Document:

Form of Investment Management Agreement

 EXHIBIT 10.1 
 [FORM] 
 [NAME OF CORPORATION/TRUST] 
 on behalf of 
 [NAME OF FUND] 
 INVESTMENT MANAGEMENT AGREEMENT 
 THIS INVESTMENT MANAGEMENT AGREEMENT made between [NAME OF TRUST OR CORPORATION], a [Delaware statutory trust] (the
“Trust”), on behalf of [NAME OF FUND] (the “Fund”), a series of the Trust, and FRANKLIN ADVISERS, INC., a California corporation (the “Adviser”). 
 WHEREAS, the Trust has been organized and intends to operate as an investment company registered under the Investment Company Act of 1940,
as amended (the “1940 Act”), for the purpose of investing and reinvesting its assets in securities, as set forth in its Agreement and Declaration of Trust, its By-Laws and its Registration Statement under the 1940 Act and the Securities
Act of 1933, as amended, all as heretofore and hereafter amended and supplemented; and the Trust desires to avail itself of the services, information, advice, assistance and facilities of an investment manager and to have an investment manager
perform various management, statistical, research, investment advisory and other services for the Fund; and, 
 WHEREAS, the
Adviser is registered as an investment adviser under the Investment Advisers Act of 1940, as amended, is engaged in the business of rendering management, investment advisory, counseling and supervisory services to investment companies and other
investment counseling clients, and desires to provide these services to the Fund. 
 NOW THEREFORE, in consideration of the
terms and conditions hereinafter set forth, it is mutually agreed as follows: 
 1. Employment of the Adviser. The Trust
hereby employs the Adviser to manage the investment and reinvestment of the Fund’s assets and to administer its affairs, subject to the direction of the Board of Trustees and the officers of the Trust, for the period and on the terms
hereinafter set forth. The Adviser hereby accepts such employment and agrees during such period to render the services and to assume the obligations herein set forth for the compensation herein provided. The Adviser shall for all purposes herein be
deemed to be an independent contractor and shall, except as expressly provided or authorized (whether herein or otherwise), have no authority to act for or represent the Fund or the Trust in any way or otherwise be deemed an agent of the Fund or the
Trust. 
  

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 2. Obligations of and Services to be Provided by the Adviser. The Adviser undertakes
to provide the services hereinafter set forth and to assume the following obligations: 
 A. Investment Management
Services. 
 (a) The Adviser shall manage the Fund’s assets subject to and in accordance with the investment objectives
and policies of the Fund and any directions which the Trust’s Board of Trustees may issue from time to time. In pursuance of the foregoing, the Adviser shall make all determinations with respect to the investment of the Fund’s assets and
the purchase and sale of its investment securities, and shall take such steps as may be necessary to implement the same. Such determinations and services shall include determining the manner in which any voting rights, rights to consent to corporate
action and any other rights pertaining to the Fund’s investment securities shall be exercised. The Adviser shall render or cause to be rendered regular reports to the Trust, at regular meetings of its Board of Trustees and at such other times
as may be reasonably requested by the Trust’s Board of Trustees, of (i) the decisions made with respect to the investment of the Fund’s assets and the purchase and sale of its investment securities, (ii) the reasons for such
decisions and (iii) the extent to which those decisions have been implemented. 
 (b) The Adviser, subject to and in
accordance with any directions which the Trust’s Board of Trustees may issue from time to time, shall place, in the name of the Fund, orders for the execution of the Fund’s securities transactions. When placing such orders, the Adviser
shall seek to obtain the best net price and execution for the Fund, but this requirement shall not be deemed to obligate the Adviser to place any order solely on the basis of obtaining the lowest commission rate if the other standards set forth in
this section have been satisfied. The parties recognize that there are likely to be many cases in which different brokers are equally able to provide such best price and execution and that, in selecting among such brokers with respect to particular
trades, it is desirable to choose those brokers who furnish research, statistical, quotations and other information to the Fund and the Adviser in accordance with the standards set forth below. Moreover, to the extent that it continues to be lawful
to do so and so long as the Board of Trustees determines that the Fund will benefit, directly or indirectly, by doing so, the Adviser may place orders with a broker who charges a commission for that transaction which is in excess of the amount of
commission that another broker would have charged for effecting that transaction, provided that the excess commission is reasonable in relation to the value of “brokerage and research services” (as defined in Section 28(e)(3) of the
Securities Exchange Act of 1934, as amended) provided by that broker. 
 Accordingly, the Trust and the Adviser agree that the
Adviser shall select brokers for the execution of the Fund’s transactions from among: 
 (i) Those brokers and dealers who
provide quotations and other services to the Fund, specifically including the quotations necessary to determine the Fund’s net assets, in such amount of total brokerage as may reasonably be required in light of such services; and 
 (ii) Those brokers and dealers who supply research, statistical and other data to the Adviser or its affiliates which the Adviser or its
affiliates may lawfully and appropriately use in their investment

