Document:

EX-10.22

 Exhibit 10.22 
 ACTUATE CORPORATION 
 RESTRICTED STOCK UNIT AWARD AGREEMENT

 RECITALS 
 A. The Corporation has implemented the Plan as an equity incentive program to encourage key employees and officers of the Corporation and the non-employee members of the Board to remain in the employ or
service of the Corporation by providing them with an opportunity to acquire a proprietary interest in the success of the Corporation. 
 B. Participant is to render valuable services to the Corporation (or any Parent or Subsidiary), and this Agreement is executed pursuant to, and is intended to carry out the purposes of, the Plan in
connection with the Corporation’s issuance of shares of Common Stock to Participant under the Plan. 
 C. All capitalized
terms in this Agreement shall have the meaning assigned to them in the attached Appendix A. 
 NOW, THEREFORE, it is hereby agreed as
follows: 
 1. Grant of Restricted Stock Units. The Corporation hereby awards to Participant, as of the Award
Date, restricted stock units under the Plan. Each restricted stock unit that vests hereunder shall entitle Participant to one share of the Corporation’s Common Stock on the designated issuance date. The number of shares of Common Stock
underlying the awarded restricted stock units, the applicable vesting requirements for those units and the underlying shares and the issuance dates for the shares that vest are set forth in the Award Summary below. The remaining terms and conditions
governing the Award are set forth in the remainder of this Agreement. 
 AWARD SUMMARY 

 

							
	Participant	  	  
	  		  	
				
	Award Date:	  	  
	  		  	
		
	Number of Shares Subject to Award:	  	                     shares of Common Stock (the
“Shares”)
		
	Vesting Schedule:	  	The Shares shall vest in a series of                     
successive installments, with the first such installment to vest on                      and the remaining installments to vest
                    , provided the Participant continues in Service through each such vesting date (the “Normal Vesting Schedule”).
However, the Shares may vest on an accelerated basis in accordance with the provisions of Paragraph 3(b) or 5 of this Agreement.

			
		
	Issuance Schedule:	  	 Unless Participant elects, pursuant to Paragraph 7, to defer the issuance of the Shares that vest under this Award, each Share in
which Participant vests in accordance with the Normal Vesting Schedule shall be issued, subject to the Corporation’s collection of all applicable Withholding Taxes, on the date that particular Share vests (the “Vesting Date”) or as
soon after that scheduled Vesting Date as administratively practicable, but in no event later than the later of (i) the close of the calendar year in which such Vesting Date occurs or (ii) the fifteenth day of the third calendar month
following such Vesting Date.
  
 The Shares which vest pursuant to Paragraph
3(b) of this Agreement shall be issued in accordance with the provisions of Paragraph 2.
  
 The Shares which vest pursuant to Paragraph 5 of this Agreement shall be issued in accordance with the provisions of that Paragraph.

 
 In the event Participant elects, pursuant to Paragraph 7, to defer the issuance of
the Shares that vest under this Award, those vested Shares shall be issued in accordance with the provisions of that Paragraph.
 The applicable
Withholding Taxes with respect to the Shares issued under this Agreement shall be collected pursuant to the procedure set forth in Paragraph 8 of this Agreement.

 2. Limited Transferability. Prior to the actual issuance of the Shares which vest
hereunder, Participant may not transfer any interest in the restricted stock units subject to the Award or the underlying Shares or pledge or otherwise hedge the sale of those units or Shares, including (without limitation) any short sale or any
acquisition or disposition of any put or call option or other instrument tied to the value of those Shares. However, any Shares which vest hereunder but otherwise remain unissued at the time of Participant’s death shall be issued to
Participant’s designated beneficiary or beneficiaries of this Award or, in the absence of such designated beneficiaries, pursuant to the provisions of Participant’s will or the laws of inheritance. Such issuance shall be made no later than
the later of (i) the close of the calendar year in which the unissued Shares in question vested or (ii) the fifteenth day of the third calendar month following the vesting date of those Shares. However, if there is an
existing deferral election in effect under Paragraph 7 and the Participant’s death occurs prior to his or her Separation from Service, then such issuance shall be effected on the date of Participant’s death or as soon thereafter as
administratively practicable, but in no event later than the later of (i) the close of the calendar year in which Participant’s death occurs or (ii) the fifteenth day of the third calendar month following the date of the
Participant’s death. Participant may make a beneficiary designation with respect to this Award at any time by filing the appropriate form with the Plan Administrator or its designee. 

  
 2 

 3. Cessation of Service.  

(a) Participant shall not vest in any additional Shares following his or her cessation of Service. Accordingly, should Participant cease
Service for any reason prior to vesting in one or more Shares subject to this Award, then the Award will be immediately cancelled with respect to those unvested Shares, and the number of restricted stock units will be reduced accordingly.
Participant shall thereupon cease to have any right or entitlement to receive any Shares under those cancelled units, and those Shares shall cease to be subject to this Award. 

(b) The following special vesting acceleration provision shall be in effect for the Award and shall be in addition to the vesting
acceleration provisions of Paragraph 5 of this Agreement: 
 - Should Participant cease Service by reason of
death, then all the Shares at the time subject to this Award shall vest immediately prior to Participant’s death. 
 4.
Stockholder Rights. The holder of this Award shall not have any stockholder rights, including voting, dividend or liquidation rights, with respect to the Shares subject to the Award until Participant becomes the record holder of those
Shares following their actual issuance upon the Corporation’s collection of the applicable Withholding Taxes. 
 5.
Change in Control. 
 (a) Any Restricted Stock Units subject to this Award at the time of a Change in Control may
be assumed by the successor entity or otherwise continued in full force and effect or may be replaced with a cash incentive program of the successor entity which preserves the Fair Market Value of the unvested Shares subject to the Award at the time
of the Change in Control and provides for the subsequent vesting and payout of that value in accordance with the same vesting and issuance schedule that would otherwise be in effect for those Shares in the absence of such Change in Control, subject,
however, to the deferred issuance provisions of Paragraph 7 if a deferral election in accordance with that Paragraph has been made. In the event of such assumption or continuation of the Award or such replacement of the Award with a cash incentive
program, no accelerated vesting of the Restricted Stock Units shall occur at the time of the Change in Control. 
 (b) In the
event the Award is assumed or otherwise continued in effect, the Restricted Stock Units subject to the Award shall be adjusted immediately after the consummation of the Change in Control so as to apply to the number and class of securities into
which the Shares subject to those units immediately prior to the Change in Control would have been converted in consummation of that Change in Control had those Shares actually been issued and outstanding at that time. To the extent the actual
holders of the outstanding Common Stock 

