Document:

Investment Advisor Agreement

 Exhibit 10.27 
 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 MARTIN CURRIE INC., a company duly
incorporated under the laws of the State of New York with an office at 1350 Avenue of the Americas, New York NY 10019 and having its principal office at Saltire Court, 20 Castle Terrace, Edinburgh, Scotland, EH1 2ES (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 INTERNATIONAL ALL 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) 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 assets
of the Trusts and the Plans held in the Subaccount 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 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 (w) ceasing to be registered under the Advisers Act, (x) the receipt of formal notice of the commencement of any proceeding by any governmental agency to take any action which would
cause it to cease to be registered under the Advisers Act, (y) notice by any governmental agency of the intent to place material limitations on the activities of the Advisor, (z) notice by any governmental agency that it intends to begin
an investigation of the Advisor that is outside the scope of routine investigations that such agency conducts from time to time of businesses engaged in the same or similar activities of the Advisor or (aa) 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 which could have a material adverse effect on the Advisor’s ability to fulfill its obligations 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. The Advisor shall treat the Trustee as a Professional Client under the rules established by the Financial Services Authority,
set up pursuant to The Financial Services and Markets Act 2000 (the “FSMA”) to regulate the financial services industry in the United Kingdom, or its successor (the “FSA” and such rules the “FSA Rules”). For these
purposes “Professional Client” means the classification relating to clients who meet the professional client criteria under the FSA Rules. 
 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. 
  

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 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. 
 (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 also having regard to the benchmark criteria noted in Appendix F. 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 or amendments to such Fund Declaration in Appendix B, the prospectus for the ABA
Members Collective Trust as may be in effect from time to time, or 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. For the avoidance of doubt: 
 (i) The investment objectives and policies of the Fund or relating to the Subaccount will not be deemed to have been breached as a result of any events or circumstances outside the reasonable control of the Advisor including, but not
limited to, changes in the price or value of assets of the Subaccount brought about solely through movements in the market or mandatory corporate actions. 
 (ii) Where the investment objectives and policies of the Fund or relating to the Subaccount have been breached, the Advisor will endeavour, with the minimum of delay, to restore them to the then current agreed
allocation levels, or to take such other action as in the Advisor’s absolute discretion appears to be in the best interests of the Fund, after consultation with the Trustee. 
  

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 (iii) In consultation with the Trustee, the Advisor may keep the investment objectives
and policies of the Fund or relating to the Subaccount under the review and may, from time to time suggest to the Trustee such amendments as, in the Advisor’s opinion, may be appropriate. 
 (iv) No warranty is given by the Advisor as to the performance or profitability of the Subaccount (or any part of it) or that the
objectives of the Subaccount will be successfully achieved. 
 (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. Prior to the effective date of this Agreement, the Advisor shall propose and 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 (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 Advisor shall periodically send an updated Broker List to the
Trustee. 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. 
 (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 

  

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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) Approved Securities List. In addition to the foregoing, the Advisor may submit to the Trustee for approval a
list of securities to be designated as permissible investments for the Subaccount. Each security included on such list as approved by the Trustee and as the same may be revised from time to time by or with the approval of the Trustee is herein
referred to as an “Approved Security” and all such securities are herein referred to collectively as “Approved Securities.” The Advisor may purchase or dispose of, as applicable, any Approved Security at any time,
without any further approval on the part of the Trustee, provided that the issuer diversification requirements set forth in the investment guidelines are met at the time of any such purchase. The Trustee shall exercise reasonable efforts to provide
a timely response to the Approved Securities list as it may be revised. 
 (iv) Authorized Transactions. A transaction shall become
an “Authorized Transaction” when it is (A) approved pursuant to the Trustee’s Response, (B) deemed approved pursuant to Section 4(c)(ii) or (C) when it involves an Approved Security. 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) if that transaction involves an Approved Security, until such time as that security is no longer an Approved Security or, if that transaction does not involve an Approved Security, at the end of the twentieth
(20th) business day following its designation as an Authorized Transaction. 
 (v) 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. 
 (vi) 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. 
  

