Document:

EX-10.13

EXHIBIT 10.13

AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT

               THIS AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT (the “Agreement”), is made and entered into as of this 13th 
day of February 2006, by and between Attalus Capital, L.L.C. (the “Manager”), a Delaware
limited liability company, and National Investment Services Inc. (the “Sub-Adviser”), a
corporation organized under the laws of the State of Wisconsin.

          WHEREAS, the Manager and the Sub-Adviser desire to amend and restate the Investment Sub-Advisory Agreement that was entered into by the parties on March      , 2004 in accordance with the terms hereof; and

               WHEREAS, the Manager has sponsored the structuring and establishment of the Attalus Multi-Strategy Fund, Ltd. (the “Fund”), an investment fund
registered with the Cayman Islands Monetary Authority of the Cayman Islands, and has entered into
an Amended and Restated Investment Advisory Management Agreement, dated January 1, 2005, with the
Fund, pursuant to which the Manager provides primary investment advisory, management and
administration services to the Fund; and

               WHEREAS, as the Manager to the Fund, the Manager
furnishes the Fund with certain advisory services and management services, and furnishes and pays
the expenses of the Fund for certain other services designated herein; and

               WHEREAS, the Sub-Adviser is willing to provide certain
services designated herein to the Manager, and the Manager and the Sub-Adviser believe that such an
arrangement will be to their mutual benefit; and

 

 

               WHEREAS, the Manager wishes to appoint the Sub-Adviser as the Sub-Adviser of the Fund in
accordance with the terms and conditions set forth herein;

               NOW, THEREFORE, in consideration of the mutual agreements and covenants herein contained and other valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

          1. Appointment of Sub-Adviser. The Manager hereby appoints the Sub-Adviser as the Sub-Adviser of the Fund with the responsibilities and duties, and in
accordance with the terms and conditions, set forth herein. The Sub-Adviser shall, at the
request of the Manager, execute such consents or other documents as may be necessary or appropriate to
enable the Manager to exercise its authority as the Manager with respect to the Fund.

          2. Manager’s Duties and Powers. The Manager shall have the
following duties and responsibilities under this Agreement:

               a. The Manager shall have the sole authority and duty to make
all investment and other decisions on behalf of the Fund.

               b. Should the Manager identify a potential Taft Hartley asset,
the Manager will notify the Sub-Adviser and on a case by case basis both the Manager and the Sub-Adviser will make a determination if such potential Taft Hartley asset will be pursued exclusively by the Manager, the Sub-Adviser or a joint effort by both the
Manager and Sub-Adviser. Should it be agreed that the Manager will pursue such a
potential Taft Hartley asset without the assistance of the Sub-Adviser and the Sub-Adviser is not required to provide any duties under Section 3 of this Agreement with

 

 

respect to such assets, the Manager will not be obligated to pay a Fee (as defined below)
to the Sub-Adviser.

          3. Sub-Adviser’s Duties and Powers.  The Sub-Adviser is specifically engaged to assist the Manager with regard to the identification of specific assets
with a focus on Taft Hartley assets to invest within the Fund (the “Assets”). At the onset of a
potential new client, when such investment would be included in the Assets for the purposes of this
Agreement, the Sub-Adviser will notify the Manager in writing or by e-mail at least five (5)
business days in advance of the date of the identification of any specific Assets, and provide to
the Manager a complete description of the potential client (including information relating to the
suitability for such investment by the potential client) and such other information reasonably
requested by the Manager. Thereafter, the Manager will notify the Sub-Adviser via email or in
writing within five (5) business days from the date of the Manager’s receipt of the Sub-Adviser’s
notice of the potential client, that it will include the potential client in the Assets, should
they invest. The Sub-Adviser shall have the following duties and responsibilities under this
Agreement:

          a. The Sub-Adviser shall provide the Manager with advice on
potential investment issues that might arise that are specific to the Assets;

          b. As reasonably requested by the Manager, the Sub-Adviser
shall provide support to the Manager in preparing marketing and reporting material for
the Assets and shall assist the Manager in road shows or other marketing presentations
with respect to new Assets for the Fund; and

          c. Make available such employees of the Sub-Adviser for
such periods as may be agreed upon by the Manager and the Sub-Adviser as may be

 

 

reasonably needed by the Manager in the performance of its advisory and management
functions.

