0001435109-14-000491 Sample Contracts

EXPENSE REIMBURSEMENT AMENDMENT
Expense Reimbursement • July 30th, 2014 • Pine Grove Alternative Institutional Fund

This Expense Reimbursement Amendment, dated as of June 27, 2014 (the "Amendment"), to the Expense Reimbursement Agreement dated as of September 30, 2013 (the "Agreement"), between Pine Grove Alternative Institutional Fund (the "Fund") and Pine Grove Asset Management LLC (the "Adviser").

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INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • July 30th, 2014 • Pine Grove Alternative Institutional Fund • New York

AGREEMENT dated July 23, 2014, and effective upon completion of the terms described in Section 10 this Agreement, by and between Pine Grove Alternative Institutional Fund, a Delaware statutory trust (the "Fund"), and Pine Grove Asset Management LLC, a Delaware limited liability company (the "Adviser").

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