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 (d) Custody of Assets and Confirmation of Transactions. 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. For purposes of the Advisers Act, the Trustee shall be deemed to
have custody of the assets of the Subaccount. The Advisor shall not have custody of the assets of the Subaccount. 
 The Advisor may aggregate transactions
for the Subaccount with those of other clients and will allocate such transactions in accordance with FSA Rules and SEC Rules and in a fair and reasonable manner. The Trustee acknowledges that, in regard to any single transaction, such aggregation
may operate to the advantage or disadvantage of the Subaccount. 
 (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 

  

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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 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 the Advisor believes 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 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 

  

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to obtain Best Execution in line with the Advisor’s Execution Policy. The Trustee recognizes that the Advisor may, in accordance with Section 28(e)
of the Securities Exchange Act of 1934, as amended, recommend a broker or dealer who will charge a commission for effecting a securities transaction that will exceed the amount of commission another broker or dealer would have charged for effecting
such transaction, where the Advisor has determined in good faith that the amount of such commission was reasonable in relation to the value of the brokerage and research services provided by such broker or dealer to, or for the benefit of, the
Subaccount, viewed in terms of either that particular transaction or such broker or dealer’s overall responsibilities with respect to the Subaccount. 
 (i) Nondisclosure of Information. To the extent necessary for the execution of this Agreement or to satisfy the requirements for disclosure to participants or to meet the requirements of Sections 8 and 9, the
Advisor shall keep in strict confidence all information about the financial affairs of the Subaccount. The Advisor may include information about the Subaccount in aggregate information provided by the Advisor as long as the information is not set
out separately or in any other manner that would enable a third party to determine the financial affairs of the Subaccount. The Trustee shall keep in strict confidence all information about the investment methods and strategies used by the Advisor
in managing the assets of the Subaccount. The Trustee acknowledges that such investment methods and strategies constitute proprietary information of substantial value to the Advisor. The Trustee shall not divulge any investment methods or strategies
to any person or organization without the prior written consent of the Advisor. 
 (j) Advisor’s Potential Conflicts of
Interest. The Advisor refers the Trustee to the Advisor’s Conflicts Management Disclosure Statement. In addition, it is acknowledged that 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 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 use commercially reasonable efforts to provide pricing and
valuation information with respect to particular securities it has recommended for the Subaccount if the Trustee has determined that such pricing and valuation information is not otherwise reasonably available to the Trustee through standard pricing
services. 
  

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 The Trustee acknowledges the delegation by the Advisor of any fund accounting, administrative, dealing or
ancillary services required to enable the Advisor to perform its services under the Agreement. The Advisor will act in good faith and with reasonable skill and care in the selection, use and monitoring of any delegates. 
 The Trustee acknowledges that there may be occasions where it is not possible to trade securities on a recognized market or exchange. In such cases the
Trustee authorizes the Advisor, acting as agent, to open any accounts, execute any agreements and perform such actions as the Advisor deems necessary to settle such transactions to the extent the same is consistent with Applicable Law. 

5. Representations by the Trustee. The Trustee represents and warrants that (a) there are no restrictions or limitations on the
Subaccount’s investments imposed by Applicable Law other than (i) those set forth in the Declaration of Trust, the Fund Declaration, this Agreement, and the prospectus for the ABA Members Collective Trust as may be in effect from time to
time, as any of the same may be amended from time to time and communicated to the Advisor, and (ii) 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; (b) Advisor is not responsible for complying with the restrictions on investment in employer securities imposed by ERISA section 407; (c) the Trustee is authorized to enter into this
Agreement and appoint the Advisor hereunder and such Agreement and appointment are consistent with the documents governing the Plans and Applicable Law; (d) the Advisor is not responsible for the overall diversification of the Plan or the role
that the Subaccount plays in the Plan’s overall investment strategy; (e) disclosure to Plan participants contained in the Registration Statement describing the Subaccount is 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; and
(f) the Subaccount is not registered, nor is it required to register, as an investment company under the U.S. Investment Company Act of 1940. These representations are deemed to be repeated by the Trustee each time the Advisor executes a
transaction on behalf of the Subaccount. The Trustee shall notify the Advisor if any of the representations in this Section 5 cease to be true. 
 The Trustee acknowledges receipt of the following documents, as provided to the Trustee by the Advisor in accordance with requirements on the Advisor pursuant to the FSA Rules: 
  

