Document:

EX-10.1

 Exhibit 10.1 
 SECOND AMENDMENT 
 TO FIFTH AMENDED AND RESTATED REVOLVING LOAN AGREEMENT

 This Second Amendment to Fifth Amended and Restated Revolving Loan Agreement (this “Amendment”) is
entered into as of March 11, 2013 by and among VIASAT, INC., a Delaware corporation (“Borrower”), each lender to the Credit Agreement (as defined below) (collectively, the “Lenders” and individually, a
“Lender”) that is a party hereto and UNION BANK, N.A., as administrative agent (in such capacity, “Administrative Agent”) and as collateral agent (in such capacity, “Collateral Agent”). 

RECITALS 

Borrower, Administrative Agent, Collateral Agent and the Lenders are parties to that certain Fifth Amended and Restated Revolving Loan
Agreement dated as of May 9, 2012 (as amended by the First Amendment to Fifth Amended and Restated Revolving Loan Agreement dated as of September 26, 2012 and as it may be further amended, modified, restated or supplemented from time to
time, the “Credit Agreement”). The Borrower has requested that the Agent and the Lenders amend the Credit Agreement for the purpose of permitting Letters of Credit to be denominated in certain foreign currencies. The Agent and the
Lenders have agreed to such request, subject to the terms and conditions set forth herein. Unless otherwise defined herein, all capitalized terms in this Amendment shall be as defined in the Credit Agreement. 

NOW, THEREFORE, the parties hereto agree as follows: 
 1. The following new definitions are added to Section 1.1, in appropriate alphabetical order: 
 “Dollar Equivalent” means, on any date of determination, with respect to the amount available to be drawn under any Foreign Currency Letter of Credit, the equivalent amount thereof in
Dollars as determined by the Issuing Lender of such Letter of Credit on such date on the basis of the Spot Rate for the purchase of Dollars with such Permitted Foreign Currency. 

“Foreign Currency Letter of Credit” means a Letter of Credit issued pursuant to Section 2.4(n) and denominated in a
Permitted Foreign Currency. 
 “Permitted Foreign Currency” means, with respect to Letters of Credit issued
pursuant to Section 2.4(n), Australian dollars, British pound sterling, Euros, Swiss francs, Canadian dollars and any other currency acceptable to the Administrative Agent. 

“Revaluation Date” means, with respect to any Foreign Currency Letter of Credit, each of the following: (i) the
date of issuance of such Foreign Currency Letter of Credit, (ii) each date of an amendment to such Foreign Currency Letter of Credit having the effect of increasing the amount thereof and (iii) each date of any payment by the Issuing
Lender under such Foreign Currency Letter of Credit. 

  
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 “Spot Rate” means, with respect to any Foreign Currency Letter of Credit,
the rate determined by the Issuing Lender with respect thereto to be the rate quoted by it as the spot rate for the purchase by it of Dollars with the applicable Permitted Foreign Currency through its foreign exchange trading office at approximately
11:00 a.m. (London time) on the date as of which the foreign exchange computation is made. 
 2. A new Section 2.4(n) is
added to the Credit Agreement as follows: 
 “(n) Foreign Currency Letters of Credit. The Borrower
may request that any Letter of Credit permitted to be issued under this Section 2.4 shall be denominated in a Permitted Foreign Currency; provided that (i) the aggregate maximum amount of all outstanding Letters of Credit, including the
Dollar Equivalent of the aggregate maximum amount of such Foreign Currency Letter of Credit and all other outstanding Foreign Currency Letters of Credit, shall not exceed the Letter of Credit Sublimit and (ii) the Issuing Lender of such Letter
of Credit shall have consented to such Permitted Foreign Currency. With respect to any Foreign Currency Letter of Credit requested hereunder, in addition to the information required elsewhere in this Section 2.4, the Borrower shall set forth in
the Request for Letter of Credit therefor (i) the Permitted Foreign Currency to be applicable to such Letter of Credit and (ii) its calculation of the usage as of such date of the Letter of Credit Sublimit (broken down by Letter of Credit,
including each Foreign Currency Letter of Credit, and otherwise in form and detail acceptable to the Administrative Agent and the Issuing Lender). 
 With respect to each Foreign Currency Letter of Credit, the Issuing Lender thereof shall determine, and provide written notice to the Administrative Agent and the Borrower of, the Spot Rate for such
Letter of Credit as of each Revaluation Date to be used for calculating Dollar Equivalent amounts of Letters of Credit denominated in Permitted Foreign Currencies. Such Spot Rates shall become effective as of such Revaluation Date and shall be the
Spot Rates employed in converting any amounts between the applicable currencies until the next Revaluation Date to occur. Except for purposes of financial statements delivered by the Borrower hereunder or calculating financial covenants hereunder or
except as otherwise provided herein, the applicable amount of any Permitted Foreign Currency for purposes of the Loan Documents shall be such Dollar Equivalent amount as so determined by the Issuing Lender of such Letter of Credit (written notice of
which shall be given by the Issuing Lender to the Borrower and the Administrative Agent, which notice shall include the calculation thereof) on the applicable date of determination on the basis of the Spot Rate for the purchase of Dollars with such
Permitted Foreign Currency. 
 For the avoidance of doubt, (i) at any time when any Foreign Currency Letter
of Credit shall be outstanding, any calculation under the Loan Documents of “Aggregate Effective Amount,” “L/C Obligations,” “Revolving Exposure,” “Outstandings,” or any similar calculation involving the
amount of Letters of Credit, shall mean the Dollar Equivalent of such amount, (ii) all L/C Borrowings shall be denominated in Dollars and (iii) all repayments of drawing on Letters of Credit, including pursuant to Section 2.4(d) shall
be made by the Borrower in Dollars.” 

