Document:

AGREEMENT OF SUBSTITUTION AND THIRD AMENDMENT OF RIGHTS AGREEMENT

Exhibit 4.1

AGREEMENT OF SUBSTITUTION AND THIRD AMENDMENT OF

RIGHTS AGREEMENT

 

            This Agreement of Substitution and Third Amendment is entered
into as of March 5, 2004, by and between National Vision, Inc., a Georgia corporation (the “Company”) and American Stock
Transfer & Trust Company, a New York banking corporation (“AST”).

RECITALS

	

 The Company and Wachovia Bank of North Carolina, N.A. (“Wachovia”)
entered into a Rights Agreement dated as of January 17, 1997, and the Company and Wachovia subsequently entered into an Amendment
dated as of March 1, 1998 to such Rights Agreement, and the Company and a successor to Wachovia entered into a Second Amendment
dated as of June 1, 1999 to such Rights Agreement (such Agreement and two amendments, collectively, the “Rights
Agreement”).

  
	

 The Company has determined to replace the current rights agent under the
Rights Agreement (the “Predecessor Agent”) and to substitute AST as rights agent pursuant to Section 21 of the Rights
Agreement.

  
	

 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:

	

Section 1(h) of the Rights Agreement shall be amended to read as follows:

  

  

“Continuing Director” means any member of the Board of Directors of the Company, while such Person is a
member of the Board, who is not an Acquiring Person or an Affiliate or Associate of an Acquiring Person or a representative or
nominee of an Acquiring Person or of any such Affiliate or Associate, or otherwise affiliated with an Acquiring Person or of any
such Affiliate or Associate, and who either (i) was a member of the Board as of July 1, 2001 or (ii) subsequently becomes a member
of the Board, if such Person’s nomination for election or election to the Board is recommended or approved by a majority of
the Continuing Directors serving at the time of such nomination or election (which shall include without limitation the nominees
included in any proxy statement approved by the Continuing Directors).

  

 

	

Section 3(c) of the Rights Agreement shall be amended to read as follows:

  

  

 (c) Rights shall be issued in respect of all shares of Common Stock that become outstanding (on original issuance or out of treasury) after the Effective Date but prior to the earlier of the Distribution Date or the Expiration Date.  Certificates for the Common Stock that become outstanding or shall be transferred or exchanged after the Effective Date but prior to the earlier of the Distribution Date or the Expiration Date shall also be deemed to be certificates for Rights and shall have impressed on, printed on, written on or otherwise affixed to them the following legend:

  

  
    
      

 This certificate also evidences certain Rights as set forth in a Rights Agreement between National Vision, Inc. and American Stock Transfer & Trust Company, as successor to First Union National Bank, dated as of January 17, 1997, as amended (the "Rights Agreement"), the terms of which are hereby incorporated herein by reference and a copy of which is on file at the principal office of the Company.  The Company will mail to the holder of this certificate a copy of the Rights Agreement without charge promptly after receipt of a written request therefor.  Under certain circumstances, as set forth in the Rights Agreement, such Rights may be evidenced by separate certificates and no longer be evidenced by this certificate, may be redeemed or exchanged or may expire.  As set forth in the Rights Agreement, Rights issued to, or held by, any Person who is, was or becomes an Acquiring Person or an Affiliate or Associate thereof (as such terms are defined in the Rights Agreement), whether currently held by or on behalf of such Person or by any subsequent holder, may be null and void.

      

    

  

	

The fifth sentence of Section 21 of the Rights Agreement shall be amended to read as follows:

  

  

Any successor Rights Agent, whether appointed by the Company or by such a court, shall be (a) a corporation organized and doing business under the laws of the United States or of the State of Georgia (or any other state of the United States so long as such corporation is authorized to do business as a banking institution in the State of Georgia or in the State of New York), in good standing, having a principal office in the State of Georgia or in the State of New York, which is authorized under such laws to exercise stock transfer or corporate trust powers and is subject to supervision or examination by federal or state authority and which has at the time of its appointment as Rights Agent a combined capital and surplus of at least $10,000,000 or (b) an Affiliate of a corporation described in Section 21(a).

  

	

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.

  
	

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.

  
	

Notices or demands under the Rights Agreement shall be addressed as follows (until another address is specified by the Company
or the Rights Agent):

  

If to the Company:

National Vision, Inc.

296 Grayson Highway

Atlanta, Georgia 30045

Attn: President and Chief Executive Officer

 

With a copy to:

National Vision, Inc.