	 	(i)	Execution Policy 

  

	 	(ii)	Conflict Management Disclosure Statement 

  

	 	(iii)	Investment Risks Statement 

  

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 For these purposes the above terms are defined as follows: 
 Best Execution Taking all reasonable steps to obtain the best possible result when executing client orders taking into account a range of factors including: price, cost, speed, likelihood or execution
and settlement size, nature, or any other consideration relevant to the execution of the order, unless the Advisor after having taken reasonable steps concludes that it would be in the Trustee’s best interests not to do so and the Trustees has
specifically requested that the Portfolio Manager execute an order in accordance with the Trustee’s own specific requirements 
 Conflict
Management Disclosure Statement The Portfolio Manager’s disclosure statement on conflicts of interest, a copy of which has been sent to the Trustee. 
 Execution Policy The Advisor’s policy on best execution as supplied to the Trustee on or prior to entering into this Agreement (or as otherwise communicated to and agreed by the Trustee from time to time). 
 FSA The Financial Services Authority, set up pursuant to the FSMA to regulate the financial services industry in the United Kingdom, or its successor.

 FSA Rules The rules established by the FSA 
 FSMA The Financial Services and Markets Act 2000 
 Investment Risks Statement A summary of the nature of and some of
the risks associated with specific types of investment that (subject to the Investment Policy) may be entered into on the Trustee’s behalf as part of the investment management services carried out by the Advisor. 
 6. Liability of the Advisor; Indemnification. 
 (a) Limitation of Liability of the Advisor. Subject to the requirements of ERISA, the Advisor shall not be liable for any act or omission of any other person or entity exercising a fiduciary responsibility with
respect to the Plans except to the extent that (i) the Advisor has itself violated its fiduciary responsibility under Applicable Law (including ERISA) or its obligations with respect to the Subaccount under this Agreement, or
(ii) Applicable Law (including ERISA) may expressly provide otherwise. Notwithstanding the foregoing, nothing contained in this Section or elsewhere in the Agreement shall constitute a waiver by the Trustee of any of its legal rights under
applicable U.S. federal securities laws, state laws, ERISA or any other laws whose applicability is not permitted to be contractually limited or waived. 
 (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 

  

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or directions provided by the Trustee, (C) any violation of U.S. federal or state securities laws with respect to the offering or registration, or lack
thereof, of the Subaccount, and/or (D) 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 mail to a person designated by the Advisor to review
such disclosure; provided, however, that the Advisor shall not be required to indemnify and hold harmless the Trustee to the extent that such losses, damages or expenses result from an act or omission of the Advisor with respect to
which the Advisor not only has used such care, skill, prudence and diligence as a reasonably prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of like character and with like aims, but
also has otherwise acted in accordance with this Agreement. 
 (iii) Advisor and Trustee Indemnification Procedures. If the party
seeking indemnification is either the Advisor or the Trustee, such party shall promptly notify the indemnifying party of any claim, action, suit or proceeding, or threat thereof, which may result in a claim for indemnification. Upon such
notification, the indemnifying party may, at its option, undertake the conduct and cost of defending any such claim, action, suit or proceeding and in such case shall have full control of such defense, including but not limited to selection of
counsel (provided that such counsel must be reasonably acceptable to the party being indemnified) and entry into settlement agreements (provided that any such settlement agreement shall require the consent of the party being indemnified, which
consent shall not be unreasonably delayed or withheld). The Trustee or the Advisor, as the indemnifying party, shall not be liable for any legal or other expenses incurred in connection with any such defense that were not specifically authorized by
it; provided, however, if such indemnifying party fails to undertake and prosecute vigorously the defense of any such claim, action, suit or proceeding, it shall be liable for reasonable legal and other expenses incurred by the party
being indemnified. 
 (c) Indemnification of the ABA RF. 
 (i) To the extent permitted by Applicable Law, the Advisor agrees to defend, indemnify and hold harmless the ABA RF, and its then present and former
officers, directors and advisory directors, the ABA and its then present and former 

  

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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 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. 
  

