January 14, 1997
Xxxxxxx Xxxxx, Inc.
00 Xxxxx Xxxxx Xxxxxx
Xxxxxxxxxxxx, Xxxxxxx 00000
Gentlemen:
Each of the undersigned (a "Stockholder") beneficially owns and
has sole voting power with respect to the number of shares of Class A
common stock, par value $0.01 per share, and Class B common stock, par
value $0.01 per share (collectively, the "Shares"), of Oxford Resources
Corp., a New York corporation (the "Company"), indicated opposite such
Stockholder's name below.
Simultaneously with the execution of this letter agreement, Xxxxxxx
Xxxxx, Inc., a Florida corporation ("Parent"), and the Company are entering into
an Agreement and Plan of Merger (the "Merger Agreement") providing, among other
things, for the merger of a subsidiary of Parent with and into the Company (the
"Merger"). We understand that Parent has undertaken and will continue to
undertake substantial expenses in connection with the negotiation and execution
of the Merger Agreement and the subsequent actions necessary to consummate the
Merger and the other transactions contemplated by the Merger Agreement.
In consideration of, and as a condition to, Xxxxxx's entering into the
Merger Agreement, and in consideration of the expenses incurred and to be
incurred by Parent in connection therewith, each Stockholder agrees as follows:
1. Each Stockholder shall vote or cause to be voted for the approval
of the Merger Agreement and the Merger, and shall vote or cause to be voted
against the approval of any other Acquisition Transaction (as such term is
defined in the Stock Option Agreement, dated as
Xxxxxxx Xxxxx, Inc.
January 14, 1997
Page 2
of January 14, 1997, between the Company and Parent), all of the Shares that
such Stockholder shall be entitled to so vote, whether such Shares are held by
such Stockholder on the date of this letter agreement or are subsequently
acquired in any fashion, including, without limitation, pursuant to the exercise
of stock options or conversion of shares of Class B Common Stock.
2. Each Stockholder shall not, directly or indirectly, sell, assign,
transfer or otherwise dispose of (including, without limitation, (i) by the
creation of a Lien (as defined in paragraph 3 below) (ii) the transfer or
exchange of Class B Common Stock for Class A Common Stock) or permit to be sold,
assigned, transferred or otherwise disposed of any Shares owned by such
Stockholder, whether such Shares are held by such Stockholder on the date of
this letter agreement or are subsequently acquired in any fashion, including,
without limitation, pursuant to the exercise of stock options or conversion of
shares of Class B Common Stock, except for transfers by will or by operation of
law or, in the case of a trust, as required by the governing trust documents (in
which case this letter agreement shall bind the transferee). Any sale,
assignment, transfer or other disposition in violation of the provisions hereof
shall be null and void.
3. Each Stockholder severally represents that such Stockholder has
the complete and unrestricted power and the unqualified right to enter into and
perform the terms of this letter agreement. Each Stockholder further severally
represents that this letter agreement constitutes a valid and binding agreement
with respect to such party, enforceable against such party in accordance with
its terms. Each Stockholder severally represents that such Stockholder owns the
number of Shares indicated opposite such Stockholder's name below, free and
clear of any liens, claims, charges or other encumbrances and restrictions of
any kind whatsoever ("Liens"), and has sole and unrestricted voting power with
respect to such Shares.
4. Notwithstanding anything herein to the contrary, the agreements
contained herein shall remain in full force and effect until the earlier of (i)
the consummation of the Merger or (ii) the termination of the Merger Agreement
in accordance with Article VIII thereof, except that any such termination shall
be without preju-
2
Xxxxxxx Xxxxx, Inc.
January 14, 1997
Page 3
dice to your rights arising out of any breach of any agreement or representation
contained herein.
5. Each Stockholder has signed this letter agreement intending to be
bound severally thereby and not to be bound as joint obligors.
6. This letter agreement is to be governed by the laws of the State
of New York, without giving effect to the principles of conflicts of laws
thereof. If any provision hereof is deemed unenforceable, the enforceability of
the other provisions hereof shall not be affected.
Please confirm our agreement with you by signing a copy of this
letter.
/s/ Xxxxxxx X. Xxxxxxxx
---------------------------------
Xxxxxxx X. Xxxxxxxx
/s/ Xxxxxxxxxxx X. Xxxxxxxx
---------------------------------
Xxxxxxxxxxx X. Xxxxxxxx
/s/ Xxxx Xxxxxxxx Xxxxxxx
---------------------------------
Xxxx Xxxxxxxx Xxxxxxx
/s/ Xxxxx X. Xxxxxxxx
---------------------------------
Xxxxx X. Xxxxxxxx
/s/ Xxxx X. Xxxxx
---------------------------------
Xxxx X. Xxxxx
/s/ Xxxx X. Xxxxxxx
---------------------------------
Xxxx X. Xxxxxxx
3
Xxxxxxx Xxxxx, Inc.
