION 1.2.
(b) Each Stockholder severally (and not jointly) represents that any
proxies heretofore given in respect of the Tender Shares are revocable, and that
any such proxies are hereby revoked.
(c) Each Stockholder severally (and not jointly) understands and
acknowledges that Parent is entering into the Merger Agreement in reliance upon
such Stockholder's execution and delivery of this Agreement. Each Stockholder
severally (and not jointly) hereby affirms that the irrevocable proxy set forth
in this SECTION 1.3 is given in connection with the execution of the Merger
Agreement and affirms that the irrevocable proxy is coupled with an interest and
may under no circumstances be revoked until the termination of this Agreement
pursuant to SECTION 2. Each Stockholder severally (and not jointly) hereby
ratifies and confirms all that such irrevocable proxy may lawfully do or cause
to be done by virtue hereof. THIS PROXY AND POWER OF ATTORNEY IS IRREVOCABLE AND
COUPLED WITH AN INTEREST AND, EXCEPT AS SET FORTH IN SECTION 2, IS EXECUTED AND
INTENDED TO BE IRREVOCABLE IN ACCORDANCE WITH THE PROVISIONS OF SECTION 78.355
OF THE NEVADA REVISED STATUTES. Each Stockholder shall execute
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and deliver to Parent any proxy cards that such Stockholder receives to vote in
favor of the consummation of the Merger. Parent shall deliver to the Secretary
of the Company any such proxy cards received by it at any meeting called to
approve the consummation of the Merger.
1.4 NO INCONSISTENT ARRANGEMENTS. Each Stockholder severally (and not
jointly) hereby covenants and agrees that, except as contemplated by this
Agreement and the Merger Agreement, it shall not (i) except to Purchaser,
transfer (which term shall include, without limitation, any sale, gift, pledge
or other disposition), or consent to any transfer of, any or all of the Company
Options, Company Warrants or Tender Shares or any interest therein, (ii) except
with Parent, enter into any contract, option or other agreement or understanding
with respect to any transfer of any or all of the Company Options, Company
Warrants or Tender Shares or any interest therein, (iii) grant any proxy,
power-of-attorney or other authorization in or with respect to the Company
Options, Company Warrants or Tender Shares, (iv) deposit any Company Options,
Company Warrants or Tender Shares into a voting trust or enter into a voting
agreement or arrangement with respect to the Tender Shares, (v) with respect to
any Stockholder that is a holder of Company Preferred Stock, (A) elect, under
SECTION 3(C) of the Designation of Preferences, Limitations and Rights of Series
A Convertible Preferred Stock of the Company (the "DESIGNATION"), to have the
Offer or Merger or any of the transactions contemplated hereby or thereby
treated as a Liquidation (as defined in the Designation) or (B) convert any
Preferred Shares held by such Stockholder into any other series or class of
securities of the Company or (vi) take any other action that would in any way
restrict, limit or interfere with the performance of its obligations hereunder
or the transactions contemplated hereby or by the Merger Agreement or which
would make any representation or warranty of such Stockholder hereunder untrue
or incorrect.
1.5 NO SOLICITATION. Each Stockholder severally (and not jointly) hereby
agrees that it shall not, and shall not permit or authorize any of its
affiliates, representatives or agents to, directly or indirectly, encourage,
solicit, explore, participate in or initiate discussions or negotiations with,
or provide or disclose any information to, any Person or group (other than
Parent, Purchaser or any of their affiliates or representatives) concerning any
Acquisition Proposal or enter into any agreement, arrangement or understanding
requiring the Company to abandon, terminate or fail to consummate the Offer, the
Merger or any other transactions contemplated by the Merger Agreement. Each
Stockholder will immediately cease any existing activities, discussions or
negotiations with any parties conducted heretofore with respect to any
Acquisition Proposal. From and after the execution of this Agreement, each
Stockholder shall immediately advise Parent in writing of the receipt, directly
or indirectly, of any inquiries, discussions, negotiations or proposals relating
to an Acquisition Proposal, identify the offeror and furnish to Parent a copy of
any such proposal or inquiry, if it is in writing, or a written summary of any
oral proposal or inquiry relating to an Acquisition Proposal. Such Stockholder
shall promptly advise Parent in writing of any development relating to such
proposal, including the results of any discussions or negotiations with respect
thereto. Any action taken by the Company or any member of the Board of Directors
of the Company including, if applicable, any representative of any Stockholder
acting in such capacity, in accordance with the second sentence of SECTION 6.08
of the Merger Agreement shall be deemed not to violate this SECTION 1.5.
