THE SELECT SECTOR SPDR(R) TRUST
PARTICIPANT AGREEMENT
This Participant Agreement (the "Agreement") is entered into by and among
ALPS Distributors, Inc. (the "Distributor"), State Street Bank and Trust
Company, as transfer agent (the "Transfer Agent") and
_______________________________ [Participant's Name and NSCC#] (the
"Participant") and is subject to acceptance by The Select Sector SPDR Trust (the
"Trust"). The Trust is an open-end management investment company organized as a
Massachusetts business trust consisting of separate investment portfolios (each,
a "Fund" and collectively, the "Funds"). The Distributor has been retained as
principal underwriter of the Trust and provides certain services in connection
with the sale and distribution of shares of beneficial interest of the Funds
(the "Shares"). The Transfer Agent has been retained to provide certain transfer
agency services with respect to the purchase and redemption of Shares.
As specified in the Trust's prospectuses and statements of additional
information, as may be amended or supplemented from time to time (together, the
"Prospectus"), Shares may be purchased or redeemed from a Fund only in
aggregations of a specified number of Shares as set forth in the Prospectus
(each, a "Creation Unit" and collectively, the "Creation Units"). The Prospectus
describes the primary form of consideration to be provided to the applicable
Fund by the Participant for its own account or on behalf of any party for which
it is acting (whether a customer or otherwise) ("Participant Client"), which
generally includes a designated portfolio of securities (the "Deposit
Securities") and/or cash. Creation Units shall generally be redeemed in exchange
for Fund securities ("Fund Securities") and/or cash, as described in the
Prospectus. The Participant also pays applicable transaction fees ("Transaction
Fees") and Taxes (as defined below). All references to "cash" shall refer to US
Dollars. Capitalized terms not otherwise defined herein are used herein as
defined in the Prospectus.
This Agreement is intended to set forth the terms and procedures pursuant
to which the Participant may create and/or redeem Creation Units through the
Continuous Net Settlement ("CNS") clearing processes of the National Securities
Clearing Corporation ("NSCC") as such processes have been enhanced to effect
purchases and redemptions of Creation Units, such processes being referred to
herein as the "Clearing Process", or (ii) outside the Clearing Process (i.e.,
through the facilities of The Depository Trust Company ("DTC")).
The parties hereto in consideration of the premises and of the mutual
agreements contained herein agree as follows:
1. STATUS AND ROLE OF PARTICIPANT.
a. CLEARING STATUS. The Participant represents, covenants and warrants that
with respect to orders for the purchase of Creation Units ("Creation
Orders") or orders for the redemption of Creation Units ("Redemption
Orders" and, together with "Creation Orders", "Orders") of any Fund (i) by
means of the Clearing Process, it is a member in good standing of the NSCC
and a participant in the CNS System of the NSCC and agrees that it will
remain in good standing throughout the term of this Agreement (a
"Participating Party"); (ii) outside the Clearing Process, it is a DTC
Participant (a "DTC Participant"); and (iii) it has the ability to transact
through the Federal Reserve System. The Participant may place Orders either
through the Clearing Process or outside the Clearing Process, subject to
the procedures for purchase and redemption of Creation Units set forth in
the Prospectus, this Agreement and all attachments hereto, as may be
amended from time to time (the "Procedures"). Any change in the foregoing
status of Participant shall terminate this
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Agreement and Participant shall give prompt notice to the Distributor,
Transfer Agent and the Trust of such change.
b. BROKER-DEALER STATUS. The Participant represents, covenants and warrants
that it is (i) registered as a broker-dealer under the Securities Exchange
Act of 1934, as amended, (ii) qualified to act as a broker or dealer in the
states or other jurisdictions where it transacts business, and (iii) a
member in good standing of the Financial Industry Regulatory Authority
("FINRA"). The Participant agrees that it will maintain such registrations,
qualifications and membership in good standing and in full force and effect
throughout the term of this Agreement. The Participant further agrees to
comply with all applicable U.S. federal laws, the laws of the states or
other jurisdictions concerned, and the rules and regulations promulgated
thereunder and with the Constitution, By-Laws and Conduct Rules of FINRA
(including any NASD Rules that remain operative until such rules are
subsequently renamed, repealed, rescinded or are otherwise replaced by
FINRA Rules), and that it will not offer or sell Shares of any Fund in any
state or jurisdiction where they may not lawfully be offered and/or sold.
Any change in the foregoing status of Participant shall result in the
automatic termination of this Agreement and Participant shall give prompt
notice to the Distributor, Transfer Agent and the Trust of such change.
c. UNDERWRITER STATUS. The Participant understands and acknowledges that
the method by which Creation Units will be created and traded may raise
certain issues under applicable securities laws. For example, because new
Creation Units of Shares may be issued and sold by a Fund on an ongoing
basis, a "distribution", as such term is used in the Securities Act of
1933, as amended ("1933 Act"), may occur at any point. The Participant
understands and acknowledges that some activities on its part, depending on
the circumstances, may result in it being deemed a participant in a
distribution in a manner which could render it a statutory underwriter and
subject it to the prospectus delivery and liability provisions of the 1933
Act. The Participant also understands and acknowledges that dealers who are
not "underwriters," but who effect transactions in Shares, whether or not
participating in the distribution of Shares, are generally required to
deliver a prospectus.
d. AGENCY. The Participant shall have no authority in any transaction to
act as agent of the Distributor, Transfer Agent, the Trust or their agents.
The Participant acknowledges and agrees that for all purposes of this
Agreement, the Participant will be deemed to be an independent contractor.
The Participant agrees to make itself and its employees available, upon
request, during normal business hours to consult with the Trust, the
Transfer Agent or the Distributor or their designees concerning the
performance of the Participant's responsibilities under this Agreement.
e. RIGHTS AND OBLIGATIONS AS DTC PARTICIPANT. The Participant agrees that
in connection with any transactions in which it acts for a Participant
Client, including, without limitation, for any other DTC Participant or
indirect participant, or any other beneficial owner of Shares (each, a
"Beneficial Owner"), that it shall extend to any such party all of the
rights, and shall be bound by all of the obligations, of a DTC Participant,
in addition to any obligations that it undertakes hereunder or in
accordance with the Prospectus.
f. QUALIFIED INSTITUTIONAL BUYER STATUS. The Participant represents,
covenants and warrants that it currently is, and will continue to be
throughout the term of this Agreement, a "qualified institutional buyer" as
such term is defined in Rule 144A of the 1933 Act. Any change in the
foregoing status of Participant shall terminate this Agreement and
Participant shall give prompt notice to the Distributor, Transfer Agent and
the Trust of such change.
