Document:

Exhibit 10.26

 

DIRECT
LINKAGE AND DOT AGREEMENT

 

This AGREEMENT (the “Agreement”) is executed and entered into on
January 29, 2002, by and between Archipelago, L.L.C., an Illinois limited
liability company (“Archipelago”), and NYFIX Millennium LLC (“Millennium”), a
limited liability company (collectively “the parties” or “both parties” or each
party”).

 

WHEREAS, Archipelago owns and operates an electronic communications
network (“Archipelago ECN”), as defined in Rules 11Ac1-1 and 11Acl-4
promulgated under the Securities Exchange Act of 1934, as amended, (“the Act”)
and is registered as an Alternative Trading System” (“ATS”) pursuant to
Section 3 of the Act and the rules promulgated thereunder, as well as
Regulation ATS (December 22, 1998), that matches and executes buy and sell
orders for securities on behalf of its institutional and broker-dealer
customers:

 

WHEREAS, Millennium owns and operates an “Alternative Trading System”
(“ATS”) pursuant to Section 3 of the Act and the rules promulgated
thereunder, as well as Regulation ATS (December 22, 1998), that matches
and executes buy and sell orders for securities on behalf of its institutional
and broker-dealer customers:

 

WHEREAS, both parties are subject to all rules and regulations of the
National Association of Securities Dealers (“NASD”) and the U.S. Securities and
Exchange Commission (“SEC”);

 

WHEREAS, both parties desire to send and receive the other parties
orders on their respective trading systems for execution or pass through
routing to another available, approved execution venue of the senders choice;
and,

 

WHEREAS, both parties desire to establish a mechanism for order routing
via a computer to computer interface.

 

NOW, THEREFORE, in consideration of the foregoing and the
representations, warranties, covenants, agreements and conditions set forth
herein, the parties agree as follows:

 

ARTICLE I

AGREEMENT TO PROVIDE SERVICE

 

1.1.                            Compliance
with Nasdaq Requirements.  Until
such time as this Agreement is either terminated or canceled, each party agrees
to provide to the other party, on the terms and conditions set forth herein,
the connectivity and services to the other party’s system for execution or pass
through routing to another available, approved execution venue of the senders
choice, as described and defined in this Agreement or in Nasdaq Requirements,
as defined below. “Nasdaq Requirements” shall mean: (a) the rules and
regulations, interpretations, decisions, opinions,  orders, and
other requirements of the SEC; (h) the rules and regulations of the NASD and
its affiliates; (c) the NASD’s and affiliates’ decisions, interpretations,
operation procedures, specifications, requirements; (d) all other 

 

 

applicable laws, statutes ,
rules, regulations, orders, decisions, interpretations, opinions, and other
requirements, whether promulgated by the United States or any other applicable
jurisdiction (including the area of intellectual property); and (e) the
successors, as they may exist at the time, of the components of Nasdaq
Requirements.

 

ARTICLE II

PROVISIONS OF THE LINKAGE

 

2.1.                             Provision
of the System.  Each party shall
provide the other party with the ability to route orders through the other
party’s ATS. Each party acknowledges and agrees that the other party’s software
and equipment is and will remain the sole and exclusive property of the other
party, and shall reasonably maintain all such software and equipment on its
premises in  good working order free of physical harm.

 

2.2.                             Integrity
of Service.  Both parties represent and warrant that it
will not interfere with or adversely affect the other party’s equipment or
software, or any of the component parts or processes of the linkage system.

 

2.3.                             Linkage Costs.  Each party shall be responsible for and bear its own
costs and expenses associated with the installation and maintenance of all
appropriate communication lines related to its link to the other party’s ATS.

 

2.4.                             Changes to the ATS.  Each party acknowledges and agrees that nothing in
this Agreement constitutes an undertaking by the other party to provide its ATS
in the present form or under the current specifications, requirements, with the
current software interfaces, or to continue to use existing communications
facilities. Each party, in its sole discretion, may from time to time make additions
to, deletions from, or modifications to its ATS and to its communications
facilities. Each party further agrees to make reasonable efforts to notify the
other party of changes to that party’s ATS or communications facilities, other
than minor changes, at least fourteen (14) days prior to any such change,
unless a malfunction necessitates modifications on an accelerated basis or an
emergency precludes such advance notice or a shorter time period is required
pursuant to an order of a court, arbitrator or regulatory body.

 

2.5.                               Monitoring
Personnel.  Each party acknowledges
and agrees that it shall reasonably monitor its employees or agents
(“personnel”) and use best efforts to ensure that, in connection with the use
of the other party’s ATS, all personnel abide by and comply with all applicable
provisions of the federal and state laws, including the rules and regulations
of any self-regulatory organization of which either party is a member.

 

 

ARTICLE III

DOT SYSTEM

 

3.1.                            The
System.  Millennium operates an
electronic system (the “System”) for the purpose of routing securities orders
to markets (as described below) for execution. ARCA wishes to make use of the
System. As an accommodation to ARCA, Millennium has agreed to provide it with
use of the System on the terms and conditions set forth below.

 

3.2.                            Provisions of the System.  Subject to the provisions of this
Agreement. Millennium will provide ARCA, during the term of this Agreement, use
of the System. This Agreement may not he assigned or otherwise transferred in
whole or in part by either party except as provided in Section 11 .7 of
this Agreement.

 

3.3                               Payments.  ARCA shall pay to Millennium the amounts
shown on the attached Schedule B as a commission for each transaction
which ARCA forwards to Millennium, for routing securities orders to markets, as
provided for in this Agreement, less any applicable clearing and settlement
charges paid by Millennium, which shall be aggregated at the end of each
billing month and then billed.

 

3.4.                            Short and Long Sell Orders.  With respect to the rules
promulgated by the Securities and Exchange Commission under Section 10(a)
of the Securities Exchange Act of 1934, ARCA hereby undertakes and agrees to
properly designate all sell orders for securities as either “long” or “short”
and in the case of short orders the parties agree that such “short” designation
obligates ARCA to borrow the stock without further representation or
confirmation that the stock is available to borrow

 

ARTICLE  IV

REPRESENTATIONS AND WARRANTIES

 

4.1.                            System
Compliance. 
Each party represents and warrants that during the term of
this Agreement each party’s ATS will remain in compliance with this Agreement
and with SEC and the Nasdaq Requirements.