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1.6 REASONABLE BEST EFFORTS. Subject to the terms and conditions of this
Agreement, each Stockholder severally (and not jointly) hereby agrees to use all
reasonable best efforts to take, or cause to be taken, all actions, and to do,
or cause to be done, all things necessary, proper or advisable under applicable
laws and regulations to consummate and make effective the transactions
contemplated by this Agreement. Each Stockholder shall promptly consult with
Parent and provide any necessary information and material with respect to all
filings made by such Stockholder with any Governmental Authority in connection
with this Agreement and the Merger Agreement and the transactions contemplated
hereby and thereby.
1.7 WAIVER OF APPRAISAL RIGHTS. Each Stockholder hereby waives any rights
of appraisal or rights to dissent from the Merger that it may have.
1.8 PAYMENT FOR TENDER SHARES IN EXCESS OF THE OFFER PRICE. Each
Stockholder severally (and not jointly) hereby agrees that, if the Merger
Agreement is terminated pursuant to SECTION 8.01(E) or (F) of the Merger
Agreement, fifty percent (50%) of any incremental value such Stockholder
actually receives for its equity in the Company (including but not limited to
any Shares, Company Options and Company Warrants beneficially Owned by such
Stockholder) resulting from or attributable to an Acquisition Proposal (other
than with Parent or Purchaser) that is entered into or consummated within six
months of the termination of the Merger Agreement that exceeds $8.25 per Common
Share or $18.04 per Preferred Share (100% of such excess amount with respect to
the Common Shares, Company Options, Company Warrants and the Preferred Shares,
as applicable, collectively referred to as the "EXCESS AMOUNT") shall belong to
Parent. Each Stockholder severally (and not jointly) accordingly agrees to hold
in trust for the benefit of Parent, and to remit to Parent (in the same form of
consideration as received by the Stockholder) within three Business Days of any
receipt thereof, fifty percent (50%) of any Excess Amount or Amounts that such
Stockholder actually receives from any Person. In the event of any change in the
number of issued and outstanding Shares by reason of any stock dividend,
subdivision, merger, recapitalization, combination, conversion or exchange of
shares, or any other change in the corporate or capital structure of the Company
(including, without limitation, the declaration or payment of a dividend of cash
or securities) which would have the effect of diluting or otherwise adversely
affecting Parent's rights and privileges under this SECTION 1.8, the Excess
Amount due hereunder shall be appropriately and equitably adjusted to restore to
Parent its rights and privileges under this SECTION 1.8. Each Stockholder
severally (and not jointly) hereby agrees to reimburse Parent and Purchaser for
any fees and expenses (including reasonable attorneys fees) incurred by Parent
and Purchaser in connection with any successful litigation, dispute or other
attempt to recover the portion of the Excess Amount due from such Stockholder
pursuant to this SECTION 1.8 in the event that Stockholder fails to deliver such
Excess Amount to Parent upon written demand.
1.9 TRANSFER OF COMPANY OPTIONS AND COMPANY WARRANTS. Each Stockholder
holding Company Options or Company Warrants severally (and not jointly) agrees
that so long as this Agreement shall remain in effect, such Stockholder (for
purposes of this SECTION 1.9, an "OPTIONHOLDER") will not transfer or exercise
any Company Options or Company Warrants held by such Optionholder except to an
Affiliate of such Stockholder that becomes a party to this Agreement or a
similar agreement; provided, however, that each Optionholder agrees to accept at
the Effective Time (as defined in the Merger Agreement) an amount in respect of
such Company Options equal to the Company Option Payments and an amount in
respect of such Company
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Warrants equal to the Company Warrant Payments, and each such Company Option and
Company Warrant shall thereafter be canceled. Nothing in this Agreement shall
limit the ability of the holders of Company Options or Company Warrants to
exercise such securities in accordance with their terms, provided that such
holder tenders the shares of Company Common Stock issued upon exercise thereof
in the Offer.
