FEE WAIVER AND EXPENSE ASSUMPTION AGREEMENT
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FEE WAIVER AND EXPENSE ASSUMPTION AGREEMENT
This Fee Waiver and Expense Assumption Agreement (the “Agreement”) effective October 28, 2012, by and between Quaker Investment Trust, a Massachusetts business trust (the “Trust”), on behalf of the Quaker Event Arbitrage Fund (the “Fund”), and Quaker Funds, Inc., a Pennsylvania corporation (the “Adviser”).
NOW, THEREFORE, the parties hereto agree as follows:
1. | Fee Waiver by Adviser. The Adviser has agreed to waive its management fees and/or assume expenses to the extent necessary to reduce the Fund’s expenses (excluding 12b-1 fees) (“Fund Expenses”) when they exceed 1.74% of the Fund’s average daily net assets (the “Annualized Expense Ratio”). |
2. | Duty to Reimburse Adviser. If, at any time, the Fund’s annualized expenses are less than the Annualized Expense Ratio, the Trust, on behalf of the Fund, shall reimburse the Adviser for any fees previously waived and/or expenses previously assumed; provided, however, that the repayment shall be payable only to the extent that it: (a) can be made during the three years following the time at which the Adviser waived fees or assumed expenses for the Fund under this Agreement; and (b) can be repaid without causing the Fund Expenses to exceed the Annualized Expense Ratio. |
3. | Assignment. No assignment of this Agreement shall be made by the Adviser without the prior consent of the Trust. |
4. | Duration and Termination. This Agreement shall continue in effect from October 28, 2012 until October 28, 2013. This Agreement shall automatically terminate upon the termination of the Advisory Agreement or, with respect to the Fund, in the event of its merger or liquidation. |
(h)(7)
QUAKER FUNDS, INC. | QUAKER INVESTMENT TRUST | |||||||
By: | /s/ Xxxxxx Xxxxxxxx |
By: | /s/ Xxxxxx X. Xxxx | |||||
Name: | Xxxxxx Xxxxxxxx | Name: | Xxxxxx X. Xxxx | |||||
Title: | President | Title: | Chairman |