Document:

Lease dated October 16, 2003

 Exhibit 10.31 
  
 DEED OF LEASE 
  
 This Deed of Lease (hereafter the “Deed”) is made and executed on the 16th day of October 2003 at Bangalore by MR. ARUN H. DESAI aged about 71 year whose permanent residence is at flat No. 207, Four Seasons, 2nd floor, 16, Brunton Road, Bangalore-560025 and who is presently residing at 33, Balmoral Road, #02-03 Balmoral Gate, Singapore 259811, hereinafter called
the LESSOR (which term where the context so admits, shall be deemed to mean and include all his heirs, legal representatives, executors, administrators and assigns) of the One Part. 
  
 In favor of SYNPLICITY SOFTWARE INDIA PRIVATE LIMITED, a company incorporated under
the provision of the Companies Act, 1956 and having its registered office Unit 2, 3rd Floor, Innovator, ITPL,
Whitefield Road, Bangalore-560066 and represented herein by Dr. Ananda, Managing Director, hereinafter called the LESSEE (which term where the context so admits, shall be deemed to mean and include all heirs, legal representatives, executor,
administrator and assigns) of the Other Part. 
  
 Whereas the Lessor is the sole
and absolute owner of all the piece and parcel of the immovable property being an office premises on the 11th floor,
Unit No. 1111, East wing, Raheja Towers situated at Mahatma Gandhi Road, Bangalore-560001 which is more particularly mentioned and described in the schedule appearing hereunder and hereinafter referred to as “Schedule Property” together
with the fittings and accessories described hereunder in the Schedule. 
  
 And
whereas the Lessor has been in possession, occupation and enjoyment of the Schedule Property, right from the date of its acquisition by him. Now the Lessor has decided to lease the Schedule Property and has offered the same to the Lessee. The
Lessee, responding to the offer made by the Lessor, has come forward and agreed to take the Schedule Property on the lease. Now since the Lessor and the Lessee have agreed with one another, the Lessor shall grant, and the Lessee shall accept the
lease of the Schedule Property upon the terms and condition, hereinafter set forth. 
  
 Now this Deed shall witnesseth: 
  

	 	1.	Grant of Lease and Purpose: In consideration of the rent reserved herein and subject to the terms and conditions contained herein, the Lessor does hereby grants to the
Lessee and the Lessee hereby accepts the Lease of the Schedule Property together with all rights and easements, for the term herein fixed and upon the conditions and covenants hereinafter contained. The Lease has been granted to Lessee to enable the
Lessee to carrying on its business and operations related to the development, sale and marketing of software. 

  

	 	2.	Delivery of Possession: The Lessor has put the Lessee in possession of the Schedule Property simultaneously with the execution of this Deed and Lessee shall be
entitled to quiet and peaceful possession of the same in term of this Deed. All the keys to the Schedule Property have been handed over to the Lessee and the Lessor does not have any set of the same. 

  

	 	3.	Rent and Security Deposit:  

	 	(a)	The tenancy shall be that of English Calendar month and the monthly rent payable by the Lessee to the Lessor in respect of the Schedule Property shall be Rs. 40,000/- (Rupees forty
thousand only) and shall be paid on or before 5th of each calendar month by cheque drawn in favour of the Lessor to
hi NRO A/c No. 11005 with the Bank of India, Cantonment Branch, St. Mark’s Road, Bangalore, after deduction of tax at source at applicable rates. The Lessee shall issue necessary certificates evidencing deduction of tax at source to the Lessor.
The Lessee shall pay the maintenance, electricity, and telephones charges in respect to the Schedule Property, as and when it falls due from time to time on the stipulated date, without any default. If the rent is due beyond 5th of each calendar month the Lessee shall be liable to pay an interest of 10% per annum on the rent The Lessee shall be entitled
to have a rent-free period of 10 (ten) days from the date of the commencement of this lease for purposes of carrying ‘fit-out’ of the Schedule Property. The Lessee’s obligation to pay rents shall accordingly commence from the
11th (eleventh) day following the commencement of the lease. 

  

	 	(b)	The Lessee has paid the Lessor a sum of Rs. 4,00,000/- (Rupees four Lakhs only) as Security Deposit for the Permission bearing Unit No. 111, by cheque dated 16th October 2003 bearing No. 364379 and drawn on Scotia Bank, M.G. Road, Bangalore branch (bank), the receipt of which the Lessor
hereby acknowledges. This deposit shall be refunded by the Lessor interest free, on expiry of the Lease and on receiving vacant possession of the above premises. The Lessee shall be entitled to interest at the rate of 10% per annum in case of any
delay in the repayment of the security deposit. Interest shall be payable from the date on which the same is due till the same is repaid in full. 

  

	 	4.	Term of the Lease and Renewal: The Lease shall be deemed to commence from the date first written above and shall be for a period of 2 (two) years therefrom with an
option to the Lessee for renewal for such further period by execution of a fresh Deed, with such similar terms and conditions as contained herein. The Lessee shall communicate any request for such renewal to the Lessor in writing. Upon receipt of
the Lessee’s intimation to renew the lease under this Deed, the Lessor shall not have the option or refuse such renewal and shall execute such fresh Deed, unless the Lessor has duly terminated this Deed in accordance with the provisions
contained herein prior to the receipt of such intimation. From the commencement of the second year of this lease, i.e. from October 16, 2004, the Lessee shall pay rent increased by 7.5% p.a from the rent paid in the first year. The Lessee

 shall not be required to pay any security deposit in addition to that paid at the inception of the lease.
The rents payable upon any renewal will be as mutually agreed prior to such renewal. 
  

	 	5.	Lessor’s Representations and Warranties: The Lessor hereby makes the following representation and warranties to the Lessee recognizing and acknowledging that the
Lessee has in reliance of these representations and warranties entered into under this Deed. 

  

	 	(a)	The Schedule Property and the building in which it is situate has been constructed in accordance with the applicable laws, regulations and bye-laws and in accordance with the plan
sanctioned by competent Municipal Authorities and that no notice, show cause or otherwise, has been issued to it till date by any Municipal or other Authorities alleging violation of the applicable building bye-laws; 

  

	 	(b)	All permissions necessary for the occupation and use of the Schedule Property have been obtained and that the same can be legally used and occupied as on date by the Lessee for
carrying on its business. If any approval specific to the Lessee’s business is required the Lessor shall cooperate with the Less in procuring such approval; 

  

	 	(c)	Permanent electricity, water and sewerage connections have been provided to the Schedule Property. The power currently available and allotted to the Scheduled Property is adequate
for conducting the operations of the Lessee as on date. 

  

	 	(d)	Subject to what is stated in this Deed, there is no restriction, obligation or liability which prevents the Lessor from (i) executing this Deed (ii) providing the Scheduled Property
on lease to the Lessee (iii) putting the Less in possession of the Scheduled Property and which prevents the Lessee from Occupying, using and enjoying the same as a Lessee in terms of this Deed. 

  

	 	(e)	Upto date property taxes, electricity and water charges and all other outgoings in respect of the Schedule Property have been properly remitted and there are no dues as on date.

  

	 	(f)	The Schedule Property has not been mortgaged to any other person and no other person has any right, title or interest of whatsoever nature in the Schedule Property. There are no
other encumbrances, charges, mortgages or other interest of whatsoever native in respect of the Schedule Property. 

  

	 	(g)	There is no existing, threatened or pending litigation in respect of the Schedule Property or which in any manner whatsoever affects this lease or the occupation, use and enjoyment
of the Schedule Property by the Lessee in tern of this Deed of Lease. 

  

	 	(h)	The Lessor has not entered into any agreement or created any interest over the Schedule Property that in any manner whatsoever affects the terms of this Deed or the rights of the
Lessee 

 hereunder and (ii) any agreement whatsoever in respect of the Schedule Property. In particular no person
has any right, title or interest that in any manner whatsoever affects the lease of the to the Lessee or the occupation, use and enjoyment thereof by the Lessee in terms of this Deed. 
  

	 	(i)	There is a Raheja Office Space Owners Association (RTOSOA) responsible for the general administration and upkeep of the common areas in the premises of which the Schedule Property
is a part. The Lessor represents that he is a member of the said RTOSOA and shall continue to be so as long he is the owner of the Schedule Property. 

  

	 	6.	Lessee’s Representations and Warranties: The Lessor hereby makes the following representations and warranties to the Lessee recognizing and acknowledging that the Lessee
has in reliance of these representation and warranties entered into this Deed: 

  

	 	(a)	The use of the Schedule Property by the Lessee for carrying on its business and operations relating to development, marketing and sale of software, hardware or firmware or fore
information technology, information technology enabled services and related business is in accordance with the applicable law, rules and regulations. 

  

	 	(b)	The Lessee shall not damage the Schedule Property and shall keep the same in good repair, except for such reasonable ware and tear as may be expected in normal course.

  

	 	7.	Indemnity: The Lessor recognizes and acknowledges that the Lessee has agreed to take the Schedule Property on lease only on the strength of the representations made in
this Deed and the Lessor and all the partners of the Lessor hereby jointly and severally agree to indemnify and hold harmless the Lessee, its employees, officers, directors, representatives, agents, servants and visitors from any an all losses,
claims and expenses (including attorney-client expenses), that they may suffer on account of any representation in this Deed being found to be or becoming false, inaccurate or incorrect. 

