Document:

Portfolio Management Agreement, dated June 24, 2003

 Exhibit 10.32 
 

 
 Portfolio Management Agreement 
 This ASSET MANAGEMENT AGREEMENT (the “Agreement”), dated June 24, 2003 by and between Max Re Ltd., a company domiciled in
Bermuda, (the “Company”) and Conning Asset Management Company, a Missouri Corporation (“Conning”). 
 WHEREAS, the Company is engaged in the business of providing insurance and reinsurance; and 
 WHEREAS, Conning has
expertise and experience in providing portfolio management services and the Company wishes to engage Conning to provide such services as specified in this Agreement. 
 NOW THEREFORE, in consideration of the premises and of the mutual agreements and covenants contained in this Agreement, the receipt and sufficiency of which are acknowledged, the Company and Conning
hereby agree as follows: 
  

	1.	APPOINTMENT. Effective July 1, 2003 (the “Effective Date”), the Company appoints Conning as the Company’s investment manager to invest and reinvest
the Assets (as defined in Paragraph 2) of the Investment Account(s) (as defined in Paragraph 2) in accordance with the investment guidelines set forth in Schedule 1 (the “Investment Guidelines”). Without limiting the generality of the
foregoing, the Company authorizes Conning to purchase, sell, exchange, convert, surrender for redemption, and otherwise trade securities (including swaps, options, futures contracts and other financial instruments) in the Company’s name and, in
connection therewith, to sign any subscription agreements, stock and note purchase agreements, financial instruments, or other documents and vote any proxies on behalf of the Company and to issue instructions to the Custodians (as defined in
Paragraph 3). The Investment Guidelines may be modified from time to time in accordance with Paragraph 16 (Amendment) of this Agreement; provided that, any such modification shall be effective no earlier than seven (7) days after the provision
of notice of such modification by the Company in accordance with Paragraph 15 (Notices) of this Agreement. 

  

	2.	INVESTMENT ACCOUNT(S). The “Investment Accounts” shall mean one or more segregated accounts established by the Company with the Custodian(s) to hold all
Assets that from time to time are placed in such account(s), including all changes in such account(s) that result from purchases, sales, and other transactions. “Assets” shall mean all cash, cash equivalents, securities, investments, and
other property, as well as accretions of any sort, including dividends, interest, sinking fund payments, accrued income, stock splits, and realized capital appreciation. The Assets placed by the Company in the Investment Account(s) to be managed
under this Agreement are listed on Exhibit A, as may be amended from time to time by the Company in accordance with the notice provisions herein. Assets placed in the Investment Account(s) by the Company that are not managed by Conning are
separately identified on Schedule A (“Unmanaged Assets”). Conning will include these Unmanaged Assets in its periodic reports to the Company, but will exclude their value in calculating Conning’s fees. The Company may withdraw any or
all of the Assets in the Investment Account(s) at any time, but the Company agrees to use its reasonable best effort to notify Conning within five (5) “Business Days” (as defined herein) of any additions to or withdrawals from the
Investment Account(s). The term “Business Day” shall mean any day on which the national securities exchanges are open for business. The Company shall be responsible for all fees and other costs associated with the establishment and
maintenance of the Investment Account(s). 

  

	3.	CUSTODY OF ASSETS. The Company will select and engage at the Company’s expense an independent bank, trust company or other person (each a “Custodian”) to
serve as Custodian of each Investment Account. The Company shall provide Conning, in writing, the identity of each Custodian, any change in a Custodian and all other information regarding the Custodian(s) required for Conning to carry out its duties
under this Agreement. The Company shall notify each Custodian of the appointment of Conning and of the authority of Conning to effect investments with respect to the Assets of the Investment Account(s). All transactions authorized by this Agreement
shall be made by payment to or delivery by the Custodian(s). Conning shall not act as Custodian or at any time have actual possession of any Assets in the Investment Account(s). The Company authorizes Conning to enter into an agreement with each
Custodian to use the Depository Trust Company’s Institutional Delivery System for trade confirmation and settlement. 

  

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	4.	DUTIES OF CONNING AND THE COMPANY. 

  

	 	a)	Conning shall manage the Investment Account(s) in accordance with the Investment Guidelines; provided, however, that Conning will not be responsible for giving the
Company investment advice or taking any other action with respect to Unmanaged Assets. 

  

	 	b)	Conning shall execute and issue to brokers of its choice instructions or authorizations to purchase, sell, exchange, convert, surrender for redemption, or otherwise
trade in and deal with Assets of the Investment Account(s). Conning may place brokerage with broker-dealers that provide services beneficial to the Investment Account(s) or to other accounts managed by Conning and whose commissions include a
reasonable charge for such services. Conning shall confirm or cause to be confirmed in writing to the Company each security transaction executed for the Investment Account(s). 

  

	 	c)	The Company shall own, have custody of and maintain its general corporate accounts and records. At reasonable times and upon reasonable notice, the Company shall
provide Conning, and shall cause each Custodian to provide Conning, with access to all books, records, accounts, facilities, and personnel necessary or appropriate for the performance of Conning’s obligations under this Agreement.

  

	 	d)	At reasonable times and upon reasonable notice, Conning shall provide access to all books, records, accounts, facilities, and personnel that relate specifically to the
performance of its obligations to the Company under this Agreement to the internal and independent auditors and regulators of the Company. 

  

	 	e)	The Company shall promptly notify Conning, in writing, of any change in the Investment Guidelines that is necessary for any reason, including but not limited to a
change by the Company or in any applicable law or regulation. 

  

	 	f)	Within five (5) days following the end of each month, Conning shall send to the Company monthly written reports showing the identity, cost and current market value
of the Assets in the Investment Account(s) and each transaction made for the Investment Account(s) during the period covered by the report. 

