0000950137-03-002921 Sample Contracts

EXHIBIT 10.1.d.
Investment Advisory Agreement • May 14th, 2003 • Macc Private Equities Inc

THIS FOURTH AMENDMENT TO MACC PRIVATE EQUITIES INC. INVESTMENT ADVISORY AGREEMENT (this "Fourth Amendment"), dated as of February 25, 2003, amends the terms of the MACC Private Equities Inc. Investment Advisory Agreement (the "Agreement") dated as of March 1, 1998, between MACC Private Equities Inc. (the "Corporation") and InvestAmerica Investment Advisors, Inc. ("InvestAmerica"), as amended by the First Amendment to MACC Private Equities Inc. Investment Advisory Agreement, dated as of February 22, 2000 (the "First Amendment"), and as further amended by the Second Amendment to MACC Private Equities Inc. Investment Advisory Agreement, dated as of February 27, 2001 (the "Second Amendment") and the Third Amendment to MACC Private Equities Inc. Investment Advisory Agreement, dated as of February 26, 2002 (the "Third Amendment"). All terms and conditions of the Agreement shall remain in full force and effect except as expressly amended herein. All capitalized terms used but not defined here

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