Letter Agreement Mundoval Fund
| Letter Agreement Mundoval Fund |
| TO: Mundoval Fund ▇▇▇▇ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇ ▇▇▇ ▇▇ ▇▇▇▇▇, ▇▇ ▇▇▇▇▇ |
Re: The Mundoval Fund (the "Fund"), a Series of Mundoval Funds (the "Trust")
Dear Ladies and Gentlemen:
As you are aware, the Trust, on behalf of the Fund, has engaged Mundoval Capital Management, Inc. (the "Adviser"), formerly known as A.Q. ▇▇▇▇▇▇▇ & Co., Inc., to provide certain advisory services to the Fund pursuant to a Management Agreement dated August 17, 2004 (the "Management Agreement"). Under the Management Agreement, the Adviser is entitled to receive from the Fund a management fee at an annual rate equal to 1.50% of the average daily net assets of the Fund.
Effective May 1, 2025, the Adviser agrees to waive a portion of such management fee (the "Fee Waiver") so that the management fee, on an annual basis, does not exceed (i) 1.25% of the Fund's average daily net assets greater than $25 million and up to and including $75 million, and (ii) 1.00% of the Fund's average daily net assets greater than $75 million. The Fee Waiver will automatically terminate on April 30, 2026 unless it is renewed by the Adviser. The Adviser may not terminate the Fee Waiver before April 30, 2026.
| Very truly yours, Mundoval Capital Management, Inc. By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Print Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Title: President |
Acceptance: The foregoing agreement is hereby accepted.
| Mundoval Funds By: /s/ ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Print Name: ▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇ Title: President |