  
 3 

 
receive cash consideration for their Common Stock in consummation of the Change in Control, the successor corporation (or parent entity) may, in connection with the assumption or continuation of
the Restricted Stock Units subject to the Award at that time, substitute one or more shares of its own common stock with a fair market value equivalent to the cash consideration paid per share of Common Stock in the Change in Control transaction,
provided the substituted common stock is readily tradable on an established U.S. securities exchange or market. 
 (c) Any
Restricted Stock Units which are assumed or otherwise continued in effect in connection with a Change in Control or replaced with a cash incentive program under Paragraph 5(a) shall be subject to accelerated vesting in accordance with the following
provision: 
 - If (i) an Involuntary Termination of the Participant’s Service occurs within twelve
(12) months following the Change in Control event or (ii) the Participant’s Service is terminated by the Corporation following the expiration of the thirteen (13)-month period measured from the Award Date but during the Pre-Closing
Period for any reason other than a Termination for Cause, then the Participant shall immediately vest in all of the Shares subject to the Award. Except as otherwise provided in Paragraph 7 (to the extent such paragraph is applicable to this Award),
the Shares that vest in accordance with the foregoing shall be issued to the Participant, subject to the Corporation’s collection of all applicable Withholding Taxes, on the date of such termination or as soon thereafter as administratively
practicable, but in no event later than the close of the calendar year in which such termination occurs or (if later) the fifteenth day of the third calendar month following the date of such termination. In the event of a replacement cash incentive
program under Paragraph 5(a), the foregoing provisions shall be applied to the proceeds in such replacement program attributable to the Shares that would otherwise vest on an accelerated basis in accordance herewith had the Award been assumed or
otherwise continued in effect. 
 (d) In the event that (i) Participant does not elect, in accordance with Paragraph 7, to
defer the issuance of the Shares that vest under this Award or, if such election is made, the Change in Control transaction occurs prior to the expiration of the twelve (12)-month period measured from the date of such election and (ii) the
Restricted Stock Units subject to this Award at the time of the Change in Control are not assumed or otherwise continued in effect or replaced with a cash incentive program in accordance with Paragraph 5(a), then those units shall vest immediately
prior to the closing of the Change in Control. The Shares subject to those vested units shall be converted into the right to receive the same consideration per share of Common Stock payable to the other stockholders of the Corporation in
consummation of that Change in Control, and such consideration shall be distributed to Participant within fifteen (15) business days following the effective date of that Change in Control. Any distribution pursuant to this Paragraph 5(d) shall
be subject to the Corporation’s collection of the applicable Withholding Taxes pursuant to the provisions of Paragraph 8. 

(e) In the event that (i) Participant elects, in accordance with Paragraph 7, to defer the issuance of the Shares that vest under
this Award and the Change in 

  
 4 

 
Control transaction occurs on or after the expiration of the twelve (12)-month period measured from the date such election is made and (ii) the Restricted Stock Units subject to this Award
at the time of the Change in Control are not assumed or otherwise continued in effect or replaced with a cash incentive program in accordance with Paragraph 5(a), the provisions of Paragraph 7(b) shall apply. Any distribution in accordance with this
Paragraph 5(e) and Paragraph 7(b) shall be subject to the Corporation’s collection of the applicable Withholding Taxes pursuant to the provisions of Paragraph 8. 
 (f) This Agreement shall not in any way affect the right of the Corporation to adjust, reclassify, reorganize or otherwise change its capital or business structure or to merge, consolidate, dissolve,
liquidate or sell or transfer all or any part of its business or assets. 
 6. Adjustment in Shares. Should any
change be made to the Common Stock by reason of any stock split, stock dividend, recapitalization, combination of shares, exchange of shares, spin-off transaction, extraordinary dividend or distribution or other change affecting the outstanding
Common Stock as a class without the Corporation’s receipt of consideration, or should the value of outstanding shares of Common Stock be substantially reduced as a result of a spin-off transaction or an extraordinary dividend or distribution,
or should there occur any merger, consolidation or other reorganization, then equitable adjustments shall be made by the Plan Administrator to the total number and/or class of securities issuable pursuant to this Award. All such adjustments shall be
made in such manner as the Plan Administrator deems appropriate, and those adjustments shall be final, binding and conclusive upon Participant and any other person or persons having an interest in this Award. 

7. Deferral Election. Participant may elect to defer the issuance of the Shares that vest under this Award to the date of
his or her Separation from Service by filing the appropriate deferral election form with the Plan Administrator within the twenty-five (25)-day period measured from the Award Date. Should Participant file such a timely deferral election, then the
following provisions shall become effective with respect to the issuance of the Shares hereunder and shall supersede and replace any provision to the contrary otherwise contained in this Agreement: 

(a) Except as otherwise set forth in Paragraph 2 or subparagraph (c) or (d) below, any Shares that vest in accordance with the
terms of this Agreement shall only be issued to Participant on the date of his or her Separation from Service or as soon as administratively practicable following such date, but in no event later than the later of (i) the end of
the calendar year in which such Separation from Service occurs or (ii) the fifteenth (15th) day of the third (3rd) calendar month following the date of such Separation from Service. 

  
 5 

 (b) If (i) a Change in Control transaction occurs on or after the expiration of the
twelve (12)-month period measured from the date the Participant’s deferral election is made in accordance with this Paragraph 7 and (ii) the Award is not assumed by the successor entity in that Change in Control transaction or otherwise
continued in effect or replaced with a cash retention program in accordance with Paragraph 5(a), then the following provisions shall apply: 
 (i) If Participant continues in Service through the effective date of the Change in Control, then Participant shall, upon the closing of such Change in Control, vest in all the Shares that are at the time
subject to this Award. 
 (ii) The Shares in which Participant so vests shall be converted into the right to
receive the same consideration per share of Common Stock payable to the other stockholders of the Corporation in consummation of the Change in Control. Such consideration per Share shall be distributed to Participant on the date of
Participant’s Separation from Service or as soon as administratively practicable thereafter, but in no event later than the later of (x) the end of the calendar year in which such Separation from Service occurs and
(y) the fifteenth (15th) day of the third (3rd) calendar month following the date of such Separation from Service, subject to any delayed distribution date required pursuant to subparagraph (d) below. 

(c) Should a vesting event under Paragraph 3(b) or 5(c) occur prior to the expiration of the twelve (12)-month period measured from the
date the Participant’s deferral election is made in accordance with this Paragraph 7, then the provisions of this Paragraph 7 shall not apply to that vesting event, and the vested Shares or other amounts shall be issued or distributed in
accordance with Paragraph 2 or 5(c), respectively. 
 (d) No Shares or other amounts which become issuable or distributable
under this Agreement upon Participant’s Separation from Service in accordance with the foregoing provisions of this Paragraph 7 shall actually be issued or distributed to Participant prior to the earlier of (i) the first
(1st) day of the seventh (7th) month following the date of such Separation from Service or (ii) the date of Participant’s death, if Participant is deemed at the time of such Separation from Service to be a specified employee
under Section 1.409A-1(i) of the Treasury Regulations issued under Code Section 409A, as determined by the Plan Administrator in accordance with consistent and uniform standards applied to all other Code Section 409A arrangements of
the Corporation, and such delayed commencement is otherwise required in order to avoid a prohibited distribution under Code Section 409A(a)(2). The Shares or other distributable amount so deferred shall be issued or distributed in a lump sum on
the first (1st) day of the seventh (7th) month following the date of Participant’s Separation from Service or, if earlier, the first day of the month immediately following the date the Corporation receives proof of Participant’s
death. 
 (e) It is the intention of the parties that to the extent the provisions of this Paragraph 7 are deemed to create a
deferred compensation arrangement under Section 409A of the Code, the terms and provisions of this Agreement shall be applied and interpreted in a manner that complies with the requirements of Section 409A of the Code and the Treasury
Regulations thereunder. Accordingly, to the extent there is any ambiguity as to whether one or more provisions of this Agreement would otherwise contravene the applicable requirements or limitations of Code Section 409A, then those provisions
shall be interpreted and applied in a manner that does not result in a violation of the applicable requirements or limitations of Code Section 409A and the Treasury Regulations thereunder. 

