0001398344-12-000798 Sample Contracts

DISTRIBUTION AGREEMENT
Distribution Agreement • March 2nd, 2012 • Arden Sage Multi-Strategy TEI Institutional Fund, L.L.C. • Delaware

THIS AGREEMENT is made and entered into as of January 11, 2012, by and between Arden Securities LLC, a New York limited liability company (the “Distributor”) and each of the Funds listed on Exhibit A attached hereto (each a Fund, and together, the “Funds”).

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INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • March 2nd, 2012 • Arden Sage Multi-Strategy TEI Institutional Fund, L.L.C. • New York

THIS INVESTMENT ADVISORY AGREEMENT is made as of the 1st day of October, 2011, by and between Arden Sage Multi-Strategy TEI Institutional Fund, L.L.C., a Delaware limited liability company (the "Fund"), and Arden Asset Management LLC, a Delaware limited liability company (the "Investment Adviser").

MEMBER SERVICES AGREEMENT
Member Services Agreement • March 2nd, 2012 • Arden Sage Multi-Strategy TEI Institutional Fund, L.L.C. • Delaware

AGREEMENT made as of January 11, 2012, by and between ARDEN SECURITIES LLC, as distributor (“Distributor”), and ARDEN SAGE MULTI-STRATEGY TEI INSTITUTIONAL FUND, L.L.C., a Delaware limited liability company (the “Fund”).

MASTER / FEEDER AGREEMENT BETWEEN ARDEN SAGE MULTI-STRATEGY TEI INSTITUTIONAL FUND, L.L.C. AND ARDEN SAGE MULTI-STRATEGY MASTER FUND, L.L.C. dated as of October 1, 2011
Master/Feeder Agreement • March 2nd, 2012 • Arden Sage Multi-Strategy TEI Institutional Fund, L.L.C. • New York

THIS AGREEMENT (the "Agreement") is made and entered into as of the 1st day of October, 2011, by and between Arden Sage Multi-Strategy TEI Institutional Fund, L.L.C. (the "Feeder Fund"), a Delaware limited liability company, and Arden Sage Multi-Strategy Master Fund, L.L.C. (the "Master Fund"), a Delaware limited liability company.

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