  

	 	g)	At the close of each Business Day, Conning shall provide to the Company an electronic trade blotter detailing the transaction that occurred during such Business Day, in
a form reasonably agreed by the parties. 

  

	5.	FEES 

  

	 	a)	The Company shall pay Conning an annual fee, as provided in Schedule 3, on the Assets for which Conning is providing investment management (excluding Unmanaged
Assets). The fees payable to Conning shall be calculated commencing the Effective Date based on the Average Monthly Market Value (as defined herein) of such Assets in the Investment Account(s) for each calendar quarter, as determined by Conning but
subject to an audit by the Company. All fees will be payable quarterly in arrears within thirty (30) days after the date of Conning’s invoice. Any fee payable for less than a full calendar quarter shall be pro-rated. Upon any termination
of this Agreement other than at the end of a calendar quarter, the fee shall be calculated as of the termination date. 

  

	 	b)	 The “Average Monthly Market Value” of the Assets (excluding Unmanaged Assets) in the Investment Accounts shall be determined by adding
together the market value of all such Assets (including cash or its equivalent) in the Investment Accounts as determined as of the last Business Day in the month which immediately precedes the first day of the calendar quarter for which the
calculation is being made and as of the last Business Day of each month which is included in such calendar quarter, then dividing such sum by four (4). In computing the market value of any Assets

  

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in the Investment Account(s) for the purpose of this Agreement, each security listed on any national securities exchange shall be valued at the last sale price on the consolidated tape on the
valuation date. Listed stocks that are not traded on such date and any unlisted stock regularly traded in the over-the-counter market shall be valued at the latest available bid price quotation furnished to Conning by such sources as it may
reasonably deem appropriate. Fixed income securities, including those listed on a securities exchange, will be valued by an independent securities pricing service selected by Conning unless Conning, in its reasonable discretion, determines that
another valuation is appropriate. Short-term money market instruments are valued at amortized cost. Any other security or asset shall be valued in a reasonable manner determined in good faith by Conning to reflect its fair market value.

  

	 	c)	The Company shall only be responsible for out-of-pocket expenses that are approved in advance and in writing by the Company. Any such expenses paid by Conning shall be
reimbursable by the Company and included in the quarterly or final invoice prepared by Conning and shall be payable within thirty (30) days after the date of such invoice. 

  

	 	d)	Except as specifically provided in this Agreement, neither Conning nor any of its officers, affiliates, or employees shall act as principal or receive any compensation
from the Company in connection with the purchase or sale of investments for the Investment Account(s). 

  

	6.	REPRESENTATIONS, WARRANTIES, AND COVENANTS. 

  

	 	a)	The Company represents, warrants, and covenants to Conning that, as of the Effective Date: 

  

	 	i)	the appointment of Conning as the Company’s investment manager has been duly and properly authorized by the Company in accordance with its charter, by-laws and
other applicable documents (“Corporate Documents”) and the Investment Guidelines are in compliance with such Corporate Documents and with all legal and regulatory restrictions applicable to the Company and the Investment Account(s);

  

	 	ii)	this Agreement constitutes a valid and binding obligation of the Company, enforceable against the Company in accordance with its terms, except to the extent such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, or similar laws affecting the rights of creditors generally and by general equity principles; 

  

	 	iii)	the Company has legal title to the Assets in the Investment Account(s) and no restrictions exist as to the ownership or transfer of such Assets unless specifically set
forth in this Agreement; 

  

	 	iv)	the Company is, and will remain during the term of this Agreement, engaged primarily in the insurance and reinsurance business; and 

  

	 	v)	the Assets are not subject to regulation under the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), nor do any Assets constitute
“plan assets” as defined under ERISA. 

 The Company agrees to notify Conning in writing within five
(5) days after the occurrence of an event making any of the above statements i-v no longer accurate. 
  

	 	b)	Conning represents, warrants, and covenants to the Company that: 

  

	 	i)	it is, and will remain during the term of this Agreement, a registered investment adviser under the Investment Advisers Act of 1940, as amended (the “Advisers
Act’); 

  

	 	ii)	this Agreement constitutes a valid and binding obligation of Conning, enforceable against Conning in accordance with its terms, except to the extent such enforceability
may be limited by applicable bankruptcy, insolvency, reorganization, or similar laws affecting the rights of creditors generally and by general equity principles; and 

  

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	 	iii)	it currently has, and agrees that it will maintain, the skilled personnel, computer hardware and software, and other facilities necessary to prepare the reports and
perform the services required by this Agreement. 

  

	7.	TERM AND TERMINATION. 

  

	 	a)	This Agreement shall commence as of the Effective Date as set forth in Paragraph 1 and shall continue in force until terminated by Conning or the Company upon no less
than thirty (30) days prior written notice to the other party. 

  

	 	b)	In the event of termination of this Agreement, this Agreement, except for Paragraph 9 (Confidentiality), Paragraph 11 (Limitation of Liability), Paragraph 12
(Indemnification), Paragraph 13 (Arbitration), and this Paragraph 7 (Term and Termination), shall immediately become void and have no further force or effect. Paragraph 9 (Confidentiality) shall survive for a one year period following termination
date. Termination of this Agreement will not affect the Company’s obligation to pay fees in accordance with Paragraph 5 (Fees) through the date of termination. 

  

	 	c)	Upon termination of this Agreement and upon specific written request, Conning shall within twenty (20) Business Days return to the Company all books and records of
the Company, and all other information relating to the Investment Account(s) then in the possession of Conning, except for any software or other intellectual property that is proprietary to, or owned or licensed by, Conning or any of its affiliates,
which shall remain the property of Conning. 

