Document:

EX-4.57

 

Exhibit
4.57

	 	 	 
	Registered No.      

	 	CUSIP No.                                         
	 

	 	ISIN No.                                         
	 

	 	COMMON CODE                                         

[Form of Universal Warrant]

(Face of Security)

          [IF A GLOBAL SECURITY, INSERT — THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE
THEREOF. THIS SECURITY MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO
TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER
THAN SUCH DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE.]

          [IF DTC IS THE DEPOSITARY, INSERT — UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE GOLDMAN
SACHS GROUP, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY
CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY
AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY
AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN.]

          [INSERT ANY LEGEND REQUIRED BY THE INTERNAL REVENUE CODE AND THE REGULATIONS THEREUNDER AND/OR
APPLICABLE LICENSE AGREEMENT APPLICABLE.]

THE GOLDMAN SACHS GROUP, INC.

WARRANT SERIES:                      Warrants expiring                     

NUMBER OF WARRANTS EVIDENCED BY THIS CERTIFICATE: Up to                      Warrants

NOTIONAL AMOUNT PER WARRANT: [U.S.$][CAD][€]                     

WARRANT PROPERTY: [U.S.$][CAD][€]                     

AMOUNT OF WARRANT PROPERTY PER WARRANT: [INSERT FORMULA FOR DETERMINING AMOUNT PAYABLE PER WARRANT]

(Face of Security continued on next page)

 

EXERCISE PRICE PER WARRANT: ZERO ([U.S.$][CAD][€]0)

FORM OF PAYMENT OF EXERCISE PRICE: Not applicable

FORM OF SETTLEMENT: Cash

EXPIRATION DATE:                      (subject to postponement as described below)

PAYMENT DATE:                      (subject to postponement as described below)

OTHER TERMS: [INSERT DEFINITIONS OF TERMS, IF ANY, USED IN PAYMENT FORMULA]

[INSERT OTHER TERMS APPLICABLE TO THIS SERIES OF WARRANTS]

          This certificate certifies that The Bank of New York Depositary (Nominees) Limited, or
registered assigns, is the Holder of the number specified from time to time on Schedule A hereto of
Warrants of the series specified above (the “Specified Warrants”), which number of Specified
Warrants are evidenced by this Security. Each Specified Warrant evidenced hereby entitles the
Holder hereof to receive on the Payment Date, subject to the terms and conditions set forth herein
and in the Indenture referred to below, from The Goldman Sachs Group, Inc., a corporation duly
organized and existing under the laws of the State of Delaware (herein called the “Company”, which
term includes any successor Person under the Indenture), the form and amount of Warrant Property
specified above under “Warrant Property” and “Amount of Warrant Property Per Warrant”,
respectively. The amount of Warrant Property so deliverable by the Company in respect of each
Specified Warrant shall be determined by the Calculation Agent in accordance with the terms hereof,
and may differ from the notional amount specified above.

     If the amount of Warrant Property is greater than zero, the Specified Warrants shall be
automatically exercised, without any action being taken by the Holder (except as may be required
under “Currency and Manner of Payment” below), on the Expiration Date and may not be exercised at
any other time. The Holder shall not be obligated to pay any Exercise Price in respect of the
Specified Warrants. No interest shall accrue or be payable on any Specified Warrant. The
Specified Warrants do not
entitle the Holders thereof to any of the rights of the holders of any of the Warrant
Property.

     The Specified Warrants are herein sometimes also called “Warrants” or “Securities”.
References herein to “this Security” mean the Specified Warrants evidenced by this certificate.

(Face of Security continued on next page)

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     Currency and Manner of Payment

          Except as otherwise provided in this Security, any payment of money due on this Security will
be made in [IF PAYMENT IS IN U.S. DOLLARS, INSERT — such coin or currency of the United States, as
is legal tender for payment of public or private debts in the United States,][IF PAYMENT IS IN
CANADIAN DOLLARS, INSERT — such coin or currency of Canada, as is legal tender for payment of
public or private debts in Canada,][IF PAYMENT IS IN EUROS, INSERT — euros] against surrender of
this Security. Notwithstanding the foregoing, if this Security is a Global Security, payment may
be made pursuant to the Applicable Procedures of the Depositary as permitted in the Indenture.

