Document:

Form of Investment Management Agreement for Separate Account Clients

 EXHIBIT 10.12 
 INVESTMENT MANAGEMENT AGREEMENT 
 This Agreement is
made this      day of         , 200[  ] (the “Agreement”), by and between [Name of Adviser] (the “Manager”), a
[                    ] company, and
                     (the “Client”). 
 1. Appointment. Client hereby appoints Manager as an investment manager to manage such of Client’s assets as Client shall from time to time assign to it, the proceeds from the sale of such
assets, and the income attributable to such assets (the “Account”). Client shall promptly notify Manager in writing of any increase or reduction in the amount of the Account’s assets subject to Manager’s investment direction.

 2. Authority of Manager. Manager is authorized to supervise and direct the investment and reinvestment of the assets
in the Account, subject to such limitations as are contained in the Guidelines described in Section 3 of this Agreement, as they may be from time to time amended, and subject to Client’s right to direct the investment of the Account by
means of Instructions as described in Section 3 of this Agreement. Manager, as Client’s agent and attorney-in-fact with respect to the Account, when it deems appropriate and without prior consultation with Client, may: (a) buy, sell,
exchange, convert and otherwise invest or trade in any stocks, bonds, options, units and other securities, including money market instruments, whether the issuer is organized in the United States or outside the United States, at such times and in
such manner as Manager determines; (b) place orders for the execution of such securities transactions with or through such brokers, dealers or issuers as Manager may select, which brokers or dealers are entitled to receive compensation out of
the Account for their services; (c) execute any documentation as the Account’s agent and attorney-in-fact as Manager may deem necessary to facilitate any such investment or reinvestment; and (d) purchase, sell, exchange or convert
foreign currency in the spot or forward markets as agent or principal, at the market rate, as determined by Manager in its sole discretion. Manager, as Client’s agent and attorney-in-fact with respect to the Account, when it deems appropriate
and without prior consultation with Client, may engage external legal counsel to review trade-related documentation for bank loans and other over-the-counter instruments, and charge the Account for such costs. Manager may give a copy of this
Agreement to any broker, dealer or other party to a transaction, as evidence of its authority to act on the Account’s behalf. 
 Manager is not authorized to accept delivery of cash or securities for the Account or to establish or maintain custodial arrangements for the Account. Client shall choose a custodian 
  

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(the “Custodian”) to hold physical custody of the Account. Client shall direct the Custodian to segregate the assets in the Account and to invest and reinvest them in accordance with
the directions transmitted by Manager and received by the Custodian. Such directions shall be given in writing, or given orally and confirmed in writing promptly thereafter. Client shall not change the Custodian without giving Manager reasonable
advance written notice of its intention to do so, together with the name and other relevant information with respect to the new Custodian. Manager shall not be liable for any act or omission of the Custodian. 
 3. Guidelines and Instructions. Attached hereto as Exhibit A is a statement of the investment objectives of Client together
with a statement of any and all specific investment restrictions applicable to the investment of the Account (the “Guidelines”). Client shall have the right at all times to modify the Guidelines or to give Manager instructions
(“Instructions”) to buy, sell or retain any investment, but no modification of the Guidelines and no Instructions or modifications of Instructions shall be binding upon Manager unless Manager has received written notice of them from an
Authorized Person (as defined in Section 5(d)). Manager shall have a reasonable period to bring the Account into compliance with any changes to the Guidelines. Manager shall be under no duty to make any investigation or inquiry as to any
statement contained in any written Guidelines or Instruction given and, unless and until specifically advised otherwise, Manager may accept the same as conclusive evidence of the truth and accuracy of the statements contained therein. The Guidelines
and all Instructions, unless they expressly provide otherwise, shall continue to be effective until duly canceled by subsequent modifications duly communicated to Manager in writing. 
 4. Fees. As full compensation for its services under this Agreement, Manager shall be paid quarterly a fee equal to one-fourth of the
annual rates specified in Exhibit B, based on the asset value of the Account as of the last day of each calendar quarter on which the New York Stock Exchange is open for trading (the “Valuation Date”). The initial billing period
will begin when this Agreement is signed by Client and accepted by Manager, and initial funding has been received by the Custodian (the “Inception Date”). The initial fee will be pro-rated to cover the period from the Inception Date
through the Valuation Date for that calendar quarter and will be based on the valuation as of that Valuation Date. Future quarterly fees will be calculated similarly in arrears. If Manager shall serve for less than the whole of any quarter, its
compensation shall be determined as provided above on the basis of the value of the assets in the Account as of the end of the date of termination and shall be payable on a pro rata basis for the period of the quarter for which it served as Manager
hereunder. Client shall direct the Custodian automatically to charge to the Account and pay directly to Manager all of Manager’s fees upon the Custodian’s receipt of an invoice from Manager. 
  

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 5. Representations and Warranties. Client hereby acknowledges, represents and
warrants to, and agrees with Manager, as follows: 
 (a) Client Assets. Client is the sole owner of all assets in the
Account and (i) there are no restrictions on the transfer, sale or public distribution of any such assets and (ii) no option, lien, charge, security or encumbrance exists over such assets, except as disclosed to Manager in writing.

