Document:

Employee Matters Agreement

 Exhibit 10.3 
 EMPLOYEE MATTERS AGREEMENT 
 by and between 
 MYRIAD GENETICS, INC. 
 and 
 MYRIAD PHARMACEUTICALS, INC. 
 Dated as
of June 30, 2009 

 EMPLOYEE MATTERS AGREEMENT 
 EMPLOYEE MATTERS AGREEMENT (this “Agreement”), dated as of June 30, 2009, by and between Myriad Genetics, Inc., a Delaware corporation
(“Myriad”), and Myriad Pharmaceuticals, Inc., a Delaware corporation (“MPI”). Each of Myriad and MPI is herein referred to as a “Party” and collectively, as the “Parties”. 
 RECITALS: 
 WHEREAS, Myriad, acting through
its direct and indirect Subsidiaries, currently conducts a number of businesses, including (i) the Myriad Business and (ii) the MPI Business; 
 WHEREAS, the Board of Directors of Myriad has determined that it is appropriate, desirable and in the best interests of Myriad and its stockholders to separate Myriad into two independent companies (the
“Separation”), one for each of: (i) the Myriad Business, which shall continue to be owned and conducted, directly or indirectly, by Myriad, and (ii) the MPI Business, which shall be owned and conducted, directly or indirectly, by
MPI; 
 WHEREAS, to effect the Separation the Parties entered into that certain Separation and Distribution Agreement dated as of even date
hereof (as amended or otherwise modified from time to time, the “Separation Agreement”); and 
 WHEREAS, pursuant to the Separation
Agreement, Myriad and MPI have agreed to enter into this Agreement for the purpose of allocating assets, liabilities and responsibilities with respect to certain employee compensation and benefit plans and programs between them. 
 NOW, THEREFORE, in consideration of the foregoing premises, the mutual promises and covenants hereinafter set forth, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties, intending to be legally bound, agree as follows: 
 ARTICLE I 
 DEFINITIONS AND INTERPRETATION 
 Section 1.1 Definitions. The following terms shall have the following meanings: 
 “Affiliate” shall mean, when used with respect to a specified Person, a Person that directly or indirectly, through one or more
intermediaries, controls, is controlled by or is under common control with such specified Person, including, without limitation, a Subsidiary (as defined below). As used herein, “control” means the possession, directly or indirectly, of
the power to direct or cause the direction of the management and policies of such Person, whether through ownership of voting securities or other interests, by contract or otherwise; provided that if control is deemed solely on the basis of
ownership of voting securities or other interests, such ownership must be in excess of fifty percent (50%) of the then outstanding shares of common stock or the combined voting power of such Person. 
 “Benefit Plan” shall mean, with respect to an entity, each plan, program, arrangement, agreement or commitment that is an employment,
change in control/severance, consulting, non-competition or deferred compensation agreement, or an executive compensation, incentive bonus or other bonus, employee pension, profit-sharing, savings, retirement, supplemental retirement, stock option,
stock purchase, stock appreciation rights, restricted stock, other equity-based compensation, severance pay, salary continuation, life, health, hospitalization, sick leave, vacation pay, disability or accident insurance plan, corporate-owned or
key-man life insurance or other employee benefit plan, program, arrangement, agreement or commitment, including any “employee benefit plan” (as defined in Section 3(3) of ERISA), sponsored or maintained by such entity (or to which
such entity contributes or is required to contribute). 
 “COBRA” shall mean the continuation coverage requirements for
“group health plans” under Title X of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, and as codified in Section 4980B of the Code and Sections 601 through 608 of ERISA, together with all regulations and
proposed regulations promulgated thereunder. 
 “Code” shall mean the Internal Revenue Code of 1986, as amended, including
any successor statute, regulation and guidance thereto. 
  

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 “Distribution” shall mean the distribution by Myriad to the holders of Myriad Common
Stock, on a pro rata basis, of all of the issued and outstanding shares of MPI Common Stock. 
 “Distribution Date” shall
mean the date on which the Distribution to the Myriad stockholders is effective. 
 “Effective Time” shall mean 11:59 p.m.
EST on the Distribution Date at which time the Distribution is effective. 
 “ERISA” shall mean the Employee Retirement
Income Security Act of 1974, as amended. 
 “ERISA Affiliate” shall mean with respect to any Person, each business or entity
which is a member of a “controlled group of corporations,” under “common control” or a member of an “affiliated service group” with such Person within the meaning of Sections 414(b), (c) or (m) of the Code, or
required to be aggregated with such Person under Section 414(o) of the Code, or under “common control” with such Person within the meaning of Section 4001(a)(14) of ERISA. 
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission thereunder,
all as the same shall be in effect at the time that reference is made thereto. 
 “Former MPI Employee” shall mean, as of
the Effective Time, any individual who, on or before the Distribution Date, terminated employment with Myriad or its predecessors or any member of the Myriad Group and whose principal services to the Myriad Group related to the MPI Business.

 “Former Myriad Employee” shall mean, as of the Effective Time, any individual who, on or before the Distribution Date,
terminated employment with Myriad or its predecessors or any member of the Myriad Group and is not listed on Exhibit A to the Separation Agreement, other than any Former MPI Employee. 
 “HIPAA” shall mean the Health Insurance Portability and Accountability Act of 1996, as amended. 
 “Initial MPI Stock Price” shall mean the closing per share trading price of MPI Common Stock on the day after the Distribution Date,
unless otherwise determined by the Myriad Board of Directors or its Compensation Committee in its sole discretion in order to effect an equitable adjustment of a Myriad Option in connection with the Distribution and ensure that such Myriad Option is
not deemed to have undergone a modification under Section 409A of the Code. 
 “Liabilities” shall mean the definition
as set forth in the Separation Agreement. 
 “MPI 401(k) Plan” shall mean the definition as set forth in Section 3 of
this Agreement. 
 “MPI Benefit Plan” shall mean any Benefit Plan sponsored, maintained or contributed to by any member of
the MPI Group or any ERISA Affiliate thereof immediately following the Effective Time, including the MPI 401(k) Plan and the MPI Welfare Plans. 
 “MPI Business” shall mean all of the business and operations of the research and drug development segments of Myriad as described in the Form 10. 
 “MPI Common Stock” shall mean the common stock, par value $.01 per share, of MPI. 
 “MPI Employee” shall mean a person listed on Exhibit A to the Separation Agreement. 
 “MPI Group” shall mean MPI and each Person that is an Affiliate of MPI immediately after the Effective Time or that becomes an Affiliate
of MPI after the Distribution Date. 
 “MPI Liabilities” shall mean all liabilities of MPI as defined in the Separation
Agreement. 
 “MPI Option” shall mean an option to purchase shares of MPI Common Stock as of the Distribution Date, which
shall be issued pursuant to the MPI Stock Plan as part of the adjustment to Myriad Options in connection with the Distribution and which shall be structured to avoid being deemed to have undergone a modification for purposes of Section 409A of
the Code. 
 “MPI Participant” shall mean any individual who, immediately following the Effective Time, is an MPI Employee,
a Former MPI Employee or a beneficiary, dependent or alternate payee of any of the foregoing. 
 “MPI Stock Plan” shall mean
the Myriad Pharmaceuticals, Inc. 2009 Employee, Director and Consultant Equity Incentive Plan. 
  