          Subject to the prior paragraph and except as provided in the following paragraphs, payment of
any money due on this Security will be made at the office or agency of the Company maintained for
that purpose in The City of New York (and at any other office or agency maintained by the Company
for that purpose), against surrender of this Security.

          Subject to the second preceding paragraph, payment of any money due on this Security will be
made by wire transfer of immediately available funds to an account maintained in [IF PAYMENT IS IN
U.S. DOLLARS, INSERT — U.S. dollars][IF PAYMENT IS IN CANADIAN DOLLARS, INSERT — Canadian
dollars][IF PAYMENT IS IN EUROS, INSERT — euros][IF PAYMENT IS TO BE MADE IN CANADIAN DOLLARS OR
EUROS, INSERT — (or in U.S. dollars if payment is to be made in such currency as provided below)]
by the payee with a bank located in the Borough of Manhattan, The City of New York (or such other
place as may be acceptable to the Company), if the Holder entitled to receive such payment
transmits a written request for such payment to be made in such manner to the Trustee at its
Corporate Trust Office, Attention: Corporate Trust Administration, on or before the fifth Business
Day before the day on which such payment is to be made; provided that this Security must be
surrendered at the office or agency of the Company maintained for that purpose in The City of New
York (or at any other office or agency maintained by the Company for that purpose) in time for the
Paying Agent to make such payment in such funds in accordance with its normal procedures. Any such
request made with respect to any payment on this Security payable to a particular Holder will
remain in effect for all later payments on this Security payable to such Holder, unless such
request is revoked on or before the fifth
Business Day before a payment is to be made, in which case such revocation shall be effective
for such payment and all later payments. The Company will pay any administrative costs imposed by
banks in connection with making payments by wire transfer with respect to this Security, but any
tax, assessment or other governmental charge imposed upon any payment will be borne by the Holder
of this Security and may be deducted from the payment by the Company or the Paying Agent.

(Face of Security continued on next page)

-3-

 

     [IF PAYMENT IS NOT IN U.S. DOLLARS, INSERT — Payments Made in U.S. Dollars

          Notwithstanding any provision of this Security or the Indenture, if any amount payable on this
Security is payable on any day and if [IF PAYMENT IS IN CANADIAN DOLLARS, INSERT — Canadian
dollars][IF PAYMENT IS IN EUROS, INSERT — euros] are not available to the Company on the two
Business Days before such day, due to the imposition of exchange controls, disruption in a currency
market or any other circumstances beyond the control of the Company, the Company will be entitled
to satisfy its obligation to pay such amount in [IF PAYMENT IS IN CANADIAN DOLLARS, INSERT —
Canadian dollars][IF PAYMENT IS IN EUROS, INSERT — euros] by making such payment in U.S. dollars.
The amount of such payment in U.S. dollars shall be determined by the Calculation Agent on the
basis of the noon buying rate for cable transfers in The City of New York for Canadian dollars as
of the latest day before the day on which such payment is to be made. Any payment made under such
circumstances in U.S. dollars where the required payment is in [IF PAYMENT IS IN CANADIAN DOLLARS,
INSERT — Canadian dollars][IF PAYMENT IS IN EUROS, INSERT — euros] will not constitute an Event of
Default under this Security or the Indenture.

          [IF LISTED ON LUXEMBOURG STOCK EXCHANGE, INSERT — So long as the Securities are listed on the
Luxembourg Stock Exchange and such Stock Exchange shall so require, the Company will at all times
maintain an office or agency in Luxembourg for the payment of any money due on the Securities. Such
Paying Agent in Luxembourg shall initially be Dexia Banque Internationale à Luxembourg société
anonyme.]

     Payment Date

          The Payment Date will be                      unless that day is not a Business Day, in which case the
Payment Date will be the next following Business Day. If                      is not the Expiration Date,
however, then the Payment Date will be the            Business Day following the Expiration Date. As
provided below, the Calculation Agent may postpone the Expiration Date — and therefore the Payment
Date — if a Market Disruption Event occurs or is continuing on any day that would otherwise be the
Expiration Date.

     Expiration Date

          The Expiration Date will be                      unless the Calculation Agent determines that a Market
Disruption Event occurs or is continuing on that day or that day is not a Trading Day. In that
event, the Expiration Date will be the first following Trading Day on which the Calculation Agent
determines that a Market Disruption Event

(Face of Security continued on next page)

-4-

 

does not occur and is not continuing. In no event,
however, will the Expiration Date be later than                      or, if                      is not a Business
Day, later than the first business day after                     .

