Document:

Investment Management Agreement, dated as of April 8, 2009

 Exhibit 10.34 
 Investment Management Agreement 
  

					
		  	AGREEMENT dated as of the 8th day of April, 2009, by and between Max Bermuda Ltd. (the “Client”), a Bermuda exempted company and Wellington Management
Company, llp (“Wellington Management”), a Massachusetts limited liability partnership.
		
	Appointment of Wellington Management as Manager/ Acceptance of Appointment	  	The Client hereby appoints Wellington Management as investment manager to manage, supervise and direct an investment account or accounts to be opened and funded by
Client (collectively, the “Account”) under the terms and conditions set forth in the Agreement. By execution of the Agreement, Wellington Management accepts appointment as investment manager and agrees to manage, supervise and direct the
investments of the Account pursuant to the provisions of the Agreement. The Client may make withdrawals from the Account as of the last day of any calendar quarter upon not less than 30 days prior written notice or at such other times as the Client
and the Wellington Management mutually agree.
		
	Discretionary Authority - Investments	  	Wellington Management shall have full and complete discretion to manage, supervise and direct the investment and reinvestment of assets in the Account and any
additions thereto, subject to the investment objectives and guidelines attached to the Agreement as Attachment A. Wellington Management shall have full power and authority to act on behalf of the Account with respect to the purchase, sale, exchange,
conversion or other transactions in any and all stocks, bonds, cash held for investment, and other assets. No cash or securities due to or held for the Account shall be paid or delivered to Wellington Management, except in payment of the management
fee payable to Wellington Management under the Agreement pursuant to procedures approved by the Client.
		
	Discretionary Authority - Brokerage	  	Wellington Management shall have full and complete discretion to establish accounts and execute securities transactions with one or more securities broker/ dealer
firms and other financial intermediaries as Wellington Management may select, including those which from time to time may furnish to Wellington Management or its affiliates statistical and investment research information and other services, in
accordance with its Policies and Procedures on Brokerage Practices, a copy of which is available upon request. Wellington Management will promptly notify the Client of any material changes to this statement.
		
	Power of Attorney	  	The attached Power of Attorney (Attachment B) confirms the appointment of Wellington Management as investment manager and shall serve as evidence of such appointment
and of the discretionary authority granted to Wellington Management by the Client as set forth in the Agreement and any amendments

  

					
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 Investment Management Agreement 
  

					
		  	hereto. The Power of Attorney does not confer any greater authority on Wellington Management than is set forth in the Agreement and any amendments
hereto.
		
	 Investment Objectives
 and
Guidelines
	  	The investment objectives and guidelines for the Account are stated in Attachment A. Wellington Management will invest and reinvest assets in the Account in such
manner as it believes are suitable to such investment objectives and in accordance with such guidelines.
		
	Appraisal of Account	  	Wellington Management will provide the Client with a quarterly appraisal of the Account as of the last day on which the New York Stock Exchange is open for each
calendar quarter (the “Appraisal Date”). Such appraisal shall be in the form of a written summary of assets of the Account on the Appraisal Date. Wellington Management endeavors to value all securities at fair market value as determined by
Wellington Management in good faith and in accordance with standard industry practice.
		
	Management Fee	  	 The Client will pay to Wellington Management each calendar quarter, as full compensation for services rendered, a
management fee based on the average of the market value of the assets in the Account as determined from Wellington Management’s systems as determined in accordance with our pricing policies and procedures unless the Client instructs us
otherwise and provides an alternative Account value, as of the last day of each month for each such calendar quarter. The fee rate will be equal to one fourth of the annual rates shown in Attachment C. The market value on which the management fee is
calculated will be exclusive of any Account assets invested in shares of a registered investment company for which Wellington Management acts as investment adviser.
  
 If Wellington Management shall serve for less than the whole of any quarterly period, its compensation determined as provided above shall be calculated and
shall be payable on a pro rata basis for the period of the calendar quarter for which it has served as manager under the Agreement.

		
	Procedures	  	All transactions will be consummated by payment to, or delivery by, the party that the Client designates in writing as the custodian (the “Custodian”), of
all cash and/or securities due to or from the Account. Wellington Management shall not act as custodian for the Account. Instructions of Wellington Management to the Custodian shall be made in writing and sent by first-class mail, or by use of a
mutually agreed upon method of electronic transmission, or

  

					
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 Investment Management Agreement 
  

					
		  	at the option of Wellington Management, orally, and confirmed in writing as soon as practical thereafter.
		