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g. NO AFFILIATION. The Participant represents, covenants and warrants that,
during the term of this Agreement, it will not be an affiliated person of a
Fund, a promoter or a principal underwriter of a Fund or an affiliated
person of such persons, except to the extent that the Participant may be
deemed to be an affiliated person under 2(a)(3)(A) or 2(a)(3)(C) of the
Investment Company Act of 1940, as amended (the "1940 Act"), due to
ownership of Shares. The Participant shall give prompt notice to the
Distributor, Transfer Agent and the Trust of any change to the foregoing
status.
h. AGENT FOR PROXY. The Participant represents, covenants and warrants
that, from time to time, it may be a Beneficial Owner or legal owner of
Shares. The Participant agrees to irrevocably appoint the Distributor as
its attorney and proxy with full authorization and power to vote (or
abstain from voting) its beneficially or legally owned Shares which the
Participant has not rehypothecated and which the Participant is or may be
entitled to vote at any meeting of shareholders of the Trust held after the
effective date of this Agreement, whether annual or special and whether or
not an adjourned meeting, or, if applicable, to give written consent with
respect thereto. The Distributor intends to vote (or abstain from voting)
such Shares in the same proportion as the votes (or abstentions) of all
other shareholders of the corresponding Fund ("Mirror Vote") on any matter
submitted to the vote of shareholders of such Fund with complete
independence from and without any regard to any views, statements or
interests of the Participant, its affiliates or any other person. The
Participant acknowledges that any Mirror Vote cast by the Distributor with
respect to any shareholders' meeting will likely be an approximation of the
true shareholder vote since the Distributor anticipates that it will be
requested to vote such Shares in advance of any actual shareholders'
meeting (e.g., 24 hours in advance).
For purposes of this Section 1.h., beneficially owned Shares shall not
include those Shares for which the Participant is the record owner but
which are held for the benefit of third parties or in customer or fiduciary
accounts in the ordinary course of business, unless the Participant
instructs the Distributor in writing otherwise. The Participant
acknowledges that the Distributor will not exercise the voting rights
applicable to such Shares unless the Participant instructs the Distributor
in writing otherwise. For the avoidance of doubt, it shall be the
responsibility of the Participant to instruct the Distributor in writing as
to which Shares will/will not be voted by the attorney pursuant to this
Section 1.h. The Participant represents that it has all the necessary legal
power and authority to vote, and to appoint an attorney and proxy to vote,
all such Shares as contemplated herein.
The Distributor, as attorney and proxy for the Participant hereunder: (i)
is hereby given full power of substitution and revocation; (ii) may act
through such agents, nominees, or attorneys as it may appoint from time to
time; and (iii) may provide voting instructions to such agents, nominees,
or substitute attorneys. The powers of such attorney and proxy shall
include (without limiting its general powers hereunder) the power to
receive and waive any notice of any meeting on behalf of the Participant.
The Distributor may terminate this irrevocable proxy (i.e., Section 1.h.)
after sixty (60) days written notice to the Participant and termination of
this irrevocable proxy by itself shall not serve to terminate the
Agreement.
2. EXECUTION OF ORDERS (GENERAL TERMS).
a. PURCHASE AND REDEMPTION OF CREATION UNITS. All Orders shall be handled
by each party hereto in accordance with the terms of the Prospectus and
this Agreement (which includes the Procedures). Each party hereto agrees to
comply with the provisions of such documents to the
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extent applicable to it. In the event of a conflict between the Prospectus
and the Procedures, the Prospectus shall control.
b. NSCC. Solely with respect to orders for the purchase or redemption of
Creation Units through the Clearing Process, the Participant as a
Participating Party hereby authorizes the Transfer Agent or its designee to
transmit to NSCC on behalf of the Participant such instructions, including
Share and cash amounts as are necessary with respect to the purchase and
redemption of Creation Units, consistent with the instructions issued by
the Participant. The Participant agrees to be bound by the terms of such
instructions issued by the Transfer Agent or its designee on behalf of the
Trust and reported to NSCC as though such instructions were issued by the
Participant directly to NSCC.
c. CONSENT TO RECORDING. It is contemplated that the phone lines used by
the Distributor, the Transfer Agent and/or their affiliated persons will be
recorded, and the Participant hereby consents to the recording of all calls
with any of those parties.
d. IRREVOCABILITY. The Participant acknowledges and agrees on behalf of
itself and any Participant Client that delivery of any Order shall be
irrevocable, provided that the Trust, Transfer Agent and the Distributor on
behalf of the Trust each reserve the right to reject any Order for any
reason.
e. PROSPECTUS DELIVERY. The Participant understands a current Prospectus
and all required reports for each applicable Fund are available at
xxx.xxxxx.xxx (or any successor website). The Distributor will provide to
the Participant copies of the prospectus, and the Participant consents to
the delivery of all prospectuses electronically by e-mail at
___________________@_________________.com [Participant's e-mail address].
The Participant agrees to maintain a valid e-mail address and further
agrees to promptly notify the other parties if its e-mail address changes.
The Participant can revoke this consent upon written notice to the other
parties. Notwithstanding the foregoing, the Distributor agrees to provide
to the Participant upon request a reasonable number of paper copies of
either (i) a Fund's statutory prospectus or (ii) in the sole discretion of
the Distributor, a Fund's summary prospectus in accordance with Rule 498
under the 1933 Act (or any successor rule). The Participant acknowledges
receipt of the Prospectus and represents it has reviewed the Prospectus and
understands the terms thereof, and further acknowledges that the procedures
contained therein pertaining to the purchase and redemption of Shares are
incorporated herein by reference.
3. EXECUTION OF ORDERS FOR CREATION UNITS.
a. TITLE TO SECURITIES; RESTRICTED SHARES. The Participant represents on
behalf of itself and any Participant Client that, upon delivery of a
portfolio of Deposit Securities to the Trust's custodian ("Custodian")
and/or relevant sub-custodian ("Sub-Custodian"), the Trust will acquire
good and unencumbered title to such securities, free and clear of all
liens, restrictions, charges, duties and encumbrances and not subject to
any adverse claims, including, without limitation, any restriction upon the
sale or transfer of such securities imposed by (i) any agreement or
arrangement entered into by the Participant or any Participant Client in
connection with a transaction to purchase Shares or (ii) any provision of
the 1933 Act and regulations thereunder (except that portfolio securities
of issuers other than U.S. issuers shall not be required to have been
registered under the Securities Act if exempt from such registration), or
of the applicable laws or regulations of any other applicable jurisdiction,
and no such securities are "restricted securities," as such term is used in
Rule 144(a)(3)(i) of the 1933 Act.
