0000898432-16-001985 Sample Contracts

SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • February 26th, 2016 • Neuberger Berman Alternative Funds • New York

This Sub-Advisory Agreement (“Agreement”) is made as of June 1, 2015, 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 TPH Asset Management LLC, a Delaware limited liability company (“Sub-Adviser”).

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MANAGEMENT AGREEMENT
Management Agreement • February 26th, 2016 • Neuberger Berman Alternative Funds • New York

This Agreement is made as of _____________, between Neuberger Berman Cayman ARMM Fund I Ltd., an exempted company organized under the laws of the Cayman Islands (“Company”), and Neuberger Berman Management LLC, a Delaware limited liability company (“Manager”).

ADMINISTRATION AGREEMENT
Administration Agreement • February 26th, 2016 • Neuberger Berman Alternative Funds • New York

This Agreement is made as of [ ], between Neuberger Berman Cayman ARMM Fund I Ltd., an exempted company organized under the laws of the Cayman Islands (“Company”), and Neuberger Berman Management LLC, a Delaware limited liability company (“Administrator”).

NOVATION OF ADMINISTRATION AGREEMENT
Novation of Administration Agreement • February 26th, 2016 • Neuberger Berman Alternative Funds

This Novation of Administration Agreement (“Novation”) is entered into as of the 1st day of January, 2016 by and among Neuberger Berman Management LLC, a Delaware limited liability company (“NB Management”), Neuberger Berman Investment Advisers LLC, a Delaware limited liability company (“NBIA”), and Neuberger Berman Cayman ARMM Fund I Ltd., an exempted company organized under the laws of the Cayman Islands (the “Company”).

EXPENSE LIMITATION AGREEMENT NEUBERGER BERMAN ALTERNATIVE FUNDS NEUBERGER BERMAN RISK BALANCED COMMODITY STRATEGY FUND
Expense Limitation Agreement • February 26th, 2016 • Neuberger Berman Alternative Funds • New York

Neuberger Berman Risk Balanced Commodity Strategy Fund (“Fund”) is a series of Neuberger Berman Alternative Funds, a Delaware statutory trust (“Trust”).

NOVATION OF MANAGEMENT AGREEMENT
Novation of Management Agreement • February 26th, 2016 • Neuberger Berman Alternative Funds

This Novation of Management Agreement (“Novation”) is entered into as of the 1st day of January, 2016 by and among Neuberger Berman Management LLC, a Delaware limited liability company (“NB Management”), Neuberger Berman Investment Advisers LLC, a Delaware limited liability company (“NBIA”), and Neuberger Berman Cayman ARMM Fund I Ltd., an exempted company organized under the laws of the Cayman Islands (the “Company”).

NOVATION OF MANAGEMENT AGREEMENT
Novation of Management Agreement • February 26th, 2016 • Neuberger Berman Alternative Funds

This Novation of Management Agreement (“Novation”) is entered into as of the 1st day of January, 2016 by and among Neuberger Berman Management LLC, a Delaware limited liability company (“NB Management”), Neuberger Berman Investment Advisers LLC, a Delaware limited liability company (“NBIA”), and Neuberger Berman Cayman Commodity Fund I Ltd., an exempted company organized under the laws of the Cayman Islands (the “Company”).

NOVATION OF ADMINISTRATION AGREEMENT NEUBERGER BERMAN ALTERNATIVE FUNDS
Novation of Administration Agreement • February 26th, 2016 • Neuberger Berman Alternative Funds

This Novation of Administration Agreement (“Novation”) is entered into as of the 1st day of January, 2016 by and among Neuberger Berman Management LLC, a Delaware limited liability company (“NB Management”), Neuberger Berman Investment Advisers LLC, a Delaware limited liability company (“NBIA”), and Neuberger Berman Alternative Funds, a Delaware statutory trust (the “Trust”) on behalf of all series whether now existing or hereafter established that are subject to the Administration Agreement (as defined below) (hereinafter, “Series” shall refer to each Series which is subject to this Novation).

EXPENSE LIMITATION AGREEMENT NEUBERGER BERMAN ALTERNATIVE FUNDS
Expense Limitation Agreement • February 26th, 2016 • Neuberger Berman Alternative Funds • New York

Neuberger Berman Absolute Return Multi-Manager Fund, Neuberger Berman Flexible Select Fund, Neuberger Berman Global Allocation Fund, Neuberger Berman Global Long Short Fund, Neuberger Berman Inflation Managed Fund, Neuberger Berman Long Short Fund, Neuberger Berman Long Short Credit Fund, Neuberger Berman Long Short Multi-Manager Fund and Neuberger Berman Multi-Asset Income Fund (each, a “Fund”) are series of Neuberger Berman Alternative Funds, a Delaware statutory trust (“Trust”).

NOVATION TO SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • February 26th, 2016 • Neuberger Berman Alternative Funds

This Novation Agreement, effective as of January 1, 2016, by and among Neuberger Berman Management LLC ("Manager"), NB Alternative Investment Management LLC, ("Adviser" and together with the Manager, the "NB Parties"), Neuberger Berman investment Advisers LLC ("NBIA") and [ ], ("Sub-Adviser"), is made to the Sub-Advisory Agreement by and among the NB Parties and Sub-Adviser dated [ ], as amended (the "Agreement"). Terms defined in the Agreement used herein as therein defined.

NOVATION OF MANAGEMENT AGREEMENT NEUBERGER BERMAN ALTERNATIVE FUNDS
Novation of Management Agreement • February 26th, 2016 • Neuberger Berman Alternative Funds

This Novation of Management Agreement (“Novation”) is entered into as of the 1st day of January, 2016 by and among Neuberger Berman Management LLC, a Delaware limited liability company (“NB Management”), Neuberger Berman Investment Advisers LLC, a Delaware limited liability company (“NBIA”), and Neuberger Berman Alternative Funds, a Delaware statutory trust (the “Trust”) on behalf of all series whether now existing or hereafter established that are subject to the Management Agreement (as defined below) (hereinafter, “Series” shall refer to each Series which is subject to this Novation).

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