  
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 3. A new Section 11.28 is added to the Credit Agreement to read as follows: 

“Section 11.28. Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to
convert a sum due hereunder in Dollars into another currency, the Borrower agrees that (i) the rate of exchange used shall be that at which in accordance with normal banking procedures the Administrative Agent could purchase Dollars with such
other currency at 11:00 a.m. (London time) on the Business Day preceding that on which judgment is given and (ii) it agrees to indemnify, save and hold harmless the Administrative Agent, the Issuing Lender(s) and each Lender and their
respective Affiliates, directors, officers, agents, attorneys and employees from and against any and all losses, claims and demands resulting from such conversion.” 
 4. No course of dealing on the part of Lenders, the Administrative Agent, the Collateral Agent, any Issuing Lender or their officers, nor any failure or delay in the exercise of any right by the
Administrative Agent, the Collateral Agent, any Issuing Lender or any Lender, shall operate as a waiver thereof, and any single or partial exercise of any such right shall not preclude any later exercise of any such right. Administrative
Agent’s, Collateral Agent’s, any Issuing Lender’s or any Lenders’ failure at any time to require strict performance by Borrower of any provision of any Loan Document shall not affect any right of any Lender, Administrative Agent,
Issuing Lender or Collateral Agent thereafter to demand strict compliance and performance. Any suspension or waiver of a right must be in writing signed by an officer of Administrative Agent, in accordance with the terms of the Credit Agreement.

 5. The Credit Agreement, as amended hereby, shall be and remain in full force and effect in accordance with its respective
terms and hereby is ratified and confirmed in all respects. Except as expressly set forth herein, the execution, delivery, and performance of this Amendment shall not operate as a waiver of, or as an amendment of, any right, power, or remedy of
Administrative Agent, Collateral Agent, any Issuing Lender or any Lender under the Credit Agreement, as in effect prior to the date hereof. 
 6. The Borrower represents and warrants to the Lenders that (a) except for representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result
of a change which is permitted by the Credit Agreement, the representations and warranties contained in the Credit Agreement or in any other document or documents relating thereto are true and correct in all material respects on and as of the date
hereof as though made on the date hereof, and all such representations and warranties shall survive the execution and delivery of this Amendment and (b) no Default or Event of Default has occurred and is continuing as of the date hereof.

 7. As a condition to the effectiveness of this Amendment Administrative Agent shall have received the following: 

(a) this Amendment, duly executed by Borrower, Administrative Agent, Collateral Agent and the Requisite Lenders; and 

(b) a guarantor consent and reaffirmation duly executed by each Subsidiary Guarantor in the form of Exhibit A attached hereto.

  
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 8. The governing law and venue provisions of Section 11.17 of the Credit Agreement are
incorporated herein by this reference mutatis mutandis. This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one instrument. Delivery of an executed
counterpart hereof by facsimile transmission shall be effective as delivery of a manually executed counterpart. The Borrower agrees to promptly pay all reasonable attorneys’ fees and costs incurred by the Administrative Agent’s and
Collateral Agent’s counsel in connection with this Amendment, which may be debited from any of Borrower’s accounts (following Borrower’s authorization of such fees and costs). Except as amended hereby, all of the provisions of the
Credit Agreement and the other Loan Documents shall remain unmodified and in full force and effect except that each reference to the “Agreement”, or words of like import in any Loan Document, shall mean and be a reference to the Credit
Agreement as amended hereby. This Amendment shall be deemed a “Loan Document” as defined in the Credit Agreement. Each party shall execute and deliver such further documents, and perform such further acts, as may be reasonably necessary to
achieve the intent of the parties as expressed in this Amendment. 

  
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 IN WITNESS WHEREOF, the undersigned have executed this Amendment as of the first date above
written. 
  

			
	VIASAT, INC.
		
	By:	 	 /s/ Keven Lippert

	Name:	 	Keven Lippert
	Title:	 	Vice President, General Counsel and Secretary

 Signature page to Second Amendment 

 
			
	UNION BANK, N.A.,
	as Administrative Agent
		
	By:	 	 /s/ Mark Adelman

		 	Mark Adelman
		 	Senior Vice President

  

			
	UNION BANK, N.A.,
	as Collateral Agent
		
	By:	 	 /s/ Mark Adelman

		 	Mark Adelman
		 	Senior Vice President

  

			
	UNION BANK, N.A.,
	as a Lender and Swing Line Lender
		
	By:	 	 /s/ Mark Adelman

		 	Mark Adelman
		 	Senior Vice President

 Signature page to Second Amendment 

 
			
	CALIFORNIA BANK & TRUST
	as a Lender
		
	By:	 	 /s/ Steve DeLong

	Name:	 	Steve DeLong
	Title:	 	Senior Vice President & Manager

 Signature page to Second Amendment 

 
			
	CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender
		
	By:	 	 /s/ Vipul Dhadda

	Name:	 	Vipul Dhadda
	Title:	 	Vice President
		
	By:	 	 /s/ Wei-Jen Yuan

	Name:	 	Wei-Jen Yuan
	Title:	 	Associate

 Signature page to Second Amendment 

 
			
	JPMORGAN CHASE BANK, N.A.
	as a Lender
		
	By:	 	 /s/ Anna C. Araya

	Name:	 	Anna C. Araya
	Title:	 	Vice President

 Signature page to Second Amendment 

 
			
	COMPASS BANK
	as a Lender
		
	By:	 	 /s/ Erik Velastegui

	Name:	 	Erik Velastegui
	Title:	 	Senior Vice President

 Signature page to Second Amendment 

 
			
	BANK OF THE WEST
	as a Lender
		
	By:	 	 /s/ Jason Antrim

	Name:	 	Jason Antrim
	Title:	 	Vice President

 Signature page to Second Amendment 

 
			
