Document:

Exhibit
(4)(a)

 

INVESTMENT
ADVISORY AGREEMENT

 

AGREEMENT
made as of the 15th day of October, 2012, by and between UNIVERSAL LIFE INSURANCE COMPANY (the “Company”),
and UNIVERSAL FINANCIAL SERVICES, INC. (the “Investment Adviser”).

 

WITNESSETH:

 

WHEREAS,
the Investment Adviser is a registered investment advisor under the Puerto Rico Uniform Securities Ac, as amended (the “Act”),
and is authorized to engage in rendering financial and management advisory services; and

 

WHEREAS,
the Company desires to retain the Investment Adviser to render investment advisory services to the Company in the manner and on the terms
hereinafter set forth; and

 

WHEREAS,
the Investment Adviser is willing to provide investment advisory services to the Company on the terms and conditions hereinafter set
forth;

 

NOW,
THEREFORE, in consideration of the promises and the covenants hereinafter contained the Company and the Investment Adviser hereby agree
as follows:

 

ARTICLE
I

 

Duties
of the Investment Adviser

 

The
Company hereby employs the Investment Adviser to act as an investment adviser of the Company and to furnish the investment
advisory services described below, for the period and on the terms and conditions set forth in this Agreement. The Investment
Adviser hereby accepts such engagement and agrees during such period, at its own expense to render, or arrange for the rendering of,
such services and to assume the obligations herein set forth for the compensation provided for herein. The Investment Adviser shall
for all purposes herein be deemed to be an independent contractor and shall, unless otherwise expressly provided or authorized, have
no authority to act for or represent the Company in any way or otherwise be deemed an agent of the Company.

 

Investment
Advisory Services. The Investment Adviser shall provide the Company with such investment research, advice and supervision as the
latter may from time to time consider necessary for the proper supervision of the asset portfolios created as investment companies under
the Investment Companies Act of Puerto Rico in connection with the Company’s Fortune V Separate Account (the “Separate Account”)
and the sub-accounts of such Separate Account (the “Sub-Accounts”) for its Individual Flexible Payment Deferred Variable
Annuity Contracts (the “Annuity”). The Investment Adviser shall take, on behalf of the Company, all actions which it deems
necessary to implement the investment policies described in the Prospectus of the Annuity. Morningstar Associates, LLC shall serve as
portfolio construction manager in connection with the management of the Sub-Accounts.

 

ARTICLE
II

 

Allocation
of Charges and Expenses

 

(a)
The Investment Adviser. The Investment Adviser assumes and shall pay for maintaining the staff and personnel necessary to perform
its obligations under this Agreement.

 

(b)
The Company. The Company assumes and shall pay or cause to be paid all other expenses of the Company, including, without limitation:
expenses of portfolio transactions, fees payable to the Commissioner of Financial Institutions of the Commonwealth of Puerto Rico (the
“Commissioner”), U.S. Securities and Exchange Commission (the “SEC”) fees, interest, taxes, custodian and transfer
agency fees, for legal and auditing services, litigation expenses and other expenses properly payable by the Company.

 

     

     

    

 

ARTICLE
III

 

Compensation
of the Investment Adviser

 

(a)
Investment Advisory Fee. For the services rendered and expenses assumed by the Investment Adviser, the Company shall pay to the
Investment Adviser at the end of each calendar month a fee based upon the average daily value of the net assets of the Separate Account
at the annual rate of thirty-five basis points (0.35%) of the average daily assets of the Separate Account under the management of the
Investment Adviser commencing on the day following effectiveness hereof. For purposes of this calculation, average daily assets are determined
at the end of each month on the basis of the average assets of the Company under the management of the Investment Adviser for each day
during the month. The assets for each day are determined by averaging the net assets on the prior day that both the New York Stock Exchange
is open for trading and banks in the Commonwealth of Puerto Rico are open for business (such day being referred to herein as a “Business
Day”) with the net assets on the prior Business Day. If this Agreement becomes effective subsequent to the first day of a month
or shall terminate before the last day of a month, compensation for that part of the month this Agreement is in effect shall be prorated
in a manner consistent with the calculation of the fee as set forth above. Payment of the Investment Adviser’s compensation for
the preceding month shall be made as promptly as possible after completion of the monthly computation.

