Agmt24 U.S. Bancorp Asset Management - Amendment No.1

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REV: 11-14-24 MI once per Agreement year, Consultant shall make such records available to City during normal business hours in such a manner as to not interfere with normal business activities. Consultant’s sensitive or confidential information can be viewed by the City at a Consultant’s location or via a video conference call, however the City may not record or create copies of Consultant’s sensitive or confidential information. Nothing herein shall convert such records into public records, and they will be available only to City and any specified public agencies. Such records shall be maintained by Consultant for one (1) year following completion of the work under this Agreement unless a longer period of time is required by state or federal law, in which event Consultant shall retain its records for the time required by such laws. 6. Section 9 (Subcontracting) of the Agreement, shall be deleted and restated in its entirety as follows: 9. Subcontracting. Consultant will not subcontract any portion of the Services without prior written approval of the City Manager or their designee. The term subcontractor does not include vendors of the Consultant who do not provide a service directly to the City and are not hired by Consultant specifically for performance under the Agreement. If Consultant subcontracts any of the Services, Consultant will be fully responsible to City for the subcontractor’s acts and omissions as Consultant is for the acts and omissions of persons directly employed by Consultant. Such responsibility will include responsibility for the acts and omissions of the subcontractor’s officers, employees, consultants, subcontractors, and agents. Nothing contained in this Agreement will create any contractual relationship between City and any subcontractor, and Consultant will be responsible for paying subcontractors. Consultant will bind every subcontractor and every subcontractor of a subcontractor by the terms of this Agreement that bind Consultant unless specifically noted to the contrary in the subcontract and approved in writing by the City Manager or their designee. 7. The first sentence of Section 12 (Insurance) will be amended to delete the words “obtain and”. 8. Section 12.4 (Failure to Maintain Coverage) shall be deleted and restated in its entirety as follows: 12.4 Failure to Maintain Coverage. If Consultant fails to comply with these insurance requirements, then City will have the option to declare Consultant in breach and terminate the Agreement. 9. Section 12.5 (Submission of Insurance Polices) shall be deleted in its entirety. ATTY/AGR.2024/Amend.No.1/PFM Asset Management (PFM Asset Management_Amendment No.1) (Page 2 of 10)