 (b) Authority. The Client has full authority and power to engage Manager under the terms and conditions of this
Agreement, and such engagement does not violate Client’s constituent documents, any other material agreement, order or judgment of any court or governmental authority, or any law applicable to Client. Client further represents that all
investments permitted herein are within its power to enter into and have been duly authorized. 
 (c) Form ADV. Client
acknowledges receipt of Part II of Manager’s Form ADV. Notwithstanding anything to the contrary herein, if Client did not receive a copy of the Form ADV at least forty-eight (48) hours prior to execution of this Agreement, Client shall
have the right to terminate this Agreement without penalty within five (5) business days of the execution of this Agreement; provided, however, that Client shall be at risk for any market fluctuations in the Account up to the time of such
termination. 
 (d) Authorized Persons. Any individual whose signature is affixed to this Agreement on Client’s
behalf has full authority and power to execute this Agreement on Client’s behalf. Client represents that the officer specified on the attached Certification of Authorized Persons (Exhibit C) is authorized to act for Client and to certify
to Manager from time to time, by listing on, and delivering to Manager Exhibit C or a substantially similar form, those other persons who also are so authorized to act on Client’s behalf (“Authorized Persons”). The Client shall
promptly notify Manager in writing of any event that could reasonably be anticipated to affect any such individual’s authority under this Agreement. 
 (e) Notice of Certain Events. Client will promptly notify Manager in writing of any occurrence that results, or threatens to result, in any representations by Client contained in this Agreement
becoming inaccurate, false, misleading or incomplete. 
 6. Non-Exclusive Agreement. Nothing in this Agreement shall be
deemed to limit or restrict Manager’s right, or the right of any of its officers, directors or employees, to engage in any other business or to devote time and attention to the management or other aspects of any business, whether of a similar
or dissimilar nature, or to render investment advisory services or services of any kind to any other corporation, firm, association or individual. Client understands

  

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that Manager provides investment advisory services to numerous other clients and accounts. Client also understands that Manager may give advice and take action with respect to any of its other
clients or for its own account which may differ from the timing or nature of action taken by Manager with respect to the Account. 
 Nothing in this Agreement shall impose upon Manager any obligation to purchase or sell or to recommend for purchase or sale, with respect to the Account, any security (including long and short positions) which Manager, or its affiliates, or
its or their shareholders, directors, officers or employees may purchase or sell for its or their own account(s) or for the account of any other client. Client acknowledges that Manager’s ability and that of its affiliates to effect or
recommend transactions may be restricted by applicable regulatory requirements in the United States and elsewhere or its or their internal policies designed to comply with such requirements. Consequently, there may be periods when Manager may not
initiate or recommend certain types of transactions in certain investments when Manager or its affiliates are performing services or when aggregated position limits have been reached, and Client will not be advised of that fact. 
 7. Liability of Manager. Except as may otherwise be provided by law, Client specifically agrees that Manager shall not be liable for:
(a) any loss that Client may suffer by reason of any investment decision made or other action taken or omitted in good faith and with that degree of care, skill, prudence and diligence under the circumstances then prevailing that a prudent
person acting in a like capacity would use in the conduct of an enterprise of a like character and with like aims; (b) any loss, expense or other liability (including but not limited to attorneys’ fees) incurred by Client or Manager
arising from or in connection with Manager’s compliance with the Guidelines or Instructions believed by Manager to be accurate; (c) any act or failure to act by any broker or other person with whom Manager or Client may deal in connection
with the subject matter of this Agreement; or (d) any loss or failure or delay in performance of any obligation under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond Manager’s reasonable control,
including, without limitation, acts of God, earthquakes, fires, floods, wars, terrorism, civil or military disturbances, sabotage, epidemics, riots, interruptions, loss or malfunctions of utility, computer software or hardware, transportation or
communication service, accidents, labor disputes, acts of civil or military authority, governmental actions and inability to obtain labor, material, equipment or transportation. 
 8. Brokerage. Where Manager places orders, or directs the placement of orders, for the purchase or sale of portfolio securities for
the Account, in selecting brokers or dealers to execute such orders, Manager is expressly authorized to consider, among other factors, the fact that a broker or dealer has furnished statistical, research or other information or services which

  

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enhance Manager’s investment research and portfolio management capability generally. It is further understood in accordance with Section 28(e) of the Securities Exchange Act of 1934, as
amended, that Manager may negotiate with and assign to a broker a commission which may exceed the commission which another broker would have charged for effecting the transaction if Manager determines in good faith that the amount of commission
charged was reasonable in relation to the value of brokerage and research services (as defined in Section 28(e)) provided by such broker, viewed in terms either of the Account or Manager’s overall responsibilities to Manager’s
discretionary accounts. 
 Nothing herein shall preclude the aggregation or “bunching” of orders for the sale or
purchase of portfolio securities in the Account with other accounts managed by Manager. With respect to the allocation of trades, Manager shall not favor any account over any other and purchase or sale orders executed contemporaneously shall be
allocated in a manner it deems equitable among the accounts involved. In some cases, prevailing trading activity may cause Manager to receive various execution prices on the entire volume of any security sold for the accounts of its clients. In such
cases, Manager may, but shall not be obligated to, average the various prices and charge or credit the Account with the average price, even though the effect of this aggregation of price may sometimes work to the disadvantage of the Account. Client
understands and acknowledges that Manager or its affiliates may, based upon such factors as Manager deems to be important, such as Manager’s or its affiliates’ respective trading strategies or their respective accounts’ relative sizes
or investment objectives or investment restrictions, restrict to certain accounts purchases and sales of securities acquired in initial public offerings, including those that trade or are expected to trade at a premium in the secondary market.

