Exhibit 4.5


 


EXECUTION VERSION


 


 


 


 


OLDEN
LANE TRUST
SERIES 3


 


SERIES
MSA SUPPLEMENT


 


DATED
AS OF: MARCH 28,
2017


 


This Series
Master Services Agreement Supplement (the “Series MSA Supplement”) relating to Olden Lane Trust Series 3 (“Series
3 of Trust”) among the Trust, Olden Lane Securities LLC, as Depositor, Olden Lane Advisors LLC, as Evaluator and Supervisor,
and The Bank of New York Mellon, as Custodian, Transfer Agent and Administrator, sets forth certain provisions in full and incorporates
other provisions by reference to the document entitled “Master Services Agreement For Olden Lane Trust, Effective for Unit
Investment Trusts Investing in Equity Securities, Debt Securities and/or Derivative Transactions Established On and After November
19, 2015” (the “Master Services Agreement”) and such provisions as are set forth in full and such provisions
as are incorporated by reference constitute a single instrument.


 


WITNESSETH
THAT:


 


In consideration
of the premises and of the mutual agreements herein contained, the Trust, the Depositor, the Custodian, the Transfer Agent, the
Administrator, the Evaluator and the Supervisor agree with respect to the Series 3 of Trust as follows:


 


PART I


 


MASTER
SERVICES AGREEMENT


 


The Trust hereby
appoints Olden Lane Securities LLC, as Depositor, Olden Lane Advisors LLC, as Evaluator and Supervisor and The Bank of New York
Mellon as Custodian, Transfer Agent and Administrator of the Series 3 of Trust, and by their execution and delivery hereof, Olden
Lane Securities LLC, Olden Lane Advisors LLC and The Bank of New York Mellon accept their respective appointments.


 


Subject to
the provisions of Part II hereof, all the provisions contained in the Master Services Agreement are herein incorporated by reference
in their entirety and shall be deemed to be a part of this instrument as fully and to the same extent as though said provisions
had been set forth in full in this instrument. In the event of any inconsistency between the provisions of this Series MSA Supplement
and the provisions of the Master Services Agreement, the Series MSA Supplement will prevail. All capitalized terms used and not
otherwise defined herein shall have the meaning ascribed to them in the Master Services Agreement.


 


PART II


 


SPECIAL
TERMS AND CONDITIONS
OF OLDEN LANE
TRUST SERIES
3


 


The Series 3 of Trust specifies the following special terms
and conditions:


 


1. The Securities
for the Series 3 of Trust listed in Part 1 of Schedule A hereto have been deposited with the Custodian by the Depositor or its
designee. Listed in Part 2 of Schedule A are Contract Securities; the Depositor or its designee will deliver to the Custodian the
Securities represented by such Contract Securities as provided in the Master Services Agreement.


 


2. The aggregate
number of Units for the Series 3 of Trust described in Section 2.03(a) of the Master Services Agreement shall be that number of
Units set forth under “Statement of Financial Condition—Number of Units” in the Prospectus for the Series 3 of
Trust.




    	 



    	 



    

3. The
undivided beneficial interest in and ownership of the Series 3 of Trust represented by each Unit thereof is a fractional amount,
the numerator of which is one and the denominator of which shall be the amount set forth under “Statement of Financial Condition—Number
of Units” in the Prospectus for the Series 3 of Trust.


 


4. For each
Security, the Underlying Asset to Unit Ratio for the Series 3 of Trust shall be equal to the ratio of (i) the “Aggregate
Principal Amount” in respect of such Securities set forth under “Trust Portfolio—Portfolio Composition”
in the Prospectus for Series 3 of Trust to (ii) the number of Units for Series 3 of Trust set forth under “Statement of Financial
Condition—Number of Units” in the Prospectus for the Series 3 of Trust.


 


5.The term “Record Dates” shall
mean the “Record Dates” set forth under “Essential Information” in


the Prospectus for the Series 3 of Trust.


 


6.The term “Distribution Dates”
shall mean the “Distribution Dates” set forth under “Essential


Information” in the Prospectus for the Series 3 of
Trust.


 


7.There shall be no “Deferred Sales Charge”
or “Deferred Sales Charge Payment Dates.”


 


8.The term “Business Day” shall
be as defined in the Master Services Agreement.


 


9. The term
“Trading Day” shall mean a Business Day that is also a “trading day” as set forth in footnote no.
2 under the section entitled “Essential Information” in the Prospectus for the Series 3 of Trust.