		  	Wellington Management shall instruct all brokers, dealers and/or other financial intermediaries executing orders on behalf of the Account to forward to the Custodian,
and to the Client upon the Client’s request, copies of all transaction confirmations promptly after execution of transactions. The Client will instruct the Custodian to provide Wellington Management with such periodic reports concerning the
status of the Account as Wellington Management may reasonably request.
		
	Proxies	  	Wellington Management shall not vote securities held in the Account in response to proxies solicited by the issuers of such securities. However, Wellington Management
will provide advice with respect to such voting as the Client may reasonably request.
		
	Service to Other Clients	  	It is understood that Wellington Management and its affiliates provide investment management and advisory services for other clients, including registered investment
companies. It is further understood that Wellington Management or its affiliates may take investment action or give advice on behalf of such other clients which differs from investment action taken on behalf of the Account. If a purchase or sale of
securities or other assets for multiple client accounts is deemed by Wellington Management to be advisable and is considered at or about the same time, and Wellington Management is unable to purchase or sell the amount of securities or other assets
in the aggregate amount then contemplated by Wellington Management on behalf of the client accounts, the transactions in such securities or other assets will be allocated among the client accounts contemporaneously purchasing or selling as deemed
equitable by Wellington Management and its affiliates.
		
	Liability of Wellington Management	  	In rendering services under the Agreement, Wellington Management will not be subject to any liability to the Client or to any other party for any loss or error,
unless such loss or error results from a breach of the Agreement, willful misfeasance, bad faith or gross negligence on Wellington Management’s part in the performance of, or failure to perform, its obligations or duties under the Agreement.
Nothing herein shall in any way constitute a waiver or limitation of any right of any person under any applicable federal or state securities laws of the United States of America.

  

					
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 Investment Management Agreement 
  

					
		
		  	Wellington Management shall not be liable for any act of omission of Custodian or any broker which effects or participates as a counter-party in any transactions for
the Account as long as such broker was chosen by Wellington Management in good faith and with reasonable care. Without limiting the foregoing, Wellington Management does not assume responsibility for the accuracy of information furnished to it by
Client, Custodian, broker, or by any person on whom it reasonably relies.
		
	Representations by Wellington Management	  	By execution of the Agreement, Wellington Management represents that: (i) it is duly registered as an Investment Adviser with the Securities and Exchange Commission
pursuant to the Investment Advisers Act of 1940, as amended (the “Advisers Act”) and that it provided to the Client Part II of its registration statement on Form ADV (the “ADV”) at least 48 hours prior to signing the Agreement,
or the Client has the right to cancel the Agreement within 5 business days of receiving the ADV; and (ii) it will notify the Client of any additions to or withdrawals of partners of Wellington Management within a reasonable time after such additions
or withdrawals.
		
	Representations by the Client	  	By execution of the Agreement, the Client represents that: (i) the terms hereof do not violate any obligation by which the Client is bound, whether arising by
contract, operation of law or otherwise; (ii) the Agreement has been duly authorized by appropriate action and when so executed and delivered will be binding upon the Client in accordance with its terms; and (iii) the Client will deliver to
Wellington Management evidence of such authority as Wellington Management may reasonably request, whether by way of a certified resolution or otherwise.
		
	Services of Control Affiliates	  	Wellington Management is hereby authorized to engage any of its control affiliates to provide Wellington Management with investment management or advisory and related
services with respect to Wellington Management performing its obligations under this Agreement. Wellington Management shall remain liable to the Client for performance of Wellington Management’s obligations under this Agreement, and for the
acts and omissions of such control affiliates and the Client shall not be responsible for any fees which any control affiliate may charge to Wellington Management in connection with such services.
		
	Services of Agents	  	Wellington Management may, where reasonable, employ agents (including its affiliates) to perform any administrative or ancillary services, including security and cash
reconciliation, portfolio pricing and corporate action processing,

  

					
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 Investment Management Agreement 
  

					
		  	required to enable Wellington Management to perform its services under the Agreement. Wellington Management will act in good faith and with reasonable skill and care
in the selection, use and monitoring of agents. Wellington Management shall remain liable to the Client for the performance of Wellington Management’s obligations under this Agreement, and the Client shall not be responsible for any fees which
any agent may charge to Wellington Management in connection with such services unless such fee is specifically approved herein.
		
