Document:

exv10w1

Exhibit 10.1

INDEMNIFICATION AGREEMENT

     THIS AGREEMENT is made and entered into this 1st day of July, 2009 by and between TITANIUM
ASSET MANAGEMENT CORP., a Delaware corporation (the “Corporation”), and Shy Talmon (“Agent”).

RECITALS

     WHEREAS, Agent performs a valuable service to the Corporation in his capacity as a director of
the Corporation;

     WHEREAS, the Corporation has adopted provisions in its Certificate of Incorporation (the
“Charter”) and bylaws (the “Bylaws”) providing for the indemnification of the directors, officers,
employees and other agents of the Corporation, including persons serving at the request of the
Corporation in such capacities with other corporations or enterprises, as authorized by the
Delaware General Corporation Law, as amended (the “Code”);

     WHEREAS, the Charter, the Bylaws and the Code, by their non-exclusive nature, permit contracts
between the Corporation and its agents, officers, employees and other agents with respect to
indemnification of such persons; and

     WHEREAS, in order to induce Agent to serve as a director of the Corporation, the Corporation
has determined and agreed to enter into this Agreement with Agent.

     NOW, THEREFORE, in consideration of Agent’s service as a director of the Corporation after the
date hereof, the parties hereto agree as follows:

AGREEMENT

     1. Services to the Corporation. Agent will serve, at the will of the Corporation or under
separate contract, if any such contract exists, as a director of the Corporation or as a director,
officer or other fiduciary of an affiliate of the Corporation (including any employee benefit plan
of the Corporation) faithfully and to the best of his ability so long as he is duly elected and
qualified in accordance with the provisions of the Bylaws or other applicable charter documents of
the Corporation or such affiliate; provided, however, that Agent may at any time
and for any reason resign from such position (subject to any contractual obligation that Agent may
have assumed apart from this Agreement) and that the Corporation or any affiliate shall have no
obligation under this Agreement to continue Agent in any such position.

     2. Indemnity of Agent. The Corporation hereby agrees to hold harmless and indemnify Agent to
the fullest extent authorized or permitted by the provisions of the Charter, the Bylaws and the
Code, as the same may be amended from time to time (but, only to the extent that such amendment
permits the Corporation to provide broader indemnification rights than the Charter, the Bylaws or
the Code permitted prior to adoption of such amendment).

     3. Additional Indemnity. In addition to and not in limitation of the indemnification otherwise
provided for herein, and subject only to the exclusions set forth in Section 4 hereof, the
Corporation hereby further agrees to hold harmless and indemnify Agent:

          (a) against any and all expenses (including attorneys’ fees), witness fees, damages,
judgments, fines and amounts paid in settlement and any other amounts that Agent becomes legally
obligated to pay because of any claim or claims made against or by him in connection with any
threatened, pending or completed action, suit or proceeding, whether civil, criminal,
arbitrational, administrative or investigative (including an action by or in the right of the
Corporation) to which Agent is, was or at any time becomes a party or a witness, or is threatened
to be made a party or a witness, by reason of the fact that Agent is, was or at any time becomes a
director, officer, employee or other agent of Corporation, or is or was serving or at any time
serves at the request of the Corporation as a director, officer, employee or other agent of another
corporation, partnership, joint venture, trust, employee benefit plan or other enterprise; and

 

 

          (b) otherwise to the fullest extent as may be provided to Agent by the Corporation under the
non-exclusivity provisions of the Code, the Charter and the Bylaws.

     4. Limitations on Additional Indemnity. No indemnity pursuant to Section 3 hereof shall be
paid by the Corporation:

          (a) on account of any claim against Agent for an accounting of profits made from the purchase
or sale by Agent of securities of the Corporation pursuant to the provisions of Section 16(b) of
the Securities Exchange Act of 1934 and amendments thereto or similar provisions of any federal,
state or local statutory law;

          (b) on account of Agent’s conduct that is established by a final judgment as knowingly
fraudulent or deliberately dishonest or that constituted willful misconduct;