  

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management capacities, which relate directly to securities, actual or potential, of the Fund, or which place the Adviser in a better position to make decisions in connection with the management
of the Fund’s assets and securities, whether or not such data may also be useful to the Adviser and its affiliates in managing other portfolios or advising other clients, in such amount of total brokerage as may reasonably be required.

 (c) When the Adviser has determined that the Fund should tender securities pursuant to a “tender offer
solicitation,” Franklin/Templeton Distributors, Inc. (“Distributors”) shall be designated as the “tendering dealer” so long as it is legally permitted to act in such capacity under the federal securities laws and rules
thereunder and the rules of any securities exchange or association of which Distributors may be a member. Neither the Adviser nor Distributors shall be obligated to make any additional commitments of capital, expense or personnel beyond that already
committed (other than normal periodic fees or payments necessary to maintain its corporate existence and membership in the National Association of Securities Dealers, Inc.) as of the date of this Agreement. This Agreement shall not obligate the
Adviser or Distributors (i) to act pursuant to the foregoing requirement under any circumstances in which they might reasonably believe that liability might be imposed upon them as a result of so acting, or (ii) to institute legal or other
proceedings to collect fees which may be considered to be due from others to it as a result of such a tender, unless the Trust on behalf of the Fund shall enter into an agreement with the Adviser and/or Distributors to reimburse them for all such
expenses connected with attempting to collect such fees, including legal fees and expenses and that portion of the compensation due to their employees which is attributable to the time involved in attempting to collect such fees. 
 (d) The Adviser shall render regular reports to the Trust, not more frequently than quarterly, of how much total brokerage business has
been placed by the Adviser, on behalf of the Fund, with brokers falling into each of the categories referred to above and the manner in which the allocation has been accomplished. 
 (e) The Adviser agrees that no investment decision will be made or influenced by a desire to provide brokerage for allocation in accordance
with the foregoing, and that the right to make such allocation of brokerage shall not interfere with the Adviser’s paramount duty to obtain the best net price and execution for the Fund. 
 (f) Decisions on proxy voting shall be made by the Adviser unless the Board of Trustees determines otherwise. Pursuant to its authority,
the Adviser shall have the power to vote, either in person or by proxy, all securities in which the Fund may be invested from time to time, and shall not be required to seek or take instructions from the Fund with respect thereto. The Adviser 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 Fund, or the issuers thereof, including actions involving
bankruptcy. Should the Adviser undertake litigation against an issuer on behalf of the Fund, the Fund agrees to pay its portion of any applicable legal fees associated with the action or to forfeit any claim to any assets the Adviser may recover
and, in such case, agrees to hold the Adviser harmless for excluding the Fund from such action. In the case of class action suits involving issuers held in the Fund, the Adviser may include information about the Fund for purposes of participating in
any settlements. 
  

