Document:

EX-10.16 FORM OF SUBSCRIPTION AGREEMENT

 

    [CAPITALSOUTH
    BANCORP LETTERHEAD]

 

    Exhibit 10.16

 

    SUBSCRIPTION
    AGENT AGREEMENT

    September   , 2008

 

    Registrar and Transfer Company

    10 Commerce Drive

    Cranford, New Jersey 07016

 

    Ladies and Gentlemen:

 

    In connection with your appointment as Subscription Agent in the
    transaction described herein, CapitalSouth Bancorp, a Delaware
    corporation (the “Company”), hereby
    confirms its arrangements with you as follows:

 

		
	
    1.  
	
    Stock
    Offerings.

 

    The Company is distributing, at no charge, to the record holders
    of shares of its common stock, par value $1.00 per share
    (“Common Stock”), as of 5:00 p.m.,
    Eastern Time,
    on          ,
    2008 (the “Record Date”),
    non-transferable subscription rights (the
    “Rights”) to subscribe for and purchase
    shares of Common Stock (the “Rights
    Offering”). Each record holder is entitled to
    receive one Right for each share of Common Stock held by such
    record holder at the Record Date. Each Right entitles the holder
    thereof to subscribe
    for          shares
    of Common Stock (the “Basic Subscription
    Right”) at a subscription price of
    $      per share of Common Stock (the
    “Subscription Price”). Each holder of
    Rights who exercises in full his, her or its Basic Subscription
    Right will be entitled, subject to allotment, to subscribe for
    additional shares of Common Stock at the Subscription Price
    pursuant to the Basic Subscription Right (the
    “Over-Subscription Privilege”). To the
    extent that sufficient Unsubscribed Shares (as defined below)
    are not available to honor all Over-Subscription Privilege
    requests, the Unsubscribed Shares will be allocated as described
    in the Prospectus (as defined herein). Rights shall cease to be
    exercisable at 5:00 p.m., Eastern Time,
    on          ,
    2008, unless the Company extends the period for exercising
    Rights until no later
    than          ,
    2008 (as it may be extended, the “Expiration
    Time”). The Company shall notify you orally and
    confirm in writing an extension of the Expiration Time. Rights
    are evidenced by non-transferable rights certificates in
    registered form (“Rights Certificates”).
    The Rights Offering will be conducted in the manner and upon the
    terms and conditions set forth in the Company’s final
    Prospectus, dated as
    of          ,
    2008 (the “Prospectus”), which is
    incorporated herein by reference and made a part hereof as if
    set forth in full herein.

 

		
	
    2.  
	
    Appointment
    of Subscription Agent.

 

    You are hereby appointed as Subscription Agent to effect the
    Rights Offering in accordance with the Prospectus. Each
    reference to you in this letter is to you in your capacity as
    Subscription Agent unless the context indicates otherwise.

 

		
	
    3.  
	
    Delivery
    of Documents.

 

    Enclosed herewith are the following, the receipt of which you
    acknowledge by your execution hereof:

 

    (a) a copy of the Prospectus, attached hereto as
    Annex A;

 

    (b) Form of Rights Certificate, attached hereto as
    Annex B;

 

    (c) Form of Instructions for Use of Rights Certificates,
    attached hereto as Annex C;

 

    (d) Form of Letter to Stockholders that are Record Holders,
    attached hereto as Annex D;

 

    (e) Form of Letter to Stockholders who are Dealers or
    Nominees, attached hereto as Annex E;

 

    (f) Form of Letter to Clients who are Beneficial Holders,
    attached hereto as Annex F; 

 

    (g) Form of Nominee Holder Certification Form, attached
    hereto as Annex G; and

 

    (h) Form of tax guidelines for registered holders, attached
    hereto as Annex H.

 

    As soon as is reasonably practical, you shall mail or cause to
    be mailed to each holder of Common Stock whose address of record
    is within the United States on the Record Date, those documents
    listed above in (a) through (h) as you are instructed,
    in writing, by the Company. Prior to your mailing of the
    documents, the Company will provide you with blank Rights
    Certificates which you will prepare and issue in the names of
    registered record holders of Common Stock at the close of
    business on the Record Date. The Rights Certificate will
    indicate the number of Rights to which they are entitled. The
    Company will also provide you with a sufficient number of copies
    of each of the documents to be mailed with the Rights
    Certificates.