 In no event shall Manager be obligated to effect or place an order for any transaction for Client which Manager believes
would violate any applicable state or federal law, rule, or regulation, or of the regulations of any regulatory or self-regulatory body to which Manager or any of its affiliates is subject to at the time of the proposed transaction. 
 9. Confidential Relationship. Each party agrees that all non-public confidential information concerning the other party which may
become available to such party in connection with services, transactions or relationships contemplated in this Agreement shall at all times be treated in strictest confidence and shall not be disclosed to third persons except as (a) may be
required by law or regulatory authority, including but not limited to any subpoena, administrative, regulatory or judicial demand or court order, (b) as otherwise set forth in this Agreement, or (c) upon the prior written approval of the
other party to this Agreement. Client authorizes Manager (i) to include Client’s name in a representative or sample client list prepared by Manager, provided Manager shall not disclose Client contact information or any information

  

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about Client’s holdings, and (ii) to use Manager’s investment experience with respect to the Account, or the Account’s performance, in composite performance presentations,
marketing materials, attribution analyses, statistical compilations, or other similar compilations or presentations, provided such use does not disclose Client’s identity except to the extent permitted by Client. 
 10. Reports. Manager shall send to Client a written report of the Account as of the Valuation Date of each calendar quarter. Such
reports shall be submitted within a reasonable period following such Valuation Date. For the purposes of all reports made by Manager to Client, foreign securities denominated in foreign currencies will be valued in United States dollars, unless
otherwise agreed by Manager and Client. Client shall examine promptly each such report and any other report provided by Manager. To the extent permissible under applicable law, upon the expiration of the sixty (60) day period immediately
following the date of such report, or the termination of this Agreement as provided herein, if earlier, Manager shall be forever released and discharged from all liability and accountability to anyone with respect to each such report, including,
without limitation, all acts and omissions of Manager shown or reflected in each such report, except with respect to any acts or omissions as to which Client shall have filed written objections with Manager within such sixty (60) day period.
Nothing herein shall impair the right of Manager to a judicial settlement of any report rendered by it. 
 11. Valuation.
In computing the asset value of the Account, if market quotations are readily available for securities listed on a securities exchange or on the NASDAQ National Market or NASDAQ Small Cap Market, Manager shall value those securities at the last
quoted sales price or the official closing price, respectively, on the Valuation Date, or, if there is no reported sale, within the range of the most recently quoted bid and ask prices. Manager shall value over-the-counter securities within the
range of the most recent bid and ask prices. If securities trade both in the over-the-counter market and on a stock exchange, Manager shall value them according to the broadest and most representative market as determined by Manager. Any security
for which a current market quotation cannot be established or a market event occurs that calls into question the reliability of current market quotations, or any other security or asset, shall be valued in a manner determined in good faith by
Manager to reflect its fair market value. 
 12. Proxies and Other Legal Notices. Decisions on proxy voting will be made
by Manager unless such decisions are expressly reserved by Client. Manager’s obligation to vote proxies shall be contingent upon (i) receipt of proxies from the Custodian or Client in a timely manner, and (ii) the lack of any legal
encumbrance to voting, including any securities lending or similar program. Manager shall not be expected or required to take any action with respect to lawsuits involving securities presently or formerly held in the Account, or the issuers thereof.

  

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However, Manager will use commercially reasonable efforts to file proofs of claim on behalf of the Account in class-action lawsuits involving securities presently or formerly held in the Account
and, in that regard, Manager may, without prior permission or consent, disclose information about the Account whether by including such information in any such proofs of claim or otherwise disclosing such information in any matter related thereto.
Manager may, at any time, terminate this service of filing proofs of claim by giving notice of such termination to Client, and such service shall, if not sooner terminated, automatically terminate upon the termination of this Agreement. Client
acknowledges that by filing a proof of claim on Client’s behalf, Manager may waive Client’s right to pursue separate litigation against the issuer with respect to the subject matter of the lawsuit. 
 Client also acknowledges that Manager or its affiliates may, from time to time, recommend litigation against an issuer (whether by opting
out of any existing class action lawsuit or otherwise) on behalf of one or more of the registered investment companies or other pooled investment vehicles advised by Manager or its affiliates. In such cases, Manager will not provide Client with
notice of, or the opportunity to participate in, such litigation. Client agrees to hold Manager harmless for not including the Account in any such litigation. 
 With respect to bankruptcies involving issuers of securities on behalf of one or more of the registered investment companies or other pooled investment vehicles advised by Manager or its affiliates,
Client also acknowledges that Manager may, in its sole discretion, participate in bankruptcy proceedings and join creditors’ committees on behalf of one or more of the registered investment companies or other pooled investment vehicles advised
by Manager or its affiliates. Unless otherwise agreed, Manager will not be expected or required to file proofs of claim with respect to securities held in the portfolio of the Client that may be the subject of bankruptcy proceedings. Manager will
not be responsible for any failures to make such filings or, if Manager is acting under the authority granted to it, determines in its sole discretion to make such filings, for any failure to make such filings in a timely manner. 
 13. Acknowledgment of Investment Risk. Notwithstanding any provision herein to the contrary, Client understands that the value of
investments made for the Account may go down as well as up and is not guaranteed. Client agrees that Manager has not made and is not making any guarantees, including without limitation a guarantee as to any specific level of performance of the
Account. Client further understands and acknowledges that investment decisions made on behalf of Client’s Account by Manager are subject to various market, currency, economic, and business risks as well as the risk that those investment
decision will not always be profitable. Client acknowledges that past performance results achieved by accounts supervised or managed by Manager are not indicative of the future performance of the Account. Client understands that securities, mutual
funds and other non-deposit investments are not