 


10. The term
“Mandatory Termination Date” shall mean the “Termination Date” set forth under “Essential
Information” in the Prospectus for the Series 3 of Trust, subject to postponement as described in the Prospectus for the
Series 3 of Trust.


 


11.The Series 3 of Trust shall elect to be a Regulated
Investment Company and, if required, the


Depositor shall, on behalf of the Series 3 of Trust, make
such filings necessary to make such election.


 


12.The Depositor’s, Evaluator’s and Supervisor’s
annual compensation shall be the amount set forth


under “Fee Table” in the Prospectus for the
Series 3 of Trust.


 


13. The aggregate
of the Custodian’s, the Transfer Agent’s and the Administrator’s annual compensation shall be the amount set
forth under “Fee Table” in the Prospectus for the Series 3 of Trust, with an aggregate minimum of $10,000 per annum.


 


14. The term
“Initial Date of Deposit” for the Series 3 of Trust shall be the date of this Series MSA Supplement.


 


15.
The term “Organizational Expense Period” for the Series 3 of Trust shall mean the period ending on the earlier
of (i) the expiration of the initial offering period set forth in the Prospectus or (ii) the 180th
day after the Initial Deposit Date.


 


16. No Unitholder
will be eligible for an In-Kind Distribution of Securities pursuant to Section 6.02 of the Master Services Agreement.


 


17.Section 6.04 of the Master Services Agreement (“Rollover
of Units”) shall not apply to the Series 3 of Trust.


 


18.The “Creation and Development Fee”
shall be the amount set forth under “Fee Table” in the


Prospectus for the Series 3 of Trust.


 


19. The Depositor
and Evaluator represent that the Evaluator’s determination of the value of each Security as of the Initial Date of Deposit
shall be set forth under “Trust Portfolio—Portfolio Composition” in the Prospectus for Series 3 of Trust, incorporated
herein by reference.




    	 	- 2
                                                                                                                                                                                                                                                                                                  -	 



    	 



    




20. The Depositor may direct the dissolution of the
Series 3 of Trust if due to (x) any action taken by a governmental body, or brought in court, or (y) a change in law
(including tax law) or in the application or official interpretation of any law), there is or there is a substantial
likelihood that the Series 3 of Trust will be prohibited in any material way from pursuing its principal investment strategy
in the same manner and economic terms as on the inception date.


 


21.The Series 3 of Trust is a Derivatives Trust
Series, and the following sections will apply:


		(i)	A form of the relevant Derivative Agreement(s) is attached
hereto as Schedule B.



		(ii)	The Depositor shall cause the Series 3 of Trust to enter
into each Derivative Transaction set forth under “Trust Portfolio—Portfolio Composition” in the Prospectus for
Series 3 of Trust and shall endorse and deliver each related Derivative Agreement concurrently with the execution of this Series
MSA Supplement and cause a copy of each such Derivative Agreement to be annexed under Schedule B



		(iii)	The Depositor and Evaluator represent that the Evaluator’s
determination of the value of each Derivative Transaction as of the Initial Date of Deposit shall be set forth under “Trust
Portfolio— Portfolio Composition” in the Prospectus for Series 3 of Trust, incorporated herein by reference.



		(iv)	For each Derivative Transaction,
the Underlying Asset to Unit Ratio is equal to the ratio of (i) the “Number of Options Contracts” in respect of such
Derivative Transactions set forth under “Trust Portfolio—Portfolio Composition” in the Prospectus for Series
3 of Trust to (ii) the number of Units for Series 3 of Trust set forth under “Statement of Financial Condition—Number
of Units” in the Prospectus for the Series 3 of Trust.



		(v)	The term “Derivative Counterparty”
shall mean the Options Clearing Corporation (the “OCC”) and the relevant member of the OCC set forth in the relevant
Derivatives Agreement.



		(vi)	For the Series 3 of Trust, Section 3.05 of the Master
Services Agreement shall not apply.



