Document:

Exhibit 10.21

    

    

    INSURANCE CONTRIBUTION AGREEMENT

    

    

    This Insurance Contribution Agreement (the “Agreement”) is entered into effective as of February 5,
      2015 (the “Effective Date”), by and between Cain Watters & Associates, P.L.L.C., a Texas professional limited liability company (“CWA”), and Tectonic Holdings LLC, a Texas limited liability company (the “Company”). CWA and
      the Company are sometimes individually referred to herein as a “Party” and collectively as the “Parties.”

    

    

    RECITALS

    

    

    WHEREAS, in connection with the investment by the Sherman (hereafter defined), CWA has agreed to assist the
      Company in the establishment of an insurance agency; and

    

    

    WHEREAS, the Company and CWA desire to have the Company establish a subsidiary that will serve as an insurance
      agency to serve CWA’s clients and third party clients, on the terms and conditions set forth below.

    

    

    NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, the Parties hereto
      agree as follows:

    

    

    1.             Agreement to Establish Insurance Agency.

    

    

    (a)          After the Effective Date, the Company will use commercially reasonable efforts to form a subsidiary (“Insurance Sub”) that will seek a
        license issued by the state of Texas to serve as an insurance agent and appropriately capitalize and staff such subsidiary to perform such services;

    

    

    (b)          At such time as Insurance Sub is appropriately licensed and staffed to serve CWA’s clients, CWA will refer, as it deems appropriate, clients to Insurance Sub for the sale by Insurance Sub of insurance products and services to
        CWA’s clients, consistent with the recommendations of CWA’s planner;

    

    

    (c)          Insurance Sub shall pay to CWA, if appropriately licensed, a referral fee based on the insurance revenues generated by CWA based on market-based referral fee rates for similar referrals, which referral fee is estimated to be
        33% of gross revenues.

    

    

    (d)          Insurance Sub shall also sell insurance products to third parties.

    

    

    2.             Term. The term of this Agreement shall
        commence on the Effective Date and continue thereafter until the earliest of:

    

    

    a.          period

        mutually agreed between the Buyer (hereafter defined), the Company and CWA after a Change of Control (hereafter defined) of the Company or Insurance Sub has occurred; or

    

    

    b.          the

        dissolution or liquidation of either Party.

    

    

    

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    3.             A
        “Change of Control” of the Company or Insurance Sub (as the case may be) shall occur under the following circumstances: (a) the sale of either the Company or
        Insurance Sub to a third party (whether directly or indirectly), whether in a single or series of related transactions, or (b) the sale of all or substantially all of the assets of the Company or Insurance Sub, whether in a single or series of
        transactions, to a third party buyer (in each case, a “Buyer”). In the event of such a sale, CWA and the Company or Insurance Sub will negotiate with the Buyer to extend the term of this Agreement for a length of time that is reasonably
        satisfactory to the Buyer and addresses the interests of the Buyer in buying an ongoing business and provides a reasonably optimal price for the equityholders of the Company or Insurance Sub.

    

    

    4.             Confidentiality. CWA and the Company
        agree that all information communicated to each other during the term of this Agreement shall be received in strict confidence and shall be used only for purposes of performing the Services and that no such information shall be disclosed by CWA,
        the Company, its agents or employees without the other’s prior written consent, except to the extent required to perform the Services. Additionally, CWA and the Company agree to take all reasonable precautions to prevent the disclosure of such
        information to third parties, except as may be necessary under legal, accounting or regulatory laws or requirements.

    

    

    5.             Effect of Termination. Upon the
        termination of this Agreement, it is agreed by both the Company and CWA that:

    

    

    a.          All records in the possession of CWA pertaining to the operation of the Company, together with all items of personal property owned by the Company in CWA’s possession, shall be delivered to the Company;

    

    

    b.          All records in the possession of the Company pertaining to the operation of CWA, together with all items of personal property owned by CWA in the Company’s possession, shall be delivered to CWA; and

    

    

    c.          Any and all fees due and payable as of the termination date shall be due and payable by CWA to the Company.

    

    

    6.             Notices. All notices, requests,
        consents, claims, demands, waivers and other communications hereunder shall be in writing and shall be deemed to have been given: (a) when delivered by hand (with written confirmation of receipt); (b) when received by the addressee if sent by an
        internationally recognized overnight courier; (c) on the date sent by facsimile or electronic mail transmission of a PDF document (with confirmation of transmission in the case of facsimile) if sent during normal business hours of the recipient,
        and on the next business day if sent after normal business hours of the recipient; or (d) on the third day after the date mailed, by registered mail, return receipt requested, postage prepaid. Such communications must be sent to the respective
        Parties at the following addresses (or at such other address for a Party as shall be specified in a notice given in accordance with this Section 6):

    

    

    

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    Notices to the Company:

    
      

      

      Tectonic Holdings LLC

    

    
      6900 N. Dallas Parkway, Suite 500

      Plano, Texas 75024

      Attention: Manager

      Facsimile: 972-663-3799

    

    
      

      

      Notices to CWA:

      

      

    

    
      Cain Watters & Associates, P.L.L.C.

      6900 N. Dallas Parkway, Suite 500

      Plano, Texas 75024

      Attention: Daniel C. Wicker

      Facsimile: 972-663-3799

      Email: danw@cainwatters.com

    

    
      

      

      Notices to Sherman:

      

      

    

    
      Mr. A. Haag Sherman

      2520 Pelham Drive

      Houston, Texas 77019

      Email: hsherman@shermanlp.com

    

    
      

      

      7.             Relationship of the Parties.

      

      

    

    (a)          CWA

        is an independent contractor under this Agreement. Except as expressly set forth herein, CWA does not have the authority to, and CWA hereby agrees that it shall not, directly or indirectly, contract for any obligations of any kind in the name of or
        chargeable against the Company without the prior written consent of the Company. All persons providing services to the Company shall be employees or independent contractors under the supervision of CWA, and shall not be employees of the Company
        with respect to such services. As such, CWA shall furnish all materials, supplies and personnel necessary to perform its obligations as part of the terms set forth herein, and CWA shall have the sole responsibility of paying the salaries, taxes and
        all other expenses relating to each employee of CWA, including those employees that provide services to the Company pursuant to this Agreement.