 

    You shall refrain from mailing any documents to any registered
    record holder of Common Stock on the Record Date whose address
    of record is outside the United States, and shall hold such
    Rights Certificates for the account of such stockholder subject
    to such stockholder making arrangements with the Subscription
    Agent satisfactory to you and to the Company for the exercise
    thereby, and following the instructions of the stockholder for
    the exercise of such Rights if such instructions are confirmed
    by the Company and are received at or before 5:00 p.m.,
    Eastern Time,
    on          ,
    2008.

 

		
	
    4.  
	
    Subscription
    Procedure.

 

    (a) Upon your receipt prior to the Expiration Time (by mail
    or delivery), as Subscription Agent, of (i) any Rights
    Certificate completed and endorsed for exercise, as provided on
    the reverse side of the Rights Certificate or Nominee Holder
    Certification from the Depository Trust Company or other
    nominee of the subscriber and (ii) payment in full of the
    aggregate Subscription Price in United States funds by
    (x) certified check payable to Registrar and Transfer
    Company (drawn upon a United States bank), (y) postal,
    telegraphic or express money order payable to Registrar and
    Transfer Company, or (z) wire transfer of immediately
    available funds to accounts maintained by you, you shall, as
    soon as practicable after the Expiration Time, upon written
    instruction of the Company, mail to the appropriate address
    properly listed on the Rights Certificates, stock certificates
    representing the shares of Common Stock duly subscribed for,
    deliver to the Depository Trust Company shares subscribed
    by beneficial owners, and furnish a list of all such information
    to the Company.

 

    (b) As soon as reasonably practical following the
    Expiration Time, you shall calculate the number of shares of
    Common Stock to which each subscriber is entitled pursuant to
    such subscriber’s Over-Subscription Privilege. The
    Over-Subscription Privilege may only be exercised by holders who
    fully exercise their Basic Subscription Right. The maximum
    amount of shares of Common Stock available pursuant to the
    Over-Subscription Privilege shall equal the number of shares of
    Common Stock that have not been subscribed and paid for pursuant
    to the Basic Subscription Right (the “Unsubscribed
    Shares”), it being understood
    that          shares
    are offered for sale. If there are sufficient Unsubscribed
    Shares at the Expiration Time to satisfy all subscriptions of
    record holders exercising their Rights under the
    Over-Subscription Privilege, each holder shall be allotted the
    number of Unsubscribed Shares, at the Subscription Price, having
    a value equal to the amount subscribed for. If there is an
    insufficient number of Unsubscribed Shares at the Expiration
    Time after record holders have exercised Rights under their
    Basic Subscription Right to satisfy all subscriptions of record
    holders exercising their Rights under the Over-Subscription
    Privilege, you will allocate the Unsubscribed Shares among the
    record holders who exercised their Over-Subscription Privilege
    as follows:

 

    (i) To the extent the aggregate Subscription Price of the
    actual number of shares of Common Stock available to a record
    holder pursuant to the Over-Subscription Privilege is less than
    the amount that such record holder actually paid in connection
    with the exercise of the Over-Subscription Privilege, such
    record holder will be allocated only the number of Unsubscribed
    Shares actually available to him. Unsubscribed Shares will be
    allocated among stockholders who over-subscribed by multiplying
    the number of shares requested by each stockholder through the
    exercise of their Over-Subscription Privileges by a fraction
    that equals (x) the number of shares available to be issued
    through Over-Subscription Privileges divided by (y) the
    total number of shares requested by all subscribers through the
    exercise of their Over-Subscription Privileges.

    

    2

 

    (ii) To the extent the amount that a record holder actually
    paid in connection with the exercise of the Over-Subscription
    Privilege is less than the aggregate Subscription Price of the
    actual number of shares of Common Stock available to such record
    holder pursuant to the Over-Subscription Privilege, such record
    holder will be allocated the full number of Unsubscribed Shares
    for which the subscriber paid.