          (c) on account of Agent’s conduct that is established by a final judgment as constituting a
breach of Agent’s duty of loyalty to the Corporation or resulting in any personal profit or
advantage to which Agent was not legally entitled;

          (d) for which payment is actually made to Agent under a valid and collectible insurance policy
or under a valid and enforceable indemnity clause, bylaw or agreement, except in respect of any
excess beyond payment under such insurance, clause, bylaw or agreement;

          (e) if indemnification is not lawful (and, in this respect, both the Corporation and Agent
have been advised that the Securities and Exchange Commission believes that indemnification for
liabilities arising under the federal securities laws is against public policy and is, therefore,
unenforceable and that claims for indemnification should be submitted to appropriate courts for
adjudication); or

          (f) in connection with any proceeding (or part thereof) initiated by Agent, or any proceeding
by Agent against the Corporation or its directors, officers, employees or other agents, unless (i)
such indemnification is expressly required to be made by law, (ii) the proceeding was authorized by
the Board of Directors of the Corporation, (iii) such indemnification is provided by the
Corporation, in its sole discretion, pursuant to the powers vested in the Corporation under the
Code, or (iv) the proceeding is initiated pursuant to Section 9 hereof.

     5. Continuation of Indemnity. All agreements and obligations of the Corporation contained
herein shall continue during the period Agent is a director, officer, employee or other agent of
the Corporation (or is or was serving at the request of the Corporation as a director, officer,
employee or other agent of another corporation, partnership, joint venture, trust, employee benefit
plan or other enterprise) and shall continue thereafter so long as Agent shall be subject to any
possible claim or threatened, pending or completed action, suit or proceeding, whether civil,
criminal, arbitrational, administrative or investigative, by reason of the fact that Agent was
serving in the capacity referred to herein.

     6. Partial Indemnification. Agent shall be entitled under this Agreement to indemnification by
the Corporation for a portion of the expenses (including attorneys’ fees), witness fees, damages,
judgments, fines and amounts paid in settlement and any other amounts that Agent becomes legally
obligated to pay in connection with any action, suit or proceeding referred to in Section 3 hereof
even if not entitled hereunder to indemnification for the total amount thereof, and the Corporation
shall indemnify Agent for the portion thereof to which Agent is entitled.

     7. Notification and Defense of Claim. Not later than thirty (30) days after Agent becomes
aware, by written or other overt communication, of any pending or threatened litigation, claim or
assessment, Agent will, if a claim in respect thereof is to be made against the Corporation under
this Agreement, notify the Corporation of such pending or threatened litigation, claim or
assessment; but the omission so to notify the Corporation will not relieve it from any liability
which it may have to Agent otherwise than under this

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Agreement. With respect to any such pending or threatened litigation, claim or assessment as to
which Agent notifies the Corporation of the commencement thereof:

          (a) the Corporation will be entitled to participate therein at its own expense;

          (b) except as otherwise provided below, the Corporation may, at its option and jointly with
any other indemnifying party similarly notified and electing to assume such defense, assume the
defense thereof, with counsel reasonably satisfactory to Agent. After notice from the Corporation
to Agent of its election to assume the defense thereof, the Corporation will not be liable to Agent
under this Agreement for any legal or other expenses subsequently incurred by Agent in connection
with the defense thereof except for reasonable costs of investigation or otherwise as provided
below. Agent shall have the right to employ separate counsel in such action, suit or proceeding but
the fees and expenses of such counsel incurred after notice from the Corporation of its assumption
of the defense thereof shall be at the expense of Agent unless (i) the employment of counsel by
Agent has been authorized by the Corporation, (ii) Agent shall have reasonably concluded, and so
notified the Corporation, that there is an actual conflict of interest between the Corporation and
Agent in the conduct of the defense of such action or (iii) the Corporation shall not in fact have
employed counsel to assume the defense of such action, in each of which cases the fees and expenses
of Agent’s separate counsel shall be at the expense of the Corporation. The Corporation shall not
be entitled to assume the defense of any action, suit or proceeding brought by or on behalf of the
Corporation or as to which Agent shall have made the conclusion provided for in clause (ii) above;
and

          (c) the Corporation shall not be liable to indemnify Agent under this Agreement for any
amounts paid in settlement of any action or claim effected without its written consent, which shall
not be unreasonably withheld. The Corporation shall be permitted to settle any action or claim
except that it shall not settle any action or claim in any manner which would impose any penalty or
limitation on Agent without Agent’s written consent, which may be given or withheld in Agent’s sole
discretion.