January 14, 1997
Page 4
XXXXXXX X. & XXXXXXX XXXXXXXX, TRUST-
EES UA DTD 12/2/82
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxx Xxxxxxxx
------------------------------------
Xxxxxxx Xxxxxxxx, Trustee
XXXXXXX X. & XXXXXXXXXXX X. XXXXXXXX,
TRUSTEES UA DTD 12/21/93
By: /s/ Xxxxxxx X. Xxxxxxxx
-----------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
-----------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
XXXXXXX X. XXXXXXXX TRUST UAD 12/21/95
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
-----------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxx X. Xxxxxxxx
------------------------------------
Xxxxx X. Xxxxxxxx, Trustee
XXXXXXX X. XXXXXXXX 5 YEAR GRANTOR
TRUST UAD 4/4/95
By: /s/ Xxxxxxx X. Xxxxxxxx
------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
------------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
4
Xxxxxxx Xxxxx, Inc.
January 14, 1997
Page 5
XXXXXXX X. XXXXXXXX 8 YEAR GRANTOR
TRUST UAD 4/4/95
By: /s/ Xxxxxxx X. Xxxxxxxx
-----------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
-----------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
XXXXXXX X. XXXXXXXX 10 YEAR GRANTOR
TRUST UAD 4/4/95
By: /s/ Xxxxxxx X. Xxxxxxxx
------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
------------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
XXXXXXX X. XXXXXXXX 5 YEAR GRANTOR
TRUST UAD 4/4/95
By: /s/ Xxxxxxx X. Xxxxxxxx
------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
------------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
XXXXXXX X. XXXXXXXX 8 YEAR GRANTOR
TRUST UAD 4/4/95
By: /s/ Xxxxxxx X. Xxxxxxxx
------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
------------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
5
Xxxxxxx Xxxxx, Inc.
January 14, 1997
Page 6
XXXXXXX X. XXXXXXXX 10 YEAR GRANTOR
TRUST UAD 4/4/95
By: /s/ Xxxxxxx X. Xxxxxxxx
------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
XXXXXXX X. XXXXXXXX 2 YEAR GRANTOR
TRUST UAD 12/2/96
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx x. Xxxxxxxx
-------------------------------------
Xxxxxxxxxxx x. Xxxxxxxx, Trustee
By: /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Xxxxx X. Xxxxxxxx, Trustee
XXXXXXXX FAMILY FOUNDATION
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Xxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
6
Xxxxxxx Xxxxx, Inc.
January 14, 1997
Page 7
XXXXXXXXXXX X. XXXXXXXX 2 YEAR GRANT-
OR TRUST UADTD 12/2/96
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Xxxxx X. Xxxxxxxx, Trustee
XXXXXXXXXXX X. XXXXXXXX 5 YEAR GRANT-
OR TRUST UADTD 12/2/96
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxx x. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Xxxxx X. Xxxxxxxx, Trustee
XXXXXXXXXXX X. XXXXXXXX 8 YEAR GRANT-
OR TRUST UADTD 12/2/96
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
7
Xxxxxxx Xxxxx, Inc.
January 14, 1997
Page 8
By: /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Xxxxx X. Xxxxxxxx, Trustee
MC, CS & RP TRUSTEES UA DTD 12/31/94
(FBO XXXXXXX X. XXXXXXXX)
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Xxxxx X. Xxxxxxxx, Trustee
XXXXX X. XXXXXXXX 2 YEAR GRANTOR
TRUST UADTD 12/2/96
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Xxxxx X. Xxxxxxxx, Trustee
XXXXX X. XXXXXXXX 5 YEAR GRANTOR
TRUST UADTD 12/2/96
By: /s/ Xxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxx X. Xxxxxxxx, Trustee
By: /s/ Xxxxxxxxxxx X. Xxxxxxxx
-------------------------------------
Xxxxxxxxxxx X. Xxxxxxxx, Trustee
8
Xxxxxxx Xxxxx, Inc.
January 14, 1997
Page 9
By: /s/ Xxxxx X. Xxxxxxxx
-------------------------------------
Xxxxx X. Xxxxxxxx, Trustee
XXXXX X. XXXXX TRUST UADTD 10/25/96
By: /s/ Xxxx X. Xxxxx
-------------------------------------
Xxxx X. Xxxxx, Trustee
By: /s/ Xxxxxx Xxxxx
-------------------------------------
Xxxxxx Xxxxx, Trustee
XXXXXXXX X. XXXXXXXX TRUST UADTD
10/25/96
By: /s/ Xxxx X. Xxxxx
-------------------------------------
Xxxx X. Xxxxx, Trustee
By: /s/ Xxxxxx Xxxxx
-------------------------------------
Xxxxxx Xxxxx, Trustee
XXXXXXX X. XXXXX TRUST UADTD 10/25/96
By: /s/ Xxxx X. Xxxxx
-------------------------------------
Xxxx X. Xxxxx, Trustee
By: /s/ Xxxxxx Xxxxx
-------------------------------------
Xxxxxx Xxxxx, Trustee
XXXXXX X. XXXXXXXXX TRUST UADTD 10/25/96
By: /s/ Xxxx X. Xxxxx
-------------------------------------
Xxxx X. Xxxxx, Trustee
9
Xxxxxxx Xxxxx, Inc.