  

	8.	NON-EXCLUSIVITY; POTENTIAL CONFLICTS OF INTEREST. 

  

	 	a)	Conning and its officers and employees may act and continue to act as investment managers for others. As such, the Company understands that Conning will not devote its
full time to the management of any one account. Nothing in this Agreement shall in any way be deemed to restrict Conning’s right to perform investment management or other services for any other person or entity, and the performance of any such
services shall not be deemed to violate or give rise to any duty or obligation to the Company not specifically undertaken by Conning under this Agreement. 

  

	 	b)	The Company recognizes that there are certain inherent and potential conflicts of interest that may arise in Conning’s management of the Investment Account(s) and
its investment advisory activities on behalf of other clients with the same or different investment objectives (some of which are affiliates of Conning), including the allocation of investment opportunities among accounts and the acquisition and
disposition of a particular investment on behalf of different accounts. 

  

	9.	CONFIDENTIALITY. From time to time in the course of the performance of this Agreement, the Company and Conning will be providing each other with certain financial,
strategic and other information. Except as required by law, regulation, stock exchange rule or legal process and except as otherwise permitted by this Agreement, all such information of a non-public nature that is obtained by one party pursuant to
this Agreement shall be held in confidence by such party and may not be disclosed to any other person without the prior written consent of the other party. 

  

	10.	 COMPANY DIRECTIONS AND INFORMATION. The names and specimen signatures of each individual who is authorized to give directions to Conning on the
Company’s behalf under this Agreement are set forth on Exhibit B, as may be amended from time to time by the Company in accordance with the notice provisions herein. Directions received by Conning from the Company must be signed by at least one
such person. If Conning receives directions from the Company that are not signed by a person that Conning reasonably

  

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believes is authorized to do so, Conning shall not be required to comply with such directions until it verifies that the directions are properly authorized by the Company. Conning shall be
entitled to rely, without independent verification, on the accuracy and completeness of all information and directions signed or given by a person that Conning reasonably believes is authorized to give such information or directions on the
Company’s behalf. 

  

	11.	LIMITATION OF LIABILITY. 

  

	 	a)	Conning shall be liable to and indemnify the Company to the extent any loss, liability, or damage results from Conning’s failure to exercise the degree of care,
skill, prudence, and diligence that a prudent person acting in a like fiduciary capacity would use, or the bad faith of Conning, or the reckless disregard by Conning of its obligations and duties under this Agreement. 

  

	 	b)	Absent any fault on its part, as described in sub-paragraph (a), Conning shall not be liable for any loss, liability, or damage incurred by the Company as a result of
any investment decision, recommendation, or other action taken or omitted in what Conning, in good faith, believes to be the proper performance of its duties under this Agreement. Conning does not guarantee the future performance of the Investment
Accounts or any specific level of performance, the success of any investment decision or strategy that Conning may use, or the success of Conning’s overall management of the Assets. The Company understands that investment decisions made for the
Investment Accounts by Conning are subject to various market, currency, economic, political and business risks, and that those investment decisions will not always be profitable. [Conning will manage only the securities, cash and other investments
held in the Investment Accounts and in making investment decisions for the Investment Accounts, Conning will not consider any other securities, cash, or other investments owned by Client.] 

 Additionally, Conning shall not be liable for any liability, loss, or damage resulting from: (i) the willful misconduct, negligence, or
bad faith of any independent representative, consultant, independent contractor, broker, agent, or other person who is selected, engaged or retained by Conning on behalf of the Company in connection with the performance of services under this
Agreement, unless such person was selected, engaged, or retained by Conning in a negligent manner or in bad faith; (ii) any act or failure to act by any Custodian; (iii) any investment made by Conning consistent with the Investment
Guidelines; or (iv) the reliance by Conning on information as provided in Paragraph 10 (Reliance on Information). 
  

	 	c)	The federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing in this Agreement will
waive or limit any rights that the Company may have under those laws. 

  

	12.	INDEMNIFICATION. In the event the Company seeks indemnification for a claim alleged by a person who is not a party to this Agreement (a “Third Party Claim”),
the Company shall, as a condition to receiving any indemnification pursuant to Paragraph 11 (a), give prompt written notice of such Third Party Claim to Conning. Conning shall have the right to elect to investigate, negotiate, settle, and defend
such third party claim and, if such election is made, the Company shall have the right, at its own expense, to participate in the defense of such Third Party Claim through counsel of its own choosing. Conning shall not be required to indemnify the
Company with respect to any settlement of a Third Party Claim that Conning has not approved in writing in advance. 

  

	13.	 ARBITRATION. In the event of any dispute, controversy or claim which relates to, arises out of, or is connected with this Agreement (including, without
limitation, the creation, validity, interpretation, breach or termination of this Agreement), each party shall designate an officer whose task it will be to meet and in good faith resolve the matter amicably. Any such matter which has not been
mutually resolved by the parties shall, on the written demand be either party to the other party, be determined and settled in Hartford, Connecticut by a panel of three arbitrators in accordance with the Commercial Arbitration Rules of the American
Arbitration Association. The award entered by the arbitrators shall be final and binding on both parties. Such

  

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award shall specify the factual and legal basis for the award, shall not include any multiple, punitive or exemplary damages, and shall remain confidential. The cost of the arbitration shall be
borne equally by the Company and Conning; each party shall bear its own expenses (including counsel fees) incurred in connection with the arbitration. 

  

	14.	INDEPENDENT CONTRACTOR. The relation of Conning to the Company is, and shall remain during the term of this Agreement, that of an Independent Contractor. Conning and
the Company are not partners or joint venturers with each other under this Agreement, and nothing in this Agreement shall be construed so as to make them partners or joint venturers, or to impose any liability as such on either of them.

