Document:

Exhibit 4.1

 

EXHIBIT 4.1

AGREEMENT OF RESIGNATION, APPOINTMENT AND ACCEPTANCE

          This Agreement of Resignation, Appointment and Acceptance is made as
of            March 29, 2007 by
and among that issuer or other person who is identified in Exhibit A attached hereto (the
“Exhibit”) as the Issuer (the “Issuer”), Citibank, N.A., a national banking association, duly
organized and existing under the laws of the United States (the “Bank”) and The Bank of New York
Trust Company, N.A. (BNYTC), a national banking association, duly organized and existing under the
laws of the United States and having its principal office in Los Angeles, California.

RECITALS:

          WHEREAS, the Issuer and the Bank entered into one or more trust indentures, paying agency
agreements, registrar agreements, or other relevant agreements as such are more particularly
described in the Exhibit under the section entitled “Agreements” (individually and collectively
referred to herein as the “Agreements”) under which the Bank was appointed in the capacity or
capacities identified in the Exhibit (individually and collectively the “Capacities”);

          WHEREAS, the Bank desires to resign from its Capacities under the Agreements; and

          WHEREAS, the Issuer desires to appoint BNYTC as the successor to the Bank in its Capacities
under the Agreements; and

          WHEREAS, BNYTC is willing to accept such appointment as the successor to the Bank in its
Capacities under the Agreements.

          NOW, THEREFORE, the Issuer, the Bank and BNYTC, for and in consideration of the premises and
for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, hereby consent and agree as follows:

ARTICLE I

THE BANK

          SECTION 1.01. The Bank hereby resigns from its Capacities under the Agreements.

          SECTION 1.02. The Bank hereby assigns, transfers, delivers and confirms to BNYTC all right,
title and interest of the Bank in its Capacities relating to the Agreements provided, however, that
from and after the date of this Agreement of Resignation, Appointment and Acceptance (a) the Bank
shall continue to be an indemnified party pursuant to the indemnity provisions of section 7.06 of
the Indenture regarding any and all matters arising solely while the

 

 

Bank was serving in its Capacities under the Agreements (but not thereafter) and (b) with the
exception of matters subject to the indemnity provisions of section 7.06 of the Indenture
referenced in the preceding subsection (a), the Bank shall have no further claim or entitlement,
and the Issuer shall have no further liability or obligation, pursuant to such section 7.06 of the
Indenture.

ARTICLE II

THE ISSUER

          SECTION 2.01. The Issuer hereby accepts the resignation of the Bank from its Capacities under
the Agreements.

          SECTION 2.02. All conditions relating to the appointment of BNYTC as the successor to the Bank
in its Capacities under the Agreements have been met by the Issuer, and the Issuer hereby appoints
BNYTC to its Capacities under the Agreements with like effect as if originally named to such
Capacities under the Agreements.

ARTICLE III

BNYTC

          SECTION 3.01. BNYTC hereby represents and warrants to the Bank and to the Issuer that BNYTC is
qualified and eligible to act in the Capacities under the Agreements.

          SECTION 3.02. BNYTC hereby accepts its appointment to the Capacities under the Agreements and
accepts and assumes the rights, powers, duties and obligations of the Bank under the Agreements,
upon the terms and conditions set forth therein, with like effect as if originally named to such
Capacities under the Agreements.

ARTICLE IV

MISCELLANEOUS

          SECTION 4.01. This Agreement and the resignation, appointment and acceptance effected hereby
shall be effective as of the commencement of business on the Effective Date set forth in the
Exhibit.

          SECTION 4.02. This Agreement shall be governed by and construed in accordance with the laws of
the State of New York.

          SECTION 4.03. This Agreement may be executed in any number of counterparts each of which shall
be an original, but such counterparts shall together constitute but one and the same instrument.

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          SECTION 4.04. The persons signing this Agreement on behalf of the Issuer, BNYTC and the Bank
are duly authorized to execute it on behalf of the each party, and each party warrants that it is
authorized to execute this Agreement and to perform its duties hereunder.

          SECTION 4.05. The Issuer represents that it is the type of entity as identified in the Exhibit
and has been duly organized and is validly existing under the laws of the jurisdiction of its
organization as identified in the Exhibit.