          4. Compensation of Sub-Adviser. In consideration of services to be rendered by the
Sub-Adviser to the Fund pursuant to this Agreement, the Manager, shall pay to the Sub-Adviser a fee
(the “Fee”) as described on Schedule A. In addition, the Sub-Adviser acknowledges:

          a. In the event that the overall management fee is renegotiated by a client, both the Manager and Sub-Adviser will re-address the fee sharing arrangements.

          b. The management fee paid to the Manager will not be less than 0.90% per annum.

          c. The Fee will be reduced by 50% when the Sub-Adviser is not present with the
Manager at a-final presentation to a targeted prospective client, but performs other
services to assist the Manager with respect to the-Assets.

          d. If the Manager independently identifies an Asset without
the assistance of the Sub-Adviser and the Sub-Adviser is not required to provide any
services under Section 3 of this Agreement in connection with such Asset, the Manager is not
obligated to pay the Fee to the Sub-Adviser.

          Payment to the Sub-Adviser will be based on the agreed upon fee sharing arrangement and
calculated on the net asset value of the Assets within the Fund, accrued monthly and paid
quarterly in arrears, within thirty (30) days after the Manager has received

 

 

its management fee in regards to the Assets that the Sub-Adviser was specifically engaged to
assist the Manager.

          5. Term of Agreement and Termination of Agreement. This
Agreement shall become effective as of the first above written date. Either party may terminate
this Agreement upon 30 days written notice to the other party. Termination of this Agreement
pursuant to this section shall be without payment of any penalty. Any termination of this Agreement
shall not affect the status, obligations or liabilities of any party to the other party which
either arose prior to termination or which by its nature or the terms thereof, survive termination
provided that the Sub-Adviser continues to provide services as described in section 3 of the
Agreement to the Asset.

          6. Notice. Any notice under this Agreement shall be in writing, addressed and delivered or mailed postage prepaid to the other party at such address as such
other party may designate for the receipt of such notice. Until further notice to the other
party, it is agreed that the address of the Manager shall be 2929 Arch Street, Suite 1500, Philadelphia, PA 19104, and the Sub-Adviser shall be 777 E. Wisconsin Avenue, Suite 2350; Milwaukee, WI 53202-5306.

          
7. Limited Scope of-Agreement. Nothing contained in this Agreement shall be construed to preclude Manager or Sub-Adviser or any company affiliated with
either of them from offering its management or advisory services to any person other than the Fund
or other investment companies jointly sponsored by the Manager and Sub-Adviser or to in any way
limit its sponsorship of investment companies regardless of the investment policies of

 

 

such companies or their similarity to the policies of the Fund or other investment companies
jointly sponsored by the Manager and Sub-Adviser.

          8. Representations and Warranties. Each party hereto represents and warrants to the
other party hereto that, as of the date hereof:

          a. Such party is a corporation or company duly organized,

          validly existing and in good standing under the laws of the jurisdiction of its organization
or incorporation, and has all requisite power and authority to own, lease and operate its
assets, properties and business and to carry on its business as now conducted;

          b. Such party has all requisite power, authority and approval required to enter
into, execute and deliver this Agreement and to perform fully its obligations hereunder;

          c. Such party has taken all actions necessary to authorize it to enter into and
perform its obligations under this Agreement, and this Agreement is a legal, valid and
binding obligation of such party, enforceable against such party in accordance with its
terms, except as such enforceability may be limited by applicable bankruptcy laws and any
other similar laws affecting the rights and remedies of creditors generally and by general
principles of equity;

          d. Neither the execution and delivery of this Agreement by such party, not the
performance of such party’s obligations hereunder, will conflict with, or result in a breach
of, or constitute a default under, any provision of the Articles of Incorporation, Articles
of Organization, other charter document or bye-laws of such party, or any law, rule,
regulation, judgment, order, or decree of any court, arbitrator or