     8. Expenses. The Corporation shall advance, prior to the final disposition of any proceeding,
promptly following request therefor, all expenses incurred by Agent in connection with such
proceeding upon receipt of an undertaking by or on behalf of Agent to repay said amounts if it
shall be determined ultimately that Agent is not entitled to be indemnified under the provisions of
this Agreement, the Charter, the Bylaws, the Code or otherwise.

     9. Enforcement. Any right to indemnification or advances granted by this Agreement to Agent
shall be enforceable by or on behalf of Agent in any court of competent jurisdiction if (i) the
claim for indemnification or advances is denied, in whole or in part, or (ii) no disposition of
such claim is made within ninety (90) days of request therefor. Agent, in such enforcement action,
if successful in whole or in part, shall be entitled to be paid also the expense of prosecuting his
claim. It shall be a defense to any action for which a claim for indemnification is made under
Section 3 hereof (other than an action brought to enforce a claim for expenses pursuant to Section
8 hereof, provided that the required undertaking has been tendered to the Corporation) that
Agent is not entitled to indemnification because of the limitations set forth in Section 4 hereof.
Neither the failure of the Corporation (including its Board of Directors or its stockholders) to
have made a determination prior to the commencement of such enforcement action that indemnification
of Agent is proper in the circumstances, nor an actual determination by the Corporation (including
its Board of Directors or its stockholders) that such indemnification is improper shall be a
defense to the action or create a presumption that Agent is not entitled to indemnification under
this Agreement or otherwise.

     10. Subrogation. In the event of payment under this Agreement, the Corporation shall be
subrogated to the extent of such payment to all of the rights of recovery of Agent, who shall
execute all documents required and shall do all acts that may be necessary to secure such rights
and to enable the Corporation effectively to bring suit to enforce such rights.

     11. Non-Exclusivity of Rights. The rights conferred on Agent by this Agreement shall not be
exclusive of any other right which Agent may have or hereafter acquire under any statute, provision
of the Corporation’s Certificate of Incorporation or Bylaws, agreement, vote of stockholders or
directors, or otherwise, both as to action in his official capacity and as to action in another
capacity while holding office.

3

 

     12. Survival of Rights.

          (a) The rights conferred on Agent by this Agreement shall continue after Agent has ceased to
be a director, officer, employee or other agent of the Corporation or to serve at the request of
the Corporation as a director, officer, employee or other agent of another corporation,
partnership, joint venture, trust, employee benefit plan or other enterprise, and shall inure to
the benefit of Agent’s heirs, executors and administrators.

          (b) The Corporation shall require any successor (whether direct or indirect, by purchase,
merger, consolidation or otherwise) to all or substantially all of the business or assets of the
Corporation, expressly to assume and agree to perform this Agreement in the same manner and to the
same extent that the Corporation would be required to perform if no such succession had taken
place.

     13. Separability. Each of the provisions of this Agreement is a separate and distinct
agreement and independent of the others, so that if any provision hereof shall be held to be
invalid or unenforceable for any reason, such invalidity or unenforceability shall not affect the
validity or enforceability of the other provisions hereof. Furthermore, if this Agreement shall be
invalidated in its entirety on any ground, then the Corporation shall nevertheless indemnify Agent
to the fullest extent provided by the Charter, the Bylaws, the Code or any other applicable law.

     14. Governing Law. This Agreement shall be interpreted and enforced in accordance with the
laws of the State of Delaware.

     15. Amendment and Termination. No amendment, modification, termination or cancellation of this
Agreement shall be effective unless in writing signed by both parties hereto.

     16. Identical Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall for all purposes be deemed to be an original but all of which together shall
constitute but one and the same Agreement. Only one such counterpart need be produced to evidence
the existence of this Agreement.