     Certain Defined Terms

          For all purposes of this Security:

          [INSERT DEFINITIONS APPLICABLE TO THIS SERIES OF WARRANTS AS TO THE FOLLOWING TERMS: BUSINESS
DAY, MARKET DISRUPTION EVENT AND TRADING DAY].

          [INSERT ADDITIONAL DEFINED TERMS APPLICABLE TO THIS SERIES OF WARRANTS]

          Terms used and defined in this Security (including those appearing before the first paragraph
hereof) shall have the meanings assigned to them herein. All other terms used in this Security
which are defined in the Indenture shall have the meanings assigned to them in the Indenture. As
used in this Security, the terms “herein”, “hereof” and “hereunder” refer to all the provisions set
forth on the face and the reverse of this Security (including Schedule A) as a whole and not to a
particular part of this Security.

     Calculation Agent

          As used herein, the “Calculation Agent” shall initially mean Goldman, Sachs & Co. The
Calculation Agent will be solely responsible for all determinations and calculations regarding
whether a Market Disruption Event has occurred or is continuing and whether, and if so the day to
which, the Expiration Date or Payment Date is to be postponed; Business Days; Trading Days; the
money due in exchange for this Security on the Payment Date; [INSERT ANY ADDITIONAL MATTERS
CALCULATION AGENT WOULD DETERMINE] and all such other matters as may be specified elsewhere herein
as matters to be determined by the Calculation Agent. The Calculation Agent shall make all such
determinations and calculations in its sole discretion, and absent manifest error all
determinations and calculations made by the Calculation Agent shall be final and binding on the
Company, the Holder and all other Persons having an interest in this Security, without liability on
the part of the Calculation Agent.

          The Company shall take such action as shall be necessary to ensure that there is at all
relevant times a financial institution serving as the Calculation Agent hereunder. The Company
may, in its sole discretion at any time and from time to time, upon written notice to the Trustee,
but without notice to the Holder of this Security, terminate the appointment of any Person serving
as the Calculation Agent and appoint another Person (including any Affiliate of the Company) to
serve as such agent. Insofar

(Face of Security continued on next page)

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as this Security provides for the Calculation Agent to obtain closing
levels or other information from any institution or other source, the Calculation Agent may do so
from any source or sources of the kind contemplated or otherwise permitted hereby notwithstanding
that any one or more of such sources are such agent, Affiliates of such agent or Affiliates of the
Company.

          Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

          Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

(Face of Security continued on next page)

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     IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed.

Dated:                     

	 	 	 	 	 
	 	THE GOLDMAN SACHS GROUP, INC.

 	 
	 	By  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

          This is one of the Securities of the series designated herein and referred to in the
within-mentioned Indenture.

Dated:                     

	 	 	 	 	 
	 	THE BANK OF NEW YORK, as Trustee

 	 
	 	By  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

 

 

	 	 	 	 	 

(Reverse of Security)

          1. Securities and Indenture.

          This Security is one of a duly authorized issue of securities of the Company (herein called
the “Securities” or the “Warrants”), issued and to be issued in one or more series under a Warrant
Indenture, dated as of February 14, 2006 (herein called the “Indenture”, which term shall have the
meaning assigned to it in such instrument), between the Company and The Bank of New York, as
Trustee (herein called the “Trustee”, which term includes any successor trustee under the
Indenture), and reference is hereby made to the Indenture for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Company, the Trustee and the Holders
of the Securities and of the terms upon which the Securities are, and are to be, authenticated and
delivered. Each of the Specified Warrants evidenced by this Security is one of the series
designated on the face hereof, initially limited in number to                      Specified Warrants, which
number may be increased at the option of the Company if in the future it determines that it may
wish to issue additional Warrants of this series. References herein to “this series” mean the
series of Warrants designated on the face hereof.

          The Warrants are unsecured contractual obligations of the Company and rank pari passu with the
Company’s other unsecured contractual obligations and with the Company’s unsecured and
unsubordinated debt.

