Document:

EX-10.8

 Exhibit 10.8 
 TWELFTH MODIFICATION OF OFFICE LEASE 
 THIS TWELFTH MODIFICATION OF
OFFICE LEASE (this “Twelfth Modification”) is entered into as of the 17 day of August, 2012, by and between CRESCENT TC INVESTORS, L.P., a Delaware limited partnership (“Landlord”), and WESTWOOD
MANAGEMENT CORP., a New York corporation (“Tenant”). 
 RECITALS: 

A. The Crescent, a Texas joint venture, predecessor-in-interest to Landlord, and Tenant executed that certain Office Lease, dated
April 9, 1990 (the “Original Lease”), covering certain space therein designated as Suite 1110, containing approximately 1,621 rentable square feet (the “Original Premises”), situated on the
eleventh floor of 300 Crescent Court which is part of an office building commonly known as The Crescent®, located at 100, 200 and 300 Crescent Court, Dallas, Texas (the “Office Building”). 

B. The Original Lease has been amended by (i) that certain First Modification of Office Lease dated September 11, 1991 (the
“First Modification”), pursuant to which the Original Premises were expanded to include an additional 1,783 rentable square feet to consist of a total of 3,404 rentable square feet; (ii) that certain Second Modification
of Office Lease dated September 27, 1991 (the “Second Modification”), pursuant to which an error in the amount of the monthly installments of Basic Rental was corrected; (iii) that certain Third Modification of
Office Lease dated October 5, 1994 (the “Third Modification”), pursuant to which Tenant relocated to Suite 1320, containing approximately 5,322 rentable square feet located in 300 Crescent Court, Dallas, Texas
(hereinafter referred to as the “New Premises”); (iv) that certain Letter Agreement dated June 15, 1995 (the “Letter Agreement”), pursuant to which the term of the Original Lease was extended
for an additional five (5) years, through and including March 31, 2000; (v) that certain Fourth Modification of Office Lease dated April 26, 1996 (the “Fourth Modification”), pursuant to which the New
Premises were expanded to include an additional 2,691 rentable square feet located at 200 Crescent Court, Dallas, Texas (the “First Expansion Space”) and an additional 1,770 rentable square feet located in 300 Crescent Court,
Dallas, Texas (the “Second Expansion Space”), and the term of the Original Lease was extended through June 30, 2001; (vi) that certain Fifth Modification of Office Lease dated May 30, 1996 (the
“Fifth Modification”), pursuant to which the New Premises were expanded to include an additional 167 rentable square feet located at 200 Crescent Court, Dallas, Texas (the “Third Expansion Space”);
(vii) that certain Sixth Modification of Office Lease dated September 18, 1997 (the “Sixth Modification”), pursuant to which the New Premises were expanded to include an additional 1,038 rentable square feet located
at 200 Crescent Court, Dallas, Texas (the “Fourth Expansion Space”); (viii) that certain Seventh Modification of Office Lease dated June 24, 1998 (the “Seventh Modification”), pursuant to
which the New Premises were reduced by approximately 3,896 rentable square feet of space located at 200 Crescent Court, Dallas, Texas (the “Released Space”) and expanded to include an additional 5,818 rentable square feet
located on the thirteenth floor of 200 and 300 Crescent Court, Dallas, Texas (the “Fifth Expansion Space”) ;(ix) that certain Eighth Modification of Office Lease dated September 21, 1998 (the “Eighth
Modification”), pursuant to which the New Premises were expanded to include an additional 665 rentable square feet located on the thirteenth floor of 200 Crescent Court, Dallas, 
 The Crescent®/Westwood Management Corporation 