     17. Headings. The headings of the sections of this Agreement are inserted for convenience only
and shall not be deemed to constitute part of this Agreement or to affect the construction hereof.

     18. Notices. All notices, requests, demands and other communications hereunder shall be in
writing and shall be deemed to have been duly given (i) upon delivery if delivered by hand to the
party to whom such communication was directed or (ii) upon the third business day after the date on
which such communication was mailed if mailed by certified or registered mail with postage prepaid:

	 	(a)	 	If to Agent, at the address indicated on the signature page hereof.
	 
	 	(b)	 	If to the Corporation, to:

Titanium Asset Management Corp.

777 E. Wisconsin Avenue

Milwaukee, Wisconsin 53202-5310 USA

Attention: Chief Executive Officer

     or to such other address as may have been furnished to Agent by the Corporation.

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and
year first above written.

	 	 	 	 	 	 	 
	 	 	TITANIUM ASSET MANAGEMENT CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Nigel Wightman
 

Name: Nigel Wightman
	 	 
	 

	 	 	 	Title: Chief Executive Officer	 	 
	 
	 	 	 	 	 	 
	 	 	AGENT	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	/s/ Shy Talmon	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Shy Talmon	 	 
	 

	 	 	 	Address:	 	 
	 

	 	 	 	Clal Insurance Enterprises Holdings Ltd.	 	 
	 

	 	 	 	48 Menachem Begin Way	 	 
	 

	 	 	 	Clal Insurance House	 	 
	 

	 	 	 	Tel Aviv, 66184	 	 
	 

	 	 	 	Israel	 	 

5exv10w2

Exhibit 10.2

July 1, 2009

Norm Sidler

National Investment Services, Inc.

737 North Michigan Avenue, Suite 15200

Chicago, IL 60611-6653

	Re: 	 	Referral Arrangement

Dear Norm:

     Attalus Capital, L.P. (the “Manager”) has been pleased to work with National Investment
Services, Inc. (“NIS”) during these past several years and we look forward to continuing our
excellent relationship with NIS for many years to come. The purpose of this letter is to agree
that the Amended and Restated Investment Sub-Advisory Agreement dated as of December 1, 2006 by and
between the Manager and NIS (“Sub-Advisory Agreement”) will govern and supercede all past joint
business and past agreements (amended, restated and/or otherwise) between the two parties,
including all additional subscriptions made by such past joint business and that this document will
govern all new joint business commencing on and after the date of this letter agreement
(“Agreement”).

	 	1.	 	NIS shall continue to refer investors, including but not limited to,
jointly-trusteed employee benefit plans, governmental pension plans and any other
qualified purchaser (“Investor”) to the Manager with respect to one or more investment
vehicles sponsored by the Manager provided, however, effective as of the date of this
Agreement, all such referrals shall be governed by the terms set forth in this
Agreement.
	 
	 	2.	 	NIS will coordinate its introductory services with the Manager’s own marketing
efforts. As NIS identifies potential Investors (“Prospects”) it will relay, in
writing, the names of those Prospects (each such notification is referred to in this
Agreement as a “Referral Notice”) to ensure there is no conflict between the two
organizations. The Manager reserves the right to reject any Prospect, and NIS
understands that each Prospect, regardless of its consultant, will be treated as a
separate Prospect and Investor. The Manager acknowledges that a new Prospect, not
listed on the Referral Notice, may arise as a result of an existing relationship. If
such an event occurs, the Manager and NIS agree to discuss in good faith the handling
of such accounts. NIS, consistent with any fiduciary or other obligations it may owe
to those Prospects, will recommend that the Prospects meet with and entertain proposals
from the Manager’s personnel. NIS will also 

 

 

	 	 	 	help the Manager in establishing
relationships with Prospects referred by NIS. NIS represents and warrants that its
entry into this Agreement will not violate any of its prior or current agreements,
orders, or obligations.