  

	 	8.	Rights and Obligations of Lessor: The Lessor shall have the following rights and shall discharge the following obligations: 

  

	 	(a)	The Lessor shall render all necessary cooperation to the Lessee to enable the Lessee to commence and complete the work on the interiors of the Schedule Property and the networking
and cabling thereof including by providing necessary drawings of the Schedule Property. 

	 	(b)	In the even of the Lesssor desiring to transfer, assign, license, charge, mortgage or otherwise encumber the Schedule Property, the Lessor shall, prior to creating such encumbrance
or interest, procure and provide the Lessee an inconditional acknowledgement from the person in whose favour such interest is to be created, that such transferee, assignee, license, mortgage or other person as the case may be shall to the extent
applicable be bound by the terms and conditions of the lease, that he, she or it shall not disturb the possession and enjoyment of the Schedule Property by the Lessee and shall comply with the obligations imposed on the Lessor under this Deed. If
the Schedule Property is assigned to any person, such person and the Lessor shall jointly and severally be responsible and liable to refund the security deposit of Rs. 4,000,000/ -(Rupees four lakhs only) in terms of this Deed.

  

	 	(c)	The Schedule Property currently has Electric Power Load being supplied by the Bangalore Electric Supply Company through a separate sub-meter. The sub-meter has been installed by the
Lessor. 

  

	 	(d)	As back up for the power being provided by the Bangalore Electric Supply Company, the Lessor has also arranged for the installation of a 12 KVA generator in the premises of which
the Schedule Property is a part. The Lessor represents that the RTOSOA has obtained necessary approvals / clearances from the appropriate authorities including but not limited to the Karnataka Power Transmission Corporation Limited and the Karnataka
State Pollution Control Board for the installation of the aforesaid generator and shall ensure that such approvals are maintained. The lessor shall ensure that the generator is kept in good order and condition and maintained and serviced from time
to time, that adequate supply of fuel is maintained for the same at all times and personnel for operating the same are available by the RTOSOA. 

  

	 	(e)	If the Lessee is of the opinion that any structural repairs must be carried out to the Schedule Property, the Lessee shall inform the Lessor of the nature of such repairs and
provide an estimate of the cost thereof. Upon the Lessor’s approval of the same, the Lessee shall carry out any such repairs and deduct the charges incurred for such repairs from the rent payable in the following months or otherwise recover the
same from the Lessor. The parties shall be bound in good faith under this clause to act reasonably and responsibly. 

  

	 	(f)	During the term of the lease, the Lessor shall pay all property tax, ground rents, charges or assessments, rates and taxes and outgoings imposed or payable in respect of the
Schedule Property (except the electricity charges for the power consumed in the Schedule Property as per the separate sub-meter installed by the Lessor, which the Lessee shall remit to the appropriate authority directly). 

	 	(g)	The Lessor or his nominee shall periodically inspect the Schedule Property at reasonable times and carry out such repairs, as may be required. The Lessor shall however give 48 hours
of notice in writing to the Lessee of its intention to inspect the Schedule Property and such inspection shall as far as possible be carried out without affecting the Lessee’s business and operation. 

  

	 	(h)	The Lessor shall ensure that Lessor or any other person shall not, under any circumstances, disturb the Lessee’s possession and enjoyment of the Schedule Property.

  

	 	(i)	The Lessor shall co-operate with the Lessee by executing all necessary documents and doing such act, deeds and things to enable the Lessee to avail of any governmental concessions
or benefits regarding its business and operations at the Schedule Property. 

  

	 	(j)	The Lessor shall ensure that the parking space eased to the Lessee shall not be used by any other person and shall at all times be available for use by the Lessee, its directions,
employees, representatives and visitors. 

  

	 	(k)	Without prejudice to the generality of the above, it is specifically understood between the parties that the Lessee shall not, unless expressly set out otherwise, be required or
obliged to pay any charges, rates or rents in respect of any of the services that the Lessor is required to render to the Lessee, whether set out in the Deed or otherwise. 

  

	 	(l)	The Lessor shall, at all times, continue to be a member of any association formed by the owners of all units situated in the building of which the Schedule Property is a part, so
that upon payment of applicable charges, the Lessee may enjoy the benefits of common areas and other facilities administered and provided by such association. 

  

	 	(m)	Prior to handing over possession to the Lessee under the terms of the Deed, the Lessor shall clean the Schedule Property and have the walls pained/whitewashed at the Lessor’s
own cost, failing which the Lessee shall do the same and deduct the expenses incurred on that amount from the rents payable to the Lessor. 

  

	 	9.	Rights and Obligations of Lessee: 

  

	 	(i)	The Lessee shall have the following rights, which the Lessee shall exercise having due regard to the rules and regulations of the RTOSOA in that behalf: 

  

	 	(a)	The Lessee shall, subject to complying with its obligations under this Deed be entitles to quiet and peaceful possession and enjoyment on a 24/7 basis, of the Schedule Property and
all easements, rights and advantages appurtenant thereto, including the common areas such as entrances, passageways, elevator, stairways, canteen and the terrace space and parking area forming part of the Schedule Property etc. During the period of
the lease, free from any 

  

 6 

 interference, objections, evictions, claims, interruptions and demands whatsoever, by the Lessee or any
Government authority or any person claiming through, under or in trust for the Lessor. 
  

	 	(b)	The Lessee will be entitled as its cost to install furniture, fixtures, false ceilings, wooden and other partitions, fittings, machines or equipment of any size, dimension or
capacity, electrical and communication appliances including without limitation electricity generators, air-conditioners, as per its requirements, which does not involve any structural change to the Schedule Property. If any damage is caused to the
flooring or the roof during such installation or removal, it shall be the responsibility of the Lessee to cause the same to be repaired at its cost and expenses. 

  

	 	(c)	The Lessee shall be at liberty to do the interior decoration of the Schedule Property as per its requirements from time to time. The Lessee shall also be entitled to make or put up
any partitions of temporary nature, install office equipment, air-conditioning, trade fittings and fixtures in the Schedule Property, which will remain the property of the Lessee only. In case of any major alteration, the Lessee shall obtain the
written consent of the Lessor, which consent shall not be unreasonably withheld or delayed for any unreasonable time. The Lessee shall be at liberty to remove any or all of such fixtures and fittings installed by it at any time.

  
 Provided however, the Lessee shall have due
regard to safety, building bye-laws, aesthetics etc., and on removal of the aforesaid, restore the Schedule Property in good order and condition, normal wear and tear excepted, without causing any damage to the schedule Property. 
  

	 	(d)	The Lessee will be entitled to carry out minor repairs, additions, alterations and replacements for the day to day functioning of electrical, water supply, sewerage, fittings and
fixtures and other amenities in the Schedule Property at its cost. However, in case of major repairs including but not limited to bursting of water and sanitary pipes, cracks in the roof/structure, seepage, etc, and/or repairs, it shall be the
responsibility of the Lessor to attend to the same. The Lessor shall ensure that they are attended to within twenty-four hours of receiving the lessee’s written intimation, failing which the Lessee shall be entitled to attend to the same
recover the cost thereof from the Lessor, either by deducting the same from the rent payable to the Lessor or otherwise. The Lessor shall act carefully and reasonably when entering the Schedule Property and ensure that minimal disturbance is caused
to the business operations of the Lessee at the time of such access / repairs. The Lessor shall also ensure that the integrity of equipment, machinery and confidential information of the Lessee shall not be affected in any manner.

  

	 	(e)	If the Lessor fails to pay the taxes, charges, assessments payable by him, or fails to carry out necessary repairs and other work which it has to carry out as provided herein, the
Lessee may 

 after due notice in writing to the Lessor, pay, discharge and carry out the same and the Lessee may set
off the same from the rent payable to the Lessor under these presents or receive the same otherwise. 
  

	 	(f)	In the event of any damage to the Schedule Property or the premises of which it is a part due to any reason including but not limited to war, civil commotion, fire, accident, acts
of terrorism, acts of war, storm, tempest, flood, earthquake or any inevitable accident or any other irresistible force or an act of God causing damage to the Schedule Property or part thereof to an extent that the Lessee cannot be reasonably
expected to use or occupy the Schedule Property within a period o three months from the occurrence of such damage at its own expense and during which time the lease rent shall remain suspended. Provided that if the Schedule Property is not or cannot
be so restored the Less terminate the lease by a week’s notice in writing to the Lessor and thereupon the lease shall stand terminated without prejudice to any claim by either party against the other in respect f any breach that has occurred
prior to such termination. 

  
 Provided that the
Lessee shall also be entitled, at its choice, to continue to use and enjoyment of such portion of the Schedule Property that is not affected during the period when the Schedule Property is being repaired. In the event of the Lessee continuing to use
and enjoy a portion of the Schedule Property only, the rent payable by the Lessee shall stand abated proportionately till such time that the entire Schedule Property is restored to the Lessee for use and enjoyment in terms hereof. 
  

	 	(g)	It is specifically agreed to between the parties that the Lessee shall be required to formally hand over possession of the Schedule Property to the Lessor on the termination of the
Lease of the Schedule Property or a portion thereof. The Lessor shall simultaneously hand over the security deposit of Rs. 4,00,000- (Rupees four lakhs only). The Lessee shall continue to be in possession of the Schedule Property, till such time
that the security deposit amount is refunded to the Lessee. 