    

    

    (b)          The

        Company is an independent contractor under this Agreement. Except as expressly set forth herein, the Company does not have the authority to, and the Company hereby agrees that it shall not, directly or indirectly, contract for any obligations of
        any kind in the name of or chargeable against the Company without the prior written consent of the Company. All persons providing services to CWA shall be employees or independent contractors under the supervision of the Company, and shall not be
        employees of CWA with respect to such services. As such, the Company shall furnish all materials, supplies and personnel necessary to perform its obligations as part of the services set forth herein and the Company shall have the sole
        responsibility of paying the salaries, taxes and all other expenses relating to each employee of the Company, including those employees that provide services to CWA pursuant to this Agreement.

    

    
      

      

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    (c)          On or about the Effective Date, A. Haag Sherman (“Sherman”) became the Chief Executive Officer and a manager of Tectonic Services,
        LLC, a Texas limited liability company (“MGMT”), which is the manager of the Company, which is the sole limited partner of Insurance Sub. The Parties acknowledge that Sherman would not have undertaken these positions with MGMT without CWA
        agreeing to, among other things, enter into this Agreement. Therefore, the Parties hereby agree that Sherman shall be, and is hereby, named as an express third-party beneficiary of this Agreement, with full rights as such.

    

    

    8.             Assignment. Neither this Agreement, nor
        any rights or obligations hereunder, shall be assignable by either Party hereto unless approved in writing by the other Party and Sherman; provided, however, that the Company may assign this Agreement to Insurance Sub without the prior consent of
        CWA. CWA and the Company retain the right to subcontract for performance of any portion of its duties hereunder by one or more third parties, provided that neither CWA nor the Company shall be released from its liabilities and obligations hereunder
        without the express written consent of Sherman.

    

    

    9.             Successors and Assigns Bound. This
        Agreement shall be binding upon and inure to the benefit of the Parties and their respective permitted successors and assigns.

    

    

    10.           Amendments. No amendment or modification
        of this Agreement shall be valid or binding upon any Party hereto unless made in writing and signed by its duly authorized officer; provided, however, the Parties may not amend or terminate this Agreement without the prior written consent of
        Sherman.

    

    

    11.           Governing Law. The validity and effect
        of this Agreement and the rights and obligations of the Parties hereto shall be construed and determined in accordance with the laws of the State of Texas, without regard to conflict of laws principles.

    

    

    12.           Entire Agreement. This Agreement
        contains all of the terms agreed upon by the Parties with respect to the subject matter hereof, and supersedes all prior agreements, arrangements and communications between the Parties dealing with such subject matter, whether oral or written.

    

    

    13.           Severability. The provisions of this
        Agreement shall be deemed severable and the invalidity or unenforceability of any provision shall not affect the validity or enforceability of the other provisions hereof.

    

    

    14.           Counterparts. This Agreement may be
        executed in two or more counterparts, each of which shall be deemed an original, but all of which when taken together shall constitute one and the same instrument.

    

    

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    15.           Arbitration. Any dispute, controversy or
        claim arising under or relating to this Agreement or any breach or threatened breach hereof (an “Arbitrable Dispute”) shall be resolved exclusively by final and binding arbitration in the State of Texas administered by the American
        Arbitration Association pursuant to its Commercial Arbitration Rules. Any demand for arbitration shall be in writing, shall be served on the other Party in the manner prescribed herein for the giving of notices, and shall set forth a short
        statement of the factual basis for the claim, specifying the matter or matters to be arbitrated. The Arbitrable Dispute shall be heard by a three arbitrator panel. In a three member panel arbitration, each of the two Parties to the Arbitrable
        Dispute shall select one independent arbitrator expert in the subject matter of the Arbitrable Dispute from that Party’s list of three independent arbitrators after the other Party (or representative, if applicable) has had the opportunity to
        designate as objectionable and eliminate one arbitrator from the other’s list within seven days after submission thereof. The two arbitrators so selected by the Parties shall select a third independent arbitrator expert in the matter of the
        Arbitrable Dispute. Any arbitration pursuant hereto shall be conducted by the Arbitrators under the guidance of the Federal Rules of Civil Procedure and the Federal Rules of Evidence, but the Arbitrators shall not be required to comply strictly
        with such Rules in conducting any such arbitration. All such arbitration proceedings shall take place in the State of Texas. The fees and expenses of the Arbitrators and any related costs and expenses initially shall be borne equally by the two
        sides to the Arbitrable Dispute. The Arbitrators shall have the authority to award any remedy or relief that a state district court of the State of Texas could order or grant, including, without limitation, specific performance of any obligation
        created under this Agreement, the awarding of punitive damages, the issuance of an injunction, or the imposition of sanctions for abuse or frustration of the arbitration process. The Arbitrators shall render their decision and award in writing and
        counterpart copies thereof shall be delivered to each Party. The decision and award of the Arbitrators shall be binding on all Parties. In rendering such decision and award, the Arbitrators shall not add to, subtract from or otherwise modify the
        provisions of this Agreement. Any Party to the arbitration may seek to have judgment upon the award rendered by the Arbitrators entered in any court having jurisdiction thereof. Each Party agrees that it will not file any suit, motion, petition or
        otherwise commence any legal action or proceeding for any matter which is required to be submitted to arbitration as contemplated herein except in connection with the enforcement of an award rendered by the Arbitrators. Upon the entry of an order
        dismissing or staying any action or proceeding filed contrary to the preceding sentence, the Party which filed such action or proceeding shall promptly pay to the other Party the reasonable attorney’s fees, costs and expenses incurred by such other
        Party prior to the entry of such order.