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 B. Provision of Information Necessary for Preparation of Securities Registration
Statements, Amendments and Other Materials. The Adviser, its officers and employees will make available and provide accounting and statistical information required by the Fund in the preparation of registration statements, reports and other
documents required by federal and state securities laws and with such information as the Fund may reasonably request for use in the preparation of such documents or of other materials necessary or helpful for the underwriting and distribution of the
Fund’s shares. 
 C. Other Obligations and Services. The Adviser shall make its officers and employees available to
the Board of Trustees and officers of the Trust for consultation and discussions regarding the administration and management of the Fund and its investment activities. 
 D. Delegation of Services. The Adviser may, at its expense, select and contract with one or more investment advisers registered under the Investment Advisers Act of 1940 (“Sub-Advisers”)
to perform some or all of the services for the Fund for which it is responsible under this Agreement. The Adviser will compensate any Sub-Adviser for its services to the Fund. The Adviser may terminate the services of any Sub-Adviser at any time in
its sole discretion, and shall at such time assume the responsibilities of such Sub-Adviser unless and until a successor Sub-Adviser is selected and the requisite approval of the Fund’s shareholders is obtained. The Adviser will continue to
have responsibility for all advisory services furnished by any Sub-Adviser. 
 3. Expenses of the Fund. It is understood
that the Fund will pay all of its own expenses other than those expressly assumed by the Adviser herein, which expenses payable by the Fund shall include: 
 A. Fees and expenses paid to the Adviser as provided herein; 
 B. Expenses of all
audits by independent public accountants; 
 C. Expenses of transfer agent, registrar, custodian, dividend disbursing agent and
shareholder record-keeping services, including the expenses of issue, repurchase or redemption of its shares; 
 D. Expenses of
obtaining quotations for calculating the value of the Fund’s net assets; 
 E. Salaries and other compensations of
executive officers of the Trust who are not officers, directors, stockholders or employees of the Adviser or its affiliates; 
 F. Taxes levied against the Fund; 
  

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 G. Brokerage fees and commissions in connection with the purchase and sale of securities for
the Fund; 
 H. Costs, including the interest expense, of borrowing money; 
 I. Costs incident to meetings of the Board of Trustees and shareholders of the Fund, reports to the Fund’s shareholders, the filing of
reports with regulatory bodies and the maintenance of the Fund’s and the Trust’s legal existence; 
 J. Legal fees,
including the legal fees related to the registration and continued qualification of the Fund’s shares for sale; 
 K.
Trustees’ fees and expenses to trustees who are not directors, officers, employees or stockholders of the Adviser or any of its affiliates; 
 L. Costs and expense of registering and maintaining the registration of the Fund and its shares under federal and any applicable state laws; including the printing and mailing of prospectuses to its
shareholders; 
 M. Trade association dues; 
 N. The Fund’s pro rata portion of fidelity bond, errors and omissions, and trustees and officer liability insurance premiums; and 
 O. The Fund’s portion of the cost of any proxy voting service used on its behalf. 
 4. Compensation of the Adviser. The Fund shall pay a management fee in cash to the Adviser based upon a percentage of the value of
the Fund’s net assets, calculated as set forth below, as compensation for the services rendered and obligations assumed by the Adviser, during the preceding month, on the first business day of the month in each year. 
 A. For purposes of calculating such fee, the value of the net assets of the Fund shall be determined in the same manner as that Fund uses to
compute the value of its net assets in connection with the determination of the net asset value of its shares, all as set forth more fully in the Fund’s current prospectus and statement of additional information. The management fee payable by
the Fund shall be calculated daily at the following annual rates: 
     % of the value of net assets
up to and including $500 million; 
     % of the value of net assets over $500 million and not over
$1 billion; 
     % of the value of net assets over $1 billion and not over $1.5 billion; 

    % of the value of net assets over $1.5 billion and not over $6.5 billion; 
  

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     % of the value of net assets over $6.5 billion and not over
$11.5 billion; 
     % of the value of net assets over $11.5 billion and not over $16.5 billion;

     % of the value of net assets over $16.5 billion and not over $19 billion; 
     % of the value of net assets over $19 billion and not over $21.5 billion; and 
     % of the value of net assets over $21.5 billion. 
 B. The management fee payable by the Fund shall be reduced or eliminated to the extent that Distributors has actually received cash payments
of tender offer solicitation fees less certain costs and expenses incurred in connection therewith and to the extent necessary to comply with the limitations on expenses which may be borne by the Fund as set forth in the laws, regulations and
administrative interpretations of those states in which the Fund’s shares are registered. The Adviser may waive all or a portion of its fees provided for hereunder and such waiver shall be treated as a reduction in purchase price of its
services. The Adviser shall be contractually bound hereunder by the terms of any publicly announced waiver of its fee, or any limitation of the Fund’s expenses, as if such waiver or limitation were fully set forth herein. 
 C. If this Agreement is terminated prior to the end of any month, the accrued management fee shall be paid to the date of termination.