	Confidentiality	  	Wellington Management and Client acknowledge and agree that during the term of this Agreement the parties may have access to certain information that is proprietary
to both parties (or to their affiliates and/or service providers). The parties agree that their respective officers and employees shall treat all such proprietary information as confidential and will not use or disclose information contained in, or
derived from such material for any purpose other than in connection with the carrying out of their responsibilities under this Agreement and the management of the Account, provided, however, that this shall not apply in the case of: (i) information
that is publicly available; and (ii) disclosures required by law or requested by any regulatory authority that may have jurisdiction over either party, in which case such party shall request such confidential treatment of such information as may be
reasonably available. For the avoidance of doubt, Client shall not make use of the investment decisions or recommendations of Wellington Management for its accounts (other than the Account) or the accounts of its affiliates or any other third party
without the written consent of Wellington Management. Notwithstanding the foregoing, Wellington Management hereby acknowledges that certain other accounts or affiliates of Client may hold some of the same securities as those held by the Account or
recommended by Wellington Management. In addition, each party shall use its reasonable efforts to ensure that its agents or affiliates who may gain access to such proprietary information shall be made aware of the proprietary nature and shall
likewise treat such materials as confidential.
		
	Assignment	  	No assignment (as defined in the Advisers Act) of the Agreement shall be made by either party without prior written consent of the other party
		
	Term and Termination	  	The Agreement shall continue for a term of one year from the date hereof, and from year to year thereafter, unless terminated by either party, as provided herein. The
Agreement may be terminated by either party upon 30 days’ prior written notice to the other party, or such shorter time period as to which the parties shall agree.

  

					
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 Investment Management Agreement 
  

					
		
	Construction of Agreement	  	The Agreement shall be construed and the rights and obligations of the parties under the Agreement enforced in accordance with the laws of the Commonwealth of
Massachusetts to the extent not pre-empted by applicable federal law of the United States of America.
		
	Amendments	  	The Agreement may be amended only by means of a written document signed by a duly authorized representative of each party
		
	Counterparts	  	The Agreement may be executed simultaneously in any number of counterparts, each of which shall be deemed to be an original, but all of which together shall
constitute one and the same instrument.
		
	Notice	  	 Any notice, advice or report to be given pursuant to the Agreement shall be deemed to have been duly given or made as of
the date delivered or transmitted, and shall be effective upon receipt, if delivered personally or by recognized overnight courier to the following addresses, or sent by electronic transmission to the telecopier number specified below
  
 •      To
Wellington Management at:
 Wellington Management Company, llp
 75 State Street
 Boston, Massachusetts 02109
 Attention: Legal Services Department
 Telecopier No: 617-790-7760

  

					
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 Investment Management Agreement 
  

							
			
		  	 •   To the Client at:
 Max Bermuda Ltd.
 Max House
 2 Front Street
 Hamilton, HM 11 Bermuda
 Attention: Sandra Alves
 Telecopier No: 441-293-8855
	  	

  

							
	Signatures	  	Max Bermuda Ltd.	  	
				
		  	By:	  	/s/ Angelo Guagliano	  	
		  		  	Name:	  	
		  		  	Title:	  	
			
		  	Agreed and Accepted
 Wellington Management Company,
llp
	  	
				
		  	By:	  	/s/ Jonathan M. Payson	  	
		  		  	Name:	  	
		  		  	Title:	  	
				
		  		  	EMS 4-9-09	  	

  

					
		  	Wellington Management Company, llp	  	Page 7Investment Management Agreement, dated as of July 20, 2009