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b. CORPORATE ACTIONS. With respect to any Creation Order of a particular
Fund, such Fund acknowledges and agrees to return to the Participant any
dividend, distribution or other corporate action paid to the Fund in
respect of any Deposit Security transferred to the Fund that, based on the
valuation of such Deposit Security at the time of transfer, should have
been paid to the Participant or Participant Client.
c. BENEFICIAL OWNERSHIP. The Participant represents and warrants to the
Distributor, Transfer Agent and the Trust that (based upon the number of
outstanding Shares of each Fund made publicly available by the Trust) (i)
it does not hold, and will not as a result of the contemplated transaction
hold, for the account of any single Beneficial Owner of Shares of the
relevant Fund, eighty percent (80%) or more of the outstanding Shares of
the relevant Fund, or (ii) if it does hold for the account of any single
Beneficial Owner of Shares of the relevant Fund, eighty percent (80%) or
more of the outstanding Shares of the relevant Fund, that such a
circumstance would not result in the Fund acquiring a basis in the
portfolio securities deposited with the Fund with respect to an order to
create Shares in such Fund different from the market value of such
portfolio securities on the date of such order, pursuant to Section 351 and
362 of the Internal Revenue Code of 1986, as amended. Such representation
and warranty shall be deemed repeated with respect to each Creation Order
for each Fund. If more than one Beneficial Owner is combined in any
Creation Order, this representation is made by taking into account all such
Beneficial Owners' ownership of Shares as a group. The Participant
understands and agrees that the order form relating to any Creation Order
of any Fund shall state substantially the same foregoing representations
and warranties.
The Distributor, Transfer Agent or the Trust may request information from
the Participant regarding Share ownership and to rely thereon to the extent
necessary to make a determination regarding ownership of eighty percent
(80%) or more of the outstanding Fund Shares by a Beneficial Owner as a
condition to the acceptance of Deposit Securities.
d. SUB-CUSTODIAN ACCOUNT. The Participant understands and agrees that in
the case of each Fund that invests in international or global equity
securities, the Trust has caused its Custodian to maintain with the
applicable Sub-Custodian for such Fund an account in the relevant foreign
jurisdiction to which the Participant shall deliver or cause to be
delivered the Deposit Securities for itself or any Participant Client in
connection with any Creation Order, with any appropriate adjustments as
advised by such Sub-Custodian or Fund, in accordance with the terms and
conditions applicable to such account in such jurisdiction.
e. DEPOSIT SECURITIES AND/OR RELEVANT CASH AMOUNTS. The Participant
understands that the amount of any cash and the identity and the required
number of Deposit Securities, as applicable, to be included with respect to
any Creation Order (based on information at the end of the previous
Business Day) for each Fund will be made available on each Business Day,
prior to the opening of business on the New York Stock Exchange ("NYSE")
through the facilities of the NSCC. The Participant understands that a
Creation Unit will not be issued until the requisite cash and/or Deposit
Securities, as applicable, Transaction Fees and Taxes (as defined below)
are transferred to the Trust on or before the settlement date in accordance
with the Prospectus and in accordance with any instructions provided by the
Trust, the Custodian and/or Sub-Custodian with respect to cash payments,
delivery and settlement.
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4. EXECUTION OF REDEMPTION REQUESTS.
a. ORDER PLACEMENT. The Participant represents, covenants and warrants that
it will not attempt to place a Redemption Order unless it first ascertains
that (a) it or the Participant Client, as the case may be, owns outright or
has full legal authority and legal beneficial right to tender for
redemption the requisite number of Shares to be redeemed and receive the
entire proceeds of the redemption, and (b) such Shares have not been loaned
or pledged to another party nor are they the subject of a repurchase
agreement, securities lending agreement or such other arrangement which
would preclude the delivery of such Shares in accordance with the
Prospectus and on a "regular way" basis, or as otherwise required by the
Trust. The Participant understands that Shares of any Fund may be redeemed
only when one or more Creation Units of Shares are held in the account of a
single Participant. In the event that the Distributor, Transfer Agent
and/or the Trust believes that a Participant does not have the requisite
number of Shares to be redeemed as a Creation Unit, the Distributor,
Transfer Agent and/or Trust may reject without liability the Participant's
Redemption Order.
b. ADDITIONAL PAYMENT ON REDEMPTION. In the event that the Participant
receives Fund Securities the value of which exceeds the net asset value of
the applicable Fund at the time of redemption, the Participant agrees to
pay, on the same business day it is notified, or cause the Participant
Client to pay, on such day, to the applicable Fund an amount in cash equal
to the difference.
c. CORPORATE ACTIONS. The Participant on behalf of itself and any
Participant Client acknowledges and agrees to return to the applicable Fund
any dividend, interest, distribution or other corporate action paid to it
or to Participant Client in respect of any Fund Security that is
transferred to the Participant or any Participant Client that, based on the
valuation of such Fund Security at the time of transfer, should have been
paid to the Fund. The Fund is entitled to reduce the amount of proceeds due
to the Participant or Participant Client by an amount equal to any
dividend, interest distribution or other corporate action paid to the
Participant or to Participant Client in respect of any Fund Security that
is transferred to the Participant or to Participant Client that, based on
the valuation of such Fund Security at the time of transfer, should have
been paid to the Fund.