 5. Activities of the Adviser. The services of the Adviser to the Fund hereunder are not to be deemed exclusive, and
the Adviser and any of its affiliates shall be free to render similar services to others. Subject to and in accordance with the Agreement and Declaration of Trust and By-Laws of the Trust and Section 10(a) of the 1940 Act, it is understood that
trustees, officers, agents and shareholders of the Trust are or may be interested in the Adviser or its affiliates as directors, officers, agents or stockholders; that directors, officers, agents or stockholders of the Adviser or its affiliates are
or may be interested in the Trust as trustees, officers, agents, shareholders or otherwise; that the Adviser or its affiliates may be interested in the Fund as shareholders or otherwise; and that the effect of any such interests shall be governed by
said Agreement and Declaration of Trust, By-Laws and the 1940 Act. 
 6. Liabilities of the Adviser. 
 A. In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of obligations or duties hereunder on the part
of the Adviser, the Adviser shall not be subject to liability to the Trust or the Fund or to any shareholder of the Fund for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be
sustained in the purchase, holding or sale of any security by the Fund. 
  

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 B. Notwithstanding the foregoing, the Adviser agrees to reimburse the Trust for any and all
costs, expenses, and counsel and trustees’ fees reasonably incurred by the Trust in the preparation, printing and distribution of proxy statements, amendments to its Registration Statement, holdings of meetings of its shareholders or trustees,
the conduct of factual investigations, any legal or administrative proceedings (including any applications for exemptions or determinations by the Securities and Exchange Commission) which the Trust incurs as the result of action or inaction of the
Adviser or any of its affiliates or any of their officers, directors, employees or stockholders where the action or inaction necessitating such expenditures (i) is directly or indirectly related to any transactions or proposed transaction in
the stock or control of the Adviser or its affiliates (or litigation related to any pending or proposed or future transaction in such shares or control) which shall have been undertaken without the prior, express approval of the Trust’s Board
of Trustees; or, (ii) is within the control of the Adviser or any of its affiliates or any of their officers, directors, employees or stockholders. The Adviser shall not be obligated pursuant to the provisions of this Subparagraph 6.B., to
reimburse the Trust for any expenditures related to the institution of an administrative proceeding or civil litigation by the Trust or a shareholder seeking to recover all or a portion of the proceeds derived by any stockholder of the Adviser or
any of its affiliates from the sale of his shares of the Adviser, or similar matters. So long as this Agreement is in effect, the Adviser shall pay to the Trust the amount due for expenses subject to this Subparagraph 6.B. within thirty
(30) days after a bill or statement has been received by the Adviser therefore. This provision shall not be deemed to be a waiver of any claim the Trust may have or may assert against the Adviser or others for costs, expenses or damages
heretofore incurred by the Trust or for costs, expenses or damages the Trust may hereafter incur which are not reimbursable to it hereunder. 
 C. No provision of this Agreement shall be construed to protect any trustee or officer of the Trust, or director or officer of the Adviser, from liability in violation of Sections 17(h) and (i) of
the 1940 Act. 
 7. Renewal and Termination. 
 A. This Agreement shall become effective on the date written below and shall continue in effect for two (2) years thereafter, unless
sooner terminated as hereinafter provided and shall continue in effect thereafter for periods not exceeding one (1) year so long as such continuation is approved at least annually (i) by a vote of a majority of the outstanding voting
securities of the Fund or by a vote of the Board of Trustees of the Trust, and (ii) by a vote of a majority of the Trustees of the Trust who are not parties to the Agreement (other than as Trustees of the Trust) or “interested
persons” of any such party, cast in person at a meeting called for the purpose of voting on the Agreement. 
 B. This
Agreement: 
 (i) may at any time be terminated without the payment of any penalty either by vote of the Board of Trustees of
the Trust or by vote of a majority of the outstanding voting securities of the Fund on sixty (60) days’ written notice to the Adviser; 
  

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 (ii) shall immediately terminate with respect to the Fund in the event of its assignment;
and 
 (iii) may be terminated by the Adviser on sixty (60) days’ written notice to the Fund. 
 C. As used in this Paragraph the terms “assignment,” “interested person” and “vote of a majority of the outstanding
voting securities” shall have the meanings set forth for such terms in the 1940 Act. 
 D. Any notice under this Agreement
shall be given in writing addressed and delivered, or mailed post-paid, to the other party at any office of such party. 
 8.
Severability. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder of this Agreement shall not be affected thereby. 
 9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of California.