    

    

    15.          Third-Party Beneficiaries. This
        Agreement is for the sole benefit of the Parties hereto and Sherman, and their respective successors and permitted assigns, and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable right,
        benefit or remedy of any nature whatsoever, under or by reason of this Agreement.

    

    

    16.          No Strict Construction. The Parties to
        this Agreement have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question of intent or interpretation arises, this Agreement will be construed as if drafted jointly by the Parties, and no
        presumption or burden of proof will arise favoring or disfavoring any Party by virtue of the authorship of any of the provisions of this Agreement.

    
      

      

      [Remainder of Page Intentionally Left Blank.]

      

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      IN WITNESS WHEREOF, the undersigned have caused
        this Agreement to be executed by their duly authorized representatives.

      

      

    

    	 	
            CWA:

          	 
	 	 	 
	 	
            CAIN, WATTERS & ASSOCIATES, P.L.L.C.

          
	 	 	 
	 	
            By:

          	/s/ Daniel Wicker

          
	 	
            Name:

          	
            Daniel Wicker

          
	 	
            Title:

          	
            Managing Member

          

    
       

      Signature Page to

      Insurance Contribution Agreement

    

    
      
        
 

    

    	 	
            COMPANY:

          
	 	 	 
	 	
            TECTONIC HOLDINGS, LLC

          
	 	 	 
	 	
            By:

          	
            Tectonic Services, LLC, 

            its manager

          
	 	 	 	 
	 	 	By:	/s/ A. Haag Sherman 
	 	 	Name:	A. Haag Sherman
	 	 	Title:	Chief Executive Officer

    

    

    
      Signature Page to

      Insurance Contribution AgreementExhibit 10.22

   

  AMENDED AND RESTATED

   

  INVESTMENT ADVISORY AGREEMENT

   

  This Amended and Restated Investment Advisory Agreement (the “Agreement”) is made and entered into as of
    this 14th day

    of MAY 2015 by and between T BANK, N.A., a
    national association (“T Bank”), and Tectonic Advisors, LLC, a Texas limited liability company formerly known as III:I Financial Management Research, L.P. (“Tectonic”).

   

  RECITALS

   

  WHEREAS, Tectonic and T Bank previously entered into an Investment Advisory Agreement dated August 23,
    2012, and amended by that certain Amendment No. 1 to the Investment Advisory Agreement, dated September 1, 2014 (as so amended, the “2012 Agreement”);

   

  WHEREAS, T Bank has established certain collective investment funds (collectively, the “CIFs”) pursuant to
    12 CFR 9.18(a)(1) (the “A1 Funds”), which are maintained exclusively for the collective investment and reinvestment of money contributed to A1 Funds by T Bank, in its capacity as trustee, executor, administrator, guardian or custodian under a Uniform
    Gifts to Minors Act, and pursuant to 12 CFR 9.18(a)(2) (the “A2 Funds”), which are maintained for the collective investment and reinvestment of funds consisting solely of assets of a retirement, pension, profit sharing, stock bonus or other trusts that
    are exempt from federal income tax; and

   

  WHEREAS, A. Haag Sherman was appointed by Tectonic as its Chief Executive Officer and Chief Investment
    Officer and has significant experience and expertise in investments; and

   

  WHEREAS, to fully capitalize on Mr. Sherman’s experience, the parties to the 2012 Agreement have
    terminated the 2012 Agreement and, in lieu thereof, T Bank and Tectonic have entered into this Agreement.

   

  NOW, THEREFORE, for and in consideration of mutual promises, covenants and other valuable consideration
    herein expressed, the parties hereto agree as follows:

   

  1.         Appointment of Tectonic.

   

  1.01     Appointment of Tectonic as Lead Investment Advisor. On the terms and subject to the
    conditions set forth herein, T Bank hereby appoints Tectonic as its lead investment advisor (“Lead Investment Advisor”) with respect to the CIFs and Tectonic accepts such appointment.

   

  2.         Duties of Tectonic.

   

  2.01     Advisory Services of Tectonic. Tectonic shall provide investment advisory services to T
    Bank, which shall include, by way of example and not limitation, the following:

   

  (a)      as Lead Investment Advisor, Tectonic is hereby granted discretionary authority to utilize or not
    utilize investment managers (the “Fund Managers”) and reallocate assets among them in accordance with the agreed upon Investment Policy Statement (an “IPS”) for each CIF;

  
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  (b)      Tectonic working with T Bank to prepare for each CIF an IPS, the overall purpose of which is
    for T Bank to provide Tectonic with investment management parameters as to how each CIF assets will be managed within Tectonic’s discretionary authority. By way of example, each CIF IPS will include parameters such as: the investment objective and
    strategy of each CIF, investment manager hiring and analysis guidelines (including any mutual fund, exchange traded funds, or other invested assets), on-going monitoring and due diligence of selected managers, selected termination of manager criteria,
    manager allocation criteria, rebalancing criteria, asset allocation and other guidelines and restrictions, watch list parameters and reporting provided to T Bank. No IPS will be effective until executed by Tectonic and T Bank;

   

  (c)       providing performance summaries of each CIF and Fund Manager (from performance information
    provided by T Bank) and providing quarterly financial and performance data (from performance information provided by T Bank) for each CIF (a “Fact Sheet”) to T Bank; such Fact Sheets to be consistent with the content and analysis of Fact Sheets
    provided by the Fund Managers as of the immediately preceding four fiscal quarters prior to the date of this Agreement, with such changes as T Bank may reasonably request or agree with upon prior notice by Tectonic or a Fund Manager; and

   

  (d)       performing such other advisory services as may be required from time to time in connection
    with the CIFs as T Bank may reasonably request.

   

  2.02      Supervision and Reporting on CIFs. Without limiting the services to be provided by
    Tectonic under Section 2.01, Tectonic shall assist with the collection of information on the CIFs and the Fund Managers and monitor and prepare reports regarding the performance of such Fund Managers and the CIFs to enable T Bank to review the
    performance of the Fund Managers and the CIFs, including each CIF’s composition and characteristics, performance, and compliance with each CIF’s Fact Sheet, prescribed investment goals and stated investment objectives and strategies, as often as
    requested by T Bank, but no less often than quarterly.

