Common use of After The First Twelve Months Of Operation Clause in Contracts

After The First Twelve Months Of Operation. Effective after twelve months of operations, as compensation for the services to be rendered and payments to be made as provided in this Agreement, the Fund will pay you a monthly fee, calculated as set forth below. The fee will be payable as of the first business day of each month, commencing as of the first business day of the fourteenth month of operations of the Fund, as compensation for the services rendered and payments made during the preceding month. For purposes of calculating such fee, the average value of the daily net assets of the Fund shall be determined as provided in the second paragraph of paragraph 3(a) of this Agreement. The fee is comprised of a base fee, accrued daily at the annual rate of 1.25% of the average daily net assets of the Fund during the preceding month (the “Base Fee”), that is subject to a performance fee adjustment (the “Fee Adjustment”) that increases or decreases the fee depending on how well the Fund has performed relative to the performance of the Xxxxxxx Xxxxx 3-month Treasury Xxxx Index (the “Benchmark”) over a performance period. The Fee Adjustment will be calculated using a monthly adjustment rate (the “Performance Adjustment Rate”) that is based upon the Fund’s relative performance. In determining the Performance Adjustment Rate, if any, applicable during any month, the investment performance of the Fund for the 12-month period ending on the last day of the month (the “Performance Period”) shall be compared to the investment record of the Benchmark during the Performance Period. The investment performance of the Fund will be equal to the average annual return for the Fund as calculated pursuant to Item 21 of Form N-1A and will be expressed as a percentage of its net asset value per share at the beginning of the Performance Period. The investment record of the Benchmark will be calculated on a similar basis, so that it reflects the average annual total return for the Benchmark, assuming reinvestment of all proceeds during the Performance Period, and will be expressed as a percentage of the value of the Benchmark at the beginning of the Performance Period. Performance data for the Fund will be obtained from the Fund’s accounting services firm, and performance data for the Benchmark will be obtained from the Fund's accounting services firm based on information from a reputable financial institution that is in the business of reporting performance data for the fixed income markets. The Performance Adjustment Rate will be positive (resulting in an upward Fee Adjustment) for each percentage point that the investment performance of the Fund exceeds the investment record of the Benchmark for the Performance Period by more than 2.00% (two percentage points) and will be negative (resulting in a downward Fee Adjustment) for each percentage point that the investment record of the Benchmark exceeds the investment performance of the Fund for the Performance Period by more than 2.00% (two percentage points). Determinations of the Performance Adjustment Rate (positive or negative) will be made in increments of 0.01% for each increment of 0.04% (1/25 of a percentage point) in differential performance. The maximum Performance Adjustment Rate will be 1.00% and the minimum Performance Adjustment Rate will be –1.00%. As an example, if the investment performance of the Fund and the Benchmark for the Performance Period are 6.73% and 3.26% respectively, then the Performance Adjustment Rate will be positive and it will be [(6.73 – 3.26) – 2] x (.01/.04)%, which equals 0.3675%, or 0.37% after rounding. After the determination of any Performance Adjustment Rate, the dollar amount of additional fees or fee reductions to be accrued for each day of the month (the daily Fee Adjustment) will be determined by multiplying the Performance Adjustment Rate by the average daily net assets of the Fund during the Performance Period and dividing that number by the number of days in the Performance Period. The fee, as adjusted, is accrued daily and paid monthly. If the Trustees determine at some future date that another benchmark is more appropriate than the Xxxxxxx Xxxxx 3-month Treasury Xxxx Index, the Trustees may change the benchmark used to compute the Performance Adjustment Rate. If the Trustees do so, the new benchmark (the "New Benchmark") will be applied prospectively in accordance with applicable law to determine the amount of the Performance Adjustment Rate. Until the New Benchmark becomes effective, the current Benchmark will continue to be used to determine the amount of the Performance Adjustment Rate. A change in the benchmark will be submitted to shareholders for their approval if required under interpretations of the Act by the U.S. Securities and Exchange Commission or its staff.

