Substitution Agreement: Definition, Example
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What is a Substitution Agreement?
A substitution agreement is a contract between two parties in which one party agrees to replace the other if they are unable to complete their obligations. The terms of this agreement can cover anything from filling in for someone on an emergency basis or stepping into a temporary or permanent position.
As an example, a substitution agreement may be implemented when a boss needs an employee to work the boss’s shift because the boss has to take care of their sick child. A substitution agreement may also be used by individuals who need help running their household while they're out of town due to vacation plans or illness. This type of arrangement could involve hiring a housekeeper or babysitter and would likely include reimbursement for expenses incurred during that time period.
Substitution Agreement Sample
EXHIBIT 4.10
AGREEMENT OF SUBSTITUTION AND AMENDMENT OF
COMMON SHARES RIGHTS AGREEMENT
This Agreement of Substitution and Amendment is entered into as of December 18, 2003, by and between Piedmont Natural Gas Company, Inc., a North Carolina corporation (the “Company”) and American Stock Transfer and Trust Company, a New York banking corporation (“AST”).
RECITALS
| A. | On or about February 27, 1998, the Company entered into a Common Shares Rights Agreement (the “Rights Agreement”) with Wachovia Bank, N.A. (the “Predecessor Agent”) as rights agent. |
| B. | The Company wishes to remove the predecessor Agent and substitute AST as right agent pursuant to Section 21 of the Rights Agreement. |
| C. | The Company has given the Predecessor Agent notice of removal of the Predecessor Agent as rights agent. |
AGREEMENT
NOW THEREFORE, in consideration of the foregoing and of other consideration, the sufficiency of which is hereby acknowledged, the parties agree as follows:
| 1. | Section 21 of the Rights Agreement is hereby amended to provide that any successor rights agent shall, at the time of its appointment as rights agent, have combined capital and surplus of at least $10 million rather than $100 million. |
| 2. | The Company hereby appoints AST as rights agent pursuant to Section 21 of the Rights Agreement, to serve in that capacity for the consideration and subject to all of the terms and conditions of the Rights Agreement. |
| 3. | AST hereby accepts the appointment as rights agent pursuant to Section 21 of the Rights Agreement and agrees to serve in that capacity for the consideration and subject to all of the terms and conditions of the Rights Agreement. |
| 4. | From and after the effective date hereof, each and every reference in the Rights Agreement to a “Rights Agent” shall be deemed to be a reference to AST. |
| 5. | Section 26 of the Rights Agreement is amended to provide that notices or demands shall be addressed as follows (until another address is filed): |
| If to the Company: |
Piedmont Natural Gas Company, Inc. | |
| 1915 Rexford Road | ||
| Charlotte, North Carolina 28211 | ||
| Attention: President and Chief Executive Officer | ||
| with a copy to: |
Piedmont Natural Gas Company, Inc. | |
| 1915 Rexford Road | ||
| Charlotte, North Carolina 28211 | ||
| Attention: Vice President, Corporate Counsel & Secretary | ||
| If to AST: |
American Stock Transfer & Trust Company | |
| 59 Maiden Lane | ||
| New York, NY 10038 | ||
| Attention: Shareholder Services Division | ||
| 6. | Except as expressly modified herein, the Rights Agreement shall remain in full force and effect. |
| 7. | This Agreement of Substitution and Amendment may be executed in one or more counterparts, each of which shall together constitute one and the same document. |
IN WITNESS WHEREOF, the parties have caused this Agreement to be duly executed as of the dated indicated above.
| PIEDMONT NATURAL GAS COMPANY, INC. |
| By: /s/ Thomas E. Skains |
| Thomas E. Skains |
| President and Chief Executive Officer |
| AMERICAN STOCK TRANSER & TRUST COMPANY |
| By: /s/ Herbert J. Lemmer |
| Vice President |
| Name: Herbert J. Lemmer |
Reference:
Security Exchange Commission - Edgar Database, EX-4.10 5 dex410.htm AGREEMENT OF SUBSTITUTION, Viewed December 14, 2021, View Source on SEC.
Who Helps With Substitution Agreements?
Lawyers with backgrounds working on substitution agreements work with clients to help. Do you need help with a substitution agreement?
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