 

(b) Coinsurance
Arrangement of the Company. Pursuant to a certain coinsurance agreement by and between the Company and Transamerica Life
Insurance Company (“Transamerica”) dated March 1, 2007 (the “Coinsurance Agreement”) the Company agreed
among other things to a revenue share with Transamerica in connection with the Separate Account. As part of the Coinsurance
Agreement the Company agreed to establish a revenue share in connection with compensation received for services provided in
connection with the Separate Account. In order for the Company to comply with such obligations under the Coinsurance Agreement the
Investment Advisor agrees hereby to pay, to the extent permitted by law, the annual rate of fifteen basis points (0.15%) of the
average daily assets of the Separate Account under the management of the Investment Adviser to Transamerica and the annual rate of
ten basis points (0.10%) of the average daily assets of the Separate Account under the management of the Investment Adviser to the
Company.

 

ARTICLE
IV

 

Limitation
of Liability of the Investment Adviser

 

The
Investment Adviser shall not be liable for any error of judgment or mistake of law for any loss arising out of any investment or for
any act or omission in the management of the Company’s assets under management, except for willful misfeasance, bad faith or gross
negligence in the performance of its duties, or by reason of reckless disregard of its obligations and duties hereunder. As used in this
Article IV, the term “Investment Adviser” shall include any affiliate of the Investment Adviser performing services for
the Company contemplated hereby and directors, officers and employees of the Investment Adviser and such affiliates.

 

ARTICLE
V

 

Activities
of the Investment Adviser

 

The
services of the Investment Adviser to the Company are not to be deemed to be exclusive, and the Investment Adviser and any person controlled
by or under common control with the Investment Adviser (for purposes of this Article V referred to as “affiliates”) is free
to render services to others. In addition, the Company also acknowledges that Universal Financial Services, Inc., as a securities broker
dealer registered with the SEC under the Securities Exchange Act of 1934 and with the Commissioner under the Act also serves as distributor
of the Annuity.

 

    2

     

    

 

ARTICLE
VI

 

Duration
and Termination of this Contract

 

This
Agreement shall become effective as of the date hereof and shall remain in force and in effect until terminated by either party by
giving to the other ten (10) calendar days written notice.

 

ARTICLE
VII

 

Amendments
of this Agreement

 

This
Agreement may be amended by the parties only if such amendment is specifically approved in writing by the Company and the Investment
Adviser.

 

ARTICLE
VIII

 

Assignment
of this Agreement

 

Neither
party may assign this Agreement, in whole or in part, without the prior written consent of the other party, and any such attempted assignment
will be void and of no effect.

 

ARTICLE
IX

 

Governing
Law

 

In
the event that any portion of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate or render unenforceable any provision hereof.

 

IN
WITNESS WHEREOF, the parties hereto have executed and delivered this Agreement as of the day and year first above written.

 

ARTICLE
X

 

Entire
Agreement

 

This
Agreement constitutes the entire agreement between the parties in connection with the investment advisory services rendered and to be
rendered by the Investment Adviser to the Company and supersedes any and other agreements between the parties in connection therewith.

 

 

 

    3Exhibit
(4)(b)

 

ASSET
ALLOCATION MANAGEMENT AGREEMENT

 

This
Asset Allocation Management Agreement (the “Agreement”) dated March 1st, 2007 (the “Effective
Date”) is entered by and between Morningstar Associates, LLC, a Delaware limited liability company
(“Manager”), and Universal Financial Services, Inc., a Puerto Rico corporation licensed as a securities broker
dealer under the Securities Exchange Act of 1934 and the Puerto Rico Uniform Securities Act (“PRUSA”) and as a
investment adviser under PRUSA (“Universal Financial Services”), investment adviser for Universal Life Insurance
Company, PR. (“Universal Life”), a Puerto Rico insurance company organized and licensed under the Puerto
Rico Insurance Code;

 

WHEREAS,
Universal Financial Services has entered into an Investment Advisory Agreement dated as of March 1st (“Advisory
Agreement”) with Universal Life to provide investment advisory services to five (5) asset allocation focused fund-of-funds;
the Asset Allocation - Conservative Portfolio, Asset Allocation - Moderate Portfolio, Asset Allocation - Moderate Growth Portfolio
and Asset Allocation - Growth Portfolio, and Asset Allocation – International Moderate Growth Portfolio (together, the
“Asset Allocation Funds”);

 

WHEREAS,
Universal Financial Services wishes to retain Manager in providing asset allocation services to the Asset Allocation Funds and Manager
is willing to provide such services upon the terms and conditions and for the compensation set forth below; and

 

WHEREAS,
Manager is an investment adviser registered as such with the Securities and Exchange Commission (“SEC”) under the Investment
Advisers Act of 1940 (“Advisers Act”).