  
 6 

 8. Issuance of Shares of Common Stock. 

(a) The Corporation shall collect the Withholding Taxes with respect to any non-Share distribution by withholding a portion of that
distribution equal to the amount of the applicable Withholding Taxes, with the cash portion of that distribution to be the first portion so withheld. 
 (b) The Corporation shall collect the applicable Withholding Taxes with respect to all Shares which vest and become issuable pursuant to the provisions of this Agreement through the following automatic
share withholding method: 
 - On the applicable issuance date, the Corporation shall withhold, from the vested
Shares otherwise issuable to Participant at that time, a portion of those Shares with a Fair Market Value (measured as of the issuance date) equal to the applicable Withholding Taxes; provided, however, that the number of Shares which the
Corporation shall be required to so withhold shall not exceed in Fair Market Value (other than by reason of the rounding up of any fractional share to the next whole Share) the amount necessary to satisfy the Corporation’s required tax
withholding obligations using the minimum statutory withholding rates for federal and state tax purposes, including payroll taxes, that are applicable to supplemental taxable income. Participant hereby expressly authorizes the Corporation to
withhold any such additional fractional Share that is needed to round up the Share withholding to the next whole Share, with the Fair Market Value of that additional fractional Share to be added to the amount of taxes withheld by the Corporation
from his or her wages for the calendar year in which the issuance date occurs, and to report that additional tax withholding as part of his or her W-2 tax withholdings for such year. 

(c) Notwithstanding the foregoing provisions of this Paragraph 8, the employee portion of the federal, state and local employment taxes
required to be withheld by the Corporation in connection with the vesting of the Shares or any other amounts hereunder (the “Employment Taxes”) shall in all events be collected from Participant no later than the last business day of the
calendar year in which the Shares or other amounts vest hereunder. Accordingly, to the extent the applicable issuance date for one or more vested Shares or the distribution date for such other amounts is to occur in a year subsequent to the calendar
year in which those Shares or other amounts vest, Participant shall, on or before the last business day of the calendar year in which the Shares or other amounts vest, deliver to the Corporation a check payable to its order in the dollar amount
equal to the Employment Taxes required to be withheld with respect to those Shares or other amounts. The provisions of this Paragraph 8(c) shall be applicable only to the extent necessary to comply with the applicable tax withholding requirements of
Code Section 3121(v). 

  
 7 

 (d) Except as otherwise provided in Paragraph 5, Paragraph 7(b) or this Paragraph 8, the
settlement of all restricted stock units which vest under the Award shall be made solely in shares of Common Stock. In no event, however, shall any fractional shares be issued. Accordingly, the total number of shares of Common Stock to be issued at
the time the Award vests shall, to the extent necessary, be rounded down to the next whole share in order to avoid the issuance of a fractional share. 
 9. Benefit Limit. To the extent the accelerated vesting of the Shares pursuant to the terms of this Agreement is deemed to constitute a parachute payment under Code Section 280G and the
Treasury Regulations issued thereunder, the limitations of Part III of Participant’s change in control severance benefit agreement with the Corporation shall apply to this Award, and the number of Shares that vest on an accelerated basis shall
be subject to reduction in accordance with the terms of such Part III. 
 10. Compliance with Laws and
Regulations. The issuance of shares of Common Stock pursuant to the Award shall be subject to compliance by the Corporation and Participant with all applicable requirements of law relating thereto and with all applicable regulations of any
Stock Exchange on which the Common Stock may be listed for trading at the time of such issuance. 
 11. Notices.
Any notice required to be given or delivered to the Corporation under the terms of this Agreement shall be in writing and addressed to the Corporation at its principal corporate offices or shall be effected by properly addressed electronic mail
delivery. Any notice required to be given or delivered to Participant shall be in writing and addressed to Participant at the most recent address then on file for Participant in the Corporation’s Human Resources Department. All notices shall be
deemed effective upon personal delivery or upon deposit in the U.S. mail, postage prepaid and properly addressed to the party to be notified. 
 12. Successors and Assigns. Except to the extent otherwise provided in this Agreement, the provisions of this Agreement shall inure to the benefit of, and be binding upon, the Corporation
and its successors and assigns and Participant and the legal representatives, heirs and legatees of Participant’s estate and any beneficiaries of the Award designated by Participant. 

13. Construction. This Agreement and the Award evidenced hereby are made and granted pursuant to the Plan and are in all
respects limited by and subject to the terms of the Plan. All decisions of the Plan Administrator with respect to any question or issue arising under the Plan or this Agreement shall be conclusive and binding on all persons having an interest in the
Award. 
 14. Governing Law. The interpretation, performance and enforcement of this Agreement shall be governed
by the laws of the State of California without resort to that State’s conflict-of-laws rules. 

  
 8 

 IN WITNESS WHEREOF, the parties have executed this Agreement on the day and year
first indicated above. 
  

			
	ACTUATE CORPORATION
		
	By:	 	  

		
	Title:	 	  

	
	PARTICIPANT
		
		 	  

		
	Signature:	 	  

  
 9 

 APPENDIX A  

DEFINITIONS 
 The following definitions shall be in effect under the Agreement: 
 A.
Agreement shall mean this Restricted Stock Unit Award Agreement. 
 B. Award shall mean the award of
restricted stock units made to Participant pursuant to the terms of this Agreement. 
 C. Award Date shall mean
the date the restricted stock units are awarded to Participant pursuant to the Agreement and shall be the date indicated in Paragraph 1 of the Agreement. 
 D. Board shall mean the Corporation’s Board of Directors. 
 E.
Change in Control shall mean 
 (i) the consummation of a merger or consolidation of the
Corporation with or into another entity or any other corporate reorganization, pursuant to which any one person or group of related persons acquires, directly or indirectly, beneficial ownership” (as defined in Rule 13d-3 of the 1934 Act) of
securities of the Corporation representing more than fifty percent (50%) of the total voting power represented by the Corporation’s then outstanding securities; 

(ii) the sale, transfer or other disposition of all or substantially all of the Corporation’s assets; 

(iii) any transaction as a result of which any person acquires, directly or indirectly, “beneficial ownership”
(as defined in Rule 13d-3 of the 1934 Act) of securities of the Corporation representing more than fifty percent (50%) of the total voting power represented by the Corporation’s then outstanding securities; or 

(iv) a change in the composition of the Board over a period of twelve (12) consecutive months or less such that a
majority of the Board members cease, by reason of one or more contested elections for Board membership, to be comprised of individuals who either (A) have been Board members continuously since the beginning of such period or (B) have been
elected or nominated for election as Board members during such period by at least a majority of the Board members described in clause (A) who were still in office at the time the Board approved such election or nomination; provided, however,
this subparagraph (iii) shall only apply as an issuance or distribution event for so long as the Corporation is not a majority-owned subsidiary of another entity. 