  
 -1-

 
Texas (the “Sixth Expansion Space”); (x) that certain Ninth Modification of Office Lease dated November 25, 2003 (the “Ninth
Modification”), pursuant to which the Lease Term was extended and the New Premises, together with the First Expansion Space, the Second Expansion Space, the Third Expansion Space, the Fourth Expansion Space, the Fifth Expansion Space
and the Sixth Expansion Space, and as reduced by the Released Space, were substituted with approximately 22,002 rentable square feet located on the 12th floor of 200 Crescent Court (the “Relocated Premises”); (xi) that certain Tenth
Modification of Office Lease dated February 24, 2004 (the “Tenth Modification”), pursuant to which the Relocated Premises were redefined to contain 21,587 rentable square feet of space; and (xii) that certain
Eleventh Modification of Office Lease dated December 9, 2010 (the “Eleventh Modification”), pursuant to which the Lease Term was extended and the Relocated Premises were expanded to include Suite 1300, containing
approximately 3,968 rentable square feet, located on the 13th floor of 200 Crescent Court (the “Seventh Expansion Space”). 
 C. The Original Lease, as modified by the First Modification, the Second Modification, the Third Modification, the Letter Agreement, the Fourth Modification, the Fifth Modification, the Sixth
Modification, the Seventh Modification, the Eighth Modification, the Ninth Modification, the Tenth Modification and the Eleventh Modification, is hereinafter referred to as the “Lease”. The Relocated Premises, together with
the Seventh Expansion Space, collectively containing approximately 25,555 rentable square feet, are hereinafter referred to as the “Current Premises”. Unless otherwise expressly provided herein, capitalized terms used herein
shall have the same meanings as designated in the Lease. 
 D. Landlord and Tenant desire to further amend and modify the Lease
in certain respects as provided herein. 
 AGREEMENT: 

In consideration of the sum of Ten Dollars ($10.00), the mutual covenants and agreements contained herein and in the Lease, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Landlord and Tenant hereby further amend and modify the Lease as follows: 
 1. Premises. Tenant has exercised its Option to Expand pursuant to Rider No. 3 attached to the Eleventh Modification. Effective as of the Eighth Expansion Space Commencement Date
(hereinafter defined), the Lease is hereby modified and amended to include approximately 2,683 rentable square feet, located on the 13th floor of 200 Crescent Court as shown on Exhibit A attached hereto (the “Eighth
Expansion Space”). As used herein, the term “Eighth Expansion Space Commencement Date” shall be the earliest of (1) the first business day after the date on which the Landlord Work (defined in the Work
Letter attached as Exhibit B) with respect to the Eighth Expansion Space is Substantially Complete, as determined pursuant to the Work Letter, or (2) the date on which the Landlord Work with respect to the Eighth Expansion Space
would have been Substantially Complete but for Tenant Delay, as such term is defined in the Work Letter, or (3) the date Tenant takes possession of any part of the Eighth Expansion Space for purposes of conducting business therein. From and
after the Eighth Expansion Space Commencement Date, the term “Premises’’ wherever used in the Lease or in this Twelfth Modification shall mean the Current Premises, together with the Eighth Expansion 

The Crescent®/Westwood Management Corp. 

  
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Space, collectively containing 28,238 rentable square feet. Tenant acknowledges that the Eighth Expansion Space is currently leased by another tenant of the Office Building through
December 31, 2012 (“Current Tenant”). Current Tenant has exercised its option to renew its lease for the Eighth Expansion Space and accordingly, Landlord will exercise its option to relocate Current Tenant to other space
in the Office Building. Landlord will relocate Current Tenant prior to January 1, 2013. Tenant hereby acknowledges and agrees that the Eighth Expansion Space is leased by Tenant subject to all terms and conditions of the Lease, as modified by
this Twelfth Modification. In addition, Rider No. 3 attached to the Eleventh Modification is hereby deleted in its entirety. 
 2. Basic Rental. Effective as of the Eighth Expansion Space Commencement Date, the Basic Rental due and payable for the Eighth Expansion Space shall be in the following amounts: 

 

									
	 Lease Months
	  	Annual Basic Rental
Rate Per Rentable
Square Foot	 	  	Monthly Basic
Rental Installment	 
	 EESCD – 11/30/15
	  	$	33.50	  	  	$	7,490.04	* 
	 12/1/15 – 11/30/17
	  	$	34.50	  	  	$	7,713.63	  
	 12/1/17 – 11/30/21
	  	$	35.50	  	  	$	7,937.21	  