   

  2.03      Communication with Fund Managers. Tectonic shall communicate with the Fund Managers on a
    periodic basis regarding the performance of the CIF assigned to each Fund Manager and, at the request and direction of T Bank, shall relay instructions of T Bank to the Fund Managers.

   

  2.04      Continuing Investment Due Diligence. Tectonic shall provide T Bank, on an ongoing
    basis, with any and all information that T Bank reasonably requests, including, without limitation, in order to enable T Bank to satisfy its continuing investment due diligence requirements, such as the information of the type a bank must obtain on a
    technology service provider as contained in the Federal Financial Institutions Examination Council Outsourcing Technology Services IT Examination Handbook, with respect to each Fund Manager.

   

  2.05      Standard of Performance. Tectonic shall use its best efforts to perform its
    obligations under this Agreement, including, without limitation, by acting in an ethical, truthful, and appropriate manner in performing the services contemplated by this Agreement.

   

  3.          No Discretionary Authority. Notwithstanding Section 2.01(a) and (b) above, Tectonic
    shall have no discretionary authority in the following areas.

  
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  3.01    Change of CIF Focus, Strategy or Investment Objectives. Tectonic shall have no authority
    to change the focus, prescribed investment goals, or investment strategy or objectives of any CIF without a revised IPS properly approved by T Bank and Tectonic. Tectonic will have no authority to revise, change or amended an IPS without T Bank’s
    express approval by executing a new IPS replacing the existing IPS on record.

   

  3.02     Management of CIFs. Tectonic shall have no authority, directly or indirectly, to purchase or sell
    any securities on behalf of a CIF, or transfer cash into or out of a CIF.

   

  3.03     Proxies. Tectonic shall have no authority to vote any proxies on behalf of a CIF.

   

  3.04     Custody. Tectonic, and it designees, agents and affiliates shall have no authority to
    obtain possession of any security, cash or other investment that is the property of T Bank, the Clients (as defined herein) or the CIFs. Custody of all of the assets of the CIFs shall be maintained with the custodian duly designated by T Bank.

   

  4.         Regulatory Assurances.

   

  4.01     Regulatory Oversight. Tectonic and T Bank acknowledge and agree that the provision of
    the services performed by Tectonic as contemplated hereunder shall be subject to examination and inspection by those agencies that have regulatory oversight of T Bank’s activities (each an “Agency” and collectively the “Agencies”). Upon request by such
    Agencies, Tectonic agrees to provide information to such Agencies and to subject itself to any required examination, supervision or inspection. Tectonic shall notify T Bank as soon as reasonably possible, but in no event less than two (2) business
    days, of any request by an Agency to examine T Bank’s records maintained by Tectonic or a Fund Manager.

   

  4.02      Inspection of Records.

   

  (a)        Tectonic and T Bank agree that all records maintained and produced under this Agreement shall,
    at all times, be available for examination, inspection and audit by the Agencies. Tectonic agrees that, upon the request of an Agency, T Bank’s internal or external auditors or a third party consultant engaged by T Bank, Tectonic shall provide to such
    Agency, internal or external auditor or third party consultant, any reports, summaries or information contained in or derived from data in the possession of Tectonic and related to the services contemplated hereby, and shall use its best efforts to
    cause any Fund Manager to do the same.

   

  (b)        On an annual basis, Tectonic shall provide to T Bank a copy of its audited financial statements,
    which may be consolidated with the financial statements of one or more affiliates of Tectonic, as soon as practicable after receipt. Tectonic shall also request that each Fund Manager provide to Tectonic such Fund Manager’s Form ADV, and any amendments
    or supplements thereto, as soon as practicable after filing such amendments or supplements with the Securities and Exchange Commission (“SEC”) or state regulatory authority, as the case may be, and Tectonic shall forward such materials to T Bank
    promptly upon receipt.

  
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  5.        Fees.

   

  5.01    Calculation of Fees. As consideration for Tectonic’s
    performance of the services described in this Agreement, T Bank agrees, during the Term of this Agreement, to pay to Tectonic amounts as calculated by T Bank based on the Assets Under Investment (as defined below) of Participating Accounts (as defined
    below) invested in the CIFs, as follows:

   

  (a)       T Bank shall pay Tectonic, a fee equal to (i) 0.93% (annualized) of the average daily Assets Under
    Investment up to and including $500,000,000; (ii) 0.95% (annualized) of the average daily Assets Under Investment exceeding $500,000,000 and up to and including $1,000,000,000; and (iii) 0.97% (annualized) of the average daily Assets Under Investment
    exceeding $1,000,000,000. The Tectonic fees shall be reduced by the amounts described in Section 5.03 and any custodian segregated account expenses.

   

  (b)       Expenses incurred by T Bank related to the filing of required annual tax returns for personal
    funds, in excess of 6 CIFs, will be reimbursed by Tectonic to T Bank, unless mutually agreed otherwise. The expenses and related reimbursement will be estimated annually and prorated monthly as a reduction of fees paid to Tectonic via the calculation
    submitted to Tectonic by T Bank. The amount of reimbursement will be evaluated and adjusted annually based upon actual invoices supporting the tax return expenses.

   

  (c)       Such fees shall be calculated and paid monthly based on the prior month’s CIF valuation. As
    promptly as administratively feasible following each month end, T Bank will provide to Tectonic for review the calculation of all amounts due to Tectonic. For purposes of this Agreement, the calculation by T Bank of the amounts due to Tectonic shall
    govern, absent manifest error.

   

  As used herein, “Assets Under Investment” means the valuation of the CIF interests and cash or money market investments held
    by Participating Accounts, as determined by T Bank each month in accordance with the terms of the written plan associated with each CIF. As used herein, “Participating Account” means an account of a Client for which T Bank serves as custodian or
    trustee. As used herein, “Client” means a person with a Participating Account for which T Bank’s trust accounting system identifies Cain Watters & Associates, P.L.L.C. as providing investment advice to such person. Absent manifest error, T Bank’s
    determination of Participating Accounts and Clients, including, without limitation, individuals and benefit plans, shall govern.