	BANK OF AMERICA, N.A.,
	as a Lender
		
	By:	 	 /s/ Christopher D. Pannacciulli

	Name:	 	Christopher D. Pannacciulli
	Title:	 	Senior Vice President

 Signature page to Second Amendment 

 
			
	MORGAN STANLEY BANK N.A.
	as a Lender
		
	By:	 	 /s/ Daniel Sweeney

	Name:	 	Daniel Sweeney
	Title:	 	Authorized Signatory

 Signature page to Second Amendment 

 EXHIBIT A 
 GUARANTOR CONSENT AND REAFFIRMATION 
 The undersigned (the
“Guarantor”), for good and valuable consideration, made, executed and delivered to Union Bank, N.A., as Administrative Agent and Collateral Agent (in such capacity, the “Agent”) (i) that certain Amended and
Restated Subsidiary Guaranty dated as of May 9, 2012, (ii) that certain Amended and Restated Subsidiary Pledge Agreement dated as of May 9, 2012 and (iii) that certain Amended and Restated Subsidiary Security Agreement dated as
of May 9, 2012 (each of the foregoing, together with any documents, instruments or other agreements executed by any Guarantor in connection therewith, the “Guarantor Documents”), in each case in connection with the Fifth
Amended and Restated Revolving Loan Agreement dated as of May 9, 2012, among ViaSat, Inc. (the “Borrower”), the lenders parties thereto, and the Agent (as amended by the First Amendment to Fifth Amended and Restated Revolving
Loan Agreement dated as of September 26, 2012 and as it may be further amended, restated, modified or supplemented from time to time, the “Credit Agreement”). In connection herewith, the Credit Agreement is being amended by
that certain Second Amendment to Fifth Amended and Restated Revolving Loan Agreement dated as of even date herewith (the “Amendment”). The undersigned acknowledges receipt of a copy of the Amendment. The undersigned hereby consents
to the Amendment and reaffirms each of the Guarantor Documents and acknowledges that the execution and delivery of the Amendment shall have no effect on the Guarantor’s obligations under the Guarantor Documents, each of which remain the legal,
valid and binding obligation of the Guarantor and are hereby reaffirmed. On and after the effective date of the Amendment, each reference in the Guarantor Documents to “the Credit Agreement,” “thereunder,” “thereof,”
“therein” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by the Amendment and future amendments entered into from time to time. All capitalized terms used herein
and not otherwise defined herein shall have the meanings given to such terms in the Credit Agreement. 
  

			
	February 28, 2013
	
	VIASAT COMMUNICATIONS, INC.
		
	By:	 	  

	Name:	 	
	Title:EX-10.35

 Exhibit 10.35 
 INVESTMENT ADVISOR AGREEMENT 
 This INVESTMENT ADVISOR AGREEMENT
(the “Agreement”) is effective as of February 20, 2013 by and between NORTHERN TRUST INVESTMENTS, INC., an Illinois banking corporation, (“NTI”), and Cortina Asset Management, LLC (the “Advisor”). 

WHEREAS the American Bar Association Members Retirement Trust and the American Bar Association Members Pooled Trust for Retirement Plans
(collectively referred to as the “Trusts”), for which The Northern Trust Company, the affiliate of NTI, acts as trustee, are maintained pursuant to agreements between the ABA Retirement Funds (“ABRF”; and The Northern Trust
Company 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 ABA RF Small-Mid Cap Equity Fund (the “Fund”), established under the American Bar Association
Members/Northern Trust Collective Trust (the “ABA Members Collective Trust”) under which NTI is trustee (the “Trustee”), pursuant to the Declaration of Trust dated July l, 2010, 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 advisory and certain other related services to or on behalf of the Trustee, all in accordance with the terms
and conditions of this Agreement. 

 2. Acceptance by the Advisor. The Advisor hereby accepts such appointment and
employment and acknowledges that, (a) with respect to the assets in the Subaccount, it is a fiduciary, as defined in the Employee Retirement Income Security Act of 1974, as amended and in effect from time to time (“ERISA”), with
respect to the Trusts and the Plans and (b) no person associated with the Advisor is a trustee or administrator of, or an employer of anyone covered by, any Plan. The Advisor represents that it is registered, or exempt from registration, under
the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and that it is in the business of acting as a fiduciary with respect to assets of various retirement plans and trusts. The Advisor agrees and covenants that it will
notify the Trustee within ten (10) business days of (v) any change of its status under the Advisers Act, (w) the receipt of formal notice of the commencement of any proceeding by any governmental agency to take any action which would
change its status under the Advisers Act, (x) notice by any governmental agency of the intent to place material limitations on the activities of the Advisor, (y) notice by any governmental agency that it intends to begin an investigation
of the Advisor that is outside of the scope of routine investigations that such agency conducts from time to time of businesses engaged in the same or similar activities as the Advisor, or (z) notice by any governmental agency that it has
identified an area of non-compliance or other concern in the course of any investigation of the Advisor. Throughout this Agreement, the term “business day” shall mean any day in which the New York Stock Exchange is open for trading and on
which the Trustee’s principal office is open for business. 
 3. Definition of Subaccount. The Subaccount for which
the Advisor has been appointed to render investment advice and certain other services is designated as Subaccount A and consists of the assets set forth in Appendix A. The Trustee may change the composition of or the amount of assets included within
the Subaccount, by amending Appendix A, after written notice to the Advisor and ABRF. 
 4. The Advisor’s Services.

