Document:

Exhibit 10

EXHIBIT 10.1

The Depository Trust Company

A subsidiary of The Depository Trust & Clearing Corporation

BLANKET ISSUER LETTER OF REPRESENTATIONS

[To be completed by Issuer and Co-Issuer’s, if applicable]

		
	MacroShares Major Metro Housing Up Trust

	 

	[Name of Issuer and Co-Issuer(s), if applicable]

	 
	 

	 
	 

	 
	 

	 
	[Date]

Attention: Underwriting Department

The Depository Trust Company

55 Water Street, ISL

New York, NY 10041-0099

Ladies and Gentlemen:

This letter sets forth our understanding with respect to all issues (the “Securities”) that Issuer shall request to be made eligible for deposit by the The Depository Trust Company (“DTC”).

Issuer is: [Note: Issuer shall represent one and cross out the other.]

[incorporated in] [formed under the laws of] New York.

To induce DTC to accept the Securities as eligible for deposit at DTC, and to act in accordance with DTC’s Rules with respect to the Securities, Issuer represents to DTC that issuer will comply with the requirements stated in DTC’s Operational Arrangements, as they may be amended from time to time.

									
	 
	Very truly yours,

	Note:

	MacroShares Major Metro Housing UpTrust

	Schedule A contains statements that DTC

	By: State Street Bank and Trust Company, N.A., not in its individual capacity but solely 

	believes accurately describe DTC, the method

	as trustee of MacroShares Major Metro Housing Up Trust

	of effecting book-entry transfers of securities

	(Issuer)

	distributed through DTC, and certain related

	By:

	 

	matters.

	(Authorized Officer’s Signature)

	 
	 

	 
	James Newland

	 
	(Print Name)

	 
	 

	Received and Accepted

	Two World Financial Center

225 Liberty Street

	THE DEPOSITORY TRUST COMPANY

	(Street Address)

	 
	 

	 
	New York

	NY

	USA

	10281

	By:

	 
	 
	(City)

	(State)

	(Country)   

	(Zip Code)

	 
	 

	

The Depository Trust &

Clearing Corporation

	(917) 790-4500

	(Phone  Number)

	 

	james.newland@statestreet.com

	(E-mail address)

SCHEDULE A

(To Blanket Issuer Letter of Representation)

SAMPLE OFERING DOCUMENT LANGUAGE

DESCRIBING BOOK-ENTRY-ONLY ISSUANCE

(Prepared by DTC–bracketed material may be applicable only to certain issues)

1.

The Depository Trust Company (“DTC”), New York, NY, will act as securities depository for the securities (the “Securities”). The Securities will be issued as fully-registered securities registered in the name of Cede & Co., (DTC’s partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Security certificate will be issued for [each issue of] the Securities, [each] in the aggregate principal amount of such issue, and will be deposited with DTC. [If, however, the aggregate principal amount of [any] issue exceeds $500 million, one certificate will be issued with respect to each $500 million of principal amount, and an additional certificate will be issued with respect to any remaining principal amount of such issue].

2.

DTC, the world’s largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a “banking organization” within the meaning of the New York Banking Law, a member of the Federal Reserve System, a “clearing corporation” within the meaning of the New York Uniform Commercial Code, and a “clearing agency” registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity issues, corporate and municipal debt issues, and money market instruments (from over 100 countries) that DTC’s participants (“Direct Participants”) deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation (“DTCC”). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its regulated subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly (“Indirect Participants”). DTC has Standard & Poor’s highest rating: AAA. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dttc.com and www.dtc.org.

3.

Purchases of Securities under the DTC system must be made by or through Direct Participants, which will receive a credit for the Securities on DTC’s records. The ownership interest of each actual purchaser of each Security (“Beneficial Owner”) is in turn to be recorded on the Direct and Indirect Participant’s records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmations providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Securities are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in Securities, except in the event that use of the book-entry system for the Securities is discontinued.

4.