 

 

governmental agency or instrumentality, or of any contract, agreement or instrument to
which it is a party or subject, or by which its property is bound or affected;

          e. No authorization, approval or consent of any person is
required in connection with such party’s execution and delivery of this Agreement and
performance of its obligations hereunder; and

          f. There is no suit, arbitration, or legal, administrative or other
proceeding or governmental investigation pending or, to the best knowledge of such
party, threatened against such party respecting such party’s consummation of the
transactions described herein.

          9. Entire Agreement. This Agreement contains the entire understanding between the parties hereto with respect to the subject matter hereof There are no
representations, warranties, promises, covenants or understandings other than those expressly set
forth herein. This Agreement may be amended only by a written document executed by the parties
hereto with the same formalities as accompanied the execution of this Agreement.

          10. Severability of Provisions. If any provisions of this Agreement should be declared invalid or unenforceable, such invalidity or unenforceability shall not
affect the other provisions of this Agreement, it being agreed that such provisions are severable and
that this Agreement shall be construed in all respects as if such invalid or unenforceable
provisions were omitted.

          11. Applicable Law. This Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware irrespective of any forum in
which any action concerning this Agreement may be brought.

 

 

          12. Arbitration of Disputes. Except with respect to any matter relating to a breach of Section 16 hereof, any controversy or claim arising out of or in connection
with this Agreement, any breach of this Agreement, or any disagreements or disputes as to the meaning or interpretation of this Agreement, or the performance or non-performance of any of the terms or provisions hereof, shall be settled by arbitration in Philadelphia, Pennsylvania
in accordance with the rules of the American Arbitration Association, and judgment upon the award rendered by the arbitrator may be entered in any court having jurisdiction thereof.

          13. Limitation of Liability.

          a. Sub-Adviser will not be liable to Manager for any error of
judgment or for any loss suffered by Manager in connection with the performance of its
obligations under this Agreement, except a loss resulting from breach of this Agreement,
or a loss resulting from willful misfeasance, bad faith or gross negligence on the Sub-
Adviser’s part in the performance of its duties or from reckless disregard of its
obligations and duties under this Agreement, except as may otherwise be provided under
provisions of applicable state law which cannot be waived or modified hereby.

          b. Manager will not be liable to Sub-Adviser for any error of
judgment or for any loss suffered by Sub-Adviser in connection with the performance of
its obligations under this Agreement, except a loss resulting from breach of this Agreement, or a loss resulting from willful misfeasance, bad faith or gross negligence on Manager’s part in the performance of its duties or from reckless disregard of its
obligations and duties under this Agreement, except as may otherwise be provided under
provisions of applicable state law which cannot be waived or modified hereby.

 

 

          14. Indemnification.

          a. Manager agrees to indemnify and hold harmless Sub-
Adviser and each person, if any, who controls Sub-Adviser, its members, managers,
employees, affiliates and agents against any and all loss, liability, claim, damage and
expense, including but not limited to attorneys’ fees, as incurred, arising out of or based
upon the breach of any provision of this Agreement by Manager, the inaccuracy of any of
the representations made by Manager under this Agreement, and any failure on the part of
Manager to carry out its duties under this Agreement.

          b. Manager will give prompt notice to Sub-Adviser of any action commenced against it in respect of which indemnity may be sought hereunder.

          c. Sub-Adviser will give prompt notice to Manager of any action commenced against it in respect of which indemnity may be sought hereunder.

          d. Sub-Adviser agrees to indemnify and hold harmless Manager and each person, if any, who controls Manager, its shareholders, directors,
employees, affiliates and agents against any and all loss, liability, claim, damage and
expense, including but not limited to attorneys’ fees, as incurred arising out of or based
upon the breach of any provisions of this Agreement by Sub-Adviser, the inaccuracy of
any of the representations made by Sub-Adviser under this Agreement, and any failure on
the part of Sub-Adviser to carry out its duties under this Agreement.