5. PARTICIPANT RECORDS, POLICIES AND REPRESENTATIONS.
a. MAINTENANCE OF RECORDS. The Participant agrees to maintain records of
all sales of Shares made by or through it and to furnish copies of such
records to the Trust, Transfer Agent and/or the Distributor upon request.
b. PRIVACY. The Participant represents that it has procedures in place that
are reasonably designed to protect the privacy of non-public personal
consumer/customer financial information to the extent required by
applicable U.S. Federal and state laws, rules and regulations and will
continue to do so throughout the term of this Agreement.
c. SHAREHOLDER INFORMATION. The Participant agrees: (i) subject to any
privacy obligations or other obligations arising under the federal or state
securities laws it may have to its customers, to assist the Distributor
and/or the Trust in ascertaining certain information regarding sales of
Shares made by or through Participant upon the request of the Trust or the
Distributor necessary for the Funds to comply with their obligations to
distribute information to their shareholders as may be required from time
to time under applicable state or federal securities laws, or (ii) in lieu
thereof,
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and at the option of the Participant, the Participant may undertake to
deliver to its customers that are shareholders of the Funds, the
Prospectuses, as may be amended or supplemented from time to time, proxy
material, annual and other reports of the Funds or other similar
information that the Funds are obligated or otherwise desire to deliver to
their shareholders, after receipt from the Funds or the Distributor of
sufficient, reasonable quantities of the same to allow mailing thereof to
such customers.
d. ANTI-MONEY LAUNDERING. The Participant represents, covenants and
warrants that it has established an anti-money laundering program ("AML
Program") that, at a minimum, (i) designates a compliance officer to
administer and oversee the AML Program, (ii) provides ongoing employee
training, (iii) includes an independent audit function to test the
effectiveness of the AML Program, (iv) establishes internal policies,
procedures, and controls that are tailored to its particular business, (v)
includes a customer identification program consistent with the rules under
section 326 of the USA Patriot Act, (vi) provides for the filing of all
necessary anti-money laundering reports including, but not limited to,
currency transaction reports and suspicious activity reports, (vii)
provides for screening all new and existing customers against reports and
suspicious activity reports, (vii) provides for screening all new and
existing customers against the Office of Foreign Asset Control list and any
other government list that is or becomes required under the USA Patriot
Act, and (viii) allows for appropriate regulators to examine its anti-money
laundering books and records. The Participant agrees that, throughout the
term of this Agreement, it will maintain the AML Program in substantial
conformity with the foregoing provisions as may be amended or supplemented
by applicable U.S. federal regulations. Any change in the foregoing shall
result in the automatic termination of this Agreement, and Participant
shall give prompt notice to the Distributor, Transfer Agent and the Trust
of such change.
e. MARKETING MATERIALS. The Participant represents, warrants and agrees
that it will not make any representations concerning a Fund, the Trust,
Creation Units or Shares other than those contained in the Prospectus or in
any promotional materials or sales literature furnished to the Participant
by the Distributor. The Participant agrees not to furnish or cause to be
furnished to any person or display or publish any information or materials
relating to a Fund, Creation Units or Shares (including, without
limitation, promotional materials and sales literature, advertisements,
press releases, announcements, statements, posters, signs or other similar
materials, but not including any materials prepared and used for the
Participant's internal use only or brokerage communications prepared by the
Participant in the normal course of its business and consistent with the
Prospectus and in accordance with applicable laws and regulations)
("Marketing Materials"), except such Marketing Materials as may be
furnished to the Participant by the Distributor and such other Marketing
Materials as may be approved in writing by the Distributor. The Participant
understands that the Funds may not be advertised or marketed as open-end
investment companies (i.e., as mutual funds) that offer redeemable
securities, and that any advertising materials will prominently disclose
that the Shares are not individually redeemable shares of beneficial
interest in the Trust. In addition, the Participant understands that any
advertising material that addresses redemptions of Shares, including the
Prospectus, will disclose that the owners of Shares may acquire Shares and
tender Shares for redemption to the Trust in Creation Unit aggregations
only. Notwithstanding the foregoing, the Participant or an affiliate of the
Participant may, without the written approval of the Distributor, prepare
and circulate in the regular course of its business research reports that
include information, opinions or recommendations relating to a Fund (i) for
public dissemination, provided that such research reports compare the
relative merits and benefits of Shares with other products and are not used
for purposes of marketing Shares and (ii) for internal use by the
Participant. The Participant acknowledges that the Trust, Distributor,
Transfer Agent, the Trust's investment adviser and their
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affiliates may disclose that the Participant is acting as an authorized
participant with respect to the Trust's Shares and has entered into this
Agreement.
6. AUTHORIZED PERSONS.
a. CERTIFICATION. Concurrently with the execution of this Agreement and
from time to time thereafter, the Participant shall deliver to the
Distributor, the Transfer Agent and the Trust, duly certified as
appropriate by its secretary or other duly authorized official, a
certificate, in the form set forth in Attachment B (or pursuant to other
documentation deemed acceptable by the Trust, Transfer Agent or Distributor
in their sole discretion) (the "Certificate"), setting forth the names,
signatures and other requested information of all persons authorized to
give instructions relating to any activity contemplated hereby or any other
notice, request or instruction on behalf of the Participant (each an
"Authorized Person"). Such Certificate may be accepted and relied upon by
the Transfer Agent, the Distributor and the Trust as conclusive evidence of
the facts set forth therein and shall be considered to be in full force and
effect until delivery to the Transfer Agent, the Distributor and the Trust
of a superseding Certificate bearing a subsequent date.
b. PERSONAL IDENTIFICATION NUMBER. The Transfer Agent or Distributor, as
the case may be, shall issue to each Authorized Person a unique personal
identification number ("PIN") by which such Authorized Person and the
Participant shall be identified and instructions issued by the Participant
hereunder shall be authenticated.
c. TERMINATION OF AUTHORITY. Upon the termination or revocation of
authority of such Authorized Person by the Participant, the Participant
shall give prompt written notice of such fact to the Distributor, Transfer
Agent and the Trust and such notice shall be effective upon receipt by the
Distributor, Transfer Agent and the Trust.
d. VERIFICATION. The Transfer Agent and Distributor shall assume that all
instructions issued to them using a PIN have been properly placed by an
Authorized Person, unless the Transfer Agent or Distributor, as the case
may be, has actual knowledge to the contrary or the Participant has
properly revoked such PIN as provided herein. Neither the Distributor nor
the Transfer Agent shall have any obligation to verify that an Order is
being placed by an Authorized Person.
7. PAYMENT OF CERTAIN FEES AND TAXES.
a. TRANSACTION FEES. In connection with the purchase or redemption of
Creation Units, the Participant agrees to pay on behalf of itself or the
Participant Client the Transaction Fee prescribed in the Prospectus as
applicable to the Participant's transaction. The Trust reserves the right
to adjust any Transaction Fee subject to any limitation as prescribed in
the Prospectus.
b. OTHER FEES AND TAXES. In connection with the purchase or redemption of
Creation Units, the Participant acknowledges and agrees that the
computation of any cash amount to be paid by or to the Participant shall
exclude any taxes or other fees and expenses payable upon the transfer of
beneficial ownership of Deposit Securities or Fund Securities. To the
extent any payment of any transfer tax, sales or use tax, stamp tax,
recording tax, value added tax or any other similar tax, fee or government
charge (collectively, "Taxes") applicable to the purchase or redemption of
any Creation Units made pursuant to this Agreement is imposed, the
Participant shall be also responsible for the payment of any such Taxes
regardless of whether or not such Taxes are imposed directly on the
Participant. To the extent the Trust, the Distributor or their agents pay
any such Taxes or they are otherwise imposed, the Participant agrees to
promptly indemnify and
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pay such party for any such payment, together with any applicable
penalties, additions to tax or interest thereon. This section shall survive
the termination of this Agreement.