 

4.2.                            Intellectual
Property.  Neither party shall reverse
engineer, decompile, disassemble, re-engineer or otherwise attempt to discover
the source code or the structural framework of the other party’s ATS. Each
party agrees that it will not redistribute or provide the other party’s Shared
Book information to a third party and receive consideration (i.e., fees) for
such Shared Book Information unless otherwise agreed by the parties. No such
consent is required by either party where the other party’s Shared Book
information is redistributed or provided to a third-party and no consideration
(i.e., fees) is received by party providing the information to the third party.
In the event that either party redistributes or provides the other party’s
Shared Book Information to a third party, the party providing that information
shall obtain from the third party prophylactic language that is consistent with
the language and spirit of Articles III, VI, VII, and VIII of this Agreement in order to protect the party
whose Shared Book Information is being provided.

 

4.3.                            Other
Representations.  Each party hereby
represents and warrants to the other party, and covenants and agrees with the
other party, that, while this Agreement is in force: (a) 

 

 

it has the right, power and authority to enter into this Agreement and
perform its obligations as set forth herein; and (b) it is under no obligation
or restriction, nor will it assume any such obligation or restriction, that
does or would interfere or conflict with its obligations under this Agreement.

 

ARTICLE V

PAYMENT OF FEES

 

5.1.                            Term
of Agreement. The initial term of this Agreement shall be for one month
from the last day of the calendar month stated above. This Agreement will be
automatically extended for one month terms from month to month, unless
terminated by either party pursuant to Sections 9.1 or 9.2 herein.

 

5.2.                             Payment of Fees. Each party agrees
to pay the other party the reasonable commissions and fees (sometimes referred
to as “liquidity fees”), as set forth in Schedule A. attached hereto, for
trades executed on the other party’s ATS. Either party may modify its fees and
commission as set forth in Schedule A, upon thirty (30) days written
notice to the other party, but no less than thirty (30) days after the
execution date of this Agreement.

 

ARTICLE VI

CLEARING AND SETTLEMENT

 

6.1.                               Settlement
Obligations. Each party acknowledges and agrees that it is each party’s
absolute, unconditional and unassignable obligation, in connection with each
securities trade executed through the other party’s ATS, to make and ensure timely
delivery of the subject securities and/or funds, in good deliverable form, free
and clear of any lien, claim, interest or restriction of any sort, as well as
any required remittance of interest, dividend payments. or other distributions.
Each Party shall honor this settlement obligation: (i) whether or not such
executed trade was made for a principal, or for a third-party account as a
broker, agent, trustee or other representative; (ii) whether or not any such
third-party account honors its obligations to deliver in a timely manner
securities and/or funds, or to remit in a timely manner interest, dividends, or
other distributions to either party; (iii) whether or not said trade was
executed by an authorized person, or authorized by such party or (iv) whether
or not either party wishes to challenge or raise defenses of any nature
whatsoever to such transaction. Without limiting the foregoing obligation, in
the event that either party does not receive timely delivery of securities
and/or funds from a third-party account, or in the event that either party
becomes aware that a third party for whom the party is acting or unwilling or
unable to settle any transaction, that party shall provide the other party
immediate notice thereof, including without limitation, the name and address of
the third party. if either party breaches its obligations herein, or otherwise
challenges any executed trade made through the System, the other party may, in
its sole discretion, promptly disclose to the broker-dealer on the contra side
of the transaction, the name of the defaulting or challenging party, as well as
such supporting documentation pertaining to the transaction as is available to
the party. 

 

 

Either party, in its sole discretion, may also inform its other
broker-dealers of such default or challenge, and of the identity of the third
party involved in the default. Neither party shall have liability to the other
party in connection with such notification.

 

ARTICLE VII

USE OF THE SHARED BOOK INFORMATION

 

7.1.                             Grant
of Non-Exclusive License.

 

(a)                                  Neither
party shall use the other party’s ATS with computerized voice technology or any
automated information inquiry system or similar technology.

 

(b)                                  If’
either party provides its logo or trademark to the other party in connection
with providing the Shared Book Information, the party receiving the logo or
trademark shall not alter, modify, or change it in any manner when displaying
or publishing it on its trading system. 
Notwithstanding the foregoing, neither party’ shall incorporate the
other party’s logos or trademarks into any advertising, branding, or other
promotional material without the prior written consent of the other party.

 

(c)                                  Any
use by either party of logos or trademarks of the other party shall comply with
all applicable laws and regulations.

 

(d)                                  Both
parties acknowledge that they have no right, title, or interest in the other
party’s Shared Book Information or logos or trademarks, and that nothing in
this Agreement shall be construed as an assignment to the other party of any
ownership interest of the foregoing. Additionally, nothing herein shall affect
either party’s intellectual property rights in connection with Shared Book
Information or logos or trademarks.

 

ARTICLE VIII

PROPRIETARY INFORMATION

 

8.1.                             Proprietary
Information.  Each party
acknowledges and agrees that the software and protocols provided by the other
party are trade secrets proprietary and unique to cacti party, and that
copyright and patent rights of either party may also exist. Each party acknowledges
and agrees that the other party’s third party vendors, including, but not
limited to software, hardware, data, and communications providers, have
exclusive proprietary rights in their respective information and data. Each
party, on behalf of itself and its employees, agrees to keep such information
confidential, and to utilize this information solely for its own business
activities. Both parties further agree to take or cause to be taken all
reasonably necessary precautions to maintain the secrecy and confidentiality of
such proprietary information, and shall neither disclose the same to any person
or entity, unless expressly permitted by the other party. Proprietary
Information 

 

 

shall not include information which: (a) is in the public domain at the
time of disclosure; (b) was in the lawful possession of or demonstrably known
by the recipient prior to its receipt from either party; or (c) is
independently developed by either party without use of the proprietary
information.

 

(a)                                  In
the event either party receives a request, or is required (by interrogatory,
request for information or documents, subpoena, deposition, civil or
administrative investigative demand or other process) to disclose proprietary
or confidential information (as defined immediately below), that party shall
provide (if permitted by law) prompt notice of such request or demand and a
copy of the written request or demand, if any, to the subject party within one
day upon receipt and shall not (unless required by law) comply with such
subpoena or other process until receiving written notification from the subject
party that it may proceed. In connection with the above, the party receiving a
request for proprietary or confidential information of the other party shall
tender all legal and equitable defenses to the other party immediately upon
request. but is not prohibited from asserting any legal, equitable, or
administrative right or defense in connection therewith.

