EXHIBIT - h(1)(d)
CUSTOMER IDENTIFICATION SERVICES AMENDMENT
This Customer Identification Services Amendment (this "AMENDMENT") amends,
as of the 1st day of October, 2003 (the "EFFECTIVE DATE"), the Shareholder
Services Agreement, dated February 4, 1994, between Meridian Fund, Inc. (the
"COMPANY" or the "FUND") and PFPC Inc. ("PFPC") (the "AGREEMENT").
For valuable consideration, the receipt and sufficiency of which the
parties hereto hereby acknowledge, the Company and PFPC hereby agree as follows:
SECTION 1 (ADDITION OF CIP SERVICES SECTION TO THE AGREEMENT). As of the
Effective Date, the Agreement shall (without any further action by either of the
parities hereto) be amended by the addition of the following:
"CIP SERVICES. To help the Fund comply with its Customer
Identification Program (which the Fund is required to have under
regulations issued under Section 326 of the USA PATRIOT Act) PFPC
will do the following:
(a) Implement procedures under which new accounts in the Fund are
not established unless PFPC has obtained the name, date of
birth (for natural persons only), address and
government-issued identification number (collectively, the
"DATA ELEMENTS") for each corresponding CUSTOMER (as defined
in 31 CFR 103.131).
(b) Use collected Data Elements to attempt to reasonably verify
the identity of each new Customer promptly before or after
each corresponding new account is opened. Methods may consist
of non-documentary methods (for which PFPC may use
unaffiliated information vendors to assist with such
verifications) and documentary methods (as permitted by 31 CFR
103.131), and may include procedures under which PFPC
personnel perform enhanced due diligence to verify the
identities of Customers the identities of whom were not
successfully verified through the first-level (which will
typically be reliance on results obtained from an information
vendor) verification process(es).
(c) Record the Data Elements and maintain records relating to
verification of new Customers consistent with 31 CFR
103.131(b)(3).
(d) Regularly report to the Fund about measures taken under
(a)-(c) above.
(e) If PFPC provides services by which prospective Customers may
subscribe for shares in the Fund via the Internet or
telephone, work with the Fund to notify prospective Customers,
consistent with 31 CFR 103.(b)(5), about the Fund's CIP.
(f) Set forth on a separate fee schedule compensation amounts due
for these CIP Services.
Notwithstanding anything to the contrary, and without expanding the
scope of the express language above, PFPC need not collect the Data
Elements for (or verify) prospective customer (or accounts) beyond
the requirements of relevant regulation (for example, PFPC will not
verify customers opening accounts through NSCC) and
PFPC need not perform any task that need not be performed for the
fund to be in compliance with relevant regulation.
The Fund hereby represents and warrants that each of the portfolios
serviced by PFPC, and each legal entity of which such portfolio is a
part, has, and will at all times during which this Agreement is in
effect maintain in place, a written agreement with each such other
portfolio and entity, under which all such parties may rely upon the
Customer Identification Programs of any other with respect to
prospective investors who are then existing customers of such other.
Given such inter-company (or inter-fund) agreement(s), PFPC need not
perform steps (a)-(0 above with respect to any subscriber who is
then a customer of any other fund within the same "fund family" as
the Fund."
SECTION 2 (GENERAL PROVISIONS). This Amendment contains the entire
understanding between the parties with respect to the services contemplated
hereby. Except as expressly set forth herein, the Agreement shall remain
unaffected hereby.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed by their duly authorized officers, as of the day and year first above
written.
Meridian Fund, Inc.
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
Title: Treasurer
PFPC INC.
By: /s/ Xxxxx X. Xxxxxx
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Name: Xxxxx X. Xxxxxx
Title: Vice President and Director Transfer Agent Division
August 6,2003
Meridian Fund, Inc.
60 E. Xxx Xxxxxxx Xxxxx Blvd.
Xxxx Island, Xxxxx 000
Xxxxxxxx, XX 00000
RE: CUSTOMER IDENTIFICATION SERVICES FEES
Dear Sir/Madam:
This letter constitutes our agreement with respect to compensation to be
paid to PFPC Inc. ("PFPC") solely for Customer Identification Services provided
under Section 20 of the Transfer Agency Services Agreement dated February 5,1994
between Meridian Fund ("you" or the "Fund") and PFPC (the "Agreement"), as
amended. The Fund will pay PFPC fees, as follows:
- $2.25 per customer verification
- $.02 per month per search result stored
After the one year anniversary of the effective date of the Agreement,
PFPC may adjust the fees described above once per calendar year, upon thirty
(30) days prior written notice in an amount not to exceed the cumulative
percentage increase in the Consumer Price Index for All Urban Consumers (CPI-U)
U.S. City Average, All items (unadjusted) - (1982-84=100), published by the U.S.
Department of Labor since the last such adjustment in these fees (or the
Effective Date absent a prior such adjustment).
The fees described above are in addition to, and in no way affect, other
fees to which the parties hereto have agreed (or in the future agree) with
respect to the Agreement and related services.
If the foregoing accurately sets forth our agreement and you intend to be
legally bound thereby, please execute a copy of this letter and
return it to us.
Very truly yours,
PFPC INC.
By: /s/ Xxxxx X. Xxxxxx
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Name: Xxxxx X. Xxxxxx
Title: Vice President and Director
Transfer Agent Division
Agreed and accepted:
Meridian Fund, Inc.
By: /s/ Xxxxx X. Xxxxxxx
----------------------
Name: Xxxxx X. Xxxxxxx
Title: Treasurer
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