8. INDEMNIFICATION.
This Section 8 shall survive the termination of this Agreement.
PARTICIPANT'S INDEMNIFICATION OF THE DISTRIBUTOR, TRANSFER AGENT AND TRUST.
The Participant hereby agrees to indemnify and hold harmless the
Distributor, Transfer Agent, Trust and their respective subsidiaries,
affiliates, directors, officers, partners, members, employees and agents,
and each person, if any, who controls such persons within the meaning of
Section 15 of the 1933 Act (each an "AP Indemnified Party") from and
against any loss, liability, cost or expense suffered or incurred by such
AP Indemnified Party resulting from, in connection with or arising out of
(i) any breach by the Participant of any provision of this Agreement, (ii)
any failure by Participant for any reason, fraudulent, negligent or
otherwise, to comply with its obligations under this Agreement, (iii) any
failure by the Participant to comply with applicable laws, including rules
and regulations of self-regulatory organizations ("SROs"), in relation to
its role as Participant, (iv) any actions of such AP Indemnified Party in
reliance upon any instructions issued in accordance with the Procedures (as
may be amended from time to time) believed by the Distributor, the Transfer
Agent and/or the Trust to be genuine and to have been given by the
Participant or (v)(1) any representation by the Participant, its employees
or its agents or other representatives about the Funds, Trust, Creation
Units, Shares or any AP Indemnified Party that is not consistent with the
Trust's then-current Prospectus made in connection with the offer or the
solicitation of an offer to buy or sell Shares and (2) any untrue statement
or alleged untrue statement of a material fact contained in any research
reports, Marketing Material or sales literature described in Section 5.e.
hereof or any alleged omission to state therein a material fact required to
be stated therein or necessary to make the statements therein not
misleading to the extent that such statement or omission relates to the
Funds, Trust, Creation Units, Shares or any AP Indemnified Party unless, in
either case, such representation, statement or omission was made or
included by the Participant at the written direction of the Trust or the
Distributor or is based upon any omission or alleged omission by the Trust
or the Distributor to state a material fact in connection with such
representation, statement or omission necessary to make such
representation, statement or omission not misleading. Notwithstanding the
foregoing, the Participant shall not have any obligation to indemnify any
AP Indemnified Party under this Section 8 for any such losses, liabilities,
damages, costs or expenses that are incurred as a result of, or in
connection with, any gross negligence, bad faith or willful misconduct on
the part of such AP Indemnified Party.
9. LIMITATION OF LIABILITY.
This Section 9 shall survive the termination of this Agreement.
a. EXPRESS DUTIES. The Distributor and the Transfer Agent undertake to
perform such duties and only such duties as are expressly set forth herein,
or expressly incorporated herein by reference, and no implied covenants or
obligations shall be read into this Agreement against the Distributor or
the Transfer Agent. The parties understand and agree that the Trust is a
limited a party to this Agreement for the sole purpose of accepting such
Agreement. Accordingly, the Trust has not agreed to undertake any
obligations under this Agreement nor made any representations or warranties
under this Agreement and no implied covenants or obligations shall be read
into this Agreement against the Trust.
9
The Trust's Declaration of Trust (as may be amended and/or restated) (each,
a "Declaration of Trust") which is hereby referred to and a copy of which
is on file with the Secretary of the Commonwealth of Massachusetts,
provides that the name The Select Sector SPDR Trust means the Trustees from
time to time serving (as Trustees but not personally) under such
Declaration of Trust. It is expressly acknowledged and agreed that to the
extent the Trust hereunder shall have been deemed to have obligations
hereunder, such obligations shall not be binding upon any of the
shareholders, Trustees, officers, employees or agents of the Trust,
personally, but shall bind only the trust property of the Trust, as
provided in its Declaration of Trust. The execution and delivery of this
Agreement have been authorized by the Trustees of the Trust and signed by
an officer of the Trust, acting as such, and neither such authorization by
such Trustees nor such execution and delivery by such officer shall be
deemed to have been made by any of them individually or to impose any
liability on any of them personally, but shall bind only the trust property
of the Trust as provided in its Declaration of Trust.
The Distributor and the Transfer Agent each agree that no provision in this
Section 9 shall relieve such party from its obligations to a Trust under
any servicing agreement that it has entered into with such Trust.
b. LIMITED LIABILITY. In the absence of bad faith, gross negligence or
willful misconduct on its part, neither the Distributor nor the Transfer
Agent, whether acting directly or through agents, affiliates or attorneys,
shall be liable for any action taken, suffered or omitted or for any error
of judgment made by any of them in the performance of their duties
hereunder. Neither the Distributor nor the Transfer Agent shall be liable
for any error of judgment made in good faith unless the party exercising
such shall have been grossly negligent in ascertaining the pertinent facts
necessary to make such judgment. In no event shall the Distributor or the
Transfer Agent be liable for any special, indirect, incidental, exemplary,
punitive or consequential loss or damage of any kind whatsoever (including
but not limited to loss of revenue, loss of actual or anticipated profit,
loss of contracts, loss of the use of money, loss of anticipated savings,
loss of business, loss of opportunity, loss of market share, loss of
goodwill or loss of reputation), even if such parties have been advised of
the likelihood of such loss or damage and regardless of the form of action.