1.10 SPECIAL PROVISION APPLICABLE ONLY TO THE ENCAP STOCKHOLDERS. Each
EnCap Stockholder hereby acknowledges that no EnCap Put Right exists with
respect to any Tender Shares now or hereafter Owned by such Stockholder.
1.11 SPECIAL PROVISION APPLICABLE ONLY TO FIRST UNION. Subject to the
termination provisions of SECTION 2 of this Agreement, First Union hereby
irrevocably waives the First Union Put Right with respect to any and all Tender
Shares now or hereafter Owned by such Stockholder.
1.12 SPECIAL PROVISION APPLICABLE ONLY TO V&C. Subject to the termination
provisions of SECTION 2 of this Agreement, V&C hereby irrevocably waives the V&C
Management Rights and agrees and acknowledges that neither Parent, Purchaser nor
the Surviving Corporation will have any continuing obligation to V&C with
respect to such V&C Management Rights or any similar special right to control or
effect the affairs or activities of the Surviving Corporation or its Affiliates.
SECTION 2. EFFECTIVENESS; TERMINATION. This Agreement shall become
effective as to each Stockholder upon its execution by such Stockholder, Parent
and Purchaser and upon the execution of the Merger Agreement. This Agreement may
be terminated as to each Stockholder at any time by mutual written consent of
such Stockholder, Parent and Purchaser. Other than the provisions of SECTION 1.8
and SECTION 6, this Agreement shall terminate, without any action by the parties
hereto, on the date on which the Merger Agreement terminates in accordance with
its terms.
SECTION 3. REPRESENTATIONS AND WARRANTIES.
3.1 REPRESENTATIONS AND WARRANTIES OF STOCKHOLDERS. Each Stockholder
hereby represents and warrants, severally (and not jointly), to Parent and
Purchaser as follows:
(a) TITLE. Such Stockholder has good and valid title to the Owned
Shares of such Stockholder, free and clear of any lien, pledge, charge,
encumbrance or claim of whatever nature and, upon the purchase of the Tender
Shares by Purchaser, such Stockholder will deliver good and valid title to the
Tender Shares, free and clear of any lien, charge, encumbrance or claim of
whatever nature.
(b) NO OTHER RIGHTS. Except for this Agreement and as shown on SCHEDULE
I hereto, there are no outstanding options, warrants or rights to purchase or
acquire the Shares of such Stockholder.
(c) OWNERSHIP OF SHARES. On the date hereof, the Owned Shares of such
Stockholder are owned of record or beneficially by such Stockholder and, on the
date hereof, such Owned Shares of such Stockholder constitute all of the Shares
owned of record or
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beneficially by such Stockholder. Such Stockholder has sole voting power and
sole power of disposition with respect to all of the Owned Shares of such
Stockholder, with no restrictions, subject to applicable federal securities
laws, on such Stockholder's rights of disposition pertaining thereto.
(d) POWER; BINDING AGREEMENT. Such Stockholder has the legal capacity,
and all the necessary power and authority to enter into and perform all of its
obligations under this Agreement. The execution, delivery and performance of
this Agreement by such Stockholder will not violate any other agreement to which
such Stockholder is a party including, without limitation, any voting agreement,
stockholders agreement or voting trust. This Agreement has been duly and validly
executed and delivered by such Stockholder, and assuming this Agreement has been
duly and validly authorized, executed and delivered by each party hereto other
than such Stockholder, this Agreement constitutes a valid and binding agreement
of such Stockholder, enforceable against such Stockholder in accordance with its
terms, except that (i) such enforcement may be subject to applicable bankruptcy,
insolvency, reorganization, moratorium, or similar laws, now or hereafter in
effect, affecting creditor rights generally and (ii) the remedy of specific
performance and injunctive and other equitable relief may be subject to
equitable defenses and to the discretion of the court.
