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CCHANDLER <br />ASSET MANAGEMENT <br />INVESTMENT MANAGEMENT AGREEMENT <br />(Institutional Client, Non-ERISA) <br />This Agreement is entered into on this V day of June, 2017 between the City of Louisville, Colorado <br />(Client) and Chandler Asset Management, Inc. (Chandler) as Investment Adviser on the terms and <br />conditions set forth herein. <br />1. Term. The term of this Agreement shall be for three (3) years with up to two (2) one-year extensions <br />possible. This Agreement may be terminated for any reason by either party with or without cause, by <br />giving the other party at least thirty (30) days written notice. <br />2. Fees. Client shall compensate Chandler monthly an amount calculated on the average market value <br />of Client's portfolio, including accrued interest, in accordance with the following schedule: <br />Monthly Average Balance <br />$0 to $10,000,000 <br />$10,000,001 to $25,000,000 <br />$25,000,001 to $40,000,000 <br />$40,000,001 to $100,000,000 <br />$100,000,001 to $150,000,000 <br />Over $150,000,001 <br />Annual Investment Management Fee <br />0.10 of 1 % (10 basis points) <br />0.08 of 1% (8 basis points) <br />0.07 of 1% (7 basis points) <br />0.06 of 1% (6 basis points) <br />0.05 of 1% (5 basis points) <br />0.04 of 1% (4 basis points) <br />For example, if the portfolio averaged $30,000,000 for a month, the monthly fee calculation would <br />be: <br />[(MV on the I` day of the month f MV on the last day of the month)/2 x (.0007)/12] <br />The fees expressed above do not include any custody fees that may be charged by Client's bank or <br />other third party custodian. <br />Fees shall be prorated to the effective date of termination on the basis of actual days elapsed, and any <br />unearned portion of prepaid fees shall be refunded. Client is not required to pay any start-up or <br />closing fees; there are no penalty fees. <br />Assets deposited in Colorado Local Government Investment Pools (e.g., CSAFE or Colotrust) will <br />be excluded from the above fee calculation. Fees will be calculated and payable at the end of each <br />month. <br />3. Client Representative. In its capacity as investment manager, Chandler shall receive all instructions, <br />directions and other communications on Client's behalf respecting Client's account from Kevin <br />Watson, Finance Director (Representative). Chandler is hereby authorized to rely and act upon all <br />such instructions, directions and communications from such Representative or any agent of such <br />Representative. <br />16 <br />