Letter AgreementManagement Agreement • April 25th, 2016 • Paradigm Funds
You have engaged us to act as the sole investment advisor to the Paradigm Value Fund (the “Fund”), pursuant to a Management Agreement dated December 11, 2002 and amended December 16, 2005. Effective May 1, 2016, the advisor hereby contractually agrees to reduce management fees and reimburse expenses to the extent necessary to maintain total annual operating expenses (excluding brokerage fees and commissions, interest and other borrowing expenses, taxes, extraordinary expenses and indirect costs of investing in Acquired Funds) at 1.50% of the Value Fund’s average daily net assets through April 30, 2017.