 Exhibit 10.35 
 

 
 INVESTMENT MANAGEMENT AGREEMENT 
 THIS AGREEMENT, is made by and between the party whose name appears on the signature page hereto (the “Client”) and Lazard Asset
Management LLC (the “Manager”). 
 WHEREAS, the Client desires to establish an investment account with the Manager
with respect to the assets of the Client and/or any entities set forth on Schedule A attached hereto (which, together with all additions, increases and substitutions, is defined as the “Account”) and to engage the Manager to manage the
Account and the Manager is willing to manage the Account pursuant to the terms of this Agreement and the investment objective and guidelines, if any, attached hereto as Schedule B (the “Guidelines”) or as Schedule I (“Currency Hedging
Authorization”). 
 NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein, the Client and
the Manager hereby agree as follows: 
 1. Appointment and Powers of Manager. 
 1.1. Representations of the Client. The Client hereby represents and warrants that: (a) the Client beneficially owns all of the
assets in the Account or has discretionary authority over such assets with authority to appoint an investment manager with respect to such assets; (b) subject to the Guidelines, there are no restrictions on the transfer, sale and/or public
distribution of the assets in the Account; (c) the Client has appointed no other current investment manager with respect to the assets in the Account; (d) the Client has previously furnished to the Manager (i) true and complete copies
of trust or custodial agreements with respect to assets in the Account (ii) a copy of all applicable municipal statutes and regulations regarding the authority to enter into this Agreement and to undertake the investments contemplated
hereunder; (e) the information set forth in Schedule D attached hereto is true and correct; and (f) for institutional clients, an appropriate resolution of the Board of Directors, or the Board of Trustees or similar governing body
approving this Agreement has been passed and a copy of such resolution with appropriate certification has been provided to the Manager. The Manager shall be permitted to include the name of the Client on its representative client list only with the
prior written approval of Client in each instance. 
 1.2. Appointment. The Client hereby appoints and engages the
Manager to manage the Account, with discretionary investment authority, subject to the Guidelines, in accordance with the terms of this Agreement and the Manager hereby accepts this appointment. 
 1.3. Authority and Duties of the Manager. Subject to the terms and conditions of this Agreement including, without limitation, any
investment restrictions set forth in the Guidelines, the Client hereby grants the Manager complete and unlimited investment and trading authority with respect to the Account and appoints the Manager as the Client’s agent and attorney-in-fact
with respect to same. Without in any way limiting the preceding sentence and without obtaining the consent of, or consulting with, the Client or any other person, the Manager is hereby authorized, for and on behalf of the Client, with respect to the
Account, in the Manager’s discretion to: 
 a) purchase, sell, redeem, invest, reinvest or otherwise trade any security,
exchange-traded funds (“ETFs”), or other permitted investment for the Account; provided, that any sale of a security held in the Account shall require the prior approval of Client in each instance; 
 b) exercise any conversion and/or subscription rights available in connection with any securities or other investments held in the Account;

 c) maintain all or part of the assets in the Account uninvested in short-term income-producing instruments for such periods
of time as shall be deemed reasonable and prudent by the Manager; 
 d) [Reserved]; 

 

 
  