 

 

          15. Assignment. Neither party, without written consent of the other,
may assign any of the rights or obligations under this Agreement.

          16. Confidentiality.

          a. Subject to the duty of Manager and Sub-Adviser to comply with the applicable
law, including any demand of any regulatory or taxing authority having jurisdiction, the
parties hereto will treat as confidential all information-pertaining to Assets. Whether or
not designated as confidential and information provided by one party to another prior to the
date hereof. Notwithstanding anything to the contrary set forth herein, information shall not
be deemed confidential if it is (i) published or otherwise becomes public or within the
public domain through no act or failure to act by the party receiving the information; (ii)
known to the receiving party at the time of disclosure to such receiving party without a
violation of applicable law; and (iii) subsequently acquired by the receiving party from a
third party who has a bona fide right to make such information available without restriction;
(iv) information shown by the receiving party to be independently developed by the receiving
party without reference to, and independently of, any disclosures made by the disclosing
party to the receiving party.

          b. If Manager prepares standard written materials for public distribution that
describes its services or programs and mentions Sub-Adviser, Manager will provide Sub-Adviser
with copies of such materials for Sub-Adviser’s approval (which shall not be unreasonably
withheld) prior to their use. Manager agrees that it will not give any information or make
any representations concerning Sub-Adviser or in connection with the sale of Sub-Adviser’s
investment advisory services, other than those

 

 

contained in any written, audio or audio-visual materials prepared or approved by Sub-Adviser for
use in connection with the sale of services.

          c. If Sub-Adviser prepares standard written materials for public
distribution that describes its services or programs and mentions Manager, Sub-Adviser
will provide Manager with copies of such materials for Manager’s approval (which shall
not be unreasonably withheld) prior to their use. Sub-Adviser agrees that it will not give
any information or make any representations concerning Manager or in connection with
the sale of Manager’s investment advisory services, other than those contained in any
written, audio or audio-visual materials prepared or approved by Manager for use in
connection with the sale of services.

          d. Each party acknowledges that the disclosure of confidential information by a party receiving such information may suffer immediate and irreparable harm to its
goodwill and its business that will not be compensable by damages alone if a party which receives
confidential information thereafter discloses such information in violation of this Agreement and
in such event the party whose confidential information has been disclosed by the other party shall
not have a remedy at law and thus, shall be entitled to obtain a temporary, preliminary and
permanent injunction to prevent or restrain any actual or threatened breach of this Section 16.
Such injunctive relief shall be in addition to and not in limitation of any other rights, remedies
or damages available at law or in equity arising out of a breach of this section.

 

 

          IN WITNESS WHEREOF, each of the parties hereto has entered into this Agreement as of the day
and year first above written.

	 	 	 	 	 
	 	Attalus Capital, L.L.C.

 	 
	 	By  	/s/ PATRICK EGAN
 	 
	 	 	Name:  	PATRICK EGAN 	 
	 	 	Title:  	CEO 	 
	 
	 	National Investment Services, Inc.

 	 
	 	By  	/s/ LARRY HASLEE
 	 
	 	 	Name:  	LARRY HASLEE  	 
	 	 	Title:  	Vice President 	 
	 

 

 

Schedule A

Fee ScheduleEX-10.14

EXHIBIT 10.14

Attalus Capital

Alternative Investment Solutions

December 1, 2006

Norm Sidler

National Investment Services, Inc.