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and effective on the      day of
            . 
  

			
	 [Name of Trust or Corporation]
 on behalf of [Name of Fund]

		
	By:	 	  

	Title:	 	  

	
	[FRANKLIN ADVISERS, INC.]
		
	By:	 	  

	Title:	 	  

  

 8Form of Subadvisory Agreement

 EXHIBIT 10.2 
 [FORM] 
 SUBADVISORY AGREEMENT 
 [NAME OF TRUST] 
 (on
behalf of the Name of Fund) 
 THIS SUBADVISORY AGREEMENT made as of the
                     by and between FRANKLIN ADVISERS, INC., a corporation organized and existing under the laws of the State of California
(hereinafter called “FAV”), and TEMPLETON INVESTMENT COUNSEL, LLC, a Delaware limited liability company (hereinafter called “TIC, LLC”). 
 W I T N E S S E T H 
 WHEREAS, FAV and TIC, LLC are each registered as an
investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and engaged in the business of supplying investment advice, and investment management services, as an independent contractor; and 
 WHEREAS, FAV has been retained to render investment advisory services to [NAME OF FUND] (the “Fund”), a series of [NAME OF TRUST]
(the “Trust”), an investment management company registered with the U.S. Securities and Exchange Commission (the “SEC”) pursuant to the Investment Company Act of 1940, as amended (the “1940 Act”); and 
 WHEREAS, FAV desires to retain TIC, LLC to render investment advisory, research and related services to the Fund pursuant to the terms and
provisions of this Agreement, and TIC, LLC is interested in furnishing said services. 
 NOW, THEREFORE, in consideration of the
covenants and the mutual promises hereinafter set forth, the parties hereto, intending to be legally bound hereby, mutually agree as follows: 
 1. FAV hereby retains TIC, LLC and TIC, LLC hereby accepts such engagement, to furnish certain investment advisory services with respect to the assets of the Fund, as more fully set forth herein.

 (a) Subject to the overall policies, control, direction and review of the Trust’s Board of Trustees (the
“Board”) and to the instructions and supervision of FAV, TIC, LLC will provide a continuous investment program for the Fund, including allocation of the Fund’s assets among the various securities markets of the world and, investment
research and advice with respect to securities and investments and cash equivalents in the Fund. So long as the Board and FAV determine, on no less frequently than an annual basis, to grant the necessary delegated authority to TIC, LLC, and subject
to paragraph (b) below, TIC, LLC will determine what securities and other investments will be purchased, retained or sold by the Fund, and will place all purchase and sale orders on behalf of the Fund except that orders regarding U.S. domiciled
securities and money market instruments may also be placed on behalf of the Fund by FAV. 
  

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 (b) In performing these services, TIC, LLC shall adhere to the Fund’s investment
objectives, policies and restrictions as contained in its Prospectus and Statement of Additional Information, and in the Trust’s Declaration of Trust, and to the investment guidelines most recently established by FAV and shall comply with the
provisions of the 1940 Act and the rules and regulations of the SEC thereunder in all material respects and with the provisions of the United States Internal Revenue Code of 1986, as amended, which are applicable to regulated investment companies.

 (c) Unless otherwise instructed by FAV or the Board, and subject to the provisions of this Agreement and to any guidelines or
limitations specified from time to time by FAV or by the Board, TIC, LLC shall report daily all transactions effected by TIC, LLC on behalf of the Fund to FAV and to other entities as reasonably directed by FAV or the Board. 
 (d) TIC, LLC shall provide the Board at least quarterly, in advance of the regular meetings of the Board, a report of its activities
hereunder on behalf of the Fund and its proposed strategy for the next quarter, all in such form and detail as requested by the Board. TIC, LLC shall also make an investment officer available to attend such meetings of the Board as the Board may
reasonably request. 
 (e) In carrying out its duties hereunder, TIC, LLC shall comply with all reasonable instructions of the
Fund or FAV in connection therewith. Such instructions may be given by letter, telex, telefax or telephone confirmed by telex, by the Board or by any other person authorized by a resolution of the Board, provided a certified copy of such resolution
has been supplied to TIC, LLC. 
 2. In performing the services described above, TIC, LLC shall use its best efforts to obtain
for the Fund the most favorable price and execution available. Subject to prior authorization of appropriate policies and procedures by the Board, TIC, LLC may, to the extent authorized by law and in accordance with the terms of the Fund’s
Prospectus and Statement of Additional Information, cause the Fund to pay a broker who provides brokerage and research services an amount of commission for effecting a portfolio investment transaction in excess of the amount of commission another
broker would have charged for effecting that transaction, in recognition of the brokerage and research services provided by the broker. To the extent authorized by applicable law, TIC, LLC shall not be deemed to have acted unlawfully or to have
breached any duty created by this Agreement or otherwise solely by reason of such action. 
 3. (a) TIC, LLC shall, unless
otherwise expressly provided and authorized, have no authority to act for or represent FAV or the Fund in any way, or in any way be deemed an agent for FAV or the Fund. 
  