In no event shall the Distributor or the Transfer Agent be liable for: (i)
the acts or omissions of DTC, NSCC or any other securities depository or
clearing corporation; or (ii) losses incurred by the Participant or
Participant Client as a result of unauthorized use of any PIN. Further, the
Distributor shall not be liable for any action or failure to take any
action with respect to the voting matters set forth in Section 1.h. above.
c. FORCE MAJEURE. Neither the Distributor nor the Transfer Agent shall be
responsible or liable for any failure or delay in the performance of their
obligations under this Agreement arising out of or caused, directly or
indirectly, by circumstances beyond its reasonable control, including
without limitation, acts of God; earthquakes; fires; floods; wars; civil or
military disturbances; terrorism; sabotage; epidemics; riots;
interruptions; loss or malfunction of utilities, computer (hardware or
software) or communications service; accidents; labor disputes; acts of
civil or military authority or governmental actions.
d. RELIANCE ON INSTRUCTIONS. The Distributor and the Transfer Agent may
conclusively rely upon, and shall be fully protected in acting or
refraining from acting upon, any communication authorized under this
Agreement and the Procedures and upon any written or oral instruction,
notice, request, direction or consent reasonably believed by them to be
genuine.
10
e. NO ADVANCEMENT BY TRANSFER AGENT. The Transfer Agent shall not be
required to advance, expend or risk its own funds or otherwise incur or
become exposed to financial liability in the performance of its duties
hereunder, except as may be required as a result of its own gross
negligence, willful misconduct or bad faith.
f. DATA ERRORS AND COMMUNICATION DELAYS. Neither the Distributor nor the
Transfer Agent shall be liable to the Participant or to any other person
for any damages arising out of mistakes or errors in data provided to the
Distributor or the Transfer Agent by a third party, or out of interruptions
or delays of electronic means of communications with the Distributor or the
Transfer Agent.
10. NOTICES. Except as otherwise specifically provided in this Agreement, all
notices and amendments required or permitted to be given pursuant to this
Agreement shall be given in writing and delivered by (i) personal delivery,
(ii) postage prepaid registered or certified United States first class
mail, return receipt requested, (iii) overnight traceable mail (e.g.,
Federal Express), (iv) facsimile, (v) electronic mail (e-mail) or (vi)
similar means of same day delivery. Unless otherwise notified in writing,
all notices to the Trust shall be given or sent as follows: State Street
Bank and Trust Company, XX Xxx 0000, Xxxxxx, XX 00000, Attn.: The Select
Sector SPDR Trust.
All notices to the Participant, Distributor or Transfer Agent, as the case
may be, shall be directed to the address, telephone, facsimile numbers or
e-mail addresses indicated below the signature line of such party;
provided, however, in the case of communications by the Distributor or
Transfer Agent to the Participant with respect to any Order as detailed in
the Procedures, the Distributor and Transfer Agent shall contact an
Authorized Person or other Participant designee at such telephone number,
e-mail address or facsimile number provided by such person.
11. TERMINATION AND AMENDMENT. This Agreement shall become effective in this
form as of the date accepted by the Trust and may be terminated at any time
by any party upon thirty days prior notice to the other parties (i) unless
earlier terminated by the Trust in the event of a breach of this Agreement
or the Procedures described herein by the Participant or (ii) in the event
that the Trust is terminated for any reason.
This Agreement may be amended by the Trust from time to time by the
following procedure: the Trust will provide a copy of any such amendment to
the Distributor, the Transfer Agent and the Participant. If neither the
Distributor, the Transfer Agent nor the Participant objects in writing to
the amendment within ten (10) days, the amendment will become part of this
Agreement in accordance with its terms. Notwithstanding the foregoing, the
Trust reserves the right to revise the Procedures or issue additional
procedures relating to the manner of creating or redeeming Creation Units
and the Participant, the Transfer Agent and the Distributor each agree to
comply with such Procedures as may be issued from time to time.
12. ENTIRE AGREEMENT. This Agreement and the Procedures, which are hereby
incorporated herein by reference, supersede any prior agreement between or
among the parties with respect to the subject matter contained herein and
constitute the entire agreement among the parties regarding the matters
contained herein.
13. ASSIGNMENT. No party may assign its rights or obligations under this
Agreement (in whole or in part) without the prior written consent of the
other parties, which shall not be unreasonably withheld; provided that, any
party may assign its rights and obligations hereunder (in whole, but
11
not in part) without such consent to an entity acquiring all, or
substantially all of its assets or business or to an affiliate so long as
the acquiring entity is able to comply and fulfill the duties and
obligations under this Agreement.
14. SEVERANCE. If any provision of this Agreement is held by any court or any
act, regulation, rule or decision of any other governmental or
supranational body or authority or regulatory or self-regulatory
organization to be invalid, illegal or unenforceable for any reason, it
shall be invalid, illegal or unenforceable only to the extent so held and
shall not affect the validity, legality or enforceability of the other
provisions of this Agreement so long as this Agreement, as so modified,
continues to express, without material change, the original intentions of
the parties as to the subject matter of this Agreement and the deletion of
such portion of this Agreement will not substantially impair the respective
benefits, obligations, or expectations of the parties to this Agreement.
15. COUNTERPARTS. This Agreement may be executed in several counterparts, each
of which shall be an original and all shall constitute but one and the same
instrument.
16. GOVERNING LAW. This Agreement shall be governed by and interpreted in
accordance with the laws of the Commonwealth of Massachusetts without
regard to the conflicts of laws provisions thereof. The parties irrevocably
submit to the personal jurisdiction and service and venue of any federal or
state court within the Commonwealth of Massachusetts having subject matter
jurisdiction, for the purpose of any action, suit or proceeding arising out
of or relating to this Agreement.
17. TRUST AS THIRD PARTY BENEFICIARY. The parties understand and agree that the
Trust, as a third party beneficiary to this Agreement, is entitled and
intend to proceed directly against the Participant in the event that the
Participant fails to honor any of its obligations pursuant to this
Agreement that benefit the Trust.
18. INTERPRETATION. Titles and section headings are included solely for
convenient reference and are not a part of this Agreement.
See next page for signatures
12
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed as of the __ day of _________________________________, 2009.
ALPS DISTRIBUTORS, INC.