 12 

 (v) Supplemental Rights. Indemnification pursuant to Subsection 6(c) is intended to be
supplemental to any other rights to indemnification available to the Indemnified Persons. Nothing herein shall be deemed to diminish or otherwise restrict the Indemnified Persons’ rights to indemnification under law. 
 (vi) Third Party Beneficiaries. The indemnifying party acknowledges that the Indemnified Persons are intended to be third-party beneficiaries of
Subsection 6(c). 
 7. Transactions Prohibited with Respect to the Advisor. The Advisor, its officers, partners, directors and
affiliates, and each of them, shall not, with respect to the Subaccount, (a) as a principal, purchase assets from or sell assets to the Fund, (b) receive any 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. 
  

 13 

 (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. 
 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 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 fifteen (15) days’ prior written notice to the Advisor (or, in the event of a material compliance or
other issues that, in the Trustee’s judgment warrant immediate termination, upon written notice to the Advisor), the Advisor may be removed by the Trustee. Except as the Trustee may otherwise instruct the Advisor, 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 Advisor’s 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. 
  

 14 

 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)
	 Best Execution
	  	5
	 Broker List
	  	4(c)(i)
	 business day
	  	2
	 Code
	  	Introduction
	 Conflict Management Disclosure Statement
	  	5
	 Declaration of Trust
	  	Introduction
	 ERISA
	  	2
	 Execution Policy
	  	5
	 FSA
	  	5
	 FSA Rules
	  	5
	 FSMA
	  	5
	 Fund
	  	Introduction
	 Fund Declaration
	  	4(b)
	 Indemnified Persons
	  	6(c)(i)
	 Investment Risks Statement
	  	5
	 Plans
	  	Introduction
	 Professional Client
	  	2
	 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 without regard to the conflicts of laws principles thereof 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. 
  

 15 

 16. Assignment. The Advisor may not assign this Agreement (including for this purpose any
assignment within the meaning of the Advisers Act), or any rights or responsibilities hereby created, without the prior written consent of the Trustee, which consent may be withheld by the Trustee in its sole discretion; however the parties may
amend this Agreement from time to time in accordance with Section 12. 
 17. Notices. Written notices shall be deemed effective
with respect to a party upon delivery to such party at the address set forth below or to such other address as may be provided in writing from time to time by such party: 
  

			
	To the Advisor:	  	 Martin Currie Inc.
 1350 Avenue of the
Americas
 New York, New York 10019

		  	 Attention: Stephen Nimmo (VP)
 E-mail:
Snimmo@martincurrie.com

		
	With a copy to:	  	 Douglas Aitken
 Head of Legal
 Martin Currie Investment Management Limited
 Saltire Court, 20 Castle Terrace

 Edinburgh, EH1 2ES
 Fax: + 44 (0) 131 222 2554
 E-mail: daitken@martincurrie.com

		
	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 

  

 16 

 
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. 
 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. 
  

 17 

 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

	
	MARTIN CURRIE INC.
		
