AMENDMENT NUMBER ONE
TO THE ADMINISTRATION AGREEMENT
THIS AMENDMENT NUMBER ONE to the Administration Agreement (this
"Amendment") is entered into as of the 16th day of February, 2004 by and between
Oak Associates Funds (Oak), a Massachusetts business trust, (the "Trust"), and
SEI Global Funds Services ("SEIGFS"), a Delaware business trust.
WHEREAS, Oak and SEIGFS entered into the Administration Agreement dated
as of the 1st day of April, 2001 (the "Agreement"); and
WHEREAS, Oak and SEIGFS desire to amend the Agreement as provided
herein.
NOW THEREFORE, in consideration of the premises, covenants,
representations and warranties contained herein, the parties hereto agree as
follows:
1. AMENDMENT TO SCHEDULE A OF THE AGREEMENT. Schedule A of the
Agreement is hereby amended to provide its entirety as set forth in Attachment
1 to this Amendment.
2. RATIFICATION OF AGREEMENT. Except as expressly amended and
provided herein, all of the terms, conditions and provisions of the
Agreement are hereby ratified and confirmed to be of full force and effect, and
shall continue in full force and effect.
3. COUNTERPARTS. This Amendment shall become binding when any one or more
counterparts hereof individually or taken together, shall bear the original or
facsimile signature of each of the parties hereto. This Amendment may be
executed in any number of counterparts, each of which shall be an original
against any party whose signature appears thereon, but all of which together
shall constitute but one and the same instrument.
4. GOVERNING LAW. This Amendment shall, as set forth in the Agreement, be
governed by and construed in accordance with the laws of the State of Delaware
and the applicable provisions of the 1940 Act. To the extent that the applicable
laws of the State of Delaware, or any provisions herein, conflict with the
provisions of the 1940 Act, the latter shall control.
IN WITNESS WHEREOF, the parties hereto have executed this Amendment by their
duly authorized representatives as of the day and year first above written.
OAK ASSOCIATES FUNDS
BY: /s/ Xxxxxxx Xxxxx
------------------------------
Name: Xxxxxxx Xxxxx
Title: President
SEI GLOBAL FUNDS SERVICES
BY: /s/ Xxxxxxx X. Xxxxxxx
-------------------------------
Name: Xxxxxxx X. Xxxxxxx
Title: VP
ATTACHMENT I
OAK ASSOCIATES FUNDS
SCHEDULE A
TO THE ADMINISTRATION AGREEMENT
Portfolios: This Agreement shall apply to all Portfolios of the Trust, either
now existing or in the future created. The following is a listing
of the current portfolios of the Trust (collectively, the
"Portfolios"):
White Oak Growth Stock Fund
Pin Oak Aggressive Stock Fund
Red Oak Technology Select Fund
Black Oak Emerging Technology Fund
Live Oak Health Sciences Fund
Fees: Pursuant to Article 4 the Trust shall pay the Administrator
compensation for services rendered to the Portfolios equal to the
greater of: (i) an annual rate of .04% on the first $2.5 billion
of assets; .03% on the next $2.5 billion of assets; .02% on the
next $5 billion of assets and .015% on all assets over $10
billion. The fees are calculated daily per Portfolio and paid
monthly, or a Trust level minimum equal to $95,000 annually per
each Portfolio, and a $15,000 annual minimum administration fee
for additional share classes. The fees are calculated daily and
paid monthly. If total complex net assets fall below $5 billion,
there is a monthly call allowance of 300 IS calls per $100
million of the monthly average net assets with $5 per call over
the monthly allowance to be charged as a fund expense and 400 IVR
calls per $100 million of the monthly average net assets with $5
per call over the monthly allowance to be charged as a fund
expense.
Term: This Agreement shall remain in effect until April 1, 2007, (the
"Initial Term") and, thereafter, for successive Renewal Terms of
two years each, unless and until this Agreement is terminated in
accordance with the provisions of Article 10 hereof.