	 	3.	 	If a Prospect referred by NIS becomes a client of the Manager, the Manager
shall notify NIS via e-mail or in writing with five (5) days after such Prospect has
become a new client of the Manager. The Manager will pay a referral fee to NIS equal
to a percentage of the fees received from the new client. The referral fee is further
described in Paragraph 5 of this Agreement. As used in this Agreement, a “Prospect”
means an Investor that (i) was first identified and contacted by NIS; (ii) has been
identified on a Referral Notice furnished by NIS to the Manager pursuant to Paragraph 2
above; and (iii) has signed and dated an Acknowledgment of Receipt, a copy of which has
been delivered to the Manager by NIS pursuant to Paragraph 7 below. NIS will bear all
expenses incurred by it in soliciting Prospects under this Agreement, except in those
limited instances where the Manager specifically agrees in advance in writing to
reimburse NIS for reasonable travel, entertainment or other expenses. Notwithstanding
any provision of this Agreement to the contrary, the Manager will not be obligated to
pay NIS any referral fee if, in the opinion of independent legal counsel mutually
agreed upon by the parties, such payment would violate any law, rule or regulation to
which the Manager is subject. The cost of such independent legal counsel will be
shared equally by the parties to this Agreement.
	 
	 	4.	 	NIS will perform services under this Agreement in accordance with this
Agreement, the Manager’s instructions concerning the Investment Advisers Act of 1940
(“Advisers Act”), U.S. Securities and Exchange Commission (“SEC”) rules and regulations
thereunder, and other applicable U.S., state, or local law. The Manager will supply
NIS with relevant material information and materials relating to the obligations
imposed on solicitors under U.S. laws and regulations. NIS agrees to read and
understand these materials and seek clarification regarding these materials from the
Manager if needed.
	 
	 	5.	 	In compensation for performance of this Agreement, NIS will receive the
following percentages per annum of the fees received by the Manager, which shall be
paid quarterly in arrears for each Investor based upon the period during which such
Investor became a client for so long as they remain a client of the Manager
irrespective as to whether the Agreement is then in effect, in accordance with the fee
schedules as set forth in this paragraph:

(Schedule 4) From July 1, 2009 and thereafter:

	 	 	 
	Period Prospect became Investor	 	% per annum of fees received by the Manager(1)(2)
	First 12 months
	 	20%
	Thereafter
	 	15%

 

 

(Schedule 3) From December 1, 2006 to May 31, 2009:

	 	 	 
	Period Prospect became Investor	 	% per annum of fees received by the Manager (1)(3)(4)
	First 12 months
	 	20%
	Second 12 months
	 	15%
	Thereafter
	 	10%

(Schedule 2) From March 2004 to November 30, 2006:

	 	 	 
	Period Prospect became Investor —	 	% per annum of fees received by
	Overall Management Fee	 	the Manager (1)(3)(5)
	1.5%
	 	33%
	From 1.25% to Less than 1.5%
	 	25%
	Less than 1.25%
	 	28 basis points

(Schedule 1) Exception Schedule: Notwithstanding the above schedules, NIS will
receive fees with respect to Plumbers, and the combined assets of Pipefitter
National Pension Fund and LIUNA National (Industrial) Pension Fund and LIUNA Staff &
Affiliates Pension Fund in accordance with the following schedule:

	 	 	 
	Overall Management Fee	 	% per annum of Net Asset Value (6)
	1.25%
	 	.35%
	1.00%
	 	.20%

 

			
	Notes:	 
	 

			
	(1)	 	Under this schedule, the Manager will receive a minimum of at
least .90% of net assets, irrespective of the percentages as set forth in the
schedule.
	 
	(2)	 	Any additional funds received from these respective clients,
which become fund investors during this time period, will be classified as add
on investments. NIS will receive 100% of the calculated fees under the
schedule, whether NIS is or is not present in the finals presentation.
	 
	(3)	 	Any additional funds received from these respective clients,
which became fund investors during this time period, that is less than 10% of
the existing holdings (at time of additional investment, prior to adding the
new funds) will have the fees calculated under Schedule 3 and will be
classified as add on investments. Any additional funds received from these
respective clients that is 10% or greater of the existing holdings (at time of
additional investment, prior to adding the new funds) will have their fees
calculated under Schedule 3 and will be classified as new investments.
	 