  

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deposits or other obligations of, or guaranteed by, Manager or any affiliate, are not insured by the Federal Deposit Insurance Corporation (“FDIC”) or any other government agency, and
are subject to investment risk, including possible loss of principal amounts invested. 
 14. Termination; Survival. This
Agreement may be terminated by either party upon thirty (30) days’ written notice to the other party. Such termination will not, however, affect the liabilities or obligations of the parties under this Agreement arising from transactions
initiated prior to such termination. Sections 4, 7, 9, 10, 17, and 18 shall survive the termination of this Agreement. Upon any termination of this Agreement, Manager shall have no further obligations hereunder, provided that: (a) any liability
under this Agreement of one party to the other shall survive and remain in full force and effect, notwithstanding such termination, with respect to any claim or matter on which either of the parties has given the other written notice prior to such
termination (except that Manager may render to Client a statement of fees due Manager through the date of termination after such date), until such liability has been finally settled; (b) Manager retains the right to complete any transactions
open as of the termination date and to retain amounts in the Account sufficient to effect such completion; and (c) Manager shall be entitled to its fees and expenses, pro rated to the date of termination. Upon termination, it shall be
Client’s exclusive responsibility to issue instructions in writing regarding any assets in the Account. 
 15.
Assignment. This Agreement may not be assigned (within the meaning of the Investment Advisers Act of 1940, as amended), in whole or in part, by Manager without the prior written consent of Client. Subject to the preceding sentence, Manager
may delegate all or part of its duties under this Agreement to any affiliate. 
 16. Communications. All reports and
other communications required hereunder to be in writing shall be delivered in person or sent by first-class mail postage prepaid, overnight courier, or confirmed facsimile with original to follow. 
 If to Client: 
 Attention:                              
  

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 If to Manager: 
 Attention:
                             
 Either party to this Agreement may, by written notice given at any time, designate a different address for the receipt of reports and other
communications due hereunder. 
 17. Governing Law; Venue. This Agreement shall be governed by and construed and enforced
in accordance with the laws of the United States and with the laws of the State of [California] [New York] without giving effect to the choice of law or conflict of law provisions thereof. The parties hereby consent to jurisdiction and venue in the
federal and state courts located in [the State of California] [New York County of the State of New York]. 
 18. Entire
Agreement; Modification. This Agreement: (a) sets forth the entire understanding of the parties with respect to the subject matter hereof; (b) supercedes any and all previous agreements, understandings and communications, oral or
written, regarding this subject matter; and (c) may not be modified, amended, or waived except by a specific written instrument duly executed by the party against whom such modification, amendment, or waiver is sought to be enforced. In the
event of any conflict or inconsistency with this Agreement and any instructions or investment guidelines that are not made part of this Agreement or any investment policy statement, this Agreement will control. 
 19. Headings. The headings of the sections of this Agreement are for convenience of reference only and will not affect the meaning or
operation of this Agreement. As used herein, references in the singular shall, as and if appropriate, include the plural. 
  

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 20. Counterparts. This Agreement may be executed in any number of counterparts, each
of which will be deemed an original, but all of which together will constitute one and the same instrument. 
 21.
Severability. In the event that any provision of this Agreement is deemed to be void, voidable, illegal, or invalid for any reason, such provision will be of no force and effect only to the extent that it is so declared void, voidable,
illegal, or invalid. All of the provisions of this Agreement not specifically found to be so deficient will remain in full force and effect. 
 [SIGNATURE PAGE FOLLOWS] 
  

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 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by their duly
authorized officers to be effective as of the date first written above. 
  

