Amendment to The Contract for Investment Advisory Services
Amendment to The Contract for Investment Advisory Services
Whereas, The Berwyn Funds, a Delaware Business Trust ( the "Trust"), on behalf of Berwyn Income Fund (the "Fund") and The ▇▇▇▇▇▇ Group, Inc. (the ''Advisor"), all having their principal place of business at ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, have entered into a contract for Investment Advisory Services as of April 28, 1999 (the "Agreement").
Whereas, the parties agree to amend the Agreement; Now, Therefore, effective May 1, 2013, the Trust, on behalf of the Fund, and the Advisor agree to amend the Agreement as follows:
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1.
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Section Two of the Agreement is hereby amended to read as follows:
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a.
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The Fund shall pay the Advisor and the Advisor agrees to accept as full compensation for services rendered by the Advisor hereunder an investment advisory fee equal to 0.50% per annum of the first $1.75 billion of average daily net assets of the Fund, 0.48% of the next $1.75 billion of such assets, and 0.46% of such assets over $3.5 billion. The investment advisory fee will be paid monthly.
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2.
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Excepted as amended hereof, the Agreement shall remain in full force and effect.
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Executed this 20th day of February, 2013.
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The Berwyn Funds
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By:
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/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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President and Chairman
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The ▇▇▇▇▇▇ Group, Inc
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By:
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/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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Chairman and CEO
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