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DWAC (Deposit/Withdrawal At Custodian)

Method used to request a movement of shares electronically to or from your company's transfer agent to the account of a shareholder, as with an ESPP purchase, restricted stock release, or option exercise. This method of issuing securities avoids the need for the company's transfer agent to physically deliver stock certificates to the brokerage firm or company that is processing the transaction, such as an option exercise. Instead, the depository trust company credits the broker's account with the option shares.

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