			
	[NAME OF CLIENT]
		
	By:	 	  

	Name:	 	[Authorized officer]
	Title:	 	
	
	[NAME OF ADVISER]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

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 EXHIBIT A 
 Statement of Investment Objectives 
 [To be provided by Client] 
 Statement of Client Account Restrictions 
 [To be provided by Client] 
  

 Exhibit A 

 EXHIBIT B 
 FEE SCHEDULE 
 As compensation for managing the Account, Manager shall
be paid as follows: 
  

 Exhibit B 

 EXHIBIT C 
 CERTIFICATION OF AUTHORIZED PERSONS 
 I certify, as the
                             (specify title; 
 e.g., general partner [of a partnership]; president, secretary [of a corporation]) that the 
 following persons are “Authorized Persons” under the Agreement: 
  

					
	 NAME
	 	 TITLE
	 	 SPECIMEN SIGNATURE

			
	  
	 	  
	 	  

			
	  
	 	  
	 	  

			
	  
	 	  
	 	  

			
	  
	 	  
	 	  

			
	  
	 	  
	 	  

			
	  
	 	  
	 	  

  

			
	  

	Name of Legal Entity (Please Print)
		
	By:	 	  

		 	Signature
		
		 	  

		 	Name and Title (Please Print)

			
	
	Date:                     

  

 Exhibit CForm of Investment Management with Custody Agreement for High Net-Worth Clients

 EXHIBIT 10.13 
 To: Fiduciary Trust Company International 
 INVESTMENT MANAGEMENT WITH
CUSTODY AGREEMENT 
 FOR ACCOUNT ENTITLED 
 “                                      
                                         
                                         
                                         
   ” 
  

	1.	Investment Management Account. I appoint you to be the agent for the undersigned (referred to as “I” or “me”) to act as investment manager of
an Investment Management with Custody Account (“Account”) in the name specified above to manage all assets and cash, including but not limited to the proceeds from the sale of such assets, and the income attributable to such assets, that
are delivered to you for the Account (“Account Assets”). I will deliver to you only assets owned solely by me, and will advise you of the cost, date and manner of acquisition of any additional assets contributed to the Account. I will
promptly notify you in writing of any reduction in the amount of the Account Assets subject to your investment management direction. 

  

	2.	Investment of Account Assets. Subject to my right to give instructions with respect to the Account as described in Section 4 of this Investment Management
with Custody Agreement (the “Agreement”), I authorize you, in your discretion, to: 

  

	 	(a)	invest, reinvest and/or hold cash uninvested, at the Account’s risk, at such times and in such manner as you determine. You may buy, sell, exchange, convert and
otherwise invest or trade in any stocks, bonds, units and other instruments, whether the issuer is organized in or outside the United States, including but not limited to: 

  

	 	(1)	deposit accounts, including your own or those of any of your Affiliated or Subsidiary Companies, as defined in Section 12; 

  

	 	(2)	shares of any mutual fund (including any money market mutual fund), including, without limiting the generality of this discretion, any mutual fund for which you and/or
any of your Affiliated or Subsidiary Companies, acts as sponsor, distributor, administrator, adviser, or in any other capacity, or receives investment advisory or other fees (collectively, “Affiliated Funds”); provided, however, that if
you invest in any Affiliated Fund, to the extent required by any applicable law, rule or regulation, this Agreement or any other governing document, you will exclude the value of any Account Assets so invested, from the calculation of your fee under
Section 11 of this Investment Management Agreement; and 

  

	 	(3)	securities acquired pursuant to any public, private and direct placement, including, without limiting the generality of this discretion, any fund not registered under
the Investment Company Act of 1940, as amended (a “Non-Registered Fund”), for which you and/or any of your Affiliated or Subsidiary Companies acts sponsor, distributor, administrator, adviser, or in any other capacity, or receives
investment advisory or other fees; provided, however, that if you invest in any Non-Registered Fund, to the extent required by any applicable law, rule or regulation, this Agreement or any other governing document, you will exclude the value of any
Account Assets so invested, from the calculation of your fee under Section 11 of this Investment Management Agreement. 

	 	(b)	execute any documentation as the Account’s agent and attorney-in-fact as you may deem necessary to facilitate any such investment or reinvestment, including but
not limited to signing the Account’s or my name, as the case may be, (1) on any securities registered in the Account’s or my name, respectively, in order to sell them or enable them to be deposited as authorized above, (2) on any
documents necessary to establish your security interest under Section 8, and (3) on all necessary certificates of ownership or other instruments required by an issuer, depository or governmental authority under applicable law or
regulation, and authorize your sub-custodians to do likewise; 

  

	 	(c)	place Account trades with any issuers or with any brokers or dealers, as you may select, including any of your Affiliated or Subsidiary Companies, which brokers or
dealers are entitled to receive compensation out of my Account Assets for their services; and 

  

	 	(d)	purchase, sell, exchange, convert and otherwise execute non-US currency transactions in the spot or forward market as agent or as principal, at the market rate, as
determined by you at your discretion. 

  

	3.	Custody of Account Assets. Subject to Sections 4 and 5(a), I authorize you, in your discretion: 

  

	 	(a)	to hold cash and hold any issue of securities in the Account with securities of the same issue of your other clients, and deposit Account Assets (whether in “book
entry” or physical form) with any domestic or non-US bank, broker or dealer, or securities depository, as your sub-custodian, in nominee name or otherwise; 

  

	 	(b)	with respect to trades reported on the Account’s behalf through Depository Trust Company (“DTC”), to accept instructions from DTC (whether in a DTC
report or otherwise) as though they were given by me; and 

  

	 	(c)	in those cases in which securities that have been purchased at varying prices are being sold, to use the “specific identification method” for allocating tax
lots to a particular sale of securities, unless I specifically request you to use another method of tax lot selection. 