 (a) Investment Process. Subject to the Trustee’s authority for making investments, the Advisor
shall invest the assets of the Subaccount in a manner consistent with the provisions of this Agreement and the Investment Guidelines. The manner and procedures for effecting any purchases, sales or investments for the Subaccount are set forth in
Subsection 4(c) below. 
 (b) Compliance With Policies and Other Requirements. In providing its investment
advisory 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 Guidelines that have been established by the Trustee for the Subaccount
as set forth in Appendix C, as the same may be amended from time to time by the Trustee. In providing 

  
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its investment advisory and other related services under this Agreement, the Advisor shall comply with all of the Trustee’s reasonable operating requirements as the same may be communicated
in writing by the Trustee to the Advisor from time to time. The Advisor shall comply with any changes to such operating requirements that the Trustee may make from time to time within a period of time reasonably specified by the Trustee (or if none
is specified, within a reasonable time period) after notice of such changes is communicated in writing by the Trustee to the Advisor. 
 (c) Investment Procedures. The Advisor shall place orders or otherwise give instructions with respect to the investment of the assets in the Subaccount only 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) Approved List. The Advisor shall submit to the Trustee, if required by the Trustee, a list
of recommended securities, which are permissible investments for the Subaccount. Such list, when approved by the Trustee, together with such other securities as may be designated by the Trustee as permissible investments for the Subaccount pursuant
to this Subsection 4(c)(i), Subsection 4(c)(iii) or the Investment Guidelines, shall be known as the “Approved List”. 
 Until such time as the Trustee specifically requires it to do so, the Advisor shall not be obligated to submit a list of recommended securities for inclusion on the Approved List; pending the submission
and approval of such a list, any securities which conform with the requirements of the Investment Guidelines shall be deemed to constitute permissible investments for the Subaccount and to constitute the “Approved List.” 

(ii) Additions and Deletions. Additions to and deletions from the Approved List may be made from time to time by
the Trustee upon the written recommendation by the Advisor, or on the Trustee’s own initiative. In lieu of deleting a security entirely, the Trustee may restrict further purchases of such security or direct a reduction in the holdings thereof.
A security once deleted from the Approved List shall not thereafter be added to the Approved List without a new approval by the Trustee. 
 (iii) Notices and Reports. The Advisor shall provide to the Trustee trade date notice of any exercise of the powers granted to it hereunder and in any event shall render to the Trustee, not later
than the fifth business day of each month, a written report of all transactions and activities of the Advisor during the preceding month and the status of the Account at the end of such month, in such reasonable detail as the Trustee shall-require.

  
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 (iv) Directions from the Trustee. At any time, and from time to time,
the Trustee may direct the Advisor in the exercise of the powers granted to it hereunder. All oral directions will be confirmed in writing to the Advisor by an officer of the Trustee. It shall be the duty of the Advisor to act strictly in accordance
with each such direction and, except as provided in the following paragraph, the Advisor shall be under no duty to question any such direction of the Trustee. 
 If the Advisor shall disagree with any direction by the Trustee, or should those employees of Advisor responsible for investing and administering the assets of the Account have actual knowledge of the
existence of any circumstances that would be likely to render any such direction illegal or imprudent, it shall so advise the Trustee forthwith. If the Trustee thereafter determines not to rescind such direction, the Advisor shall have no liability
for any loss which may result from any action taken by it in accordance with such direction. In all events, however, the Advisor shall be liable for its willful or negligent disregard of the directions of the Trustee, as well as for bad faith, and,
except where acting in compliance with a direction of the Trustee as to which the Advisor has taken the action specified in this Subsection 4(c)(iv), for breach of its duties hereunder or failure to use the standards of care set forth in Subsection
4(f). 
 (v) Investment Authority. With respect to any transaction authorized pursuant to the provisions
of this Section, the Advisor may take any and all action necessary or desirable to effect such transaction, including but not limited to (A) placing an order with a broker selected in accordance with Subsection 4(h) for the execution of the
transaction and (B) issuing to the Trustee such instructions as may be appropriate in connection with the settlement of such transaction. 
 (vi) Valid Notice. “Valid Notice” shall mean written notice or communication, which may be made by facsimile or by such other means as is approved by the Trustee. 

(d) Custody of Assets and Confirmation of Transactions. To the extent required by applicable law, the Advisor shall
direct that all securities purchased and the proceeds from the sale of securities for the Subaccount be delivered to the Trustee, unless otherwise directed by the Trustee. The Advisor shall direct any broker effecting a transaction with respect to
the assets of the Subaccount to send the Trustee a duplicate copy of any confirmation of any such transaction, except that the Advisor may make other arrangements (which are reasonably satisfactory to the Trustee) for the Trustee to receive such
duplicate confirmations or comparable information acceptable to the Trustee. 
 (e) Voting, Conversion
Rights. The Trustee shall retain the responsibility to vote all proxies on behalf of the Fund. The Advisor shall be responsible for exercise of any conversion, tender or subscription rights in connection with any securities or other investments
at any time held in the Subaccount. 

  
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 (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 ABRF and the
Trustee within twenty (20) business days of the effective date of this Agreement copies of all insurance policies (including fiduciary, errors and omissions, and fidelity bonds) that could cover or relate to the Subaccount, the Fund, the Trusts
or the Plans, and, upon request by the Trustee or ABRF, a certificate of coverage with respect to any such policies. The Advisor will notify ABRF and the Trustee of any material changes in such policies, which change affects the coverage of the
Advisor, within twenty (20) business days after the earlier of when such changes are made or are effective. 