  

	 	(h)	On the expiry of earlier termination of the lease and at the time of vacating the Schedule Property the Lessee will be entitled to remove and take away, at its option, all or any of
its machinery, equipment, fittings, fixtures, etc., as may have been installed or attached or bought in the Schedule Property by the Lessee from time to time, without causing any damage to the Schedule Property, normal wear and tear expected.
Provided that is there is any damage to the Schedule Property, the Lessee shall be bound to cause the same to be repaired. 

  

	 	(i)	The Lessee shall be at liberty to install necessary communication equipment in the Schedule Property at its cost for conducting its business during the tenure of the lease.

	 	(j)	The Lessee may provide such value-added services in the Schedule Property, as it may deem appropriate for the purpose of promoting its business. In this regard the Lessee shall be
at liberty to enter into contracts and arrangements with different persons to provide such services. The Lessor shall not be a party to such contract an it shall be the responsibility of the Lessees to ensure that the terms of this Deed are duly
complied with. The Lessee agrees that it will not, in any manner whatsoever, part with possession of the Schedule Property during the course of providing such services. 

  

	 	(k)	The Lessee shall be entitled to sublease the Schedule Property to any subsidiary or holding companies or companies under the same management on such terms and conditions as may be
deemed fit, so however, that it would continue to be responsible and liable to comply with its obligations hereunder. The Lessee shall keep the Lessor informed in this regard. For the purpose of this sub-clause the expression “companies under
the same management” shall be understood as defined in Section 370 of the Companies Act, 1956 as it stood prior to the Companies (Amendment) Act, 1999. 

  

	 	(l)	The Lessee shall be entitled to carry on its operation on a 24/7 basis and shall have access to the Schedule Property on such basis. The transport vehicles and other vehicles shall
be permitted ingress and egress from the building in which the schedule property is situate accordingly. 

  

	 	(m)	The Lessee shall be entitled to put-up and display an signboard of appropriate dimensions and at the appropriate locations in accordance with any rules commonly prescribed from time
to time for all occupants of the building of which the Schedule Property is a part. 

  

	 	(II)	The Lessee shall discharge the following obligations: 

  

	 	(a)	The Schedule Property shall be used by the Lessee primarily for development, marketing and sales of software, hardware, firmware or for information technology, information
technology enabled services and related business. 

  

	 	(b)	The Schedule Property shall be used/occupied only by the Lessee or its subsidiaries, holding companies, group or sister companies or organizations owned or working under or with the
Lessee or working with its subsidiaries, holding companies, group or sister companies, but in all cases the obligations under this Deed shall always be that of the Lessee. 

  

	 	(c)	Except as provided by sub-clause (I)(k) of this clause 9, the Lessee shall not be entitled to sub-let, under-let, or assign its rights under this Deed to any person without the
prior written consent of the Lessor, which consent shall not be unreasonably withheld or unreasonably delayed. 

 The Schedule Property shall under no circumstances be used as a residence or as a godown, provided that
the same may be lawfully used as a customs bonded warehouse. 
  

	 	(d)	The Lessee will pay the electricity charges and generator charges in respect of the Schedule Property (other than the common area) as per the bills raised by the concerned statutory
authority or RTOSOA, as the case may be, in accordance with the meter reading as per the separate meter installed for the Schedule Property. 

  

	 	(e)	The Lessee shall not do or permit to be done any act in the Schedule Property contrary to any law, rule or regulation for the time being in force or in any manner disfigure the
Schedule Property or diminish its value or damage its interiors. 

  

	 	(f)	The Lessee shall, subject to normal wear and tear, keep the Schedule Property in good, clean condition and shall undertake minor repairs at its own cost and will also be responsible
for day-to-day maintenance of the Schedule Property provided that the Lessor shall be fully responsible for carrying out any structural repairs/major repairs at its cost. If any fittings or fixtures are damaged due to the Lessee’s fault, the
Lessee shall replace the same. 

  

	 	(g)	The Lessee shall pay promptly all maintenance and other charges payable in common by occupants of other units in the building of which the Schedule Property is a par, to the
association formed for the upkeep and welfare of such building. 

  

	 	(h)	The Lessee agrees to observe any regulations lawfully prescribed by such association as referred to above in accordance with its bye-laws for all occupants in the building of which
the Schedule Property is a part. 

  

	 	10.	Termination: 

  

	 	(a)	Unless terminated in accordance with the terms of this Deed, the lease shall be valid and in effect during the Term of 2 (two) years from the commencement thereof and subject to the
provisions contained in clause 4, shall automatically stand terminated after the expiry of the said 2 (two) years. 

  

	 	(b)	After the expiry of 1 (one) year from the commencement of the lease, the Lessee shall be entitled to terminate this lease without any cause before the expiry of the said term by
giving the Lessor three months’ advance written notice or by paying rent in lieu of notice. The Lessor shall not, unless for reasons of default by the Lessee, terminate the lease prematurely before the expiry of the aforesaid term of 2 (two)
years. 

  

	 	(c)	In the event of any default by either party (the defaulting party) in complying with its obligations to the other party under this Deed that materially affects the interest or
rights of the other party, the other party shall be entitled to issue a notice to the defaulting party setting out the 

 default and requiring the defaulting party to rectify such default or provide a suitable explanation
therefore within forty-five days of receipt of such notice, failing which the party suffering on account of such breach shall be entitled to terminate the lease by issuing a further notice to the defaulting party. 
  

	 	(d)	Termination of this Deed shall not affect the rights if the parties that have vested prior to such terminations. 

  

	 	(e)	On the termination of this lease for whatever reason, the Lessee shall hand over the Schedule Property to the Lessor simultaneously with the Lessor refunding the security deposit of
Rs. 4,00,000 (Rupees four lakhs only) together with interest in case of any delay in refunding. 

  

	 	11.	Notices: Any notice to either of the parties herein shall be deemed to be properly served if sent to such party by registered post to the address provided in this Deed
above or to such other address as may be designed by the parties and in the case of the Lessee a copy of the notice shall also be sent to the offices of the Lessee’s holding company at Unit 2, 3rd Floor, Innovator, ITPL, Whitefield Road, Bangalore – 560 066 and shall be addressed to the Managing Director or to such other address/person as may be
notified. 

  

	 	12.	Amendments/Variations: No change, variation or modification of any of the terms and conditions set forth herein shall be valid unless incorporated as an amendment to
this Deed, and signed by the duly authorized representatives of both the parties and duly registered. 

  

	 	13.	Arbitration and Jurisdiction: In case of any dispute between the parties arising out of, in respect of or in any manner concerning this Deed or the possession or
enjoyment of the Schedule Property by the Lessee, or the lease of the Schedule Property that cannot be amicably settled by the parties by mutual discussions, such disputes shall be referred to arbitration of a sole arbitrator to be mutually
appointed by the parties in accordance with the provisions of Arbitration and conciliation act 1996 or any modifications or reenactments thereof. The law governing the arbitration proceedings shall be Indian Law and the proceedings shall be held at
Banaglore and conducted in the English language. 

  
 Subject to the above, any action for the obtaining of any injunctive orders shall be subject to the exclusive jurisdiction of the courts at Bangalore City. 

	 	14.	Expenses of this Deed and possession thereof: The parties shall respectively bear and pay the respective charges for the solicitors engaged by them and pertaining to this
Deed. This Deed shall be executed in two counterparts. The Lessee shall retain the original and the Lessor the duplicate. The stamp duties and registration charges in respect of this Deed shall be borne by the Lessee. The Lessor shall assist the
Lessee in the registration of this Deed. 

  

	 	15.	Miscellaneous: 

  

	 	(a)	Headings: The headings used herein are inserted only as a matter of convenience and for reference and will not affect the construction or interpretation of this Deed.

  

	 	(b)	Severability: If any provision of this Deed is held to be unenforceable, illegal or void, all other provisions will nevertheless continue in full force and effect. The
parties will nevertheless be bound to negotiate and settle a further provision to this Deed, which comes as close to the original provision and which is enforceable, legal and valid. 

  

	 	(c)	No Waiver: All the original rights of the parties under this Deed will remain in full force and effect notwithstanding the failure of either party to insist upon the strict
performance of this Deed by the other party. Any neglect or forbearance or delay in enforcement of any right hereof will not be construed as a waiver of the same and both parties will, at any time thereafter be entitled to call upon the other party
to comply strictly with the provisions hereof, whether for the same or for a subsequent default. 

  

	 	(d)	Entire Agreement: This instrument constitutes the entire agreement between the parties as to the subject matter hereof and supersedes all previous agreements or
understandings, if any, with respect thereto. 

  
 SCHEDULE 
  
 All that piece and parcel of
the immovable property bearing Unit No. 1111, 11th Floor, Raheja Towers, East Wing, situated at 26/27, Mahatma
Gandhi Road, Bangalore 560 001 measuring 1320 sq. ft of super built area with one covered car park. 
  
 Following is an inventory of Lessor’s assets in the above property to be left behind by the Lessor for the Lessee’s use during the term of the
lease. The Lessee shall, upon expiry of the term of the lease or earlier termination, leave behind the same in an “as is, where is” condition, subject however to the condition that the Lessee shall not cause any damage to the same, except
for wear and tear. 

			
	Item Nos.