          The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Securities of each series to be affected under the Indenture at any time by the Company and the
Trustee with the consent of the Holders of a majority in number of the Warrants at the time
Outstanding of all series to be affected (considered together as one class for this purpose). The
Indenture also contains provisions (i) permitting the Holders of a majority in number of the
Warrants at the time Outstanding of all series to be affected under the Indenture (considered
together as one class for this purpose), on behalf of the Holders of all Warrants of such series,
to waive compliance by the Company with certain provisions of the Indenture and (ii) permitting the
Holders of a majority in number of the Warrants at the time Outstanding of any series to be
affected under the Indenture (with each such series considered separately for this purpose), on
behalf of the Holders of all Warrants of such series, to waive certain past defaults under the
Indenture and their consequences. Any such consent or waiver by the Holder of this Security shall
be conclusive and binding upon such Holder and upon all future Holders of this Security and of any
Security issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

(Reverse of Security continued on next page)

-8-

 

          As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture, or for the
appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Warrants of this series, the Holders of not less than 25% in number of the Warrants of this
series at the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the Trustee indemnity
reasonably satisfactory to it, and the Trustee shall not have received from the Holders of a
majority in number of the Warrants of this series at the time Outstanding a direction inconsistent
with such request, and shall have failed to institute any such proceeding, for 60 days after
receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit
instituted by the Holder of this Security for the enforcement of any payment of the Warrant
Property due with respect to this Security at the time and place herein prescribed.

          Neither the Trustee nor the Holder shall be entitled, whether by reason of a default or
otherwise, to accelerate the payment of any Warrant Property by the Company in respect of this
Security at any time before such payment is otherwise due in accordance with the terms of this
Security, or to demand any payment or delivery of property or money in respect of this Security
other than such payment of Warrant Property when due.

          No reference herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay
the Warrant Property due with respect to this Security at the time and place herein prescribed.

          As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Security is registrable in the Security Register, upon surrender of this Security
for registration of transfer at the office or agency of the Company in any Place of Payment with
respect to this Security, duly endorsed by, or accompanied by a written instrument of transfer in
form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or
his attorney duly authorized in writing, and thereupon one or more new Securities of this series
and of like tenor, of authorized denominations and for the same number of Warrants, will be issued
to the designated transferee or transferees.

          The Securities of this series are issuable only in registered form in denominations of 1
Warrant and any multiple thereof. The fact that a Security (whether in global or non-global form)
evidences more than one Warrant shall not affect the number of such Warrants then Outstanding or
the terms of any such Warrant, including the amount of Warrant Property payable in respect of each
such Warrant. For the purpose of determining the number of Securities of any series that are
Outstanding at any

(Reverse of Security continued on next page)

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time, such number shall equal the number of Warrants of such series then Outstanding,
regardless of the number of Warrants evidenced by any particular Security of such series. As
provided in the Indenture and subject to certain limitations therein set forth, Securities of this
series are exchangeable for other Securities of this series, in any authorized denominations and of
like tenor and aggregate number of Warrants, as requested by the Holder surrendering the same.

          No service charge shall be made for any such registration of transfer or exchange, but the
Company may require payment of a sum sufficient to cover any tax or other governmental charge
payable in connection therewith.

          Prior to due presentment of this Security for registration of transfer, the Company, the
Trustee and any agent of the Company or the Trustee may treat the Person in whose name this
Security is registered as the owner hereof for all purposes, whether or not any payment of Warrant
Property with respect to this Security be overdue, and neither the Company, the Trustee nor any
such agent shall be affected by notice to the contrary.

          This Security is a Global Security and is subject to the provisions of the Indenture relating
to Global Securities, including the limitations in Section 305 thereof on transfers and exchanges
of Global Securities.

          2. Tax Characterization.

          By its purchase of this Security, the Holder, on behalf of itself and any other Person having
a beneficial interest in this Security, hereby agrees with the Company (in the absence of an
administrative determination or judicial ruling to the contrary) to characterize this Security for
all U.S. federal income tax purposes as [INSERT CHARACTERIZATION].

          3. Notices.

          Notices that are required hereunder or under the Indenture to be given to Holders of the
Securities of this series shall be given to Holders of the Securities of this series as set forth
in the Indenture and in the next paragraph.

          So long as the Securities of this series are listed on the Luxembourg Stock Exchange and such
Stock Exchange shall so require, the Trustee will publish any such required notices in a daily
newspaper of general circulation in Luxembourg. If publication in Luxembourg is not practical, the
Trustee will publish any such required notices relating to the Securities of this series elsewhere
in Europe. Published notices will be deemed to have been given on the date they are published. If
publication as described in this paragraph becomes impossible, the Trustee may publish sufficient
notice by alternate means that approximate the terms and conditions as described in this paragraph.