		(vii)	As provided in Section 5.01 of the Master Services Agreement
(“Evaluation of Securities”), the following provisions shall govern the evaluation of Derivative Transactions entered
into on behalf of the Series 3 of Trust: (a) In respect of Derivative Transactions, the Evaluator shall determine the Evaluation
based upon the last quoted prices for the Derivative Transactions where readily available and appropriate as determined by the
Evaluator. In cases where the Derivative Transactions were not traded on the valuation date or where the Evaluator determines
that market quotations are unavailable or inappropriate (e.g. due to infrequent transactions, thin trading or otherwise), the
Evaluator shall determine the Evaluation of the Derivatives Transactions based on the last asked price (if the Series 3 of Trust
is “short” the relevant Derivative Transaction) or bid price (if the Series 3 of Trust is “long” the relevant
derivative Transaction) provided by dealers active in market- making of securities similar to the Derivatives Transactions in
the over-the-counter market, if available and appropriate. If market quotes, ask prices and bid prices are unavailable or inappropriate,
the Evaluator shall determine the Evaluation based on the Evaluator’s good faith determination of the fair value of the
Derivatives Transactions at its reasonable discretion. To determine the fair value of the Derivatives Transactions, where and
if available, the Evaluator may use values generated using third party valuation services. The Evaluator may also generate its
own model-based Evaluations of the Derivatives Transactions, including using the Black-Scholes model for option valuation and
using current market quotations and ask/bid prices for comparable Derivatives Transactions that are more actively traded.



(b)
During the initial offering period set forth in the Prospectus, the Evaluation of Derivative Transactions shall be made (i) when
the Series 3 of Trust is “long” the relevant Derivative Transactions, on the basis of the ask side of the market and
(ii) when the Series 3 of Trust is “short” the relevant Derivative Transactions, on the basis of the bid side of the
market. Upon expiration of the initial offering period set forth in the Prospectus, the Evaluation of Derivative Transactions
shall be made (i) when the Series 3 of Trust is “long” the relevant Derivative Transactions, on the basis of the bid
side of the market and (ii) when the Series 3 of Trust is “short” the relevant Derivative Transactions, on the basis
of the ask side of the market.



    	 	- 3
                                                                                                                                                                                                                                                                                                  -	 



    	 



    




 


22.For the Series 3 of Trust, The following provisions
shall modify and supplement the Master Services


Agreement:


 


		(i)	Section 3.20(a) is modified to add the following sentence
prior to the last sentence of such paragraph:



With
the prior consent of the Custodian, the Depositor is authorized to engage a broker qualified to act as a custodian for assets
of the Series pursuant to Rule 17f-4 under the 1940 Act to maintain custody of, and act as clearing broker with respect to transactions
involving, options and other instruments cleared through the Options Clearing Corporation of which the Custodian is unable to
maintain custody. The clearing broker shall be identified in the Derivative Agreement attached to the Series MSA Supplement.


		(ii)	Section 3.18 is modified to add the following at the end
thereof:



The Depositor is authorized to take such actions and
make such elections as the Depositor determines to be desirable to maintain the qualification of the Series of Trust as a regulated
investment company and to reduce taxes paid by the Series of Trust notwithstanding that such actions or elections may increase
the taxable income or gain reportable by Unitholders or may adversely affect the investment performance of the Series of Trust.
The Depositor shall not be liable to any Unitholder or other Person for any such action taken or election made, or the failure
to take any such action or make any such election, determined by the Depositor in good faith.


		(iii)	Section 3.06 (a) is modified to add the following sentences
at the end thereof:



“If
the cash balances of the Series Income Account and Series Capital Account are insufficient to pay the expenses of the Series of
Trust, the Depositor shall sell or liquidate Securities or Derivative Transactions in an amount sufficient for the payment of
such expenses, provided, however, that the Depositor is authorized, but has no obligation, to assume any of the expenses otherwise
payable by the Series of Trust and in such event shall pay the expense directly or provide funds to the Custodian for such payment.
The Depositor shall provide the Custodian written notice of the expenses to be assumed and their amount, and such assumption shall
be reflected in the Trust Series Evaluation commencing with the first Trust Series Evaluation following the Custodian’s
receipt of such notice. With respect to the foregoing sentence and solely for the Series 3 of Trust, the Depositor hereby notifies
the Custodian that it assumes all expenses of the Series 3 of Trust in excess of (i) the aggregate fees of the Custodian, Transfer
Agent and Administrator (other than the excess of the $10,000 minimum annual fee over the annual compensation accrued at the per
Unit rate set forth in the Prospectus which excess the Depositor assumes) and (ii) $0.20 per Unit of other administrative expenses.”


		(iv)	Section 3.14 is modified to add the following sentence
as the last sentence of the first paragraph thereof:



“Each of the Evaluator,
Supervisor or Depositor may waive any portion of the compensation otherwise payable to it by written notice to the Custodian. Any
such waiver shall be irrevocable and shall be reflected in the Trust Series Evaluation commencing with the first Trust Series Evaluation
following the Custodian’s receipt of such notice.”