	 By
	 	 /s/ Allan MacLeod

	 Name:
	 	Allan MacLeod
	 Title:
	 	V.P. (Director)Investment Advisor Agreement

 Exhibit 10.28 
 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 FIRST STATE INVESTMENTS INTERNATIONAL
LIMITED, a company registered in Scotland with registered number SC079063 with its registered office at 23 St Andrew Square Edinburgh Scotland EH2 1BB (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 INTERNATIONAL ALL 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 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 acknowledges that,
(a) with respect to its services with respect to the assets in the Subaccount, it is a fiduciary, as defined in Section 3(21) of 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 is authorized and regulated
in the United Kingdom by the Financial Services Authority (“FSA”). 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 made specifically to the Advisor 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. 
 For the purposes of the rules established by the Financial Services Authority (the “FSA” and such rules the
“FSA Rules”), the Trustee is classified by the Advisor as a professional client. The Advisor has classified the Trustee as a Professional Client based on the information known to the Advisor at the time of entering into this Agreement. The
Trustee may require to be reclassified due to a change in circumstances, or request a different classification at any time, although in the event of such a change becoming effective the Advisor may not be able under the FSA Rules to continue acting
for the Trustee and may terminate this Agreement pursuant to Section 11. The Trustee should notify the Advisor immediately in the event that a change in the Trustee’s circumstances make a change in the Trustee’s classification
necessary or desirable. 
 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
advance written notice to the Advisor and the ABA RF, making due allowance for any time that the Advisor may reasonably require to adjust to any such change. 

 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. 
 (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 reasonable period of time
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. Prior to the effective date of this Agreement, the Advisor shall propose and 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 (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. 
 (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)
Approved Securities List. In the alternative, Advisor may submit to the Trustee for approval a list of securities to be designated as permissible investments for the Subaccount. Each security included on such list as approved by the 

 
Trustee and as the same may be revised from time to time by or with the approval of the Trustee is herein referred to as an “Approved
Security” and all such securities are herein referred to collectively as “Approved Securities.” The Advisor may purchase or sell, as applicable, any Approved Security at any time, without any further approval of the part of
the Trustee, provided that the issuer diversification requirements set forth in the investment guidelines are met at the time of such purchase. The Trustee shall exercise reasonable efforts to provide a timely response to the Approved Securities
list as it may be revised. 
 (iv) Authorized Transactions. A transaction shall become an “Authorized
Transaction” when it is (A) approved pursuant to the Trustee’s Response, (B) deemed approved pursuant to Section 4(c)(ii) or (C) when it involves an Approved Security. 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) if that transaction involves an Approved Security, until such time as that security is no longer an Approved Security or, if that transaction does not involve an Approved Security, at the end of the twentieth (20th) business day
following its designation as an Authorized Transaction. 
 (v) 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. 
 (vi) Valid Notice. “Valid Notice” shall mean written notice or communication, which may be made by facsimile or by electronic transmission in a format and method reasonably acceptable to the Trustee

 (d) Custody of Assets and Confirmation of Transactions. 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. The Advisor shall have no responsibility or liability with respect to the custody of assets or the lending of securities of the Trusts, Plans or Subaccount (including responsibility for any losses relating to
securities lending, for any inability to liquidate securities or vote securities on loan or for investing cash balances) if the Fund engages in securities lending. 

 (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
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 have no duty, responsibility, or liability in connection with the operation or administration of, or the selection and designation of the strategy or objectives for, the Trusts or
the Plans. The Advisor shall have no investment advisory responsibilities other than those expressly provided in this Agreement. The Advisor will be responsible for complying with the diversification requirements, if any, set forth in Appendix B or
the prospectus of the ABA Members Collective Trust, as in effect from time to time , but will have no responsibility to determine whether the total assets of the Trusts or Plans are invested in a manner that satisfies any diversification requirement
applicable to the Trusts or Plans. The Advisor shall otherwise discharge its duties in accordance with the requirements of ERISA, any applicable law, regulation or order of a court or governmental body (“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 certificates of currency of all insurance policies that relate to the Subaccount, the Fund, the Trusts or the Plans, and, upon request
by the Trustee or the ABA RF. 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 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 best 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 recipients 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). 
 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 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 in accordance with the FSA Rules. The Trustee acknowledges that each individual aggregated transaction may operate to the advantage or disadvantage of the Trustee or the Subaccount. Subject
to Applicable Law, in executing transactions on behalf of the Subaccount, the Advisor is hereby authorized to combine orders on behalf of the Subaccount with orders on behalf of other clients of the Advisor. 
 (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. 
 The Trustee expressly authorizes the Advisor to delegate any of its functions (including any critical or important operational function) under this
Agreement to third parties (including any Associate) (each a “Delegated Firm”) and may provide information about the Trustee and the Fund to any Delegated Firm but the Advisor’s liability to the Trustee for all matters so delegated
shall not be affected thereby. References in this Agreement to the Advisor shall apply also to any Delegated Firm. The Advisor will act in accordance with any applicable Outsourcing rules of the FSA and in good faith and with due diligence in the
selection, use and monitoring of any Delegated Firm. 
 The Advisor may employ agents (including Associates) to perform any administrative,
dealing or ancillary services required to enable the Advisor to perform its services under this Agreement. The Advisor will act in accordance with any applicable Outsourcing rules of the FSA and in good faith and with reasonable skill, care and
diligence in the selection, use and monitoring of agents. However, the Advisor’s liability to the Trustee for all matters so delegated shall not be affected thereby. 