 

8.2.                              Confidentiality.
Each party shall keep confidential the information related to the other
party’s ATS, both oral and written, that is given to the other party. Neither
party shall disclose the identity of a customer to other broker-dealers or to
third parties, in connection with any transaction executed or any message sent
or received by either party through either party’s ATS, except that either
party may make such disclosure:

 

(a)                                  to
facilitate the settlement of transactions of securities;

 

(b)                                  pursuant
to prior authorization by both parties in writing;

 

(c)                                  in
the context of a published list; or

 

(d)                                  pursuant
to an order or subpoena of a court or regulatory body having jurisdiction over
either party or where required by law or regulation to be made available to any
regulatory body having appropriate authority, (though subject to
Section 7.1(a) above).

 

ARTICLE IX

INDEMNITY AND LIABILITY

 

9.1.                            Indemnity.
Each party shall indemnify and hold harmless the other party, its
employees, directors, and agents. its subsidiaries and affiliates and each
other broker-dealer on the contra side of any executed trade, from and against:

 

(a)                                  any
and all liabilities, obligations, damages, claims, including reasonable 

 

 

attorneys’ fees and other expenses, incurred in the investigation and
defense of third party claims and actions by such party resulting from or
arising out of any misrepresentation or non-fulfillment of any covenant or
agreement on the part of the other party, its employees, directors, or agents
under the terms of this Agreement; and

 

(b)                                  the
infringement (or alleged infringement) by the non-infringing party, its
employees, directors, or agents, of any intellectual property right or other
property or proprietary rights of the other party.

 

9.2.                              Liability.

 

(a)                                  Each
party agrees that, except as provided in Section 8.2(c) hereof, the other
party, its employees, directors, and agents, its subsidiaries and affiliates
shall not be liable for any loss of profits (anticipated or otherwise). loss of
use, trading losses, loss of other costs or savings, loss by reason of shutdown
in operation or for increased expenses of operation, or any other damages
suffered, or cost and expenses incurred by either party, any customers of
either party or any third party, of any nature, or from any cause whatsoever,
whether direct, special, incidental, or consequential, arising out of the
furnishing, performance, maintenance, or use of, or inability to use, the
services, equipment, communications lines, software, databases, manuals and any
other materials furnished by or on behalf of either party.

 

(b)                                  The
services, equipment, communications lines, software, databases, manuals, and
other materials are provided “as is,” without warranties of any kind,
including, but not limited to, the implied warranties of merchantability,
fitness for a particular purpose and non-infringement, by either party, its
subsidiaries and affiliates. Nor is there any suggestion that the services,
equipment, software, databases, manuals and other materials will meet the other
party’s requirements, be error free, or operate without interruption, in
particular. and without limiting the generality of the foregoing, neither party
makes any warranty that orders processed through either party’s ATS will be
executed. Each party expressly disclaims all warranties of any kind, express,
implied or statutory (including without limitation, use, timeliness,
truthfulness, sequence, completeness, accuracy, freedom from interruption, and
any implied warranties arising from trade usage, course of dealing, or course
of performance).

 

(c)                                  Except
with respect to (i) liability for death of or personal injury to the other
party’s employees directly caused by such party’s ATS insofar as such death or
injury resulted directly from the negligence of such party and (ii) a knowing
and deliberate breach of this Agreement, as to which there shall be no cap,
with respect to (A) gross negligence or (B) if any of the foregoing disclaimers
and waivers of liability shall be deemed invalid or ineffective, neither party
shall be liable to the other party in any and all events under this Agreement
for an amount 

 

 

of losses or damages exceeding in the aggregate, during the term of
this Agreement, the greater of(l) the fees paid by such party to the other
party during the [***] months preceding the first such loss or damage or (2) [***]. Each party understands and
agrees that the pricing for the linkage reasonably reflects the allocation of
risk and limitation of liability set forth in this section. The foregoing
limitations on damages do not limit liability for payments due under
Article IV of this Agreement.

 

ARTICLE X

TERMINATION

 

10.1.                     Termination
by Either Party Without Cause. Either party may terminate this Agreement in
its sole discretion only upon thirty (30) days prior written notice to the
other party. In no event shall termination by either party relieve the other
party of obligations already incurred, including payment obligations under
Articles HI and V of this Agreement.

 

10.2.                     Termination
by Either Party “for Cause.” Either party may terminate this Agreement at
any time, without any liability of as a consequence thereof, where:

 

(a)                                  the
other party has made or furnished any false or misleading representations or
certifications in connection with this Agreement;

 

(b)                                  the
other party has breached any material obligation that must be performed
pursuant to this Agreement;

 

(c)                                  the
other party has violated or will violate any applicable law or regulation in
connection with its use of the other party’s ATS;

 

(d)                                  the
other party has failed to pay fees and commissions that are due and owing
within two (2) months of the date due or has consistently failed to pay debts
on a timely basis (six (6) late payments will be considered “consistent”); or

 

(e)                                  the
other party is notified by the NASD or any other regulatory body that either
party is no longer a member in good standing.

 

ARTICLE XI

MISCELLANEOUS

 

11.1.                     Notices. All
notices and other communications required or permitted hereunder shall be in
writing and shall be deemed to have been duly given if and when delivered by
hand or mailed, certified or registered mail return receipt requested with
postage prepaid, to the address of Archipelago or Millennium as set forth
below, or to such other person or 

 

*** Certain information on this page has been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions.

 

 

address as either party shall furnish in writing:

 

	
  If to Archipelago:

  	
   

  	
  If to Millennium:

  
	
   

  	
   

  	
   

  
	
  Archipelago, L.L.C.

  	
   

  	
  Daniel A. Nole

  
	
  Chief Executive Officer & General

  	
   

  	
  NYFIX Millennium, L.L.C.