This
Series MSA Supplement shall be deemed effective when executed and delivered by the Trust, the Depositor, the Custodian, the Transfer
Agent, the Administrator, the Evaluator and the Supervisor. Facsimile or electronic signatures (including signatures in Portable
Document Format (PDF)) to this Series MSA Supplement shall be acceptable and binding, and this Series MSA Supplement may be delivered
by facsimile or other electronic means (including by electronic mail or a designated document storage website).


 


[SIGNATURE PAGE FOLLOWS]


 




    	 	- 4
                                                                                                                                                                                                                                                                                                  -	 



    	 



    

 


IN
WITNESS WHEREOF,
the undersigned have caused this Series MSA Supplement to be executed; all as of the day, month and year first above written.


 


 


 


 


OLDEN
LANE TRUST
SERIES 3,


a Delaware Statutory Trust


 


 


By:
OLDEN LANE SECURITIES
LLC, 

as Depositor


 


 


 


 


By:/s/ Michel Serieyssol


 Michel Serieyssol CEO


 


 


OLDEN
LANE SECURITIES
LLC, 

as Depositor


 


 


 


 


By: /s/ Michel Serieyssol


Michel Serieyssol CEO


 


 


OLDEN
LANE ADVISORS
LLC,


as Evaluator and Supervisor


 


 


 


 


By: /s/ Michel Serieyssol


         Michel Serieyssol CEO


 


 


THE BANK OF NEW YORK MELLON,


as Custodian, Transfer Agent and Administrator


 


 


 


 


By: /s/ Rosalia A. Koopman


Rosalia A. Koopman 

Managing Director


 


 


 


 


 


 


 


Series MSA Supplement – Signature Page




    	 



    	 



    

SCHEDULE
A TO SERIES
MSA SUPPLEMENT


 


SECURITIES
INITIALLY DEPOSITED

 IN OLDEN
LANE TRUST
SERIES 3


 


 


 


 


 


PART
1


 


SECURITIES
DELIVERED TO THE CUSTODIAN
ON THE INITIAL DATE
OF DEPOSIT


 


 


 


 


 


PART
2


 


CONTRACT
SECURITIES


 


Incorporated herein by this reference and made a part hereof
is the "Trust Portfolio—Portfolio Composition” in


schedule as set forth in the Prospectus for Series 3 of
Trust.


 




    	 



    	 



    

SCHEDULE
B TO SERIES
MSA SUPPLEMENT


 


FORM
OF DERIVATIVE AGREEMENT


 


 


 




    	 



    	 



    

 


	CMTA
    / CLEARING INFO - Pershing 443	CLIENT
    ONLY INFO
	SYMBOL	BUY/SELL	QUANTITY	PRICE	PRINCIPAL	FEES	TRANS.
    NET AMT.	TRADE
    DATE	STLMNT
    DATE	Commission
    for Client at Month End
	SPY
    3/31/2020 C 11.68	BUY	6	207.7700	124,662.00	$0.00	$124,662.00	03/28/2017	03/29/2017	$15.00
	SPY
    3/31/2020 C 233.58	BUY	3	26.8600	8,058.00	$0.00	$    8,058.00	03/28/2017	03/29/2017	$  7.50
	SPY
    3/31/2020 P 233.58	BUY	6	27.8000	16,680.00	$0.00	$  16,680.00	03/28/2017	03/29/2017	$15.00
	SPY
    3/31/2020 P 198.54	SELL	6	14.7200	8,832.00	$0.00	$    8,832.00	03/28/2017	03/29/2017	$15.00
	SPY
    3/31/2020 C 273.87	SELL	9	9.1100	8,199.00	$0.00	$    8,199.00	03/28/2017	03/29/2017	$22.50






    	 



    	 



    

	  V.    OPTION AGREEMENT







Meaning of terms in the Agreement:
“Client” refers to the person(s) who signed this Option Agreement and Approval Form. “Pershing” refers
to Pershing LLC. “Financial Organization” refers to the broker, bank, or other financial organization that has introduced
my (our) account to Pershing. The word “you” refers to Pershing and/or the Financial Organization, as appropriate.


