FIRST AMENDMENT TO THE CONTRACT FOR INVESTMENT ADVISORY SERVICES
FIRST AMENDMENT TO
THE CONTRACT FOR
INVESTMENT ADVISORY SERVICES
WHEREAS, The Berwyn Funds, a Delaware business trust (the “Trust”), on behalf of Berwyn Cornerstone Fund (the “Fund”), and The ▇▇▇▇▇▇ Group, Inc. (the “Adviser”), all having their principal place of business at ▇▇▇▇ ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇▇▇, have entered into a Contract for Investment Advisory Services as of January 24, 2002 (the “Agreement”);
WHEREAS, the parties agree to amend the Agreement;
NOW, THEREFORE, effective July 1, 2010, the Trust, on behalf of the Fund, and the Adviser 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. The Fund agrees to pay Adviser and Adviser agrees to accept, as full compensation for all services rendered by Adviser hereunder, a fee at an annual rate equal to 0.85% of the average daily net assets of the Series. The fee will be paid monthly in arrears.”
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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 1st day of July, 2010
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THE BERWYN FUNDS
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By:
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/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Trustee
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THE ▇▇▇▇▇▇ GROUP, INC.
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By:
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/s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇
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▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇, Chairman and CEO
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