 EESCD = Eighth Expansion Space Commencement Date 
 Month = One full calendar month 
  

	*	Subject to abatement as provided below 

 Notwithstanding anything to the contrary contained in the foregoing, Tenant shall be entitled to an abatement against the Basic Rental next due and payable for the Eighth Expansion Space commencing on the
Eighth Expansion Space Commencement Date and continuing for a period of 4 months and 29 days thereafter. Rent for any partial month shall be prorated on a daily basis. Rent for the Eighth Expansion Space shall be paid in addition to Rent for the
Current Premises, and all Rent shall be payable in accordance with the terms and provisions of the Lease, as modified by this Twelfth Modification. 
 3. Operating Expense Stop. The Operating Expense Stop applicable to the Eighth Expansion Space shall be the same as that applicable to the Current Premises, which is the amount of the Actual
Operating Expenses for the Project for the calendar year 2011 (grossed up to full occupancy). 
 4. Condition of Eighth
Expansion Space. Landlord agrees to cause leasehold improvements to be constructed in the Eighth Expansion Space pursuant to the Work Letter attached hereto as Exhibit B, which shall be executed by Landlord, Tenant, and
Landlord’s construction manager, Crescent Property Services, Inc. 
 5. Parking. Effective as of the Eighth
Expansion Space Commencement Date, Tenant shall have the right to lease up to 8 additional unreserved parking spaces in the Parking Facilities in accordance the Parking Agreement attached to the Ninth Modification as Rider No. 3, as
modified by the Eleventh Modification. The rates payable for such unreserved parking spaces shall be as set forth in Paragraph 11 of the Eleventh Modification. 
 The Crescent®/Westwood Management Corp. 

  
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 6. Broker. Tenant represents and warrants that no broker or agent has represented
Tenant in connection with this Twelfth Modification, other than Jones Lang LaSalle Brokerage, Inc. (“Broker”) whose commission shall be paid by Landlord in accordance with a separate agreement between Landlord and Broker.
Except as provided in the immediately preceding sentence, each party shall indemnify and defend the other party against any Claims for real estate commissions or fees in connection with this Twelfth Modification made by any other party claiming
through the indemnifying party. The foregoing indemnification obligation of each indemnifying party shall include indemnification of any affiliates or subsidiaries of the foregoing, and all of their respective officers, directors, employees,
shareholders, members, partners, agents and contractors (and, in the case of Landlord as the indemnified party, shall include Landlord’s mortgagees and the manager of the Office Building). 

7. ERISA Representation. Tenant represents that (i) neither Tenant nor any entity controlling or controlled by Tenant owns a
five percent (5%) or more interest (within the meaning of Prohibited Transaction Class Exemption 84-14) in JPMorgan Chase Bank, N.A. (“JPMorgan”) or any of JPMorgan’s affiliates, and (ii) neither JPMorgan, nor
any of its affiliates, owns a five percent (5%) or more interest in Tenant or any entity controlling or controlled by Tenant. 
 8. Time of the Essence. Time is of the essence with respect to Tenant’s execution and delivery of this Twelfth Modification to Landlord. If Tenant fails to execute and deliver a signed copy of
this Twelfth Modification to Landlord by 5:00 p.m. (Dallas, Texas time), on August 17, 2012, it shall be deemed null and void and shall have no force or effect, unless otherwise agreed in writing by Landlord. Landlord’s acceptance,
execution and return of this document shall constitute Landlord’s agreement to waive Tenant’s failure to meet the foregoing deadline. 
 9. Miscellaneous. This Twelfth Modification shall become effective only upon full execution and delivery of this Twelfth Modification by Landlord and Tenant. This Twelfth Modification contains the
parties’ entire agreement regarding the subject matter covered by this Twelfth Modification, and supersedes all prior correspondence, negotiations, and agreements, if any, whether oral or written, between the parties concerning such subject
matter. There are no contemporaneous oral agreements, and there are no representations or warranties between the parties not contained in this Twelfth Modification. Except as modified by this Twelfth Modification, the terms and provisions of the
Lease shall remain in full force and effect, and the Lease, as modified by this Twelfth Modification, shall be binding upon and shall inure to the benefit of the parties hereto, their successors and permitted assigns. In case of a conflict between
the Lease and this Twelfth Modification, the terms of this Twelfth Modification shall control. 
 10. Ratification.
Landlord and Tenant hereby ratify and confirm their respective obligations under the Lease and each party represents and warrants to the other that to its current actual knowledge, it has no defenses thereto. Additionally, Tenant further confirms
and ratifies that, as of the date hereof, (a) the Lease is and remains in good standing and full force and effect, and (b) to its current actual knowledge, Tenant has no claims, counterclaims, set-offs or defenses against Landlord arising
out of the Lease or in any way relating thereto. Landlord confirms that, to its current actual knowledge, Tenant is not in default under the Lease. 
 The Crescent®/Westwood Management Corp. 

