XXXXXX INTERNATIONAL EQUITY FUND
DISTRIBUTOR'S CONTRACT
Distributor's Contract dated June 10, 2005, by and between XXXXXX
INTERNATIONAL EQUITY FUND, a Massachusetts business trust (the "Fund"),
and XXXXXX RETAIL MANAGEMENT LIMITED PARTNERSHIP, a Massachusetts limited
partnership ("Putnam").
WHEREAS, the Fund and Putnam are desirous of entering into this agreement
to provide for the distribution by Xxxxxx of shares of the Fund;
NOW, THEREFORE, in consideration of the mutual agreements contained in the
Terms and Conditions of Distributor's Contract attached to and forming a
part of this Contract (the "Terms and Conditions"), the Fund hereby
appoints Xxxxxx as a distributor of shares of the Fund, and Xxxxxx hereby
accepts such appointment, all as set forth in the Terms and Conditions.
A copy of the Agreement and Declaration of Trust of the Fund is on file
with the Secretary of The Commonwealth of Massachusetts and notice is
hereby given that this instrument is executed on behalf of the Trustees of
the Fund as Trustees and not individually, and that the obligations of or
arising out of this instrument are not binding upon any of the Trustees,
officers or shareholders individually but are binding only upon the assets
and property of the Fund.
IN WITNESS WHEREOF, XXXXXX INTERNATIONAL EQUITY FUND and XXXXXX RETAIL
MANAGEMENT LIMITED PARTNERSHIP have each caused this Distributor's
Contract to be signed in its behalf, all as of the day and year first
above written.
XXXXXX INTERNATIONAL EQUITY FUND
/s/ Xxxxxxx X. Xxxxxx
By: _______________________________
Xxxxxxx X. Xxxxxx
Executive Vice President,
Associate Treasurer and
Principal Executive Officer
XXXXXX RETAIL MANAGEMENT
LIMITED PARTNERSHIP
/s/ Xxxxxxx X. Xxxxxxxx
By: _______________________________
Xxxxxxx X. Xxxxxxxx
President
TERMS AND CONDITIONS
OF
DISTRIBUTOR'S CONTRACT
1. Reservation of Right Not to Sell. The Fund reserves the right to
refuse at any time or times to sell any of its shares of beneficial
interest ("shares") hereunder for any reason deemed adequate by it.
2. Payments to Xxxxxx. In connection with the distribution of shares of
the Fund, Xxxxxx will be entitled to receive: (a) payments pursuant to
any Distribution Plan and Agreement from time to time in effect between
the Fund and Xxxxxx with respect to the Fund or any particular class of
shares of the Fund, (b) any contingent deferred sales charges applicable
to the redemption of shares of the Fund or of any particular class of
shares of the Fund, determined in the manner set forth in the then current
Prospectus and Statement of Additional Information of the Fund and (c)
subject to the provisions of Section3 below, any front-end sales charges
applicable to the sale of shares of the Fund or of any particular class of
shares of the Fund, less any applicable dealer discount.
3. Sales of Shares to Xxxxxx and Sales by Xxxxxx. Xxxxxx will have the
right, as principal, to sell shares of the Fund to investment dealers
against orders therefor (a) at the public offering price (calculated as
described below) less a discount determined by Xxxxxx, which discount
shall not exceed the amount of the sales charge referred to below, or (b)
at net asset value. Upon receipt of an order to purchase Fund shares from
an investment dealer with whom Xxxxxx has a Sales Contract, Xxxxxx will
promptly purchase shares from the Fund to fill such order. The public
offering price of a class of shares shall be the net asset value of such
shares then in effect, plus any applicable front-end sales charge
determined in the manner set forth in the then current Prospectus and
Statement of Additional Information of the Fund or as permitted by the
Investment Company Act of 1940, as amended, and the Rules and Regulations
of the Securities and Exchange Commission promulgated thereunder. In no
event shall the public offering price exceed 1000/915ths of such net asset
value, and in no event shall any applicable sales charge exceed 8 1/2% of
the public offering price. The net asset value of the shares shall be
determined in the manner provided in the Agreement and Declaration of
Trust of the Fund as then amended and when determined shall be applicable
to transactions as provided for in the then current Prospectus and
Statement of Additional Information of the Fund.