(e) NO CONFLICTS. Other than in connection with or in compliance with
the provisions of the Exchange Act, no authorization, consent or approval of, or
filing with, any court or any public body or authority is necessary for the
consummation by such Stockholder of the transactions contemplated by this
Agreement. The execution, delivery and performance of this Agreement and the
consummation of the transactions contemplated hereby will not constitute a
breach, violation or default (or any event which, with notice or lapse of time
or both, would constitute a default) under, or result in the termination of, or
accelerate the performance required by, or result in a right of termination or
acceleration under, or result in the creation of any lien, encumbrance, pledge,
charge or claim upon any of the properties or assets of such Stockholder under,
(i) the certificate of incorporation or other organizational documents of such
Stockholder, if any, or (ii) any note, bond, mortgage, indenture, deed of trust,
license, lease, agreement or other instrument to which such Stockholder is a
party or by which its properties or assets are bound.
(f) NO FINDER'S FEES. No broker, investment banker, financial advisor
or other Person is entitled to any broker's, finder's, financial adviser's or
other similar fee or commission in connection with the transactions contemplated
hereby based upon arrangements made by or on behalf of such Stockholder.
3.2 REPRESENTATIONS AND WARRANTIES OF PARENT AND PURCHASER. Each of Parent
and Purchaser hereby represent and warrant to each Stockholder that the Offer,
the Offer Documents and the transactions contemplated thereby will comply in all
material respects with the provisions of applicable federal securities laws.
Parent and Purchaser further represent that the Offer Documents, on the date
filed with the SEC and on the date first published, sent or given to the
Stockholders, will not contain any untrue statement of a material fact or omit
to state any material fact required to be stated therein or necessary in order
to make the statements made therein, in light of the circumstances under which
they were made, not misleading, except that no representation is made by Parent
or Purchaser with respect to information supplied by the
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Company for inclusion in the Offer Documents. Each of Parent and Purchaser agree
and acknowledge that the Stockholders are entering into this Agreement in
material reliance on this SECTION 3.2.
SECTION 4. ADDITIONAL SHARES. Each Stockholder hereby agrees, while this
Agreement is in effect, to promptly notify Parent of the number of any new
Shares acquired by such Stockholder, if any, after the date hereof.
SECTION 5. FURTHER ASSURANCES. From time to time, at the Parent's request
and without further consideration, each Stockholder shall execute and deliver
such additional documents and take all such further action as may be reasonably
necessary or desirable to carry out the provisions of this Agreement.
SECTION 6. MISCELLANEOUS.
6.1 NON-SURVIVAL. The representations and warranties made by a Stockholder
herein shall terminate upon the termination of this Agreement, other than such
Stockholder's representations and warranties in SECTIONS 3(A) through (c) which
shall survive the termination of this Agreement.
6.2 ENTIRE AGREEMENT; ASSIGNMENT. This Agreement (i) constitutes the
entire agreement between the parties with respect to the subject matter hereof
and supersedes all other prior agreements and understandings, both written and
oral, between the parties with respect to the subject matter hereof and (ii)
shall not be assigned by operation of law or otherwise, provided that Parent may
assign its rights and obligations hereunder to any direct or indirect wholly
owned subsidiary of Parent, but no such assignment shall relieve Parent of its
obligations hereunder if such assignee does not perform such obligations.
6.3 WAIVER AND AMENDMENTS. Any provision of this Agreement may be waived
at any time by the party which is entitled to the benefits thereof and this
Agreement may be amended or supplemented at any time. No such waiver, amendment
or supplement shall be effective unless in writing and signed by the party
sought to be bound thereby.
6.4 NOTICES. All notices or communications hereunder shall be in writing
(including facsimile or similar writing) addressed as follows:
TO THE STOCKHOLDERS:
At the addresses set forth on SCHEDULE I hereto.
WITH A COPY TO:
Jenkens & Xxxxxxxxx, P.C.
0000 Xxxx Xxxxxx, Xxxxx 0000
Xxxxxx, Xxxxx 00000
Telecopy: (000) 000-0000
Attention: Xxxxxx X. Xxxxx
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TO THE PARENT OR PURCHASER:
Ocean Energy, Inc.
