EXPENSE CAP/REIMBURSEMENT AGREEMENT This Agreement is entered into as of the 30th day of April, 1999, between Institutional Capital Corporation (the "Adviser") and ICAP Funds, Inc. on behalf of the ICAP Discretionary Equity Portfolio, the ICAP Equity...Expense Cap/Reimbursement Agreement • April 30th, 1999 • Icap Funds Inc
WHEREAS, the Adviser has previously voluntarily agreed to reduce its advisory fee and/or reimburse the Portfolios for certain operating expenses to the extent necessary to cap a Portfolio's total operating expenses at certain levels.