  
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 11. Consent. Landlord represents and warrants that either (a) Landlord has
obtained all required consents and approvals, or (b) no consents or approvals are required, in connection with Landlord’s execution and delivery of this Twelfth Modification. Tenant represents and warrants that either (a) Tenant has
obtained all required consents and approvals, or (b) no consents or approvals are required, in connection with Tenant’s execution and delivery of this Twelfth Modification. 
 EXECUTED as of the day and year first above written. 
  

					
	 LANDLORD:
  

CRESCENT TC INVESTORS, L.P.,

	a Delaware limited partnership
		
	By:	 	 Crescent TCI GP, LLC.,
 a Delaware limited liability company,
 its general partner

			
		 	By:	 	 

  

		 	Name:	 	Virgilio De La Piedra
		 	Title:	 	President
	
	TENANT:
	
	 WESTWOOD MANAGEMENT CORP.,
 a New York corporation

		
	 By:
	 	 

  

	 Name:
	 	 William R. Hardcastle, Jr.

	 Title:
	 	 CFO

 The Crescent®/Westwood Management Corp. 

  
 -5-EX-10.11

 Exhibit 10.11 
 INVESTMENT SUB-ADVISORY AGREEMENT 
 INVESTMENT SUB-ADVISORY AGREEMENT, dated
October 6, 1994, between The Westwood Funds and its four series, the Equity Fund, the Cash Management Fund, the Intermediate Bond Fund and the Balanced Fund (the “Trust” and the “Funds”, respectively), a Massachusetts
business trust, for purposes of section 5 only, and Teton Advisers, LLC. (the “Adviser”), a Texas limited liability company and Westwood Management Corp. (the “Sub-Adviser”). 

Whereas the Adviser has been appointed investment adviser to the Trust and pursuant to such appointment desires to appoint the Sub-Adviser as its
subadviser; and whereas the Sub-Adviser desires to be so appointed; 
 In consideration of the mutual promises and agreements herein contained
and other good and valuable consideration, the receipt of which is hereby acknowledged, it is agreed by and between the parties hereto as follows: 
 1. In General 
 The Sub-Adviser agrees, all as more fully set forth herein, to act as
investment adviser to the Trust with respect to the investment of the assets of the Trust allocated to the Funds and to supervise and arrange the purchase and sale of assets held in the investment portfolios of the Funds. 