 The foregoing definition of Change in Control shall in all instances be applied and
interpreted in such manner that the applicable Change in Control transaction also qualifies as: (i) a change in the ownership of the Corporation, as determined in accordance with Section 1.409A-3(i)((5)(v) of the Treasury Regulations,
(ii) a change in the effective control of the Corporation, as determined in accordance with Section 1.409A-3(i)((5)(vi) of the Treasury Regulations, or (iii) a change in the ownership of a substantial portion of the assets of the
Corporation, as determined in accordance with Section 1.409A-3(i)((5)(vii) of the Treasury Regulations. 
 F.
Code shall mean the Internal Revenue Code of 1986, as amended. 
 G. Common Stock shall mean shares
of the Corporation’s Common Stock. 
 H. Corporation shall mean Actuate Corporation, and any successor
corporation to Actuate Corporation which shall by appropriate action adopt the Plan. 
 I. Employee shall mean an
individual who is in the employ of the Corporation (or any Parent or Subsidiary), subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance. 

J. Employer Group means (i) the Corporation and (ii) each of the other members of the controlled group that
includes the Corporation, as determined in accordance with Sections 414(b) and (c) of the Code, except that in applying Sections 1563(1), (2) and (3) of the Code for purposes of determining the controlled group of corporations under
Section 414(b), the phrase “at least 50 percent” shall be used instead of “at least 80 percent” each place the latter phrase appears in such sections and in applying Section 1.414(c)-2 of the Treasury Regulations for
purposes of determining trades or businesses that are under common control for purposes of Section 414(c), the phrase “at least 50 percent” shall be used instead of “at least 80 percent” each place the latter phrase appears
in Section 1.4.14(c)-2 of the Treasury Regulations. 
 K. Fair Market Value per share of Common Stock on any
relevant date shall be the closing price per share of such Common Stock on date in question on the Stock Exchange serving as the primary market for the Common Stock, as such price is reported by the National Association of Securities Dealers (if
primarily traded on the Nasdaq Global or Global Select Market) or as officially quoted in the composite tape of transactions on any other Stock Exchange on which the Common Stock is then primarily traded. If there is no closing selling price for the
Common Stock on the date in question, then the Fair Market Value shall be the closing price on the last preceding date for which such quotation exists. 
 L. Involuntary Termination shall mean the termination of Participant’s Service which occurs by reason of: 

(i) Participant’s involuntary and unilateral dismissal or discharge by the Corporation other than a Termination for
Cause, or 

 (ii) Participant’s voluntary resignation within one hundred eighty
(180) days following (A) a change in Participant’s position with the Corporation which materially reduces Participant’s duties and responsibilities, (B) a material change in Participant’s reporting responsibilities such
that Participant is required to report to a person whose duties, responsibilities and authority are materially less than those of the person to whom Participant reported as of the Award Date (including any change which would no longer require
Participant to report directly to the Board, if Participant’s reporting responsibility is to the Board on the Award Date), (C) a material reduction in the aggregate level of Participant’s annual base salary and target bonus under any
corporate-performance based bonus or incentive program, with an aggregate reduction of fifteen percent (15%) or more to be deemed material for purposes of the Program or (D) a material change in the geographic location of
Participant’s place of employment, with a relocation of more than fifty (50) miles to be deemed material for purposes of the Program; provided, however, that a. greater than fifteen percent (15%) reduction in the aggregate level of
Participant’s base salary and target bonus shall not constitute grounds for an Involuntary Termination under clause (ii)(C) if substantially all of the other executive officers of the Corporation are subject to the same aggregate
reduction to their base salary and target bonuses. 
 In no event shall Participant have the right to resign for any of the
reasons listed in subparagraph (ii) above and thereby trigger an Involuntary Termination unless (a) Participant first notifies the Corporation in writing of the existence of the relevant event or transaction constituting grounds for such
an Involuntary Termination within ninety (90) days after the occurrence of such event or transaction and (b) the Corporation fails to remedy the event or transaction constituting grounds for such Involuntary Termination within a reasonable
cure period of at least thirty (30) days after receipt of such notice. 
 M. 1934 Act shall mean the
Securities Exchange Act of 1934, as amended from time to time. 
 N. Participant shall mean the person to whom the
Award is made pursuant to the Agreement. 
 O. Parent shall mean any corporation (other than the Corporation) in
an unbroken chain of corporations ending with the Corporation, provided each corporation in the unbroken chain (other than the Corporation) owns, at the time of the determination, stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other corporations in such chain. 
 P. Plan shall
mean the Corporation’s 1998 Equity Incentive Plan, as amended or restated from time to time. 
 Q. Plan
Administrator shall mean the Compensation Committee of the Board acting in its capacity as administrator of the Plan. 

 R. Pre-Closing Period means the period commencing with the Corporation’s
execution of the definitive agreement for a Change in Control transaction and ending upon the earlier to occur of (i) the closing of the Change in Control contemplated by such definitive agreement and (ii) the termination of such
definitive agreement without the consummation of the contemplated Change in Control. 
 S. Separation from Service
shall mean the Participant’s cessation of Employee status by reason of his or her death, retirement or termination of employment. The Participant shall be deemed to have terminated employment for such purpose at such time as the level of his or
her bona fide services to be performed as an Employee (or non-employee consultant) permanently decreases to a level that is not more than twenty percent (20%) of the average level of services he or she rendered as an Employee during the
immediately preceding thirty-six (36) months (or such shorter period for which he or she may have rendered such service). Solely for purposes of determining when a Separation from Service occurs, Participant will be deemed to continue in
Employee status for so long as he or she remains in the employ of one or more members of the Employer Group, subject to the control and direction of the employer entity as to both the work to be performed and the manner and method of performance.
Any such determination as to Separation from Service, however, shall be made in accordance with the applicable standards of the Treasury Regulations issued under Code Section 409A. In addition to the foregoing, a Separation from Service will
not be deemed to have occurred while an Employee is on military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six (6) months or any longer period for which such Employee’s right to
reemployment with one or more members of the Employer Group is provided either by statute or contract; provided, however, that in the event of an Employee’s leave of absence due to any medically determinable physical or mental
impairment that can be expected to result in death or to last for a continuous period of not less than six (6) months and that causes such individual to be unable to perform his or her duties as an Employee, no Separation from Service shall be
deemed to occur during the first twenty-nine (29) months of such leave. If the period of leave exceeds six (6) months (or twenty-nine (29) months in the event of disability as indicated above) and the Employee’s right to
reemployment is not provided either by statute or contract, then such Employee will be deemed to have a Separation from Service on the first day immediately following the expiration of such six (6)-month or twenty-nine (29)-month period. 

T. Service shall mean the Participant’s performance of services for the Corporation (or any Parent or Subsidiary) in
the capacity of an Employee, a non-employee member of the board of directors or a consultant or independent advisor. For purposes of this Agreement, Participant shall be deemed to cease Service immediately upon the occurrence of the either of the
following events: (i) Participant no longer performs services in any of the foregoing capacities for the Corporation (or any Parent or Subsidiary) or (ii) the entity for which Participant performs such services ceases to remain a Parent or
Subsidiary of the Corporation, even though Participant may subsequently continue to perform services for that entity. Service shall not be deemed to cease during a period of military leave, sick leave or other personal leave approved by the
Corporation, provided the period of any such leave does not exceed six (6) months or such longer duration for which the Participant is provided with re-employment rights by law or by written agreement with the Corporation. 