  
	
  Counsel

  	
   

  	
  Chief Financial Officer

  
	
  100 S. Wacker Drive

  	
   

  	
  100 Wall Street - 26th Floor

  
	
  Suite 2012

  	
   

  	
  New York, NY 10005

  
	
  Chicago, IL 60606

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Telephone:  312-960-1696

  	
   

  	
  Telephone:  212-809-3542

  
	
  Fax:  3l2-960-l369

  	
   

  	
  Fax:  212-809-1013

  

 

11.2.                     Force
Majeure. Notwithstanding any other term or condition of the Agreement,
neither party and its third party providers, including, but not limited to,
software, hardware, communications and data providers, shall be obligated to
perform or observe their obligations undertaken in the Agreement (except for
obligations to make payments hereunder and regulatory obligations) if prevented
or hindered from doing so by any circumstances found to be beyond their control
and without the gross negligence or willful misconduct on the part of either
party. Such causes may include, without limitation, acts of God, acts of
government in its sovereign or contractual capacity, power shortages or
failures, utility or communication failure or delays, labor disputes, strikes,
or shortages, supply shortages, equipment failures, or software malfunctions
(each an “Event of Force Majeure”). The time for performance of any act delayed
by such events may be postponed for a period of time equal to the delay. A
party experiencing any Event of Force Majeure shall reasonably seek to advise
the other party of the nature and anticipated duration of the Event of Force
Majeure, and shall seek to mitigate the effects of such Event of Force Majeure
on the other Party.

 

11.3.                     Arbitration.  All claims, disputes, controversies, and
other matters in question between the parties to this Agreement arising out of,
or relating to this Agreement, or to the breach hereof, shall be settled by final
binding arbitration. The arbitration proceeding shall be held in the City of
Chicago, State of Illinois, unless otherwise agreed by the parties. This
arbitration proceeding shall be commenced and conducted consistent with Nasdaq
Requirements, to the extent applicable, and otherwise shall be commenced and
conducted consistent with the Commercial Arbitration Rules then in force of the
American Arbitration Association. In no event shall such claim, dispute,
controversy, or other matter in question be made later than one (1) year after
the claim, dispute, controversy or other matter in question has arisen.

 

11.4.                     Headings.  The headings of the Sections of this
Agreement are inserted for convenience only and shall not constitute a part
hereof or affect in any way the meaning or interpretation of this Agreement.

 

 

11.5.                     Amendment.  Except as otherwise provided herein, no
provision of this Agreement and any schedules and attachments which are a part
hereof, may be amended. modified or waived unless by an instrument in writing
executed on behalf of each of the parties by their respective duly authorized
officers.

 

11.6.                     Entire
Agreement.  This Agreement and
attached Schedule A, as amended from time to time and signed by both
parties, shall constitute the entire agreement between both parties, and shall
supersede all prior agreements, arrangements, representations or promises,
whether oral or written.

 

11.7.                      Assignment. 
This Agreement may not be assigned or transferred by either
party to any other person or entity without the prior written consent of the
nonassigning party, except that this Agreement may be assigned or transferred
by either party to a third party in the event of the sale of substantially all
of the assets to that third party.

 

11.8.                     Governing Law.  The laws of the State of Delaware shall
govern this Agreement.

 

11.9.                     Severability.  If any provision of this Agreement shall
be held invalid, the remaining provisions shall remain in full force and
effect.

 

11.10.              Third-Party
Beneficiaries.  The parities
agree that the Executing Broker and the Clearing Broker which execute and clear
trades on behalf of a party shall each be third-party beneficiaries of this
Agreement with respect to the agreements and obligations of that party
hereunder. All representations and warranties made by a party pursuant to this
Agreement and all indemnities by a party pursuant to this Agreement shall inure
also to the benefit of the Executing Broker and the Clearing Broker which
execute and clear trades on behalf of that party, and such provisions shall
confer legally enforceable rights upon them as if they were parties to this
Agreement.

 

11.11.                No Joint Venture.  Nothing in this Agreement shall be construed
to constitute or appoint Archipelago, on the one hand, or Millennium, on the
other hand, as the partner, joint venturer, agent, business-trustees, or
representative of the other party for any purpose whatsoever, or to grant to
either party any rights or authority to assume or create any obligation or
responsibility, express or implied, for or on behalf of or in the name of the
other, or to bind the other in any way or manner whatsoever. This Agreement
does not constitute a joint venture between the parties and the parties agree
not to do any acts or take any position which would be inconsistent with the
arrangements hereunder being treated as other than a joint venture.

 

IN WITNESS WHEREOF, the parties
have executed this Agreement on the date first written above.

 

	
  NYFIX Millennium, L.L.C.

  	
  ARCHIPELAGO, L.L.C.

  
	
   

  	
   

  
	
  By:

  	
  /s/ROBERT C. GASSER

  	
   

  	
  By:

  	
  /s/GERALD D. PUTNAM

  	
   

  
						

 

 

	
  Robert C Gosser

  	
   

  	
  Gerald D. Putnam

  	
   

  
	
  Print Name

  	
  Print Name

  
	
   

  	
   

  
	
  Title: CEO

  	
  Title: CEO

  

 

 

Schedule A

 

ORDER ROUTING

 

Archipelago. L.L.C. hereby authorizes Millennium to execute orders as
set forth below:

 

Initial

 

1.                                                                                       Millennium Pass-Through: All Listed
orders shall be routed to pass through the Millennium ATS System seeking Price
Improvement or liquidity enhancement, unless Archipelago specifically directs
that an order should go directly to a particular routing venue without passing
through Millennium ATS.

 

2.                                                                                       Millennium Conditional: All Listed
Conditional Orders reside within the Millennium ATS.

 

3.    GP                                                            DOT Routing: All Listed Orders that
pass through Millennium and do not get executed in Millennium should be routed
to NYSE DOT System, unless Archipelago specifically directs that an order
should go directly to a particular routing venue without passing through
Millennium ATS System.

 

4.    GP                                                            2$
Broker Routing: All Listed Orders that pass through
Millennium and do not get executed in Millennium should he routed to an
independent 2$ broker, unless the Archipelago specifically directs that an
order should go directly to a particular routing venue without passing through
Millennium ATS System. 

 

Millennium hereby Archipelago to execute orders as set forth below:

 

Initial

 

1.    RCG                                                   Listed Pass-Through: Any listed orders
routed to the Archipelago ATS System seeking Price Improvement or liquidity
enhancement on its way to the Millennium ATS System.

 

2.    RCG                                                   OTC
Orders: All OTC orders routed to the Archipelago ATS System seeking
Price Improvement or liquidity enhancement may be posted in Archipelago’s ATS
or passed on to another destination as directed by NYFIX Millennium.

 

	
  ARCHIPELAGO, L.L.C.

  	
  NYFIX Millennium, L.L.C.