	  	 Description

		
	1-4	  	Two executive tables, including one with glass top (both with drawers) and side table for each table
		
	5-12	  	Eight chairs (all of Featherlite make) including two executive chairs and six visitor/conference room chairs
		
	13-14	  	Two wooden reception chairs with upholstery
		
	15	  	One center table
		
	16	  	One Godrej refrigerator
		
	17	  	One aquaguard
		
	18	  	One UPS
		
	19-21	  	Three telephone lines
		
	22-26	  	Five sets of venetian blinds
		
	27	  	One 5-tonne A/c plant
		
	28-37	  	Ten paintings/prints including a ‘Ganesha’ oil on canvas
		
	38	  	One wall mounted storage cabinet

  
 IN WITNESS WHEREOF the parties to this
Deed, have affixed their signatures on the day, month, and year hereinabove first mentioned in the presence of witnesses attesting hereunder. 
  

									
	WITNESS:	 	 	 	“LESSOR”
				
	1.	 	 /s/    YuSuff

	 	 	 	 /s/    Arun S. Desai

	 	 	 YuSuff, 201 Barton Centre
	 	 	 	 	 	 
	 	 	 M.G Road
 Bangalore-560001
	 	 	 	 
				
	 2.
	 	 /s/    S. Chandrashekhar

	 	 	 	“LESSEE”
	 	 	 S. Chandrashekhar
	 	 	 	 For Synplicity Software India Private Limited

	 	 	 136/7, 1st Floor,
 Grape Garden
 Ejipura, Viveknagar
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	 	 	 	 /s/    H.V. Ananda

 Authorized SignatoryInvestment Advisor Agreement

 Exhibit 10.22 
  
 Investment Advisor Agreement 
  
 This INVESTMENT ADVISOR AGREEMENT (the “Agreement”) is effective as of June 1, 2004 by and between STATE STREET
BANK AND TRUST COMPANY, a trust company organized under the laws of the Commonwealth of Massachusetts (“State Street”), and PACIFIC INVESTMENT MANAGEMENT COMPANY LLC (the “Advisor”). 
  
 WHEREAS, the American Bar Association Members Retirement Trust and the
American Bar Association Members Pooled Trust for Retirement Plans (collectively referred to as the “Trusts”), for which State Street acts as trustee, are maintained pursuant to agreements between the American Bar Retirement Association
(“ABRA”) and State Street for the purpose of funding the American Bar Association Members Retirement Plan, the American Bar Association Members Defined Benefit Pension Plan (together, the “ABA Members Plans”) and other employee
benefit plans, as adopted by eligible individuals, organizations, partnerships, corporations or associations (each such employee benefit plan being referred to as a “Plan” and collectively as the “Plans”), which Plans must meet
the requirements for qualification under Section 401 of the Internal Revenue Code of 1986, as amended and in effect from time to time (the “Code”); 
  
 WHEREAS, certain assets of the Trusts are deposited in a collective investment fund, known as the BALANCED FUND (the “Fund”), established under
the American Bar Association Members/State Street Collective Trust (the “ABA Members Collective Trust”) established by State Street, as trustee (the “Trustee”), pursuant to the Declaration of Trust dated December 5, 1991, as
amended and in effect from time to time (the “Declaration of Trust”); 
  
 WHEREAS, the Fund is established under a group trust maintained by the Trustee and is exempt from tax pursuant to Revenue Ruling 81-100; 
  
 WHEREAS, the Trustee desires to invest certain assets of the Fund in a second collective investment fund, known as the
Intermediate Bond Fund, established under the ABA Members Collective Trust pursuant to the Declaration of Trust (the “Intermediate Bond Fund”); 
  
 WHEREAS, the Advisor acts as investment advisor to assist the Trustee in managing the assets of the Intermediate Bond Fund; 
  
 WHEREAS, to facilitate the transition to direct investment of certain assets
of the Fund in the Intermediate Bond Fund, the Trustee desires to retain the Advisor to act as its investment advisor during an interim period to assist the Trustee in managing such assets of the Fund as the Trustee may designate from time to time
in writing to the Advisor (the “Subaccount”) by making recommendations to the Trustee with respect to the investment and reinvestment of the assets in the Subaccount; and 
  
 WHEREAS, the parties desire to set forth, among other things, the duties, terms and conditions under which the Advisor will
carry out such advisory functions and the Trustee 

 
will perform certain of its functions with respect to managing and administering the Subaccount and the Fund; 
  
 NOW, THEREFORE, in consideration of the promises and mutual covenants
contained in this Agreement, it is agreed as follows: 
  
 1.
Appointment of the Advisor. 
  
 (a) The
Advisor is hereby appointed and employed as investment advisor to the Trustee to assist the Trustee in its management of such assets of the Fund as are held in the Subaccount from time to time. The Advisor shall provide investment advice and
recommendations and shall render certain other related services to or on behalf of the Trustee, all in accordance with the terms and conditions of this Agreement. 
  
 (b) This Agreement shall be effective during the period (the “Term”) from the date hereof through
and including June 30, 2004 and shall, except as otherwise provided herein, terminate at the expiration of the Term unless extended by mutual written agreement of the parties hereto. 
  
 2. Acceptance by the Advisor. The Advisor hereby accepts such appointment and employment and acknowledges that, (a)
with respect to the assets in the Subaccount, it is a fiduciary, as defined in the Employee Retirement Income Security Act of 1974, as amended and in effect from time to time (“ERISA”), with respect to the Trusts and the Plans and (b) no
person associated with the Advisor is a trustee or administrator of, or an employer of anyone covered by, any Plan. The Advisor represents that it is registered, or exempt from registration, under the Investment Advisers Act of 1940, as amended (the
“Advisers Act”), and that it is in the business of acting as a fiduciary with respect to assets of various retirement plans and trusts. The Advisor agrees and covenants that it will notify the Trustee within ten (10) business days of (v)
any change of its status under the Advisers Act, (w) the receipt of formal notice of the commencement of any proceeding by any governmental agency to take any action which would change its status under the Advisers Act, (x) notice by any
governmental agency of the intent to place material limitations on the activities of the Advisor, (y) notice by any governmental agency that it intends to begin an investigation of the Advisor that is outside of the scope of routine investigations
that such agency conducts from time to time of businesses engaged in the same or similar activities as the Advisor, or (z) notice by any governmental agency that it has identified an area of non-compliance or other concern in the course of any
investigation of the Advisor. Throughout this Agreement, the term “business day” shall mean any day in which the New York Stock Exchange is open for trading and on which the Trustee’s principal office is open for business. 

 
 3. Definition of Subaccount. The Subaccount for which the Advisor
has been appointed to render investment advice and certain other services is designated as Subaccount A and consists of the assets set forth in Appendix A. The Trustee may change the composition of or the amount of assets included within the
Subaccount, by amending Appendix A, after written notice to the Advisor and ABRA. 
  
 4. The Advisor’s Services. 
  

 2 

 (a) Investment Process. The Advisor shall make timely recommendations to the
Trustee as to how the Trustee should invest and reinvest the assets of the Subaccount and, in that connection, may recommend that the Trustee purchase, sell or otherwise invest the assets of the Subaccount on the terms and conditions recommended by
the Advisor in a manner consistent with the provisions of this Agreement. The manner and procedures for effecting any such purchases, sales or investments are set forth in Subsection 4(c) below. From time to time at the request of the Trustee, the
Advisor shall consult with the Trustee on a timely basis with respect to any recommendation made by the Advisor or otherwise with respect to the investment of the assets of the Subaccount. 
  
 (b) Compliance With Policies and Other Requirements.
In providing its investment advice and other related services, the Advisor shall act in accordance with the investment objectives and policies for the Fund as set forth in the Fund Declaration pursuant to which the Fund is established and
maintained, as the same may be amended from time to time by the Trustee (the “Fund Declaration”), a copy of which is attached hereto as Appendix B, and in accordance with any additional investment objectives and policies that have been
established by the Trustee for the Subaccount as set forth in Appendix C, as the same may be amended from time to time by the Trustee, or that have been set forth in the Registration Statement on Form S-1 filed with the Securities and Exchange
Commission relating the Funds, as the same may be amended from time to time. In providing its investment advice and other related services under this Agreement, the Advisor shall comply with all of the Trustee’s reasonable operating
requirements as the same may be communicated in writing by the Trustee to the Advisor from time to time. The Advisor shall comply with any changes to such operating requirements that the Trustee may make from time to time within a period of time
reasonably specified by the Trustee (or if none is specified, within a reasonable time period) after notice of such changes is communicated in writing by the Trustee to the Advisor. The Advisor is authorized on behalf of the Subaccount to enter into
individual confirmation documents required to effect an investment that (i) is permitted pursuant to the Fund Declaration attached as Appendix B hereto, as such appendix may be amended from time to time, (ii) constitutes an Authorized Transaction
and (iii) is made pursuant to the terms of a master agreement previously approved by the Trustee. A copy of any such confirmation documents shall be delivered promptly to the Trustee. 
  