Xxxxxx will also have the right, as principal, to purchase shares from the
Fund at their net asset value and to sell such shares to the public
against orders therefor at the public offering price or at net asset
value.
Xxxxxx will also have the right, as principal, to sell shares at their net
asset value and not subject to a contingent deferred sales charge to such
persons as may be approved by the Trustees of the Fund, all such sales to
comply with the provisions of the Investment Company Act of 1940, as
amended, and the Rules and Regulations of the Securities and Exchange
Commission promulgated thereunder.
Xxxxxx will also have the right, as agent for the Fund, to sell shares at
the public offering price or at net asset value to such persons and upon
such conditions as the Trustees of the Fund may from time to time
determine.
On every sale the Fund shall receive the applicable net asset value of the
shares. Xxxxxx will reimburse the Fund for any increased issue tax paid
on account of sales charges. Upon receipt of registration instructions in
proper form and payment for shares, Xxxxxx will transmit such instructions
to the Fund or its agent for registration of the shares purchased.
4. Sales of Shares by the Fund. The Fund reserves the right to issue
shares at any time directly to its shareholders as a stock dividend or
stock split and to sell shares to its shareholders or to other persons
approved by Xxxxxx at not less than net asset value.
5. Repurchase of Shares. Xxxxxx will act as agent for the Fund in
connection with the repurchase of shares by the Fund upon the terms and
conditions set forth in the then current Prospectus and Statement of
Additional Information of the Fund.
6. Basis of Purchases and Sales of Shares. Xxxxxx will use its best
efforts to place shares sold by it on an investment basis. Xxxxxx does
not agree to sell any specific number of shares. Shares will be sold by
Xxxxxx only against orders therefor. Xxxxxx will not purchase shares from
anyone other than the Fund except in accordance with Section 5, and will
not take "long" or "short" positions in shares contrary to the Agreement
and Declaration of Trust of the Fund.
7. Rules of NASD, etc. Xxxxxx will conform to the Rules of Fair Practice
of the National Association of Securities Dealers, Inc. and the sale of
securities laws of any jurisdiction in which it sells, directly or
indirectly, any shares. Xxxxxx also agrees to furnish to the Fund
sufficient copies of any agreements or plans it intends to use in
connection with any sales of shares in adequate time for the Fund to file
and clear them with the proper authorities before they are put in use, and
not to use them until so filed and cleared.
8. Xxxxxx Independent Contractor. Xxxxxx shall be an independent
contractor and neither Xxxxxx nor any of its officers or employees as such
is or shall be an employee of the Fund. Xxxxxx is responsible for its own
conduct and the employment, control and conduct of its agents and
employees and for injury to such agents or employees or to others through
its agents or employees. Xxxxxx assumes full responsibility for its
agents and employees under applicable statutes and agrees to pay all
employer taxes thereunder.
Xxxxxx will maintain at its own expense insurance against public liability
in such an amount as the Trustees of the Fund may from time to time
reasonably request.
9. Expenses. Xxxxxx will pay all expenses of qualifying shares for sale
under the so-called "Blue Sky" laws of any state (except expenses of any
action by the Trust relating to its Agreement and Declaration of Trust or
other matters approved by the Trustees), and expenses of preparing,
printing and distributing advertising and sales literature. Xxxxxx shall
not be responsible for any expenses of registering shares under the
Securities Act of 1933, as amended, or the preparation, printing and
distribution of Prospectuses, Statements of Additional Information and
shareholders reports, except that Xxxxxx will pay the cost of the printing
and distributing any Prospectuses, Statements of Additional Information
and shareholders' reports used by it and by others in the offer or sale of
shares to persons who, at the time of such offer or sale were not already
shareholders of the Fund, to the extent such cost is not paid by others.