0000 Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Telecopy: (000) 000-0000
Attention: Xxxxx X. Xxxxxxx
Chairman of the Board, President
and Chief Executive Officer
WITH A COPY TO:
Ocean Energy, Inc.
0000 Xxxxxx, Xxxxx 0000
Xxxxxxx, Xxxxx 00000
Telecopy: (000) 000-0000
Attention: Xxxxxx X. Xxxxxx, Esq.
Executive Vice President,
General Counsel and Secretary
WITH A COPY TO:
Akin, Gump, Strauss, Xxxxx & Xxxx, L.L.P.
0000 Xxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxx, Xxxxx 00000
Telecopy: 214-969-4343
Attention: Xxxxxxx X. Xxxxxxx, P.C.
Any such notice or communication shall be deemed given (i) when made, if made by
hand delivery, and upon confirmation of receipt, if made by facsimile, (ii) one
Business Day after being deposited with a next day courier, postage prepaid, or
(iii) three Business Days after being sent certified or registered mail, return
receipt requested, postage prepaid, in each case addressed as above (or to such
other address as such party may designate in writing from time to time).
6.5 GOVERNING LAW; JURISDICTION. This Agreement shall be governed by and
construed in accordance with the laws of the State of Texas, regardless of the
laws that might otherwise govern under applicable principles of conflicts of
laws thereof; provided, however, that the laws of the State of Nevada will
govern the internal affairs of the Company. Each Stockholder, Parent and
Purchaser irrevocably submits to the exclusive jurisdiction of any Texas state
or federal court sitting in the State of Texas in any action arising out of or
relating to this Agreement, hereby irrevocably agrees that all claims in respect
of such action may be heard and determined in such Texas state or federal court,
and hereby irrevocably waives, to the fullest extent it may effectively do so,
the defense of an inconvenient forum to the maintenance of such action or
proceeding.
6.6 SPECIFIC PERFORMANCE. Each Stockholder recognizes and acknowledges
that a breach by it of any covenants or agreements contained in this Agreement
will cause Parent to
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sustain damages for which it would not have an adequate remedy at law, and
therefore each Stockholder agrees that in the event of any such breach Parent
shall be entitled to the remedy of specific performance of such covenants and
agreements and injunctive and other equitable relief in addition to any other
remedy to which it may be entitled, at law or in equity.
6.7 COUNTERPARTS. This Agreement may be executed in counterparts, each of
which shall be deemed to be an original, but all of which shall constitute one
and the same Agreement. Notwithstanding anything in this Agreement to the
contrary, regardless of the number of Stockholders that enter into this
Agreement, all obligations, duties and liabilities of the Stockholders hereunder
shall be several and not joint.
6.8 DESCRIPTIVE HEADINGS. The descriptive headings used herein are
inserted for convenience of reference only and are not intended to be part of or
to affect the meaning or interpretation of this Agreement.
6.9 SEVERABILITY. Whenever possible, each provision or portion of any
provision of this Agreement will be interpreted in such manner as to be
effective and valid under applicable law but if any provision or portion of any
provision of this Agreement is held to be invalid, illegal or unenforceable in
any respect under any applicable law or rule in any jurisdiction, such
invalidity, illegality or unenforceability will not affect any other provision
or portion of any provision in such jurisdiction, and this Agreement will be
reformed, construed and enforced in such jurisdiction as if such invalid,
illegal or unenforceable provision or portion of any provision had never been
contained herein.
6.10 EXPENSES. Each of the parties shall pay its own expenses in
connection with the negotiation, execution and performance of this Agreement.
[SIGNATURE PAGES FOLLOW]
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IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.
OCEAN ENERGY, INC.
By: /s/ XXXXX X. XXXXXXX
Xxxxx X. Xxxxxxx
Chairman of the Board, President
and Chief Executive Officer
OEI ACQUISITION CORP.
By: /s/ XXXXX X. XXXXXXX
Xxxxx X. Xxxxxxx
Chairman of the Board, President
and Chief Executive Officer
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.