(Reverse of Security continued on next page)

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          4. Governing Law.

          This Security and the Indenture shall be governed by and construed in accordance with the laws
of the State of New York.

(Reverse of Security continued on next page)

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ASSIGNMENT

       FOR
VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and
transfer(s) unto
 

 

PLEASE INSERT SOCIAL SECURITY OR OTHER

IDENTIFYING NUMBER OF ASSIGNEE

                    

/                    /

 

(Please Print or Typewrite Name and Address

Including Postal Zip Code of Assignee)

 

the attached Security and all rights thereunder, and hereby irrevocably constitutes and
appoints                                                             
to transfer said
Security on the books of the Company, with full power of substitution in the premises.

Dated:

Signature Guaranteed

	 	 	 
	 

	 	 
	NOTICE: Signature must be
guaranteed.

	 	NOTICE: The signature to this
assignment must correspond with the
name of the Holder as written upon
the face of the attached Security in
every particular, without alteration
or any change whatever.

 

 

(Date)

(Time)

SCHEDULE A

                     Warrants expiring                     

GLOBAL WARRANT

SCHEDULE OF EXCHANGES OR EXERCISES

          The initial number of Warrants represented by this Global Security is                     . In
accordance with the Indenture, the following reductions in the number of Warrants represented
hereby as a result of the exercise of the number of such Warrants indicated below have been made:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	Reduced Number	 	 	 
	Date of	 	 	 	 	Outstanding	 	 	Notation Made by or
	Exchange or	 	Number of Warrants	 	 	Following Such	 	 	on Behalf of
	Exercise	 	Exercised	 	 	Exercise	 	 	TrusteeEX-10.1

 

Exhibit 10.1

SUPPORT AGREEMENT

February 19, 2007

Vulcan Materials Company

1200 Urban Center Drive

Birmingham, Alabama 35242

Attention: Donald M. James

Chairman and CEO

Ladies and Gentlemen:

     The undersigned (the “Shareholders,” and each a “Shareholder”) understand that
Vulcan Materials Company, a New Jersey corporation (“Vulcan”), and Florida Rock Industries,
Inc., a Florida corporation (“Florida Rock”), propose to enter into an Agreement and Plan
of Merger, dated as of the date hereof (the “Merger Agreement”), providing for, among other
things, the Florida Rock Merger, in which each share of common stock, par value $0.10 per share, of
Florida Rock (the “Florida Rock Common Stock”) (other than Excluded Shares) issued and
outstanding immediately prior to the Effective Time will be converted into the right to receive, at
the election of the holder thereof and subject to proration in accordance with the Merger
Agreement, the Cash Consideration or the Stock Consideration. Capitalized terms used without
definition in this letter agreement shall have the meanings ascribed thereto in the Merger
Agreement.

     Each Shareholder in its capacity as such, is entering into this letter agreement in
consideration of, and as a condition to, Vulcan’s willingness to enter into the Merger Agreement
and to consummate the transactions contemplated thereby.

     Each Shareholder confirms its agreement with Vulcan as follows:

     1. Each Shareholder represents, warrants and agrees that (a) the total number of shares of
Florida Rock Common Stock owned, directly or indirectly, beneficially and of record by the
Shareholders, other than the Anne D. Baker Living Trust, in the aggregate is approximately 15.5
million (b) such Shareholder is, directly or indirectly, the record and beneficial owner of the
Specified Shares (as defined below), with sole or shared with a person or entity that is also a
party hereto, voting and dispositive power over such Specified Shares, (b) except as set forth on
Schedule II, the Specified Shares are owned by such Shareholder free and clear of all Liens and (C)
such Shareholder has the power to vote all Specified Shares in the manner contemplated herein and
that there have been no proxies heretofore given in respect of any or all of the Specified Shares
or if given, have heretofore been revoked. “Specified Shares” means the number of shares
of Florida Rock Common Stock designated as such on Schedule I hereto; provided that
if the number of shares designated as Specified Shares on Schedule I hereto would in the
aggregate equal 10% or more of the outstanding voting stock of

 

 

Florida Rock, then Schedule I shall be adjusted so that the number of shares designated as
Specified Shares thereon would in the aggregate equal the greatest number that represents less than
or equal to 9.9% of the outstanding voting stock of Florida Rock; provided,
further, that to the extent any of the Specified Shares are forfeited pursuant to any Lien,
Baker Holdings L.P., at Vulcan’s request, shall increase the number of its Specified Shares in an
amount equal to the number of shares so forfeited.