 e) instruct the Custodian to deliver for cash received, securities sold, exchanged,
redeemed or otherwise disposed of from the Account, and to pay cash for securities delivered to the Custodian and/or credited to the Account upon acquisition of same for the Account; 
 f) determine how to vote all proxies received with respect to securities held in the Account and, to the extent specified in the Guidelines,
direct the Custodian as to the voting of such proxies; 
 g) select broker-dealers, including, without limitation, any affiliate
of the Manager, to purchase, sell or otherwise trade in or deal with any security in the Account; provided however, that the fees and other terms of engagement of a broker-dealer that is an affiliate of Manager shall be at commercially reasonable
market rates. 
 h) place orders with any broker-dealer so selected, to purchase, sell or otherwise trade in or deal with any
security in the Account; 
 i) generally, perform any other act necessary to enable the Manager to carry out its obligations
under this Agreement; and 
 j) to certify to third parties the Client’s tax identification number. 
 Notwithstanding the foregoing, at the end of each Business Day the Manager shall sweep all uninvested assets in the Account into the
Client’s account with Custodian (the “Custodian Account”). It is understood and agreed that unless otherwise specified in Schedule B the assets in the Account constitute only a portion of the assets of the Client or any entity set
forth on Schedule A, the Client has engaged others to manage such assets or has retained investment responsibility for such assets, and the Manager is not responsible for the overall diversification of the investment of such assets. 
 1.4. Selection of Broker-Dealers. 
 a) When selecting broker-dealers to effect portfolio transactions on behalf of the Account, the Manager will select the broker-dealer(s) who, in the judgment of the Manager, will provide best execution.
In determining the ability of a broker-dealer to provide best execution on a particular transaction for the Account, the Manager will consider all relevant factors, including, without limitation: (i) the ability of the broker-dealer to provide
prompt and efficient execution; (ii) the ability and willingness of a broker-dealer to facilitate the transaction by acting as principal and going at risk for its own account; (iii) the ability of the broker-dealer to provide accurate and
timely settlement of the transaction; (iv) the Manager’s knowledge of the negotiated commission rates currently available and other current transaction costs; (v) the clearance and settlement capabilities of the broker-dealer;
(vi) the Manager’s knowledge of the financial condition of the broker-dealer selected; and (vii) any other matter relevant to the selection. 
 b) The Client understands and agrees that brokerage commissions on the Account’s portfolio transactions may be directed to broker-dealers in recognition of investment research and information
furnished as well as for services rendered in the execution of orders by such broker-dealers in accordance with Section 28(e) of the Securities and Exchange Act of 1934. Accordingly, the Manager may, in its discretion, cause the Account to pay
a broker-dealer a commission for effecting a transaction for the Account in excess of the amount of commission another broker-dealer adequately qualified to effect such transaction would have charged for effecting that transaction. This may be done
where the Manager has determined in good faith that such commission is reasonable in relation to the value of the brokerage and/or research provided by the broker-dealer to the Account or any other client account over which the Manager exercises
management discretion. The Manager shall not be required to limit to the Account the use of the research or other services provided by a broker-dealer in connection with effecting a transaction for the Account. 
 c) When the Manager determines that the purchase or sale of a security or other permitted investment is in the best interest of the Account,
as well as its other clients, the Manager, to the extent permitted by applicable laws, may aggregate the securities or investments to be sold or purchased for the Account with

  

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those of its other clients in order to obtain a favorable execution and favorable brokerage commissions. In such event, allocation of the securities or investments to be purchased or sold, as
well as the expenses incurred in the transactions, will be made by the Manager in a manner the Manager considers equitable and consistent with its obligations to the Client and to its other clients. 
 d) Any transactions for the Account that are effected by the Manager through Lazard Capital Markets LLC (“LCM”) or another
broker-dealer affiliated with the Manager on a national securities exchange of which LCM or such broker-dealer is a member will be effected in accordance with Section 11 (a) of the United States Securities Exchange Act of 1934, as amended,
and the regulations promulgated thereunder. The Client hereby authorizes LCM or such broker-dealer to retain commissions for effecting such transactions and to pay out of such retained commissions any compensation due to others in connection with
effectuating those transactions, provided that such commissions shall be at commercially reasonable market rates. The Client hereby consents that, in effecting securities transactions for the Account, an affiliate of the Manager may also act as
agent for one or more other parties to the transaction. The Client hereby acknowledges that if an affiliate of the Manager acts as agent for another party to a transaction, such affiliate will have a potential conflicting division of loyalties and
responsibilities regarding the parties to the transaction. The Client acknowledges that this written consent to the Manager to act as agent for other parties to a transaction may be revoked at any time by written notice to the Manager. 

