Amendment to Administration, Bookkeeping and Pricing Services Agreement
Amendment to Administration, Bookkeeping and Pricing Services Agreement
THIS AMENDMENT IS MADE AS OF FEBRUARY 28, 2017 (the “Effective Date”) between WesMark Funds (the “Trust”), an open-end, management investment company organized as a business trust under the laws of the State of Massachusetts, and ALPS Fund Services, Inc. (“ALPS”), a Colorado corporation.
WHEREAS, the Trust and ALPS have entered into an Administration, Bookkeeping and Pricing Services Agreement dated March 31, 2009, as amended (the “Agreement”); and
WHEREAS, the Trust and ALPS wish to modify the Agreement.
NOW, THEREFORE, in consideration of the premises and mutual covenants hereinafter contained, the parties hereto agree as follows:
1. As of the Effective Date, Appendix A of the Agreement is replaced in its entirety with the new Appendix A attached hereto and incorporated by reference herein.
2. As of the Effective Date, Appendix C of the Agreement is replaced in its entirety with the new Appendix C attached hereto and incorporated by reference herein.
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All other provisions of the Agreement shall remain unchanged.
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IN WITNESS WHEREOF, the Amendment has been executed by a duly authorized representative of each of the parties hereto as of the date of this Amendment as set forth above.
ALPS FUND SERVICES, INC.
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By:
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/s/Xxxxx X. Xxxxxxx
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By:
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/s/Xxxxxx X. May
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Name:
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Xxxxx X. Xxxxxxx
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Name:
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Xxxxxx X. May
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Title:
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President
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Title:
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President
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APPENDIX A
LIST OF PORTFOLIOS
WesMark Small Company Growth Fund
WesMark Growth Fund
WesMark Balanced Fund
WesMark Government Bond Fund
WesMark West Virginia Municipal Bond Fund
WesMark Tactical Opportunity Fund
APPENDIX C
COMPENSATION
Annual Fee: Greater of $700,000 annual minimum for the Portfolios listed on Appendix A as of the Effective Date (hereafter “Minimum Fee”) or:
i.
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7.0 basis points of the Portfolios’ average annual net assets between $0 - $lB;
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ii.
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5.0 basis points of the Portfolios’ average annual net assets between $lB - $3B; and
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iii.
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4.0 basis points of the Portfolios’ average annual net assets over $3B.
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The Minimum Fee will be allocated among the Portfolios listed on Appendix A in the following manner:
(i). each Portfolio listed on Appendix A will be allocated $50,000 (the “Per-Portfolio Allocation”); and
(ii) any remaining amounts of the Minimum Fee after the Per-Portfolio Allocation will be allocated among the Portfolios listed in Appendix A based upon the relative net assets of each Portfolio.
In addition, there will be a $5,000 annual fee charged per each additional share class.
Pass-through at cost of out-of-pocket expenses, including: third-party security pricing and/or data fees; Bloomberg fees; Gainskeeper fees; Blue Sky fees; control review reports; travel expenses to Board meetings and on-sight supervisory reviews; sales reporting and customized programming/enhancements; and other expenses which may occur at the direction of the Trust.
LATE CHARGES: All invoices are due and payable upon receipt. Any invoices not paid within forty-five (45) days of the invoice date are subject to a one percent (l%) per month financing charge on any unpaid balance but only to the extent permitted by law.