 (c) Recommendation Procedures. The Advisor shall place orders or otherwise give instructions with
respect to the investment of the assets in the Subaccount only after prior notification to and approval by the Trustee in accordance with the provisions of this Subsection 4(c). Except in accordance with the following provisions, the Advisor shall
have no authority to place orders for the execution of transactions involving assets of the Subaccount or to give instructions to the Trustee with respect thereto: 
  
 (i) Broker List. The Trustee shall consider brokers recommended by the Advisor and shall approve, to
the extent deemed appropriate by the Trustee, a list of brokers through whom transactions with respect to the assets in the Subaccount may be effected (the “Broker List”). The Advisor need not submit a new list if such list is unchanged
from the most recently submitted list. From time to time by means of Valid Notice (as defined below), the Advisor may request an amendment (the “Advisor’s Amendment”) to the Broker List. The Trustee shall exercise reasonable efforts
to notify the Advisor whether or not the Trustee authorizes the Advisor’s 
  

 3 

 
Amendment to the Broker List by means of Valid Notice within one (1) complete business day (i.e., not later than the same time of day on the next business
day) following its receipt of the Advisor’s Amendment and if the Trustee does not so notify the Advisor, then the Advisor’s Amendment shall be deemed to be approved at the conclusion of such one business day period. The Trustee may effect
an amendment to the Broker List at any time upon Valid Notice to the Advisor. 
  
 (ii) Real-Time Recommendations. From time to time by means of Valid Notice (as defined below), the Advisor may make recommendations as to proposed transactions with respect to the assets of the Subaccount (the
“Advisor’s Recommendation”). The Advisor’s Recommendation shall (A) be directed to the employee or employees of the Trustee designated for such purpose by the Trustee from time to time by Valid Notice and (B) describe the
transaction being recommended by the Advisor in such detail and specificity as the Trustee may reasonably require. For this purpose, if the transaction is to be effected at the market price on the applicable exchange or trading system, a statement
to such effect shall be sufficient to describe the proposed sale or purchase price. The Trustee shall exercise reasonable efforts to notify the Advisor by means of Valid Notice whether or not the Trustee authorizes the transaction recommended in the
Advisor’s Recommendation (the “Trustee’s Response”). The Trustee shall exercise reasonable efforts to deliver the Trustee’s Response within one (1) hour following its receipt of the Advisor’s Recommendation and if the
Trustee does not deliver the Trustee’s Response to the Advisor within such one-hour period, then the transaction or transactions recommended in the Advisor’s Recommendation shall be deemed to be approved; provided, however,
that if the Advisor’s Recommendation is received by the Trustee after 9:00 p.m. Eastern time on any business day, then the one-hour period described in this Subsection 4(c)(ii) shall be extended so that it expires at 9:00 a.m. Eastern time on
the next succeeding business day. 
  
 (iii)
Authorized Transactions. A transaction shall become an “Authorized Transaction” when it is (A) approved pursuant to the Trustee’s Response or (B) deemed approved pursuant to Section 4(c)(ii). The designation of a transaction as
an Authorized Transaction hereunder shall be binding against the Trustee and the Authorized Transaction shall remain validly approved and authorized until the earlier of (AA) the time that it is expressly countermanded by Valid Notice from the
Trustee to the Advisor or (BB) at the end of the twentieth (20th) business day following its designation as an Authorized Transaction. 
  
 (iv) Investment Authority. With respect to any Authorized Transaction, the Advisor may take any and all action necessary or
desirable to effect such Authorized Transaction, including but not limited to (A) placing an order with a broker named in the Broker List for the execution of the Authorized Transaction and (B) issuing to the Trustee such instructions as may be
appropriate in connection with the settlement of such Authorized Transaction. 
  
 (v) Valid Notice. “Valid Notice” shall mean (A) written notice or communication, which may be made by facsimile or by electronic transmission in a format and method reasonably acceptable to the
Trustee, or (B) oral notice or 

  

 4 

 
communication that is recorded by the Trustee or the Advisor and is available for subsequent verification. 
  
 (d) Custody of Assets and Confirmation of
Transactions. To the extent required by applicable law, the Advisor shall direct that all securities purchased and the proceeds from the sale of securities for the Subaccount be delivered to the Trustee, unless otherwise directed by the Trustee.
The Advisor shall direct any broker effecting a transaction with respect to the assets of the Subaccount to send the Trustee a duplicate copy of any confirmation of any such transaction, except that the Advisor may make other arrangements (which are
reasonably satisfactory to the Trustee) for the Trustee to receive such duplicate confirmations or comparable information acceptable to the Trustee. 
  
 (e) Communications Regarding Investment Securities. The Trustee shall send, or cause to be sent, on a timely basis, copies of all
communications (including but not limited to proxy statements, tender offers and class action communications) from or relating to companies, the securities or other instruments of which are held in the Subaccount, to the Advisor. The Advisor shall
be responsible for making a recommendation to the Trustee, in such detail and specificity as the Trustee may reasonably require, as to the appropriate response to such communications (the “Suggested Response”). Such Suggested Response
shall be made by the Advisor by Valid Notice, at least one (1) complete business day (i.e., not later than the same time of day on the prior business day) prior to the deadline for such response. Such Suggested Response shall be directed to the
employee or employees of the Trustee designated for such purpose by the Trustee from time to time by Valid Notice. If the Trustee decides not to follow the Suggested Response, it shall so notify the Advisor by Valid Notice (the “Trustee’s
Rejection”) not later than the earlier of one (1) complete business day (i.e., not later than the same time of day or the next business day) following its receipt of the Suggested Response or two (2) hours before the response deadline. Failure
by the Trustee to give the Trustee’s Rejection to the Advisor within such period shall constitute the Trustee’s approval of the Suggested Response, and shall constitute authorization to the Advisor to (i) take such action as is appropriate
to effect the Suggested Response and (ii) issue to the Trustee such instructions as may be appropriate in connection with effecting the Suggested Response. 
  
 (f) Advisor’s Duty of Care. The Advisor shall discharge its duties with respect to the Subaccount solely in the interests of
the participants in the Plans and their beneficiaries with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an
enterprise of like character and with like aims. The Advisor shall not be responsible for the operation or administration of the Trusts or the Plans. The Advisor shall have no investment advisory responsibilities other than those expressly provided
in this Agreement. The Advisor shall discharge its duties in accordance with the requirements of ERISA, other applicable law and this Agreement. 
  
 (g) Fidelity Bond and Insurance. The Advisor shall maintain for the period during which the Agreement is in effect a fidelity bond
meeting the requirements of Section 412 of ERISA (unless the Trustee acknowledges that the Advisor is exempt from such requirements) and including its officers, directors and employees (or comparable individuals) to the extent so required. The
Advisor will provide to ABRA and the Trustee within twenty (20) 
  

 5 

 
business days of the effective date of this Agreement copies of all insurance certificates (including fiduciary, errors and omissions, and fidelity bonds)
that could cover or relate to the Subaccount, the Fund, the Trusts or the Plans, and, upon request by the Trustee or ABRA, a copy of any such policy. The Advisor will notify ABRA and the Trustee of any material changes in such policies, which change
affects the coverage of the Advisor, within twenty (20) business days after the earlier of when such changes are made or are effective. 
  
 (h) Brokerage Practices. In placing orders for the purchase and sale of assets of the Subaccount in accordance with Subsection
4(c), the Advisor shall act in accordance with the procedures with regard to brokerage practices for the Subaccount, as described in Appendix D. The Advisor shall make its recommendations of brokers or dealers in accordance with its best judgment
and in a manner consistent with ERISA and other applicable law. The Advisor shall recommend those brokers or dealers for inclusion on the Broker List using its best judgment to choose the broker or dealer most capable of providing the brokerage
services necessary to obtain the “best available price and most favorable execution.” The Trustee recognizes that the Advisor may, in accordance with Section 28(e) of the Securities Exchange Act of 1934, as amended, recommend a broker or
dealer who will charge a commission for effecting a securities transaction that will exceed the amount of commission another broker or dealer would have charged for effecting such transaction, where the Advisor has determined in good faith that the
amount of such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer to, or for the benefit of, the Subaccount, viewed in terms of either that particular transaction or such
broker or dealer’s overall responsibilities with respect to the Subaccount. 
  
 (i) Nondisclosure of Information. To the extent necessary for the execution of this Agreement or to satisfy the requirements for
disclosure to participants or to meet the requirements of Sections 8 and 9, the Advisor shall keep in strict confidence all information about the financial affairs of the Subaccount. The Advisor may include information about the Subaccount in
aggregate information provided by the Advisor as long as the information is not set out separately or in any other manner that would enable a third party to determine the financial affairs of the Subaccount. 
  
 (j) Advisor’s Potential Conflicts of Interest.
The Advisor (and any affiliate thereof) may engage in any other business or act as advisor to or investment manager for any other person, even though it (or any affiliate thereof) or such other person has, or may have, investment policies similar to
those followed by the Advisor with regard to the Subaccount. Nothing in this Agreement shall prevent the Advisor (or any affiliate thereof) from buying or selling, or from recommending or directing such other person to buy or sell, at any time,
securities of the same kind or class recommended by the Advisor to be purchased or sold for the Subaccount. The Advisor shall be free from any obligation to the Subaccount to recommend any particular investment opportunity which comes to it.
However, if the Advisor effects the purchase or sale of the same securities for the Subaccount and other accounts at the same time that orders are open for the Subaccount and the other accounts, the pricing of or proceeds from such securities shall
be allocated among the other accounts and the Subaccount in a just and equitable manner. 
  