BY:
------------------------------------
PRINTED NAME:
--------------------------
TITLE:
---------------------------------
ADDRESS: 0000 Xxxxxxxx, Xxxxx 0000
Xxxxxx, XX 00000
TELEPHONE: (000) 000-0000
FACSIMILE: (000) 000-0000
STATE STREET BANK AND TRUST COMPANY
BY:
------------------------------------
PRINTED NAME: Xxxxxx X. Xxxxxxxxxx
TITLE: Vice Chairman
ADDRESS: X.X. Xxx 0000
Xxxxxx, XX 00000-0000
TELEPHONE: (000) 000-0000
FACSIMILE: (000) 000-0000
PARTICIPANT:
NAME:
----------------------------------
NSCC#:
---------------------------------
TAX ID#:
-------------------------------
BY:
------------------------------------
PRINTED NAME:
--------------------------
TITLE:
---------------------------------
ADDRESS:
-------------------------------
TELEPHONE:
-----------------------------
FACSIMILE:
-----------------------------
E-MAIL:
--------------------------------
13
ACCEPTED BY:
THE SELECT SECTOR SPDR TRUST
BY:
------------------------------------
PRINTED NAME: Xxxx X. Xxxxxx
TITLE: President
14
ATTACHMENT A
This document supplements the Prospectus with respect to the procedures to
be used by (i) the Transfer Agent and Distributor in processing orders for the
purchase of Creation Units of a Fund ("Creation Orders") and (ii) the Transfer
Agent in processing orders redeeming Creation units of a Fund ("Redemption
Orders," and together with Creation Orders, "Orders").
A Participant is required to have signed the Participant Agreement. Upon
acceptance by the Trust of the Participant Agreement, the Transfer Agent or
Distributor, as the case may be, will assign a personal identification number
("PIN") to each Authorized Person authorized to act for the Participant. This
will allow a Participant through its Authorized Person(s) to place an order with
respect to Creation Units.
TO PLACE AN ORDER FOR PURCHASE OR REDEMPTION OF CREATION UNITS
1. Orders by Telephone.
a. Order Number. Call to Receive an Order Number. An Authorized Person for
the Participant will call the telephone representative at the number listed
on the applicable Fund's order form ("Order Form") not later than the
cut-off time for placing Orders with the applicable Fund as set forth in
the Order Form (the "Order Cut-Off Time") to receive an Order Number.
Non-standard Orders generally must be arranged with the Trust in advance of
Order placement. The Order Form (as may be revised from time to time) is
incorporated into and made a part of this Agreement.
Upon verifying the authenticity of the caller (as determined by the use of
the appropriate PIN) and the terms of the Order, the telephone
representative will issue a unique Order Number. All Orders with respect to
the purchase or redemption of Creation Units are required to be in writing
and accompanied by the designated Order Number. Incoming telephone calls
are queued and will be handled in the sequence received. Calls placed
before the Order Cut-Off Time will be processed even if the call is taken
after this cut-off time. ACCORDINGLY, DO NOT HANG UP AND REDIAL. INCOMING
CALLS THAT ARE ATTEMPTED LATER THAN THE ORDER CUT-OFF TIME WILL NOT BE
ACCEPTED.
NOTE THAT THE TELEPHONE CALL IN WHICH THE ORDER NUMBER IS ISSUED INITIATES
THE ORDER PROCESS BUT DOES NOT ALONE CONSTITUTE THE ORDER. AN ORDER IS ONLY
COMPLETED AND PROCESSED UPON RECEIPT OF WRITTEN INSTRUCTIONS VIA THE ORDER
FORM CONTAINING THE DESIGNATED ORDER NUMBER, AUTHORIZED INDIVIDUALS'
SIGNATURES AND TRANSMITTED BY FACSIMILE.
b. Place the Order. An Order Number is only valid for a limited time. The
Order Form for purchase or redemption of Creation Units must be sent by
facsimile to the telephone representative within 20 minutes of the issuance
of the Order Number. In the event that the Order Form is not received
within such time period, the telephone representative will attempt to
contact the Participant to request immediate transmission of the Order.
Unless the Order Form is received by the telephone representative upon the
earlier of (i) within 15 minutes of contact with the Participant or (ii) 45
minutes after the Order Cut-Off Time, the Order will be deemed invalid.
A-1
c. Await Receipt of Confirmation.
(i) Clearing Process. The Distributor (in the case of purchases) or
the Transfer Agent (in the case of redemptions) shall issue a
confirmation of Order acceptance within approximately 15 minutes
of its receipt of an Order Form received in good form. In the
event the Participant does not receive a timely confirmation from
the Distributor or the Transfer Agent, it should contact the
telephone representative at the business number indicated.
(ii) Outside the Clearing Process. In lieu of receiving a confirmation
of Order acceptance, the DTC Participant will receive an
acknowledgment of Order acceptance. The DTC Participant shall
deliver on settlement date the Deposit Securities and/or cash (in
the case of purchases) or the Creation Unit size aggregation of
Shares on trade date plus one (in the case of redemptions) to the
Trust through DTC. The Trust shall settle the transaction on the
prescribed settlement date.
d. Ambiguous Instructions. In the event that an Order Form contains terms
that differ from the information provided in the telephone call at the time
of issuance of the Order Number, the telephone representative will attempt
to contact the Participant to request confirmation of the terms of the
Order. If an Authorized Person confirms the terms as they appear in the
Order Form then the Order will be accepted and processed. If an Authorized
Person contradicts its terms, the Order will be deemed invalid and a
corrected Order Form must be received by the telephone representative not
later than the earlier of (i) within 15 minutes of such contact with the
Participant or (ii) 45 minutes after the Order Cut-Off Time. If the
telephone representative is not able to contact an Authorized Person, then
the Order shall be accepted and processed in accordance with the terms of
the Order Form notwithstanding any inconsistency from the terms of the
telephone information. In the event that an Order Form contains terms that
are illegible, as determined in the sole discretion of the Transfer Agent
or Distributor (in the case of a Creation Order) or the Transfer Agent (in
the case of a Redemption Order), the Order will be deemed invalid and will
not be processed. A telephone representative will attempt to contact the
Participant to request retransmission of the Order Form, and a corrected
Order Form must be received by the telephone representative not later than
the earlier of (i) within 15 minutes of such contact with the Participant
or (ii) 45 minutes after the Order Cut-Off Time.