1. The Client acknowledges
receipt of the notice pursuant to Financial Industry Regulatory Authority (FINRA) Rule 4311(d), which explains the contractual
relationship between Pershing and the Financial Organization. The Client understands that this notice also appears on each of
the Client’s account statements. The Client understands that the Financial Organization is not acting as the agent of Pershing.
The Client understands that Pershing merely accepts from the Financial Organization orders for the purchase and sale of securities
and instructions relating to other property in the Client’s account and that Pershing is not in a position, nor undertakes
any responsibility, to give advice, make suitability determinations, supervise, or oversee the Financial Organization’s
handling of the responsibilities undertaken by the Financial Organization pursuant to any agreement the Client may have with the
Financial Organization.


2. The Client understands and
is well aware that option trading may be highly speculative in nature. The Client is also aware that on certain days, option trading
may cease and this could result in a financial loss to the Client. The Client agrees to hold you harmless for such loss.


3. The Client recognizes that
by writing or selling an option contract (such as a call, put, or straddle) without depositing the underlying security, the Client’s
risk of loss is potentially unlimited. The Client agrees to honor all assignments and to deliver the underlying security or the
required funds in the prescribed time to you, and upon the Client’s failure to do so in the proper time, you are hereby authorized
to act as agent for the Client and to buy in, or, sell out such securities at the current market price or otherwise act to properly
margin or complete the Client’s obligation. The Client agrees to pay you a commission and fee for such service and to reimburse
you for any loss incurred in connection therewith, and you are authorized to debit the Client’s account for all such amounts.


4. The Client agrees that the
Client is responsible for making all final decisions as to transactions effected in any account of the Client at your firm. The
Client understands that each order the Client enters (to buy or to sell) must be complete as to security, quantity, price, and
duration of the order.


5. The Client is willing and
able to assume the financial risks and hazards of option trading, and the Client agrees that the Client will in no way hold Pershing
responsible for such losses whether incurred through following the Financial Organization’s trading recommendations or suggestions
offered to the Client in good faith by the Financial Organization or through the Client’s own decisions however arrived at
by the Client.


6. The Client understands
that any Option Transaction made for any account of the Client is subject to the rules, regulations, customs, and usages of The
Options Clearing Corporation (OCC) and of the registered national securities exchange, national securities association, clearing
organization, or market where such transaction was executed. The Client agrees to abide by such rules, regulations, and usages
and the Client agrees that, acting individually or in concert with others, the Client will not exceed any applicable position
or exercise limits imposed by such exchange, association, clearing organization, or other market with respect to option trading.


7. If the Client does not satisfy,
on a timely basis, your money or security calls, you are authorized in your sole discretion, and without notification, to take
any and all steps you deem necessary to protect yourself (for any reason) in connection with options transactions for the Client’s
account, including the right to buy and/or sell (including short or short exempt) for the Client’s account and risk any part
or all of the shares represented by options handled, purchased, sold, and/or endorsed by you for the Client’s account or
to buy for the Client’s account and risk any option as you may deem necessary or appropriate. Any and all expenses or losses
incurred in this connection will be reimbursed by the Client.


8. The Client bears full responsibility
for taking action to exercise an option contract; provided, however, that with respect to certain expiring options, you are authorized
to permit exercise by exception to take place automatically pursuant to the rules of the OCC as in effect from time to time unless
the Client specifically advises you to the contrary in writing. This procedure affects options that are in the money by a predetermined
amount as set forth in the rules of the OCC. Additional information regarding this procedure is available upon your written request.


9. In addition to the terms
and conditions hereof, the Client’s options account will be subject to all of the terms and conditions of all other agreements
heretofore or hereafter at any time entered into with you relating to the purchase and sale of securities except to the extent
that such other agreements are contrary to or inconsistent herewith.


10. This agreement shall apply
to all puts or calls that you may have executed, purchased, sold, or handled for any account of the Client and also shall apply
to all puts or calls that you may hereafter purchase, sell, handle, or execute for any account of the Client.


11. The Client agrees to advise
the Financial Organization of any changes in the Client’s financial situation or investment objective insofar as the Client
deems such changes material to the Client’s options transactions.


12. The Client has received from
the Financial Organization the most recent Options Disclosure Document and Definitive Supplement. The Client has read and understands
the information contained in these documents.


13. The Client understands
that you assign exercise notices on a random basis. The Client understands that upon the Client’s request, you will provide
the Client with further information regarding the procedure used to assign exercise notices. The random selection method utilized
by Pershing is automated in so far as a random four-digit number is manually entered into a system, which uses an algorithm detailed
below to derive the allocation of the assignment. A report is then generated listing the accounts to be assigned and the number
of contracts assigned per affected account. In the event that a manual assignment allocation must be performed due to a system
failure, the manual allocation follows the same logic as the automated method.