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 (b) It is understood that the services provided by TIC, LLC are not to be deemed exclusive.
FAV acknowledges that TIC, LLC may have investment responsibilities, or render investment advice to, or perform other investment advisory services, for individuals or entities, including other investment companies registered pursuant to the 1940
Act, (“Clients”) which may invest in the same type of securities as the Fund. FAV agrees that TIC, LLC may give advice or exercise investment responsibility and take such other action with respect to such Clients which may differ from
advice given or the timing or nature of action taken with respect to the Fund. 
 4. TIC, LLC agrees to use its best efforts in
performing the services to be provided by it pursuant to this Agreement. 
 5. FAV has furnished or will furnish to TIC, LLC as
soon as available copies properly certified or authenticated of each of the following documents: 
 (a) the Trust’s
Declaration of Trust, as filed with the Secretary of State of the state of Delaware on                     , and any other organizational
documents and all amendments thereto or restatements thereof; 
 (b) resolutions of the Trust’s Board of Trustees
authorizing the appointment of TIC, LLC and approving this Agreement; 
 (c) the Trust’s original Notification of
Registration on Form N-8A under the 1940 Act as filed with the SEC and all amendments thereto; 
 (d) the Trust’s current
Registration Statement on Form N-1A under the Securities Act of 1933, as amended and under the 1940 Act as filed with the SEC, and all amendments thereto, as it relates to the Fund; 
 (e) the Fund’s most recent Prospectus and Statement of Additional Information; and 
 (f) the Investment Management Agreement between the Fund and FAV. 
 FAV will furnish TIC, LLC with copies of all amendments of or supplements to the foregoing documents. 
 6. TIC, LLC will treat confidentially and as proprietary information of the Fund all records and other information relative to the Fund and prior, present or potential shareholders, and will not use such
records and information for any purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in writing by the Fund, which approval shall not be unreasonably withheld and may not be
withheld where TIC, LLC may be exposed to civil or criminal contempt proceedings for failure to comply when requested to divulge such information by duly constituted authorities, or when so requested by the Fund. 
  

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 7. (a) FAV shall pay a monthly fee in cash to TIC, LLC of [insert applicable fee] of
the fees FAV receives for providing investment management services to the Fund, which fee shall be payable on the first business day of each month in each year as compensation for the services rendered and obligations assumed by TIC, LLC during the
preceding month. The advisory fee under this Agreement shall be payable on the first business day of the first month following the effective date of this Agreement, and shall be reduced by the amount of any advance payments made by FAV relating to
the previous month. 
 (b) FAV and TIC, LLC shall share equally in any voluntary reduction or waiver by FAV of the management
fee due FAV under the Investment Management Agreement between FAV and the Fund. 
 (c) If this Agreement is terminated prior to
the end of any month, the monthly fee shall be prorated for the portion of any month in which this Agreement is in effect which is not a complete month according to the proportion which the number of calendar days in the month during which the
Agreement is in effect bears to the total number of calendar days in the month, and shall be payable within 10 days after the date of termination. 
 8. Nothing herein contained shall be deemed to relieve or deprive the Board of its responsibility for and control of the conduct of the affairs of the Fund. 
 9. (a) In the absence of willful misfeasance, bad faith, gross negligence, or reckless disregard of its obligations or duties hereunder on
the part of TIC, LLC, neither TIC, LLC nor any of its directors, officers, employees or affiliates shall be subject to liability to FAV or the Fund or to any shareholder of the Fund for any error of judgment or mistake of law or any other act or
omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security by the Fund. 
 (b) Notwithstanding paragraph 9(a), to the extent that FAV is found by a court of competent jurisdiction, or the SEC or any other regulatory
agency to be liable to the Fund or any shareholder (a “liability”), for any acts undertaken by TIC, LLC pursuant to authority delegated as described in Paragraph 1(a), TIC, LLC shall indemnify and save FAV and each of its affiliates,
officers, directors and employees (each a “Franklin Indemnified Party”) harmless from, against, for and in respect of all losses, damages, costs and expenses incurred by a Franklin Indemnified Party with respect to such liability, together
with all legal and other expenses reasonably incurred by any such Franklin Indemnified Party, in connection with such liability. 
 (c) No provision of this Agreement shall be construed to protect any director or officer of FAV or TIC, LLC, from liability in violation of Sections 17(h) or (i), respectively, of the 1940 Act. 
  