2. Custody. 
 a) The
Client shall notify the Manager of the appointment of any Custodian (the “Custodian”) for all or a portion of the assets of the Account and shall provide the Manager with the names of persons authorized to act on behalf of the Custodian
and such other information as the Manager may reasonably require. Instances where the client request the Manager to receive payment of advisory fees from directly debiting the client’s custodian account, the client hereby authorizes such
payment and the client agrees to receive a copy of the adviser’s bill, which will be simultaneously sent to the custodian for payment. The bill will show the amount of the fee, the value of the Client’s assets upon which the fee was based
and the specific manner in which the fee was calculated. The Manager shall have no responsibilities or liabilities with respect to the custody arrangements made by the Client, or to any act, decision or other conduct of any custodian or of any other
person having possession of the funds or securities of the Account. The Client agrees to use reasonable efforts to cause the Custodian to provide to the Manager information regarding contributions to and/or withdrawals from the Account before such
contributions or withdrawals are made, and the Manager will in no way be responsible for any failure by the Custodian to do so. The Client further understands and agrees that any failure by the Custodian to do so will not affect the validity of any
transaction initiated by the Manager before receiving such information from the Custodian. 
 b) To the extent that the assets
of the Account have not been placed with a custodian, LCM shall serve as the Custodian and the Client shall place the assets comprising the Account in a separate account maintained with LCM. LCM shall not charge the Client a custody fee for its
services with respect to the Account except for any expenses incurred in connection with performing the custody services. In addition, transactions in over-the-counter securities may be subject to a service charge to cover certain costs associated
with clearance, settlement and confirmation services provided by the applicant to complete the transaction. Transactions on exchanges will be subject to a commission charge. Commissions charged on such transactions vary according to the size and
nature of the transactions and of the account for which they are effected. LCM or an affiliated broker-dealer of LCM may also receive shareholder distribution and servicing fees (also known as “12b-l Fees”) from any money market mutual
funds into which uninvested assets in the account are swept. 
 3. Representations of the Manager. The Manager hereby represents to the
Client as follows: (a) the Manager is a registered investment adviser under the United States Investment Advisers Act of 1940; and (b) the Manager shall treat as confidential all information pertaining to the Account and to the Client and
all other aspects of the relationship established by this Agreement, except as may be necessary to comply with the regulations of any governmental or self-regulatory organization or with the order of any court or adjudicative body of competent
jurisdiction or to effectively perform its obligations and duties under this Agreement. 
  

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 4. Liabilities of the Manager and the Client. The Manager will deal in good faith and with due
diligence and will use reasonable skill and care in the performance of its duties under this Agreement. The Manager shall not be liable for any error of judgment, mistake of law, or for any loss suffered by the Account in connection with the
Manager’s discharge of its responsibilities under this Agreement, except for loss resulting from a breach of the Manager’s fiduciary obligation with respect to the Account or Manager’s gross negligence or wilfull misconduct. The
Manager shall have no responsibility whatsoever for the management of any assets not in the Account. The Manager shall not be liable for any loss to the Account resulting from the negligence, malfeasance, nonfeasance or criminal conduct of any
broker-dealer or other agent or counterparty on behalf of the Account so long as such broker-dealer or other agent or counterparty was selected by Manager with reasonable care. The Client shall indemnify and hold harmless the Manager and its
affiliates, agents and employees from and against any and all liabilities, losses, damages, court costs and reasonable expenses (including reasonable attorney’s fees), arising from the act or omission of the Manager or any third party, except
to the extent the same results from a breach of the Manager’s fiduciary obligation with respect to the Account or Manager’s gross negligence or wilfull misconduct. Notwithstanding the foregoing, the Manager may be liable to the Client for
acts of good faith and nothing contained in this Agreement shall constitute a waiver or limitation of rights that a Client may have under federal or state securities laws. 
 5. Directions and Information Provided to the Manager. The Client may, from time to time, in the Client’s discretion, issue directions or instructions to the Manager with respect to the
Account and amend the Guidelines, provided that any such directions, instructions or amendments are in writing and furnished to the Manager. The Manager shall be fully protected in, and shall have no liability for loss resulting from, relying upon
any directions, instructions, or amendments from the Client in accordance with the previous sentence and the Client shall indemnify and hold the Manager harmless with respect to such liability. 
 The Manager shall be fully protected in, and shall have no liability for loss resulting from, acting upon any instrument, certificate or
paper reasonably believed by it to be genuine and to be signed or presented by the proper person or persons, and the Manager shall be under no duty to make any investigation or inquiry as to any statement contained in any such writing but may accept
the same as conclusive evidence of the truth and accuracy of the statements therein contained and the Client shall indemnify and hold the Manager harmless with respect to such liability. 
 Notwithstanding anything herein to the contrary, the Manager shall not be obligated to follow any instruction or direction of the Client or
to adhere to any amendment to the Guidelines with respect to any transaction commenced on behalf of the Account prior to the Manager’s receipt of such instruction, direction or amendment, but only if Manager has made reasonable efforts to
cancel or otherwise unwind such transaction and is unable to do so in a commercially reasonable manner. 
 6. Accounting and Reports.
After the end of each calendar month, the Manager shall furnish the Client with a monthly investment report for the Account which report will include the fair market value for each investment included in the Account. 
 7. Advisory Fee. The Client shall pay the Manager an advisory fee (the “Advisory Fee”) for the services provided in accordance with the
terms of Schedule C of this Agreement attached hereto. If the management of the Account commences or terminates at any time other than the beginning or end of a calendar quarter, respectively, the Advisory Fee shall be prorated based on the portion
of such calendar quarter during which this Agreement was in force. 
 8. Termination; Additions and Withdrawals. Upon thirty
(30) days’ written notice either party hereto may terminate this Agreement as to the Account. On the effective date of termination of this Agreement or as close to such date as is reasonably possible, the Manager shall provide the Client
with a final report for the Account containing the same information as provided in the monthly investment report described in paragraph 6 above. In addition, the Client shall be entitled to make additions to or withdrawals from the assets in the
Account at any time, provided that the Client provides the Manager with notice of any such additions or withdrawals within a reasonable time prior thereto. 
  