 

NOW,
THEREFORE, in consideration of the promises and mutual covenants herein contained, the parties agree as follows:

 

Services

 

a.
In General:

 

For
purposes of this Agreement, the Manager shall provide the following services:

 

		●	Consistent
                                            with the investment objectives, policies and restrictions applicable to the Asset Allocation
                                            Funds as stated in the then-current TA IDEX Asset Allocation Funds’ registration statement,
                                            Manager will direct the asset allocation strategy and the investment decisions to implement
                                            such strategy for the Asset Allocation Funds.

 

		●	Using
                                            the Transamerica Series Trust “TA IDEX” investment universe as listed in the
                                            then-current TA IDEX prospectus, Manager will use its methodology to decide in which of those
                                            series the Asset Allocation Funds will invest, and determine what portion of each Asset Allocation
                                            Fund’s portfolio should be invested in Underlying Series Funds and what portion, if
                                            any, should be held in U.S. Government securities, short-term commercial paper or other assets,
                                            such as cash.

 

		●	Manager
                                            will communicate to Universal Financial Services’ custodian (as identified in the prospectus)
                                            trade instructions that are a result of its investment decisions, including rebalancing/reallocation
                                            determinations.

 

     

     

    

 

		●	Manager
                                            will work with Universal Financial Services to assist in the preparation of marketing materials
                                            as more fully explained in the Advertising Standards section of this agreement regarding
                                            Manager’s specific role with respect to the products and services provided.

 

		●	Manager
                                            will provide mutually-agreed upon permissible marketing support in conjunction with this
                                            Agreement as more fully explained in the Advertising Standards section of this agreement.

 

		●	Manager
                                            will furnish to Universal Financial Services Board of Directors (“Board”) periodic
                                            and special reports (including any statistical information) on the investment performance
                                            of the Asset Allocation Funds and on the performance of its obligations under this Agreement
                                            and will supply such additional reports and information as Universal Financial Services officers
                                            or Board reasonably request, and it will cause its officers to attend meetings, either in
                                            person or via teleconference, of the Board and furnish such oral or written reports as the
                                            Board or officers of Universal Financial Services reasonably request. Universal Financial
                                            Services Board of Directors will provide Manager with at least 15 business days advance written
                                            notice of such requests.

 

Manager
is solely responsible for the foregoing services, and it understands and agrees that Universal Financial Services is not responsible
for, and will not review, the day-to-day investment activities of the Manager with respect to any Asset Allocation Fund.

 

Manager
will not vote proxy statements of the Underlying Series Funds that the Asset Allocation Funds may receive. Such proxy statements will
be voted by Transamerica Fund Advisors “TFAI”, in accordance with the then-current proxy voting policies and procedures of
TA IDEX and TFAI.

 

b.
Non-Public Information:

 

To
provide services under this Agreement, Manager obtains from Universal Financial Services custodian, or its affiliates information concerning
portfolio holdings of the Underlying Series Funds that may be deemed to be material and non-public (“Confidential Information”).
Manager represents, warrants and agrees that any Confidential Information will be used by Manager solely for purposes of Manager’s
analysis and/or provision of services to the Asset Allocation Funds pursuant to this Agreement. Manager represents, warrants and agrees
that it shall not disclose any Confidential Information provided to Manager or its directors, officers, employees, agents or advisors
(including, without limitation, attorneys, accountants, consultants) (the “Representatives”), except as otherwise provided
herein. Manager represents, warrants and agrees that it will not share or use the Confidential Information in any manner contrary
to this Agreement or applicable law. Manager further represents, warrants and agrees to limit access to the Confidential Information
to its Representatives who on a need to know basis, are (1) authorized to have access to the Confidential Information, and (2) subject
to confidentiality obligations, no less restrictive than the confidentiality obligations contained in this Agreement.