     2. Each Shareholder agrees that it will not, directly or indirectly, sell, transfer, assign,
pledge, encumber or otherwise dispose of any of the Specified Shares or enter into any contract,
option or other arrangement or understanding with respect thereto (including any voting trust or
agreement and the granting of any proxy)other than: (a) pursuant to the Mergers, (b) foreclosures
pursuant to pledges or encumbrances described on Schedule I or (c) with the prior written consent
of Vulcan, or (d) as set forth on Schedule II. If so requested by Vulcan, each Shareholder agrees
that any certificates representing Specified Shares shall bear a legend stating that they are
subject to this letter agreement.

     3. At every meeting of the shareholders of Florida Rock, called, and at every postponement or
adjournment thereof, each Shareholder irrevocably agrees to vote the Specified Shares entitled to
be voted thereat or to cause any such Specified Shares to be voted: (i) in favor of approval of
the Merger Agreement, and (ii) against (A) any proposal made in opposition to approval of the
Merger Agreement or in competition or inconsistent with the Mergers or any other transaction
contemplated by the Merger Agreement, (B) any Acquisition Proposal, (C) any change in the
management or board of directors of Florida Rock (other than in connection with the transactions
contemplated by the Merger Agreement), (D) any action or agreement that would result in a breach of
any representation, warranty, covenant or agreement or any other obligation of Florida Rock under
the Merger Agreement or of such Shareholder under this letter agreement and (E) any other action or
proposal involving Florida Rock that could reasonably be expected to prevent, impede, interfere
with, delay, postpone or adversely affect the Mergers. The obligations of each Shareholder
specified in this paragraph 3 shall apply whether or not (x) the Board of Directors of Florida Rock
shall have effected a Change in Florida Rock Recommendation, or (y) Florida Rock breaches any of
its representations, warranties, agreements or covenants set forth in the Merger Agreement.

     4. Each Shareholder agrees to make Stock Elections with respect to the number of Specified
Shares set forth on Schedule I hereto.

     5. Each Shareholder represents and warrants that there is, as of the date hereof, and as of
the Closing Date there will be, no binding commitment or present plan or intention to sell,
exchange or otherwise dispose of any of the Holdco Common Stock that such Shareholder will receive
pursuant to or in connection with the Florida Rock Merger.

     6. Each Shareholder represents and warrants that (a) it has all necessary power and authority
to enter into this letter agreement; (b) this letter agreement has been duly authorized, executed
and delivered by such Shareholder and is enforceable

 

 

against such Shareholder in accordance with its terms; and (c) neither the execution or
delivery of this Agreement nor the consummation by such Shareholder of the transactions
contemplated hereby will violate any provisions of any statute, law, ordinance, regulation, rule,
code or other requirement of a Governmental Entity or any order, injunction, decree or judgment
applicable to such Shareholder or any contract, agreement or other commitment to which such
Shareholder is a party or by which such Shareholder or any of such Shareholder’s properties or
assets (including such Shares and Derivative Securities) is bound, other than such violations of
contracts, agreements or commitments as would not prevent, impede or delay the performance by such
Shareholder of its obligations hereunder or impose any liability or obligation on the Company or
any Subsidiaries or Affiliates thereof.

     7. This letter agreement shall terminate upon the earlier to occur of (a) the termination of
the Merger Agreement in accordance with its terms or (b) the Effective Time; provided, that
termination shall not prevent any party from seeking remedies against any other party hereto for
breach of this letter agreement.

     8. This agreement shall be governed by, and construed in accordance with, the laws of the
State of New York, without giving effect to principles of conflict of laws. This letter agreement
may be executed in counterparts, each of which when executed shall be deemed to be an original but
all of which when taken together shall constitute one and the same agreement.

     9. Each Shareholder recognizes and acknowledges that a breach by it of any covenants or
agreements contained in this letter agreement will cause Vulcan to sustain damages for which it
would not have an adequate remedy at law for money damages, and therefore each Shareholder agrees
that in the event of any such breach, Vulcan shall be entitled to 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.

     10. The effectiveness of this letter agreement shall be conditioned upon the execution and
delivery of the Merger Agreement by Vulcan and Florida Rock.