 The Advisor has provided its Order Execution Policy to the Trustee. The Trustee hereby confirms that it
has read, understood and agrees to the Order Execution Policy. In particular, the Trustee agrees that the Advisor may trade outside of a Regulated Market or Multilateral Trading Facility. 
 5. Representations by the Trustee. The Trustee represents and warrants during the term of this Agreement that: 
 (a) there are no restrictions or limitations on the Subaccount’s investments imposed by Applicable Law other than (i) those set
forth in the Declaration of Trust, the Fund Declaration, this Agreement, and 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 to the Advisor,
(ii) those provided under 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; 
 (b) disclosure to Plan participants contained in the Registration Statement describing the Subaccount is accurate
and prepared in accordance with the requirements of Form S 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; 
 (c) the execution and delivery by the Trustee of this Agreement and
the performance by the Trustee of its obligations hereunder do not violate (i) any provisions of any document specific to the Trusts, Plans, Trustee or ABA RF, or (ii) any obligation or restriction specific to the Trusts, Plans, Trustee or
ABA RF (as applicable) by which such entity is bound, whether arising by contract, operation of law or otherwise; 
 (d) the
Fund Declaration as set forth in Appendix B and any additional investment objectives and policies as set forth in the prospectus of the ABA Members Collective Trust, as in effect from time to time are consistent with the Trusts’ governing
instruments and the Trustee, together with such experts, consultants, and advisors as the Trustee deemed necessary, has independently determined the investment strategy and objectives with respect to the Trusts without relying on the Advisor;