 

Proprietary
Methodology

 

Universal
Financial Services agrees not to strip out data, methodology, and/or other intellectual property contained within the services furnished
by Manager, or use it for any purpose contrary to the terms and intent of this Agreement.

 

    2

     

    

 

Compensation

 

For
its services to each Asset Allocation Fund, Universal Financial Services will pay Manager the following compensation, computed daily
and payable monthly and prorated for any month during which this Agreement is not in force:

 

0.15%
of the average daily net assets of the Asset Allocation Funds for Assets Under Management of $0 to $1,000,000,000

 

0.14%
of the average daily net assets of the Asset Allocation Funds for Assets Under Management of $1,000,000,001 or
greater.

 

Notwithstanding
anything herein to the contrary, the minimum annual amount payable under this agreement shall be no less than $150,000 per year (the
“Annual Minimum Fee”). If at the end of a twelve (12) month period beginning on the Effective Date, Manager determines
that it has not received the Annual Minimum Fee for such twelve (12) month period, Manager will invoice Universal Financial Services
for any amounts necessary to reach the Annual Minimum Fee. Universal Financial Services will pay such additional amounts to Manager
within thirty (30) days of receipt of such invoice.

 

In
addition, Universal Financial Services will reimburse Manager for any of its reasonable disbursements directly related to this Agreement,
such as travel expenses and transportation, which reimbursements shall be made within thirty (30) days of receipt of an invoice in good
order from Manager. Manager acknowledges and agrees that all requests for reimbursement shall be billed to Universal Financial Services
at Manager’s actual cost. Manager agrees that any airfare charges will be billed at standard coach rates.

 

Universal
Financial Services will bear their own expenses, including but not limited to all proxy voting expenses and brokers’ and underwriting
commissions, if any, chargeable to Universal Financial Services in connection with the Manager’s provision of services.

 

Representations,
Warranties and Undertakings

 

Manager
represents and warrants that: (i) the services that it provides to Universal Financial Services pursuant to this Agreement are
formulated independently and that such services are rendered in the best interest of the pertinent Asset Allocation Fund, and
without the input of Universal Financial Services or any affiliate thereof; (ii) it, and its officers, directors, employees,
associated persons and agents, possess all necessary licenses and registrations to enter into and perform this Agreement; (iii) with
respect to its performance of the obligations identified within the Services section set forth above, it complies in all material
respects with all applicable laws, rules and regulations, including but not limited to the Advisers Act; (iv) it will manage each
Asset Allocation Fund so that it will qualify, and continue to qualify, as a registered investment company under the Puerto Rico
Investment Companies Act (the “PR-ICA”); (v) it treats confidentially and as proprietary information of the relevant
Asset Allocation Fund all records and information relative to that fund, and will not use such records and information for any
purpose other than performance of its responsibilities and duties hereunder, except after prior notification to and approval in
writing by Universal Financial Services, which approval shall not be unreasonably withheld and may not be withheld if Manager has
received a regulatory or judicial order requesting such information, or when so requested by Universal Financial Services; and (vi)
it has adopted a written code of ethics complying with the requirements of Rule l7j-l under the Investment Company Act of 1940 Act
(the “1940 Act”) and Rule 204A-l under the Advisers Act and, if it has not already done so, it will provide Universal
Financial Services with a copy of such code of ethics, together with evidence of its adoption for review and approval by the Board.
Manager hereby agrees to indemnify Universal Financial Services, their officers, trustees/directors, employees, associated persons,
agents and control persons, against any damages, losses, penalties, fines, fees or expenses (including reasonable attorney fees)
resulting from any material breach of Manager’s representations and warranties set forth above.