To facilitate subsequent transfers, all Securities deposited by Direct Participants with DTC are registered in the name of DTC’s partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of Securities with DTC and their registration in the name of Cede & Co. or such other DTC nominee do not effect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Securities; DTC’s records reflect only the identity of the Direct Participants to whose accounts such Securities are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers. 

5.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time. [Beneficial Owners of Securities may wish to take certain steps to augment the transmission to them of notices of significant events with respect to the Securities, such as redemptions, tenders, defaults, and proposed amendments to the Security documents. For example, Beneficial Owners of Securities may wish to ascertain that the nominee holding the Securities for their benefit has agreed to obtain and transmit notices to Beneficial Owners. In the alternative, Beneficial Owners may wish to provide their names and addresses to the registrar and request that copies of notices be provided directly to them.]

[6.

Redemption notices shall be sent to DTC. If less than all of the Securities within an issue are being redeemed, DTC’s practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.]

7.

Neither DTC or Cede & Co. (nor any other DTC nominee) will consent or vote with respect to Securities unless authorized by a Direct Participant in accordance with DTC’s MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to Issuer as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.’s consenting or voting rights to those Direct Participants whose accounts Securities are credited on the record date (identified in a listing attached to the Omnibus Proxy).

8.

Redemption proceeds, distributions, and dividend payments on the Securities will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC’s practice is to credit Direct Participants’ accounts upon DTC’s receipt of funds and corresponding detail information from Issuer or Agent, on payable date in accordance with their respective holdings shown on DTC’s records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer from or registered in “street name,” and will be the responsibility of such Participant and not of DTC, Agent, or Issuer, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of redemption proceeds, distributions, and dividend payments to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of Issuer or Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

[9.

A Beneficial Owner shall give notice to elect to have its Securities purchased or tendered, through its Participant, to [Tender/Remarketing] Agent, and shall effect delivery of such Securities by causing the Direct Participant to transfer the Participant’s interest in the Securities, on DTC’s records, to [Tender/Remarketing] Agent. The requirement for physical delivery of Securities in connection with an optional tender or a mandatory purchase will be deemed satisfied when the ownership rights in the Securities are transferred by Direct Participants on DTC’s records and followed by a book-entry credit of tendered Securities to [Tender/Remarketing] Agent’s DTC account.]

10.

DTC may discontinue providing its services as depository with respect to the Securities at any time by giving reasonable notice to Issuer or Agent. Under such circumstanced, in the event that a successor depository is not obtained, Security certificates are required to be printed and delivered.

11.

Issuer may decide to discontinue use of the system of book-entry-only transfers through DTC (or a successor securities depository). In that event, Security certificates will be printed and delivered to DTC.

12.

The information in this section concerning DTC and DTC’s book-entry system has been obtained from sources that Issuer believes to be reliable, but Issuer takes no responsibility for the accuracy thereof.Filed by Bowne Pure Compliance

Exhibit 10.4

SIXTH AMENDMENT TO THE

CONSOLIDATED GRAPHICS, INC. LONG-TERM INCENTIVE PLAN, AS AMENDED

WHEREAS, Consolidated Graphics, Inc. (the “Company”) maintains the “Consolidated Graphics,
Inc. Long-Term Incentive Plan, as amended (the “Plan”); and

WHEREAS, pursuant to Section 11 of the Plan, the Board of Directors of the Company (the
“Board”) reserved the right to amend the Plan; and

WHEREAS, the Board recently amended the definition of “Fair Market Value” in the Plan on May
9, 2008, which constituted the Fifth Amendment to the Plan; and

WHEREAS, the Board now desires to amend the Plan in order to incorporate such terms and
provisions as are deemed necessary or appropriate to comply with Section 409A of the Internal
Revenue Code of 1986, as amended (“Code”) and to incorporate certain additional provisions relating
to incentive stock options under Section 422 of the Code;

NOW THEREFORE, RESOLVED, that the Plan is hereby amended by this Sixth Amendment, as follows:

	1.	 	Section 1 is amended to add the following two new sentences at the end thereof:

	 
	 	 	The Plan provides for payment of various forms of compensation. It is not intended to be a
plan that is subject to the Employee Retirement Income Security Act of 1974, as amended
(“ERISA”), and shall be interpreted, construed and administered consistent with its status
as a plan that is not subject to ERISA.