  

	15.	NOTICES. All notices and other communications required or permitted to be given pursuant to this Agreement shall be in writing and shall be considered as properly given
or made if (i) sent by overnight delivery by a nationally recognized air courier service, or (ii) mailed by registered or certified mail, return receipt requested, and if addressed to the respective address listed below:

  

					
	A.	  	If to the Company, to:	  	Max Re Ltd.
		  		  	Max Re House, 2 Front Street
		  		  	Hamilton, BM HM KX
			
		  	Attention:	  	Keith S. Hynes
		  		  	Executive Vice President & CFO
			
	B.	  	If to Conning, to:	  	Conning Asset Management Company
		  		  	City Place II, 185 Asylum Street
		  		  	Hartford, CT 06103-4105
			
		  	Attention:	  	William M. Bourque
		  		  	Vice President and General Counsel

 All notices will be deemed effective upon receipt. Any party may change its address
for the receipt of notices by providing notice, in the manner provided in this Paragraph 15, to each other party. 
  

	16.	AMENDMENT. No amendment to this Agreement will be effective unless in writing and signed by each of the parties and no waiver of compliance with any provision or
condition, and no consent provided for in this Agreement, shall be effective unless in a writing duly executed by the party sought to be charged with such waiver or consent; provided, however, that the Company may amend Exhibits A and B by providing
notice to Conning in accordance with paragraph 15 herein. 

  

	17.	ASSIGNMENT. This Agreement shall be binding upon and shall inure to the benefit of the parties hereto, and their respective successors and permitted assigns. Neither
party hereto shall assign (as that term is defined under the Adviser’s Act) its rights or obligations under this Agreement without the prior written consent of the other party. 

  

	18.	GOVERNING LAW. This Agreement shall be construed and enforced in accordance with the laws of the State of New York, without reference to the choice of law rules
thereof. 

  

	19.	SEVERABILITY. In the event that any provision or condition in this Agreement shall be invalid, illegal, or unenforceable under applicable law of mandatory application,
the validity, legality, and enforceability of that provision or condition in other instances and of the remaining provisions and conditions shall not in any way be affected thereby. 

  

	20.	HEADINGS. Section headings are for convenience of reference only and shall not affect the construction of this Agreement. 

  

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	21.	COUNTERPARTS. This Agreement may be executed in two or more counterparts, each of which when executed shall be deemed to be an original and all of which together shall
be deemed to be one and the same instrument. 

  

	22.	FORCE MAJEURE. Neither party shall be considered in default in the performance of its obligations under this Agreement, to the extent that the performance of any such
obligation is prevented or delayed by a cause reasonably beyond its control, including, but not limited to, acts of God, acts of war or terrorism, fire or other casualty, explosion, power failure, labor dispute, or intervention by any governmental
authority. 

  

	23.	PRIOR AGREEMENTS. This Agreement constitutes the entire understanding and Agreement, and supersedes any and all other proposals, understandings, and agreements between
the Company and Conning with respect to the subject matter hereof. 

  

	24.	ACKNOWLEDGMENT OF DISCLOSURE. The Company acknowledges receipt of Conning’s Form ADV, Part II at least 48 hours prior to signing this Agreement. Nothing herein
shall affect any rights or obligations of the parties under the Adviser’s Act or constitute a restriction or waiver of any rights under applicable federal or state securities laws. 

  

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 This Agreement contains a Binding Arbitration Provision which
may be enforced by the Parties. 
 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement by their duly
authorized officers effective as of the date first above written. 
  

			
	Max Re Ltd.
		
	By	 	 /s/ Keith S. Hynes

	Name	 	Keith S. Hynes
	Title	 	Executive Vice President and CFO
	
	Conning Asset Management Company
		
	By	 	 /s/ Salvatore Correnti

	Name	 	Salvatore Correnti
		 	President and Chief Executive Officer

  

 8 of 13Investment Management Agreement, dated as of October 31, 2008

 Exhibit 10.33 
 INVESTMENT MANAGEMENT AGREEMENT (this “Agreement”), dated as of October 31, 2008, between DEUTSCHE INVESTMENT
MANAGEMENT AMERICAS INC., a registered investment adviser organized under the laws of the State of Delaware (the “Manager”) and the client set forth on the signature page hereto (the “Client”). 
 W I T N E S S E T H: 
 WHEREAS, the Client has the authority to appoint managers to manage the funds held in its account with the Manager (the
“Account”); the Client has determined to appoint the Manager to manage the Account; and the Manager has agreed to accept such responsibility; 
 NOW, THEREFORE, the Client and the Manager agree as follows: 
 1. Appointment
of Manager. The Client hereby appoints the Manager as Investment Manager with respect to the Account, which Account shall consist of such sums of money and other property, or part interests therein, as shall be agreed upon by the Manager and the
Client and such earnings, profits, increments and accruals thereon (less losses, deductions and withdrawals) as may occur from time to time. The Client hereby agrees that the Manager may delegate its discretionary investment, advisory and other
rights, powers and functions hereunder to any of its affiliates that are banks or investment advisers registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), without further written consent of the
Client, provided, however that the Manager shall always remain liable to the Client for its obligations hereunder. References herein to the Manager shall include, as the context may require, any of the Manager’s affiliates that
are selected to manage assets under this Agreement. The Manager hereby accepts, on behalf of itself and on behalf of its affiliates, such appointment, provided that any affiliate of the Manager that is delegated authority under this Agreement
shall accept such delegation in an agreement between the Manager and any such affiliate and acknowledge that it is a fiduciary with respect to the Account. The Client agrees the Manager will not enter into transactions for the Account until the
Client, or the Custodian (as defined below), initially funds the Account with suitable assets, cash or cash substitutes, as determined by the Manager. 
 2. Manager Representations and Warranties. The Manager represents, warrants and agrees that it is registered as an investment adviser under the Advisers Act; and, as a result of its acceptance of
the appointment as Manager, it is a fiduciary with respect to the assets of the Account for which it provides investment management services hereunder. The Manager hereby represents that this Agreement has been duly authorized, executed and
delivered by the Manager and constitutes its legal, binding and valid obligation. 
 3. Client Representations and
Warranties. The Client represents, warrants and agrees that: 
 (a) Investment of the Account as contemplated hereunder
satisfies the funding policy and the diversification and liquidity requirements of the Client, and that the Client understands the risks involved in investing in the investments set forth in the investment policies and guidelines attached hereto as
Schedule A, as the same may be amended by the Client from time to time (the “Investment Guidelines”); 
 DIMA
Non-ERISA IMA 
 Separately Managed 