   

  Any amounts due to Tectonic pursuant to this Agreement shall be payable by direct deposit into accounts owned by Tectonic at
    T Bank.

   

  5.02      Expenses of Tectonic and T Bank. Both parties shall be responsible to pay all of their
    respective expenses. Neither party shall be obligated to the other for the payment or reimbursement of any expense without the prior written approval of the other party.

   

   

  
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  5.03      Compensation of Fund
        Managers. Tectonic understands and agrees that T Bank shall deduct from any fees due to Tectonic pursuant to Section 5.01 any and all compensation due to Fund Managers in accordance with this Section 5.03. Each month prior to the payment of
      Tectonic’s fee, Tectonic shall estimate the fees due to the Fund Managers based on the Assets Under Investment applicable to each Fund Manager (the “Fund Manager Estimate”) and shall deduct from any fees payable to Tectonic an amount equal to the Fund Manager Estimate. Upon receipt of an invoice from a Fund Manager for the immediately
      preceding quarter (the “Fund Manager Invoice”), T Bank shall pay the amount of the Fund Manager Invoice to such Fund Manager. In the event that the applicable Fund Manager Invoice exceeds the amount of the applicable Fund Manager Estimate, T Bank
      shall pay the Fund Manager Invoice and shall withhold from the next monthly payment to Tectonic an amount equal to the amount by which the Fund Manager Invoice exceeded the Fund Manager Estimate. In the event that the Fund Manager Invoice is less
      than the Fund Manager Estimate, T Bank shall pay the Fund Manager Invoice and shall remit to Tectonic the amount by which the Fund Manager Estimate exceeds the Fund Manager Invoice. 

   

  6.         Representations of Tectonic.

   

  Tectonic hereby represents and warrants to T Bank as follows:

   

  6.01      Registered Investment Advisor. Tectonic is and shall remain at all times during the Term
    of this Agreement registered as an investment adviser with the SEC.

   

  6.02      Performance of Obligations. Except as otherwise specifically provided herein, only
    Tectonic will perform the services described herein. In performing the services herein, Tectonic shall perform, and shall cause any agent or designee of Tectonic to perform, in a manner consistent with all applicable federal and state securities laws
    and state ethics laws, and the rules and regulations thereunder. Tectonic has all permits, licenses, certificates of authority, orders and approvals of, and has made all filings, applications and registrations with, federal, state or local governmental
    or regulatory bodies that are required in order to permit Tectonic to perform its duties hereunder in accordance with applicable law. Neither Tectonic nor any person associated with Tectonic are persons (a) subject to an SEC order issued under Section
    203(f) of the Investment Advisers Act of 1940 (“Advisers Act”), (b) convicted within the previous ten years of any felony or misdemeanor involving conduct described in Section 203(e)(2)(A)-(D) of the Advisers Act, (c) who have been found by the SEC to
    have engaged, or have been convicted of engaging, in any of the conduct specified in paragraphs (1), (5) or (6) of Section 203 of the Advisers Act, or (d) subject to an order, judgment or decree described in Section 203(e)(4) of the Advisers Act.

   

  6.03      No Conflicts of Interest. Tectonic is free to engage in the work necessary to actively
    provide the services hereunder without (a) conflict with the interests of any other person, including, without limitation, the Clients, or (b) interference from any other activity.

   

  6.04      No Advertising of CIFs. Tectonic has not engaged in any general solicitation or general
    advertisement of the A1 Funds to the general public in any manner that would violate the Securities Act of 1933, as amended (the “Act”) and has not advertised or publicized the A2 Funds, except pursuant to any electronic or written materials provided,
    from time to time, to Tectonic by T Bank. Further, Tectonic has not engaged in any conduct that would require the registration of the CIFs or any interests therein under the Act or the Investment Company Act of 1940, as amended.

   

  
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  6.05      Execution and Delivery. Tectonic has full legal capacity and authority to execute,
    deliver, and perform this Agreement. This Agreement constitutes the legal, valid and binding obligation of Tectonic, enforceable against Tectonic in accordance with its terms.

   

  6.06      Noncontravention. Tectonic is not in violation of its organizational certificates or
    bylaws, or in violation in any material respect with any applicable law, statute or regulation of any governmental agency, board, bureau or body relating to the conduct of its business, including without limitation, rules, regulations and other
    pronouncements of the SEC, or in violation or default with respect to any order, writ, injunction, decree or demand of any court or other governmental or regulatory authority, any license or regulation of any governmental agency, or in default under
    any indenture, mortgage, lease, agreement or other instrument under which Tectonic is obligated, which violation or default, respectively, would result in a material adverse effect on the financial condition or results of the operations of Tectonic or
    impair Tectonic’s ability to provide its services under this Agreement. Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated hereby, will conflict with, or result in a breach of the
    terms, conditions or provisions of, or constitute a default under the organizational certificates or bylaws of Tectonic or of any material agreement, indenture, instrument, lien, charge, encumbrance or undertaking of Tectonic.

   

  6.07     Organization and Qualification. Tectonic is organized, validly existing, and in good
    standing under the laws of the State of Texas. Tectonic has all requisite power and authority (including all licenses, franchises, permits, and other governmental authorizations as are legally required) to conduct its business, and carry out its
    obligations under this Agreement.

   

  6.8       Consents and Approvals. No consent, approval or order of any governmental or
    administrative board or body, including without limitation, the SEC or the Financial Industry Regulatory Authority, is required for the execution and delivery by Tectonic of this Agreement.

   

  7.          Representations of T Bank.

   

  T Bank makes the following representations and warranties to Tectonic:

   

  7.01      Execution and Delivery. T Bank has full legal capacity and authority to execute, deliver,
    and perform this Agreement. This Agreement constitutes the legal, valid and binding obligation of T Bank, enforceable against it in accordance with its terms.

