Walthausen & Co., LLC 2691 Route 9, Suite 102 Malta, NY 12020Walthausen Funds • October 9th, 2020
Pursuant to a Services Agreement dated as of January 30, 2013, you have engaged Walthausen & Co., LLC to perform the services described in the Services Agreement for the Walthausen Focused Small Cap Value Fund (the "Fund"), formerly the Walthausen Select Value Fund.
Letter Agreement Walthausen Focused Small Cap Value FundLetter Agreement • October 9th, 2020 • Walthausen Funds
You have engaged us to provide certain services to the Walthausen Focused Small Cap Value Fund (the “Fund”), formerly the Walthausen Select Value Fund, pursuant to a Services Agreement dated January 30, 2013. Effective October 15, 2020 under a Services Agreement with the Fund, the Advisor receives an additional annual fee equal to 0.20% of the Fund’s average daily net assets and is obligated to pay the operating expenses of the Fund excluding management fees, brokerage fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), the cost of acquired funds and extraordinary expenses. Effective October 15, 2020 the Advisor hereby contractually agrees to waive Services Agreement fees, without a provision for recoupment, to the extent necessary to maintain total annual operating expenses of the Institutional Class Shares, excluding brokerage fees and commissions, taxes, borrowing costs (such as (a) interest and (b) dividend expense