 

    3

     

    

 

Universal
Financial Services represents and warrants that: (i) it, and its officers, directors, employees, associated persons and agents, possess
all necessary licenses and registrations to enter into and perform this Agreement; (ii) it complies in all material respects with all
applicable laws, rules and regulations, including but not limited to the PR-USA, the PR-ICA, NASD rules and the Advisers Act; (iii) Manager
has no responsibility for the organization and operation of each Asset Allocation Fund or for ensuring compliance with all applicable
laws and/or regulations relating to Universal Financial Services and the Asset Allocation Funds; and (iv) it has received a copy the Manager’s
Form ADV Part II. Universal Financial Services hereby agree to indemnify Manager, its officers, directors, employees, associated persons,
agents and control persons, against any damages, losses, penalties, fines, fees or expenses (including reasonable attorney fees) resulting
from any material breach by Universal Financial Services of such representations and warranties.

 

Recordkeeping,
Notification, Regulatory Approval and Provision of Certain Documents

 

Manager
agrees to maintain such books and records with respect solely to its services as stated herein as are required by Rule 3la-1(f) of the
1940 Act, and to preserve such records for the periods and in the manner required by Rule 3la-3. Manager also agrees that such records
it maintains and preserves relating to services as stated herein are the property of Universal Financial Services, with the exception
of books and records that the Manager must maintain solely pursuant to Rule 204-2 of the Advisers Act, and that copies will be surrendered
promptly to Universal Financial Services upon request, provided, however, that Universal Financial Services shall have no ownership interest
in any records that include information, data, or other material proprietary to Manager or any of its affiliates. Manager further agrees
that it will furnish to regulatory authorities having the requisite authority any information or reports in connection with its services
hereunder which may be requested in order to determine whether the operations of the relevant Asset Allocation Funds are being conducted
in accordance with applicable laws and regulations.

 

Manager
will immediately notify Universal Financial Services in writing in the event that Manager or any of its affiliates: (1) becomes aware
that it is subject to a statutory disqualification that prevents Manager from rendering products and services pursuant to this Agreement;
or (2) becomes aware that it is the subject of an administrative proceeding or enforcement action by the SEC or other regulatory authority.

 

Universal
Financial Services will immediately notify Manager in writing in the event that Universal Financial Services or any of its
affiliates: (1) becomes aware that it is subject to a statutory disqualification that prevents it from complying with its duties and
obligations under this Agreement; or (2) becomes aware that it is the subject of an administrative proceeding or enforcement action
by the SEC, the Commissioner of Financial Institutions or other regulatory authority that affects its ability to comply with its
duties and obligations under this Agreement.

 

Universal
Financial Services will furnish to Manager copies of the following documents and will furnish to Manager future material amendments
and supplements to such documents, if any, as soon as practicable after such documents become available: (i) the charter documents
of Universal Life and Universal Financial Services; (ii) certified resolutions of the Board authorizing the appointment of Universal
Financial Services and Manager and approving the Advisory Agreement and this Agreement; (iii) the Asset Allocation Funds prospectus
or its equivalent; (iv) the registration statement for the Asset Allocation Funds; and (v) a copy of publicly available financial
statement or report prepared for Universal Financial Services by certified or independent public accountants. Universal Financial
Services also will furnish to Manager any further documents, materials or information that Manager may reasonably request to enable
it to perform its duties pursuant to this Agreement.

 

    4

     

    

 

Trademarks

 

With
Manager’s review and approval, the following trademarks may be used in association with the services to be provided under this Agreement:

 

Morningstar®

 

a.
Use of Trademarks:

 

Each
party must obtain the other party’s permission prior to any use of its name, logo, trademarks, or data. Manager and Universal Financial
Services will submit such materials to the other for its review prior to any printing or dissemination.

 

b.
Description of Manager:

 

In
connection with the provision of products and services pursuant to this Agreement, Universal Financial Services agrees not to use the
term “investment adviser” or “investment sub-adviser” in any communication to the public but rather will use
the term “portfolio construction manager.”

