First Amendment to Sub-Advisory Agreement between Hennessy Advisors, Inc. and Stance Capital, LLC

Contract Categories: Business Finance › Modification Agreements
Summary

Hennessy Advisors, Inc. and Stance Capital, LLC have amended their existing Sub-Advisory Agreement, effective April 28, 2023. The amendment replaces Schedule A of the original agreement, updating the sub-advisory fee structure for the Hennessy Stance ESG ETF. The new fee rates are 0.40% per year for assets up to $125 million, 0.37% for assets over $125 million up to $250 million, and 0.35% for assets above $250 million. All other terms of the original agreement remain unchanged.

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EX-10.16 7 ex_570068.htm EXHIBIT 10.16 ex_570068.htm

Exhibit 10.16

 

 

FIRST AMENDMENT TO SUB-ADVISORY AGREEMENT

 

THIS FIRST AMENDMENT TO SUB-ADVISORY AGREEMENT (this “Amendment”) is effective as of April 28, 2023, by and between Hennessy Advisors, Inc., a California corporation (the “Adviser”), and Stance Capital, LLC, a Massachusetts limited liability company (the “Sub‑Adviser”).

 

RECITALS

 

WHEREAS, the Adviser and the Sub-Adviser are parties to that certain Sub-Advisory Agreement dated December 19, 2022, as amended (the “Agreement”); and

 

WHEREAS, the parties desire to amend the Agreement as described herein.

 

AGREEMENT

 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein set forth, the parties hereto agree as follows:

 

1.    Amendments. Schedule A to the Agreement hereby is deleted in its entirety and replaced with Schedule A attached hereto, as the same may be amended from time to time.

 

2.    Miscellaneous.

 

a.    Except as amended hereby, the Agreement shall remain in full force and effect.

 

b.    This Amendment may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

 

* * *

 

(Signature page follows.)

 

 
 

 

IN WITNESS WHEREOF, each party hereto has caused this Amendment to be executed by its duly authorized officer as of the date and year first above written.

 

HENNESSY ADVISORS, INC.

 

 

By:/s/ Teresa M. Nilsen                           

Teresa M. Nilsen

President

STANCE CAPITAL, LLC

 

 

By: /s/ William Davis                               

William Davis

Managing Member

 

Signature Page to First Amendment to Sub-Advisory Agreement

 

 

SCHEDULE A

 

(as of April 28, 2023)

 

Name of Fund

Sub‑Advisory Fee per Annum
(as a % of average daily net assets)
   

Hennessy Stance ESG ETF

0.40% up to $125 million

0.37% over $125 million up to $250 million

0.35% in excess of $250 million

 

 

Schedule A