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 “MPI Welfare Plans” shall mean health and welfare plans maintained by a member of the
MPI Group. 
 “Myriad Benefit Plan” shall mean any Benefit Plan sponsored, maintained or contributed to by any member of the
Myriad Group or any ERISA Affiliate thereof other than MPI or any member of the MPI Group. 
 “Myriad Business” shall mean
all of the business and operations of Myriad and its Subsidiaries other than the MPI Business. 
 “Myriad Common Stock”
shall mean the common stock, $0.01 par value per share, of Myriad. 
 “Myriad Employee” shall mean an active employee or an
employee on vacation or on approved leave of absence (including maternity, paternity, family, sick leave, salary continuation, qualified military service under the Uniformed Services Employment and Reemployment Rights Act of 1994, and leave under
the Family Medical Leave Act and other approved leaves) who, after the Effective Time, is employed by or will be employed by Myriad or any member of the Myriad Group. 
 “Myriad Group” shall mean Myriad and each Person, other than any member of the MPI Group, that is an Affiliate of Myriad immediately after the Effective Time or that becomes an Affiliate of Myriad
after the Distribution Date. 
 “Myriad Liabilities” shall mean all liabilities of Myriad other than the MPI Liabilities.

 “Myriad Option” shall mean an option to purchase shares of Myriad Common Stock granted pursuant to the Myriad Stock Plan.

 “Myriad Participant” shall mean any individual who, immediately following the Effective Time, is a Myriad Employee, a
Former Myriad Employee or a beneficiary, dependent or alternate payee of any of the foregoing. 
 “Myriad Stock Plan” shall
mean the Myriad Genetics, Inc. 2003 Employee, Director and Consultant Stock Option Plan, as amended. 
 “Myriad Welfare
Plans” shall mean, collectively, the health and welfare benefit plans maintained by a member of the Myriad Group. 
 “Participating Company” shall mean Myriad or any Person (other than an individual) participating in a Myriad Benefit Plan. 
 “Person” shall mean any natural person, firm, individual, corporation, business trust, joint venture, association, company, limited liability company, partnership, or other organization or entity,
whether incorporated or unincorporated, or any governmental entity. 
 “Post-Distribution Myriad Stock Price” shall mean the
closing per share trading price of Myriad Common Stock on an ex-distribution basis on the day after the Distribution Date, unless otherwise determined by the Myriad Board of Directors or its Compensation Committee in its sole discretion in order to
effect an equitable adjustment of a Myriad Option in connection with the Distribution and ensure that such Myriad Option is not deemed to have undergone a modification under Section 409A of the Code. 
 “Post-Distribution Myriad Option” shall mean the definition set forth in Section 5.1(a) of this Agreement. 
 “Pre-Distribution Myriad Stock Price” shall mean the closing per share trading price of Myriad Common Stock on an ex-distribution basis
on the Distribution Date plus one-quarter of the closing per share trading price of the MPI Common Stock on a when issued basis on the Distribution Date. 
 “Pre-Distribution Myriad Option Price” shall mean the definition set forth in Section 5.1(b) of this Agreement. 
 “Subsidiary” shall mean any corporation or other organization whether incorporated or unincorporated of which at least a majority of the securities or interests having by the terms thereof ordinary
voting power to elect at least a majority of the board of directors or others performing similar functions with respect to such corporation or other organization is directly or indirectly owned or controlled by a Person or by any one or more of its
Subsidiaries, or by such Person and one or more of its Subsidiaries; provided, however that no Person that is not directly or indirectly wholly owned by any other Person shall be a Subsidiary of such other Person unless such other Person controls,
or has the right, power or ability to control, that Person. 
  

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 “Third Party” shall mean any Person other than Myriad, any Myriad Affiliate, MPI and any
MPI Affiliate. 
 Section 1.2 References; Interpretation. References in this Agreement to any gender include references to all
genders, and references to the singular include references to the plural and vice versa. Unless the context otherwise requires, the words “include”, “includes” and “including” when used in this Agreement shall be deemed
to be followed by the phrase “without limitation”. Unless the context otherwise requires, references in this Agreement to Articles, Sections, Exhibits and Schedules shall be deemed references to Articles and Sections of, and Exhibits and
Schedules to, this Agreement. Unless the context otherwise requires, the words “hereof”, “hereby” and “herein” and words of similar meaning when used in this Agreement refer to this Agreement in its entirety and not to
any particular Article, Section or provision of this Agreement. 
 ARTICLE II 
 GENERAL PRINCIPLES 
 Section 2.1 Assumption and Retention of
Liabilities; Related Assets. 
 (a) As of the date hereof and with effect at the Effective Time, except as otherwise expressly provided
in this Agreement, Myriad shall, or shall cause one or more members of the Myriad Group to, assume or retain, as applicable, and pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all Myriad Benefit Plans
(except that Myriad shall have no liability with respect to any assets of the Myriad 401(k) Plan to the extent, and as of the date, that such assets are transferred to the MPI 401(k) Plan pursuant to Section 3.1), (ii) all Liabilities
(excluding Liabilities incurred under a Benefit Plan except as otherwise provided in this Agreement) with respect to the employment, service, termination of employment or termination of service of all Myriad Employees, Former Myriad Employees and
their dependents and beneficiaries (and any alternate payees in respect thereof) and other service providers (including any individual who is, or was, an independent contractor, temporary employee, temporary service worker, consultant, freelancer,
agency employee, leased employee, on-call worker, incidental worker, or non-payroll worker or in any other employment, non-employment, or retainer arrangement, or relationship with any member of the Myriad Group), in each case to the extent arising
in connection with or as a result of employment with or the performance of services for any member of the Myriad Group, and (iii) any other Liabilities or obligations expressly assigned to Myriad or any of its Affiliates (other than any member
of the MPI Group) under this Agreement. For purposes of clarification, the Liabilities assumed or retained by the Myriad Group as provided for in this Section 2.1(a) or elsewhere in this Agreement are intended to be Myriad Liabilities.

 (b) As of the date hereof and with effect at the Effective Time, except as otherwise expressly provided in this Agreement, MPI shall, or
shall cause one or more members of the MPI Group to, assume or retain, as applicable, and pay, perform, fulfill and discharge, in due course in full (i) all Liabilities under all MPI Benefit Plans, (ii) all Liabilities (excluding
Liabilities incurred under a Benefit Plan except as otherwise provided in this Agreement) with respect to the employment, service, termination of employment or termination of service of all MPI Employees, Former MPI Employees and their dependents
and beneficiaries (and any alternate payees in respect thereof) and other service providers (including any individual who is, or was, an independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee,
leased employee, on-call worker, incidental worker, or non-payroll worker or in any other employment, non-employment, or retainer arrangement, or relationship with any member of the Myriad Group or MPI Group), in each case to the extent arising in
connection with or as a result of employment with or the performance of services for any member of the MPI Group, or in the case of Former MPI Employees, the Myriad Group and (iii) any other Liabilities or obligations expressly assigned to MPI
or any of its Affiliates (other than any member of the Myriad Group) under this Agreement. For purposes of clarification, the Liabilities assumed or retained by the MPI Group as provided for in this Section 2.1(b) or elsewhere in this Agreement
are intended to be MPI Liabilities as such term is defined in the Separation Agreement. 
 (c) From time to time after the Distribution Date,
the Parties shall promptly reimburse one another, upon reasonable request of the Party requesting reimbursement and the presentation by such Party of such substantiating documentation as the other Party shall reasonably request, for the cost of any
obligations or Liabilities satisfied or assumed by the Party requesting reimbursement or its Affiliates that are, or that have been made pursuant to this Agreement, the responsibility of the other Party or any of its Affiliates. Any such request for
reimbursement must be made not later than the first anniversary of the Distribution Date. 
  

