FOURTH AMENDMENT
TO
THIRD AMENDED AND RESTATED
INVESTMENT MANAGEMENT AGREEMENT
This FOURTH amendment (the “Amendment”) to the Third Amended and Restated Investment Management Agreement is made as of the [DATE] by and between AQR Funds (“Trust”), on behalf of each Fund listed on Exhibit A, and AQR Capital Management, LLC (“AQR”).
WHEREAS, the parties hereto entered into a Third Amended and Restated Investment Management Agreement dated and effective as of January 29, 2017, as amended (the “Agreement”); and
WHEREAS, the parties hereto wish to amend Exhibit A of the Agreement in order to amend advisory fee terms with respect to the AQR TM Emerging Multi-Style Fund.
NOW, THEREFORE, for good and adequate consideration, the receipt of which is hereby acknowledged, Trust and AQR agree as follows:
| 1. | AMENDMENT OF EXHIBIT A. Exhibit A of the Agreement is hereby amended by deleting it in its entirety and replacing it with the Exhibit A attached hereto. |
| 2. | Except as modified hereby, the Agreement shall remain in full force and effect. |
IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first written above.
| | | | |
AQR FUNDS | | | | AQR CAPITAL MANAGEMENT, LLC |
| | |
By: | | | | By: |
Name: | | | | Name: |
Title: | | | | Title: |
EXHIBIT A
(Amended as of [DATE])
| | | | |
| Name of Series | | Commencement Date | | Advisory Fee |
| | | | | Each fee will be based on the average daily net assets of the Fund managed by the Adviser, and calculated as described in Section 7 of the Agreement. |
| AQR Multi-Asset Fund | | June 10, 2010 | | 0.60% |
| AQR Diversified Arbitrage Fund | | October 1, 2010 | | 1.00% |
| AQR Multi-Strategy Alternative Fund | | July 18, 2011 | | 1.75% |
| AQR Long-Short Equity Fund | | July 16, 2013 | | 1.10% |
| AQR Managed Futures Strategy HV Fund | | July 16, 2013 | | 1.45% |
| AQR Style Premia Alternative Fund | | October 30, 2013 | | 1.35% |
| AQR Managed Futures Strategy Fund | | January 5, 2010 | | 1.05% |
| AQR Risk Parity II MV Fund | | November 5, 2012 | | 0.60% |
| AQR Risk Parity II HV Fund | | November 5, 2012 | | 0.80% |
| AQR Risk-Balanced Commodities Strategy Fund | | July 9, 2012 | | 0.80% |
| AQR Global Macro Fund | | April 8, 2014 | | 1.00% |
| AQR Equity Market Neutral Fund | | September 17, 2014 | | 1.10% |
| | | | |
| AQR Style Premia Alternative LV Fund | | October 7, 2014 | | 0.65% |
| AQR Large Cap Momentum Style Fund | | July 9, 2009 (Class L); December 17, 2012 (Class N) | | 0.25% |
| AQR Small Cap Momentum Style Fund | | July 9, 2009 (Class L); December 17, 2012 (Class N) | | 0.45% |
| AQR International Momentum Style Fund | | July 9, 2009 (Class L); December 17, 2012 (Class N) | | 0.40% |
| AQR TM Large Cap Momentum Style Fund | | January 27, 2012 (Class L), December 17, 2012 (Class N) | | 0.25% |
| AQR TM Small Cap Momentum Style Fund | | January 27, 2012 (Class L), December 17, 2012 (Class N) | | 0.45% |
| AQR TM International Momentum Style Fund | | January 27, 2012 (Class L), December 17, 2012 (Class N) | | 0.40% |
| AQR Large Cap Defensive Style Fund | | July 9, 2012 | | 0.25% |
| AQR International Defensive Style Fund | | July 9, 2012 | | 0.40% |
| AQR Emerging Defensive Style Fund | | July 9, 2012 | | 0.55% |
| AQR Large Cap Multi-Style Fund | | March 26, 2013 | | 0.25% |
| AQR Small Cap Multi Style Fund | | March 26, 2013 | | 0.45% |
| AQR International Multi-Style Fund | | March 26, 2013 | | 0.40% |
| AQR Emerging Multi-Style Fund | | May 13, 2014 | | 0.55% |
| AQR TM Large Cap Multi-Style Fund | | February 12, 2015 | | 0.30% |
| AQR TM Small Cap Multi-Style Fund | | February 12, 2015 | | 0.50% |
| | | | |
| AQR TM International Multi-Style Fund | | February 12, 2015 | | 0.45% |
| AQR TM Emerging Multi-Style Fund | | [DATE] | | 0.55% |
| AQR Global Equity Fund | | December 31, 2009 | | 0.60% |
| AQR International Equity Fund | | August 28, 2009 | | 0.65% |