After The First Twelve Months Of Operation. Effective after twelve months of operationsoperations under this Agreement, as compensation for the services to be rendered and payments to be made as provided in this Agreement, the Fund will pay you the Advisor a monthly fee, calculated as set forth below. The fee will be payable as of the first business day of each month, commencing as of the first business day of the fourteenth month of operations of the Fund, as compensation for the services rendered and payments made during the preceding month. For purposes of calculating such fee, the average value of the daily net assets of the Fund shall be determined as provided in the second paragraph of paragraph 3(a) of this AgreementSection 3.1. The fee is comprised of a base fee, accrued daily at the annual rate of 1.251.50% of the average value of the daily net assets of the Fund Fund, during the preceding month (the “Base Fee”), that is subject to a performance fee adjustment (the “Fee Adjustment”) that increases or decreases the fee depending on how well the Fund has performed relative to the performance of the Xxxxxxx Xxxxx 3-month Treasury Xxxx S&P 500 Index (the “BenchmarkIndex”) over a performance period. The Fee Adjustment will be calculated using a monthly adjustment rate (the “Performance Adjustment Rate”) that is based upon the each Fund’s relative performance. In determining the Performance Adjustment Rate, if any, applicable during any month, the investment performance of the Fund for the 12-month period ending on the last day of the month (the “Performance Period”) shall be compared to the investment record of the Benchmark Index during the Performance Period. The investment performance of the Fund will be equal to the average annual return for the Fund as calculated pursuant to Item 21 of Form N-1A and will be expressed as a percentage of its net asset value per share at the beginning of the Performance Period. The investment record of the Benchmark Index will be calculated on a similar basis, so that it reflects the average annual total return for the BenchmarkIndex, assuming reinvestment of all proceeds cash distributions made during the Performance PeriodPeriod by the companies whose securities comprise the Index are reinvested, and will be expressed as a percentage of the value of the Benchmark Index at the beginning of the Performance Period. Performance data for the Fund will be obtained from the Fund’s accounting services firm, firm and performance data for the Benchmark Index will be obtained from the Fund's accounting services firm based on information from a reputable financial institution that is in the business of reporting performance data for the fixed income equities markets. The Performance Adjustment Rate will be positive (resulting in an upward Fee Adjustment) for each percentage point point, or portion thereof, that the investment performance of the Fund exceeds the investment record of the Benchmark Index for the Performance Period by more than 2.000.080% (two percentage points) and will be negative (resulting in a downward Fee Adjustment) for each percentage point point, or portion thereof, that the investment record of the Benchmark Index exceeds the investment performance of the Fund for the Performance Period by more than 2.00% (two percentage points)0.08%. Determinations of the Performance Adjustment Rate (positive or negative) will be made in increments of 0.01% for each increment of 0.040.08% (1/25 of a percentage point) in differential performance. The maximum Performance Adjustment Rate will be 1.000.25% and the minimum Performance Adjustment Rate will be –1.00%0.25% for the Fund. As an example, if the investment Fund's performance for the preceding 12 months exceeds the performance of the Fund and the Benchmark for the Performance Period are 6.73% and 3.26% respectivelyS&P 500 Index by 1.00%, then the Performance Adjustment Rate will would be positive and it will be [(6.73 – 3.26) – 2] 1.00%/0.08% x (.01/.04)%, which equals 0.3675%, or 0.370.01% after rounding. = 0.125% After the determination of any Performance Adjustment Rate, the dollar amount of additional fees or fee reductions to be accrued for each day of the month (the daily Fee Adjustment) will be determined by multiplying the Performance Adjustment Rate by the average daily net assets of the Fund during the Performance Period and dividing that number by the number of days in the Performance Period. The fee, as adjusted, is accrued daily and paid monthly. The Fund's accounting services firm will create a fee report (the “Report”) calculating the determination of the Fee Adjustment each month, and the determination of the monthly fee. The Fund's accounting services firm will provide the Chairman of the Audit Committee of the Trust, no later than ten (10) days after the close of each calendar quarter, the Reports used for calculation of fees payable by the Fund for the quarter so that the Chairman can review the determinations of the fees. A copy of the report will also be forwarded to the Fund’s Administrator and to the Advisor. If the Trustees determine at some future date that another benchmark securities index is more appropriate a better representative of the composition of the Fund than the Xxxxxxx Xxxxx 3-month Treasury Xxxx Index, the Trustees may change the benchmark securities index used to compute the Performance Adjustment Rate. If the Trustees do so, the new benchmark securities index (the "“New Benchmark"Index”) will be applied prospectively in accordance with applicable law to determine the amount of the Performance Adjustment Rate. Until the New Benchmark Index becomes effective, the current Benchmark Index will continue to be used to determine the amount of the Performance Adjustment Rate. A change in the benchmark index will be submitted to shareholders for their approval if required under interpretations of the Act by the U.S. Securities and Exchange Commission or its staff.