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 (d) Myriad shall retain responsibility for all employee-related regulatory filings for reporting periods
through the Distribution Date except for Equal Employment Opportunity Commission EEO-1 reports and affirmative action program (AAP) reports and responses to Office of Federal Contract Compliance Programs (OFCCP) submissions, for which Myriad will
provide data and information (to the extent permitted by applicable Laws and consistent with Section 8.1) to MPI, who will be responsible for making such filings in respect of MPI Employees. 
 Section 2.2 Participation in Myriad Benefit Plans. Except as otherwise expressly provided for in this Agreement or as otherwise expressly
agreed to in writing between or among the affected Parties, (i) effective as of the Effective Time, MPI and each member of the MPI Group shall cease to be a Participating Company in any Myriad Benefit Plan, and (ii) each MPI
Participant and any other service providers (including any individual who is, or was, an independent contractor, temporary employee, temporary service worker, consultant, freelancer, agency employee, leased employee, on-call worker, incidental
worker, or nonpayroll worker of any member of the MPI Group or in any other employment, non-employment, or retainer arrangement, or relationship with any member of the MPI Group), effective as of the Effective Time, shall cease to participate in, be
covered by, accrue benefits under, be eligible to contribute to or have any rights under any Myriad Benefit Plan (except to the extent of obligations that accrued on or before the Effective Time, including benefits that are not otherwise addressed
herein), and MPI and Myriad shall take all necessary action to effectuate each such cessation. 
 Section 2.3 Service
Recognition. MPI shall give each MPI Participant full credit for purposes of eligibility, vesting, determination of level of benefits, and, to the extent applicable, benefit accruals under any MPI Benefit Plan, respectively, for such MPI
Participant’s service with any member of the Myriad Group through the Distribution Date to the same extent such service was recognized by the applicable Myriad Benefit Plans as of the Distribution Date; provided, that, such service shall not be
recognized to the extent that such recognition would result in the duplication of benefits. 
 Section 2.4 Approval by Myriad as Sole
Stockholder. On or prior to the Distribution Date, MPI shall have adopted the MPI Stock Plan, which shall permit the issuance of stock options that have material terms and conditions substantially similar to those stock options issued under the
Myriad Stock Plan in respect of which MPI Stock Options will be issued in connection with the Distribution. The MPI Stock Plan shall be approved prior to the Distribution Date by Myriad as the sole stockholder of MPI. 
 ARTICLE III 
 QUALIFIED DEFINED
CONTRIBUTION PLAN 
 Section 3.1 MPI 401(k) Plan. 
 (a) Establishment of the MPI 401(k) Plan. Effective as of the Distribution Date, MPI shall, or shall have caused one of its Affiliates to,
establish a defined contribution plan and trust for the benefit of MPI Participants (the “MPI 401(k) Plan”). MPI shall be responsible for taking all necessary, reasonable and appropriate action to establish, maintain and administer the MPI
401(k) Plan so that it is qualified under Section 401(a) of the Code and that the related trust thereunder is exempt from Federal income tax under Section 501(a) of the Code. MPI (acting directly or through its Affiliates) shall be
responsible for any and all Liabilities and other obligations with respect to the MPI 401(k) Plan. 
 (b) Transfer of Savings Plan
Assets. Not later than ninety (90) days following the Distribution Date (or such later time as mutually agreed by Myriad and MPI), Myriad shall cause the accounts (including any outstanding loan balances) in the Myriad 401(k) Plan
attributable to MPI Participants and all of the assets in the Myriad 401(k) Plan related thereto, to be transferred to the MPI 401(k) Plan and MPI shall cause the MPI 401(k) Plan to accept such transfer of accounts and underlying assets and,
effective as of the date of such transfer, to assume and to fully perform, pay and discharge, all obligations of the Myriad 401(k) Plan relating to the accounts of MPI Participants (to the extent the assets related to those accounts are actually
transferred from the Myriad 401(k) Plan to the MPI 401(k) Plan). Any transfer of assets pursuant to this Section 3.1(b) shall be conducted in accordance with Section 414(l) of the Code, Treasury Regulation Section 1.414(1)-1, and
Section 208 of ERISA. 
 (c) Continuation of Elections. As of the day after the Distribution Date, the MPI Participants shall be
immediately eligible to participate in the MPI 401(k) Plan, and MPI (acting directly or through its Affiliates) shall cause the MPI 401(k) Plan to recognize 

  

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and maintain all Myriad 401(k) Plan and MPI 401(k) Plan elections, including, but not limited to, deferral, investment, and payment form elections, dividend
elections, beneficiary designations, and the rights of alternate payees under qualified domestic relations orders with respect to MPI Participants, to the extent such election or designation is available under the MPI 401(k) Plan. 
 (d) Form 5310-A. No later than thirty (30) days prior to the date of any transfer of assets and liabilities pursuant to Section 3.1(b),
Myriad and MPI (each acting directly or through their respective Affiliates) shall, to the extent necessary, file Internal Revenue Service Form 5310-A regarding the transfer of assets and liabilities from the Myriad 401(k) Plan to the MPI 401(k)
Plan as described in this Section 3.1. 
 (e) Contributions as of the Distribution Date. All contributions payable to the Myriad
401(k) Plan with respect to employee deferrals and contributions, matching contributions and other contributions for MPI Participants through the Distribution Date, determined in accordance with the terms and provisions of the Myriad 401(k) Plan,
ERISA and the Code, shall be paid by Myriad to the Myriad 401(k) Plan prior to the date of the asset transfer described in subsection (b), above. 
 ARTICLE IV 
 HEALTH AND WELFARE PLANS 
 Section 4.1 Health and Welfare Plans Maintained By Myriad through the Distribution Date. 
 (a)
Establishment of Welfare Plans. Myriad or one or more of its Affiliates maintain the Myriad Welfare Plans for the benefit of eligible Myriad Participants and MPI Participants. Effective as of the day following the Distribution Date, MPI
shall, or shall cause an MPI Affiliate to, adopt, for the benefit of eligible MPI Participants, MPI Welfare Plans in form and substance substantially similar to the Myriad Welfare Plans maintained as of the day immediately prior to the Distribution
Date. 
 (b) Terms of Participation in MPI Welfare Plans. MPI (acting directly or through its Affiliates) shall use reasonable best
efforts to cause all MPI Welfare Plans, respectively, to (i) waive all limitations as to preexisting conditions, exclusions, and service conditions with respect to participation and coverage requirements applicable to MPI Participants,
respectively, other than limitations that were in effect with respect to MPI Participants as of the Distribution Date under the Myriad Welfare Plans, (ii) waive any waiting period limitation or evidence of insurability requirement that would
otherwise be applicable to an MPI Participant, respectively, following the Distribution Date to the extent such MPI Participant had satisfied any similar limitation under the analogous Myriad Welfare Plan and (iii) credit MPI Participants (and
their dependents) for any deductibles and out-of-pocket expenses paid under the comparable Myriad Welfare Plans through the Distribution Date. 
 (c) Employees on Leave. Notwithstanding any other provision of this Agreement to the contrary, MPI shall assume Liability for payment of any salary continuation, short term disability or health and welfare coverage with respect to
MPI Employees and Myriad shall have no further responsibility for such disabled MPI Employees or MPI Employees on approved leave after the Distribution Date. 
 (d) COBRA and HIPAA. Effective as of the Effective Time, Myriad shall retain responsibility for compliance with the health care continuation coverage requirements of COBRA with respect to MPI Participants who,
as of the Distribution Date, were covered under a Myriad Welfare Plan and constitute “M&A Qualified Beneficiaries” (as such term is defined in Treasury Reg. §54.4980B-9, Q&A 4) pursuant to COBRA. Myriad (acting directly or
through its Affiliates) shall be responsible for administering compliance with any certificate of creditable coverage requirements of HIPAA or Medicare applicable to the Myriad Welfare Plans with respect to MPI Participants. The Parties hereto agree
that neither the Distribution nor any transfers of employment that occur as of the Distribution Date shall constitute a COBRA qualifying event for purposes of COBRA; provided, that, in all events, MPI (acting directly or through its Affiliates)
shall assume, or shall have caused the MPI Welfare Plans to assume, responsibility for compliance with the health care continuation coverage requirements of COBRA with respect to those individuals whose employment is transferred directly from the
Myriad Group to the MPI Group, as of the Effective Time, to the extent such individual was, as of such transfer of employment, covered under a Myriad Welfare Plan or becomes covered under an MPI Welfare Plan. 
 (e) Liabilities. 
 (i) Insured
Benefits. With respect to employee welfare and fringe benefits that are provided through the purchase of insurance (including, without limitation, health, disability and workers’ compensation benefits), Myriad shall timely pay all premiums