 

Notices
and Disclaimers

 

(a)
Unless the parties otherwise agree in writing, the following statement shall appear at least once on each piece of marketing
material which references Manager, the services to be provided under this Agreement, or Morningstar, Inc.:

 

[Copyright©
[Insert date of publication].] Morningstar Associates, LLC. All Rights Reserved. (use the foregoing copyright notice as
applicable if Morningstar is the author of the piece or if the piece contains Morningstar’s data). The information, data,
analyses and opinions contained herein (a) include confidential and proprietary information of Morningstar Associates, LLC or,
pursuant to a licensing agreement, Morningstar, Inc., and (b) may not be copied or redistributed for any purpose. Past performance
is no guarantee of future results. Information contained herein that has been provided by Morningstar Associates, LLC reflects
factual data proprietary to Morningstar Associates, LLC, or its affiliate, Morningstar, Inc. Morningstar Associates, LLC serves
as a portfolio construction consultant and, as such, provides asset allocation and fund selection services for the Asset Allocation
Funds. Neither Morningstar, Inc., nor Morningstar Associates endorses the portfolio managers or sub-advisers of the underlying
Transamerica IDEX mutual funds. Morningstar Associates’ fund selections are limited to only those funds offered by Transamerica
IDEX. Morningstar Associates, LLC strongly encourages you to obtain and review the Transamerica IDEX prospectus prior to making
an investment decision.

 

    5

     

    

 

Advertising
Standards Applicable

 

Manager
will assist Universal Financial Services in the development of appropriate marketing materials with respect to the Asset Allocation
Funds. Universal Financial Services will be responsible for any and all production, shipping and other like charges relating to
these marketing materials. The details of these arrangements will be mutually agreed upon by the parties. The
parties agree that any such marketing materials shall not refer to Manager as an “investment adviser” or
“investment sub-adviser” with respect to the Asset Allocation Funds. Universal Financial Services shall provide all
advertising material (except such materials that do not mention Manager) to Manager for review and approval at least five business
days prior to its publication, production or other dissemination, and shall not publish or disseminate such advertising material
without Manager’s prior written consent, which shall not be unreasonably withheld. If Manager does not respond within ten
business days after Universal Financial Services sends such materials to Manager, Manager is deemed to have consented to the
publication.

 

In
addition, in its production of marketing material relating to the Asset Allocation Funds, the following non exclusive standards apply:

 

(i)
If Manager is identified in marketing material, the marketing material will clearly state that Manager provides portfolio construction
services, as described in the Notices and Disclaimers provision of this Agreement. Universal Financial Services will not use any trademarks
of Morningstar, Inc. or Manager in a way that is likely to cause confusion regarding the provider of the services.

 

(ii)
In connection with the provision of products and services pursuant to this Agreement, Universal Financial Services agrees not to use
the term “investment adviser” or “investment sub-adviser” in any communication to the public but rather will
use the term “asset allocation consultant” or similar terms.

 

(iii)
Marketing material will not imply that the arrangements between Manager and Universal Financial Services are “exclusive.”

 

(iv)
Marketing material will not imply that Manager or Morningstar, Inc. “endorses” TA IDEX, the variable insurance contracts
for which the Asset Allocation Funds serve as investment options, or the portfolio managers or sub-advisers of the Underlying Series
Funds.

 

Universal
Financial Services agrees that it or its affiliates will submit all marketing material subject to this Agreement to NASD Advertising
Regulation (“NASDR”) for review, as required by the rules of NASD. Universal Financial Services agrees that it is solely
responsible for compliance with NASD Conduct Rule 2210 (Communication with Public) and all interpretive materials thereunder, including
using its best efforts to submit or cause the submission of all marketing material relating to the Asset Allocation Funds that mentions
Manager to NASDR ten days prior to first use. Universal Financial Services further agrees that it or its affiliates will provide to Manager
a copy of any comment letter provided by NASDR to Universal Financial Services or its affiliates in relation with such marketing materials. Universal
Financial Services or its affiliates shall be responsible for maintaining all records relating to marketing material, as required by
NASD.

 

    6

     

    

 

Financial
Reports

 

Universal
Financial Services shall furnish to Manager quarterly financial reports detailing the assets under management for the Asset Allocation
Funds.

 

Liability
and Indemnification

 

Unless
otherwise provided herein, Manager shall not be liable for any error of judgment or mistake of law or for any loss suffered by Universal
Financial Services, or the shareholders of the asset Allocation Funds in connection with the matters to which this Agreement relates,
except that nothing herein shall protect Manager from any liability to Universal Financial Services, or the shareholders of Universal
Financial Services resulting from a breach of fiduciary duty by Manager under applicable laws and regulations with respect to the receipt
of compensation for services or from the willful misfeasance, bad faith or gross negligence on the part of Manager in the performance
of its duties or from reckless disregard by it of its obligations or duties under this Agreement.