 

    Any fractional shares of Common Stock to which persons
    exercising their Basic Subscription Rights or Over-Subscription
    Privilege would otherwise be entitled shall be rounded down to
    the next whole share of Common Stock.

 

    (c) Upon calculating the number of shares of Common Stock
    to which each subscriber is entitled pursuant to the
    Over-Subscription Privilege and the amount overpaid, if any, by
    each subscriber, you shall, as soon as practicable, furnish a
    list of all such information to the Company.

 

    (d) If a lesser number of Unsubscribed Shares is allotted
    to a subscriber than the subscriber has tendered payment for,
    you shall remit the difference to the registered holder without
    interest or deduction at the same time as certificates are
    mailed.

 

    (e) Funds received by you pursuant to the Rights Offering
    shall be held by you in a segregated account. Upon mailing
    certificates representing the securities and refunding Rights
    Holders for additional shares subscribed for but not allocated,
    if any, you shall promptly remit to the Company all funds
    received in payment of the Subscription Price for shares sold in
    the Rights Offering.

 

		
	
    5.  
	
    Defective
    Exercise of Rights; Lost Rights Certificates.

 

    The Company shall have the absolute right to reject any
    defective exercise of Rights or to waive any defect in exercise.
    Unless requested to do so by the Company, you shall not be under
    any duty to give notification to holders of Rights Certificates
    of any defects or irregularities in subscriptions. Subscriptions
    will not be deemed to have been made until any such defects or
    irregularities have been cured or waived within such time as the
    Company shall determine. You shall as soon as practicable return
    Rights Certificates with the defects or irregularities which
    have not been cured or waived, to the holder of the Rights. If
    any Rights Certificate is alleged to have been lost, stolen or
    destroyed, you should follow the same procedures followed for
    lost stock certificates representing Common Stock you use in
    your capacity as transfer agent for the Common Stock.

 

		
	
    6.  
	
    Other
    Delivery.

 

    You shall deliver to the Company the exercised Rights
    Certificates and record of shares subscribed for by stockholders
    who are beneficial owners in accordance with written directions
    received from the Company, and you shall deliver to third party
    purchasers who have purchased shares in any subsequent offering
    of unsubscribed shares, to their registered addresses,
    certificates representing the securities subscribed for as
    instructed in writing by the Company.

 

		
	
    7.  
	
    Reports.

 

    You shall notify the Company by telephone on or before the close
    of business on each Wednesday and Friday (unless such day is a
    bank holiday) business day during the period commencing on the
    first Friday after the mailing of the Rights and ending at the
    Expiration Time (a “Bi-Weekly Notice”),
    which notice shall thereafter be confirmed in writing, of
    (a) the number of Rights exercised during the period
    covered by such bi-weekly notice, (b) the number of Rights
    for which defective exercises have been received during the
    period covered by such bi-weekly notice, and (c) the
    cumulative total of the information set forth in
    clauses (a) and (b) above. You shall provide such
    notices on a more frequent basis as requested by the Company as
    the Expiration Time approaches. You shall also report the number
    of shares associated with the Rights in (a). At or before
    5:00 p.m., Eastern Time, on the first business day
    following the Expiration Time you shall certify in writing to
    the Company the cumulative total through the Expiration Time of
    all the information set forth above in this paragraph 7.
    You shall also maintain and update a listing of holders who have
    fully or partially

    

    3

 

    exercised their Rights, and holders who have not exercised their
    Rights. You shall provide the Company or its designees with such
    information compiled by you pursuant to this paragraph 7
    upon any request by the Company or its designees.

 

		
	
    8.  
	
    Future
    Instructions.

 

    With respect to notices or instructions to be provided by the
    Company hereunder, you may rely and act on any written
    instruction signed by any of the following officers of the
    Company:

 

    W. Dan Puckett — Chairman and Chief Executive
    Officer

    Carol W. Marsh — Chief Financial Officer

 

		
	
    9.  
	
    Payment
    of Fees and Expenses.

