AMENDMENT DATED AUGUST 11, 1997
TO THE ARBOR FUND
INVESTMENT ADVISORY
AGREEMENT DATED AUGUST 31, 1995
BY AND BETWEEN
CITIZENS COMMERCIAL AND SAVINGS BANK
AND
XXXXXXXX-XXXXXXXXX CAPITAL MANAGEMENT
THIS AMENDMENT will join The Arbor Fund (the "Trust") as a party to the
Investments Sub-Advisory Agreement dated August 31, 1995 by and between Citizens
Bank (formerly Citizens Commercial and Savings Bank) and Xxxxxxxx-Xxxxxxxxx
Capital Management (the "Agreement).
FURTHER, Section 6 of the Agreement shall be replaced in its entirety with the
following:
6. COMPENSATION. For the to be provided by the Sub-Adviser pursuant to
this Agreement, the Trust will pay the Sub-Adviser, and the
Sub-Adviser agrees to accept as full compensation therefor, a
sub-advisory fee at an annual rate of .40% of the average daily net
assets of the Fund. This fee will be computed daily and paid to the
Sub-Adviser monthly.
IN WITNESS WHEREOF, the parties have caused this Amendment to be executed as of
the date first above written.
CITIZENS BANK
BY: /s/ Xxxx X. Xxxxx
NAME: Xxxx X. Xxxxx
TITLE: SVP & Trust Officer
XXXXXXXX-XXXXXXXXX MANAGEMENT
BY: /s/ E. Xxxxx Xxxxx Jr.
NAME: E. Xxxxx Xxxxx Jr.
TITLE: General Counsel
THE ARBOR FUND
BY: /s/ Xxxxxxx X. Xxxxxx
NAME: Xxxxxxx X. Xxxxxx
TITLE: VP & Asst. Secretary