January 14, 1997
Page 10
By: /s/ Xxxxxx Xxxxx
-------------------------------------
Name: Xxxxxx Xxxxx
XXXXXXXX X. XXXXXXXX TRUST UADTD
10/25/96
By: /s/ Xxxx X. Xxxxx
-------------------------------------
Xxxx X. Xxxxx, Trustee
By: /s/ Xxxxxx Xxxxx
-------------------------------------
Xxxxxx Xxxxx, Trustee
XXXX X. XXXXX TRUST UADTD 10/25/96
By: /s/ Xxxx X. Xxxxx
-------------------------------------
Xxxx X. Xxxxx, Trustee
By: /s/ Xxxxxx Xxxxx
-------------------------------------
Xxxxxx Xxxxx, Trustee
AGREED TO AND ACCEPTED
THIS 14th DAY OF JANUARY, 1997
XXXXXXX XXXXX, INC.
By /s/ Xxxxxx X. Xxxxxx, Xx.
-----------------------------
Name: Xxxxxx X. Xxxxxx, Xx.
Title: Exec. Vice President
10
SCHEDULE A
Number of Number of
Class A Class B
Stockholder Shares Shares Voting %
----------- ---------- ---------- --------
XXXXXXX X. & XXXXXXX XXXXXXXX TRUSTEES UA DTD 12/2/82 5,276 619,420 7.86%
XXXXXXX X. & XXXXXXXXXXX X. XXXXXXXX, TRUSEES UA DTD 12/21/93 0 0 0.00%
XXXXXXX X. XXXXXXXX 463,345 57,905 1.32%
XXXXXXX X. XXXXXXXX TRUST UAD 12/21/95 0 137,742 0.26%
XXXXXXX X. XXXXXXXX 5YR GRANTOR TRUST UAD 4/4/95 0 231,769 2.94%
XXXXXXX X. XXXXXXXX 8YR GRANTOR TRUST UAD 4/4/95 0 480,630 6.09%
XXXXXXX X. XXXXXXXX 10YR GRANTOR TRUST UAD 4/4/95 0 243,074 3.08%
XXXXXXX X. XXXXXXXX 5YR GRANTOR TRUST UAD 4/4/95 0 231,769 2.94%
XXXXXXX X. XXXXXXXX 8YR GRANTOR TRUST UAD 4/4/95 0 480,630 6.09%
XXXXXXX X. XXXXXXXX 10YR GRANTOR TRUST UAD 4/4/95 0 243,074 3.08%
XXXXXXX X. XXXXXXXX 2YR GRANTOR TRUST UAD 12/2/96 0 1,100,000 13.95%
XXXXXXXX FAMILY FOUNDATION 0 18,900 0.24%
XXXXXXXXXXX X. XXXXXXXX 240 229,480 2.91%
XXXXXXXXXXX XXXXXXXX 2YR GRANTOR TRUST UADTD 12/2/96 180,365 0 0.23%
XXXXXXXXXXX X. XXXXXXXX 5YR GRANTOR TRUST UADTD 12/2/96 0 928,426 11.77%
XXXXXXXXXXX X. XXXXXXXX 8YR GRANTOR TRUST UADTD 12/2/96 0 369,597 4.69%
XXXX XXXXXXX XXXXXXX 475 266,389 3.38%
MC, CS & RP, TRUSTEES UA DTD 12/31/94 (FBO XXXXXXX X. XXXXXXXX) 475 266,389 3.38%
XXXXX X. XXXXXXXX 475 614,688 7.79%
XXXXX X. XXXXXXXX 2YR GRANTOR TRUST UADTD 12/2/96 77,300 0 0.10%
XXXXX X. XXXXXXXX 5YR GRANTOR TRUST UADTD 12/2/96 0 122,700 1.56%
XXXX X. XXXXX 617,095 0 0.78%
XXXXX X. XXXXX TRUST UADTD 10/25/96 800 0 0.00%
XXXXXXXX X. XXXXXXXX TRUST UADTD 10/25/96 800 0 0.00%
XXXXXXX X. XXXXX TRUST UADTD 10/25/96 800 0 0.00%
XXXXXX X. XXXXXXXXX TRUST UADTD 10/25/96 800 0 0.00%
XXXXXXXX X. XXXXXXXX TRUST UADTD 10/25/96 800 0 0.00%
XXXX X. XXXXX TRUST UADTD 10/25/96 800 0 0.00%
11
Number of Number of
Class A Class B
Stockholder Shares Shares Voting %
----------- ---------- ---------- --------
XXXX X. XXXXXXX 733 0.0 2.77%
------------------------------------------------------------------------------------------------------------------------
TOTAL 1,350,579 6,642,582 85.9
12