 (b) The Client has full power and authority under the provisions of the applicable
instruments and legislation governing the Account to execute, deliver and perform this Agreement on behalf of itself and the Account, and the transactions contemplated by this Agreement, including but not limited to transactions in securities,
futures, options, currency, forward contracts, repurchase agreements, deposits, swaps, other derivatives and any other instrument and obligation of any kind permitted by the Client in the Investment Guidelines or within the Client’s authority
(“Transactions”) and any agreements which the Manager enters into on behalf of the Client with a counterparty pursuant to this Agreement are duly authorized by the Client pursuant to the Client’s policies, board resolution(s),
trust agreement(s) or enabling legislation, or other supporting documents satisfactory to the Manager and any Transaction counterparty, and are in the Client’s opinion, suitable investments for the Client. When the Client enters into
Transactions and any agreements which the Manager enters into on behalf of the Client with a counterparty pursuant to this Agreement, such Transactions and agreements shall be the legal, valid and binding obligations of the Client and are consistent
with and permissible for the Client; 
 (c) No restrictions exist on the transfer, sale or other disposition of any of the
assets of the Account and no option, lien, charge, security or encumbrance exists or will, due to any act or omission of the Client, exist over any of such assets; 
 (d) Without limitation, the transactions and agreements which the Manager enters into on behalf of the Client with a counterparty pursuant to this Agreement will not violate the constituent documents of,
any law, rule, regulation, order or judgment binding on the Client, or any contractual restriction binding on or affecting the Client or its properties and no governmental or other notice or consent is required in connection with the execution,
delivery or performance of this Agreement or of any agreements governing or relating to such obligations; 
 (e) The Client has
provided to the Manager all documentation regulating the Account including, but not limited to, a certified copy of the resolution of the Client or other documentation evidencing appropriate action to effect the appointment of the Manager and such
further documentation that the Manager may reasonably request in furtherance of its obligations hereunder. In addition, the Client will furnish the Manager with copies of any amendments to or modifications of any such statute, document, opinion or
other instrument as shall be executed from time to time; 
 (f) The Manager may include the name of the Client on any
representative client list; 
 (g) The Client is a Qualified Institutional Buyer (“QIB”), as such term is defined in
Rule 144A(a)(l)(i) of the Securities Act of 1933, as amended. The Client shall promptly notify the Manager in writing if the Client ceases to be a QIB and further agrees to provide such evidence of its status as a QIB as the Manager may reasonably
request from time to time; 
 (h) The Client shall notify the Manager promptly following the occurrence, or if it knows or has
reason to know of the occurrence or likelihood of the occurrence, of any event which causes a change in the representations and warranties under this Agreement or which (A) makes investments made pursuant to this Agreement unlawful or unsuitable for
the Client or the Account; or (B) would operate to limit, suspend or terminate the authority of the Client; 
  

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 (i) The Account is not subject to the terms of the Employee Retirement Income Security Act
of 1974, as amended (“ERISA”), nor elects to be treated as subject to its terms; and 
 (j) The Client is not a
registered investment company under the Investment Company Act of 1940, as amended (the “Company Act”). 
 4.
Investment Discretion; Authority to Contract and Use Agents. The Manager shall invest and reinvest the assets of the Account without distinction between principal and income, in such investments and in such shares and proportions as it, in
its absolute discretion, may deem advisable. In fulfilling these investment responsibilities, the Manager is authorized to bind and obligate the Account for the carrying out of contracts, arrangements, or transactions entered into by the Manager on
the Account’s behalf, and to employ or use broker-dealers, banks or other agents that it may select, including its affiliates, domestic or foreign. 
 Notwithstanding anything to the contrary in the foregoing paragraph, the Manager shall discharge the foregoing powers and discretions in accordance with the Investment Guidelines. The Manager shall not be
responsible for the establishment of any such policies and, in implementing such policies and exercising its authority hereunder, the Manager shall be responsible solely for the investment and reinvestment of assets in the Account and shall have no
duty to inquire into or review the management or investment of any other assets of the Client. 
 Unless otherwise agreed upon,
the Investment Guidelines shall be applied at the time of an investment’s purchase. In the event that the Account, or any investment of the Account, exceeds or otherwise fails to comply with the Investment Guidelines as a result of changes in
market conditions, the Manager shall promptly notify the Client and take such corrective action, in its sole discretion, as it deems advisable. 
 Except to the extent otherwise directed by the Client, the Manager shall be responsible for voting all proxies that are solicited with respect to the Account and shall keep such records as may from time
to time be required. The Manager shall also be responsible for giving or withholding all security holder consents or authorizations and making all elections in connection with any mergers, acquisitions, tender offers, bankruptcy proceeding or
similar matters which may affect the Account. All proxies will be voted and elections made in accordance with the Manager’s written policy in effect from time to time, receipt of which the Client hereby acknowledges. The Client shall instruct
the Custodian to forward promptly to the Manager receipt of such communications, and shall instruct the Custodian to follow the Manager’s instructions concerning the same. The Manager shall not be responsible for voting proxies or for
responding to any shareholder actions not timely received by the Manager. The Manager will make available to the Client information concerning the voting of proxies and shareholder actions as required by law or reasonably requested by the Client.

