0001104659-19-064565 Sample Contracts

SUB-ADVISORY AGREEMENT
Sub-Advisory Agreement • November 15th, 2019 • Pear Tree Funds • Massachusetts

This Sub-Advisory Agreement (this “Agreement”) is dated November 15, 2019 by and between PEAR TREE ADVISORS, INC., a Delaware corporation (the “Manager”), and POLARIS CAPITAL MANAGEMENT, LLC, a Massachusetts limited liability company (the “Sub-Adviser”).

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PEAR TREE FUNDS SECOND AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • November 15th, 2019 • Pear Tree Funds

Pear Tree Advisors, Inc. (the “Manager”) serves as the investment manager to those separate series of Pear Tree Funds (the “Trust”), pursuant to the Amended and Restated Management Contract dated May 1, 2008, as amended (the “Management Contract”), between the Manager and the Trust.

PEAR TREE FUNDS TRANSFER AGENT FEE WAIVER Agreement
Transfer Agent Fee Waiver Agreement • November 15th, 2019 • Pear Tree Funds

This Transfer Agent Fee Waiver Agreement only may be rescinded, amended or modified, and the Waiver Period terminated, in whole or in part, without further obligation by the Transfer Agent at such time and on such terms as may be determined by the Trustees, including a majority of those Trustees who are not “interested persons” of the Trust, as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended. This Transfer Agent Fee Waiver Agreement replaces in all respects the Transfer Agent Fee Waiver Agreement currently in effect as of the date hereof.

NINTH AMENDED AND RESTATED MANAGEMENT FEE WAIVER Agreement
Management Fee Waiver Agreement • November 15th, 2019 • Pear Tree Funds

This Ninth Amended and Restated Management Fee Waiver Agreement only may be rescinded, amended or modified at such time and on such terms as may be determined by the Trustees, including a majority of those Trustees who are not “interested persons” of the Trust, as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended. This Ninth Amended and Restated Management Fee Waiver Agreement replaces in all respects the Eighth Amended and Restated Management Fee Waiver Agreement currently in effect as of the date hereof.

PEAR TREE AXIOM EMERGING MARKETS WORLD EQUITY FUND MANAGEMENT FEE WAIVER Agreement
Management Fee Waiver Agreement • November 15th, 2019 • Pear Tree Funds

This Management Fee Waiver Agreement only may be rescinded, amended or modified at such time and on such terms as may be determined by the Trustees, including a majority of those Trustees who are not “interested persons” of the Trust, as such term is defined in Section 2(a)(19) of the Investment Company Act of 1940, as amended. This Management Fee Waiver Agreement replaces in all respects the Management Fee Waiver Agreement currently in effect as of the date hereof.

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