  

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in respect of coverage of MPI Participants in respect of the period through the Distribution Date and shall retain all claims incurred by the MPI
Participants through the Distribution Date, and MPI shall cause Myriad not to have any liability in respect of any and all claims of MPI Participants that are incurred under the MPI Welfare Plans. 
 (ii) Incurred Claim Definition. For purposes of this Section 4.1(e), a claim or Liability is deemed to be incurred (A) with respect to
medical, dental, vision and/or prescription drug benefits, upon the rendering of health services giving rise to such claim or Liability; (B) with respect to life insurance, accidental death and dismemberment and business travel accident
insurance, upon the occurrence of the event giving rise to such claim or Liability; and (C) with respect to disability benefits, upon the date of an individual’s disability, as determined by the disability benefit insurance carrier or
claim administrator, giving rise to such claim or Liability. 
 (iii) Claim Experience. Notwithstanding the foregoing, the Parties
(acting directly or through their Affiliates) shall take any action necessary to ensure that any claims experience under the Myriad Welfare Plans attributable to MPI Participants shall be available to the MPI Welfare Plans. 
 Section 4.2 Time-Off Benefits. MPI shall credit each MPI Participant with the amount of accrued but unused personal leave benefits (vacation
time, sick time and other time-off benefits) as such MPI Participant had with the Myriad Group as of the Distribution Date. Notwithstanding the above, MPI shall not be required to credit any MPI Participant with any accrual to the extent that a
benefit attributable to such accrual is provided or continues to be provided by the Myriad Group. 
 ARTICLE V 
 STOCK OPTIONS 
 Section 5.1
Treatment of Outstanding Myriad Options. 
 (a) Each Myriad Option that is outstanding on the Distribution Date shall, as of the
Distribution Date, be converted into an MPI Option and an adjusted Myriad Option (a “Post-Distribution Myriad Option”) in accordance with the succeeding paragraphs of this Section 5.1. 
 (b) The number of shares subject to the MPI Option shall be equal to the number of shares of MPI Common Stock to which the option holder would be
entitled in the Distribution had the shares subject to the Myriad Option represented outstanding shares of Myriad Common Stock as of the Record Date, the resulting number of shares subject to the MPI Option being rounded down to the nearest whole
share. The per share exercise price of the MPI Option shall be equal to the product of (1) the per share exercise price of the Myriad Option immediately prior to the Distribution Date (the “Pre-Distribution Myriad Option Price”)
multiplied by (2) a fraction, the numerator of which shall be the Initial MPI Stock Price and the denominator of which shall be the Pre-Distribution Myriad Stock Price. The number of shares subject to the Post-Distribution Myriad Option shall
be equal to the number of shares subject to the Myriad Option immediately prior to the Distribution Date. The per share exercise price of the Post-Distribution Myriad Option shall be equal to the product of (1) the Pre-Distribution Myriad
Option Price multiplied by (2) a fraction, the numerator of which shall be the Post-Distribution Myriad Stock Price and the denominator of which shall be the Pre-Distribution Myriad Stock Price. With respect to each Post-Distribution Myriad
Option and MPI Option, the aggregate spread of such option shall not exceed the aggregate spread of the relevant Myriad Option from which it was converted, and the ratio of the exercise price to the fair market value of the shares subject to the
Post-Distribution Myriad Option or MPI Option, as the case may be, immediately after the conversion shall not be greater than the ratio of the exercise price to the fair market value of the shares subject to the relevant Myriad Option immediately
before the conversion and all other requirements of Section 409A shall be met in order to ensure that no modification is deemed to occur under Section 409A with respect to any Post-Distribution Myriad Option or MPI Option. 
 (c) Prior to the Distribution Date, Myriad shall take all actions necessary to provide that, effective as of the Distribution Date, for purposes of the
Post-Distribution Myriad Options (including in determining exercisability and the post-termination exercise period), an MPI Employee’s continuous service with the MPI Group (including applicable successors) following the Distribution Date shall
be deemed continuous service with Myriad. MPI shall issue each MPI Option under the MPI Stock Plan with terms such that, except as otherwise provided herein, the terms and conditions applicable to the MPI Options shall be substantially similar to
the terms and conditions applicable to the corresponding Myriad Option, including the terms and conditions relating to vesting and the 

  