 U. Shares shall mean the shares of Common Stock which may vest and become
issuable under the Award pursuant to the terms of this Agreement. 
 V. Stock Exchange shall mean the American
Stock Exchange, the Nasdaq Global or Global Select Market or the New York Stock Exchange. 
 W. Subsidiary shall
mean any corporation (other than the Corporation) in an unbroken chain of corporations beginning with the Corporation, provided each corporation (other than the last corporation) in the unbroken chain owns, at the time of the determination, stock
possessing fifty percent (50%) or more of the total combined voting power of all classes of stock in one of the other corporations in such chain. 
 X. Termination for Cause shall mean the termination of Participant’s employment for any of the following reasons: (i) Participant’s conviction of a felony or
Participant’s commission of any act of personal dishonesty involving the property or assets of the Corporation intended to result in Participant’s financial enrichment, (ii) Participant’s material breach of one or more of
Participant’s obligations under Participant’s Proprietary Information and Inventions Agreement with the Corporation or Participant’s unauthorized use or disclosure of any material trade secrets or other material confidential
information of the Corporation or any affiliate, (iii) any intentional misconduct on Participant’s part which has a materially adverse effect upon the Corporation’s business or reputation, (iv) Participant’s failure to
perform the major duties, functions and responsibilities of Participant’s executive position with the Corporation, (v) Participant’s material breach of any of Participant’s fiduciary obligations as an officer of the Corporation
or (vi) Participant’s intentional and knowing participation in the preparation or release of false or materially misleading financial statements relating to the Corporation’s operations and financial condition or Participant’s
intentional and knowing submission of any false or erroneous certification required of Participant under the Sarbanes-Oxley Act of 2002 or any securities exchange on which shares of the Common Stock are at the time listed for trading. However, prior
to any termination of Participant’s employment for any of the reasons specified in clauses (ii) through (iv), the Corporation shall give Participant written notice of the actions or omissions deemed to constitute the grounds for a
Termination for Cause, and Participant shall have a period of not less than thirty (30) days in which to cure the specified default in performance and thereby remedy the actions or omissions which would otherwise constitute grounds for a
Termination for Cause. 
 Y. Withholding Taxes shall mean the federal, state and local income taxes and the
employee portion of the federal, state and local employment taxes required to be withheld by the Corporation in connection with the vesting and issuance of the shares of Common Stock which vest under of the Award.EX-10.14

 EXHIBIT 10.14 
 INVESTMENT MANAGEMENT AGREEMENT 
 This INVESTMENT MANAGEMENT AGREEMENT
(“Agreement”), effective October 1, 2012 between American Money Management Corporation (the “Investment Manager”) and National Interstate Insurance Company, National Interstate Insurance Company of Hawaii, Inc., Vanliner
Insurance Company and Triumphe Casualty Company (collectively, “Client”). 
 RECITALS 

WHEREAS, the Investment Manager regularly provides investment advisory and management services and now wishes to offer these services to
Client; and 
 WHEREAS, the Client has funds for investment and desires to engage the Investment Manager to provide Client with
certain investment advisory and management services; and 
 WHEREAS, both the Investment Manager and Client now wish to enter
into this Agreement for Investment Manager to provide investment advisory and management services to Client on the terms and conditions set forth herein. 
 NOW, THEREFORE, the parties agree as follows: 

1.    Capitalized Terms. 
 As used herein, the following terms shall have the meanings specified below: 

“Affiliate” means any Person or entity that is controlled by, or is under common control with, a party herein except,
for purposes of this Agreement, it does not mean the parties themselves. 
 “Business Day” means any day on
which the New York Stock Exchange, The NASDAQ Stock Market and commercial banks in New York and Ohio are open for business. 

“Fair Market Value” means (a) with respect to any Investment which is traded on any national or international
securities exchange or automated quotation system including the New York Stock Exchange and the NASDAQ Stock Market, the closing price of such Investment on the last trading day prior to the date of determination, (b) if the Fair Market Value
is not determined in accordance with clause (a) with respect to any Investment, the average of three bid prices from three broker-dealers active in the trading of such Investment, selected by the Investment Manager or (c) if the Fair
Market Value is not determined in accordance with clause (a) or (b), the price at which the Investment Manager reasonably believes such Investment could be sold in the market within a 30 day period or, if the Investment Manager determines that
there is no market for such Investment, the Fair Market Value shall be determined by the Investment Manager in its reasonable discretion in accordance with the definitions of Fair Market Value allowed under the current accounting pronouncements.

 “Investment Advisers Act” means the Investment Advisers Act of 1940, 15 USCA Sections 80b-1 through 80b-21,
as amended, supplemented or modified from time to time. 
 “Investments” means investments in securities and
other financial instruments, contracts or products including, but not limited to, equities, bonds, bank debt, loans, derivative securities of any nature and other types of claims. 

“Management Fee” means an amount determined as of the first Business Day of each January, April, July and October, equal
to fifteen one hundredths of one percent (0.15%) per annum of the Fair Market Value of all Investments credited to the Account. 

“Person” means any individual, a corporation, a partnership, a limited liability company, a joint venture, an
association, a trust, an estate or other legal entity or governmental authority. 
 “Soft Dollars” means
credits offered to the Investment Manager by financial firms in connection with trading activity, which credits may be used to pay for various products and services from such financial firms. 

  
 99 

 2.    Appointment of Investment Manager. 

As of the effective date written above, the Client appoints the Investment Manager to act as investment adviser for the Client pursuant
to the terms of this Agreement. The Investment Manager accepts those obligations imposed on it pursuant to this Agreement. This appointment is made and agreed upon with the acknowledgement by the parties that Investment Manager’s affiliate,
Great American Insurance Company (“Great American”), currently owns approximately 52% of the issued and outstanding shares of Client’s publicly-traded parent company, National Interstate Corporation. 

3.    Provision of Services by Investment Manager. 

3.1    Subject to the terms of this Agreement, and in accordance with Schedule B attached hereto, the Investment
Manager, on behalf of the Client, shall perform and render the investment advisory and management services (“investment services”) to the Client, in Investment Manager’s sole discretion and without prior notice to or consultation with
Client, the investment and reinvestment of the assets in Client’s account (the “Account”) in Investments. The initial Account Investments are set forth on Schedule A. Schedule B hereto sets forth any limitations and instructions with
respect to the investment and reinvestment activities contemplated hereby. Client may amend, supplement or modify Schedules A and B from time to time. Investment Manager will be bound by any such amendment, supplement or modification from and after
the date received by Investment Manager and any such limitations and instructions shall be applicable to any Investment made after such receipt. 
 3.2    The Investment Manager may engage employees or independent contractors for the purpose of identifying, selecting and structuring Investments and assisting with the other
services to be provided to the Client by the Investment Manager pursuant to this Agreement. 
 3.3    In
addition to any brokers and custodians employed by the Client, the Investment Manager may, to the extent that it determines that it would be necessary or advisable in order to perform the services for the Client which are required hereunder, arrange
for and coordinate the services of other professionals, experts and consultants, including sub-advisors (collectively, “Third Parties”). Upon the prior approval of Client, the Client will be responsible for the Third Party out-of-pocket
expenses and fees incurred by the Investment Manager for such services. The Investment Manager shall not be liable for the acts or omissions of any such Third Parties selected in good faith. Nevertheless, the Investment Manager will cooperate with
Client in any claim Client may have against such Third Parties arising from the services described in this section. The Investment Manager will pursue directly all third party claims on behalf of Client to the extent Investment Manager is required
by law to bring such action in its own name. 
 4.    Execution of Account Transactions; Proxy
Voting. 
 4.1    Investment Manager will arrange for the execution of securities transactions for the
Account through brokers or dealers that Investment Manager reasonably believes will provide best execution. In selecting a broker or dealer, Investment Manager may consider, among other things, the broker’s or dealer’s execution
capabilities, reputation and access to the markets for the Investment being traded. Investment Manager generally will seek competitive commission rates but will not necessarily attempt to obtain the lowest possible commission for transaction for the
Account. Client will be responsible for all commissions and other fees and expenses reasonably charged by such brokers or dealers. If the Investment Manager determines to invest in the same direction in the same Investment at the same time for the
Client and for its own account or one or more other accounts over which it has investment discretion (each a “Managed Account”), the Investment Manager will generally place orders for all such accounts simultaneously. If all such orders
are not filled at the same price, the Client’s order will be filled at the average price (which generally shall be the same average price at which contemporaneously entered proprietary orders are filled on that day). If all such orders cannot
be fully executed under prevailing market conditions, the Investment Manager may allocate the Investments traded among the Client and any other Managed Account on an appropriate proportionate basis. Client authorizes and directs