  

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 5. Custody and Safekeeping. The Client has designated a custodian for the Account
(the “Custodian”) and has informed the Manager of the appointment of the Custodian and has directed the Custodian to take instructions from the Manager. The Custodian is a qualified custodian as defined in Section 206(4)-2 of the
Advisers Act. Except as provided in Section 7, exclusive responsibility for the custody and safekeeping of the assets constituting the Account shall remain with the Custodian. The Manager shall provide the Custodian with such documents and
information, including certification of the Manager’s duly authorized representatives, as the Custodian may reasonably request. All directions given by the Manager to the Custodian shall be in writing, and signed by an authorized representative
of the Manager; provided, however, that the Custodian may accept oral directions from the Manager, subject to confirmation in writing. To the extent that the Custodian selected by the Client uses an affiliate of the Manager as a local
subcustodian, the Client hereby consents to any transaction effected as a service with such local subcustodian necessary to invest and hold assets in such local market, on the same terms and conditions as other similarly situated non-affiliated
clients of such Custodian. 
 6. Financial Futures, Options on Financial Futures, and Foreign Exchange. To the extent
Client’s trust agreement, board resolution, enabling legislation or other supporting documents evidence that such Transactions are permitted for the Client and to the extent set forth in the Investment Guidelines, the Manager may purchase and
sell exchange-traded financial futures contracts, options on futures contracts, and options. The Manager may open futures and options accounts and execute futures and options account agreements. In connection with the Client’s establishment of
a futures customer account and execution of a futures customer agreement, the Manager is authorized to disclose the amount of the Client’s assets under management from time to time as may be required by one or more futures commission merchants
or other transaction counterparties (“Brokers”), or as required by regulatory authorities. The Manager may direct the Custodian to pledge or deposit assets of the Account with one or more Brokers, and direct such Brokers in the course or
in connection with investment of such assets in satisfaction of exchange related margin requirements and other related payments required by the terms of the agreements between the Client and such Brokers. The Client hereby agrees and acknowledges
that to the extent permitted under applicable law, foreign exchange transactions may be executed with affiliates of the Manager. 
 7. Investments. Until otherwise directed by the Client, the assets in the Account shall be invested in accordance with the Investment Guidelines; provided, however, that the Manager may maintain any part of the Account
uninvested in cash pending investment or distribution, or otherwise as it shall deem reasonable and prudent, and such cash balances may be invested, to the extent practicable, in short term investment funds maintained by the Manager or a third party
for which a description shall be provided to the Client (collectively, the “Investment Funds”). The Client acknowledges receipt of the applicable prospectuses for the Investment Funds (“Descriptions”) as in effect on the date of
this Agreement and any other documents or information deemed relevant to the Client’s decision to permit the investment of the Account in specific Investment Funds. 
 8. Affiliated Deposits. The Client hereby approves the use of deposits of Deutsche Bank AG or an affiliate. 
  

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 9. Affiliated Mutual Funds and Other Pooled Funds. The Client hereby acknowledges and
agrees that from time to time, the Manager may invest Account assets in collective investment vehicles managed by the Manager or an affiliate, including but not limited to open or closed-end mutual funds, whether or not registered under the Company
Act, registered with any foreign regulatory authority, or any other pooled vehicle, including but not limited to unit trusts, business trusts, limited partnerships or limited liability companies. 
 10. Affiliated Brokerage. To the extent permitted by law, the Client hereby authorizes Manager to effect agency transactions and
agency cross-transactions through affiliated broker-dealers and the Client acknowledges that the Manager, in effecting or executing agency cross transactions, will have potentially conflicting divisions of loyalties and responsibilities regarding
the parties to the transactions. The Client represents and warrants that any entity or person associated with the Client or the Manager that to the extent that the affiliate executing or effecting the transaction is a member of a national securities
exchange, it is authorized to effect any transaction permitted by Section 11(a) of the Exchange Act and Rule 11a2-2(T) thereunder on such exchange for the Account, and the Client consents to the retention of compensation for such transactions.

 11. Affiliated Underwritings. The Client hereby approves the purchase of securities in a public offering or a Rule
144A offering where an affiliate of the Manager is a member or a manager of the syndicate and/or the trustee of the underlying assets of the security. 
 12. Non-Exclusivity of Services; Aggregation of Orders. The services of the Manager are not exclusive. The Manager and its affiliates will perform investment advisory and portfolio management
services for various other clients and it is agreed that the Manager may give advice and take action with respect to such other funds and other clients or for its own account or for the account of any of its affiliates or for the accounts of any of
their clients (collectively, “Other Accounts”) which may differ from the advice or the timing or nature of action taken with respect to the Account or the Investment Funds. Furthermore, the Manager shall have no obligation to purchase or
sell, or to recommend for purchase or sale for the Account or the Investment Funds any security or instrument which the Manager or an affiliate may purchase or sell for Other Accounts. The Manager may aggregate orders for the Account and for the
Investment Funds with orders for Other Accounts. 
 13. Manager’s Affiliates. Affiliates of the Manager may be
dealers in equity and debt securities, and from time to time may be underwriters or dealers of securities that may be bought for, held in, or sold from the Account or the Investment Funds. With respect to each such instance, the Manager represents
that all transactions that are effected for the Account or the Investment Funds will be made solely in furtherance of their respective investment goals, and the fact that the Manager’s affiliate is acting as an underwriter or dealer will not be
a factor in the investment decision. In this regard, the Client understands that the Manager is part of a worldwide, full service investment banking, broker-dealer, asset management organization, and as such, the Manager and its affiliates (the
“Firm”) and their managing directors, directors, officers and employees (“Personnel”) may have multiple advisory, transactional and financial and other interests in securities, instruments and companies that may be purchased,
sold or held by the Manager for the Account. The Firm may act as adviser to clients in investment banking, financial advisory, asset management and other capacities related to instruments that may be purchased, sold or held in the Account, and the
Firm may issue, or be engaged as underwriter for