  

	4.	Special Instructions. I authorize you to record telephone conversations related to the Account, and to rely on my oral or written instructions or notices when
you receive them. I agree to confirm in writing any oral instruction given to you as soon thereafter as possible. You shall be under no duty to make any investigation or inquiry as to any statement contained in any oral or written instruction given
and, unless and until specifically advised otherwise, you may accept the same as conclusive evidence of the truth and accuracy of the statements contained therein. You agree to comply with the following special instructions:

                                        
                                         
                                         
                                         
                                         
      
                                        
                                         
                                         
                                         
                                         
      
 Notwithstanding the foregoing, I agree that these special instructions shall continue to be
effective until canceled or modified by me in a subsequent writing delivered to you. 
  

	5.	Administrative Provisions. 

  

	 	(a)	Income. Please remit income as follows:
                                         
                                         
                                         
      

                                        
                                         
                                         
                                         
                                         
      
  

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	 	(b)	Statements. You agree to send me statements of principal and income transactions and appraisals of Account Assets at least quarterly, in written form or in any
other form that you choose to make available, and provide an annual statement of income classified for federal income tax purposes, and a schedule of security transactions for the calendar year showing gains and losses, if the income tax costs and
dates of acquisition are available. For purposes of all reports made by you, any non-US securities denominated in non-US currencies will be valued in the Account’s base currency, which will be in United States dollars unless you and I agree
otherwise. I agree to accept any form of communication transmitting such information. 

  

	 	(c)	Preparation of Income Tax Returns. You are  ̈ are not  ̈ authorized
to prepare my income tax returns. If I have requested this service, you are authorized to charge the Account based on the amount of work involved. 

  

	 	(d)	Shareholder Disclosure. You may disclose the Account’s or my name, address and security position when requested to do so by any issuer of securities held in
the Account, unless I indicate that you may not (unless required by law) by checking the box   ̈. 

  

	6.	Representations and Warranties. I hereby acknowledge, represent and warrant to, and agree with you, as follows: 

  

	 	(a)	Client Assets. I am the sole owner of all Account Assets and (1) there are no restrictions on the transfer, sale or public distribution of any such Account
Assets and (2) no option, lien, charge, security or encumbrance exists over such Account Assets, except as described to you in writing. 

  

	 	(b)	Authority. All authority given to you under this Agreement will remain in effect until changed or terminated by me in writing. You may give a copy of this
Agreement to any broker, dealer or other party to a transaction, as evidence of your authority to act on the Account’s behalf. 

  

	 	(c)	Understanding of Terms. I have reviewed, either alone or with my independent agent, and understand the matters set forth in this Agreement. I have received all
information that I deem necessary or desirable in connection with my decision to enter into this Agreement. 

  

	 	(d)	Compliance with Anti-Money Laundering Laws. To comply with United States anti-money laundering laws and regulations, I represent as follows:

  

	 	(1)	The Account Assets were not, and are not, directly or indirectly derived from activities that may contravene United States federal, state or international anti-money
laundering laws or regulations to the extent that any such laws or regulations may be applicable to me. 

  

	 	(2)	I am not: 

  

	 	(A)	a current or former senior official in the executive, legislative, administrative, military, or judicial branches of a non-US government (whether elected or not), or

  

	 	(B)	a senior official of a major non-US political party, or 

  

	 	(C)	a senior executive of a non-US government-owned commercial enterprise, or 

  

	 	(D)	an immediate family member of any of the individuals described in subsections (A) through (C) above, or a person known to maintain a close personal or
professional relationship with any such individuals. 

  

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 For purposes of this representation, “senior official or executive” means an
individual with substantial authority over policy, operations, or the use of government-owned resources; “immediate family” includes a spouse, parents, siblings, children, and a spouse’s parents or siblings. 
  

	 	(3)	I acknowledge that Federal law requires that you obtain, verify and record information and documents to identify the persons opening new accounts. For natural persons,
this may include, without limitation, name, address, date of birth, and social security numbers, as well as government-issued photo identification, and for clients, other than natural persons, tax identification numbers and documents evidencing
formation (e.g., Articles of Incorporation). I further acknowledge that you may also screen such names against various databases to verify identity. 

  

	 	(4)	I agree to provide you with information and documentation evidencing my identity and the source of the Account’s funds, upon your request, or if no request has
been made, promptly upon the occurrence of any change thereto. 

  

	 	(e)	Changes to Account, Circumstances or Representations in Agreement. I will promptly notify you in writing of: (1) any change to the Account of which you
would not otherwise have knowledge; (2) any bankruptcy; (3) any event that might affect the validity of, or your authority under, this Agreement; and/or (4) any other occurrence that results, or threatens to result, in any of my
representations contained in this Agreement becoming false, misleading or incomplete. 

  

	 	(f)	Past Performance Not Indicative of Future Results. I acknowledge that past performance results achieved by accounts supervised and/or managed by you may not be
indicative of the future performance of the Account. 

 I agree to notify you promptly in writing of any change in
the information specified above. 
  

	7.	Repayment of Debts; Payment of Interest. I agree to repay you whether or not demand is made (a) the amount of any overdraft or other amounts (including but
not limited to fees) owed by me, or charges or liabilities advanced or incurred by you, a sub-custodian, or nominee in connection with the Account (including but not limited to attorneys’ fees), or any other account that I maintain with you and
(b) interest thereon at the rate then charged by you to your investment management clients on demand notes, as that rate may change from time to time (collectively “Debts”). You may charge the Account, or any other account that I may
then have with you, for any Debts. 