(h) Brokerage Practices. In placing orders for the purchase and sale of assets of the Subaccount in accordance with
Subsection 4(c), the Advisor shall act in accordance with the procedures with regard to brokerage practices for the Subaccount, as described in Appendix D and in a manner that is consistent with ERISA and other applicable law. Unless otherwise
specified in writing by the Trustee, the Advisor shall place orders to purchase, sell, or exchange assets in the Account through such brokers as in the Advisor’s reasonable judgment shall offer the best execution of each transaction, provided
that (1) the Advisor shall have notified the Trustee in advance of (a) its intention to use such broker in effecting transactions for the Account and (b) the principal terms of any agreement which it may have with such broker,
including the range of brokerage fees to be charged by such broker, and (2) any transaction effected through such broker is to be made on a delivery versus payment basis. The Advisor shall not use any broker which has not been specifically
approved in advance by the Trustee if the transaction is not to be made on a delivery versus payment basis or if the transaction would otherwise expose the Subaccount to any risk attendant to a failure of such broker. Anything to the contrary herein
notwithstanding, the Advisor may not (a) place orders to effect transactions with any affiliated person without the express written consent of the Trustee, (b) pay any commissions from the Subaccount to a broker (i) at the requestion
or direction of any client other than the Trustee, (c) without the prior written consent of the Trustee, pay any broker more than its customary brokerage commissions in connection with any transactions or (d) use any broker which is not
registered with a governmental entity or a nationally recognized self-regulatory organization such as the Financial Industry Regulatory Authority. The Advisor shall notify the Trustee of the amount of brokerage commissions paid with respect to each
transaction at the time it provides trade information with respect to such transaction to the Trustee or its representative. 

  
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 (i) Soft Dollars. The Trustee acknowledges and agrees that, subject
to the provisions of Section 28(e) of the Securities Exchange Act of 1934, as amended, and ERISA, the Advisor may effect securities transactions which cause the Account to pay an amount of commission in excess of the amount of commission
another broker or dealer would have charged, provided that the Advisor determines in good faith that such amount of commission is reasonable in relation to the value of brokerage and research services provided by the broker or dealer to the Advisor,
viewed in terms of either the specific transaction or the Advisor’s overall responsibilities to the accounts for which the Advisor exercises investment discretion. For purposes hereof, the term “research services” shall mean products
or services which provide lawful and appropriate assistance to the Advisor’s investment decision-making process. While the Advisor may obtain research services from brokerage commissions charged to the Account that may not directly benefit the
Account at that particular time, the Advisor shall endeavor to ensure that, over time, the Account receives the benefit of research services purchased with brokerage commissions charged to the accounts of other clients of the Advisor. The Advisor
agrees that the receipt and use of such services will not reduce the Advisor’s customary and normal research activities. 
 The Trustee may require that the Advisor provide it with reports in such form and at such time as may be reasonably required, setting forth the amount of total brokerage business which has been placed by
it and the allocation thereof among brokers and dealers and specifically indicating those brokers and dealers which provided research services. The Advisor agrees to follow the CFA Institute Soft Dollar Standards regarding the use and disclosure of
soft dollar commissions. 
 (j) 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. 
 (k) 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. 

  
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 (l) Valuation. At the request of the Trustee from time to time, the
Advisor shall provide pricing and valuation information with respect to particular securities it has recommended for the Subaccount if the Trustee has determined that such pricing and valuation information is not otherwise reasonably available to
the Trustee through standard pricing services. 
 5. Representations by the Trustee. The Trustee represents and warrants
that (a) there are no restrictions or limitations on the Subaccount’s investments imposed by applicable law other than (i) those set forth in the Declaration of Trust, the Fund Declaration, this Agreement, and Appendix C, as any of the
same may be amended from time to time and communicated to the Advisor, (ii) those provided in ERISA and (iii) any other investment restriction or limitation imposed by law or regulation which in the Trustee’s judgment is applicable to
the Subaccount and which is communicated by the Trustee to the Advisor; and (b) disclosure to Plan participants contained in the Registration Statement describing the Subaccount is accurate and prepared in accordance with the requirements of Form
S-1 under the Securities Act of 1933, as amended, except that the Trustee makes no representation or warranty with respect to any disclosure relating to the Advisor or its services with respect to the Subaccount which the Advisor has prepared,
approved in writing or has not disapproved within five (5) business days following confirmed transmission by facsimile, acceptable electronic transmission or overnight mail to a person designated by the Advisor to review such disclosure.

 6. Liability of the Advisor: Indemnification. 

(a) Limitation of Liability of the Advisor. The Advisor shall not be liable for any act or omission of any other
person or entity exercising a fiduciary responsibility, if such fiduciary responsibility has been allocated to such other person or entity in accordance with this Agreement, the Declaration of Trust, the Fund Declaration, the Plans or the Trusts,
except to the extent that the Advisor has itself violated its fiduciary responsibility or its obligations under this Agreement, or except to the extent that applicable law (including ERISA) may expressly provide otherwise. 

(b) Indemnification. 
 (i) Indemnification of Advisor. To the extent permitted by applicable law, the Trustee agrees to indemnify and hold harmless the Advisor for losses, damages or expenses directly resulting from
(A) actions taken by the Advisor in reliance on information provided by the Trustee to the Advisor in accordance with this Agreement, including but not limited to the Trustee’s operating requirements and cash availability information,
(B) actions omitted to be taken by the Advisor pursuant to instructions or directions provided by the Trustee and/or (C) valuation of the assets held in the Subaccount, computation of unit values for the Subaccount by the Trustee, or
performance data and other 

  
 7 

 
financial information provided by the Trustee to Subaccount participants except to the extent that the Advisor has incorrectly reported or failed to report securities transactions in the
Subaccount to the Trustee as provided in this Agreement and to the extent that 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 arising out of or resulting from (A) the performance by the Advisor of its responsibilities under this Agreement, and (B) 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, Trustee approved 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 and applicable law. 
 (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 ABRF. 
 (i) To the extent permitted
by applicable law, the Advisor agrees to defend, indemnify and hold harmless ABRF, 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 