 6 

 (k) Valuation. At the request of the Trustee from time to time, the Advisor shall
use its reasonable efforts to provide pricing and valuation information with respect to particular securities it has recommended for the Subaccount if the Trustee has determined that such pricing and valuation information is not otherwise reasonably
available to the Trustee through standard pricing services. 
  
 5.
Representations by the Trustee. The Trustee represents and warrants that (a) there are no restrictions or limitations on the Subaccount’s investments imposed by applicable law other than (i) those set forth in the Declaration of Trust,
the Fund Declaration, this Agreement, and Appendix C, as any of the same may be amended from time to time and communicated to the Advisor, (ii) those provided in ERISA and (iii) any other investment restriction or limitation imposed by law or
regulation which in the Trustee’s judgment is applicable to the Subaccount and which is communicated by the Trustee to the Advisor; and (b) disclosure to Plan participants contained in the Registration Statement describing the Subaccount is
accurate and prepared in accordance with the requirements of Form S-l under the Securities Act of 1933, as amended, except that the Trustee makes no representation or warranty with respect to any disclosure relating to the Advisor or its services
with respect to the Subaccount which the Advisor has prepared, approved in writing or has not disapproved within five (5) business days following confirmed transmission by facsimile, acceptable electronic transmission or overnight mail to a person
designated by the Advisor to review such disclosure. 
  
 6.
Liability of the Advisor; Indemnification. 
  
 (a) Limitation of Liability of the Advisor. The Advisor shall not be liable for any act or omission of any other person or entity exercising a fiduciary responsibility, if such fiduciary responsibility has been allocated to such
other person or entity in accordance with this Agreement, the Declaration of Trust, the Fund Declaration, the Plans or the Trusts, except to the extent that the Advisor has itself violated its fiduciary responsibility or its obligations under this
Agreement, or except to the extent that applicable law (including ERISA) may expressly provide otherwise. 
  
 (b) Indemnification. 
  
 (i) Indemnification of Advisor. To the extent permitted by applicable law, the Trustee agrees to indemnify and hold harmless the
Advisor for losses, damages or expenses resulting from (A) actions taken by the Advisor in reliance on information provided by the Trustee to the Advisor in accordance with this Agreement, including but not limited to the Trustee’s operating
requirements and cash availability information and (B) actions omitted to be taken by the Advisor pursuant to instructions or directions provided by the Trustee. 
  
 (ii) Indemnification of the Trustee. To the extent permitted by applicable law, the Advisor agrees to
indemnify and hold harmless the Trustee for any losses, damages or expenses resulting from (A) any recommendation of the Advisor or based on information provided by the Advisor, (B) the Advisor’s failure to provide correct and timely
information or to make recommendations on a timely basis as provided in the Agreement, and (C) any disclosure relating to the Advisor or the services 

  

 7 

 
provided by the Advisor with respect to the Subaccount which the Advisor has prepared, approved in writing or has not disapproved within five (5) business
days following transmission by facsimile, acceptable electronic transmission or overnight mail to a person designated by the Advisor to review such disclosure; provided, however, that the Advisor shall not be required to indemnify and
hold harmless the Trustee to the extent that such losses, damages or expenses result from an act or omission of the Advisor with respect to which the Advisor not only has used such care, skill, prudence and diligence as a reasonably prudent person
acting in like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims, but also has otherwise acted in accordance with this Agreement. 
  
 (iii) Advisor and Trustee Indemnification Procedures.

  
 If the party seeking indemnification is
either the Advisor or the Trustee, such party shall promptly notify the indemnifying party of any claim, action, suit or proceeding, or threat thereof, which may result in a claim for indemnification. Upon such notification, the indemnifying party
may, at its option, undertake the conduct and cost of defending any such claim, action, suit or proceeding and in such case shall have full control of such defense, including but not limited to selection of counsel (provided that such counsel must
be reasonably acceptable to the party being indemnified) and entry into settlement agreements (provided that any such settlement agreement shall require the consent of the party being indemnified, which consent shall not be unreasonably delayed or
withheld). The Trustee or the Advisor, as the indemnifying party, shall not be liable for any legal or other expenses incurred in connection with any such defense that were not specifically authorized by it; provided, however, if such
indemnifying party fails to undertake and prosecute vigorously the defense of any such claim, action, suit or proceeding, it shall be liable for reasonable legal and other expenses incurred by the party being indemnified. 
  
 (c) Indemnification of ABRA. 
  
 (i) To the extent permitted by applicable law, the Advisor
agrees to defend, indemnify and hold harmless ABRA, its then present and former officers, directors and advisory directors, the ABA, and its then present and former officers and Board of Governors (the “Indemnified Persons”) against any
and all expenses (including attorney’s fees, judgments, fines and penalties, including any civil penalties assessed under Section 502(1) of ERISA) and amounts paid in settlement actually or reasonably incurred in connection with any threatened,
pending or current action, suit, proceeding or claim, whether civil, criminal, administrative or otherwise, and the amount of any adverse judgment entered against any of them and any reasonable expenses attendant thereto by reason of any of the
Advisor’s acts or omissions in connection with this Agreement. For the above defense, indemnity and hold harmless provision to apply (i) the Indemnified Persons (or ABRA) shall inform the Advisor promptly of any claims threatened or made
against any Indemnified Person, (ii) the Indemnified Persons shall cooperate fully with the Advisor in responding to such threatened or actual claims and (iii) any settlement agreement entered into by the Indemnified Persons shall require the
written approval of the Advisor, which approval shall not be unreasonably withheld or delayed, and any settlement agreement entered into 

  

 8 

 
by the Advisor shall require written approval, within the time frame established by the Advisor, of the Indemnified Persons, which approval shall not be
unreasonably withheld. 
  
 (ii) Right to
Counsel. The Indemnified Persons shall have the right to employ counsel in their, its, his or her sole discretion. Such Indemnified Persons shall be responsible for the expenses of such separate counsel except as provided in Subsection
6(c)(iii). The Advisor agrees to cooperate fully with the Indemnified Persons and their separate counsel in responding to such threatened or actual claims. 
  
 (iii) Separate Counsel. The Advisor agrees to cooperate fully with the Indemnified Persons in responding to such threatened or
actual claims. The Indemnified Persons shall have the right to reasonable expenses of separate counsel paid by the Advisor, provided that the Advisor shall not be liable for any legal or other expenses incurred in connection with any such
threatened claim or defense that were not specially authorized by the Advisor in writing and provided that the Advisor shall have received a written opinion reasonably acceptable in form and substance to the Advisor of counsel reasonably
acceptable to the Advisor (and which counsel shall not represent or otherwise be affiliated with any of the Indemnified Persons) that there exists a material conflict of interest between one or more of the Indemnified Persons and the Advisor in the
conduct of the response to a threatened claim or in the conduct of the defense of an actual claim, in which event the Advisor shall be liable for the reasonable legal expenses of each counsel whose appointment is necessary to resolve such conflict;
provided, however, the Advisor shall not be responsible for more than one (1) counsel for all Indemnified Persons and selection of such counsel shall be reasonably acceptable to the Advisor. 
  
 (iv) Payment of Expenses. Expenses (including counsel
fees) specifically authorized by the Advisor and actually and reasonably incurred by the Indemnified Persons in defending against or responding to such threatened or actual claims as provided in (i) and (iii) of this Subsection shall be paid as they
are incurred. If an Indemnified Person is reasonably required to bring any action to enforce rights or collect monies due under Subsection 6(c) and is successful in such action, the Advisor shall reimburse such Indemnified Person or its subrogee for
reasonable fees and expenses incurred in bringing and pursuing such action. 
  
 (v) Supplemental Rights. Indemnification pursuant to Subsection 6(c) is intended to be supplemental to any other rights to indemnification available to the Indemnified Persons. Nothing herein shall be deemed to
diminish or otherwise restrict the Indemnified Persons’ rights to indemnification under law. 
  
 (vi) Third Party Beneficiaries. The indemnifying party acknowledges that the Indemnified Persons are intended to be third-party
beneficiaries of Subsection 6(c). 
  
 7. Transactions
Prohibited with Respect to the Advisor. The Advisor, its officers, partners, directors and affiliates, and each of them, shall not, with respect to the Subaccount, (a) as a principal, purchase assets from or sell assets to the Fund, (b) receive
any 

  

 9 

 
compensation or fees with respect to the Fund, other than the fees provided for in Appendix E, (c) engage in or recommend any transaction involving or
affecting the Fund that such person knows or should know is a prohibited transaction under ERISA unless such transaction is exempt under the applicable provisions of ERISA or (d) direct delivery of securities or payment to itself or direct any
disposition of securities or cash from the Subaccount except to the Trusts. 
  
 8. Reports and Meetings. 
  
 (a) Monthly Reports. At least monthly the Advisor shall render to the Trustee and ABRA, or their designee, reports concerning its services under this Agreement and the status of the Subaccount, based on the
reporting procedures set forth in Appendix F, which is hereby adopted and made a part of this Agreement, including statements of investments in the Subaccount. 
  

(b) Meetings. The Advisor will meet with the Trustee and ABRA and with such other persons as the Trustee or ABRA may designate
on reasonable notice and at reasonable times and locations, to discuss general economic conditions, Subaccount performance, investment strategy and other matters relating to the Subaccount. 
  
