ELEVENTH AMENDMENT TO THE EXPENSE LIMITATION AGREEMENT
ELEVENTH AMENDMENT TO THE EXPENSE LIMITATION AGREEMENT
This Eleventh Amendment (this “Amendment”), effective April 28, 2023, is made to the Expense Limitation Agreement by and between Empower Funds, Inc. (“Empower Funds”) and Empower Capital Management, LLC (the “Adviser”).
WHEREAS, Empower Funds and Adviser are parties to an Expense Limitation Agreement, dated May 1, 2017, as amended (the “Agreement”) with respect to the funds included in Schedule A attached hereto; and
WHEREAS, pursuant to Section 3.4 of the Agreement, Empower Funds and Adviser desire to amend the Agreement on the terms and conditions set forth herein.
NOW THEREFORE, in consideration of the promises and mutual covenants hereinafter contained, Empower Funds and Adviser agree as follows:
| 1. | Schedule A of the Agreement is hereby deleted in its entirety and replaced with Schedule A attached hereto. |
| 2. | In the event of a conflict between the terms of this Amendment and the Agreement, the terms of this Amendment shall control. |
| 3. | This Amendment may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one instrument. |
| 4. | Except as amended by this Amendment, all other provisions of the Agreement shall remain in full force and effect. |
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ECM – Empower Funds Amendment to Expense Limitation Agreement (Core Funds excludes Empower Large Cap Value Fund)
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed in their names and on their behalf by and through duly authorized officers as of the Effective Date.
| EMPOWER CAPITAL MANAGEMENT, LLC | ||
| By: | /s/ Xxxxxxxx X. Xxxxxxx | |
| Name: Xxxxxxxx X. Xxxxxxx | ||
| Title: President & Chief Executive Officer | ||
| EMPOWER FUNDS, INC | ||
| By: | /s/ Xxxxx X. New | |
| Name: Xxxxx X. New | ||
| Title: Treasurer | ||
ECM – Empower Funds Amendment to Expense Limitation Agreement (Core Funds excludes Empower Large Cap Value Fund)
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SCHEDULE A
TO THE
The initial term ends on April 30, 2018, for all Funds with the exception of the Empower Emerging Markets Equity Fund, Empower Inflation-Protected Securities Fund, Empower Core Strategies: Flexible Bond Fund, Empower Core Strategies: Inflation-Protected Securities Fund, Empower Core Strategies: International Equity Fund and Empower Core Strategies: U.S. Equity Fund.
For the Empower Inflation-Protected Securities Fund the initial term ends on April 30, 2019.
For the Empower Core Strategies: Flexible Bond Fund, Empower Core Strategies: Inflation-Protected Securities Fund, Empower Core Strategies: International Equity Fund and Empower Core Strategies: U.S. Equity Fund the initial term ends on August 28, 2019.
For the Empower Emerging Markets Equity Fund the initial term ends on April 30, 2020.
| Fund | Expense Limitation Amount | |
| Empower Ariel Mid Cap Value Fund - Institutional Class and Investor Class Shares | 0.70% of the average daily net assets | |
| Empower Bond Index Fund - Institutional Class and Investor Class Shares | 0.15% of the average daily net assets | |
| Empower Core Bond Fund - Institutional Class and Investor Class Shares | 0.35% of the average daily net assets | |
| Empower Core Strategies: Flexible Bond Fund - Institutional Class and Investor Class Shares | 0.45% of the average daily net assets | |
| Empower Core Strategies: Inflation-Protected Securities Fund - Institutional Class and Investor Class Shares | 0.35% of the average daily net assets | |
| Empower Core Strategies: International Equity Fund - Institutional Class and Investor Class Shares | 0.65% of the average daily net assets | |
| Empower Core Strategies: U.S. Equity Fund - Institutional Class and Investor Class Shares | 0.55% of the average daily net assets | |
| Empower Emerging Markets Equity Fund - Institutional Class and Investor Class Shares | 0.91% of the average daily net assets | |
| Empower Global Bond Fund - Institutional Class and Investor Class Shares | 0.65% of the average daily net assets | |
| Empower High Yield Bond Fund - Institutional Class and Investor Class Shares | 0.63% of the average daily net assets | |
| Empower Inflation-Protected Securities Fund - Institutional Class and Investor Class Shares | 0.35% of the average daily net assets | |
| Empower International Growth Fund - Institutional Class and Investor Class Shares | 0.85% of the average daily net assets | |
| Empower International Index Fund - Institutional Class and Investor Class Shares | 0.32% of the average daily net assets | |
| Empower International Value Fund - Institutional Class and Investor Class Shares | 0.72% of the average daily net assets | |
| Empower Large Cap Growth Fund - Institutional Class and Investor Class Shares | 0.63% of the average daily net assets | |
| Empower Mid Cap Value Fund - Institutional Class and Investor Class Shares | 0.80% of the average daily net assets | |
| Empower Multi-Sector Bond Fund - Institutional Class and Investor Class Shares | 0.55% of the average daily net assets | |
| Empower Real Estate Index Fund – Institutional Class and Investor Class Shares | 0.30% of the average daily net assets | |
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| Fund | Expense Limitation Amount | |
| Empower S&P 500® Index Fund - Institutional Class and Investor Class Shares | 0.23% of the average daily net assets | |
| Empower S&P Mid Cap 400® Index Fund - Institutional Class, Investor Class and Class L Shares | 0.20% of the average daily net assets | |
| Empower S&P Small Cap 600® Index Fund - Institutional Class, Investor Class and Class L Shares | 0.21% of the average daily net assets | |
| Empower Short Duration Bond Fund - Institutional Class and Investor Class Shares | 0.25% of the average daily net assets | |
| Empower Small Cap Growth Fund - Institutional Class and Investor Class Shares | 0.84% of the average daily net assets | |
| Empower Small Cap Value Fund - Institutional Class and Investor Class Shares | 0.74% of the average daily net assets | |
| Empower X. Xxxx Price Mid Cap Growth Fund - Institutional Class and Investor Class Shares | 0.67% of the average daily net assets | |
| Empower U.S. Government Securities Fund - Institutional Class and Investor Class Shares | 0.25% of the average daily net assets | |
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