INVESTMENT ADVISORY AGREEMENT
,
I
INVESTMENT ADVISORY AGREEMENT
This Agreement is entered into by The Trustees of the City of Clearwater Employees' Pension
Fund and Florida National Bank effective the 1st day of October, 1985.
WHEREAS, the Trustees of the City of Clearwater Employees' Pension Fund would like to
employ a firm to assist them in setting and monitoring the equity investment objectives of the
City of Clearwater Employees' Pension Fund; and
WHEREAS, Florida National Bank (hereafter FNB) would like to provide such services to the
T rusteees:
NOW THEREFORE, the Trustees and FNB 'agree as follows:
SECTION I: Services To Be Provided
I) FNB shall provide, at least annually and at other times as agreed upon with
the Trustees, a report evaluating the performance of each of the Equity
Investment Managers. FNB shall also provide a representative to meet with
the Investment Managers and the Trustees to discuss performance on a
periodic basis.
2) If, in the opinion of FNB and the Trustees, it becomes necessary or desirable
to hire one or more new Equity Investment Managers, FNB will assist the
Trustees in this process. The services to be performed in this regard include
the solicitation of bids from among a pool of possible managers selected by
the Trustees, the provision of assistance to the Trustees in evaluation of the
proposals received and arrangement and participation in meetings with Fund
representatives and prospective managers. It is understood and agreed that
the final choice with respect to employment of an Investment Manager shall
be that of the Trustees and the Bank's sole function shall be to assist the
Trustees in evaluating candidates for that position.
SECTION II: Fees
An annual fee of $7,500.00 will be charged for the above services. This fee will be pro-rated
so that $1,875.00 is billed quarterly.
SECTION III: Termination
FNB may be removed by the Trustees at any time upon 60 days written notice to FNB. FNB
may resign at any time upon 60 days written notice to the Trustees.
SECTION IV: Amendment Provision
The Trustees or FNB may amend in whole or in part any provision of this Agreement as
mutually agreed.
SECTION V: Representative
The Finance Director for the City of Clearwater is designated by ordinance as the Finance
Director for the Trustees of the Pension Fund, and will serve as the representative of the
Trustees in dealings with FNB.
C- C '
I ,/, .' ,,' -I' · .
01 {,LV ;,,0./: <>""';;~)
~
-1-
~ . ,-<~.r~..l- "'~:_.K~~/
//!~:-/,Y5
/J() /' e",)' 0 /"\,
U " ~L/ 0' /,. '~" U
(;a)
I
,
IN WITNESS WEREOF, FNB and the Trustees have executed this Agreement as of November 4,
1985, effective October I, 1985.
TRUSTEES OF THE CITY OF
EMPLOYEES PENSION FUND
j
~
tj)rrm 9lk~)
WITNESS:
FLORIDA NATIONAL BANK
(b Q../uCJ-lJ}. LU~&
By,~d ~
Arvel Gschwend
Vice President
l~~/3.~