 (c) Reports Prior to Termination. On each day during
the period beginning ten (10) business days prior to the effective date of the Advisor’s resignation or its removal under this Agreement by the Trustee (the “Termination Date”), or on each day of such shorter period after which the
Advisor has received notice of its removal, the Advisor shall render to the Trustee and ABRA, or their designee, a report of the current status of the Subaccount based on the procedures set forth in Appendix F, including a statement of investments
in the Subaccount and on the day immediately following the Termination Date, such report shall be rendered in final form with respect to the status of the Subaccount, including a statement of investments therein, as of the close of business on the
Termination Date. 
  
 (d) Additional
Reports. The Advisor shall furnish to the Trustee and ABRA such additional reports and information as may be reasonably requested by the Trustee or ABRA. 
  
 9. Accounting. The Advisor shall keep accurate and detailed records concerning its services under this Agreement, including records of all
transactions effected and recommendations made during its performance of this Agreement, and all such records shall be open to inspection at all reasonable times by the Trustee and ABRA, or their designee, and by duly authorized representatives of
the Secretary of Labor and the Secretary of the Treasury acting pursuant to their authority under ERISA and the Code, respectively, and other appropriate regulatory authorities. 
  
 10. Advisor’s Compensation. The amount and manner of payment of fees payable by the Trustee to the Advisor for
the Advisor’s services under this Agreement are set forth in Appendix E. 
  
 11. Removal and Resignation. 
  

 10 

 (a) Removal of the Advisor. Upon written notice to the Advisor, the Advisor may be
removed by the Trustee. Any transaction for the Subaccount authorized by the Trustee prior to the receipt by the Advisor of the notice shall be consummated, and the Advisor shall not recommend any transaction for the Subaccount subsequent to the
receipt of the notice. 
  
 (b) Resignation of
the Advisor. The Advisor may resign under this Agreement upon sixty (60) days’ prior written notice to the Trustee. The Advisor shall concurrently advise ABRA in writing of such resignation and the effective date thereof. 
  
 (c) Termination of Obligations. The respective
obligations of the Advisor and the Trustee under Section 6 of the Agreement shall survive any such removal or resignation or other termination of this Agreement. 
  
 12. Termination, Amendment or Modification. The provisions of this Agreement may not be terminated, changed,
modified, altered or amended in any respect except in a writing signed by the parties. 
  
 13. Definitions. As used herein the following terms shall have the meanings ascribed to them in the following sections of this Agreement: 
  

			
	 Term Defined

	  	Section

	 ABA Members Collective Trust
	  	Introduction
	 ABA Members Plans
	  	Introduction
	 ABRA
	  	Introduction
	 Advisers Act
	  	2
	 Advisor
	  	Introduction
	 Advisor’s Amendment
	  	4(c)(i)
	 Advisor’s Recommendation
	  	4(c)(ii)
	 Agreement
	  	Introduction
	 Authorized Transaction
	  	4(c)(iii)
	 Broker List
	  	4(c)(i)
	 business day
	  	2
	 Code
	  	Introduction
	 Declaration of Trust
	  	Introduction
	 ERISA
	  	2
	 Fund
	  	Introduction
	 Fund Declaration
	  	4(b)
	 Indemnified Persons
	  	6(c)(i)
	 Intermediate Bond Fund
	  	Introduction
	 Plans
	  	Introduction
	 State Street
	  	Introduction
	 Subaccount
	  	Introduction
	 Suggested Response
	  	4(e)
	 Term
	  	1(b)
	 Termination Date
	  	8(c)
	 Trustee
	  	Introduction
	 Trustee’s Response
	  	4(c)(ii)
	 Trustee’s Rejection
	  	4(e)
	 Trusts
	  	Introduction
	 Valid Notice
	  	4(c)(v)

  

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 14. Governing Law. This Agreement shall be construed and enforced according to the laws of The
Commonwealth of Massachusetts and, to the extent of any federal preemption, the laws of the United States of America. 
  
 15. Binding upon Successors. This Agreement shall be binding upon and enforceable by the successors to the parties hereto. 
  
 16. Assignment. The Advisor may not assign this Agreement (including
for this purpose any assignment within the meaning of the Advisers Act), or any rights or responsibilities hereby created, without the prior written consent of the Trustee, which consent may be withheld by the Trustee in its sole discretion;
however, the parties may amend this Agreement from time to time in accordance with Section 12. 
  
 17. Notices. Written notices shall be deemed effective with respect to a party upon delivery to such party at the address set forth below or to such other address as may be provided in writing from time to time
by such party: 
  

			
	 To the Advisor:
	  	 Pacific Investment Management Company LLC
 840 Newport
Center Drive
 Newport Beach, CA 92660
 Attention: Chief Legal
Officer
 cc: Joseph Fournier
 Telecopier: (949)
720-1376

		
	 To the Trustee:
	  	 State Street Bank and Trust Company
 Batterymarch Park
III
 Three Pine Hill Drive
 Quincy, Massachusetts
02169
 Attention: ABRA Division Head

		
	 If by mail to:
	  	 State Street Bank and Trust Company
 Post Office Box
1389
 Boston, Massachusetts 02104
 Attention: ABRA Division
Head

  
 18. Oral
Communications. Oral communications between the parties to this Agreement shall be effective hereunder only to the extent specifically authorized herein. By its execution of this Agreement, each of the parties hereto acknowledges that the other
party may record any such oral communications and consents to any such recording. All oral communications shall be confirmed in writing, except that if an oral communication is recorded such recording shall be controlling and no written confirmation
shall be required. 
  

 12 

 19. Authority. The parties to this Agreement represent, respectively, that they have duly
authorized the execution, delivery and performance of this Agreement and that neither such execution and delivery nor the performance of their obligations hereunder conflict with or violate any provision of law, rule or regulation, or any instrument
to which either is a party or to which any of their respective properties are subject and that this Agreement is a valid and binding obligation. 
  
 20. Authorized Representatives of the Advisor. The Advisor from time to time shall by written notice certify to the Trustee the name of the person
or persons authorized to act on behalf of the Advisor. Any person so certified shall be deemed to be the authorized representative of the Advisor. The Advisor shall give written notice to the Trustee when any person so certified ceases to have the
authority to act on behalf of the Advisor, but such revocation of authority shall not be valid until the notice is received by the Trustee. The Advisor will notify the Trustee in writing of any significant changes in the officers of the Advisor and
any changes in the personnel of the Advisor responsible for providing investment advice with respect to the assets of the Subaccount within twenty (20) business days after such change. 
  

 13 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the 1st day of June, 2004. 

 

									
	 	 	 	 	 TRUSTEE:
  
 STATE STREET BANK AND TRUST COMPANY

					
	Attest:	 	 /S/    ROBERT E.
FULLAM        

	 	 	 	By:	 	 /S/    SUSAN C.
DANIELS        

	 	 	 Name: Robert E. Fullam
 Title:
  Assistant Vice President
	 	 	 	 	 	 Name: Susan C. Daniels
 Title:
  Vice President

  

									
	 	 	 	 	 ADVISOR
  
 PACIFIC INVESTMENT MANAGEMENT
COMPANY LLC

					
	Attest:	 	 /S/    NATASHA
BEUCHERT        

	 	 	 	By:	 	 /S/    BRENT L. HOLDEN        

	 	 	 Name: Natasha Beuchert
 Title:
  Paralegal
	 	 	 	 	 	 Name: Brent L. Holden
 Title:
  Managing Director

  

 14 

 Appendix A 
  
 Assets in the Subaccount 
  
 The assets in Subaccount shall consist of the following assets: 
  
 (a) All assets held in the debt portion of the Fund on May
31, 2004; and 
  
 (b) All amounts subsequently
contributed or transferred to the debt portion of the Fund; and 
  
 (c) All interest, income and gains attributable to such amounts; minus 
  
 (d) All losses attributable to the amounts described in clauses (a) through (c) above; minus 
  
 (e) All amounts withdrawn or transferred from the debt
portion of the Fund (not including amounts withdrawn to pay fees and expenses); minus 
  
 (f) A pro rata portion of the fees and expenses for the debt portion of the Fund (except for the fees and expenses chargeable directly for
the advisory services, management, administration, custody and accounting for the Subaccount and any other subaccounts of the Fund); minus 
  
 (g) The amounts withdrawn to pay the fees and expenses chargeable directly for the advisory services, management, administration, custody
and accounting for the Subaccount. 
  

 Appendix B 
 American Bar Association Members/State Street 
  
 Collective Trust 
  
 Seventh Amended and Restated Fund Declaration 
  
 Balanced Fund 
  
 [Attached] 
  

 Page 1 
  

 Appendix C 
  
 Additional Investment Objectives and Restrictions 
  
 The Advisor shall not recommend an investment: 
  
 (i) if such investment, at the time of purchase, would cause more than 5% of the assets of the Subaccount to
be invested in warrants generally, or more than 2% of the assets of the Subaccount to be invested in warrants not listed on a nationally recognized United States securities exchange; 
  
 (ii) if such investment, at the time of purchase, would cause more than 10% of the assets of the Subaccount
to be invested in illiquid securities or portfolio securities that are not readily marketable (15% in the case of repurchase agreements with maturities in excess of seven days); 
  
 (iii) in any industry, if such investment, at the time of purchase, would cause more than 25% of the assets
of the Subaccount to be invested in such industry; 
  
 (iv) in securities of an issuer (other than the U.S. government and its agencies) if such investment, at the time of purchase, would cause more than 5% of the assets of the Subaccount to be invested in the securities of such issuer;

  
 (v) if such investment, at the time of
purchase, would cause more than 20% of the assets of the Subaccount to be invested in foreign securities, including ADRs; 
  
 (vi) if such investment, at the time of purchase, would cause more than 5% of the assets of the Subaccount to be invested in preferred
stock and securities convertible into common stock; or 
  
 (vii) if such investment, at the time of purchase, would cause more than 30% of the assets of the Subaccount in the aggregate to be invested in the following: bonds not rated investment grade by either Moody’s Investor Service or
Standard Poor’s; securities issued by non-U.S. issuers; preferred stock and securities convertible into common stock; privately placed debt (other than Rule 144A securities); and mortgage-backed securities that the Advisor classifies as
exhibiting unusually high interest rate sensitivity relative to typical U.S. Government agency mortgage pass-through issues. 