 

    The Company will pay you compensation for acting in your
    capacity as Subscription Agent hereunder as provided in the
    attached Fee Schedule.

 

		
	
    10.  
	
    Indemnification.

 

    The Company covenants and agrees to indemnify and hold you
    harmless against any costs, expenses (including reasonable
    documented fees of legal counsel), losses or damages, which may
    be paid, incurred or suffered by or to which you may become
    subject to, or arising from or out of, any claim or liability
    resulting from your actions as Subscription Agent pursuant
    hereto; provided that such covenant and agreement does
    not extend to such costs, expenses, losses and damages incurred
    or suffered by you as a result of, or arising out of, your own
    gross negligence, misconduct or bad faith or that of any
    affiliates or directors, officers, employees, attorneys and
    agents used by you in connection with the performance of your
    duties as Subscription Agent pursuant hereto.

 

		
	
    11.  
	
    Notices.

 

    Unless otherwise provided herein, all reports, notices and other
    communications required or permitted to be given hereunder shall
    be in writing and delivered by hand or confirmed telecopy or by
    first class U.S. mail, postage prepaid, and shall be
    deemed received upon receipt if delivered by hand or telecopy,
    or three business days after deposit in the U.S. mail if
    delivered by U.S. mail and shall be addressed as follows:

 

    (a) If to the Company, to:

 

    CapitalSouth Bancorp

    2340 Woodcrest Place

    Birmingham, Alabama 35209

    Attention: Carol W. Marsh

    Telephone:
    (205) 870-1939

 

    (b) If to you, to:

 

    Registrar and Transfer Company

    10 Commerce Drive

    Cranford, NJ 07016

    Attention:          

    Telephone:
    908-497-2300
    x          

    Telecopy:
    908-497-2311

 

		
	
    12.  
	
    Miscellaneous.

 

    (a) If any provision of this Agreement shall be held
    illegal, invalid, or unenforceable by any court, this Agreement
    shall be construed and enforced as if such provision had not
    been contained herein and shall be deemed an Agreement among us
    to the full extent permitted by applicable law.

    

    4

 

    (b) In the event that any claim of inconsistency between
    this Agreement and the terms of the Rights Offering arise, as
    they may from time to time be amended, the terms of the Rights
    Offering shall control, except with respect to the duties,
    liabilities and rights, including compensation and
    indemnification of you as Subscription Agent, which shall be
    controlled by the terms of this Agreement.

 

    (c) This Agreement shall be governed by and construed in
    accordance with the laws of the State of Alabama, without giving
    effect to conflict of laws rules or principles, and shall inure
    to the benefit of and be binding upon the successors and assigns
    of the parties hereto; provided that this Agreement may
    not be assigned by any party without the prior written consent
    of all other parties.

 

    (d) No provision of this Agreement may be amended, modified
    or waived, except in a written document signed by both parties.

 

    (e) This Agreement may be executed in two or more
    counterparts, each of which shall be deemed an original, but all
    of which together shall constitute one and the same instrument.

 

    [Signatures
    on Following Page]
    

    

    5

 

    Please acknowledge receipt of this letter and confirm your
    agreement concerning your appointment as Subscription Agent and
    the arrangements herein provided by signing and returning the
    enclosed copy hereof, whereupon this Agreement and your
    acceptance of the terms and conditions herein provided shall
    constitute a binding Agreement between us.

 

    Yours truly,

 

    CAPITALSOUTH BANCORP

 

			
	 	    By: 
	
        

    Name:               

			
	 	    Title: 
	
              

 

    Agreed and Accepted:

 

    REGISTRAR AND TRANSFER COMPANY

 

			
	    By: 
	
        

	 

    Name:               

				
	 	    Title: 
	
              
	 

    

    6EX-4.1

Exhibit 4.1

     FIRST
SUPPLEMENTAL INDENTURE, dated as of September 29, 2008 (this “Supplemental
Indenture”), by and between Wendy’s International, Inc., an Ohio corporation (“Wendy’s”
or the “Company”) and The Huntington National Bank, as trustee (the “Trustee”)
under the Indenture (as defined below).

