0000898432-13-001629 Sample Contracts

SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • December 18th, 2013 • Neuberger Berman Alternative Funds • New York

This Sub-Advisory Agreement (“Agreement”) is made as of August 12, 2013, by and among Neuberger Berman Management LLC, a Delaware limited liability company (“Manager”), NB Alternative Investment Management LLC, a Delaware limited liability company (“Adviser” and together with the Manager, the “NB Parties”) and Loeb Arbitrage Management LP, a Delaware limited partnership (“Sub-Adviser”).

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AMENDMENT NO. 1 TO SUB-ADVISORY AGREEMENT NEUBERGER BERMAN ALTERNATIVE FUNDS
Sub-Advisory Agreement • December 18th, 2013 • Neuberger Berman Alternative Funds

This amendment, dated December 18, 2013, by and among Neuberger Berman Management LLC (“Manager”), NB Alternative Investment Management LLC, (“Adviser” and together with the Manager, the “NB Parties”) and SLS Management, LLC (“Sub-Adviser”), is made to the Sub-Advisory Agreement dated May 15, 2012 (the “Agreement”). Terms defined in the Agreement used herein as therein defined.

AMENDMENT NO. 1 TO SUB-ADVISORY AGREEMENT NEUBERGER BERMAN ALTERNATIVE FUNDS
Sub-Advisory Agreement • December 18th, 2013 • Neuberger Berman Alternative Funds

This amendment, dated July 2, 2013, by and among Neuberger Berman Management LLC (“Manager”), NB Alternative Investment Management LLC, (“Adviser” and together with the Manager, the “NB Parties”) and Cramer Rosenthal McGlynn, LLC, (“Sub-Adviser”), is made to the Sub-Advisory Agreement dated May 15, 2012 (the “Agreement”). Terms defined in the Agreement used herein as therein defined.

AMENDMENT NO. 1 TO SUB-ADVISORY AGREEMENT NEUBERGER BERMAN ALTERNATIVE FUNDS
Sub-Advisory Agreement • December 18th, 2013 • Neuberger Berman Alternative Funds

This amendment, dated December 18, 2013, by and among Neuberger Berman Management LLC (“Manager”), NB Alternative Investment Management LLC, (“Adviser” and together with the Manager, the “NB Parties”) and Levin Capital Strategies, L.P. (“Sub-Adviser”), is made to the Sub-Advisory Agreement dated May 15, 2012 (the “Agreement”). Terms defined in the Agreement used herein as therein defined.

EXPENSE LIMITATION AGREEMENT NEUBERGER BERMAN ALTERNATIVE FUNDS NEUBERGER BERMAN LONG SHORT MULTI-MANAGER FUND
Expense Limitation Agreement • December 18th, 2013 • Neuberger Berman Alternative Funds • New York

Neuberger Berman Long Short Multi-Manager Fund (the “Fund”) is a series of Neuberger Berman Alternative Funds, a Delaware statutory trust (“Trust”).

AMENDMENT NO. 1 TO SUB-ADVISORY AGREEMENT NEUBERGER BERMAN ALTERNATIVE FUNDS
Sub-Advisory Agreement • December 18th, 2013 • Neuberger Berman Alternative Funds

This amendment, dated December 18, 2013, by and among Neuberger Berman Management LLC (“Manager”), NB Alternative Investment Management LLC, (“Adviser” and together with the Manager, the “NB Parties”) and Turner Investments, L.P. (“Sub-Adviser”), is made to the Sub-Advisory Agreement dated May 15, 2012 (the “Agreement”). Terms defined in the Agreement used herein as therein defined.

AMENDMENT NO. 2 TO SUB-ADVISORY AGREEMENT NEUBERGER BERMAN ALTERNATIVE FUNDS
Sub-Advisory Agreement • December 18th, 2013 • Neuberger Berman Alternative Funds

This amendment, dated December 18, 2013, by and among Neuberger Berman Management LLC (“Manager”), NB Alternative Investment Management LLC, (“Adviser” and together with the Manager, the “NB Parties”) and Cramer Rosenthal McGlynn, LLC, (“Sub-Adviser”), is made to the Sub-Advisory Agreement dated May 15, 2012, as amended (the “Agreement”). Terms defined in the Agreement used herein as therein defined.

AMENDMENT NO. 1 TO
Sub-Advisory Agreement • December 18th, 2013 • Neuberger Berman Alternative Funds

This amendment, dated December 18, 2013, by and among Neuberger Berman Management LLC (“Manager”), NB Alternative Investment Management LLC, (“Adviser” and together with the Manager, the “NB Parties”) and Lazard Asset Management LLC (“Sub-Adviser”), is made to the Sub-Advisory Agreement dated May 31, 2013 (the “Agreement”). Terms defined in the Agreement used herein as therein defined.

SUB-ADVISORY AGREEMENT NEUBERGER BERMAN ALTERNATIVE FUNDS SCHEDULE A SERIES OF NEUBERGER BERMAN ALTERNATIVE FUNDS
Sub-Advisory Agreement • December 18th, 2013 • Neuberger Berman Alternative Funds
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