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement of Resignation, Appointment
and Acceptance to be duly executed, as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	Piedmont Natural Gas Company, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Robert O. Pritchard	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Robert O. Pritchard	 	 
	 	 	Title: Vice President, Treasurer and Chief Risk Officer	 	 
	 
	 	 	 	 	 	 
	 	 	Citibank, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Louis Piscitelli	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Louis Piscitelli	 	 
	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 
	 	 	The Bank of New York Trust Company, N.A.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Tina D. Gonzalez	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Tina D. Gonzalez	 	 
	 	 	Title: Assistant Treasurer	 	 

 -3- 

 

EXHIBIT A

Issuer: Piedmont Natural Gas Company, Inc., a North Carolina corporation 

Effective Date: March 29, 2007

Agreement(s):

	 	 	 	 	 
	 	 	Description of relevant	 	Citibank’s
	Name/Description of transaction	 	Agreement & Date	 	Capacity(s)
	Piedmont Natural Gas Co., Inc.
5.00% Notes Series E due
12/19/2013

	 	Indenture dated as
of 4/1/1993
	 	Trustee, Debt

Security Registrar,

Paying Agent
	 
	 	 	 	 
	Piedmont Natural Gas Co., Inc.
6.00% Notes Series E due
12/19/2033

	 	Indenture dated as
of 4/1/1993
	 	Trustee, Debt

Security Registrar,

Paying Agent
	 
	 	 	 	 
	Piedmont Natural Gas Co., Inc.
6.25% Insured Quarterly Notes
Series 2006

	 	Indenture dated as
of 4/1/1993
	 	Trustee, Debt

Security Registrar,

Paying Agent
	 
	 	 	 	 
	Piedmont Natural Gas Co., Inc.
Medium Term Notes Series A

	 	Indenture dated as
of 4/1/1993
	 	Trustee, Debt

Security Registrar,

Paying Agent
	 
	 	 	 	 
	Piedmont Natural Gas Co., Inc.
Medium Term Notes Series B

	 	Indenture dated as
of 4/1/1993
	 	Trustee, Debt

Security Registrar,

Paying Agent

 

 

	 	 	 	 	 
	 	 	Description of relevant	 	Citibank’s
	Name/Description of transaction	 	Agreement & Date	 	Capacity(s)
	Piedmont Natural Gas Co., Inc.
Medium Term Notes Series C

	 	Indenture dated as
of 4/1/1993
	 	Trustee, Debt

Security Registrar,

Paying Agent
	 
	 	 	 	 
	Piedmont Natural Gas Co., Inc.
Medium Term Notes Series D

	 	Indenture dated as
of 4/1/1993
	 	Trustee, Debt

Security Registrar,

Paying Agent

5Exhibit 10.1

 

Exhibit 10.1

PARTICIPATION AGREEMENT

UNDER THE

PIEDMONT NATURAL GAS COMPANY, INC.

SHORT-TERM INCENTIVE PLAN (STIP)

     Piedmont
Natural Gas Company, Inc. (the “Company”) and                      (“Participant”) hereby
enter into this Participation Agreement (“Agreement”) as of                     , 20___, for fiscal 20___
Short-Term Incentive Plan awards under the Piedmont Natural Gas Company, Inc. Incentive
Compensation Plan (the “ICP”).

     WHEREAS, on March 3, 2006, the Company’s shareholders approved the ICP; and

     WHEREAS, on                     , 20___,
the Company’s Board of Directors adopted a resolution defining
weights, measures, targets and participants for the fiscal
20___ Short-Term Incentive Plan awards
(“20___ STIP Plan”).

     NOW, THEREFORE, in consideration of these premises and the mutual promises contained herein,
the parties hereto hereby agree as follows:

1. Designation as a Participant. You have been designated as a Participant under the 20___
STIP Plan for the fiscal year 20___. Exhibit A attached hereto identifies the target award
applicable to you. The award is a cash payment. Subject to the Company’s Stock Ownership
Guidelines, if you do not meet your stock ownership goal due to stock dispositions, you will be
required to use a minimum of 25% (net of applicable taxes) of any amounts awarded hereunder to
purchase Company common stock until the applicable ownership level is achieved. As a participant,
you shall be subject to all the terms and conditions of the ICP and this Participation Agreement.