777 E. Wisconsin Avenue

Suite 2350

Milwaukee, WI 53202-5306

Re:     Referral Arrangement

Dear Norm:

     Attalus Capital, L.L.C. (the “Manager”) has been pleased to work with National Investment
Services, Inc. (“NIS”) during these past several years and we look forward to continuing our
excellent relationship with NIS for many years to come. The purpose of this letter is to agree that
the Amended and Restated Investment Sub-Advisory Agreement dated as of February 12, 2006 by and
between the Manager and NIS (“Sub-Advisory Agreement”) will govern all past joint business between
the two parties, including all additional subscriptions made by such past joint business and that
this document will govern all new joint business commencing on and after the date of this letter
agreement (“Agreement”).

	 	1.	 	NIS shall continue to refer investors, including but not limited to,
Jointly-Trusteed
employee benefit plans, governmental pension plans and any other qualified purchaser
(“Investor”) to the Manager with respect to one or more investment vehicles sponsored
by the Manager provided, however, effective as of the date of this Agreement, all
such
referrals shall be governed by the terms set forth in this Agreement.
	 
	 	2.	 	NIS will coordinate its introductory services with the Manager’s own marketing
efforts.
As NIS identifies potential Investors (“Prospects”) it will relay, in writing, the
names of
those Prospects (each such notification is referred to in this Agreement as a
“Referral
Notice”) to ensure there is no conflict between the two organizations. The Manager
reserves the right to reject any Prospect, and NIS understands that each Prospect,
regardless of its consultant, will be treated as a separate Prospect and Investor.
The
Manager acknowledges that a new Prospect, not listed on the Referral Notice, may
arise
as a result of an existing relationship. If such an event occurs, the Manager and NIS
agree to discuss in good faith the handling of such accounts. NIS, consistent with
any
fiduciary or other obligations it may owe to those Prospects, will recommend that the
Prospects meet with and entertain proposals from the Manager’s personnel. NTS will
also
help the Manager in establishing relationships with Prospects referred by NIS. NIS
represents and warrants that its entry into this Agreement will not violate any of
its prior
or current agreements, orders, or obligations.
	 
	 	3.	 	If a Prospect referred by NIS becomes a client of the Manager, the Manager
shall notify
NIS via e-mail or in writing with five (5) days after such Prospect has become a new
client of the Manager. The Manager will pay a referral fee to NIS equal to a
percentage
of the fees received from the new client. The referral fee is further described in
Paragraph 5 of this Agreement. As used in this Agreement, a “Prospect” means an

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	 	 	 	Investor that (i) was first identified and contacted by NIS; (ii) has been identified on a
Referral Notice furnished by NIS to the Manager pursuant to Paragraph 2 above; and (iii)
has signed and dated an Acknowledgment of Receipt, a copy of which has been delivered to
the Manager by NIS pursuant to Paragraph 7 below. NIS will bear all expenses incurred by
it in soliciting Prospects under this Agreement, except in those limited instances where
the Manager specifically agrees in advance in writing to reimburse NIS for reasonable
travel, entertainment or other expenses. Notwithstanding any provision of this Agreement
to the contrary, the Manager will not be obligated to pay NIS any referral fee if, in the
opinion of independent legal counsel mutually agreed upon by the parties, such payment
would violate any law, rule or regulation to which the Manager is subject. The cost of
such independent legal counsel will be shared equally by the parties to this Agreement.
	 
	 	4.	 	NIS will perform services under this Agreement in accordance with this Agreement, the
Manager’s instructions concerning the Investment Advisers Act of 1940 (“Advisers
Act”), U.S. Securities and Exchange Commission (“SEC”) rules and regulations
thereunder, and other applicable U.S., state, or local law. The Manager will supply NIS
with relevant material information and materials relating to the obligations imposed on
solicitors under U.S. laws and regulations. NIS agrees to read and understand these
materials and seek clarification regarding these materials from the Manager if needed.
	 