After The First Twelve Months Of Operation. Effective after twelve months of operationsoperations under this Agreement, as compensation for the services to be rendered and payments to be made as provided in this Agreement, the Fund Advisor will pay you the Subadvisor a monthly fee, calculated as set forth below. The fee will be payable as of the first business day of each month, commencing as of the first business day of the fourteenth month of operations of the Fund, as compensation for the services rendered and payments made during the preceding month. For purposes of calculating such fee, the average value of the daily net assets of the Fund shall be determined as provided in the second paragraph of paragraph 3(a) of this AgreementSection 3.1. The fee is comprised of a base fee, accrued daily at the annual rate of 1.250.90% of the average value of the daily net assets of the Fund Fund, during the preceding month (the “Base Fee”), that is subject to a performance fee adjustment (the “Fee Adjustment”) that increases or decreases the fee depending on how well the Fund has performed relative to the performance of the Xxxxxxx Xxxxx 3-month Treasury Xxxx S&P 500 Index (the “BenchmarkIndex”) over a performance period. The Fee Adjustment will be calculated using a monthly adjustment rate (the “Performance Adjustment Rate”) that is based upon the Fund’s relative performance. In determining the Performance Adjustment Rate, if any, applicable during any month, the investment performance of the Fund for the 12-month period ending on the last day of the month (the “Performance Period”) shall be compared to the investment record of the Benchmark Index during the Performance Period. The investment performance of the Fund will be equal to the average annual return for the Fund as calculated pursuant to Item 21 of Form N-1A and will be expressed as a percentage of its net asset value per share at the beginning of the Performance Period. The investment record of the Benchmark Index will be calculated on a similar basis, so that it reflects the average annual total return for the BenchmarkIndex, assuming reinvestment of all proceeds cash distributions made during the Performance PeriodPeriod by the companies whose securities comprise the Index are reinvested, and will be expressed as a percentage of the value of the Benchmark Index at the beginning of the Performance Period. Performance data for the Fund will be obtained from the Fund’s accounting services firm, firm and performance data for the Benchmark Index will be obtained from the Fund's accounting services firm based on information from a reputable financial institution that is in the business of reporting performance data for the fixed income equities markets. The Performance Adjustment Rate will be positive (resulting in an upward Fee Adjustment) for each percentage point point, or portion thereof, that the investment performance of the Fund exceeds the investment record of the Benchmark Index for the Performance Period by more than 2.000.080% (two percentage points) and will be negative (resulting in a downward Fee Adjustment) for each percentage point point, or portion thereof, that the investment record of the Benchmark Index exceeds the investment performance of the Fund for the Performance Period by more than 2.00% (two percentage points)0.08%. Determinations of the Performance Adjustment Rate (positive or negative) will be made in increments of 0.010.006% for each increment of 0.040.08% (1/25 of a percentage point) in differential performance. The maximum Performance Adjustment Rate will be 1.000.15% and the minimum Performance Adjustment Rate will be –1.00%0.15% for the Fund. As an example, if the investment Fund's performance for the preceding 12 months exceeds the performance of the Fund and the Benchmark for the Performance Period are 6.73% and 3.26% respectivelyS&P 500 Index by 1.00%, then the Performance Adjustment Rate will would be positive and it will be [(6.73 – 3.26) – 2] 1.00%/0.08% x (.01/.04)%, which equals 0.3675%, or 0.370.006% after rounding. = 0.075% After the determination of any Performance Adjustment Rate, the dollar amount of additional fees or fee reductions to be accrued for each day of the month (the daily Fee Adjustment) will be determined by multiplying the Performance Adjustment Rate by the average daily net assets of the Fund during the Performance Period and dividing that number by the number of days in the Performance Period. The fee, as adjusted, is accrued daily and paid monthly. The Fund's accounting services firm will create a fee report (the “Report”) calculating the determination of the Fee Adjustment each month, and the determination of the monthly fee. The Fund's accounting services firm will provide the Chairman of the Audit Committee of the Trust, no later than ten (10) days after the close of each calendar quarter, the Reports used for calculation of fees payable by the Fund for the quarter so that the Chairman can review the determinations of the fees. A copy of the report will also be forwarded to the Fund’s Administrator and to the Advisor and Subadvisor. If the Trustees determine at some future date that another benchmark securities index is more appropriate a better representative of the composition of the Fund than the Xxxxxxx Xxxxx 3-month Treasury Xxxx Index, the Trustees may change the benchmark securities index used to compute the Performance Adjustment Rate. If the Trustees do so, the new benchmark securities index (the "“New Benchmark"Index”) will be applied prospectively in accordance with applicable law to determine the amount of the Performance Adjustment Rate. Until the New Benchmark Index becomes effective, the current Benchmark Index will continue to be used to determine the amount of the Performance Adjustment Rate. A change in the benchmark index will be submitted to shareholders for their approval if required under interpretations of the Act by the U.S. Securities and Exchange Commission or its staff.