  

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the issuer of, instruments that the Account may purchase, sell or hold. At times, these activities may cause departments of the Firm to give advice to clients that may cause these clients to take
actions adverse to the interests of the Client. The Firm and Personnel may act in a proprietary capacity with long or short positions, in instruments of all types, including those that the Account may purchase, sell, or hold. Such activities could
affect the prices and availability of the securities and instruments that the Manager seeks to buy or sell for the Account, which could adversely impact the performance of the Account. Personnel may serve as directors of companies the securities of
which the Account may purchase, sell, or hold. The Firm and Personnel may give advice, and take action, with respect to any of the Firm’s clients or proprietary accounts that may differ from the advice given, or may involve a different timing
or nature of action taken, than with respect to any one or all of the Manager’s advisory accounts, and effect transactions for such clients or proprietary accounts at prices or rates that may be more or less favorable than for the Account. The
Firm and Personnel may obtain and keep any profits, commissions and fees accruing to them in connection with their activities as agent or principal in transactions for the Account and other activities for themselves and other clients and their own
accounts and the Manager’s fees as set forth in this Agreement shall not be abated thereby. 
 14. Brokerage and
Research Services. In accordance with Section 28(e) of the Securities Exchange Act of 1934, as amended, the Manager may cause the Account and the Investment Funds to pay a broker or dealer that provides brokerage and research services to
the Manager an amount of commission for effecting a transaction in excess of the amount of commission that another broker or dealer would have charged for effecting that transaction, if the Manager determines in good faith that such amount of
commission is reasonable in relation to the value of the brokerage and research services provided by the broker or dealer, viewed in terms of either that particular transaction or the Manager’s overall responsibilities with respect to Other
Accounts. These brokerage and research services may assist the Manager in rendering services to Other Accounts, and not all such services will necessarily be used in connection with the Account or a particular Investment Fund. In addition, where
permitted by applicable legal and regulatory requirements, the Manager or its affiliates may execute transactions on behalf of the Account. 
 15. Account Statements. The Manager shall deliver to the Client periodic statements showing all investments of the Account and the net asset value of the units of participation of the Investment
Funds held by the Account as of the close of business on the last business day of the relevant period, and such additional statements or reports, at such time or times, as the Client may reasonably request. Such reports shall be reviewed by the
Client, and if no written objections are received by the Manager within 90 days of the rendering thereof, the report shall be deemed approved by the Client as to any matter shown therein. 
 16. Liability. The Manager shall not be liable for any loss to the Account arising out of any action taken or omitted by it in good
faith in connection with the Account, except for its own gross negligence or willful or reckless misconduct. The Manager shall not abe liable for any expenses, losses, damages, liabilities, charges and claims of any kind or nature whatsoever
(“Losses”) incurred by or threatened against the Manager as the result of any actions it takes based on instructions it receives from or on behalf of the Client or Custodian and reasonably believed by the Manager to be genuine and correct.
The Manager shall not be liable for and shall

  

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be indemnified and held harmless by the Client against any Losses (including, but not limited to, reasonable counsel fees and expenses) arising out of any action taken or omitted to be taken by
it, except for any Losses attributable to its own gross negligence or willful misconduct. 
 17. Fees. The Account shall
be responsible for all direct expenses (including, without limitation, brokerage commissions, transfer fees, registration costs, taxes and other similar transaction costs and transaction-related fees and expenses, custody or subcustody fees)
incurred pursuant to this Agreement. The compensation for all investment management services hereunder shall be determined as provided in the fee schedule, attached as Schedule C hereto, (the “Fee Schedule”). The Manager is authorized to
receive such payment directly from the Client, provided that the Manager sends a copy of the invoice to the Client showing the amount of the fee, the manner of the fee calculation and the value of the Portfolio supporting the fee.

 18. Confidential Information. All information and advice furnished by the Manager to the Client shall be treated as
confidential by the Client and shall not be disclosed to third parties by the Client except as required by law. The Manager’s name shall not be disclosed to the public or used by the Client without the prior written approval of the Manager. All
proprietary client information of the Client shall be treated as confidential by the Manager and shall not be disclosed to the public by the Manager except (i) if such information is already in, or comes into, the Manager’s possession as a
result of activities unrelated to, or from sources other than, the Client, (ii) if such information is or becomes available to the public or industry sources other than as a result of disclosure by the Manager, (iii) if such disclosure is
requested by or through, or related to a judicial, administrative, governmental or self-regulatory organization process, investigation, inquiry or proceeding, or otherwise required by applicable law, or (iv) in order for the Manager to carry
out its responsibilities hereunder. Notwithstanding the above, and consistent with Section 6 of this Agreement, the Client authorizes disclosure by the Manager of the Client’s name to (i) Brokers and dealers (including without
limitation futures commission merchants if futures are permitted by the Investment Guidelines) to facilitate the Manager’s trading activities on behalf of the Client, and (ii) consultants and prospective clients as part of a representative
client list in connection with the completion of marketing materials. Moreover, the Client hereby authorizes the Manager to share information about the Client and the Client’s account (“Client Account Data”) with affiliates of the
Manager (collectively with the Manager, “DeAM”) from time to time for the purpose of: (i) supervising and supporting the management of DeAM’s business relationship with the Client, (ii) allowing DeAM Management (or its duly
authorized designees) to provide general support to all of DeAM’s clients globally, and/or (iii) allowing DeAM Legal and Compliance to analyze regulatory and legal risk that may impact the Client, DeAM’s other clients or DeAM. The
Client is aware that as a result of such access to Client Account data, a Manager affiliate may be forced under its local law to disclose available Client information to local governmental authorities, agencies or courts. 
 19. Authorized Signatories. All orders, requests, certificates and instructions with respect to the Account shall be in writing and
signed by an authorized person designated to sign pursuant to a Signature Authority Form in the form of Schedule D attached hereto. 
 20. Termination. This Agreement shall be effective until terminated by either party upon not less than 30 days’ written notice to the other. If this Agreement is terminated during any period of time for which the Manager has not
been compensated, the compensation