  
	
   

  	
   

  
	
  By:

  	
  /s/GERALD D. PUTNAM

  	
   

  	
  By:

  	
  /s/ROBERT C. GASSER

  	
   

  
	
   

  	
   

  
	
  Gerald D. Putnam

  	
   

  	
  Robert C. Gasser

  	
   

  
	
  Print Name

  	
  Print Name

  
	
  Title: CEO

  	
  Title: CEO

  
	
  Date: 

  	
  1/29/02

  	
   

  	
  Date: 

  	
  1/29/02

  	
   

  
									

 

 

Schedule B

 

SERVICE CHARGES

 

Service Charges for the placement and/or execution of orders shall be
assessed as follows:

 

1.                                       Where
Archipelago’s Pass Through order is executed on the Millennium ATS System and
receives price improvement, the Service Charge shall be [***] cents per share.

 

2.                                       Where
Archipelago’s Pass Through order is executed on the NYSE DOT System, the charge
shall be [***] cents per share.

 

3.                                       Where
Millennium’s listed order is executed on the Archipelago ATS System, the charge
shall be [***] cents per share.

 

4.                                       Where
Millennium’s OTC order is executed on the Archipelago ATS System, the charge
shall be [***] cents per share, for the first three months of the agreement.
After which, the pricing schedule below will be used to determine the
price based on the volume.

 

	
  Volume of Shares

  	
   

  	
  Cents per
  Share

  
	
   

  	
   

  	
   

  
	
  [***]

  	
   

  	
  [***]

  

 

5.                                       Each
execution through the Millennium ATS System incurs a transaction fee pursuant
to Section 31 of the Securities Exchange Act of 1934 (“SEC fee”), which
Millennium will pay on Archipelago’s behalf to the appropriate self-regulatory
organization.

 

The SEC fee will be assessed as a service charge on a per execution
basis and will be either:

 

•                   deducted from
the gross proceeds of each transaction or

•                   aggregated and
billed monthly

 

	
  ARCHIPELAGO, L.L.C.

  	
   

  	
  NYFIX Millennium, L.L.C.

  
	
   

  	
   

  	
   

  
	
  By:

  	
  /s/GERALD D. PUTNAM

  	
   

  	
   

  	
  By:

  	
  /s/ROBERT C. GASSER

  	
   

  
	
   

  	
   

  	
   

  
	
  Gerald D. Putnam

  	
   

  	
   

  	
  Robert C Gosser

  	
   

  
	
  Print Name

  	
   

  	
  Print Name

  
	
   

  	
   

  	
   

  
	
  Title: CEO

  	
   

  	
  Title: CEO

  
	
  Date:   1/29/02

  	
   

  	
  Date: 1/29/02

  
									

 

*** Certain information on this page has been omitted and filed
separately with the Securities and Exchange Commission. Confidential treatment
has been requested with respect to the omitted portions.Exhibit 10.27

 

ECN-to-ECN Direct Linkage Agreement

 

This AGREEMENT (the “Agreement”) is executed
and entered into on March 23, 2000, by and between Archipelago, L.L.C., an
Illinois limited liability company (“Archipelago”), and Bloomberg Tradebook
LLC, a Delaware limited liability company (“Tradebook”) (collectively “the
parties” or “both parties” or “each party”).

 

WHEREAS, Archipelago owns and operates an
electronic communications network (“Archipelago ECN”), as defined in Rules
11Ac1-1 and 11Ac1-4 promulgated under the Securities Exchange Act of 1934, as
amended, (“the Act”) and is registered as an “Alternative Trading System”
(“ATS”) pursuant to Section 3 of the Act and the rules promulgated thereunder,
as well as Regulation ATS (December 22, 1998), that matches and executes buy
and sell orders for securities on behalf of its institutional and broker-dealer
customers;

 

WHEREAS,
Tradebook owns and operates an electronic communications network (“Tradebook
ECN”), as defined in Rules 11Ac1-1 and 11Ac1-4 promulgated under the Act,
and for which Tradebook acts as introducing broker, and involving the automatic
execution and broker comparison by B-Trade Services LLC, a subsidiary of Bank
of New York Company, Inc. (the “Executing Broker”), and the clearance and settlement
of trades, by users of the Tradebook ECN that are not registered broker-dealers
by BNY ESI & Co., Inc., a sister company of the Executing Broker, or such
other broker-dealers as Tradebook may from time to time approve (the “Clearing
Broker”);

 

WHEREAS, both
parties are subject to all rules and regulations of the National Association of
Securities Dealers (“NASD”) and the U.S. Securities and Exchange Commission
(“SEC”);

 

WHEREAS, both
parties desire to send, receive, display, and publish on their respective
trading systems the other party’s limit order books, including “bids” and
“offers” and respective order size (“Shared Book Information”); and,

 

WHEREAS, both
parties desire to establish a mechanism for order routing via a computer to
computer interface.

 

NOW,
THEREFORE, in consideration of the foregoing and the representations,
warranties, covenants, agreements and conditions set forth herein, the parties
agree as follows:

 

 

ARTICLE I

AGREEMENT TO PROVIDE SERVICE

 

1.1.                       Compliance
with Nasdaq Requirements. Until such time as this Agreement is either
terminated or canceled, each party agrees to provide to the other party, on the
teens and conditions set forth herein, the services, software and equipment
(collectively referred to as the “System”), as described and defined in this
Agreement or in Nasdaq Requirements, as defined below. “Nasdaq Requirements”
shall mean: (a) the rules and regulations, interpretations, decisions,
opinions, orders, and other requirements of the SEC; (b) the rules and regulations
of the NASD and its affiliates; (c) the NASD’s and affiliates’ decisions,
interpretations, operation procedures, specifications, requirements; (d) all
other applicable laws, statutes , rules, regulations, orders, decisions,
interpretations, opinions, and other requirements, whether promulgated by the
United States or any other applicable jurisdiction (including the area of
intellectual property); and (e) the successors, as they may exist at the time,
of the components of Nasdaq Requirements.

 

ARTICLE II

PROVISIONS OF THE LINKAGE

 

2.1.                                                    Provision
of the System. Each party shall provide the other party with the ability to
access orders residing on the other party’s ECN. Each party acknowledges and
agrees that the other party’s software and equipment is and will remain the
sole and exclusive property of the other party, and shall reasonably maintain
all such software and equipment on its premises in good working order free of
physical harm.

 

2.2.                                                    Integrity of Service. Both parties
represent and warrant that it will not interfere with or adversely affect the
other party’s equipment or software, or any of the component parts or processes
of the linkage system.