     11. Each Shareholder agrees that this letter agreement and the obligations hereunder shall
attach to the Specified Shares and shall be binding upon any person or entity to which legal or
beneficial ownership of the Specified Shares shall pass, whether by operation of law or otherwise.
Each Shareholder understands and acknowledges that Vulcan is entering into the Merger Agreement in
reliance upon the execution and delivery of this letter agreement by such Shareholder.

     12. No Shareholder makes any agreement or understanding herein in such Shareholder’s capacity
as a director or officer of Florida Rock. Each Shareholder executes this letter agreement solely
in such Shareholder’s capacity as a record and beneficial owner of Shares and nothing herein will
limit or affect any actions taken by any Shareholder or any designee of a Shareholder in such
Shareholder’s capacity as an officer or director of Florida Rock or any of its Subsidiaries.
Notwithstanding anything

 

 

to the contrary contained herein, the obligations of each Shareholder specified in this
Agreement shall apply whether or not (x) the Board of Directors of Florida Rock shall have effected
a Change in Florida Rock Recommendation, or (y) Florida Rock
breaches any of its representations, warranties, agreements or covenants set forth in the Merger Agreement.

[SIGNATURE PAGES FOLLOW]

 

 

     Please confirm that the foregoing correctly states the understanding between us and you by
signing and returning to us a counterpart hereof.

	 	 	 	 	 
	 	 	Very truly yours,
	 
	 	 	 	 
	 	 	BAKER HOLDINGS, L.P.,
	 
	 	 	 	 
	 	 	by:BAKER INVESTMENT HOLDINGS,

INC., as general partner
	 
	 	 	 	 
	 

	 	by:
	 	/s/ John D. Baker, II
	 

	 	 	 	 
	 

	 	 	 	John D. Baker, II, President
	 
	 	 	 	 
	 	 	EDWARD L. BAKER LIVING TRUST
	 
	 	 	 	 
	 

	 	by:
	 	/s/ Edward L. Baker
	 

	 	 	 	 
	 

	 	 	 	Edward L. Baker, as trustee
	 
	 	 	 	 
	 	 	EDWARD L. BAKER
	 
	 	 	 	 
	 

	 	by:
	 	/s/ Edward L. Baker
	 

	 	 	 	 
	 

	 	 	 	Edward L. Baker
	 
	 	 	 	 
	 	 	JOHN D. BAKER II LIVING TRUST
	 
	 	 	 	 
	 

	 	by:
	 	/s/ John D. Baker, II
	 

	 	 	 	 
	 

	 	 	 	John D. Baker II, as trustee
	 
	 	 	 	 
	 	 	ANNE D. BAKER LIVING TRUST
	 
	 	 	 	 
	 

	 	by:
	 	/s/ Anne D. Baker
	 

	 	 	 	 
	 

	 	 	 	Anne D. Baker, as trustee

 

 

Confirmed as of the date

first above written:

VULCAN MATERIALS COMPANY

	 	 	 	 	 
	By:

	 	/s/ Donald M. James
	 	 
	 

	 	 	 	 
	 

	 	Name: Donald M. James	 	 
	 

	 	Title: Chairman and Chief Executive Officer	 	 

 

 

SCHEDULE I

	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	Stock Election	 
	Shareholder Name	 	Specified Shares	 	 	 	Shares
	1. Baker Holdings, L.P.
	 	 	2,855,838	 	 	 	 	 	2,855,838	 
	 
	 	 	 	 	 	 	 	 	 	 
	2. Edward L. Baker
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	a. Edward L. Baker Living Trust—Trustee
	 	 	326,354	 	 	 	 	 	188,644	 
	 
	 	 	 	 	 	 	 	 	 	 
	b. Edward L. Baker
	 	 	50,934	 	 	 		 	0	 
	 
	 	 	 	 	 	 	 	 	 	 
	3. John D. Baker II
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	a. John D. Baker II Living Trust —Trustee
	 	 	2,725,181	 	 	 	 	 	1,362,591	 
	 
	 	 	 	 	 	 	 	 	 	 
	4. Anne Baker
	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	a. Anne D. Baker Living Trust
	 	 	517,657	 	 	 	 	 	258,829	 
	 
	 	 	 	 	 	 	 	 	 	 
	Total
	 	 	6,475,964	 	 	 	 	 	4,665,902	 

*     Redacted

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00117-of-00352.parquet"}]]