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 10. During the term of this Agreement, TIC, LLC will pay all expenses incurred by it in
connection with its activities under this Agreement other than the cost of securities (including brokerage commissions, if any) purchased for the Fund. The Fund and FAV will be responsible for all of their respective expenses and liabilities.

 11. This Agreement shall be effective as of the date given above, and shall continue in effect for two years. It is renewable
annually thereafter for successive periods not to exceed one year each (i) by a vote of the Board or by the vote of a majority of the outstanding voting securities of the Fund, and (ii) by the vote of a majority of the Trustees of the
Trust who are not parties to this Agreement or interested persons thereof, cast in person at a meeting called for the purpose of voting on such approval. 
 12. This Agreement may be terminated at any time, without payment of any penalty, by the Board or by vote of a majority of the outstanding voting securities of the Fund, upon sixty (60) days’
written notice to FAV and TIC, LLC, and by FAV or TIC, LLC upon sixty (60) days’ written notice to the other party. 
 13. This Agreement shall terminate automatically in the event of any transfer or assignment thereof, as defined in the 1940 Act, and in the event of any act or event that terminates the Investment management Agreement between FAV and the
Fund. 
 14. In compliance with the requirements of Rule 31a-3 under the 1940 Act, TIC, LLC hereby agrees that all records which
it maintains for the Fund are the property of the Fund and further agrees to surrender promptly to the Fund, or to any third party at the Fund’s direction, any of such records upon the Fund’s request. TIC, LLC further agrees to preserve
for the periods prescribed by Rule 31a-2 under the 1940 Act the records required to be maintained by Rule 31a-1 under the 1940 Act. 
 15. This Agreement may not be materially amended, transferred, assigned, sold or in any manner hypothecated or pledged without the affirmative vote or written consent of the holders of a majority of the outstanding voting securities of the
Fund and may not be amended without the written consent of FAV and TIC, LLC. 
 16. If any provision of this Agreement shall be
held or made invalid by a court decision, statute, rule, or otherwise, the remainder of this Agreement shall not be affected thereby. 
 17. The terms “majority of the outstanding voting securities” of the Fund and “interested persons” shall have the meanings as set forth in the 1940 Act. 
 18. This Agreement shall be interpreted in accordance with and governed by the laws of the State of California of the United States of
America. 
  

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 19. TIC, LLC acknowledges that it has received notice of and accepts the limitations of the
Trust’s liability as set forth in its Agreement and Declaration of Trust. TIC, LLC agrees that the Trust’s obligations hereunder shall be limited to the assets of the Fund, and that TIC, LLC shall not seek satisfaction of any such
obligation from any shareholders of the Fund nor from any trustee, officer, employee or agent of the Trust. 
 IN WITNESS
WHEREOF, the parties hereto have caused this Agreement to be duly executed and attested by their duly authorized officers. 
  

			
	FRANKLIN ADVISERS, INC.
		
	By:	 	  

	Title:	 	
	
	TEMPLETON INVESTMENT COUNSEL, LLC
		
	By:	 	  

	Title:	 	

 [Name of Fund] hereby acknowledges and agrees to the provisions of paragraphs 9(a) and 10 of this
Agreement. 
  

			
	 [NAME OF TRUST on behalf of NAME OF FUND]

		
	By:	 	  

	Title:	 	

  

 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00165-of-00352.parquet"}]]