   

  7.02      Noncontravention. T Bank is not in violation of its organizational certificates or
    bylaws, or in violation in any material respect with any applicable law, statute or regulation of any governmental agency, board, bureau or body relating to the conduct of its trust business, including without limitation, rules, regulations and other
    pronouncements of the Office of the Comptroller of the Currency (the “OCC”), or in violation or default with respect to any order, writ, injunction, decree or demand of any court or other governmental or regulatory authority, any license or regulation
    of any governmental agency, or in default under any indenture, mortgage, lease, agreement or other instrument under which T Bank is obligated, which violation or default, respectively, would result in a material adverse effect on the financial
    condition or results of the operations of T Bank or impair T Bank’s ability to perform its obligations under this Agreement. Neither the execution, delivery or performance of this Agreement, nor the consummation of the transactions contemplated hereby
    will conflict with, or result in a breach of the terms, conditions or provisions of, or constitute a default under the organizational certificates or bylaws of T Bank or of any material agreement, indenture, instrument, lien, charge, encumbrance or
    undertaking of T Bank.

   

  
    6

    
      
 

  

  7.03     Organization and Qualification. T Bank is organized, validly existing, and in good
    standing under the laws of the United States of America. T Bank has all requisite power and authority (including all licenses, franchises, permits, and other governmental authorizations as are legally required) to conduct its business, and carry out
    its obligations under this Agreement.

   

  7.04     Consents and Approvals. No consent, approval or order of any governmental or
    administrative board or body, including without limitation, the OCC, is required for the execution and delivery by T Bank of this Agreement.

   

  8.         Covenants.

   

  8.01       Full Cooperation. With respect to T
    Bank’s trust business related to the CIFs and Tectonic’s services hereunder, T Bank and Tectonic agree to cooperate fully with each other with respect to any governmental investigation or administrative or judicial proceeding and in connection with any
    consumer complaint with respect to the transactions of the trust or custodial business of T Bank. To the extent permitted by applicable law, each party shall consult with the other party hereto before responding to any such investigation,
    administrative or judicial proceeding on a consumer complaint, and each party shall keep the other fully advised as to the status thereof.

   

  8.02      Records and Client Information.

   

  (a)        T Bank shall reasonably cooperate with Tectonic in the performance by Tectonic of its services
    hereunder and shall furnish Tectonic with such information as may be reasonably required by Tectonic in connection therewith.

   

  (b)        T Bank shall provide Tectonic with access to Client records solely for Tectonic’s use in
    performing its obligations under this Agreement and only to the extent permitted to do so under applicable law. If necessary under applicable law, T Bank shall use reasonable commercial efforts to obtain the consent of the Clients to share information
    with Tectonic.

   

  (c)        To the extent Tectonic obtains any opinions or memoranda of counsel relating to Tectonic’s
    compliance with laws, including by way of example and not limitation, the Employee Retirement Income Security Act, as amended (“ERISA”), the Internal Revenue Code of 1986, as amended (“IRC”), or the rules and regulations of the U.S. Department of
    Labor, Tectonic and T Bank may mutually agree to obtain permission for such opinion to be used for the mutual benefit of T Bank.

   

  (d)        Any information provided with this Section 8.02 is subject to the confidentiality provisions of
    Section 10.

   

  8.03     Untrue Representations. Each of Tectonic and T Bank agrees to promptly notify the other
    party in the event that any of the representations and warranties made in Sections 6 and 7 of this Agreement, respectively, become inaccurate at any time during the Term of this Agreement.

   

  
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  8.04      Independent Contractor; No Ability to Act on Behalf of T Bank. This Agreement is intended to secure
    the services of Tectonic as an independent contractor and nothing herein shall be construed as creating an employer/employee relationship, partnership or joint venture between T Bank and Tectonic or any of their respective agents, affiliates or
    assigns. Any provision of this Agreement to the contrary notwithstanding, Tectonic and T Bank agree that no employee of Tectonic shall be deemed to be an employee of T Bank for any purpose whatsoever, and that no employee of Tectonic shall be entitled
    to receive any remuneration or other compensation from T Bank. No employee of Tectonic shall have the authority or right to enter into any contracts, obligations or commitments which shall be legally binding on T Bank.

   

  8.05      Authority to Monitor and Supervise. Tectonic shall permit T Bank to: (a) monitor the
    activities of Tectonic and periodically verify that Tectonic is complying with this Agreement and (b) have access to such records of Tectonic as are necessary or appropriate to evaluate such compliance. Tectonic further agrees to permit personnel from
    the Agencies reasonable access to Tectonic’ s offices for the purpose of auditing and examining the records of Tectonic.

   

  8.06      Banking Relationship. During the term of this Agreement, Tectonic shall use T Bank as its
    primary bank and shall maintain its business checking account at T Bank.

   

  8.07      Maintenance of Insurance. During the duration of this Agreement, Tectonic agrees to
    maintain insurance of such types and in such amounts as is customary in the investment management industry.

   

  8.08      Preservation of Business Relationships. Tectonic shall use reasonable efforts to preserve
    T Bank’s business relations with its Clients, and agrees not to solicit them during the Term of this Agreement. Notwithstanding the foregoing sentence, Tectonic shall not be deemed to be in violation of this Section 8.08 by virtue of general
    advertising, mass mailing, telemarketing or other marketing or public relations that is intended to reach individuals or groups that are broader than T Bank’s Clients. Tectonic shall refrain from taking any action that would damage T Bank’s business
    relations with the Clients or business prospects during the Term.

   

  8.09      Compliance with Laws. Tectonic shall use commercially reasonable efforts to comply with
    all laws, ordinances, rules and regulations applicable to Tectonic in connection with the services to be provided pursuant to this Agreement. Tectonic shall not engage in any activity that is a breach of fiduciary duty or that could result in a
    prohibited transaction under ERISA, the IRC, or the rules, regulations or pronouncements of the Internal Revenue Service or the Department of Labor, respectively.