W I T N E S S E T H:

     WHEREAS, Wendy’s and the Trustee have entered into that certain Indenture dated as of December
14, 1995 (the “Indenture”) providing for the issuance of 7.00% Senior Notes due December
15, 2025 (the “Securities”);

     WHEREAS, pursuant to the transaction contemplated by that certain Agreement and Plan of Merger
dated as of April 23, 2008, among Triarc Companies, Inc., a Delaware corporation
(“Triarc”), Green Merger Sub, Inc., an Ohio corporation and a direct wholly-owned
subsidiary of Triarc (“Merger Sub”) and Wendy’s, Merger Sub merged (the “Merger”)
with and into Wendy’s, with Wendy’s as the surviving entity and a direct wholly-owned subsidiary of
Triarc;

     WHEREAS, Section 801 of the Indenture provides that in the case of the Merger, the surviving
entity shall expressly assume by supplemental indenture the due and punctual payment of the
principal of, and any premium and interest on all of the Securities and the performance or
observance of every covenant of the Indenture on the part of Wendy’s to be performed or observed;

     WHEREAS, pursuant to Section 901 of the Indenture, the Trustee and the Company are authorized
to execute and deliver this Supplemental Indenture; and

     NOW, THEREFORE, in consideration of the foregoing and for good and valuable consideration, the
receipt of which is hereby acknowledged, the Company and the Trustee mutually covenant and agree
for the equal and ratable benefit of the Holders of the Securities as follows:

ARTICLE I

ASSUMPTION BY SURVIVING ENTITY

1.1 Assumptions of the Securities and the Indenture

     Wendy’s, as the surviving entity of the Merger, hereby assumes the Company’s due and punctual
payment of the principal of and any premium and interest on all of the outstanding Securities
issued pursuant to the Indenture and the performance and observance of each other obligation and
covenant set forth in the Indenture to be performed or observed on the part of the Company.

 

 

ARTICLE II

MISCELLANEOUS

2.1 Ratification of Indenture; Supplemental Indenture Part of Indenture

     Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed
and all the terms, conditions and provisions thereof shall remain in full force and effect. This
Supplemental Indenture shall form a part of the Indenture for all purposes, and every holder of
Securities heretofore or hereafter authenticated and delivered shall be bound hereby.

2.2 Severability

     In case any provision in this Supplemental Indenture shall be invalid, illegal or
unenforceable, the validity, legality and enforceability of the remaining provisions shall not in
any way be affected or impaired thereby.

2.3 Capitalized Terms

     Capitalized terms used herein but not defined shall have the meanings assigned to them in the
Indenture.

2.4 Effect of Headings

     The Article and Section headings herein are for convenience only and shall not effect the
construction of this Supplemental Indenture.

2.5 Trustee Makes No Representations

     The Trustee makes no representation as to the validity or sufficiency of this Supplemental
Indenture.

2.6 Certain Duties and Responsibilities of the Trustee

     In entering into this Supplemental Indenture, the Trustee shall be entitled to the benefit of
every provision of the Indenture relating to the conduct or affecting the liability or affording
protection to the Trustee, whether or not elsewhere herein so provided.

2.7 Governing Law

     THIS SUPPLEMENTAL INDENTURE AND THE SECURITIES WILL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK.

2.8 Counterparts

     The parties may sign any number of copies of this Supplemental Indenture. Each signed copy
shall be an original, but all of them together represent one and the same agreement.

2

 

     IN WITNESS WHEREOF, the parties have caused this Supplemental Indenture to be duly
executed as of the date first above written.

	 	 	 	 	 
	 	COMPANY

WENDY’S INTERNATIONAL, INC.

 	 
	 	By:  	/s/ Joseph J. Fitzsimmons
 	 
	 	 	Name:  	Joseph J. Fitzsimmons 	 
	 	 	Title:  	Executive Vice President,
Chief Financial Officer and
Treasurer 	 
	 
	 	TRUSTEE

THE HUNTINGTON NATIONAL BANK

 	 
	 	By:  	/s/ James C. Schultz
 	 
	 	 	Name:  	James C. Schultz 	 
	 	 	Title:  	Vice President

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