	(4)	 	NIS will receive 50% of calculated fees under the schedule, if
NIS was not present in the finals presentation.
	 
	(5)	 	Any additional funds received from these respective clients,
which became fund investors during this time period, that is less than 10% of
the existing holdings (at time of additional investment, prior to adding the
new funds) will have the fees calculated under Schedule 2 and will be
classified as add on investments. Any additional funds received from these
respective clients that is 10% or greater of the existing holdings (at time of
additional investment, prior to adding the new funds) will have their fees
calculated under Schedule 3 and will be classified as new investments.

 

 

			
	(6)	 	Any additional funds received from these respective clients
that is less than 10% of the existing holdings (at time of additional
investment, prior to adding the new funds) will have the fees calculated under
Schedules 1 and will be classified as add on investments. Any additional funds
received from these two respective clients that is 10% or greater of the
existing holdings (at time of additional
investment, prior to adding the new funds) will have their fees calculated
under Schedule 3 and will be classified as new investments.
	 
	 	 	Schedules 1, 2 and 3 memorialize the past compensation arrangements as agreed
between NIS and the Manager for introductory services prior to the date of this
Agreement.
	 
	 	 	The Manager represents that the compensation paid to NIS will not result in
additional charges or costs to the Manager’s clients. The Manager will pay the
relevant referral fee amounts within 30 days following the receipt of the applicable
fees from such Investor.

 

	 	6.	 	NIS will not be an employee, agent or officer of the Manager, but will have the
status of an “independent contractor.” Additionally, NIS shall have the status of an
“unaffiliated solicitor” as contemplated by Rule 206(4)-3 adopted under the Advisers
Act. NIS will not render any investment advice on behalf of the Manager. NIS is not
authorized to act on behalf of or bind the Manager except as provided in this
Agreement. NIS is not authorized to enter into any agreement or undertaking on behalf
of the Manager. No agreement between the Manager and a Prospect will become effective
until it is accepted by the Manager.
	 
	 	7.	 	NIS will provide the following documents to each Prospect who agrees to meet
with or entertain a proposal for services by the Manager: (a) Part II of the Manager’s
Form ADV (or a substitute brochure prepared by the Manager), and with respect
solely to a separately managed account (b) NIS’ Disclosure Statement pertaining to the
Manager, a specimen copy of which is attached as Exhibit A. These documents are to be
provided to the Prospect at the time NIS recommends the Manager to the Prospect or
otherwise solicits the Prospect for the Manager. Additionally, with solely respect to
a separately managed account, NIS will obtain from each Prospect, and promptly forward
to the Manager, a signed and dated Acknowledgment of Receipt of the documents referred
to above (see Exhibit A). NIS will not make any representations regarding the Manager
that are false or misleading or in any way inconsistent with, or otherwise not
contained in, the written materials provided by the Manager, including Part II of the
Manager’s Form ADV (or a substitute brochure prepared by the Manager) or other
materials provided by the Manager for presentation to Prospects. Additionally, NIS
will not deliver to Prospects any written materials concerning the Manager that have
not been specifically approved by the Manager in advance in writing. If any Prospect
desires further information about the Manager or its services (“Services”), NIS agrees
to have the Prospect contact the Manager directly with NIS either present or not.
	 
	 	8.	 	The Manager represents and warrants that it has the necessary registrations,
and agrees to maintain such registrations, as an investment adviser with the SEC and
any other relevant jurisdiction, or has been advised by legal counsel that it is
validly exempt or excluded from such registration.

 

 

	 	9.	 	NIS represents and warrants that it is either (a) registered with state
securities commissions in each jurisdiction in which NIS solicits, or (b) not required
to be registered for such solicitation based on advice of counsel that registration is
not necessary to conduct the services described in this Agreement in that particular
jurisdiction. NIS will engage in solicitation activities only in jurisdictions where
it is
duly licensed or registered to engage in such activities or are exempt from
licensing or registration for such activities.
	 