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post-termination exercise period and including a provision to the effect that, for purposes of the MPI Options, continuous service with the Myriad Group or
MPI Group (in each case, including applicable successors) from and after the Distribution Date shall be deemed to constitute service with MPI. 
 (d) Except as otherwise provided herein, the MPI Options and the Post-Distribution Myriad Options shall remain subject to the terms and conditions of the underlying Myriad Options as in effect immediately prior to the Distribution Date
(taking into account changes in the identity of the employer, including for purposes of determining whether a change in control has occurred). 
 (e) Upon the exercise of an MPI Option, regardless of the holder thereof, the exercise price shall be paid to (or otherwise satisfied to the satisfaction of) MPI in accordance with the terms of the MPI Option, and MPI shall be solely
responsible for the issuance of MPI Common Stock, for ensuring the collection of the employee portion of all applicable withholding tax on behalf of the employing entity of such holder, and for ensuring the remittance of such withholding taxes to
the employing entity of such holder. Upon the exercise of a Post-Distribution Myriad Option, regardless of the holder thereof, the exercise price shall be paid to (or otherwise satisfied to the satisfaction of) Myriad in accordance with the terms of
the Post-Distribution Myriad Option, and Myriad shall be solely responsible for the issuance of Myriad Common Stock, for ensuring the collection of the employee portion of all applicable withholding tax on behalf of the employing entity of such
holder and for ensuring the remittance of such withholding taxes to the employing entity of such holder. 
 Section 5.2 Cooperation
and Special Award Terms. Each of the Parties shall establish an appropriate administration system in order to handle in an orderly manner exercises of Post Distribution Myriad Options and MPI Options. Each of the Parties will work together to
unify and consolidate all indicative data and payroll and employment information on regular timetables and make certain that each applicable entity’s data and records in respect of such awards are correct and updated on a timely basis. The
foregoing shall include employment status and information required for tax withholding/remittance, compliance with trading windows and compliance with the requirements of the Exchange Act and other applicable Laws. Each of the parties shall honor
the terms of any agreement entered into on or before the Distribution Date with any employee of another party insofar as such agreement provides for accelerated vesting or the extension of the term of any Myriad Options. 
 Section 5.3 SEC Registration. The Parties mutually agree to use reasonable best efforts to maintain effective registration statements with
the SEC with respect to the Post Distribution Myriad Options and MPI Options. 
 ARTICLE VI 
 ADDITIONAL COMPENSATION MATTERS 
 Section 6.1 Workers’ Compensation Liabilities. Except as provided in Section 4.1(e)(i), all workers’ compensation Liabilities relating to, arising out of, or resulting from any claim that results from an accident,
incident or event occurring, or from an occupational disease which becomes manifest, at, before or after the Distribution Date by (i) any Myriad Employee or Former Myriad Employee shall be retained by Myriad, and (ii) by any MPI Employee
or Former MPI Employee shall be assumed by MPI. 
 Section 6.2 Director Programs; Director Fees. Myriad shall retain
responsibility for the payment of any fees payable in respect of service on the Myriad Board of Directors that are payable but not yet paid as of the Distribution Date, and MPI shall not have any responsibility for any such payments. After the
Distribution Date, Myriad and MPI will each be responsible for the fees and expenses of their respective Boards of Directors. 
 Section 6.3 Certain Payroll, Bonus and Supplemental Plan Matters. In the case of an individual who transfers employment on the Distribution Date from Myriad to MPI, MPI shall be responsible for paying the entire payroll amount
due to such individual for the first payroll cycle ending after the Distribution Date and for satisfying all applicable tax reporting and withholding requirements in respect of such payment; provided, that, Myriad shall reimburse MPI for the gross
amount of the payroll payment (i.e., including any applicable deductions) and for all tax withholdings remitted in respect of such portion of the payroll period ending on the Distribution Date. Myriad shall be entitled to the benefit of any tax
deduction in respect of its payment (by reimbursement to MPI) for the portion of the payroll period ending on the Distribution Date. 
  

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 ARTICLE VII 
 INDEMNIFICATION 
 Section 7.1 Any claim for indemnification under this Agreement shall be
governed by, and be subject to, the provisions of Article V of the Separation Agreement, which provisions are hereby incorporated by reference into this Agreement and any references to “Agreement” in such Article V as incorporated herein
shall be deemed to be references to this Agreement. 
 ARTICLE VIII 
 GENERAL AND ADMINISTRATIVE 
 Section 8.1 Sharing Of Information.
Myriad and MPI (acting directly or through their respective Affiliates) shall provide to each other and their respective agents and vendors all information as the other may reasonably request to enable the requesting Party to administer efficiently
and accurately each of its Benefit Plans, to timely and accurately comply with and report under Section 14 of the Exchange Act and to determine the scope of, as well as fulfill, its obligations under this Agreement. Such information shall, to
the extent reasonably practicable, be provided in the format and at the times and places requested, but in no event shall the Party providing such information be obligated to incur any out-of-pocket expenses not reimbursed by the Party making such
request or make such information available outside of its normal business hours and premises. Any information shared or exchanged pursuant to this Agreement shall be subject to the confidentiality requirements set forth in the Separation Agreement.
The Parties also hereby agree to enter into any business associate agreements that may be required for the sharing of any information pursuant to this Agreement to comply with the requirements of HIPAA. 
 Section 8.2 Reasonable Efforts/Cooperation. Each of the Parties hereto will use its reasonable best efforts to promptly take, or cause to be
taken, all actions and to do, or cause to be done, all things necessary, proper or advisable under applicable Laws and regulations to consummate the transactions contemplated by this Agreement, including adopting plans or plan amendments. Each of
the Parties hereto shall cooperate fully on any issue relating to the transactions contemplated by this Agreement for which the other Party seeks a determination letter or private letter ruling from the Internal Revenue Service, an advisory opinion
from the Department of Labor or any other filing, consent or governmental approval. 
 Section 8.3 Employer Rights. Nothing in
this Agreement shall prohibit any Party or any of their respective Affiliates from amending, modifying or terminating any of their respective Benefit Plans at any time within their sole discretion. 
 Section 8.4 Effect on Employment. Except as expressly provided in this Agreement, the occurrence of the Distribution alone shall not cause
any employee to be deemed to have incurred a termination of employment, which entitles such individual to the commencement of benefits under any of the Myriad Benefit Plans. Furthermore, nothing in this Agreement is intended to confer upon any
employee or former employee of Myriad, MPI or any of their respective Affiliates any right to continued employment, or any recall or similar rights to an individual on layoff or any type of approved leave. 
 Section 8.5 Consent of Third Parties. If any provision of this Agreement is dependent on the consent of any Third Party and such consent is
withheld, the Parties hereto shall use their reasonable best efforts to implement the applicable provisions of this Agreement to the fullest extent practicable. If any provision of this Agreement cannot be implemented due to the failure of such
Third Party to consent, the Parties hereto shall negotiate in good faith to implement the provision (as applicable) in a mutually satisfactory manner. 
 Section 8.6 Access to Employees. Following the Distribution Date, Myriad and MPI shall, or shall cause each of their respective Affiliates to, make available to each other those of their employees who may
reasonably be needed in order to defend or prosecute any legal or administrative action (other than a legal action between or among any of the Parties) to which any employee, director or Benefit Plan of the Myriad Group or MPI Group is a party and
which relates to their respective Benefit Plans prior to the Distribution. The Party to whom an employee is made available in accordance with this Section 8.6 shall pay or reimburse the other Party for all reasonable expenses which may be
incurred by such employee in connection therewith, including all reasonable travel, lodging, and meal expenses, but excluding any amount for such employee’s time spent in connection herewith. Any such reimbursement by one Party to the other
shall be made within 90 days of the date on which the Party seeking reimbursement provides the reimbursing Party with documentation of such expenses that is reasonably acceptable to the reimbursing Party. 
  

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 Section 8.7 Beneficiary Designation/Release of Information/Right to Reimbursement. To the
extent permitted by applicable law, including, without limitation, the privacy and security requirements of HIPAA, and except as otherwise provided for in this Agreement, all beneficiary designations, authorizations for the release of information
and rights to reimbursement made by or relating to MPI Participants under Myriad Benefit Plans shall be transferred to and be in full force and effect under the corresponding MPI Benefit Plans and Myriad Benefit Plans until such beneficiary
designations, authorizations or rights are replaced or revoked by, or no longer apply, to the relevant MPI Participant. 
 ARTICLE IX 