  

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due to the Manager for such period shall be prorated to the date of termination. Final transfer of the liquidated proceeds or in-kind assets of the Account shall be made as of the date of
termination, or within such period of time thereafter that may be necessitated by the withdrawal restrictions of any approved investment vehicle being used to hold assets of the Account at that date. 
 21. Notices. Any notice to be given pursuant to this Agreement shall be delivered or mailed by first class mail,
postage prepaid, if to the Manager to Deutsche Asset Management, One Beacon Street, 14th Floor, Boston, MA 02108; Attention: Mr. Bernie Ryan, Mailstop BOS08-1102, with a copy to Legal Department, Deutsche Asset Management, 280 Park Avenue, 6th Floor, New York, NY 10017, Attention: Documentation Specialist,
Mailstop NYC03-0620, and if to the Client, to the address set forth on the signature page hereto. 
 22. Additional
Schedules. The additional schedules attached hereto shall be a part of this Agreement. 
 23. Assignment. No
assignment of this Agreement shall be made by the Manager without the consent of the Client. For the purposes of this Agreement, the term “assignment” shall have the meaning given it by Section 202(a)(l) of the Advisers Act.

 24. Entire Agreement; Amendment. This Agreement, the Schedules and the Descriptions constitute the entire agreement
between the parties with respect to the subject matter hereof. This Agreement and the Schedules attached hereto and made a part hereof may be amended at any time, but only by a written instrument executed by the parties hereto; provided,
however, that the Descriptions may be amended by the Manager at any time in accordance with the terms contained therein. 
 25. Governing Law. The laws applicable to contracts being performed in New York shall govern this Agreement (without regard to conflicts of laws provisions thereof) as the same may be amended from time to time. 
 26. Counterparts. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same
effect as if the signatures thereto and hereto were upon the same instrument. 
 27. Anti Money Laundering Provisions. To
help the government fight the funding of terrorism and money laundering activities, Federal law requires all financial institutions to obtain, verify, and record information that identifies each client that opens an account. What this means for the
Client: When the Client seeks to open an account, the Manager will ask for the Client name, address, Tax ID/Employer ID number, and other information that will allow the Manager to identify the Client. The Manager will also ask for legal documents
that establishes the identity of the Client. The Manager also reserves the right to ask for more information on the individuals who are signatories for the account being established with the Manager. At a minimum the Manager will ask for the names
of these individuals but may also ask for address, date of birth, and other information that will allow the Manager to identify the signatories. The Manager may also ask to see the signatory’s driver’s license or other identifying
documents. 
  

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 28. Cross-Trading. To the extent allowed by the law, the Manager may, from time to
time, cause the Client to purchase investments from, or sell investments to, another client of the Manager. 
 29. Force
Majeure. The Manager shall not be liable for any loss resulting from, or caused by, acts of governmental authorities (whether de jure or de facto), including, without limitation, nationalization, expropriation, and
the imposition of currency restrictions; acts of war, terrorism, insurrection or revolution; strikes or work stoppages; the inability of a local clearing and settlement system to settle transactions for reasons beyond the control of the Custodian;
hurricane, cyclone, earthquake, volcanic eruption, nuclear fusion, fission or radioactivity or other acts of God. 
 30.
Warranties of Performance. No warranty is given by the Manager as to the performance or profitability of the Account or any part of it. 
 31. Jury Trials. In the event of litigation in connection with this Agreement, the parties hereby waive the right to a jury trial. 
 32. Legal Proceedings. The Manager may, but is not required to, exercise options, conversion privileges, rights to subscribe to
additional shares or other rights acquired with respect to the Account and may, but is not required to, consent to or participate in dissolutions, bankruptcies, reorganizations, consolidations, mergers, sales, leases, mortgages, transfers or other
changes affecting the Account. The Manager will not advise or act for the Client in any other legal proceedings, including class actions, involving the Account or issuers of securities held by the Client or any other matter, but shall continue to
monitor, and provide advice with respect to the continued holding or selling of the Account. 
 33. Receipt of Form ADV.
The Client hereby acknowledges that it received a copy of Part II of the Manager’s Form ADV under Rule 204-3 (b) of the Investment Advisers Act of 1940 at least 48 hours prior to entering into this Agreement. 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the 31 day of
October, 2008. 
  

			
	MAX BERMUDA LTD.
		
	By	 	/s/ COLIN JAMES
		 	Name: COLIN JAMES
		 	Title: CONTROLLER

  

			
	Address:
	
	DEUTSCHE INVESTMENT MANAGEMENT AMERICAS INC.
		
	By	 	/s/ Barton Holl
		 	Name: Barton Holl
		 	Title: Managing Director
		
	By	 	/s/ Greg Staples
		 	Name: Greg Staples
		 	Title: Managing Director

  

 10

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