	 
	2.	 	Section 7(b) is amended to add the following new sentence at the end thereof:

	 
	 	 	The strike price of a SAR shall not be less than 100% of the Fair Market Value per share of
Common Stock on the date the SAR is granted.

	 
	3.	 	Section 7 is amended by adding the following new subsections (e) and (f) at the end thereof:

(e) $100,000 Annual Limit on Incentive Stock Options. Notwithstanding any contrary
provision in the Plan, a stock option designated as an ISO shall be an ISO only to the
extent that the aggregate Fair Market Value (determined as of the time the ISO is granted)
of the shares of Common Stock with respect to which ISOs are exercisable for the first time
by the Participant during any single calendar year (under the Plan and any other stock
option plans of the Company and its subsidiaries or parent) does not exceed $100,000. This
limitation shall be applied by taking ISOs into account in the order in which they were
granted and shall be construed in accordance with Section 422(d) of the Code.

(f) Notification of Disqualifying Disposition of Shares from Incentive Stock Options.
A Participant who disposes of Shares of Common Stock acquired upon the exercise of an ISO by
a sale or exchange either (i) within two (2) years after the date of
the grant of the ISO under which the shares of Common Stock were acquired or (ii)
within one (1) year after the transfer of such shares to him pursuant to exercise, shall
promptly notify the Company of such disposition, the amount realized and the adjusted basis
in such shares.

 

 

 

	4.	 	Section 7 is amended by adding the following two new sentences at the end of subsection (c)
“Stock Award”, as follows:

	 
	 	 	Restricted stock units are not intended to be deferred compensation that is subject to
Section 409A of the Code. During the period beginning on the date such an Award is granted
and ending on the payment date specified in the Award Agreement, the Participant’s right to
payment under the Award Agreement shall remain subject to a “substantial risk of forfeiture”
within the meaning of such term under Section 409A of the Code. In addition, payment to the
Participant under a restricted stock unit shall be made within two and one-half months (21/2)
months following the end of the calendar year in which the substantial risk of forfeiture
lapses unless an earlier payment date is specified in the Award Agreement.

	 
	5.	 	Section 8 is amended to delete subsection (b) “Deferral” and subsection (d) “Substitution of
Awards” in their entirety, and to renumber subsection (c) “Dividends and Interest” as new
subsection (b).

	 
	6.	 	Section 8, subsection (c), which has been redesignated pursuant to item 5 above as subsection
(b), “Dividends and Interest”, is hereby amended by deleting the last sentence thereof and
replacing such sentence with the following new sentence:

	 
	 	 	All dividend equivalents will be paid to the Participant not later than 60 days after the
date that the corresponding dividend was declared.

	 
	7.	 	The Plan is amended to add the following new Section 19, as follows:

	 	19. Compliance with Code Section 409A. It is intended that Awards granted under the Plan
shall be exempt from taxation under Section 409A of the Code, unless otherwise determined by
the Committee at the time of grant. In that respect, the Company, by action of its Board,
reserves the right to amend the Plan, and the Board and the Committee each reserve the right
to amend any outstanding Award Agreement, to the extent deemed necessary or appropriate
either to exempt such Award from taxation under Section 409A or to comply with the
requirements of Section 409A. Further, Participants who are “Specified Employees” (as
defined under Section 409A), shall be required to delay payment under an Award for six (6)
months after separation from service, but only to the extent such Award would otherwise be
subject to taxation under Section 409A if no such delay is
imposed.

[Signature page follows.]

 

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IN WITNESS WHEREOF, a duly authorized officer of the Company has executed this Sixth Amendment
to the Plan, on behalf of the Company, on this 30 day of June, 2008, to be
effective upon execution.

	 	 	 	 	 
	 	CONSOLIDATED GRAPHICS, INC.

 	 
	 	By:  	Jon
C. Biro	 
	 
	 	Name:  	Jon
C. Biro	 
	 
	 	Title:  	Executive
Vice President and
Chief Financial and Accounting Officer	 
	 

 

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