XXXX FUNDS, INC.
SUBSCRIPTION AGREEMENT
To the Board of Directors of Xxxx Funds, Inc.:
The undersigned purchaser (the "Purchaser") hereby
subscribes to the number of Class I shares (the
"Shares") of common stock of Xxxx Funds, Inc. (the
"Company") as follows:
Aggregate
Purchase
Class Number of Shares Price
Xxxx Emerging Growth Fund: Class I 10,000 $100,000
It is understood that a certificate representing
the Shares shall not be issued to the undersigned, but
such ownership shall be recorded on the books and
records of the Company's transfer agent.
Notwithstanding the fact that a certificate
representing ownership will not be issued, the Shares
will be deemed fully paid and nonassessable.
The Purchaser agrees that the Shares are being
purchased for investment with no present intention to
resell or redeem the Shares.
The Purchaser acknowledges that costs incurred by
the Company in connection with its organization,
registration and initial public offering of Shares of
the Company have been deferred and are being amortized
over a period of five years from the date upon which
the Company commences its investment activities.
The Purchaser agrees that in the event any of the
Shares purchased under this Subscription Agreement are
redeemed during this five year period, the Company is
authorized to reduce the redemption proceeds to cover
any unamortized organizational expenses in the same
proportion as the number of Shares being redeemed bears
to the number of Shares outstanding at the time of the
redemption. If, for any reason, the reduction of
redemption proceeds is not in fact made by the Company
in the event of such a redemption, the Purchaser agrees
to reimburse the Company immediately for any
unamortized organizational expenses in the proportion
stated above.
Dated and effective as of the 2nd day of September,
1997.
Purchaser: Xxxx Investment Advisors, Inc.
By: /s/ XxXxx X. Xxxx
---------------------------
XxXxx X. Xxxx
Its: President
ACCEPTANCE
The foregoing subscription is hereby accepted.
Dated and effective as of the 2nd day of September,
1997.
XXXX FUNDS, INC.
/s/ XxXxx X. Xxxx
-----------------------
By: XxXxx X. Xxxx,
Chief Executive Officer and President
/s/ Xxxxxxxx X. Xxxxxxxxx
--------------------------
Attest: By: Xxxxxxxx X. Xxxxxxxxx, Secretary