 MISCELLANEOUS 
 Section 9.1 Effect If Certain Events Do Not Occur. Notwithstanding anything in this Agreement to the contrary, if the Separation Agreement is terminated prior to the Effective Time, then all actions and events that are, under
this Agreement, to be taken or occur effective prior to, as of or following the Distribution Date, or otherwise in connection with the Separation, shall not be taken or occur except to the extent specifically agreed to in writing by Myriad on the
one hand and MPI on the other hand and no Party shall have any Liability or further obligation to any other Party under this Agreement. 
 Section 9.2 Relationship of Parties. Nothing in this Agreement shall be deemed or construed by the Parties or any Third Party as creating the relationship of principal and agent, partnership or joint venture between or among the
Parties, it being understood and agreed that no provision contained herein, and no act of the Parties, shall be deemed to create any relationship between or among the Parties other than the relationship set forth herein. 
 Section 9.3 Subsidiaries. Each of the Parties shall cause to be performed all actions, agreements and obligations set forth herein to be
performed by any Subsidiary or Affiliate of such Party or by any entity that becomes a Subsidiary or Affiliate of such Party on and after the Distribution Date. The Parties acknowledge that certain actions, agreements and obligations that certain of
their Affiliates and Subsidiaries may be required to perform in connection with the performance of the Parties obligations under this Agreement may require governmental approval under applicable law, and therefore agree that performance of such
actions, agreements and obligations is subject to the receipt of all such necessary governmental approvals, which governmental approvals each Party shall, and shall cause the members of its respective Group to, use its reasonable best efforts to
obtain. 
 Section 9.4 Notices. All notices, requests, claims, demands and other communications under this Agreement shall be in
writing and shall be deemed to be duly given when (a) delivered in person or (b) deposited in the United States mail or private express mail, postage prepaid, addressed as follows: 
 To Myriad: 
 Myriad Genetics, Inc. 
 320 Wakara Way 
 Salt Lake City, UT 84108 
 Attn: President and CEO 
 Facsimile: 801.584.3640 
 To MPI: 
 Myriad Pharmaceuticals, Inc. 
 305 Chipeta Way 
 Salt Lake City, UT 84108 
 Attn: President and CEO 
 Facsimile: 801.214.7992 
 Either Party may, by notice to the other Party, change the address to which such notices are to be given. 
 Section 9.5 Entire Agreement. This Agreement, the Separation Agreement, and all other agreements, instruments, understandings, assignments or
other arrangements entered into between the Parties in connection with the Separation, including the 

  

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exhibits and schedules thereto, contain the entire agreement between the Parties with respect to the subject matter hereof and shall supersede all previous
agreements, negotiations, discussions, writings, understandings, commitments and conversations with respect to such subject matter and there are no agreements or understandings between the Parties other than those set forth or referred to herein or
therein. In the event of any conflict between the terms and conditions of this Agreement and the terms and conditions of the Separation Agreement, the terms and conditions of the Separation Agreement (including amendments thereto) shall control.

 Section 9.6 Waivers. The failure of any Party to require strict performance by the other Party of any provision in this
Agreement will not waive or diminish that Party’s right to demand strict performance thereafter of that or any other provision hereof. 
 Section 9.7 Amendments. Subject to the terms of Section 9.8 of this Agreement, this Agreement may not be modified or amended except by an agreement in writing signed by each of the Parties. 
 Section 9.8 Termination. This Agreement (including Article VII (Indemnification) hereof) may be terminated and the Distribution may be
amended, modified or abandoned at any time prior to the Effective Time by and in the sole discretion of Myriad without the approval of MPI or the stockholders of Myriad and it shall be deemed terminated if and when the Separation Agreement is
terminated. In the event of such termination, no Party shall have any Liability of any kind to any other Party or any other Person. After the Effective Time, this Agreement may not be terminated except by an agreement in writing signed by Myriad and
MPI. 
 Section 9.9 Governing Law. This Agreement shall be governed by and construed and interpreted in accordance with the laws
of the State of Delaware, irrespective of the choice of laws principles of the State of Delaware as to all matters, including matters of validity, construction, effect, enforceability, performance and remedies. 
 Section 9.10 Dispute Resolution. Any controversy, dispute or claim arising out of, in connection with, or in relation to the interpretation,
performance, nonperformance, validity, termination or breach of this Agreement or otherwise arising out of, or in any way related to this Agreement or the transactions contemplated hereby, including any claim based on contract, tort, statute or
constitution (but excluding any controversy, dispute or claim arising out of any contract relating to the use or lease of real property if any Third Party is a necessary party to such controversy, dispute or claim), shall be governed by, and be
subject to, the provisions of Article IX of the Separation Agreement, which provisions (and related defined terms) are hereby incorporated by reference into this Agreement and any references to “Agreement” in such Article IX as
incorporated herein shall be deemed to be references to this Agreement; provided, however, any references to “Agreement” in such Article IX as incorporated herein shall be deemed to be references to this Agreement as defined in this
Agreement. 
 Section 9.11 Consent to Jurisdiction. Subject to the provisions of Article IX of the Separation Agreement, each of
the Parties irrevocably submits to the exclusive jurisdiction of the United States District Court for the District of Utah (the “Utah Court”), for the purposes of any suit, action or other proceeding to compel arbitration or for
provisional relief in aid of arbitration in accordance with Article IX of the Separation Agreement or for provisional relief to prevent irreparable harm, and to the non-exclusive jurisdiction of the Utah Court for the enforcement of any award issued
thereunder. Each of the Parties further agrees that service of any process, summons, notice or document by United States registered mail or receipted courier service to such Party’s respective address set forth in Section 9.4 of this
Agreement shall be effective service of process for any action, suit or proceeding in the Utah Court with respect to any matters to which it has submitted to jurisdiction in this Section 9.11. Each of the Parties irrevocably and unconditionally
waives any objection to the laying of venue of any such action, suit or proceeding in the Utah Court, and hereby further irrevocably and unconditionally waives and agrees not to plead or claim in any such court that any such action, suit or
proceeding brought in any such court has been brought in an inconvenient forum. 
 Section 9.12 Titles and Headings. Titles and
headings to sections and articles herein are inserted for the convenience of reference only and are not intended to be a part of or to affect the meaning or interpretation of this Agreement. 
 Section 9.13 Counterparts. This Agreement may be executed in more than one counterparts, each of which shall be considered one and the same
agreement, and shall become effective when each counterpart has been signed by each of the Parties and delivered to the other Parties. Execution of this Agreement or any other documents pursuant to this Agreement by facsimile or other electronic
copy of a signature shall be deemed to be, and shall have the same effect as, executed by an original signature. 
  