 

2.3.                                                    Linkage
Costs. Each party shall be responsible for and bear its own costs and
expenses associated with the installation and maintenance of all appropriate
communication lines related to its link to the other party’s ECN.

 

2.4.                                                    Changes
to the ECN. Each party acknowledges and agrees that nothing in this
Agreement constitutes an undertaking by the other party to provide its ECN in
the present form or under the current specifications, requirements, with the
current software interfaces, or to continue to use existing communications
facilities. Each party, in its sole discretion, may from time to time make
additions to, deletions from, or modifications to its ECN and to its
communications facilities. Each party further agrees to make reasonable efforts
to notify the other party of changes to that party’s ECN or communications
facilities, other than minor changes, at least fourteen (14) days prior to any
such change, unless a malfunction necessitates modifications on an accelerated
basis or an emergency precludes such advance notice or a shorter time period is
required pursuant to an order of a court, arbitrator or regulatory body.

 

 

2.5.                                                    Monitoring
Personnel. Each party acknowledges and agrees that it shall reasonably
monitor its employees or agents (“personnel”) to ensure that, in connection
with the use of the other party’s ECN, all personnel abide by and comply with
all applicable provisions of the federal and state laws, including the rules
and regulations of any self-regulatory organization of which either party is a
member.

 

ARTICLE III

REPRESENTATIONS AND WARRANTIES

 

3.1.                                                    System
Compliance. Each party represents and warrants that during the term of this
Agreement each party’s ECN will remain in compliance with this Agreement and
with SEC and the Nasdaq Requirements.

 

3.2.                                                    Intellectual
Property. Neither party shall reverse engineer, decompile, disassemble,
re-engineer or otherwise attempt to discover the source code or the structural
framework of the other party’s ECN. Each party agrees that it will not
redistribute or provide the other party’s Shared Book Information to a third
party and receive consideration (i.e., fees) for such Shared Book
Information unless otherwise agreed by the parties. No such consent is required
by either party where the other party’s Shared Book Information is
redistributed or provided to a third party and no consideration (i.e., fees) is
received by party providing the information to the third party. In the event
that either party redistributes or provides the other party’s Shared Book
Information to a third party, the party providing that information shall obtain
from the third party prophylactic language that is consistent with the language
and spirit of Articles III, VI, VII, and VIII of this Agreement in order to
protect the party whose Shared Book Information is being provided.

 

3.3.                                                    Other
Representations. Each party hereby represents and warrants to the other
party, and covenants and agrees with the other party, that: (a) it has the
right, power and authority to enter into this Agreement and perform its
obligations as set forth herein; and (b) it is under no obligation or
restriction, nor will it assume any such obligation or restriction, that does
or would interfere or conflict with its obligations under this Agreement.

 

ARTICLE IV

PAYMENT OF FEES

 

4.1.                                                    Term
of Agreement. The initial term of this Agreement shall be for one month
from the last day of the calendar month stated above. This Agreement will be
automatically extended for one month terms from month to month, unless
terminated by either party pursuant to Sections 9.1 or 9.2 herein.

 

 

4.2                                                       Payment of Fees. Each party agrees
to pay the other party the reasonable commissions and fees (sometimes referred
to as “liquidity fees”), as set forth in Schedule A, attached hereto, for
trades executed on the other party’s ECN. Either party may modify its fees and
commission as set forth in Schedule A, upon thirty (30) days written notice to
the other party, but no less than thirty (30) days after the execution date of
this Agreement.

 

ARTICLE V

CLEARING AND SETTLEMENT

 

5.1                                                       Settlement
Obligations. Each party acknowledges and agrees that it is each party’s
absolute, unconditional and unassignable obligation, in connection with each
securities trade executed through the other party’s ECN, to make and ensure
timely delivery of the subject securities and/or funds, in good deliverable
form, free and clear of any lien, claim, interest or restriction of any sort,
as well as any required remittance of interest, dividend payments, or other
distributions. Each party shall honor this settlement obligation: (i) whether
or not such executed trade was made for a principal, or for a third-party
account as a broker, agent, trustee or other representative; (ii) whether or
not any such third-party account honors its obligations to deliver in a timely
manner securities and/or funds, or to remit in a timely manner interest,
dividends, or other distributions to either party; (iii) whether or not said
trade was executed by an authorized person, or authorized by such party or (iv)
whether or not either party wishes to challenge or raise defenses of any nature
whatsoever to such transaction. Without limiting the foregoing obligation, in
the event that either party does not receive timely delivery of securities
and/or funds from a third-party account, or in the event that either party
becomes aware that a third party for whom the party is acting or unwilling or
unable to settle any transaction, that party shall provide the other party
immediate notice thereof, including without limitation, the name and address of
the third party. If either party breaches its obligations herein, or otherwise
challenges any executed trade made through the System, the other party may, in
its sole discretion, promptly disclose to the broker-dealer on the contra side
of the transaction, the name of the defaulting or challenging party, as well as
such supporting documentation pertaining to the transaction as is available to
the party. Either party, in its sole discretion, may also inform its other
broker-dealers of such default or challenge, and of the identity of the third
party involved in the default. Neither party shall have liability to the other
party in connection with such notification.

 

ARTICLE VI

USE OF THE SHARED BOOK INFORMATION

 

6.1.                                                    Grant
of Non-Exclusive License.

 

(a)                      During
the term of this Agreement, each party is granted a non-exclusive,
non-transferable, royalty-free, worldwide license to use, display, and publish
the

 

 

other party’s Shared Book Information for the purpose of routing orders
for execution by the other party through the other party’s ECN. It is understood
and agreed that the non-exclusive license granted pursuant to this section
includes the right to combine the Shared Book Information with other Shared
Book Information obtained from third parties as well as data and other content
developed internally by either party.

 

(b)                      Neither
party shall use the other party’s ECN with computerized voice technology or any
automated information inquiry system or similar technology.

 

(c)                      All Shared Book Information or
portions thereof provided by either party shall be displayed or published by
the other party may be integrated into the other party’s “Look and Feel”
trading system. Notwithstanding the previous sentence, the party receiving
Shared Book Information shall unconditionally maintain and uphold attribution of
the Shared Book Information from the other party when displaying or publishing
it. Accordingly, Archipelago orders will be attributed to “ARCA,” and Tradebook
ECN orders will be attributed to “BTRD.”