	 	10.	 	NIS hereby makes, and with the submission of each Referral Notice pursuant to
Paragraph 2 above, NIS will be deemed to have repeated, the following representations,
warranties and covenants that neither NIS nor any of its employees or agents is a
person who is or has been (a) subject to an SEC order issued under Section 203(f) of
the Advisers Act; (b) convicted within the previous ten (10) years of any felony or
misdemeanor involving conduct described in Sections 203(e)(2)(A)-(D) of the Advisers
Act; (c) found by the SEC to have engaged, or been convicted of engaging, in any of the
conduct specified in paragraphs (1), (5) or (6) of Section 203(e) of the Advisers Act;
or (d) subject to an order, judgment or decree described in Section 203(e)(4) of the
Advisers Act (individually or collectively, a “Statutory Disqualification”). NIS will
promptly notify the Manager in writing if its or any of its employees or agents becomes
subject to a Statutory Disqualification and NIS will promptly refund to the Manager any
referral fees previously paid by the Manager to NIS, to which it would otherwise have
become entitled under this Agreement, after such time NIS or any of its employees or
agents becomes subject to a Statutory Disqualification.
	 
	 	11.	 	This Agreement will continue in effect for a period of three (3) years as of
the date of signing, unless certain specific circumstances arise, as described below.
Should this Agreement not be renewed upon its three year termination, the Manager’s
obligations to continue any existing payment obligations to NIS as such payment
obligations existed on the termination date for so long as the Prospects referred by
NIS remain as clients of the Manager shall not be affected. In the event of this
Agreement being terminated by either party, a mutually agreed upon client list will be
prepared prior to termination of this Agreement and will be signed by the Chairman of
NIS and the Manager. The Manager or NIS may terminate this Agreement immediately on
written notice to the other if the Manager or NIS is in breach of any representation,
warranty or covenant in this Agreement. This Agreement will terminate automatically if
and when any representation or warranty by NIS contained in Paragraph 9 and 10, or by
the Manager contained in Paragraph 8, ceases to be true and correct in all respects.
Any such termination of this Agreement will not affect NIS’ obligation to refund
referral fees under Paragraph 10 above.
	 
	 	12.	 	All notices required to be delivered under this Agreement will be delivered in
person or by U.S. mail, overnight courier, telecopier (with a hard copy in the U.S.
mail), in each case prepaid and addressed as follows (or to such other addresses as the
parties may specify to one another in writing):

 

 

	 	 	 
	If to the Manager:	 	If to NIS:
	 
	Attalus Capital, L.P.

	 	National Investment Services, Inc.
	2929 Arch Street, Suite 1500

	 	737 N.Michigan Ave., Suite 1520
	Philadelphia, PA 19104

	 	Chicago, IL 60611
	Phone: 215-495-0800

	 	Phone: 312-335-8300
	Fax: 215-495-0801

	 	Fax: 312-335-9656
	Attention: Patrick Egan

	 	Attention: Robert Kelly

	 	13. 	(A)  	NIS will indemnify the Manager and its directors, officers, employees,
affiliates and agents and hold them harmless against any loss, liability or expense
incurred by any of them arising out of or in connection with any breach by NIS of this
Agreement or any act, omission or violation of law by NIS or its employees or agents,
as well as the costs and expenses of investigating and defending against any claim,
suit, action or proceeding in which such loss, liability or expense is asserted in a
court of competent jurisdiction, by a government agency or authority, or pursuant to
the arbitration provisions in this Agreement, against the Manager or its officers,
directors, employees, affiliates or agents.
	 
	 	 	(B)  	The Manager will indemnify NIS, its employees, and agents and
will hold them harmless against any loss, liability or expense incurred by any
of them arising out of or in connection with any breach by the Manager of this
Agreement or any act, omission or violation of law by the Manager or any of its
officers, directors, employees, affiliates or agents, as well as the costs and
expenses of investigating and defending against any claim, suit, action or
proceeding in which such loss, liability or expense is asserted in a court of
competent jurisdiction, by a government agency or authority, or pursuant to the
arbitration provisions in this Agreement, against NIS, its employees, or
agents.