 




     
	©2011 Pershing LLC. Pershing LLC, member  FINRA, NYSE, SIPC, is a subsidiary of	PAGE 2 OF 3
	The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners	FRM-OPT-AGR-10-11



    	 



    

14. ARBITRATION DISCLOSURES:


THIS AGREEMENT CONTAINS A PREDISPUTE
ARBITRATION CLAUSE. BY SIGNING AN ARBITRATION AGREEMENT THE PARTIES AGREE AS FOLLOWS:


		■	ALL PARTIES TO THIS
                                         AGREEMENT ARE GIVING UP THE RIGHT TO SUE EACH OTHER IN COURT, INCLUDING THE RIGHT TO
                                         A TRIAL BY JURY, EXCEPT AS PROVIDED BY THE RULES OF THE ARBITRATION FORUM IN WHICH A
                                         CLAIM IS FILED.



		■	ARBITRATION AWARDS
                                         ARE GENERALLY FINAL AND BINDING; A PARTY’S ABILITY TO HAVE A COURT REVERSE OR MODIFY
                                         AN ARBITRATION AWARD IS VERY LIMITED.



		■	THE ABILITY OF THE
                                         PARTIES TO OBTAIN DOCUMENTS, WITNESS STATEMENTS, AND OTHER DISCOVERY IS GENERALLY MORE
                                         LIMITED IN ARBITRATION THAN IN COURT PROCEEDINGS.



		■	THE ARBITRATORS DO
                                         NOT HAVE TO EXPLAIN THE REASON(S) FOR THEIR AWARD, UNLESS, IN AN ELIGIBLE CASE, A JOINT
                                         REQUEST FOR AN EXPLAINED DECISION HAS



BEEN SUBMITTED BY ALL PARTIES
TO THE PANEL AT LEAST 20 DAYS PRIOR TO THE FIRST SCHEDULED HEARING DATE.


		■	THE PANEL OF ARBITRATORS
                                         WILL TYPICALLY INCLUDE A MINORITY OF ARBITRATORS WHO WERE OR ARE AFFILIATED WITH THE
                                         SECURITIES INDUSTRY.



		■	THE RULES OF SOME
                                         ARBITRATION FORUMS MAY IMPOSE TIME LIMITS FOR BRINGING A CLAIM IN ARBITRATION. IN SOME
                                         CASES, A CLAIM THAT IS INELIGIBLE FOR ARBITRATION MAY BE BROUGHT IN COURT.



		■	THE RULES OF THE ARBITRATION
                                         FORUM IN WHICH THE CLAIM IS FILED, AND ANY AMENDMENTS THERETO, SHALL BE INCORPORATED
                                         INTO THIS AGREEMENT.



15. ARBITRATION AGREEMENT:


ANY CONTROVERSY BETWEEN YOU
AND US SHALL BE SUBMITTED TO ARBITRATION BEFORE FINRA. NO PERSON SHALL BRING A PUTATIVE OR CERTIFIED CLASS ACTION TO ARBITRATION,
NOR SEEK


TO ENFORCE ANY PREDISPUTE ARBITRATION
AGREEMENT AGAINST ANY PERSON WHO HAS


INITIATED IN COURT A PUTATIVE
CLASS ACTION; OR WHO IS A MEMBER OF A PUTATIVE CLASS WHO HAS NOT OPTED OUT OF THE CLASS WITH RESPECT TO ANY CLAIMS ENCOMPASSED
BY THE PUTATIVE CLASS ACTION UNTIL; (I) THE CLASS CERTIFICATION IS DENIED; (II) THE CLASS IS DECERTIFIED; OR (III) THE CUSTOMER
IS EXCLUDED FROM THE CLASS BY THE COURT. SUCH


FORBEARANCE TO ENFORCE AN AGREEMENT
TO ARBITRATE SHALL NOT CONSTITUTE A WAIVER OF ANY RIGHTS UNDER THIS AGREEMENT EXCEPT TO THE EXTENT STATED HEREIN.


THE LAWS OF THE STATE OF NEW YORK
GOVERN.



     
	©2011 Pershing LLC. Pershing LLC, member  FINRA, NYSE, SIPC, is a subsidiary of	PAGE 3 OF 3
	The Bank of New York Mellon Corporation. Trademark(s) belong to their respective owners	FRM-OPT-AGR-10-11