 (e) assuming Section III(a) of Prohibited Transaction Exemption 91-38 (“PTE
91-38”) is satisfied with respect to a transaction to be recommended or entered into by the Advisor on behalf of the Fund, PTE 91-38 shall be available with respect to such transaction. 
 The Trustee shall promptly notify the Advisor in the event the Trustee becomes aware that any of the above representations, warranties, agreements and
acknowledgements become untrue while this Agreement is in effect. 
 The Trustee understands, acknowledges and agrees that the Advisor shall
not, and shall not have any duty or authority to, proceed or otherwise act on behalf of the Trustee or its affiliates, the Trusts or the Plans in respect of any class action litigation in which the Trustee or its affiliates, the Trusts or the Plans
may be a party or a potential party. 
 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 with respect to 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. Notwithstanding any other provision herein, and except to the extent that Applicable Law (including ERISA) may provide otherwise: (i) the Advisor shall
not be responsible, and the Trustee shall be solely responsible for, the selection and monitoring of the Short Term Investment Fund (the “STIF”); and (ii) the Advisor shall not be responsible for any Fund disclosures except as
provided for in this Agreement. Further, neither the Advisor nor any of its affiliates, officers, directors or employees makes any representation or warranty that the Subaccount will be profitable or will not suffer a loss. 
 (b) Indemnification. 
 (i) Indemnification of Advisor. To the extent permitted by Applicable Law, the Trustee agrees to indemnify and hold harmless the Advisor for any and all expenses (including reasonable attorney’s fees of
one law firm, judgments, fines and penalties, including any civil penalties assessed under Section 502(l) of ERISA) and amounts paid in settlement actually incurred in connection with any 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 that are the result of (A) actions taken or omitted 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 and all expenses (including reasonable attorney’s fees
of one law firm, judgments, fines and penalties, including any civil penalties assessed under Section 502(l) of ERISA) and amounts paid in settlement actually incurred in connection with any pending or current action, suit, proceeding or claim,
whether civil, criminal, administrative or otherwise, and the amount of any judgment entered against any of them and any reasonable expenses attendant thereto that are the result of (A) recommendations of the Advisor or 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 mail to a
person designated by the Advisor to review such disclosure; provided, however, that the Advisor shall not be required to indemnify and hold harmless the Trustee to the extent that such losses, damages or expenses result from an act or omission of
the Advisor with respect to which the Advisor not only has used such care, skill, prudence and diligence as a reasonably prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of like
character and with like aims, but also has otherwise acted in accordance with this Agreement. 
 (iii) Advisor and Trustee
Indemnification Procedures. If the party seeking indemnification is either the Advisor or the Trustee, such party shall promptly notify the indemnifying party of any claim, action, suit or proceeding, or threat thereof, which may result in a claim
for indemnification. The indemnified party shall reasonably cooperate with the indemnifying party in defending such claims. 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 diligently undertake 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(1) of ERISA) and amounts paid in settlement actually or reasonably incurred in connection with any threatened,
pending or current action, suit, proceeding or claim, whether civil, criminal, administrative or otherwise, and the amount of any adverse judgment entered against any of them and any reasonable expenses attendant thereto by reason of any of the
Advisor’s acts or omissions in connection with this Agreement. For the above defense, indemnity and hold harmless provision to apply (i) the Indemnified Person (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 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 Person. Nothing herein shall be deemed to diminish or otherwise restrict the Indemnified Persons’
rights to indemnification under law. 
 (vi) Third Party Beneficiaries. The indemnifying party acknowledges that the
Indemnified Persons are intended to be third-party beneficiaries of Subsection 6(c). 
 7. Transactions Prohibited with Respect to the
Advisor. The Advisor, its officers, partners, directors and affiliates, and each of them, shall not, with respect to the Subaccount, (a) as a principal, purchase assets from or sell assets to the Fund, (b) receive any 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 or on behalf of the Trusts. 

 8. Reports and Meetings. 
 (a) Monthly Reports. 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. 
 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. The
Trustee understands and acknowledges that the Advisor is not the official record keeper for the Trusts or the Plans. 
 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 unaffiliated client whose portfolio is advised or managed under the same investment policies and objectives as the Subaccount, and is similarly or smaller sized, for services which are 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 offer 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. 

 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. Termination of the
Agreement shall be without prejudice to the completion of transactions already initiated. 
 12. Termination, Amendment or
Modification. The provisions of this Agreement may not be terminated, changed, modified, altered or amended in any respect except in a writing signed by the parties. 
 13. Definitions. As used herein the following terms shall have the meanings ascribed to them in the following sections of this Agreement: 
  

			
	Term Defined	  	Section
	ABA Members Collective Trust	  	Introduction
	ABA Members Plans	  	Introduction
	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
 FSA
 FSA Rules
	  	 2
 2
 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. 
 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:	  	 First State Investments International Limited
 23 St
Andrew Square
 Edinburgh Scotland EH2 1BB
 Attention: Ruta
Noreika with a copy to the Company Secretary
 Facsimile for Ruta Noreika: + 44-131-272-2268
 Facsimile for Company Secretary: + 44-131-473-2222

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

 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

	
	FIRST STATE INVESTMENTS INTERNATIONAL LIMITED
		
	By:	 	 /s/ S.W. Paul

	Name:	 	S.W. Paul
	Title:	 	Director

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