  
 100

 
Investment Manager to instruct all brokers and dealers executing orders for Client to forward confirmations of those transactions to Custodian (as defined below) and Investment Manager.
Investment Manager may give a copy of this Agreement to any broker, dealer or other party to a transaction for the Account, or the Custodian (as defined below) as evidence of Investment Manager’s authority to act for Client. 

4.2    The Investment Manager will use its best efforts to forward to Client all proxies it receives for securities
held in the Investment Account for voting by Client. 
 5.    Non-exclusivity; Other Activities;
Conflicts of Interest. 
 5.1    The Investment Manager shall not be required to devote its full time to
the affairs of the Client, but shall devote such of its time to the business and affairs of the Client as it shall determine in good faith, to be necessary to perform the services required hereunder. However, Investment Manager agrees to respond
timely to Client inquiries and requests for information. The Investment Manager may be providing services of a like nature to other Persons concurrently with providing such services to the Client, and this Agreement shall not preclude the Investment
Manager from providing services of a like nature to any other Persons in the future. It is understood that the Investment Manager and any of its Affiliates may engage in any other business and furnish investment management and advisory services to
others, including Persons which may have investment policies different from or similar to those of the Client and which may own securities of the same class, or which are of the same type as the Investments held in the Account or other securities of
the issuers of Investments held in the Account. The Investment Manager shall be free in its sole discretion to make recommendations to others, or effect transactions on behalf of itself or for others, which may be the same as or different from those
effected with respect to the Investments. 
 5.2    Client agrees that the Investment Manager and any
partner, director, officer, shareholder, member, Affiliate or employee (each a “Related Person”) of the Investment Manager may engage in or possess an interest in other business ventures or commercial dealings of every kind and
description, independently or with others, including, but not limited to, management of other accounts, investment in, or financing, acquisition and disposition of, securities, investment and management counseling, brokerage services, serving as
directors, officers, Investment Managers or agents of other companies, partners of any partnership, or trustee of any trust, or entering into any other commercial arrangements. 

5.3    Nothing contained in this Agreement shall prevent the Investment Manager or any of their Affiliates, acting
either as principal or agent on behalf of others, from buying or selling, or from recommending to or directing any other Managed Account to buy or sell, at any time, securities of the same kind of class, or securities of a different kind or class of
the same issuer, as those directed by the Investment Manager to be purchased or sold on behalf of the Client. It is understood that, to the extent permitted by applicable law, (a) the Investment Manager and its Affiliates, and any Related
Persons of the Investment Manager or any such Affiliate or a Person advised by the Investment Manager may have an interest in a particular transaction or in securities of the same kind of class, or securities of a different kind or class of the same
issuer, as those whose purchase or sale the Investment Manager may direct for the Client and (b) in any transaction effected for the Account, the Investment Manager may cause the applicable Investment to be purchased or sold to be purchased or
sold from a Managed Account. 
 5.4    To the extent permitted by applicable law, the Investment Manager
shall be entitled to use “soft dollars” generated by the Investment Manager and transactions with respect to the Account and other Managed Accounts to pay for research products and services. Use of “soft dollars” by the
Investment Manager as described herein shall not constitute a breach by it of any fiduciary or other duty which the Investment Manager may be deemed to owe to the Client. 
 5.5    The Client acknowledges that the ability of the Investment Manager and its Affiliates to effect and/or recommend Investments may be restricted by applicable regulatory
requirements in the United States or 

  
 101

 
elsewhere and/or the Client’s or Investment Manager’s internal policies designed to comply with such requirements. Without limitation of the foregoing, the Investment Manager and its
Affiliates may also be prohibited from effecting certain transactions for the Account with or through their Affiliates, when acting as agent for another customer as well as the Client in respect of a particular transaction, or from acting as the
counterparty on a transaction with the Client. 
 5.6    Various potential and actual conflicts of interest
may arise from the overall investment activities of the Investment Manager, its Affiliates and its Related Persons. The Investment Manager will use its best efforts to notify and consult with Client in advance of an investment purchase if it
reasonably believes that a conflict may arise that would either require Client to potentially make a required public company disclosure or which involves a transaction to which any officer or director of the Investment Manager or Client, or their
Affiliates is a party. The Investment Manager and its Affiliates may invest in Investments that would be appropriate to purchase by the Client. Such Investments may be different from those of the Client. This may occur as a result of various client
specific considerations. Nevertheless, Investment Manager will periodically discuss with Client any significant differences in the investment portfolio profile of Client and of Great American and its property and casualty affiliates. The Investment
Manager, its Affiliates and its Related Persons may have ongoing relationships with companies whose securities are purchased on behalf of the Client. Affiliates and other clients of the Investment Manager may invest in Investments that are senior
to, or have interests different from or adverse to, the securities that are purchased on behalf of the Client. The Investment Manager may serve as investment advisor or asset manager for, invest in, or be affiliated with, other entities organized to
purchase securities similar to the Investments. The Investment Manager has and may at certain times be simultaneously seeking to purchase or sell Investments for the Client and any similar entity for which it serves as investment advisor or asset
manager, or for its clients and Affiliates. The Client hereby acknowledges the various potential and actual conflicts of interest that may exist with respect to the Investment Manager as described above and further acknowledges and agrees that,
except to the extent that the Investment Manager breaches any of its covenants or undertakings hereunder, the Investment Manager shall have no liability arising out of such potential or actual conflicts of interest. The Investment Manager and its
Affiliates shall act in a manner that each considers appropriate and equitable in allocating investment opportunities to the Client and any Managed Account. When the Investment Manager determines that it would be appropriate for the Client and any
other Managed Account to participate in an Investment, the Investment Manager will seek to execute orders for the Client and any other managed accounts on a basis that it considers appropriate and equitable. 