  

	8.	Grant of Security Interest. To collateralize my obligations to repay any Debts, by signing this Agreement I grant you a continuing security interest in the
Account Assets and the assets in any other account (including, but not limited to cash, certificated and uncertificated securities and other financial assets) that I maintain with you in the same legal capacity at any time that any Debts are
outstanding (“Collateral”). You may apply any cash, or sell any other Collateral and apply the proceeds to repayment of the Debts and related expenses. I agree that you will have all the rights of a secured creditor that are provided by
New York law and that you may assign any such rights. 

  

 4 

	9.	Your Responsibilities. Your responsibilities are solely as stated in this Agreement. Specifically, I agree that, except as may otherwise be provided by law, you
shall not be liable for: 

  

	 	(a)	any loss that the Account may suffer by reason of any investment decision made or other action taken or omitted in good faith and with that degree of care, skill,
prudence and diligence under the circumstances then prevailing that a prudent person acting in a like capacity would use in the conduct of an enterprise of a like character and with like aims; 

  

	 	(b)	any loss, expense or other liability (including but not limited to attorneys’ fees) arising or incurred as a result of your compliance with my instructions,
reasonably and in good faith believed by you to be genuine; 

  

	 	(c)	any act or failure to act by any broker or other person with whom you or the Account may deal in connection with the subject matter of this Agreement; or

  

	 	(d)	any failure or delay in performance of any obligation under this Agreement arising out of or caused, directly or indirectly, by circumstances beyond your reasonable
control, including without limitation, acts of God; earthquakes; fires; floods; wars; terrorism; civil or military disturbances; sabotages; epidemics; riots; interruptions, loss or malfunctions of utility, transportation or communication service;
accidents; labor disputes; acts of civil or military authority; governmental actions and inability to obtain labor, material, equipment or transportation. 

 I understand that the value of investments made for the Account may go down as well as up, and may be subject to various market, economic and/or business risks (and if the Account is invested in
international markets, currency and political risks, including but not limited to the risks of nationalization, confiscatory taxation and exchange restrictions), as well as the risk that the investment decisions made may not always be profitable or
prove to have been wise. I also understand that there is no guarantee as to the value of the Account’s investments or the specific performance level of the Account. 
 I understand that securities, mutual funds and other non-deposit investments are not deposits or other obligations of, or guaranteed by you or any other bank, are not insured by the Federal Deposit
Insurance Corporation (“FDIC”) or any other government agency, and are subject to investment risk, including possible loss of principal amounts invested. 
  

	10.	General Indemnification. I agree to indemnify you to the fullest extent permitted by law for any expense or liability (including, without limitation,
attorneys’ fees and related charges and expenses) incurred by you with respect to the Account when acting in accordance with this Agreement or to enforce this Agreement or any part thereof, including, without limitation, this Section 10.

  

	11.	Compensation. For your services under this Agreement, I authorize you to charge the fees and charges as set forth in Schedule 1 attached to this Agreement, as
that schedule may be amended from time to time by agreement by both parties to this Agreement. You may charge         % against income and
        % against principal; or to the extent that the income is insufficient to cover the percentage of fees and charges indicated, then the balance thereof is to be charged against principal.

  

 5 

	12.	Conflicts. Nothing in this Agreement shall be deemed to limit or restrict your right, or the right of any of your officers, directors or employees, to engage in
any other business or to render investment management services or services of any kind to any other client. I understand that you provide investment management services to numerous other accounts. I understand that you may give advice and take
action with respect to any of your other clients and their accounts that may differ from the timing or nature of action taken by you with respect to the Account. Nothing in this Agreement shall impose upon you any obligation to purchase or sell or
to recommend for purchase or sale, with respect to the Account, any security (including long and short positions) that you, or your Affiliated or Subsidiary Companies, or your or their directors, officers, employees or family members of any of them
may purchase or sell for its or their own account(s) or for the account of any other client. For purposes of this Agreement, “Affiliated or Subsidiary Companies” are those operating companies and investment entities, directly or indirectly
controlled by, or under common control with, you or your parent company, Franklin Resources, Inc., and whether using the name Fiduciary, Templeton, Franklin, FTI or any other name. 

 I acknowledge that your ability and that of your Affiliated and Subsidiary Companies to effect and/or recommend transactions may be
restricted by applicable regulatory requirements in the United States and elsewhere and/or your or their internal policies designed to comply with such requirements. Consequently, there may be periods when you may not initiate or recommend certain
types of transactions in certain investments when you or your Affiliated or Subsidiary Companies are performing services or when aggregated position limits have been reached, and I will not be advised of that fact. 
 I acknowledge that you or your Affiliated or Subsidiary Companies may obtain and keep profits, commissions and fees in connection with
activities for other clients and from their own accounts. I also acknowledge that you may receive compensation from distributors of mutual funds, including money market funds, for performing shareholder servicing functions that such distributors
would otherwise have to perform themselves. If any Account Assets are invested in such funds, you are authorized to receive this compensation. 
  