V&C ENERGY LIMITED PARTNERSHIP
By: Energy Resource Associates, Inc.,
its general partner
By: /s/ XXXXX X XXXXXXXXX
Name: XXXXX X. XXXXXXXXX
Title: PRESIDENT
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.
QUANTUM ENERGY PARTNERS, LP
By: Quantum Energy Management, LLC, its
General Partner
By: /s/ S. XXX XXXXXX, XX.
Name: S. XXX XXXXXX, XX.
Title: PRESIDENT
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.
/s/ XXXXX X. XXXXX
Xxxxx X. Xxxxx
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.
/s/ XXXXXXX X. XXXX
Xxxxxxx X. Xxxx
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.
/s/ XXXXXX X. XXXXXX
Xxxxxx X. XxXxxx
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.
/s/ XXXXXXX X. XXXXXX
Xxxxxxx X. Xxxxxx
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.
THE LINCOLN NATIONAL LIFE INSURANCE CO.
By: /s/ XXXXXX XXXXX
Name: XXXXXX XXXXX
Title: __________________________________
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.
ENCAP EQUITY 1996 LIMITED PARTNERSHIP
By: EnCap Investments LLC, its general
partner
By: /s/ XXXXXX XXXXXX
Name: XXXXXX XXXXXX
Title: MANAGING DIRECTOR
ENERGY CAPITAL INVESTMENT COMPANY PLC
By: /s/ XXXXXX XXXXXX
Name: XXXXXX XXXXXX
Title: MANAGING DIRECTOR
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly
executed as of the day and year first above written.
FIRST UNION CAPITAL PARTNERS, INC.
By: /s/ XXX XXXXXXXXX
Name: XXX XXXXXXXXX
Title: __________________________________
SCHEDULE I
STOCKHOLDER COMMON PREFERRED COMPANY COMPANY
NAME AND ADDRESS STOCK STOCK OPTIONS WARRANTS
---------------- ---------- ---------- ---------- ----------
V&C Energy Limited Partnership 1,378,050 456,250 -- --
Attn: Xxxxx X. Xxxxxxxxx
000 Xxxxxxx Xxxxxxx Xxxxx, Xxxxx 000
Xxxxxxx, XX 00000
Quantum Energy Partners, LP -- 2,075,663 -- --
Attn: S. Xxx XxxXxx, Xx
777 Xxxxxx, 0000 Xxx Xxxxx Xxxxx
Xxxxxxx, XX 00000
Xxxxx X. Xxxxx 279,903 6,250 121,100 --
0000 Xxxxxxxxx Xxxxx
Xxxxxxx, XX 00000
Xxxxxxx X. Xxxx 110,582 -- 121,100 --
00000 Xxxxxxxx
Xxxxxx, XX 00000
Xxxxxx X. XxXxxx 140,417 -- 33,700 --
000 X. Xxxx Xxxxxx, Xxx. 00
Xxxxxxxx, XX 00000-0000
Xxxxxxx Xxxx Xxxxxx 158,584 -- -- --
X.X. Xxx 0000
Xxxxxx, XX 00000
The Lincoln National Life Insurance Co. 516,942 -- -- 293,471
Attn: Xxxxxx Xxxxx
0000 X. Xxxxxxx Xxxxxx
Xx. Xxxxx, XX 00000
EnCap Equity 1996 Limited Partnership 320,904 159,059 -- --
Attn: Xxxxxx Xxxxxx
0000 Xxxxxxxxx, Xxxxx 0000
Xxxxxxx, XX 00000-0000
Energy Capital Investment Company PLC 106,968 103,783 -- --
Attn: Xxxxxx Xxxxxx
0000 Xxxxxxxxx, Xxxxx 0000
Xxxxxxx, XX 00000-0000
First Union Capital Partners, Inc. 374,446 -- -- 188,158
x/x Xxx Xxxxxxxxx
Xxxxx Xxxxx Xxxx. xx Xxxxx Xxxxxxxx
0000 Xxxxxx, Xxxxx 0000
Xxxxxxx, XX 00000-0000
