Amendment to Investment Advisory Agreement between Tributary Capital Management, LLC and Tributary Funds, Inc (formerly known as "First Focus Funds, Inc.")

Amendment to

Investment Advisory Agreement between

Tributary Capital Management, LLC and Tributary Funds, Inc (formerly known as "First Focus Funds, Inc.")

This Amendment is made by and between Tributary Capital Management, LLC, a Colorado limited liability company ("Adviser") and the Tributary Funds, Inc. formerly known as First Focus Funds, Inc., a registered open-end management investment company organized as a Nebraska corporation ("Company").

Whereas, the Adviser and Company entered into an Investment Advisory Agreement effective as of May 3, 2010 ("Agreement"), whereby the Company retained the Adviser to furnish investment advisory and administrative services to certain investment portfolios of the Company.

Whereas, pursuant to the Agreement, the parties have agreed to amend Schedule A of the Agreement to add the Tributary Nebraska Tax-Free Fund.

Now Therefore, the parties hereby agree to amend the Agreement as follows:

1. Schedule A dated on or around December 31, 2015 are amended to include the Tributary Nebraska Tax-Free Fund.

2. Except as specifically amended hereby, the Agreement shall remain in full force and effect in accordance with the terms.

In Witness Whereof, the Adviser and Company have caused this Amendment to be executed as of November 17, 2015 effective at the commencement of the Tributary Nebraska Tax-Free Fund operations. This Amendment may be executed in two or more counterparts, which together shall constitute one document.

	Tributary Funds, Inc.			First National Fund Advisers
	By: /s/ Xxxxxxx X. Xxxxxx			By: /s/ Xxxxxxx X. Xxxxxx
	Name: Xxxxxxx X. Xxxxxx			Name: Xxxxxxx X. Xxxxxx
	Title: President and Director			Title:

Amendment to

Schedule A

to the

Investment Advisory Agreement

Between

Tributary Funds, Inc. and Tributary Capital Management, LLC

December 31, 2015

	Name of Fund			Compensation*			Effective Date
	Tributary Short/Intermediate Bond Fund			Annual rate of fifty onehundredths of one percent (.50%) of the Fund's average daily net assets			May 3, 2010
	Tributary Income Fund			Annual rate of sixty onehundredths of one percent (.60%) of the Fund's average daily net assets			May 3, 2010
	Tributary Nebraska Tax-Free Fund			Annual rate of forty onehundredths of one percent (.40%) of the Fund's average daily net assets			December 31, 2015
	Tributary Balanced Fund			Annual rate of seventyfive onehundredths of one percent (.75%) of the Fund's average daily net assets			May 3, 2010
	Tributary Growth Opportunities Fund			Annual rate of seventyfive onehundredths of one percent (.75%) of the Fund's average daily net assets			May 3, 2010
	Tributary Small Company Fund			Annual rate of eightyfive onehundredths of one percent (.85%) of the Fund's average daily net assets			May 3, 2010

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*All fees are computed daily and paid monthly