0001144204-12-029660 Sample Contracts

SUPPLEMENT TO THE DISTRIBUTION AGREEMENT
The Distribution Agreement • May 15th, 2012 • Ironwood Institutional Multi-Strategy Fund LLC • Delaware

This SUPPLEMENT made as of the 15th day of May, 2012 (this “Supplement”) to the Distribution Agreement, dated as of October 5, 2010, and as amended by the First Amendment effective December 21, 2010 (the “Distribution Agreement”) among (a) Foreside Fund Services, LLC, a Delaware limited liability company (the “Distributor”), (b) Ironwood Institutional Multi-Strategy Fund LLC, a Delaware limited liability company, and (c) Ironwood Multi-Strategy Fund LLC, a Delaware limited liability company (each entity in clause (b) and (c), a “Fund”, and, collectively, the “Funds”).

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