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 Section 9.14 Assignment. Except as otherwise expressly provided for in this Agreement, this
Agreement and rights hereunder shall be binding upon, inure to the benefit of and be enforceable by (and against) the Parties and their respective successors and permitted transferees and assigns. Notwithstanding the foregoing, this Agreement shall
not be assignable, in whole or in part, by any Party without the prior written consent of the other Party, and any attempt to assign any rights or obligations arising under this Agreement without such consent shall be null and void; provided, that
(i) a Party may assign this Agreement in connection with a merger transaction in which such Party is not the surviving entity or the sale by such Party of all or substantially all of its assets, and upon the effectiveness of such assignment the
assigning Party shall be released from all of its obligations under this Agreement if the surviving entity of such merger or the transferee of such assets shall agree in writing, in form and substance reasonably satisfactory to the other Party, to
be bound by all terms of this Agreement as if named as a “Party” hereto. 
 Section 9.15 Severability. If any provision
of this Agreement is determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remaining provisions hereof, or the application of such provision to Persons or circumstances or in jurisdictions other than those as to
which it has been held invalid or unenforceable, shall remain in full force and effect and shall in no way be affected, impaired or invalidated thereby, so long as the economic or legal substance of the transactions contemplated hereby or thereby,
as the case may be, is not affected in any manner adverse to any Party. Upon such determination, the Parties shall negotiate in good faith in an effort to agree upon such a suitable and equitable provision to affect the original intent of the
Parties. 
 Section 9.16 Specific Performance. The Parties agree that irreparable damage would occur in the event that the
provisions of this Agreement were not performed in accordance with their specific terms. Accordingly, it is hereby agreed that the Parties shall be entitled to (i) an injunction or injunctions to enforce specifically the terms and provisions
hereof in any arbitration in accordance with Section 9.10 of this Agreement, (ii) provisional or temporary injunctive relief in accordance therewith in the Utah Court, and (iii) enforcement of any such award of an arbitral tribunal or
a Utah Court in any court of the United States, or any other any court or tribunal sitting in any state of the United States or in any foreign country that has jurisdiction, this being in addition to any other remedy or relief to which they may be
entitled. 
 Section 9.17 Waiver of Jury Trial. SUBJECT TO SECTIONS 9.9, 9.10 AND 9.11 OF THIS AGREEMENT, EACH OF THE PARTIES
HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY COURT PROCEEDING CONTEMPLATED BY SECTION 9.11 OF THIS AGREEMENT. EACH OF THE PARTIES HEREBY (A) CERTIFIES THAT NO
REPRESENTATIVE, AGENT OR ATTORNEY OF THE OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER AND (B) ACKNOWLEDGES THAT IT HAS BEEN INDUCED TO
ENTER INTO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT, AS APPLICABLE, BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 9.17. 
 Section 9.18 Force Majeure. No Party (or any Person acting on its behalf) shall have any liability or responsibility for failure to fulfill
any obligation (other than a payment obligation) under this Agreement so long as and to the extent to which the fulfillment of such obligation is prevented, frustrated, hindered or delayed as a consequence of circumstances of force majeure. A Party
claiming the benefit of this provision shall, as soon as reasonably practicable after the occurrence of any such event: (a) notify the other Party of the nature and extent of any such force majeure condition and (b) use due diligence to
remove any such causes and resume performance under this Agreement as soon as reasonably practicable. 
 Section 9.19
Authorization. Each of the Parties hereby represents and warrants that it has the power and authority to execute, deliver and perform this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part
of such Party, that this Agreement constitutes a legal, valid and binding obligation of each such Party and that the execution, delivery and performance of this Agreement by such Party does not contravene or conflict with any provision of law or of
its charter or bylaws or any material agreement, instrument or order binding on such Party. 
  

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 Section 9.20 No Third-Party Beneficiaries. The provisions of this Agreement are solely for
the benefit of the Parties and are not intended to confer upon any Person except the Parties any rights or remedies hereunder. There are no Third Party beneficiaries of this Agreement and this Agreement shall not provide any Third Party, including,
without limitation, any current or former employee or director of either Party, with any remedy, claim, liability, reimbursement, claim of action or other right in excess of those existing without reference to this Agreement. 
 Section 9.21 Construction. The Parties have participated jointly in the negotiation and drafting of this Agreement. This Agreement shall be
construed without regard to any presumption or rule requiring construction or interpretation against the party drafting or causing any instrument to be drafted. 
 [Remainder of this page intentionally left blank.] 
  

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 IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed as of the day and year
first above written. 
  

			
	MYRIAD GENETICS, INC.
		
	 By:
	 	 /s/    Peter D. Meldrum

	Name:	 	Peter D. Meldrum
	Title:	 	President and Chief Executive Officer

  

			
	MYRIAD PHARMACEUTICALS, INC.
		
	 By:
	 	 /s/    Adrian Hobden

	Name:	 	Adrian Hobden
	Title:	 	President and Chief Executive Officer

  

 14Investment Advisor Agreement

 Exhibit 10.26 
 INVESTMENT ADVISOR AGREEMENT 
 This INVESTMENT ADVISOR AGREEMENT (the “Agreement”) is
effective as of July 6, 2009 by and between STATE STREET BANK AND TRUST COMPANY OF NEW HAMPSHIRE, a trust company organized under the laws of the State of New Hampshire (“State Street”), and SYSTEMATIC FINANCIAL MANAGEMENT, L.P.
(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 Bank and Trust Company (“State Street Bank”) acts as trustee, are maintained pursuant to agreements between the American Bar
Association Retirement Funds, formerly known as the American Bar Retirement Association (the “ABA RF”), and State Street Bank 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 individual
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 SMALL-MID CAP EQUITY 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 retain the Advisor to act as its investment advisor 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. 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. 
 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) neither the Advisor nor any affiliate of 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 that could materially affect the Advisor’s ability to perform under this
Agreement. Throughout this Agreement, the term “business day” shall mean any day in which the New York Stock Exchange is open for trading. 
 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 the ABA RF. 
 4. The Advisor’s Services. 
 (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. 
  

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 (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 and any investment limitations that are set forth in the
prospectus of the ABA Members Collective Trust as in effect from time to time. The Trustee shall provide reasonable notice to the Advisor of any changes to such investment objectives and policies. 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. 
 (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. On or prior to the first business day of each month, the Trustee shall consider brokers recommended by the Advisor
and shall approve, to the extent deemed appropriate by the Trustee, a list of not more than one hundred (100) brokers through whom transactions with respect to the assets in the Subaccount may be effected during the following month (the
“Broker 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 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. 
  

 3 

 (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 5:00 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. Unless the Trustee otherwise instructs the Advisor in
writing to the contrary, the Advisor may trade up to 25% of any existing position in the Subaccount on any trading day without otherwise complying with these requirements. 
 (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. 
  

 4 

 (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 communication that is recorded by the Trustee or the Advisor and is available for
subsequent verification. 
 (d) Custody of Assets and Confirmation of Transactions. The Advisor shall not have custody or possession
of Fund assets. To the extent required by any applicable law, regulation or order of a court or governmental body (“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. On or before the effective date of this Agreement, the Advisor has provided a copy of its
proxy voting policy to the Trustee, which the Trustee has reviewed and approved subject to any revisions that the Trustee deemed appropriate that were agreed upon by the Advisor and the Trustee. The Advisor shall promptly provide the Trustee with an
updated copy of the Advisor’s proxy voting policy to the extent such proxy voting policy is amended from time to time in any material respect, and the Trustee shall review and approve such revised proxy voting policy subject to any revisions
that the Trustee deems appropriate. 
 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 of which are held in the Subaccount, to the Advisor. The Advisor shall be responsible for causing such
securities or other instruments to be voted, except that the Trustee may instruct the Advisor to vote proxies with respect to any matter or proposal including, without limitation, mergers or similar transactions, and the Advisor shall cause the
proxies to be voted accordingly, provided that the Trustee has communicated such instructions to the Advisor sufficiently in advance for the Advisor to implement such instructions. The Advisor may engage a proxy voting agent to vote proxies on the
Advisor’s behalf with respect to the investment securities held from time to time in the Subaccount in accordance with its proxy voting policy. 
 No less frequently than quarterly, the Advisor shall send the Trustee a historical report detailing the manner in which the proxies relating to the Subaccount’s securities were voted during the time period
covered by such report. 
 Unless otherwise agreed upon by the Trustee and the Advisor from time to time, the Trustee shall be responsible
for taking any and all action to be taken in respect of the securities held in the Subaccount in connection with class actions. With respect to corporate 

  

 5 

 
action including, without limitation, tender offers and exchange offers, 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 corporate actions (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 or the next 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 one (1) hour
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 applicable requirements of ERISA, other Applicable Law and this Agreement. 
 (g) Fidelity Bond and Insurance. The Advisor shall maintain for the period of the Agreement 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 to the extent so required. The Advisor will provide to the ABA RF and the Trustee
within twenty (20) business days of the effective date of this Agreement copies of all insurance policies (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 the ABA RF, a certificate of coverage with respect to any such policies. The Advisor will notify the ABA RF 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 C. The Advisor shall make its recommendations of brokers or dealers in accordance with its best judgment and 

  