 Page 2 
  

 Appendix D 
  
 Brokerage Practices 
  
 The Advisor has provided the Trustee with a copy of Part II of the Form ADV most recently filed by the Advisor with the Securities and Exchange
Commission, in which form the general brokerage practices of the Advisor are described. The Advisor will from time to time provide the Trustee with amendments to such form, in accordance with applicable law. 

 Page 3 
  

 Appendix E 
  
 Advisor Fees 
  
 For its services rendered as investment advisor under the Agreement, the Investment Advisor will be compensated at an annual rate of .25%, based on the
aggregate value of the assets in the Subaccount as recorded by the Trustee. Such compensation shall be calculated and accrued on a daily basis and paid monthly, in arrears, from the assets of the Subaccount. 
  

 Page 4 
  

 Appendix F 
  

	I.	 	Operational Procedures Between the Trustee and the Advisor 

  

	 	A.	 	It is understood and agreed that the Trustee: 

  

	 	1.	 	holds title to all of the assets of the Subaccount; 

  

	 	2.	 	is responsible to assure that investments made for the Subaccount meet applicable requirements and limitations; 

  

	 	3.	 	is required to value such assets; and 

  

	 	4.	 	will maintain the proper accounting records for the Subaccount. 

  

	 	B.	 	     

  

	 	1.	 	The Trustee will communicate daily to the Advisor by 12:00 noon (Eastern Time) the cash available for investment in the Subaccount, which information will be based on the procedures
set forth below. 

  

	 	2.	 	Extraordinary cash flow requirements—In the event the Trustee becomes aware of facts that will require the withdrawal of an extraordinary amount of cash from the Subaccount
under the Plans, the Trustee will promptly communicate to the Advisor such facts, including the amount and date of such cash withdrawal. 

  

	 	C.	 	The Advisor will communicate to the Trustee purchases and sales of investments in the Subaccount as follows: 

  

	 	1.	 	Common Stock and Long-Term Debt Securities. 

  

	 	(a)	 	The Advisor will communicate daily to the Trustee no later than 9:00 p.m. (Eastern Time) on the trade date all purchase and sale transactions for the Subaccount. Each daily report
will indicate separately number of purchases and sales and total trades. On days when no trades are recommended the Advisor will issue a negative trade report. Such communication will include the following information for each trade:

  

	 	•	 	Buy or sell 

  

	 	•	 	Trade date (if as of trade) 

  

	 	•	 	Settlement date 

 Page 5 
  

	 	•	 	Name of broker or dealer or other party 

  

	 	•	 	Name of issue 

  

	 	•	 	CUSIP number/Cedel 

  

	 	•	 	Number of shares (or principal amount in local currency if debt security) 

  

	 	•	 	Price per share (or principal amount if debt security) in local currency 

  

	 	•	 	Price per share (or per $100 (or local equivalent) of debt security) in local currency 

  

	 	•	 	(For debt) Interest purchased or sold 

  

	 	•	 	Agreed upon commission per share (or per other unit of interest) 

  

	 	•	 	Total commission 

  

	 	•	 	Exchange on which transaction is executed (or transacted over the counter) 

  

	 	•	 	Net amount 

  

	 	•	 	Such other information as may be required by the Trustee 

  

	 	•	 	Clearing broker (“same” if same as trading broker) 

  

	 	•	 	SIC Code 

  

	 	(b)	 	For DTC eligible securities and when applicable, the Trustee shall confirm to DTC, as soon after trade date as possible, through an acknowledgement procedure acceptable to DTC and
the Trustee, all trades which accurately reflect the trades entered into for the Subaccount as reported to the Trustee by the Advisor. 

  

	 	(c)	 	The Advisor will arrange for a copy of each confirmation to be sent to the Trustee or an affiliate as designated by the Trustee. 

  

	 	2.	 	Short-Term Debt Securities 

  

	 	(a)	 	 As of 10:30 a.m. (Eastern Time) on each business day, the Trustee will invest available cash in the Subaccount by purchasing and selling units for the Subaccount in
the Yield Enhanced Short Term Investment Fund (“YES”), unless the Advisor notified the Trustee 

 Page 6 
  

	 	 
prior to such time that the Advisor recommends investment in accordance with paragraph b. The Trustee shall confirm daily the number of units purchased and
sold on the preceding day, as well as the YES unit value at the close of business on the preceding day. 

  

	 	(b)	 	Alternatively, the Advisor may notify the Trustee in advance in writing that the Advisor recommends that the Trustee invest available cash in the Subaccount.

  

	 	(i)	 	In such event, the Advisor will communicate daily to the Trustee or an affiliate no later than 10:00 a.m. (Eastern Time) all recommended purchase and sale transactions in short-term
securities to be made for the Subaccount. Such communication will include the following information for each trade: 

  

	 	•	 	Buy or sell 

  

	 	•	 	Trade date (if as of trade) 

  

	 	•	 	Settlement date 

  

	 	•	 	CUSIP number/Cedel 

  

	 	•	 	Name of broker or dealer or other party, if other than the issuing company 

  

	 	•	 	Name of issue 

  

	 	•	 	Current par value in local currency 

  

	 	•	 	Cost of acquisition or proceeds of sale 

  

	 	•	 	Last coupon date 

  

	 	•	 	Discount or interest rates 

  

	 	•	 	Maturity date of purchase 

  

	 	•	 	Collateral 

  

	 	•	 	Currency 

  

	 	•	 	Such other information as may be required by the Trustee 

  

	 	(ii)	 	 The Advisor also will direct each executing broker or dealer or other party or the issuing companies to deliver or 

 Page 7 
  

	 	 
receive the securities against payment for the account of the Trustee. 

  

	 	(iii)	 	The Trustee will convey to the Advisor no later than the next business day a report showing in detail the previous day’s transactions based on the procedures set forth in
Section II below. The Advisor will (a) promptly check the data in such report and (b) immediately advise the Trustee by telephone (followed by a written confirmation within two days) of any variances. 

  

	 	(iv)	 	If such investments are held to maturity the Trustee will redeem such securities on the maturity date and make the funds available to the Advisor for reinvestment.

  

	 	(v)	 	The Advisor will also direct each broker or dealer or party or issuing company to convey a copy of each confirmation to the Trustee. 

  

	II.	 	Valuation and Accounting of the Subaccount 

  

	 	A.	 	The assets of the Subaccount are valued as provided in the current prospectus included in the registration statement filed with the Securities and Exchange Commission.

  

	 	B.	 	Stocks and long-term debt security transactions will be recorded not later than the business day following the trade date. Dividend income will be recorded on the ex-dividend date.
Interest income will be accrued daily. 

  

	III.	 	Communications to Advisor 

  

	 	A.	 	State Street will send the following reports on a monthly basis to the Advisor by overnight mail so that they are received no later than the tenth business day of the following
month: 

  

	 	•	 	Statement of Investments showing account holdings as of the last day of the month. 

  

	 	•	 	Monthly Summary of Account Activity Report (Trials). 

  

	 	•	 	Daily Purchase Activity Report (Purchases and Sales Report). 

  

	 	•	 	Daily Sales Activity Report (Purchases and Sales Report). 

  

	 	•	 	Actual Dividend Receipts Reports (Dividend and Interest Report). 

 Page 8 
  

	 	•	 	Summary of Accounting Journals Report—This report displays a daily summary of client contributions, client withdrawals and expenses charged to the account (Cash Summary
Report). 

  

	 	•	 	Stock Dividend/Stock Split Schedule Report. Mergers, spinoffs, exchanges, etc. will also be indicted on this report as they occur. 

  

	 	•	 	YES Report. (This report will be distributed only if the Subaccount participates in YES for short term investments.) 

  

	 	B.	 	State Street will send the Advisor the existing broker list within two business days prior to the end of each month to determine whether any changes will be made under Section 4(c)
of the Agreement. 

  

	 	C.	 	The Advisor will send the following reports (or information) to the Trustee: 

  

	 	•	 	Monthly holdings (at month end) with security, # shares, price, yield, cost and market value. 

  

	 	•	 	List of transactions (purchase and sales) for the month with security, # shares and per share sale total. 

  

	 	•	 	Monthly return on portfolio, gross of fees. 

  

	IV.	 	Notices 

  

	 	A.	 	The methods of communication and the persons to whom the information required by this Appendix F will be given, will be set forth in writing between the Trustee and the
Advisor from time to time as required by the circumstances to carry out the intent and purposes of the Agreement and this Appendix F.

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