6.    Remuneration.    The Investment Manager shall be entitled to receive the Management
Fee which shall be payable by the Client. The Management Fee shall be payable on the first Business Day of each January, April, July and October in advance. The Management Fee shall be calculated for the actual number of days in the applicable
period over a year of 365 or 366 days, as applicable. Client authorizes the Custodian to deduct from the Account and pay to the Investment Manger the Management Fee when due. 
 7.    Custodial Arrangements.    Custody of Account assets will be maintained with the Client’s designated banks (collectively, “Custodian”)
in separate accounts for each Client company as currently specified in Schedule A attached herein. Client may amend, supplement or modify Schedule A from time to time and will provide such to Investment Manager timely. Investment Manager will not
have custody of any assets in the Account. Client will be solely responsible for entering into a custodial agreement with Custodian and paying all fees or charges of the Custodian. A copy of the custodial agreement will be made available to
Investment Manager. If, at any time, Client and Custodian alter or amend the fee schedule (including any increase in fees), such fee schedule changes shall be communicated to Investment Manager in a timely manner. Client authorizes Investment
Manager to give Custodian instructions for the purchase, sale, conversion, redemption, exchange or retention of any Investment for the Account. Client shall also authorize and instruct Custodian to (a) send Client and Investment Manager a
quarterly statement showing all transactions occurring in the Account during the period covered by the account statement, and the Investments and other property in the Account at the end of the period and all fees paid from the Account directly to
the Custodian and the Investment Manager; and (b) provide the Investment Manager copies of all other periodic statements and other reports for the Account that Custodian sends to Client. 

  
 102

 8.    Term. 

8.1    The term of this Agreement shall commence on the effective date noted above. Client or Investment Manager may
terminate this Agreement by providing the other with thirty (30) days prior written notice. Upon such termination, Investment Manager shall take such actions as Client may reasonably request in order to transfer all Investments credited to the
Account to an account or accounts designated by Client. All amounts due to Investment Manager shall be payable to the Investment Manager not later than ten (10) days after the effective date of termination. In addition, if this Agreement
terminates during any calendar quarter period, Investment Manager shall return to Client, on a pro rata basis, any of the advance Management Fee paid by Client to Investment Manager for that calendar quarter. 

8.2    In addition to section 8.1 above, this Agreement may be terminated immediately by Client for
“cause.” For purposes of determining “cause” pursuant to this Section 0, such term shall mean any one of the following events: 
 (a)    the Investment Manager violates or breaches any material provision of this Agreement applicable to it and shall have failed to cure such breach within thirty (30) days of
notice of such breach; 
 (b)    the Investment Manager or its parent American Financial
Group, Inc. (“American Financial”) is wound up or dissolved or there is appointed over it or a substantial part of its assets a receiver, administrator, administrative receiver, trustee or similar officer; or the Investment Manager or
American Financial (i) ceases to be able to, or admits in writing its inability to, pay its debts as they become due and payable, or makes a general assignment for the benefit of, or enters into any composition or arrangement with, its
creditors generally; (ii) applies for or consents (by admission of material allegations of a petition or otherwise) to the appointment of a receiver, trustee, assignee, custodian, liquidator or sequestrator (or other similar official) of the
Investment Manager or American Financial, as applicable, or of any substantial part of its properties or assets, or authorizes such an application or consent, or proceedings seeking such appointment are commenced without such authorization, consent
or application against the Investment Manager or American Financial, as applicable, and continue undismissed for 60 days; (iii) authorizes or files a voluntary petition in bankruptcy, or applies for or consents (by admission of material
allegations of a petition or otherwise) to the application of any bankruptcy, reorganization, arrangement, readjustment of debt, insolvency or dissolution, or authorizes such application or consent, or proceedings to such end are instituted against
the Investment Manager or American Financial, as applicable, without such authorization, application or consent and are approved as properly instituted and remain undismissed for 60 days or result in adjudication of bankruptcy or insolvency; or
(iv) permits or suffers all or any substantial part of its properties or assets to be sequestered or attached by court order and the order remains undismissed for 60 days; or 

(c)    the occurrence of any act constituting fraud or criminal negligence by the Investment Manager
in respect of any investment activity. 
 8.3    This Agreement may also be terminated by Client immediately
if it is directed and/or ordered to do so by any regulatory body. 
 9.    Risk
Acknowledgment.     Investment Manager does not guarantee the future performance of the Account or any specific level of performance, the success of any investment decision or strategy that Investment Manager may use, or the
success of Investment Manager’s overall management of the Account. Client understands that investment decisions made for the Account by Investment Manager are subject to various market, currency, economic, political and business risks, and that
those investment decisions will not always be profitable. Investment Manager will manage only the Investments held in the Account and in making investment decisions for the Account, Investment Manager will not consider any other Investments owned by
Client, unless Client gives specific instructions to Investment Manager regarding such other Investments. Except as may 

  
 103

 
otherwise be provided by law or this Agreement, Investment Manager will not be liable to Client for (a) any loss that Client may suffer by reason of any investment decision made or other
action taken or omitted in good faith by Investment Manager with that degree of care, skill, prudence, and diligence under the circumstances that a prudent person acting in a fiduciary capacity would use, (b) any loss arising from Investment
Manager’s adherence to Client’s instructions, or (c) any act or failure to act by the Custodian, any broker or dealer to which Investment Manager directs transactions for the Account, or by any other Third Party which provides
services with respect to the Account. The Investment Manager will cooperate with Client in any claim Client may have against the Custodian or any broker or dealer to which Investment Manager directs transactions for the Account or against any other
Third Party relating to the Account. The Investment Manager will pursue directly all third party claims on behalf of Client to the extent Investment Manager is required by law to bring such action in its own name. The federal and state securities
laws impose liabilities under certain circumstances on persons who act in good faith, and therefore nothing in this Agreement will waive or limit any rights that Client may have under those laws. However, notwithstanding anything in this Agreement,
the parties agree that if Investment Manager fails to adhere, or otherwise does not adhere, to the Client’s investment policy or the limitations and instructions contained in Schedule B attached hereto which then results in monetary losses for
Client, the Investment Manager shall make Client whole by timely paying Client these monetary losses. 

10.    Retirement or Employee Benefit Accounts.    Client represents and warrants that the
Account is not for (a) a pension or other employee benefit plan (including a 401(k) plan) governed by the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), (b) a tax qualified retirement plan (including a
Keogh plan) under section 401(a) of the Internal Revenue Code of 1986, as amended (the “Code”), and not covered by ERISA, or (c) an individual retirement account (“IRA”) under Section 408 of the Code. 

11.    No Client or Joint Venture.    The Client and the Investment Manager are not
partners or joint venturers with each other and nothing herein shall be construed to make them such partners or joint venturers or impose any liability as such on either of them. The Investment Manager shall be, for all purposes herein, deemed to be
an independent contractor and shall, unless otherwise expressly provided herein or authorized by the Client from time to time, have no authority to act for or represent the Client in any way or otherwise be deemed an agent of the Client. 

