Letter Agreement
To:
0000 Xxxxxxx Xxxxxx
Xxxxxxxxxxx, XX 00000
Dear Sirs:
You have engaged us to act as the sole investment adviser to the Adirondack Small Cap Fund (the “Fund”) pursuant to a Management Agreement dated as of April 17, 2005 (the “Agreement”).
Through July 31, 2013, we hereby contractually agree to waive management fees and/or reimburse the Fund for expenses it incurs, but only to the extent necessary to maintain the Fund’s total annual operating expenses (excluding brokerage costs, borrowing costs (such as interest and dividends on securities sold short), taxes, extraordinary expenses, and costs of acquired funds) at 1.48% of its average daily net assets for that period.
Any waiver or reimbursement by us is subject to repayment by the Fund within the three fiscal years following the fiscal year in which the expenses occurred, if the Fund is able to make the repayment without exceeding its current expense limitations and the repayment is approved by the Board of Trustees.
Very truly yours, ADIRONDACK RESEARCH AND MANAGEMENT, INC. By: __/s/ Xxxxxxx X. Xxxxxx _______________ Name: Xxxxxxx X. Xxxxxx Title: Chief Financial Officer |
Acceptance
The foregoing Agreement is hereby accepted.
|
By: __/s/ Xxxxxxx X. Xxxxxx _______________ Name: Xxxxxxx X. Xxxxxx Title: Treasurer |
