THIRD AMENDMENT TO THE AMENDED AND RESTATED CUSTODY AGREEMENT

THIRD AMENDMENT TO THE AMENDED AND RESTATED CUSTODY AGREEMENT

THIS THIRD AMENDMENT effective as of September 1, 2021, to the Amended and Restated Custody Agreement, dated as of July 30, 2018 (the "Custody Agreement"), is entered into by and among Xxxxxx X. Xxxxx & Co. Incorporated, a Wisconsin corporation (the "Advisor"), Baird Funds, Inc., a Wisconsin corporation (the “Company”) and U.S. Bank, N.A., a national banking association (the "Custodian").

RECITALS

WHEREAS, the parties have entered into a Custody Agreement; and

WHEREAS, the parties desire to amend the fee schedule; and

WHEREAS, Article XV, Section 15.02 of the Custody Agreement allows for its amendment by a written instrument executed by the parties.

NOW, THEREFORE, the parties agree as follows:

1.Exhibit B of the Custody Agreement is hereby superseded and replaced in its entirety with Exhibit B attached hereto.

2.Section 13.01 of the Agreement is amended by deleting it and replacing it in its entirety with the following:

Effective Period. The term of this Agreement shall continue in effect until August 31, 2026, provided that the Company may request that the fees be renegotiated on or after September 1, 2024 if the Company’s net assets at such time exceed $130 billion, in which case U.S. Bank, N.A. agrees to negotiate such fees in good faith. 

3.Section 13.02 of the Agreement is amended by deleting the first sentence and replacing it with the following:

Following the expiration of the then current term, this Agreement will remain in force, but may be terminated by either party upon giving 90 days prior written notice to the other party or such shorter period as is mutually agreed upon by the parties.

Except to the extent amended hereby, the Custody Agreement shall remain in full force and effect.

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IN WITNESS WHEREOF, the parties hereto have caused this Third Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year first written above.

BAIRD FUNDS, INC.			U.S. BANK, N.A.
By: /s/ Xxxx Xxxxx Xxxxxx			By: /s/ Xxxxx X. Xxxxxxxxx
Name: Xxxx Xxxxx Xxxxxx			Name: Xxxxx X. Xxxxxxxxx
Title: President			Title: Senior Vice President
XXXXXX X. XXXXX & CO. INCORPORATED
By: /s/ Xxxxxxx X. Xxxxx
Name: Xxxxxxx X. Xxxxx
Title: Managing Director

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