2. Duties and obligations of the Sub-Adviser with respect to investments of assets of the Funds 

(a) Subject to the succeeding provisions of this paragraph and subject to the direction and control of the Adviser, the Sub-Adviser shall (i) act as
investment adviser for and supervise and manage the investment and reinvestment of each Fund’s assets and in connection therewith have complete discretion in purchasing and selling securities and other assets for the Funds and in voting,
exercising consents and. exercising all other rights appertaining to such securities and other assets on behalf of the Funds and (ii) arrange for the purchase and sale of securities and other assets held in the investment portfolio of each
Fund. 
 (b) The specific services to be provided or arranged for by the Sub-Adviser for the Funds are to supervise the calculation of the net
asset value of each Fund’s shares. 
 (c) In the performance of its duties under this Agreement, the Sub-Adviser shall at all times use all
reasonable efforts to conform to, and act in accordance with, any requirements imposed by (i) the provisions of the Investment Trust Act of 1940 (the “Act”), and of any rules or regulations in force thereunder; (ii) any other
applicable provision of law; (iii) the provisions of the Articles of Incorporation and By-Laws of the Trust, as such documents are amended from time to time; (iv) the investment objectives, policies and restrictions applicable to the Funds
as set forth in the Trust’s Registration Statement on Form N-1A and (v) any policies and determinations of the Board of Trustees of the Trust with respect to the Funds. 
 (d) The Sub-Adviser will seek to provide qualified personnel to fulfill its duties hereunder and will bear all costs and expenses (including any overhead and personnel costs) incurred in connection with
its duties hereunder and shall bear the costs of any salaries or trustees fees of any officers or trustees of the Trust who are affiliated persons (as defined in the Act) of the Sub-Adviser. If in any fiscal year any Fund’s aggregate expenses
(excluding interest, taxes, distribution expenses, brokerage commissions and extraordinary expenses) exceed the most restrictive expense limitation imposed by the 

 
securities law of any state in which the shares of that Fund are registered or qualified for sale, the Sub-Adviser will reimburse the Trust pro-rata with the Adviser for the amount of such excess
up to the amount of fees accrued for such fiscal year hereunder, subject to the minimum fee requirements of paragraph 4(a)(i). The amount of such reimbursement shall be calculated monthly and an appropriate amount shall be held back or released to
the Sub- Adviser each month so that the aggregate amount held back at any particular time shall equal the net amount of the reimbursement on a cumulative year-to- date basis. As of the end of the year the final amount of the total reimbursement
shall be calculated and the appropriate amount released to the Funds or the Sub-Adviser or paid to the Funds by the Sub-Adviser. 
 (e) The Sub-Adviser shall give the Funds the benefit of its best judgment and effort in rendering services hereunder, but neither the Sub- Adviser nor any of its officers, trustees, employees, agents or
controlling persons shall be liable for any act or omission or for any loss sustained by the Funds in connection with the matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or gross negligence in the
performance of its duties, or by reason of its reckless disregard of its obligations and duties under this Agreement; provided, however, that the foregoing shall not constitute a waiver of any rights which the Trust may have which may not be waived
under applicable law. 
 (f) Nothing in this Agreement shall prevent the Sub-Adviser or any director, officer, employee or other
affiliate thereof from acting as investment adviser for any other person, firm or corporation, or from engaging in any other lawful activity, and shall not in any way limit or restrict the Sub-Adviser or any of its trustees, officers, employees or
agents from buying, selling or trading any securities for its or their own accounts or for the accounts of others for whom it or they may be acting, provided that, for the term of this agreement, the Sub-Adviser will not act as investment adviser to
any investment companies other than the Trust. 
  

	 	3.	Portfolio Transactions 

In the course of the Sub-Adviser’s execution of portfolio transactions for the Funds, it is agreed that the Sub-Adviser shall employ
securities brokers and dealers which, in its judgment, will be able to satisfy the policy of the Funds to seek the best execution of its portfolio transactions at reasonable expenses. For purposes of this agreement, “best execution” shall
mean prompt, efficient and reliable execution at the most favorable price obtainable. Under such conditions as may be specified by the Trust’s Board of Trustees in the interest of its shareholders and to ensure compliance with applicable law
and regulations, the. Sub-Adviser may (a) place orders for the purchase or sale of each Fund’s portfolio securities with the Adviser’s affiliate, Gabelli & Company, Inc. or its affiliates, Southwest Securities Inc. or their
affiliated entities pursuant to procedures under 17e-1; (b) pay commissions to brokers other than its affiliate which are higher than might be charged by another qualified broker to obtain brokerage and/or research services considered by. the.
Sub-Adviser to be useful or desirable in the performance of its duties hereunder and for the investment management of other advisory accounts over which it or its affiliates exercise investment discretion; and (c) consider sales by brokers
(other than affiliates) of shares of the Funds and any other mutual fund for which it or its affiliates act as investment adviser, as a factor in its selection of brokers and dealers for each Fund’s portfolio transactions. 