   

  8.10     Grant of License. Tectonic hereby grants to T Bank, with prior approval by Tectonic, a
    non-exclusive license to adopt and use the full trade name of “III to I Financial Management Research,” “Tectonic” or any derivative thereof, for the use in T Bank’s management of the CIFs, newsletters, website information, Client communications, in
    connection with T Bank’s trust business, and all written or oral communications, promotional materials, advertisements, corporate filings and other business documents, and especially in connection with statements of account for the Clients (the
    “License”). T Bank covenants to Tectonic that it shall cease use of any names containing Tectonic as a trade name or corporate name within sixty days of termination of this Agreement; provided, however, that T Bank shall not be in violation of
    this covenant for continuing to have in its possession, custody or control after the termination date, corporate correspondence, accounting, filings or other corporate records, or any other type of corporate document bearing names or marks containing
    the term “III to I Financial Management Research,” “Tectonic” or any derivative thereof. Tectonic shall pay all royalties and license fees; shall defend suits or claims for infringement of patent rights, and shall hold T Bank harmless from loss on
    account thereof.

   

  
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  9.          Indemnification.

   

  9.01     Indemnification of Tectonic. T Bank hereby agrees to protect, indemnify and hold
    harmless Tectonic, its general partner, officers, agents, consultants and employees, from and against any and all claims, costs, losses, damages, and liability incurred by Tectonic, its general partner, officers, agents, consultants or employees, as a
    result of the breach or violation of any of the terms of this Agreement by T Bank, or because of any material misrepresentation, negligence or intentional, wrongful act by T Bank in dealing with any and all third parties, including without limitation
    the Clients.

   

  9.02     Indemnification of T Bank. Tectonic hereby agrees to protect, indemnify and hold
    harmless T Bank, its agents, consultants, officers, directors, and employees, from and against any and all claims, costs, losses, damages, and liability incurred by T Bank, its agents, consultants, officers, directors, or employees, as a result of the
    breach or violation of any of the terms of this Agreement by Tectonic or because of any material misrepresentation, negligence or intentional, wrongful act by Tectonic in dealing with any and all third parties, including without limitation, the Clients
    or providing the services contemplated hereby to T Bank.

   

  10.       Confidentiality. Each party hereto shall keep confidential any information regarding the
    business and affairs of the other party and the Clients (the “Information”). Each party hereto shall take all appropriate steps to ensure that its employees, agents and affiliates hold the Information in confidence and that the Information shall not be
    divulged to any third party or used in any manner except for the purposes of performing the services under this Agreement.

   

  In the event that a party receives a request in the form of a subpoena, order, civil investigative demand
    or similar process issued by a court of competent jurisdiction or by a governmental or regulatory body requesting that such party disclose all or any part of the Information, such party agrees to (i) immediately notify the other party of the existence,
    terms and circumstances surrounding such a request, (ii) consult with the other party on the advisability of taking legally available steps to resist or narrow such request, (iii) if disclosure of such Information is required, furnish only that portion
    of the Information which, in the written opinion of counsel to such party, it is legally compelled to disclose, and (iv) exercise its reasonable best efforts to obtain an order or other reliable assurance that confidential treatment shall be accorded
    to such portion of the disclosed Information as the other party may reasonably designate.

   

  
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  11.        Termination.

   

  11.01  Term. Unless earlier terminated as provided in Section 11.02, this Agreement shall expire
    and terminate on December 1,2022 (the “Initial Term”); provided that this Agreement shall be automatically extended for an additional one (1) year term (the “Renewal Term”) unless one hundred eighty (180) days prior to the expiration of the
    Initial Term or any Renewal Term, either party has provided written notice of intent to terminate this Agreement. Thereafter, this Agreement shall automatically extend for additional one-year terms on the same basis and with the same termination
    provisions as the Renewal Term (the Initial Term and all Renewal Terms shall be the “Term”).

   

  11.02  Events of Termination. Subject to Section 11.03, this Agreement shall terminate on the
    occurrence of any of the following events:

   

  (a)        Anything contained herein to the contrary notwithstanding, in the event Tectonic shall
    discontinue operating its investment advisory business or T Bank shall discontinue operating its custodial and fiduciary services business, the other party shall have the right to terminate this Agreement;

   

  (b)        By delivery through the U.S. Mail, or by hand, a written notice of termination of this Agreement by one
    party to the other party as contemplated by Section 11.01;

   

  (c)        In the event that T Bank’s trust powers are revoked by the requisite Agency or T Bank is
    otherwise barred from providing custodial and fiduciary services or to act as custodian of collective investment funds;

   

  (d)        In the event any regulatory authority having jurisdiction over Tectonic prohibits the provision
    by Tectonic of services, expertise, assistance or other amenities to T Bank, this Agreement shall terminate upon written notice from Tectonic to T Bank as of the date set forth in such notice;

   

  (e)       In the event any Agency prohibits T Bank from obtaining services, expertise, assistance or other
    amenities from Tectonic or otherwise criticizes, either orally or in writing, T Bank regarding its relationship with Tectonic or any of its affiliates, this Agreement shall terminate upon written notice from T Bank to Tectonic as of the date set forth
    in such notice;

   

  (f)        In the event that Tectonic becomes the subject of a final order of an administrative, judicial
    or investigative proceeding, civil or criminal, finding a breach of fiduciary duty, fraud or a breach of trust, this Agreement may be terminated by T Bank;

   

  (g)       Upon the dissolution or bankruptcy of any party hereto, or in the event any party shall be placed
    in receivership or the management of its affairs shall be assumed by any governmental, regulatory or judicial authority, this Agreement shall terminate on the date any such event shall occur;

   

  (h)        By either party, in the event of a “Change in Control” of the other party. As used in this
    Agreement, a “Change of Control” shall be deemed to have occurred in any of the following instances:

   

  
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  (i) A party is merged or consolidated with another entity and as a result of such merger or consolidation
    less than fifty percent (50%) of the outstanding equity interests of the surviving or resulting entity are owned in the aggregate by the former equity owners of such party;