  
 8 

 
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, provided, however, that in no event shall the indemnification obligations of the Advisor to the indemnified Persons
pursuant to this section 6 (c) with respect to any claim exceed the greater of (A) the fees paid to the Advisor hereunder for the twelve calendar month period ending immediately before the date on which a claim for indemnification is made
hereunder and (B) $l million, provided, further, however, that the foregoing limitation shall not be applicable if it is determined by a court of final jurisdiction (or agreed by the Advisor) that the Advisor’s acts or omissions to which
such indemnification relates was willful or unlawful. For the above defense, indemnity and hold harmless provision to apply (i) the Indemnified Persons (or ABRF) 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) except as otherwise provided in Section 6(c)(iii) below, the Advisor shall, in
its reasonable good faith discretion, be entitled to control the response to any such threatened or actual claim and (iv) 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 

  
 9 

 
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

  
 10 

 
are incurred. If an Indemnified Person is reasonably required to bring any action to enforce rights or collect monies due under Subsection 6(c) and is successful in such action, the Advisor shall
reimburse such Indemnified Person or its subrogee for reasonable fees and expenses incurred in bringing and pursuing such action. 
 (v) Supplemental Rights. Indemnification pursuant to Subsection 6(c) is intended to be supplemental to any other rights to indemnification available to the Indemnified Persons. Nothing herein shall
be deemed to diminish or otherwise restrict the Indemnified Persons’ rights to indemnification under law. 

(vi) Third Party Beneficiaries. The indemnifying party acknowledges that the Indemnified Persons are intended to
be third-party beneficiaries of Subsection 6(c). 
 (d) Notwithstanding anything to the contrary contained in
this Agreement, in the event that the Trustee in its sole discretion determines that the Advisor has entered into a transaction on behalf of the Fund that is in violation of the Investment Guidelines or has failed to properly follow a direction of
the Trustee with respect to investment of the Fund, the Trustee shall direct the Advisor to take such corrective action as the Trustee determines is appropriate and the Advisor shall be solely responsible for reimbursement to the Fund of all costs,
expenses, damages and losses incurred in connection with the original transaction and any such corrective action. 
 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 E, (c) engage in or recommend any transaction involving or affecting the Fund that such person knows or should know is a
prohibited transaction under ERISA unless such transaction is exempt under the applicable provisions of ERISA or (d) direct delivery of securities or payment to itself or direct any disposition of securities or cash from the Subaccount except
to the Trusts. 
 8. Reports and Meetines. 

(a) Monthly Reports. At least monthly the Advisor shall render to the Trustee and ABRF, or their designee, reports
concerning its services under this Agreement and the status of the Subaccount, based on the reporting procedures set forth in Appendix F, which is hereby adopted and made a part of this Agreement, including statements of investments in the
Subaccount. 
 (b) Meetings. The Advisor will meet with the Trustee and ABRF and with such other persons
as the Trustee or ABRA may designate on reasonable notice and at reasonable times and locations, to discuss general economic conditions, Subaccount performance, investment strategy and other matters relating to the Subaccount. 

  
 11 

 (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 ABRF, or their designee, a report of the current status of the Subaccount based on the procedures set forth in Appendix F, including a statement of investments in the Subaccount and on the
day immediately following the Termination Date, such report shall be rendered in final form with respect to the status of the Subaccount, including a statement of investments therein, as of the close of business on the Termination Date. 

(d) Additional Reports. The Advisor shall furnish to the Trustee and ABRF such additional reports and information
as may be reasonably requested by the Trustee or ABRF. 
 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 ABRF, or their designee, and by duly authorized representatives of the Secretary of Labor and the Secretary of the Treasury acting pursuant to their authority under ERISA and the Code, respectively, and other appropriate regulatory
authorities. 
 10. Advisor’s Compensation. The amount and manner of payment of fees payable by the Trustee to the
Advisor for the Advisor’s services under this Agreement are set forth in Appendix E. The Advisor agrees that if it enters into a fee schedule with any new non-eleemosynary 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 E, it
will offer the same fee schedule to the Trustee, which shall have the right to require the amendment to Appendix E 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 entered into by the by the Advisor of the notice shall be consummated unless the Trustee directs otherwise and the Advisor
shall not enter into any transaction for the Subaccount subsequent to the receipt of the notice. 
 (b)
Resignation of the Advisor. The Advisor may resign under this Agreement upon sixty (60) days’ prior written notice to the Trustee. The Advisor shall concurrently advise ABRA in writing of such resignation and the effective date
thereof. 
 (c) Termination of Obligations. The respective obligations of the Advisor and the Trustee
under Section 6 of the Agreement shall survive any such removal or resignation or other termination of this Agreement. 

  
 12 

 12. Termination, Amendment or Modification. The provisions of this Agreement may not
be terminated, changed, modified, altered or amended in any respect except in a writing signed by the parties. 
 13.
Definitions. As used herein the following terms shall have the meanings ascribed to them in the following sections of this Agreement: 
  

			
	Term Defined	  	Section
	ABA Members Collective Trust	  	Introduction
	ABA Members Plans	  	Introduction
	ABRA	  	Introduction
	Advisers Act	  	2
	Advisor	  	Introduction
	Advisor’s Amendment	  	4(c)(i)
	Advisor’s Recommendation	  	4(c)(ii)
	Agreement	  	Introduction
	Authorized Transaction	  	4(c)(iii)
	Broker List	  	4(c)(i)
	business day	  	2
	Code	  	Introduction
	Declaration of Trust	  	Introduction
	ERISA	  	2
	Fund	  	Introduction
	Fund Declaration	  	4(b)
	Indemnified Persons	  	6(c)(i)
	Plans	  	Introduction
	NTI	  	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 Illinois 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 

  
 13 

 
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:	  	Cortina Asset Management, LLC	  	
		  	825 North Jefferson. Suite 400	  	
		  	Milwaukee, WI 53202	  	
		  	Attention: Mark Merlet	  	
		  	Telecopier: 414-225-7370	  	
			
	To the Trustee:	  	Northern Trust Investments, Inc.	  	
			