	 	5.	 	In compensation for performance of this Agreement, NIS will receive the following
percentages per annum of the fees received by the Manager, which shall be paid quarterly
in arrears for each Investor based upon the period during which such Investor became a
client for so long as they remain a client of the Manager irrespective as to whether the
Agreement is then in effect:

	 	 	 	 	 
	 	 	% per annum of fees
	Period Prospect became Investor	 	received by the Manager
	First 12 months
	 	 	20	%
	Second 12 months
	 	 	15	%
	Thereafter
	 	 	10	%

	 	 	 	The Manager represents that the compensation paid to NIS will not result in additional
charges or costs to the Manager’s clients. The Manager will pay the relevant referral fee
amounts within 30 days following the receipt of the applicable fees from such Investor.
	 
	 	6.	 	NIS will not be an employee, agent or officer of the Manager, but will have the status of
an “independent contractor.” Additionally, NIS shall have the status of an “unaffiliated
solicitor” as contemplated by Rule 206(4)-3 adopted under the Advisers Act. NIS will
not render any investment advice on behalf of the Manager. NIS is not authorized to act
on behalf of or bind the Manager except as provided in this Agreement. NIS is not
authorized to enter into any agreement or undertaking on behalf of the Manager. No
agreement between the Manager and a Prospect will become effective until it is accepted
by the Manager.
	 
	 	7.	 	NIS will provide the following documents to each Prospect who agrees to meet with or
entertain a proposal for services by the Manager: (a) Part II of the Manager’s Form ADV

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	 	 	 	(or a substitute brochure prepared by the Manager), and (b) NIS’ Disclosure
Statement pertaining to the Manager, as required by Rule 206(4)-3 under the Advisers Act, a
specimen copy of which is attached as Exhibit A. These documents are to be provided to the
Prospect at the time NIS recommends the Manager to the Prospect or otherwise solicits the
Prospect for the Manager. Additionally, NIS will obtain from each Prospect, and promptly
forward to the Manager, a signed and dated Acknowledgment of Receipt of the documents
referred to above (see Exhibit A) prior to, or at the time of, entering into any written or
oral investment advisory contract. NIS will not make any representations regarding the
Manager that are false or misleading or in any way inconsistent with, or otherwise not
contained in, the written materials provided by the Manager, including Part II of the
Manager’s Form ADV (or a substitute brochure prepared by the Manager) or other materials
provided by the Manager for presentation to Prospects. Additionally, NIS will not deliver
to Prospects any written materials concerning the Manager that have not been specifically
approved by the Manager in advance in writing. If any Prospect desires further information
about the Manager or its Services, NIS agrees to have the Prospect contact the Manager
directly with NIS either present or not.
	 
	 	8.	 	The Manager represents and warrants that it has the necessary registrations, and agrees to
maintain such registrations, as an investment adviser with the SEC and any other relevant
jurisdiction, or has been advised by legal counsel that it is validly exempt or excluded
from such registration.
	 
	 	9.	 	NIS represents and warrants that it is either (a) registered with state securities
commissions in each jurisdiction in which NIS solicits, or (b) not required to be
registered for such solicitation based on advice of counsel that registration is not
necessary to conduct the services described in this Agreement in that particular
jurisdiction. NIS will engage in solicitation activities only in jurisdictions where it is
duly licensed or registered to engage in such activities or are exempt from licensing or
registration for such activities.
	 
	 	10.	 	NIS hereby makes, and with the submission of each Referral Notice pursuant to
Paragraph 2 above, NIS will be deemed to have repeated, the following representations,
warranties and covenants that neither NIS nor any of its employees or agents is a person
who is or has been (a) subject to an SEC order issued under Section 203(f) of the
Advisers Act; (b) convicted within the previous ten (10) years of any felony or
misdemeanor involving conduct described in Sections 203(e)(2)(A)-(D) of the Advisers
Act; (c) found by the SEC to have engaged, or been convicted of engaging, in any of the
conduct specified in paragraphs (1), (5) or (6) of Section 203(e) of the Advisers Act; or
(d) subject to an order, judgment or decree described in Section 203(e)(4) of the Advisers
Act (individually or collectively, a “Statutory Disqualification”). NIS will promptly
notify the Manager in writing if its or any of its employees or agents becomes subject to a
Statutory Disqualification and NIS will promptly refund to the Manager any referral fees
previously paid by the Manager to NIS, to which it would otherwise have become
entitled under this Agreement, after such time NIS or any of its employees or agents
becomes subject to a Statutory Disqualification.
	 