2. Performance
Period. The fiscal year 20___ STIP Plan performance period begins November
1, 20___ and ends October 31, 20___ (the “Performance Period”).

3. Performance
Goals. The fiscal year 20___ STIP Plan performance goals are established by
the Board of Directors. The table below identifies the performance/payment relationship for the
fiscal year 20___ STIP Plan.

	 	 	 
	 	 	Payout as a Percent of Incentive
	Performance Against EPS Goal	 	Opportunity
	> = 105% of Goal
	 	150%
	100% of Goal
	 	100%
	95% of Goal
	 	50%
	< 95% of Goal
	 	0%

 

 

     Payouts for performance between 95% and 105% of goal will be subject to mathematical
interpolation.

     After the end of fiscal year 20___, the Board of Directors will verify achievement of
performance goals and declare the appropriate distribution of
20___ STIP Plan awards.

4. Tax Withholding. The Company will withhold any required taxes for any target awards
distributed to you in compliance with tax withholding regulations.

5. ICP. The Participant acknowledges that the grant and distribution of an award to him/her
under the 20___ STIP Plan is governed by the terms of the ICP, as amended from time to time, and the
terms of the ICP as they exist on the date of this Agreement are incorporated into this Agreement
in their entirety and made a part hereof by reference. Unless otherwise defined herein,
capitalized terms used herein shall have the meaning set forth in the ICP. In the event of any
conflict between the terms of the ICP and this Agreement, the terms of the ICP shall control.

6. Board Authority. The Compensation Committee of the Board of Directors shall have
authority to administer and interpret the 20___ STIP Plan and to establish rules for its
administration. The Participant acknowledges that the award hereunder shall be governed by
guidelines and interpretations with respect to short-term incentive plan awards adopted by the
Board or Compensation Committee under the ICP from time to time.

7. Modifications. If any provision or provisions of the ICP or this Agreement would cause
any amount to be includible in gross income of the Participant prior to the Company’s scheduled
payment of such amount to the Participant provided for herein or subject such Participant to
penalties or interest under Section 409A of the Internal Revenue Code of 1986, as amended, such
provision or provisions shall be interpreted or modified to the extent necessary so that no such
amount will be included in such Participant’s gross income prior to its scheduled payment by the
Company provided for herein and no such penalties or interest will be incurred. This Agreement
constitutes the entire understanding of the parties on the subjects covered. The Participant
expressly warrants that he/she is not accepting this Agreement in reliance on any promises,
representations, or inducements other than those contained herein. Except with respect to
modifications of the ICP as provided therein and guidelines and interpretations under the ICP
adopted by the Board or Compensation Committee that are not materially inconsistent with the terms
of this Agreement, this Agreement can be amended only in writing executed by the Participant and a
duly authorized officer of the Company.

8. Binding Nature; Governing Law. Subject to any limitations under the ICP on
transferability, this Agreement will be binding upon and inure to the benefit of the heirs,
legatees, legal representatives, successors and assigns of the parties hereto. This Agreement shall
be governed by the laws of the State of North Carolina to the extent not preempted by applicable
federal law.

 

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year written
above.

	 	 	 	 	 	 	 
	 	 	Piedmont Natural Gas Company, Inc.	 	 
	 
	 	 	 	 	 	 
	 

	 	By	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Participant	 	 

 

 

Piedmont Natural Gas Company, Inc.

Short Term Incentive Plan (STIP)

Participation Agreement for                     

Exhibit A

Position:
                                       
                     

Target
Award:
                                      
            

On
                    ,
20___ the Board of Directors approved the fiscal year 20___ STIP Plan and
established the 20___ STIP Plan performance measure.

     For
the fiscal year 20___ award, if performance is less than 95% of the performance measure,
there is no award. If performance is at 95% of the performance measure, there is distribution of
50% of the target award. If performance is at 100% of the performance measure, there is
distribution of 100% of the target award. If performance is at or above 105% of the performance
measure, there is distribution of 150% of the target award. Payouts for performance between 95%
and 105% of goal will be subject to mathematical interpolation.

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