	13.	Proxies and Other Legal Notices. Decisions on proxy voting will be made by you unless such decisions are expressly reserved by me. You shall not be expected or
required to take any action other than the rendering of investment-related advice with respect to lawsuits involving securities presently or formerly held in the Account, or the issuers thereof. However, you will use commercially reasonable efforts
to file proofs of claim on behalf of the Account in class-action suits and, in that connection, you may, without prior permission or consent, include information about the Account. I acknowledge that by filing a proof of claim on my behalf, you may
waive my right to pursue separate litigation against the issuer with respect to the subject matter of the lawsuit. Should you determine to undertake litigation against an issuer on behalf of one or more clients, you shall obtain my prior written
consent to undertake such litigation before I am included in any such litigation. If I consent to such litigation, I agree to pay the portion of any reasonable legal fees associated with my claim or I will forfeit any claim to any assets that you
may recover on behalf of the Account, up to the amount of such legal fees owed by me to you. If I do not consent to such litigation, I agree to hold you harmless for excluding the Account from such action and agree to indemnify you against any
claims the Account may have against you resulting from the Account exclusion. 

  

 6 

	14.	Brokerage. In selecting brokers or dealers to execute trades, you are expressly authorized to consider the fact that a broker or dealer has furnished
statistical, research or other information or services which enhance your investment research and portfolio management capability, generally, even if the commission exceeds the commission which another broker would have charged for effecting the
transaction; provided that you determine in good faith that the amount of commission charged was reasonable in relation to the value of brokerage and/or research services provided by such broker, either in respect of the Account or your overall
responsibilities to your discretionary accounts. 

 Nothing herein shall preclude the “bunching” of
orders for the sale or purchase of portfolio securities in the Account with other accounts managed by you. In some cases, prevailing trading activity may cause you to receive various execution prices on the entire volume of any security sold for the
accounts of your clients. When this happens you may average the various prices and charge or credit the Account with the average price, even though the effect of this aggregation of price may sometimes work to the disadvantage of the Account. I also
understand and acknowledge that you or your affiliates may, based upon factors that you deem to be important, such as the relative size, investment objectives and/or investment restrictions of client accounts, restrict to certain accounts purchases
and sales of securities acquired in initial public offerings, including those that trade or are expected to trade at a premium in the secondary market. 
  

	15.	Confidential Relationships. All information and recommendations furnished by either party to the other shall at all times be treated in strictest confidence and
shall not be disclosed to third persons, except as may be permitted by law or regulation, or except upon the prior written approval of the other party to this Agreement. 

  

	16.	Communications. All Account documents and other instructions or notices, as applicable, required to be in writing shall be deemed duly given when delivered in
person or sent by first-class mail, postage prepaid, overnight courier, or confirmed facsimile, with original to follow, to me at my address below, or to you addressed as follows: 

 Fiduciary Trust Company International 
 600 Fifth Avenue 
 New York, New York 10020 
 Either party may, by written notice given at any time, designate a different address for the receipt of Account documents, instructions or
notices due under this Agreement. 
  

	17.	Use of Affiliated or Subsidiary Companies. You may delegate all or part of your duties under this Agreement to any Affiliated or Subsidiary Company.

  

	18.	Governing Law. This Agreement will be governed by the laws of the State of New York without regard to any laws that might otherwise apply under principles of
choice of law or conflicts of law. 

  

	19.	 Entire Agreement; Amendment; Termination. This Agreement sets forth and restates the entire understanding of the parties with respect to the
Account, and replaces all previous agreements, understandings and communications, oral or written. It can only be amended by both parties in writing, except that, if you send me notice of an amendment, it will become effective thirty days later
unless I object in writing within that time. I may terminate this

  

 7 

 
Agreement at any time by written notice to you. You may terminate it on thirty days’ written notice to me. Sections 6, 7, 8, 9, 10, 11, 15, 16, 18 and 19 shall survive the termination of
this Agreement. This Agreement will not be terminated automatically or otherwise affected by any subsequent disability or legal incompetence on my part. Upon termination you will have no further obligations hereunder, provided that any liability
under this Agreement of either party to the other shall survive and remain in full force and effect with respect to transactions that have been initiated, but not completed, and with respect to any other claim or matter on which either of the
parties has given the other written notice prior to such termination, until such liability has been finally settled (except that you will be entitled to your fees, prorated to the date of termination). If liquidation of any part of the Account is
necessary or desired by me, you will do so in an orderly manner and, after settlement of all amounts outstanding from the Account, you will transfer such liquidated assets and any other remaining Account Assets to me or in accordance with my
instructions. 
  

	20.	Severability. The provisions of this Agreement are severable. If any provision, or part thereof, is determined to be void, voidable, illegal or invalid, the
remaining provisions of this Agreement, and parts thereof, shall continue to be valid and enforceable. 

  

							
	AGREED:	 		 	  
 Signature

			
	FIDUCIARY TRUST COMPANY INTERNATIONAL	 		 	  
 Name (Please
Print)

				
	By:	 	  
	 		 	  

		 	 Signature
  
	 		 	 Address
  

				
		 	  
 Name and
Title (Please Print)
	 		 	  
 City                                       
State                                 Zip Code

	Date:	 	  
	 		 	  

		 		 		 	Telephone

  

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