LETTER AGREEMENT
EX-99.28(d)(x)
LETTER AGREEMENT
00 Xxxx Xxxx Xxxxxx
Xxxxxxx, Xxxxxxxx 00000
This Agreement is made as of this 1st day of May, 2020 between DRIEHAUS MUTUAL FUNDS, a Delaware statutory trust (the “Trust”), and DRIEHAUS CAPITAL MANAGEMENT LLC, a Delaware limited liability company (the “Adviser”).
WHEREAS, the Trust and Driehaus Capital Management, Inc., the predecessor to the Adviser, have entered into an Investment Advisory Agreement dated September 25, 1996, as amended from time to time (the “Advisory Agreement”), under which the Trust has agreed to retain the Adviser to render investment advisory and management services to Driehaus Emerging Markets Growth Fund, Driehaus International Small Cap Growth Fund, Driehaus Active Income Fund, Driehaus Emerging Markets Small Cap Growth Fund, Driehaus Event Driven Fund, Driehaus Micro Cap Growth Fund, Driehaus Small Cap Growth Fund, and Driehaus Emerging Markets Opportunities Fund (the “Current Portfolios”), and the Adviser has agreed to render such services to the Current Portfolios, together with any other Trust portfolios that may be established later (collectively the “Portfolios” and individually a “Portfolio”);
WHEREAS, pursuant to Paragraph 2 of the Advisory Agreement, the Trust hereby notifies the Adviser of its desire to retain the Adviser to render investment advisory and management services to an additional portfolio known as Driehaus Small/Mid Cap Growth Fund (the “New Portfolio”); and
WHEREAS by signing this Agreement below, the Adviser agrees to render such services whereupon the New Portfolio shall become a Portfolio under the Advisory Agreement.
NOW THEREFORE, in consideration of the premises and mutual covenants set forth herein, the Trust and the Adviser agree as follows:
| 1. | The Trust hereby appoints the Adviser as investment adviser and manager of the New Portfolio under the Advisory Agreement and the Adviser hereby accepts such appointment and agrees to perform the services and duties set forth in the Advisory Agreement on the terms set forth therein, except as otherwise provided in this Agreement. |
| 2. | This Agreement shall become effective as of the date first written above and, unless sooner terminated as provided in Paragraph 9 of the Advisory Agreement, shall continue until September 30, 2021. Thereafter, this Agreement will be extended with respect to the New Portfolio for successive one-year periods ending on September 30 of each year, subject to the provisions of Paragraph 9 of the Advisory Agreement. |
| 3. | For the services provided and the expenses assumed under this Agreement, the Trust shall pay the Adviser a fee for its services to the New Portfolio, computed daily and payable monthly, at an annual rate of: 0.60% of average daily net assets. For the month and year in which this Agreement becomes effective or terminates, there shall be an appropriate proration of such fee on the basis of the number of days that the Agreement is in effect during the month and year, respectively. |
| 4. | All the other terms and conditions of the Advisory Agreement with respect to the Portfolio shall remain in full effect. |
| 5. | This Agreement is hereby incorporated by reference into the Advisory Agreement and is made a part thereof. In case of a conflict between this Agreement and the Advisory Agreement, the terms of the Advisory Agreement are controlling. |
IN WITNESS WHEREOF, the Trust and the Adviser have caused this Agreement to be executed as of the day and year first above written.
| DRIEHAUS MUTUAL FUNDS | |||
| By: | /s/ Xxxxx XxXxxxxxxx | ||
| Xxxxx XxXxxxxxxx | |||
Chief Legal Officer and Assistant Vice President |
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| ATTEST: | /s/ Xxxxxx Xxxxxxxx | |
| Xxxxxx Xxxxxxxx | ||
| Vice President & Treasurer |
| DRIEHAUS CAPITAL MANAGEMENT LLC | |||
| By: | /s/ Xxxxx XxXxxxxxxx | ||
| Xxxxx XxXxxxxxxx | |||
| General Counsel and Secretary | |||
| ATTEST: | /s/ Xxxxxx Xxxxxxxx | |
| Xxxxxx Xxxxxxxx | ||
| Chief Financial Officer and Treasurer |
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