		  	50 South LaSalle Street	  	
			
		  	Chicago, Illinois, 60603	  	
		  	Attention: Tom Benzmiller	  	

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

19. Authority. The parties to this Agreement represent, respectively, that they have duly authorized the execution, delivery and
performance of this Agreement and that neither such execution and delivery nor the performance of their obligations hereunder conflict with or violate any provision of law, rule or regulation, or any instrument to which either is a party or to which
any of their respective properties are subject and that this Agreement is a valid and binding obligation. 
 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 investment of the assets of the Subaccount
within twenty (20) business days after such change. 
 IN WITNESS WHEREOF, the parties have executed this Agreement
effective             , 2013. 

  
 14 

									
		 		 	NORTHERN TRUST INVESTMENTS, INC.
				
		 		 	By:	 	 /s/ Joseph W.Mclnerney

		 		 		 	Name:	 	Joseph W.Mclnerney
		 		 		 	Title:	 	Senior Vice President
			
		 		 	CORTINA ASSET MANAGEMENT
				
		 		 	By:	 	/s/ Lori K. Hoch
		 		 		 	Name:	 	Lori K. Hoch
		 		 		 	Title:	 	Principal & COO

  
 15 

 APPENDIX A 
 Assets in the Subaccount 
 The assets in Subaccount shall consist of the
following assets: 
 (a) All assets held in the Fund on July 1, 2010; and 

(b) All amounts subsequently contributed or transferred to the Fund; and 

(c) All interest, income and gains attributable to such amounts; minus 

(d) All losses attributable to the amounts described in clauses (a) through (c) above; minus 

(e) All amounts withdrawn or transferred from the Fund (not including amounts withdrawn to pay fees and expenses); minus 

(f) A pro rata portion of the fees and expenses for the Fund (except for the fees and expenses chargeable directly for the advisory
services, management, administration, custody and accounting for the Subaccount and any other subaccounts of the Fund); minus 

(g) The amounts withdrawn to pay the fees and expenses chargeable directly for the advisory services, management, administration, custody
and accounting for the Subaccount. 

 APPENDIX B 
 Fund 
 Declaration 

 AMERICAN BAR ASSOCIATION MEMBERS/NORTHERN TRUST 

COLLECTIVE TRUST 

FIRST AMENDED AND RESTATED FUND DECLARATION 
 SMALL-MID CAP EQUITY FUND 
 Pursuant to Sections 3.03 and 7.01 of the Declaration
of Trust, as amended and restated effective July 1,2010 (the “Declaration of Trust”), which authorizes Northern Trust Investments, N.A., as successor trustee (the “Trustee”) of the American Bar Association Members/Northern
Trust Collective Trust (the “Collective Trust”), to amend the Fund Declarations of the investment funds established under the Collective Trust, effective as of July 1, 2010, the Trustee hereby amends and restates the Fund Declaration dated
June 29, 2009 of the Small-Mid Cap Equity Fund, an investment fund established under the Collective Trust (the “Fund”). The provisions of the Declaration of Trust are incorporated herein by reference. In addition, the Trustee agrees
and declares that it will hold, administer and deal with all money and property received or purchased by it as Trustee of the Collective Trust on behalf of the Fund subject to the additional terms and conditions set forth in this Fund Declaration.
Capitalized terms used and not otherwise defined herein shall have the meanings set forth in the Declaration of Trust. 
 1.
Investment Objective. The Fund’s investment objective is to achieve long-term growth of capital. Any income received is incidental to this objective. The Fund seeks to outperform, over extended periods of time, broad measures of the
United States stock market. 
 2. Investment Guidelines and Restrictions. The assets of the Fund will be invested and
reinvested primarily in common stocks and other equity-type securities issued by small to medium-sized companies (those with market capitalizations of $100 million to $20 billion at the time of investment), provided that the Trustee may invest a
portion of the assets of the Fund in other equity-type securities, such as convertible securities, preferred stock and warrants, and may invest all or any portion of the assets of the Fund in accordance with Section 3.03(c) of the Declaration
of Trust. The Trustee may also invest in non-equity securities, including investment grade bonds and debentures and high quality short-term instruments, if the Trustee, in the reasonable exercise of its fiduciary discretion, determines that such
investments may contribute to the attainment of the Fund’s investment objective. 
 The Trustee shall not invest more than
20% of the assets of the Fund in non-equity securities or in companies that do not meet the market capitalization criteria set forth above, except under the circumstances enumerated in Section 3.03(c) of the Declaration of Trust. The Fund may
invest in securities of foreign companies whose stocks are traded on United States stock exchanges or over-the-counter markets. Securities of such foreign companies may be held by the Fund directly or indirectly through American Depository Receipts
(“ADRs”). The Fund may not make an investment if that investment would cause more than 20% of the portion of the Fund’s assets for which a particular Investment Advisor is responsible to be invested in foreign securities, including
ADRs. The Fund may seek to replicate an index, or other basket of securities, that is comprised of securities consistent with the Fund’s objective. Some of the investments of the Fund may be made through collective investment funds maintained
by the Trustee, its affiliates or other banks, so long as such collective investment funds comply with the investment guidelines and restrictions described herein. 