 

Manager
shall indemnify and hold harmless Universal Financial Services from any and all third party claims, losses, expenses, obligations and
liabilities (including reasonable attorneys’ fees) which arise or result from Manager’s willful misfeasance, bad faith or
gross negligence in the performance of its duties or from Manager’s reckless disregard of its obligations or duties under this
Agreement. In no case shall Manager be liable for actions taken or non-actions with respect to the performance of services under this
Agreement based upon specific information, instructions or requests given or made to Manager by Universal Financial Services.

 

Contract
Approval and Termination

 

This
Agreement has been approved by the Board, including a majority of the Directors who are not interested persons (for regulatory purposes)
(“Independent Board Members”), by a vote cast in person at a meeting called for the purposes of voting on such approval,
and shall become effective with respect to Universal Financial Services as of the date of this Agreement. Unless sooner terminated as
provided herein, this Agreement shall continue with respect to TA IDEX for an initial term of up to three years. Thereafter, if not terminated,
this Agreement shall continue in effect for successive 12-month periods, provided such continuance is specifically approved at least
annually (a) by the vote of a majority of the Independent Board Members, cast in person at a meeting called for the purpose of voting
on such continuance, and (b) by the Board or by vote of a majority of the outstanding voting securities (for regulatory purposes)
of the Asset Allocation Funds; provided, however, that this Agreement may be terminated with respect to an Asset Allocation
Fund at any time without the payment of any penalty, on 60 days’ written notice to Manager, by (i) the Board, on behalf of the
relevant Asset Allocation Fund, (ii) vote of a majority of the outstanding voting securities of such Asset Allocation Fund, (iii) Manager.
Neither party may assign this agreement without the prior written consent of the other.

 

Notices

 

Any
notice shall be sufficiently given when sent by certified U.S. mail, national expenses deliver service, or facsimile to the parties at
the address below:

 

    7

     

    

 

If
to Universal Financial Services

 

Universal
Life insurance Company

P.O.
Box 2145

San
Juan, P.R. 00922-2145

Attention:
Jose Benitez

Telephone: 787-706-7379

Fax:
787-625-7379

 

If
to Manager:

 

Morningstar
Associates, LLC

225
W. Wacker Drive

Chicago, Illinois 60606

Attention: D. Scott Schilling

Telephone: 312.696.6168

Fax: 312.696.6060

 

Amendment
of Agreement

 

No
provision of this Agreement may be changed, waived, discharged, or terminated orally, but only by an instrument in writing signed by
the party against which enforcement of the change, waiver, discharge, or termination is sought, and an amendment of this Agreement shall
be effective only upon the approval by the affirmative vote of a majority of the Directors, including a majority of the Independent Board
Members, cast in person at a meeting called for the purpose of voting on the approval of such amendment. An amendment shall require a
vote of a majority of the outstanding voting securities of the Asset Allocation Funds, to the extent required by the 1940 Act and the
rules thereunder.

 

Governing
Law

 

This
Agreement shall be construed in accordance with the laws of the Commonwealth of Puerto Rico without giving effect to the conflicts of
laws principles thereof.

 

Captions

 

The
captions contained in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions
hereof or otherwise affect their construction or effect.

 

Entire
Agreement

 

This
Agreement represents the entire agreement and understanding of the parties hereto and shall supersede any prior agreements between the
parties relating to the subject matter hereof, and all such prior agreements shall be deemed terminated upon the effectiveness of this
Agreement. If any provision of this Agreement shall be held or made invalid by a court decision, statute, rule or otherwise, the remainder
of this Agreement shall not be affected hereby and, to this extent, the provisions of this Agreement shall be deemed to be severable.

 

    8

     

    

 

Confidentiality

 

Manager
will maintain the strictest confidence regarding the business affairs of Universal Financial Services. Written reports furnished by Manager
to Universal Financial Services will be treated by such entities as confidential and for the exclusive use and benefit of Universal Financial
Services except as disclosure may be required by applicable law.

 

IN
WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their duly authorized signatories as of the date and
year first above written.

 

		

 

    9

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