	 	14.	 	(A) This Agreement is made and will be governed under and shall be construed in
accordance with the internal laws of the State of Delaware.
	 
	 		 	(B) This Agreement may not be assigned without the written consent of the
non-assigning party, and any purported assignment violating this provision will be
void.
	 
	 	 	 	(C) If any provision of this Agreement is or becomes inconsistent with any present
or future law, rule or regulation of any governmental or regulatory body having
jurisdiction over the subject matter of this Agreement, the provision will be deemed
rescinded or modified in accordance with any such law, rule or regulation. In all
other respects, this Agreement will continue in full force and effect.
	 
	 	 	 	(D) No provision of this Agreement may be waived or modified unless in writing and
signed by the party against whom such waiver or modification is sought to be
enforced. Either party’s failure to insist on strict compliance with this Agreement
or any continued course of conduct on its part will in no event constitute or be
considered a waiver by such party of any right or privilege.
	 
	 	 	 	(E) This Agreement supersedes and terminates the Sub-Advisory Agreement except with
respect to Prospects existing prior to the date of this Agreement, which agreement
shall continue to be governed by the Sub-Advisory Agreement and contains the entire
understanding between the parties concerning the subject matter of this Agreement.
The 

 

 

	 	 	 	representations, warranties and obligations of the parties hereunder will
survive the termination of this Agreement.

	 	 	 	(F) This Agreement may be signed in one or more counterparts, all of which will be
considered one and the same agreement, and will become effective when one or more of
such counterparts have been signed by each party and delivered to the other party.
	 
	 	15.	 	In the event of a dispute concerning any provision of this Agreement, the
Manager and NIS agree that all disputes shall be submitted to binding arbitration under
the commercial arbitration rules of the American Arbitration Association. All
arbitration proceedings shall be brought and take place in Philadelphia, Pennsylvania.
In no way shall the foregoing constitute a limitation or waiver of rights that the
Manager or NIS may have under state or federal securities laws to pursue a remedy by
other means. This Agreement shall be binding upon the parties hereto when signed by
the Manager and accepted by NIS with its signature in the space provided below.

     Please confirm NIS’ agreement with the above terms by signing and returning to us one copy of
this signed Agreement.

	 	 	 	 	 
	Very truly yours,

ATTALUS CAPITAL, L.P.

 	 
	By:  	/s/ Patrick C. Egan
 	 
	 	Name:  	Patrick C. Egan 	 
	 	Title:  	President and CEO 	 
	 
	NATIONAL INVESTMENT SERVICES, INC.

 	 
	By:  	/s/ Norman E. Sidler
 	 
	 	Name:  	Norman E. Sidler 	 
	 	Title:  	Senior Vice President 	 

 

 

	 	 	 	 	 

EXHIBIT A

DISCLOSURE STATEMENT

     National Investment Services, Inc. (the “Solicitor”) proposes to introduce you to Attalus
Capital, L.P. (the “Manager”) for the purpose of your possibly becoming a client of the Manager to
receive its services (the “Services”). The Services include investment management services.
Regulations require the Solicitor and the Manager to disclose to you the nature of our
arrangements.

     We have an arrangement with the Manager under which we refer prospective clients to the
Manager in exchange for a referral fee of up to twenty percent annually of the fees received by the
Manager from its clients referred by the Solicitor during the time they remain as clients of the
Manager. The referral fees paid by the Manager are not passed on to clients referred by us and do
not increase the fees the Manager charges to its clients for the Services.

     The Solicitor and the Manager are not affiliated. In addition, The Solicitor is not
authorized to provide investment advice on behalf of the Manager or to act for or bind the Manager.
No agreement you make with the Manager will become effective until accepted by the Manager.

ACKNOWLEDGMENT OF RECEIPT

     I acknowledge receipt of Part II of the Manager’s Form ADV (or a substitute brochure), as well
as a copy of this Disclosure Statement describing the arrangements between the Solicitor and the
Manager.

                                                                                   

Printed Name of Introduced Party

	 	 	 	 	 
	 	 
	By:  	
 	 
	 	Name:  	 	 
	 	Title:  	 	 

	 	Date:

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