<PAGE>
 
      At present, there is an oral understanding between Mr. Holt and Benjamin
D. Holt, Jr., Mr. Holt's father, to the effect that Mr. Holt will have a proxy
from Mr. Holt, Jr. for purposes of voting shares of the Common Stock owned by
him.

      Other than the contracts, agreements and transactions described in this
Schedule 13D, there are no contracts, arrangements, understandings or
relationships with respect to any securities of Zapata which involve Mr. Holt.

Item 7.      Material to be Filed as Exhibits.

      1. Continuity of Interest Agreement executed effective November 9, 1993,
among Peter M. Holt, Jr., Benjamin D. Holt, Jr. et al.

                               Page 6 of 7 Pages