 

	 	4.	Compensation of the Sub-Adviser 

 (a) The Adviser agrees to pay to the Sub-Adviser out of its advisory fees with respect to the Funds, which advisory fees may be paid to the Sub-Adviser directly by the Trust at the Adviser’s request,
and the Sub-Adviser 

  
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agrees to accept as full compensation for all services rendered by or through the Sub-Adviser a fee computed daily and payable monthly in an amount equal on an annualized basis to the greater of
(i) $150,000 per year on an aggregate basis for all the Funds or (ii) 35% of the net revenues to the Adviser from the Funds; net revenues are gross revenues less administrative and marketing fees at an annual rate of .20% of each Funds
average net assets; gross revenues equal all advisory and administrative fees paid to the Adviser. For any period of less than a month during which this Agreement is in effect, the fee shall be prorated according to the proportion which such period
bears to a full month of 28, 29, 30 or 31 days, as the case may be. 
 (b) For purposes of this Agreement, the net assets of
each Fund shall be calculated pursuant to the procedures adopted by resolutions of the Trustees of the Trust for calculating the net asset value of each Fund’s shares. 

 

	 	5.	Indemnity 

 (a) The Trust
hereby agrees to indemnify the Sub-Adviser and each of the Sub-Adviser’s trustees, officers, employees, and agents (including any individual who serves at the Adviser’s request as director, officer, partner, trustee or the like of another
corporation) and controlling persons (each such person being an “indemnitee) against any liabilities and expenses, including amounts paid in satisfaction of judgments, in compromise or as fines and penalties, and counsel fees (all as provided
in accordance with applicable corporate law) reasonably incurred by such indemnitee in connection with the defense or disposition of any action, suit or other proceeding, whether civil or criminal, before any court or administrative or investigative
body in which he may be or may have been involved as a party or otherwise or with which he may be or may have been threatened, while acting in any capacity set forth above in this paragraph or thereafter by reason of his having acted in any such
capacity, except with respect to any matter as to which he shall have been adjudicated not to have acted in good faith in the reasonable belief that his action was in the best interest of the Trust and furthermore, in the case of any criminal
proceeding, so long as he had no reasonable cause to believe that the conduct was unlawful, provided, however, that (1) no indemnitee shall be indemnified hereunder against any liability to the Trust or its shareholders or any expense of such
indemnitee arising by reason of (i) willful misfeasance, (ii) bad faith, (iii) gross negligence iv) reckless disregard of the duties involved in the conduct of his position (the conduct referred to in such clauses (i) through
(v) being sometimes referred to herein as “disabling conduct”), (2) as to any matter disposed of by settlement or a compromise payment by such indemnitee, pursuant to a consent decree or otherwise, no indemnification either for
said payment or for any other expenses shall be provided unless there has been a determination that such settlement or compromise is in the best interests of the Trust and that such indemnitee appears to have acted in good faith in the reasonable
belief that his action was in the best interest of the Trust and did not involve disabling conduct by such indemnitee and (3) with respect to any action, suit or other proceeding voluntarily prosecuted by any indemnitee as plaintiff,
indemnification shall be mandatory only if the prosecution of such action, suit or other proceeding by such indemnitee was authorized by a majority of the full Board of the Trust. Notwithstanding the foregoing the Trust shall not be obligated to
provide any such indemnification to the extent such provision would waive any right which the Trust cannot lawfully waive. The Sub-Adviser and Adviser shall each indemnify the other and their respective officers, trustees, shareholders, partners and
controlling persons to the extent such persons are not indemnified by the Trust and have not engaged in disabling conduct with respect to all actions or omissions to act or any matter related to the activities of the such persons hereunder.