 6 

 
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. Except to the extent necessary in connection with the performance of its obligations under this Agreement, the
Advisor shall keep in strict confidence all information about the financial affairs of the Subaccount; provided, that 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. Except to the extent necessary in connection with the performance of its obligations under this
Agreement or in connection with the ABA Members Collective Trust or the ABA RF Program, the Trustee shall keep in strict confidence any recommendations and confidential information provided to it by the Advisor. The Trustee agrees and acknowledges
that Confidential Information shall not be used by the Trustee as the basis for effecting transactions in any accounts other than the Subaccount. Each of the parties hereto shall be responsible for any unauthorized disclosure of confidential
information provided under this Agreement by it and its affiliates and their respective officers, directors, employees, affiliates and agents. 
 The foregoing confidentiality requirements shall not apply with respect to information that (a) is or becomes available to a recipient from a source other than the other party hereto; provided that such source is not known by the
recipient to be bound by a confidentiality agreement with, or other contractual, legal or fiduciary obligation to, the other party that prohibits such disclosure, (b) is or becomes generally available to the public other than as a result of a
disclosure by the recipient in violation of this Agreement or Applicable Law, (c) has been or is independently developed by the recipient without the use in whole or in part of the confidential information, (d) is required to be disclosed
in connection with a judicial, administrative, governmental or self-regulatory organization process, investigation, inquiry or proceeding or (e) is required to be disclosed pursuant to Applicable Law, including in connection with filings made
by any Fund with the U.S. Securities and Exchange Commission (“SEC Filings”) ; provided that in the case of (d) or (e) (except with respect to SEC Filings) the disclosing party notifies the other party, if practicable, and to the
extent not prohibited by Applicable Law or court order, so that the other party may have a reasonable opportunity to obtain a protective order or other form of protection against disclosure (such notice may be given after disclosure if it is not
feasible to give prior notice). 
  

 7 

 Notwithstanding the foregoing, the Advisor may disclose the name of the Trustee and the name of the Fund
in client lists. 
 The Advisor may not issue any publicity release or announcements concerning this Agreement or the transaction
contemplated herein without the advance written approval of the Trustee. Notwithstanding the foregoing, the Advisor may include the Fund’s performance in calculating its composites, and it may include Trustee and/or Fund in its list of clients
for marketing purposes. 
 (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. 
 (k) Valuation. At the request of the Trustee from time to time, the Advisor shall 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) the Trustee has by appropriate
action duly authorized the appointment of the Advisor and the execution and implementation of this Agreement, which has been executed on behalf of the Trustee by a person (or persons) authorized to do so and, at the request of the Advisor, shall
deliver such evidence of such authority as the Advisor shall reasonably request; (b) the Trustee received a copy of Part II of the Advisor’s Form ADV at least 48 hours prior to the execution of this Agreement; (c) 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 the prospectus of the ABA Members Collective Trust,
as in effect from time to time, as any of the same may be amended from time to time and communicated in writing promptly 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 (d) disclosure to Plan participants contained in the Registration Statement describing the
Subaccount is 

  

 8 

 
accurate and prepared in accordance with the requirements of Form S-1 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 (i) the Advisor has itself violated its fiduciary responsibility under Applicable Law (including ERISA) or its obligations under this Agreement, or
(ii) 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, (B) actions omitted to be taken by the Advisor pursuant to instructions or directions provided by the Trustee and/or (C) valuation of the assets held in the Subaccount, computation
of unit values for the Subaccount by the Trustee, or performance data and other financial information provided by the Trustee to Subaccount participants except to the extent that (i) the Advisor has incorrectly reported or failed to report
securities transactions in the Subaccount to the Trustee as provided in this Agreement and (ii) any error in such valuation or computation is due to prices or other information provided by the Advisor. 
 (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 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 

  

 9 

 
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 has met the duty of care provided in Section 4(f), and 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 the ABA RF. 
 (i) To the extent permitted by Applicable Law, the Advisor agrees to defend, indemnify and hold harmless the ABA RF, 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(l)
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 the ABA RF) 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 

  

 10 

 
Persons shall require the written approval of the Advisor, which approval shall not be unreasonably withheld or delayed, and any settlement agreement entered
into 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. 

 

 11 

 (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 compensation or
fees with respect to the Fund, other than the fees provided for in Appendix D, (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 the ABA RF, 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 E, 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 the ABA RF and with such other persons as the Trustee or the ABA RF 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 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 the ABA RF, or their designee, a report of the current status of the Subaccount based on the procedures set forth in Appendix E, 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 the ABA RF such
additional reports and information as may be reasonably requested by the Trustee or the ABA RF. 
  

 12 

 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 the ABA RF, 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 D. The Advisor agrees that if it enters into a fee schedule with any new non-eleemosynary client that is a non-affiliate of the Advisor and whose portfolio is advised or managed in a similar manner
as that of the Subaccount, under similar investment policies, objectives and restrictions as the Subaccount, and is similarly or smaller sized, for services which are substantially similar to the services provided under this Agreement and such fee
schedule contains fees that are less than the fees set forth in Appendix D, it will promptly offer in writing to the Trustee the same fee schedule to the Trustee, which shall have the right to require the amendment to Appendix D to reflect
that lower fee schedule which will be effective as of the date of the offer. 
 11. Removal and Resignation. 
 (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 ABA RF 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 

 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
	 ABA RF
	  	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)
	 Plans
	  	Introduction
	 State Street
	  	Introduction
	 Subaccount
	  	Introduction
	 Suggested Response
	  	4(e)
	 Termination Date
	  	8(c)
	 Trustee
	  	Introduction
	 Trustee’s Response
	  	4(c)(ii)
	 Trustee’s Rejection
	  	4(e)
	 Trusts
	  	Introduction
	 Valid Notice
	  	4(c)(v)

 14. Governing Law. This Agreement shall be construed and enforced according to the laws of
the State of New Hampshire 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. 
  

 14 

 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:
	 	Systematic Financial Management. L.P.
		 	300 Frank W Burr Boulevard
		 	Glenpointe East, 7th Floor
		 	Teaneck, NJ 07666
		 	Attn: Karen Kohler
		 	Telecopier: 201-928-1401
		
	 To the Trustee:
	 	State Street Bank and Trust Company of New Hampshire
		 	20 Trafalgar Square, Suite 449
		 	 Nashua, New Hampshire 03063
 Facsimile: 603-882-8707

		 	Attention: President
		
	 With a copy to:        
	 	State Street Bank and Trust Company
		 	1200 Crown Colony Drive, CC1N
		 	Crown Colony Office Park
		 	Quincy, Massachusetts 02169
		 	Attention: Robert Fullam
		 	Telecopier: 617-946-9452
		 	E-mail: Robert_Fullam@SSgA.com
		
		 	State Street Bank and Trust Company
		 	One Lincoln Street, SFC24
		 	Boston, Massachusetts 02111
		 	Attention: Monet Ewing
		 	Telecopier: 617-946-9434
		 	E-mail: Monet_Ewing@SSgA.com

 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. 
 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. 
  

 15 

 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.

  

 16 

 IN WITNESS WHEREOF, the parties have executed this Agreement effective as of the date first set forth
above. 
  

			
	 STATE STREET BANK AND TRUST COMPANY OF NEW HAMPSHIRE

		
	By 	 	/s/ Monet Ewing
		 	Name: Monet Ewing
		 	Title: Director
	
	 SYSTEMATIC FINANCIAL MANAGEMENT, L.P.

		
	By	 	/s/ Karen E. Kohler
		 	Name: Karen E. Kohler
		 	Title: Chief Operating Officer

  

 17

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