After The First Twelve Months Of Operation. Effective after twelve months of operationsoperations under this Agreement, as compensation for the services to be rendered and payments to be made as provided in this Agreement, the Fund will pay you the Advisor a monthly fee, calculated as set forth below. The fee will be payable as of the first business day of each month, commencing as of the first business day of the fourteenth month of operations of the Fund, as compensation for the services rendered and payments made during the preceding month. For purposes of calculating such fee, the average value of the daily net assets of the Fund shall be determined as provided in the second paragraph of paragraph 3(a) of this AgreementSection 3.1. The fee is comprised of a base fee, accrued daily at the annual rate of 1.251.00% of the average value of the daily net assets of the Fund Fund, during the preceding month (the “Base Fee”), that is subject to a performance fee adjustment (the “Fee Adjustment”) that increases or decreases the fee depending on how well the Fund has performed relative to the performance an equally-weighted blend of the S&P 500 Index, Barclays Capital U.S. Aggregate Bond Index and BofA Xxxxxxx Xxxxx 3-month U.S. Treasury Xxxx Index (the “BenchmarkIndices”) over a performance period. The Fee Adjustment will be calculated using a monthly adjustment rate (the “Performance Adjustment Rate”) that is based upon the Fund’s relative performance. In determining the Performance Adjustment Rate, if any, applicable during any month, the investment performance of the Fund for the 12-month period ending on the last day of the month (the “Performance Period”) shall be compared to the investment record of the Benchmark Indices during the Performance Period. The investment performance of the Fund will be equal to the average annual return for the Fund as calculated pursuant to Item 21 of Form N-1A and will be expressed as a percentage of its net asset value per share at the beginning of the Performance Period. The investment record of the Benchmark Indices will be calculated on a similar basis, so that it reflects the average annual total return for the BenchmarkIndices, assuming reinvestment of all proceeds cash distributions made during the Performance PeriodPeriod by the issuers whose securities comprise the Indices are reinvested, and will be expressed as a percentage of the value of the Benchmark Indices at the beginning of the Performance Period. Performance data for the Fund will be obtained from the Fund’s accounting services firm, firm and performance data for the Benchmark Indices will be obtained from the Fund's accounting services firm based on information from a reputable financial institution that is in the business of reporting performance data for the fixed income equities markets. The Performance Adjustment Rate will be positive (resulting in an upward Fee Adjustment) for each percentage point that if the investment performance of the Fund exceeds the investment record of the Benchmark Indices for the Performance Period by more than 2.000.50% (two percentage points) and will be negative (resulting in a downward Fee Adjustment) for each percentage point that if the investment record of the Benchmark Indices exceeds the investment performance of the Fund for the Performance Period by more than 2.00% (two percentage points)0.50%. Determinations of the Performance Adjustment Rate (positive or negative) will be made in increments of 0.010.25% for each increment of 0.040.50% (1/25 of a percentage point) in differential performance. The maximum Performance Adjustment Rate will be 1.00% and the minimum Performance Adjustment Rate will be –1.00%% for the Fund. As an example, if the investment performance of the a Fund and the Benchmark Indices for the Performance Period are 6.7310.00% and 3.269.00% respectively, then the Performance Adjustment Rate will be positive and it will be [(6.73 10.00 – 3.269.00) – 20.5] x (.01/.04)%.025/.05)%, which equals 0.36750.25%, or 0.37% after rounding. After the determination of any Performance Adjustment Rate, the dollar amount of additional fees or fee reductions to be accrued for each day of the month (the daily Fee Adjustment) will be determined by multiplying the Performance Adjustment Rate by the average daily net assets of the Fund during the Performance Period and dividing that number by the number of days in the Performance Period. The fee, as adjusted, is accrued daily and paid monthly. The Fund's accounting services firm will create a fee report (the “Report”) calculating the determination of the Fee Adjustment each month, and the determination of the monthly fee. The Fund's accounting services firm will provide the Chairman of the Audit Committee of the Trust, no later than ten (10) days after the close of each calendar quarter, the Reports used for calculation of fees payable by the Fund for the quarter so that the Chairman can review the determinations of the fees. A copy of the report will also be forwarded to the Fund’s Administrator and to the Advisor. If the Trustees determine at some future date that another benchmark securities index is more appropriate a better representative of the composition of the Fund than the Xxxxxxx Xxxxx 3-month Treasury Xxxx IndexIndices, the Trustees may change the benchmark securities index used to compute the Performance Adjustment Rate. If the Trustees do so, the new benchmark securities index (the "“New Benchmark"Index”) will be applied prospectively in accordance with applicable law to determine the amount of the Performance Adjustment Rate. Until the New Benchmark Index becomes effective, the current Benchmark Indices will continue to be used to determine the amount of the Performance Adjustment Rate. A change in the benchmark index will be submitted to shareholders for their approval if required under interpretations of the Act by the U.S. Securities and Exchange Commission or its staff.