AMENDMENT TO INVESTMENT MANAGEMENT AGREEMENT
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AMENDMENT TO INVESTMENT MANAGEMENT AGREEMENT
. This Amendment is entered into this ~ g'y.V--- day of ~, 1991, between
the TRUSTEES OF THE CITY OF CLEARWATER EMPLOtJ=E~ PENSION PLAN
(hereinafter referred to as the "Client") and ALLIANCE CAPITAL MANAGEMENT L.P.,
(hereinafter referred to as the "Investment Manager").
WITNESSETH
WHEREAS, Client and Shields Asset Management, Inc. entered into an
Investment Management Agreement on October 14, 1991.
WHEREAS, Shields Asset Management, Inc. assigned its interest to Alliance
Capital Managernent LP.and Ciientcon'sentedto said assignment on. February-28,-u
1994.
WHEREAS, the parties agree to amend that Agreement in part as described
herein.
NOW, THEREFORE, in consideration of the foregoing and the mutual covenants
and agreements, the parties agree as follows:
1. Paragraph IV Fees is deleted in its entirety and is now amended as follows:
"The Investment Manager's fees will be calculated and payable
at the end of each calendar quarter. The fee for any three
month period is the amount obtained by multiplying the market
value of the portfolio at the end of the quarter by one fourth of
the annual rate set forth below.
0.20% of all assets under management
In no event shall the fee calculated hereinunder exceed the
Investment Manager's then current published fees.
If this agreement shall commence or terminate between regular
quarterly valuation dates, a pro rata adjustment shall be made
with respect to the fee for such quarter."
2. All other terms and conditions of the Agreement shall remain in full force and
effect.
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Signature Page to Amendment to Investment Management Agreement
IN WITNESS WHEREOF, the parties have set their seal on the date first above
written.
Approved as to form:
TRUSTEES OF THE CITY OF
CLEARWATER EMPLOYEES'
PENSION PLA
JOera=:;. City ~ttomey
ATTEST:
ALLIANCE CAPITAL
MANAGEMENT L.P.
By:
t Secretary
Witness
Witness