	 	11.	 	This Agreement will continue in effect for a period of three (3) years as of the date
of signing, unless certain specific circumstances arise, as described below. Should this

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	 	 	 	Agreement not be renewed upon its three year termination, the Manager’s obligations to
continue any existing payment obligations to NIS as such payment obligations existed on the
termination date for so long as the Prospects referred by NIS remain as clients of the
Manager shall not be affected. In the event of this Agreement being terminated by either
party, a mutually agreed upon client list will be prepared prior to termination of this
Agreement and will be signed by the Chairman of NIS and the Manager. The Manager or NIS may
terminate this Agreement immediately on written notice to the other if the Manager or NIS
is in breach of any representation, warranty or covenant in this Agreement This Agreement
will terminate automatically if and when any representation or warranty by NIS contained in
Paragraph 9 and 10, or by the Manager contained in Paragraph 8, ceases to be true and
correct in all respects. Any such termination of this Agreement will not affect NTS’
obligation to refund referral fees under Paragraph 10 above.
	 
	 	12.	 	All notices required to be delivered under this Agreement will be delivered in person
or by U.S. mail, overnight courier, telecopier (with a hard copy in the U.S. mail), in each
case prepaid and addressed as follows (or to such other addresses as the parties may specify
to one another in writing):

	 	 	 
	If to the Manager:

	 	If to NIS:
	 
	 	 
	Attalus Capital, L.L.C.

	 	National Investment Services, Inc.
	2929 Arch Street

	 	737 N.Michigan Ave # 1520
	Suite 1500

	 	Chicago, IL 60611
	Philadelphia, PA 19104

	 	Phone: 312-335-8300
	Phone: 215-495-0800

	 	Fax:     312-335-9656
	Fax:     215-495-0801

	 	Attention: Robert Kelly
	Attention: Patrick Egan
	 	 

	 	13.	(A)  	NIS will indemnify the Manager and its directors, officers, employees,
affiliates and agents and hold them harmless against any loss, liability or expense incurred
by any of them arising out of or in connection with any breach by NIS of this Agreement or any
act, omission or violation of law by NIS or its employees or agents, as well as the costs and
expenses of investigating and defending against any claim, suit, action or proceeding in which
such loss, liability or expense is asserted in a court of competent jurisdiction, by a
government agency or authority, or pursuant to the arbitration provisions in this Agreement,
against the Manager or its officers, directors, employees, affiliates or agents.
	 
	 	 	(B)  	The Manager will indemnify NIS, its employees, and agents and will hold
them harmless against any loss, liability or expense incurred by any of them arising
out of or in connection with any breach by the Manager of this Agreement or any act,
omission or violation of law by the Manager or any of its officers, directors,
employees, affiliates or agents, as well as the costs and expenses of investigating and
defending against any claim, suit, action or proceeding in which such loss, liability
or expense is asserted in a court of competent jurisdiction, by a government agency or
authority, or pursuant to the arbitration provisions in this Agreement, against NIS,
its employees, or agents.

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	 	14.	 	(A) This Agreement is made and will be governed under and shall be construed in
accordance with the internal laws of the State of Delaware.
	 
	 	 	 	(B) This Agreement may not be assigned without the written consent of the non-assigning party, and any purported assignment violating this provision will be void.
	 