296 Grayson Highway

Atlanta, Georgia 30045

Attn: General Counsel

If to AST:

American Stock Transfer & Trust Company

59 Maiden Lane

New York, NY 10038

Attention: Corporate Trust Department

	

This Agreement shall be effective as of the close of business on March 5, 2004 and, except as expressly modified herein, the
Rights Agreement shall remain in full force and effect. The term “Agreement” as used in the Rights Agreement shall be
deemed to refer to the Rights Agreement as amended hereby in Sections 1, 2, and 3 of this Agreement of Substitution and Third
Amendment. Undefined capitalized terms used herein shall have the meanings given to them in the Rights Agreement.

  
	

This Agreement of Substitution and Third 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 date indicated above.

	 	NATIONAL
    VISION, INC. 

     /s/ Mitchell Goodman                                  
    

    Name: Mitchell Goodman

	 	 
	 	AMERICAN STOCK TRANSFER  & TRUST COMPANY 

    /s/ Herbert J. Lemmer                                   
    

    Name:  Herbert J. LemmerEXHIBIT 10.1

 

EXHIBIT 10.1

Independent Auditors Consent

The Supervisory Board

   SAP Aktiengesellschaft Systeme, Anwendungen, Produkte in der
Datenverarbeitung:

We consent to the incorporation by reference in the registration statements on
Form S-8 (Nos. 333-60399, 333-65083, 333-30380, 333-41762, 333-63496, 333-63464
and 333-102564) of SAP Aktiengesellschaft Systeme, Anwendungen, Produkte in der
Datenverarbeitung and subsidiaries (SAP AG) of our report dated February 27,
2004, except for Note 38 which
is as of March 23, 2004,
with respect to the consolidated balance sheets of SAP AG as of December
31, 2003 and 2002, and the related consolidated statements of income, changes
in shareholders equity and cash flows for each of the years in the two-year
period ended December 31, 2003, and the 2003 and 2002 information contained in
the related financial statement schedule, which report appears in the December
31, 2003, annual report on Form 20-F of SAP AG. Our report refers to the change
in SAP AG’s method of accounting for goodwill and intangible assets in 2002.

Our report refers to our audit of the disclosures added to revise the 2001
consolidated financial statements, as more fully described in Note 14 to the
consolidated financial statements and to our audit of the adjustments that were
applied to the 2001 consolidated financial statements, as more fully described
in Note 21 to the consolidated financial statements. However, we were not
engaged to audit, review, or apply any procedures to the 2001 consolidated
financial statements other than with respect to such disclosures and
adjustments.

KPMG Deutsche Treuhand-Gesellschaft

Aktiengesellschaft Wirtschaftsprüfungsgesellschaft

Mannheim, Germany

March 23, 2004EXHIBIT 10.2

 

EXHIBIT 10.2

STATEMENT REGARDING AUDITORS’ CONSENT

The consolidated financial statements of SAP Aktiengesellschaft Systeme,
Anwendungen, Produkte in der Datenverarbeitung (the “Company”) for the year
ended 2001, included in the Company’s Annual Report on Form 20-F, have been
audited by Arthur Andersen Wirschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft mbH (“Arthur Andersen”). On May 3, 2002, the
Company dismissed Arthur Andersen as its independent public accountants and
engaged KPMG Deutsche Treuhand-Gesellschaft Aktiengesellschaft
Wirtschaftsprüfungsgesellschaft to serve as the Company’s independent public
accountants for the fiscal year 2002 and 2003. After reasonable efforts, the
Company has been unable to obtain Arthur Andersen’s consent to the
incorporation by reference into this registration statement on Form 20-F of its
audit report with respect to the Company’s financial statements referenced
above.

Under these circumstances, Rule 437a under the Securities Act permits the
Company to file the Annual Report, which is incorporated by reference into the
Company’s previously filed registration statements on Form S-8 (Nos. 333-60399,
333-65083, 333-30380, 333-41762, 333-63496, 333-63464 and 333-102564) without a
written consent from Arthur Andersen. However, because Arthur Andersen has not
consented to the inclusion of its report in this annual report on Form 20-F, as
incorporated by reference into the above referenced registration statements,
recovery by investors relying on any such registration statement that
incorporates this annual report on Form 20-F by reference may be limited on
certain claims. In particular, and without limitation, purchasers of securities
under each such registration statement may not be able to assert claims against
Arthur Andersen under Section 11(a) of the Securities Act for any untrue
statements of a material fact contained in the financial statements referenced
above and incorporated therein or any omission of a material fact required to
be stated therein. In addition, the ability of Arthur Andersen to satisfy any
claims (including claims arising from Arthur Andersen’s provision of auditing
and other services to the Company) may be limited as a practical matter due to
recent events regarding Arthur Andersen.

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