10. Indemnification of Fund. Xxxxxx agrees to indemnify and hold harmless
the Fund and each person who has been, is, or may hereafter be a Trustee
of the Fund against expenses reasonably incurred by any of them in
connection with any claim or in connection with any action, suit or
proceeding to which any of them may be a party, which arises out of or is
alleged to arise out of any misrepresentation or omission to state a
material fact, or out of any alleged misrepresentation or omission to
state a material fact, on the part of Xxxxxx or any agent or employee of
Xxxxxx or any other person for whose acts Xxxxxx is responsible or is
alleged to be responsible unless such misrepresentation or omission was
made in reliance upon written information furnished by the Fund. Xxxxxx
also agrees likewise to indemnify and hold harmless the Fund and each such
person in connection with any claim or in connection with any action, suit
or proceeding which arises out of or is alleged to arise out of Xxxxxx'x
(or an affiliate of Xxxxxx'x) failure to exercise reasonable care and
diligence with respect to its services rendered in connection with
investment, reinvestment, automatic withdrawal and other plans for shares.
The term "expenses" includes amounts paid in satisfaction of judgments or
in settlements which are made with Xxxxxx'x consent. The foregoing rights
of indemnification shall be in addition to any other rights to which the
Fund or a Trustee may be entitled as a matter of law.
11. Assignment Terminates this Contract; Amendments of this Contract.
This Contract shall automatically terminate, without the payment of any
penalty, in the event of its assignment. This Contract may be amended
only if such amendment be approved either by action of the Trustees of the
Fund or at a meeting of the shareholders of the Fund by the affirmative
vote of a majority of the outstanding shares of the Fund, and by a
majority of the Trustees of the Fund who are not interested persons of the
Fund or of Xxxxxx by vote cast in person at a meeting called for the
purpose of voting on such approval.
12. Effective Period and Termination of this Contract. This Contract
shall take effect upon the date first above written and shall remain in
full force and effect continuously (unless terminated automatically as set
forth in Section 11) until terminated as follows:
(a) Either by the Fund or Xxxxxx by not more than sixty (60) days' nor
less than ten (10) days' written notice delivered or mailed by registered
mail, postage prepaid, to the other party; or
(b) If the continuance of this Contract is not specifically approved at
least annually by the Trustees of the Fund or the shareholders of the Fund
by the affirmative vote of a majority of the outstanding shares of the
Fund, and by a majority of the Trustees of the Fund who are not interested
persons of the Fund or of Xxxxxx by vote cast in person at a meeting
called for the purpose of voting on such approval, then this Contract
shall automatically terminate at the close of business on the second
anniversary of its execution, or upon the expiration of one year from the
effective date of the last such continuance, whichever is later.
Action by the Fund under (a) above may be taken either (i) by vote of its
Trustees or (ii) by the affirmative vote of a majority of the outstanding
shares of the Fund. The requirement under (b) above that continuance of
this Contract be "specifically approved at least annually" shall be
construed in a manner consistent with the Investment Company Act of 1940,
as amended, and the Rules and Regulations thereunder.
Termination of this Contract pursuant to this Section 12 shall be without
the payment of any penalty.
13. Certain Definitions. For the purposes of this Contract, the
"affirmative vote of a majority of the outstanding shares of the Fund"
means the affirmative vote, at a duly called and held meeting of
shareholders of the Fund, (a) of the holders of 67% or more of the shares
of the Fund present (in person or by proxy) and entitled to vote at such
meeting, if the holders of more than 50% of the outstanding shares of the
Fund entitled to vote at such meeting are present in person or by proxy,
or (b) of the holders of more than 50% of the outstanding shares of the
Fund entitled to vote at such meeting, whichever is less.
For the purposes of this Contract, the terms "interested person" and
"assignment" shall have the meanings defined in the Investment Company Act
of 1940, as amended, subject, however, to such exemptions as may be
granted by the Securities and Exchange Commission under said Act.