12.    Expenses.    During the term of this Agreement, the Investment Manager shall be
responsible for all normal day-to-day operating and other expenses, including compensation and other personal expenses of employees, office rental expenses, telephone and other office equipment charges and similar customary and routine overhead
expenses, all travel expenses incurred in connection with performing its obligations hereunder (whether Investments are consummated or not) and all other expenses incurred in connection with unconsummated transactions. In addition, the Investment
Manager will be responsible for expenses incurred in connection with the research and analysis of potential investments and the management of the Client’s investment portfolio; provided, however, that the foregoing shall not preclude the use by
the Investment Manager of products and services provided by brokers performing services for the Client without cash compensation by the Investment Manager which may include research reports. Upon the prior approval of Client, the Client may be
responsible for certain out-of-pocket expenses incurred by the Investment Manager in connection with Client’s Account provided hereunder with respect to (a) legal advisers, consultants, rating agencies, accountants and other professionals
retained by the Investment Manager, (b) asset rating services and compliance services, (c) taxes and other governmental charges (other than taxes based on the income of the Investment Manager), (d) any and all costs and expenses
incurred in connection with the acquisition, disposition and management of any Investment, including any work-out or restructuring, (e) other unusual or extraordinary costs and expenses incurred by Investment Manager and (f) such other
matters as the Investment Manager and Client shall agree from time to time. 
 13.    Form
ADV.    If, at any time, Investment Manager is a registered investment adviser under the Investment Advisers Act, Investment Manager will provide a copy of Part 2A and 2B of Form ADV as filed with the Securities and Exchange
Commission. If there are material changes in such portion of Form ADV since the 

  
 104

 
initial delivery or adviser’s last annual updating amendment, as applicable, the Investment Manager will deliver to Client within 120 days after the end of the adviser’s fiscal year
either (i) such current portions of Form ADV or (ii) a summary of material changes thereto as required by applicable law, accompanied by the Web site address (if available) and an e-mail address (if available) and telephone number by which
Client may obtain the current Form ADV from the Investment Manager, and the Web site address for obtaining information about the Investment Manager through the Investment Adviser Public Disclosure system. 

14.    Indemnification.    Client shall indemnify and hold harmless Investment Manager and
each of its Related Persons from and against any and all losses, claims, demands, actions or liabilities of any nature including, but not limited to, attorneys’ fees and expenses, arising out of or relating to this Agreement and the
transactions and Investments contemplated hereby except to the extent that any such losses, claims, demands, actions or liabilities arise out any act or omission of the Investment Manager constituting gross negligence or reckless, willful or illegal
conduct in the performance of its duties under this Agreement or for any material breach of the terms and conditions of this Agreement by Investment Manager. Notwithstanding the foregoing, nothing contained in this Section 14 or elsewhere in
this Agreement shall constitute a waiver by Client of any of its legal rights under applicable U.S. federal securities laws or any other laws the applicability of which is not permitted to be waived. 

15.    Miscellaneous Provisions. 
 15.1    Governing Law.    THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF OHIO (WITHOUT GIVING EFFECT TO THE
PRINCIPLES OF CONFLICT OF LAWS THEREOF). 
 15.2    Amendment.    This Agreement
may be amended from time to time by the Client and the Investment Manager by written agreement signed by the Investment Manager and the Client. No provision shall be deemed to have been waived unless such waiver is contained in a written notice
given by the party claiming such waiver, and no such waiver shall be deemed to be a waiver of any other or further obligation or liability of the party or parties in whose favor the waiver was given. 

15.3    Successors and Assigns.    Except as otherwise specifically provided herein, this
Agreement shall be binding upon and inure to the benefit of the parties and their legal representatives, heirs, administrators, executors, successors and permitted assigns. Without the prior consent of the Client, the Investment Manager may not
assign any of its rights or delegate any of its obligations under this Agreement; provided, however, that, without the prior consent of the Client, the Investment Manager may assign all of its rights and delegate all of its obligations under this
Agreement to any Affiliate registered as an investment adviser under the Investment Advisers Act. 

15.4    Notices.    All demands, notices and communications hereunder shall be in writing
and shall be deemed to have been duly given when received by the recipient party at the address provided for such party below, or at such other addresses as may hereafter be furnished to the other party by like notice. Any such demand, notice or
communication hereunder shall be deemed to have been received on the date delivered to or received at the premises of the addressee. The addresses of the parties are: 

    National Interstate Insurance Company 

    3250 Interstate Drive 

    Richfield, Ohio 44286-9000 

    Attention: Gary Monda, Vice President & Chief Investment Officer 

          With a copy to: General Counsel & CFO 

    American Money Management Corporation 

    301 East Fourth Street 

    Cincinnati, Ohio 45202 

    Attention: President 

          With a copy to: Corporate Secretary 

  
 105

 15.5    Captions.    Captions contained in
this Agreement are inserted only as a matter of convenience and in no way define, limit or extend or otherwise affect the scope or intent of this Agreement or any provision hereof. 

15.6    Severability.    If any provision of this Agreement, or the application of such
provision to any Person or circumstance, shall be held invalid, illegal or unenforceable in any jurisdiction, the validity, legality and enforceability of the remaining provisions of this Agreement, or the application of such provision in
jurisdictions or to Persons or circumstances other than those to which it is held invalid, illegal or unenforceable shall not be affected thereby. 
 15.7    Submission to Jurisdiction.    Each party irrevocably consents and agrees that any legal action or proceeding with respect to this Agreement and any
action for enforcement of any judgment in respect thereof may be brought in the courts of the State of Ohio or the United States federal courts in Ohio, and, by execution and delivery of this Agreement, each party hereby submits to and accepts for
itself and in respect of its property, generally and unconditionally, the non-exclusive jurisdiction of the aforesaid courts and appellate courts from any appeal thereof. Each party hereby irrevocably waives any objection which it may now or
hereafter have to the laying of venue of any of the aforesaid actions or proceedings arising out of or in connection with this Agreement brought in the courts referred to above and hereby further irrevocably waives and agrees not to plead or claim
in any such court that any such action or proceeding brought in any such court has been brought in an inconvenient forum. Nothing herein shall affect the right of the Client to serve process by any other manner permitted by law or to commence legal
actions or proceedings or otherwise proceed against the Investment Manager in any other jurisdiction. 

15.8    Waiver of Trial by Jury.    TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH PARTY
HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT OF TRIAL BY JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM, ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY MATTER ARISING HEREUNDER. 

15.9    Entire Agreement.    This Agreement, as amended or supplemented, constitutes the
entire agreement among the parties hereto pertaining to the subject matter hereof and supersedes all prior agreements and understandings pertaining thereto. 
 [REMAINDER OF PAGE LEFT INTENTIONALLY BLANK] 

  
 106

 This Agreement may be executed in counterparts, each of which shall be considered to be an
original. 
  

							
			
	Witnesses:	 		 	 AMERICAN MONEY MANAGEMENT CORPORATION

				
	 /s/ Mary L. Tilley

/s/ Karl J. Grafe
	 		 	By:	 	 /s/    John B. Berding

Name:   John B. Berding
 Title:     President

			
	Witnesses:	 		 	NATIONAL INTERSTATE INSURANCE COMPANY
				
	 /s/ Mary F. Kozenko

/s/ Gail A. Miller
	 		 	By:	 	 /s/    Gary N. Monda

Name:   Gary N. Monda
 Title:     Vice President

			
	Witnesses:	 		 	NATIONAL INTERSTATE INSURANCE COMPANY OF HAWAII, INC.
				
	 /s/ Mary F. Kozenko

/s/ Gail A. Miller
	 		 	By:	 	 /s/    David W. Michelson

Name:   David W. Michelson
 Title:     President

			
	Witnesses:	 		 	 VANLINER INSURANCE COMPANY

				
	 /s/ Mary F. Kozenko

/s/ Gail A. Miller
	 		 	By:	 	 /s/ Arthur J. Gonzales

Name:   Arthur J. Gonzales
 Title:     Vice President, General Counsel & Secretary

			
	Witnesses:	 		 	 TRIUMPHE CASUALTY COMPANY

				
	 /s/ Mary F. Kozenko

/s/ Gail A. Miller
	 		 	By:	 	 /s/ Terry E. Phillips
 Name:   Terry E. Phillips
 Title:     Senior Vice
President

  
 107

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00214-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00214-of-00352.parquet"}]]