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 9. Entire Agreement and Assignment. 
 9.1. Entire Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter
of this Agreement and no modification, amendment or waiver of any of the provisions of this Agreement shall be effective unless made in writing specifically referring to this Agreement and signed by the parties hereto. 
 9.2. Assignment. This Agreement shall not be assigned (as that term is used in the United States Investment Advisers Act of 1940) by
either party without the prior consent of the other party. 
 10. Severability. Any term or provision of this Agreement which is invalid
or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering invalid or unenforceable the remaining terms or provisions of this Agreement or affecting the
validity or enforceability of any of the terms or provisions of this Agreement in any other jurisdiction and the invalid or unenforceable provision shall be deemed replaced with a valid and enforceable provision that most closely reflects the
intention of the parties. 
 11. Non-Exclusive Management. The Client understands that the Manager and its affiliates may furnish and may
continue to furnish investment management and advisory services to others, and that the Manager and its affiliates shall be at all times free, in their discretion, to make recommendations to, and investments for, others which may or may not
correspond to investments made for the Account. The Client further understands that the Manager, its affiliates, and any officer, director, member, employee or any member of their families may or may not have an interest in the securities whose
purchase and sale the Manager effects for the Account. Actions taken by the Manager on behalf of the Account may be the same as, or different from, actions taken by the Manager on its own behalf or for others and actions taken by the Manager’s
affiliates, officers, directors, members, employees of the Manager or its affiliates, the family members of such persons or other investors. 
 12. Authority. Each of the parties to this Agreement hereby represents that it is duly authorized and empowered to execute, deliver, and perform this Agreement and that such action does not conflict with or violate any provision of
law, rule or regulation, contract, deed of trust or other instrument to which it is a party or to which it is subject and that this Agreement constitutes a valid and binding obligation enforceable in accordance with its terms. 
 13. Applicable Law. To the extent not inconsistent with applicable federal law, this Agreement shall be construed pursuant to, and shall be governed
by, the laws of the state of New York, applicable to contracts to be performed in New York and without giving effect to the choice of law principles thereof. 
 14. Investment Manager Brochure and Related Disclosure. The Client hereby acknowledges that the Client has received from the Manager a copy of the Manager’s Form ADV, Part II, as currently
filed, at least forty-eight hours prior to entering into this Agreement. 
 15. Notices. All notices and other written communications
specified herein shall be deemed duly given if transmitted by mail to the Manager at 30 Rockefeller Plaza, New York, New York 10112-6300, and to the Client at the address and, telecopier number set forth on the signature page, or to such other
address or telecopier number as shall be specified in a notice duly given. All notices shall be effective upon receipt. 
 16. Not a
Fund. Nothing contained in this Agreement shall in any way, separately or in the aggregate, constitute the establishment of an investment company or mutual fund of any kind. Nor does the arrangement contemplated by this Agreement constitute the
existence or establishment of a security of any kind. 
  

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 17. Counterparts. This agreement may be executed in two or more counterparts, each of which shall
be deemed an original, but together they shall constitute one and the same instrument. 
 18. Reserved. 
 IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement as of the 20th day of July, 2009. 
  

			
	Client Name:	 	MAX BERMUDA LTD.
		
		 	 /s/ Joseph W. Roberts

			
		
	Address:	 	 
	
	LAZARD ASSET MANAGEMENT LLC
		
	By:	 	 /s/ Gerald B. Mazzari

		 	Gerald B. Mazzari, Chief Operating Officer

  

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