 

(d)                      If either party provides its logo
or trademark to the other party in connection with providing the Shared Book
Information, the party receiving the logo or trademark shall not alter, modify,
or change it in any manner when displaying or publishing it on its trading
system. Notwithstanding the foregoing, neither party shall incorporate the
other party’s logos or trademarks into any advertising, branding, or other
promotional material without the prior written consent of the other party.

 

(e)                      Any
use by either party of logos or trademarks of the other party shall comply with
all applicable laws and regulations.

 

(f)                        Both parties acknowledge that
they have no right, title, or interest in the other party’s Shared Book
Information or logos or trademarks, and that nothing in this Agreement shall be
construed as an assignment to the other party of any ownership interest of the
foregoing. Additionally, nothing herein shall affect either party’s
intellectual property rights in connection with Shared Book Information or
logos or trademarks.

 

ARTICLE VII

PROPRIETARY INFORMATION

 

7.1.                                                    Proprietary Information. Each
party acknowledges and agrees that the software and protocols provided by the
other party are trade secrets proprietary and unique to each party, and that
copyright and patent rights of either party may also exist. Each party
acknowledges and agrees that the other party’s third party vendors, including,
but not limited to software, hardware, data, and communications providers, have

 

 

exclusive
proprietary rights in their respective information and data. Each party, on
behalf of itself and its employees, agrees to keep such information
confidential, and to utilize this information solely for its own business
activities. Both parties further agree to take or cause to be taken all
reasonably necessary precautions to maintain the secrecy and confidentiality of
such proprietary information, and shall neither disclose the same to any person
or entity, unless expressly permitted by the other party. Proprietary
Information shall not include information which: (a) is in the public domain at
the time of disclosure; (b) was in the lawful possession of or demonstrably
known by the recipient prior to its receipt from either party; or (c) is
independently developed by either party without use of the proprietary
information. (a)In the event either party receives a request, or is required
(by interrogatory, request for information or documents, subpoena, deposition,
civil or administrative investigative demand or other process) to disclose
proprietary or confidential information (as defined immediately below), that
party shall provide prompt notice of such request or demand and a copy of the
written request or demand, if any, to the subject party within one day upon
receipt and shall not comply with such subpoena or other process until
receiving written notification from the subject party that it may proceed. In
connection with the above, the party receiving a request for proprietary or
confidential information of the other party shall tender all legal and
equitable defenses to the other party immediately upon request.

 

7.2.                                                    Confidentiality. Each party shall
keep confidential the information related to the other party’s ECN, both oral
and written, that is given to the other party. Neither party shall disclose the
identity of a customer to other broker-dealers or to third parties, in
connection with any transaction executed or any message sent or received by
either party through either party’s ECN, except that either party may make such
disclosure:

 

(a)                      to
facilitate the settlement of transactions of securities;

 

(b)                     pursuant
to prior authorization by both parties in writing;

 

(c)                      in
the context of a published list; or

 

(d)                     pursuant
to an order or subpoena of a court or regulatory body having jurisdiction over
either party or where required by law or regulation to be made available to any
regulatory body having appropriate authority, (though subject to Section 7.1
(a) above).

 

ARTICLE VIII

INDEMNITY AND LIABILITY

 

8.1.                                                    Indemnity.
Each party shall indemnify and hold harmless the other party, its
employees, directors, and agents, its subsidiaries and affiliates and each
other broker-dealer on the contra side of any executed trade, from and against:

 

 

(a)                      any
and all liabilities, obligations, damages, claims, including reasonable attorneys’
fees and other expenses, incurred in the investigation and defense of third
party claims and actions by such party resulting from or arising out of any
misrepresentation or non-fulfillment of any covenant or agreement on the part
of the other party, its employees, directors, or agents under the terms of this
Agreement; and

 

(b)                     the
infringement (or alleged infringement) by the non-infringing party, its
employees, directors, or agents, of any intellectual property right or other
property or proprietary rights of the other party.

 

8.2.                                                    Liability.

 

(a)                      Each
party agrees that, except as provided in Section 8.2(c) hereof, the other
party, its employees, directors, and agents, its subsidiaries and affiliates
shall not be liable for any loss of profits (anticipated or otherwise), loss of
use, trading losses, loss of other costs or savings, loss by reason of shutdown
in operation or for increased expenses of operation, or any other damages
suffered, or cost and expenses incurred by either party, any customers of
either party or any third party, of any nature, or from any cause whatsoever,
whether direct, special, incidental, or consequential, arising out of the
furnishing, performance, maintenance, or use of, or inability to use, the
services, equipment, communications lines, software, databases, manuals and any
other materials furnished by or on behalf of either party.

 

(b)                     The
services, equipment, communications lines, software, databases, manuals, and
other materials are provided “as is,” without warranties of any kind,
including, but not limited to, the implied warranties of merchantability,
fitness for a particular purpose and non-infringement, by either party, its
subsidiaries and affiliates. Nor is there any suggestion that the services,
equipment, software, databases, manuals and other materials will meet the other
party’s requirements, be error free, or operate without interruption. In
particular, and without limiting the generality of the foregoing, neither party
makes any warranty that orders processed through either party’s ECN will be
executed.  Each party expressly
disclaims all warranties of any kind, express, implied or statutory (including
without limitation, use, timeliness, truthfulness, sequence, completeness,
accuracy, freedom from interruption, and any implied warranties arising from
trade usage, course of dealing, or course of performance).

 

(c)                                  Except
with respect to (i) liability for death of or personal injury to the other
party’s employees directly caused by such party’s ECN insofar as such death or
injury resulted directly from the negligence of such party and (ii) a knowing
and deliberate breach of this Agreement, as to which there shall be no cap,
with respect to (A) gross negligence or (B) if any of the foregoing disclaimers
and

 

 

waivers of
liability shall be deemed invalid or ineffective, neither party shall liable in
any and all events under this Agreement for an amount of losses or damages
exceeding in the aggregate, during the term of this Agreement, the greater of
(1) the fees paid by such party to the other party during the six months
preceding the first such loss or damage or (2) $2.5 million. Each party
understands and agrees that the pricing for the linkage reasonably reflects the
allocation of risk and limitation of liability set forth in this section.

 

ARTICLE IX

TERMINATION

 

9.1.                                                    Termination
by Either Party Without Cause. Either party may terminate this Agreement in
its sole discretion only upon thirty (30) days prior written notice to the
other party. In no event shall termination by either party relieve the other
party of obligations already incurred.