  
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 (b) The Trust shall make advance payments in connection with the expenses of defending any
action with respect to which indemnification might be sought hereunder if the Trust receives a written affirmation of the indemnitee’s good faith belief that the standard of conduct necessary for indemnification has been met and a written
undertaking to reimburse the Trust unless it is subsequently determined that he is entitled to such indemnification and if the trustees of the Trust determine that the facts then known to them would not preclude indemnification. In addition, at
least one of the following conditions must be met: (A) the indemnitee shall provide a security for his undertaking, (B) the Trust shall be insured against losses arising by reason of any lawful advances, or (C) a majority of a quorum
of trustees of the Trust who are neither “interested persons” of the Trust (as defined in Section 2(a)(19) of the Act) nor parties to the proceeding (“Disinterested Non-Party Trustees”) or an independent legal counsel in a
written opinion, shall determine, based on a review of readily available facts (as opposed to a full trial-type inquiry), that there is reason to believe that the indemnitee ultimately will be found entitled to indemnification. 

(c) All determinations with respect to indemnification hereunder shall be made (1) by a final decision on the merits by a court or
other body before whom the proceeding was brought that such indemnitee is not liable by reason of disabling conduct or, (2) in the absence of such a decision, by (i) a majority vote of a quorum of the Disinterested Non-party Trustees of
the Trust, or (ii) if such a quorum is not obtainable or even, if obtainable, if a majority vote of such quorum so directs, independent legal counsel in a written opinion. 

The rights accruing to any indemnitee under these provisions shall not exclude any other right to which he may be lawfully entitled.

  

	 	6.	Duration and Termination 

This Agreement shall become effective upon the date hereof and shall continue in effect for a period of two years and thereafter from year
to year, but only so long as such continuation is specifically approved at least annually in accordance with the requirements of the Act. 
 This Agreement may be terminated by the Sub-Adviser at any time without penalty upon giving the Trust sixty days written notice (which notice may be waived by the Trust) and may be terminated by the Trust
or by the Adviser at any time without penalty upon giving the Sub-Adviser sixty days notice (Which notice may be waived by the Adviser), provided that such termination by the Trust shall be directed or approved by the vote of a majority of the
Trustees of the Trust in office at the time or by the vote of the holders of a “majority of the voting securities” (as defined in the Act) of the Funds at the time outstanding and entitled to vote. This Agreement shall terminate
automatically in the event of its assignment (as “assignment” is defined in the Act and the rules thereunder.) 
  

	 	7.	Notices 

 Any notice under
this Agreement shall be in writing to the other party at such address as the other party may designate from time to time for the receipt of such notice and shall be deemed to be received on the earlier of the date actually received or on the fourth
day after the postmark if such notice is mailed first class postage prepaid. 
  

	 	8.	Governing Law 

 This
Agreement shall be construed in accordance with the laws of the State of New York for contracts to be performed entirely therein and in accordance with the applicable provisions of the Act. 

  
 4 

	 	9.	Miscellaneous 

 The
Declaration of Trust has been filed with the Secretary of State of the Commonwealth of Massachusetts. The obligations of the Trust are not personally binding upon, nor shall resort be had to the private property of, any of the Trustees,
shareholders, officers, employees or agents of the Trust, but only the Trust’s property shall be bound. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused the foregoing instrument to be executed
by their duly authorized officers, all as of the day and the year first above written. 
  

					
	Teton Advisers, LLC.
		
	By	 	 

  

		 	Name:	 	Bruce N. Alpert
		 	Title:	 	President
	
	Westwood Management Corp.
		
	By	 	 

  

		 	Name:	 	Susan Byrne
		 	Title:	 	President
	
	The Westwood Funds
		
	By	 	 

  

		 	Name:	 	Susan Byrne
		 	Title:	 	President

  
 6

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