2. Election to Place Orders by Internet.
a. General. Notwithstanding the foregoing provisions, Orders may be
submitted through the Internet ("Web Order Site" or "Fund Connect"), but
must be done so in accordance with the terms of this Agreement, the
Prospectus, the Web Order Site, the State Street Fund Connect Buy-Side User
Agreement (which must be separately entered into by the Participant) (the
"Fund Connect Agreement") and the applicable Fund Connect User Guide (or
any successor documents). To the extent that any provision of this
Agreement is inconsistent with any provision of any Fund Connect Agreement,
the Fund Connect Agreement shall control with respect to State Street's
provision of the Web Order Site; provided, however, it is not the intention
of the parties to otherwise modify the rights, duties and obligations of
the parties under the Agreement, which shall remain in full force and
effect until otherwise expressly modified or terminated in accordance with
its terms. Notwithstanding the forgoing, the Participant acknowledges that
references to the applicable Fund Connect User Guide (or any successor
documents) contained herein are for instructional purposes only, and such
Fund Connect User
A-2
Guide (or any successor documents) does not contain any additional
representations, warranties or obligations by the Trust, the Transfer
Agent, the Distributor or their respective agents.
b. Certain Acknowledgements. The Participant acknowledges and agrees (i)
that the Trust, the Transfer Agent, the Distributor and their respective
agents may elect to review any Order placed through the Web Order Site
manually before it is executed and that such manual review may result in a
delay in execution of such Order; (ii) that during periods of heavy market
activity or other times, it may be difficult to place Orders via the Web
Order Site and the Participant may place Orders as otherwise set forth in
Attachment A; and (iii) that any transaction information, content, or data
downloaded or otherwise obtained through the use of the Web Order Site are
done at the Participant's own discretion and risk.
EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED IN THE FUND CONNECT AGREEMENT AND
TO THE EXTENT PERMITTED BY APPLICABLE LAW, THE PARTICIPANT ACKNOWLEDGES AND
AGREES THAT THE WEB ORDER SITE IS PROVIDED "AS IS," "AS AVAILABLE" WITH ALL
FAULTS AND WITHOUT ANY WARRANTY OF ANY KIND. SPECIFICALLY, WITHOUT LIMITING
THE FOREGOING, ALL WARRANTIES, CONDITIONS, OTHER CONTRACTUAL TERMS,
REPRESENTATIONS, INDEMNITIES AND GUARANTEES WITH RESPECT TO THE WEB ORDER
SITE, WHETHER EXPRESS, IMPLIED OR STATUTORY, ARISING BY LAW, CUSTOM, PRIOR
ORAL OR WRITTEN STATEMENTS BY THE TRUST, THE TRANSFER AGENT, THE
DISTRIBUTOR OR THEIR RESPECTIVE AGENTS, AFFILIATES, LICENSORS OR OTHERWISE
(INCLUDING, BUT NOT LIMITED TO AS TO TITLE, SATISFACTORY QUALITY, ACCURACY,
COMPLETENESS, UNINTERRUPTED USE, NON-INFRINGEMENT, TIMELINESS,
TRUTHFULNESS, SEQUENCE, COMPLETENESS, MERCHANTABILITY OR FITNESS FOR
PARTICULAR PURPOSE AND ANY IMPLIED WARRANTIES, CONDITIONS AND OTHER
CONTRACTUAL TERMS ARISING FROM TRADE USAGE, COURSE OF DEALING OR COURSE OF
PERFORMANCE) ARE HEREBY OVERRIDDEN, EXCLUDED AND DISCLAIMED.
c. Election to Terminate Placing Orders by Internet. The Participant may
elect at any time to discontinue placing Orders through the Web Order Site
without providing notice under the Agreement.
3. Acknowledgment Regarding Telephone and Internet Transactions. During
periods of heavy market activity or other times, the Participant
acknowledges it may be difficult to reach the Trust by telephone or to
transact business over the Internet via the Web Order Site. Technological
irregularities may also make the use of the Internet and Web Order Site
slow or unavailable at times. The Trust may terminate the receipt of
redemption or exchange Orders by telephone or the Internet at any time, in
which case you may redeem or exchange Shares by other means.
4. Purchase of Creation Units Without Receipt of Deposit Securities. Creation
Units of the Fund may be purchased in advance of receipt by the Trust of
all or a portion of the applicable Deposit Securities, provided that the
Participant deposits an initial deposit of cash with the Trust having a
value greater than the net asset value of the Shares on the date the Order
is placed in proper form. In addition to available Deposit Securities and
cash that generally comprise a Creation Unit, cash must be deposited in an
amount equal to 115% of the market value of any undelivered Deposit
Securities (the "Additional Cash Deposit"). The Order shall be deemed to be
received on the Business Day on which the Order is placed provided that the
Order is placed in proper form prior to Order Cut-Off Time on such date and
cash in the appropriate amount is
A-3
deposited with the Custodian by 1:00 p.m. Eastern Time or such other time
as designated by the Custodian on settlement date. If the Order is not
placed in proper form by Order Cut-Off Time or federal funds in the
appropriate amount are not received by 1:00 p.m. Eastern Time on settlement
date, then the Order may be deemed to be rejected and the Participant shall
be liable to the Trust for losses, if any, resulting therefrom. An
additional amount of cash shall be required to be deposited with the Trust,
pending delivery of the missing Deposit Securities to the extent necessary
to maintain an amount of cash on deposit with the Trust at least equal to
115% of the daily marked to market value of the missing Deposit Securities.
In the event that additional cash is not paid, the Trust may use the cash
on deposit to purchase the missing Deposit Securities. The Participant will
be liable to the Trust for the costs incurred by the Trust in connection
with any such purchases and the Participant shall be liable to the Trust
for any shortfall between the cost to the Trust of purchasing any missing
Deposit Securities and the value of the collateral. These costs will be
deemed to include the amount by which the actual purchase price of the
Deposit Securities exceeds the market value of such Deposit Securities on
the day the Creation Order was deemed received by the Distributor plus the
brokerage and related transaction costs associated with such purchases. The
Trust will return any unused portion of the Additional Cash Deposit once
all of the missing Deposit Securities have been properly received by the
Custodian or purchased by the Trust and deposited into the Trust. The Trust
shall charge and the Participant agrees to pay to the Trust the Transaction
Fee and any additional fees prescribed in the Prospectus. The delivery of
Creation Units of the Fund so created will occur no later than the
prescribed settlement date following the day on which the Creation Order is
deemed received by the Distributor.
A-4
ATTACHMENT B
AUTHORIZED PERSONS
THE SELECT SECTOR SPDR TRUST
The following individuals are Authorized Persons pursuant to Section 6 of
the Participant Agreement between ALPS Distributors, Inc., State Street Bank and
Trust Company and
,
------------------------------------- -------------------------------------
Participant Name NSCC #
TELEPHONE E-MAIL CITY OF
NAME(1) TITLE(1) SIGNATURE(1) NUMBER(2) ADDRESS(2) BIRTH(2)
------- -------- ------------ --------- ---------- --------
Date:
------------------------------------
Certified By (Signature):
----------------
Print Name:
------------------------------
Title:
-----------------------------------
----------
(1) Required information.
(2) Required information to use the Web Order Site.
B-1