 

9.2.                                                    Termination
by Either Party “for Cause.” Either party may terminate this Agreement at
any time, without any liability of as a consequence thereof, where:

 

(a)                      the
other party has made or furnished any false or misleading representations or
certifications in connection with this Agreement;

 

(b)                     the
other party has breached any material obligation that must be performed
pursuant to this Agreement;

 

(c)                      the
other party has violated or will violate any applicable law or regulation in
connection with its use of the other party’s ECN;

 

(d)                     the
other party has failed to pay fees and commissions that are due and owing
within two (2) months of the date due or has consistently failed to pay debts
on a timely basis (six (6) late payments will be considered “consistent”); or

 

(e)                      the
other party is notified by the NASD or any other regulatory body that either
party is no longer a member in good standing.

 

ARTICLE X

MISCELLANEOUS

 

10.1.                                             Notices.
All notices and other communications required or permitted hereunder shall
be in writing and shall be deemed to have been duly given if and when delivered
by hand or mailed, certified or registered mail return receipt requested with
postage prepaid, to the address of Archipelago or Tradebook as set forth below,
or to such other person or address as either party shall furnish in writing:

 

 

	
  If to
  Archipelago ECN:

  	
   

  	
  If to
  Tradebook ECN:

  
	
   

  	
   

  	
   

  
	
  Archipelago,
  L.L.C.

  	
   

  	
  Bloomberg
  Tradebook LLC

  
	
   

  	
   

  	
   

  
	
  Chief Executive
  Officer &

  	
   

  	
  Kevin M.
  Foley

  
	
   
  General Counsel

  	
   

  	
  499 Park
  Avenue

  
	
  100 S.
  Wacker Drive

  	
   

  	
  New York, NY
  10022

  
	
  Suite 2012

  	
   

  	
   

  
	
  Chicago, IL
  60606

  	
   

  	
  Copy:  Karl Kilb

  
	
   

  	
   

  	
   

  
	
  Telephone:
  312-960-1696

  	
   

  	
  Telephone:  212-318-2247

  
	
  Fax:  312-960-1369

  	
   

  	
  Fax:

  	
  917-369-4266

  
	
   

  	
   

  	
   

  	
  212-893-5371

  

 

10.2.                                             Force Majeure. Notwithstanding any
other term or condition of the Agreement, neither party and its third party
providers, including, but not limited to, software, hardware, communications
and data providers, shall be obligated to perform or observe their obligations
undertaken in the Agreement (except for obligations to make payments hereunder
and regulatory obligations) if prevented or hindered from doing so by any
circumstances found to be beyond their control and without the gross negligence
or willful misconduct on the part of either party. Such causes may include,
without limitation, acts of God, acts of government in its sovereign or
contractual capacity, power shortages or failures, utility or communication
failure or delays, labor disputes, strikes, or shortages, supply shortages,
equipment failures, or software malfunctions. The time for performance of any
act delayed by such events may be postponed for a period of time equal to the
delay.

 

10.3.                                             Arbitration.
All claims, disputes, controversies, and other matters in question between
the parties to this Agreement arising out of, or relating to this Agreement, or
to the breach hereof, shall be settled by final binding arbitration. The
arbitration proceeding shall be held in the City of Chicago, State of Illinois,
unless otherwise agreed by the parties. In no event shall such claim, dispute,
controversy, or other matter in question be made later than one (1) year after
the claim, dispute, controversy or other matter in question has arisen.

 

10.4.                                             Headings.
The headings of the Sections of this Agreement are inserted for convenience
only and shall not constitute a part hereof or affect in any way the meaning or
interpretation of this Agreement.

 

10.5.                                             Amendment.
Except as otherwise provided herein, no provision of this Agreement and any
schedules and attachments which are a part hereof, may be amended, modified or
waived unless by an instrument in writing executed on behalf of each of the
parties by their respective duly authorized officers.

 

10.6.                                             Entire
Agreement. This Agreement and attached Schedule A, as amended from time to
time and signed by both parties, shall constitute the entire agreement

 

 

between both
parties, and shall supersede all prior agreements, arrangements, representations
or promises, whether oral or written.

 

10.7.                                             Assignment.
This Agreement may not be assigned or transferred by either party to any
other person or entity without the prior written consent of the non-assigning
party, except that this Agreement may be assigned or transferred by either
party to a third party in the event of the sale of substantially all of the
assets to that third party.

 

10.8.                                             Governing
Law. The laws of the State of New York shall govern this Agreement.

 

10.9.                                             Severability.
If any provision of this Agreement shall be held invalid, the remaining
provisions shall remain in full force and effect.

 

10.10.                                      Third-Party
Beneficiaries. The parities agree that the Executing Broker and the
Clearing Broker shall each be third-party beneficiaries of this Agreement with
respect to Archipelago’s agreements and obligations hereunder. All
representations and warranties made by Archipelago pursuant to this Agreement
and all indemnities by Archipelago pursuant to this Agreement shall inure also
to the benefit of the Executing Broker and the Clearing Broker and such
provisions shall confer legally enforceable rights upon them as if they were
parties to this Agreement.

 

10.11.                                      No
Joint Venture. Nothing in this Agreement shall be construed to constitute or
appoint Archipelago, on the one hand, or Tradebook, on the other hand, as the
partner, joint venturer, agent or representative of the other party for any
purpose whatsoever, or to grant to either party any rights or authority to
assume or create any obligation or responsibility, express or implied, for or
on behalf of or in the name of the other, or to bind the other in any way or
manner whatsoever.  This Agreement does
not constitute a joint venture between the parties and the parties agree not to
do any acts or take any position which would be inconsistent with the
arrangements hereunder being treated as other than a joint venture.

 

IN WITNESS
WHEREOF, the parties have executed this Agreement on the date first written
above.

 

	
  BLOOMBERG
  TRADEBOOK LLC

  	
  ARCHIPELAGO,
  L.L.C.

  
	
   

  	
   

  
	
  By: 

  	
  /s/KARL KILB

  	
   

  	
  By:

  	
  /s/GERALD D.
  PUTNAM

  	
   

  
	
   

  	
   

  
	
  Karl Kilb

  	
   

  	
  Gerald D.
  Putnam (by Kevin O’Hara)

  	
   

  
	
  Print Name

  	
  Print Name

  
	
   

  	
   

  
	
  Principal,
  Compliance Officer

  	
   

  	
  Chief
  Executive Officer

  	
   

  
	
  Title

  	
  Title

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