 It is the intention of the Trustee not to cause the Fund to invest in derivative
instruments, except to the extent set forth in the Prospectus of the Collective Trust from time to time in effect pursuant to which the Units of the Fund may be issued (the “Prospectus”). The Trustee may in the future modify such
investment policy as it relates to the Fund. 
 The Fund will not, except as otherwise contemplated by the Prospectus:

 (a) trade in foreign currency, except for transactions incidental to the settlement of purchases or sales of
securities for the Fund and derivatives transactions in foreign currency to the extent permitted in the Prospectus; 
 (b) make an investment in order to exercise control or management over a company; 
 (c) make short sales, unless the Fund has, by reason of ownership of other securities, the right to obtain securities of a kind and amount equivalent to the securities sold, which right will continue so
long as the Fund is in a short position; 
 (d) issue senior securities or trade in commodities or commodity
contracts, other than options or futures contracts (including options on futures contracts) with respect to securities or securities indices, and except as described in the Prospectus; 

(e) write uncovered options; 
 (f) purchase real estate or mortgages, provided that the Fund may buy shares of real estate investment trusts listed on U.S. stock exchanges if such purchases are consistent with the investment objective
and restrictions set forth in this Fund Declaration; 
 (g) invest in securities of registered investment
companies; 
 (h) invest in oil, gas or mineral leases; 

(i) purchase any security on margin or borrow money, except for short-term credit necessary for clearance of securities
transactions; 
 G) make loans, except by (i) the purchase of marketable bonds, debentures, commercial paper
and similar marketable evidences of indebtedness, (ii) engaging in repurchase agreement transactions and (iii) making loans of portfolio securities; or 

(k) underwrite the securities of any issuer. 
 The Trustee intends to operate the Fund as a “qualifying entity” pursuant to Regulation 4.5 of the Commodity Exchange Act. 

  
 2 

 3. Initial Value of Units of the Fund. The initial value of a Unit of the Fund was
$11.00 on July 2, 2009. 
 4. Restrictions on Withdrawal and Transfer. Subject to the Declaration of Trust or as
otherwise disclosed in the Prospectus or any supplement thereto, there are no restrictions on withdrawal and transfer. A Participating Trust may request withdrawal of any number of Units of the Fund on any Business Day. 

5. Fees. For services rendered by the Trustee to or on behalf of the Fund, The Northern Trust Company will be entitled to receive
compensation in the amounts and at the times set forth in Schedule A attached hereto. For so long as the assets of the Fund are invested directly or indirectly in a short term cash-equivalent collective investment fund maintained by the Trustee or
its affiliates, the Trustee and/or such affiliates will be entitled to receive compensation in the amount set forth in Schedule B attached hereto. 
 6. Investment Advisors. The Trustee retains the right to appoint Investment Advisors to assist the Trustee in managing the assets of the Fund. Any such Investment Advisors shall be designated from
time to time in Schedule C attached hereto, and the Trustee shall enter into investment advisory agreements with such Investment Advisors setting forth the terms and conditions (including any volume or percentage limitations applicable to types,
categories or classes of securities) under which any such Investment Advisors will advise and make recommendations to the Trustee and the compensation to be paid to such Investment Advisors. 

7 . Conflicts. In the event of a conflict between the terms of this document and the Declaration of Trust, the Declaration of
Trust shall control unless the Declaration of Trust specifically permits the Trustee to vary the particular provision set forth therein. 

  
 3 

 IN WITNESS WHEREOF, NORTHERN TRUST INVESTMENTS, N.A. has caused its name to be signed to
this First Amended and Restated Fund Declaration for the Small-Mid Cap Equity Fund by its proper officer as of June 24,2010. 
  

			
	NORTHERN TRUST INVESTMENTS, N.A.
		
	By:	 	/s/ Thomas R. Benzmiller
	Name: Thomas R. Benzmiller
	Title: Senior Vice President

 APPENDIX C 
 Additional Investment Objectives and Restrictions 
 Cortina Asset
Management, LLC 
 Benchmark 
 The Advisors performance shall be measured and calculated against a Benchmark, which shall be the Russell 2500 Growth Index. The Account is generally expected to be fully invested in common stocks.

 Restrictions 
  

	 	1.	Except for obligations issued or guaranteed by the U.S. government, its agencies, instrumentalities or sponsored enterprises, at the time of purchase no more than l0%
of the portfolio’s assets may be invested in any one specific issue. 

  

	 	2.	The Subaccount shall not hold more than 5% of a single issuer’s total outstanding equity capital. 

 

	 	3.	The Subaccount shall not have more than 15% of the assets invested in foreign securities including ADRs at time of purchase. 

Revisions and Review 
  

	A.	The Advisor is prohibited from deviating from any guidelines herein set forth without prior written approval of the Trustee. 

 

	B.	Recommendations for guidelines revisions shall be provided to the Trustee in writing and shall include the rationale for the changes and all relevant research.

  

	D.	The. Advisor is responsible for completion of an annual compliance questionnaire as provided by the Trustee. 

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

 APPENDIX F 
  

	I.	Operational Procedures Between the Trustee and the Advisor 

  

	 	A.	It is understood and agreed that the Trustee: 

  

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

  

	 	2.	is responsible for reviewing investments made for the Subaccount in order to determine that they meet applicable requirements and limitations; 

 

	 	3.	is required to value such assets; and 

  

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

  

	II.	Valuation and Accounting of the Subaccount 

  

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

  

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

  

	III.	Communications to Investment Advisor 

  

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

 Statement of Investments showing account holdings weekly. 

 

	 	•	 	 Monthly Summary of Account Activity Report (Trials). 

  

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

 

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

 

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

 

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

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

  

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

  

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

 Trustee: 
  

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

 

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

 

	 	•	 	 Monthly return on portfolio, gross of fees. 

  

	IV.	Notices 

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

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