	 	 	 	(C) If any provision of this Agreement is or becomes inconsistent with any present or
future law, rule or regulation of any governmental or regulatory body having jurisdiction
over the subject matter of this Agreement, the provision will be deemed rescinded or
modified in accordance with any such law, rule or regulation. In all other respects, this
Agreement will continue in full force and effect.
	 
	 		 	(D) No provision of this Agreement may be waived or modified unless in writing and
signed by the party against whom such waiver or modification is sought to be enforced.
Either party’s failure to insist on strict compliance with this Agreement or any continued
course of conduct on its part will in no event constitute or be considered a waiver by such
party of any right or privilege.
	 
	 	 	 	(E) This Agreement supersedes and terminates the Sub-Advisory Agreement except with
respect to Prospects existing prior to the date of this Agreement, which agreement shall
continue to be governed by the Sub-Advisory Agreement and contains the entire
understanding between the parties concerning the subject matter of this Agreement. The
representations, warranties and obligations of the parties hereunder will survive the
termination of this Agreement.
	 
	 	 	 	(F) This Agreement may be signed in one or more counterparts, all of which will be
considered one and the same agreement, and will become effective when one or more of
such counterparts have been signed by each party and delivered to the other party.
	 
	 	15.	 	In the event of a dispute concerning any provision of this Agreement, the Manager and
NIS agree that all disputes shall be submitted to binding arbitration under the commercial
arbitration rules of the American Arbitration Association. All arbitration proceedings
shall be brought and take place in Philadelphia, Pennsylvania. In no way shall the
foregoing constitute a limitation or waiver of rights that the Manager or NIS may have
under state or federal securities laws to pursue a remedy by other means. This
Agreement shall be binding upon the parties hereto when signed by the Manager and
accepted by NIS with its signature in the space provided below.

ATTALUS CAPITAL   t215.495.0800   f215.495.0801

2929 Arch Street . Suite 1500 . Philadelphia . PA 19104

www.attaluscapital.com

 

 

     Please confirm NIS’ agreement with the above terms by signing and returning to us one copy of
this signed Agreement.

	 	 	 	 	 
	Very truly yours,

ATTALUS CAPITAL, L.L.C.

 	 	 
	By:  	/s/ Patrick C. Egan
 	 	 
	 	Name:  	Patrick C. Egan 	 	 
	 	Title:  	President 	 	 

	 	 	 	 	 
	NATIONAL INVESTMENT SERVICES, INC.

 	 
	/s/
Norman E. Sidler 	 	 	 
	Name:  	 	 	 
	Title:  	Vice President 	 	 

ATTALUS CAPITAL   t215.495.0800   f215.495.0801

2929 Arch Street . Suite 1500 . Philadelphia . PA 19104

www.attaluscapital.com

 

 

EXHIBIT A

DISCLOSURE STATEMENT

     National Investment Services, Inc. (the “Solicitor”) proposes to introduce you to Attalus
Capital, L.L.C. (the “Manager”) for the purpose of your possibly becoming a client of the Manager
to receive its services (the “Services”). The Services include investment management services.
Regulations require the Solicitor and the Manager to disclose to you the nature of our
arrangements.

     We have an arrangement with the Manager under which we refer prospective clients to the
Manager in exchange for a referral fee of up to twenty percent annually of the fees received by the
Manager from its clients referred by the Solicitor during the time they remain as clients of the
Manager. The referral fees paid by the Manager are not passed on to clients referred by us and do
not increase the fees the Manager charges to its clients for the Services.

     The Solicitor and the Manager are not affiliated. In addition, The Solicitor is not authorized
to provide investment advice on behalf of the Manager or to act for or bind the Manager. No
agreement you make with the Manager will become effective until accepted by the Manager.

ACKNOWLEDGMENT OF RECEIPT

     I acknowledge receipt of Part II of the Manager’s Form ADV (or a substitute brochure), as well
as a copy of this Disclosure Statement describing the arrangements between the Solicitor and the
Manager.

	 	 	 
	Signature:

	 	Date:
	 
	 	 
	 

(Printed Name)

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