   

  (ii) A party sells all or substantially all of its assets to another entity; or

   

  (iii) There is an acquisition of more than fifty percent (50%) of the outstanding, equity interests of a
    party pursuant to any transaction or combination of transactions by any person or group; or

   

  (i)        T Bank may terminate this Agreement for “cause.” As used in this Agreement, “cause” shall mean
    (a) the material failure of Tectonic to perform the duties of Tectonic as set forth herein; or (b) the determination by T Bank, in its sole discretion, that the transactions contemplated by this Agreement are unprofitable to T Bank; provided,
      however, T Bank may not terminate this Agreement pursuant to this Section 11.02(i)(a) until T Bank notifies Tectonic in writing of a determination by T Bank of a material failure to perform one or more of its duties under this Agreement,
    specifying the particulars thereof in reasonably sufficient detail, and giving Tectonic a reasonable opportunity (of not less than twenty (20) business days) to cure such material failure to perform.

   

  11.03   Effect of Termination.

   

  (a)       In the event of termination of this Agreement prior to the completion of the Term, Tectonic
    shall be entitled to compensation earned to date of termination as provided in this Agreement, computed pro rata up to and including such date.

   

  (b)       The provisions of Sections 5.03, 6, 8.02(c), 8.04, 8.10 (but only to the extent provided therein), 9, 10,
    11.02, 11.03, 11.04, 11.05 and 12 shall survive the expiration or termination of this Agreement.

   

  11.04   Return of Records. If specifically consented to in writing by a Client, upon termination
    of this Agreement, Tectonic shall deliver to T Bank all documents, records and other information provided to Tectonic pursuant to this Agreement concerning the Clients in a machine-readable format as T Bank shall reasonably request. Tectonic agrees
    that T Bank is the owner of all such data.

   

  11.05   Transition Assistance. In the event of termination, Tectonic shall, upon T Bank’s
    written request, provide such services and assistance as T Bank may reasonably request to transition Tectonic’s duties to a new provider.

   

  12.       MISCELLANEOUS.

   

  12.01   Entire Agreement. This Agreement constitutes the entire agreement between the parties
    hereto with respect to the subject matter hereof and supersedes any prior written or oral understanding between the parties with respect to the subject matter hereof, including, without limitation, the 2012 Agreement. Except as otherwise provided
    herein, the terms and conditions of this Agreement shall inure to the benefit of, and be binding upon, the respective subsidiaries and affiliates of the parties hereto. None of this Agreement nor any of the rights, obligations, or liabilities of either
    party hereto shall be assigned without the prior written consent of the other party. Any such assignment shall be evidenced by a written document executed by the parties and attached to and made a part of this Agreement.

   

  
    11

    
      
 

  

  12.02  Governing Law and Venue. This Agreement shall be governed by and construed in accordance
    with the laws of the State of Texas. All claims or causes of action arising out of this Agreement or any other agreement or document executed by T Bank and Tectonic in connection with this Agreement shall be asserted only in a court of appropriate
    jurisdiction in Dallas County, Texas, and all objections to jurisdiction and venue in such forum are hereby expressly waived. Each of the parties hereto expressly waives all right to trial by jury in any action or proceeding arising out of this
    Agreement.

   

  12.03  Attorneys’ Fees. If any act at law or in equity is necessary to enforce or interpret the terms of
    this Agreement, the prevailing party shall be entitled to reasonable attorneys’ fees, court costs, and necessary disbursements in addition to any other relief to which such party may be entitled.

   

  12.04  Notice. Any notices to be given hereunder by one party to the other may be effected either
    by personal delivery in writing or by mail, registered or certified, postage prepaid with return receipt requested. Mailed notices shall be addressed to the parties at the addresses appearing below, but each party may change its address by written
    notice in accordance with this paragraph. Notices delivered personally shall be deemed communicated upon actual receipt; mailed notices shall be deemed communicated as of five (5) days after mailing.

   

  	
          If to T Bank:

        	Patrick Howard
	T Bank, N.A.
	16000 Dallas Parkway
	Suite 125
	Dallas, Texas 75248
	 	 
	
          If to Tectonic:

        	A. Haag Sherman
	Tectonic Advisors, LLC
	6900 North Dallas Parkway
	Legacy Tower II, Suite 500
	Plano, Texas 75024

          

  12.05   Amendment. This
      Agreement may be amended from time to time upon mutual agreement by the parties hereto; provided, however, any such amendment shall be evidenced by a written instrument executed by the parties which is attached to and made a part of this Agreement.  

  
    12

    
      
 

  

  12.06   Severability. If any provision of this Agreement is held to be illegal, invalid or
    unenforceable under present or future laws, then (a) such provision shall be fully severable and this Agreement shall be construed and enforced as if such illegal, invalid or unenforceable provision were not a part hereof; (b) the remaining provisions
    of this Agreement shall remain in full force and effect and shall not be affected by such illegal, invalid or unenforceable provision or by its severance from this Agreement; and (c) there shall be added automatically as a part of this Agreement a
    provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible and still be legal, valid and enforceable.

   

  12.07   Counterparts. This Agreement may be executed in two (2) or more counterparts each of which shall
    be deemed a duplicate original and each of which shall constitute one and the same instrument.

   

  (Signature page follows)

   

  
    13

    
      
 

  

   

  Signature Page to investment Advisory Agreement

   

  IN WITNESS WHEREOF, parties hereto have executed this Agreement as of that date set forth above.

   

  
    	 	T BANK, N.A.,
	 	a national association
	 	 
	 	/s/ Patrick Howard

          
	 	Patrick Howard, President
	 	 
	 	TECTONIC ADVISORS, LLC,

            a Texas limited liability company
	 	 
	 	By: Tectonic Services, LLC
	 	a Texas limited liability company.
	 	its manager
	 	 
	 	By: /s/ A. Haag Sherman
	 	Name: A. Haag Sherman
	 	Title: Chief Executive Officer

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