Exhibit (h)(14)

 

NEUBERGER BERMAN EQUITY FUNDS

 

Neuberger berman DIVIDEND GROWTH fund

Neuberger Berman Emerging markets equity Fund

NEUBERGER BERMAN EQUITY INCOME FUND

NEUBERGER BERMAN focus FUND

NEUBERGER BERMAN genesis Fund

NEuberger BErman Global REAL ESTATE Fund

NEUBERGER BERMAN GREATER CHINA EQUITY FUND

NEUBERGER BERMAN international equity Fund

NEUBERGER BERMAN international SELECT Fund

NEUBERGER BERMAN INTERNATIONAL SMALL CAP FUND

NEUBERGER BERMAN INTRINSIC VALUE FUND

NEUBERGER BERMAN LARGE CAP GROWTH Fund

NEUBERGER BERMAN LARGE CAP VALUE Fund

NEUBERGER BERMAN Mid cap growth Fund

NEUBERGER BERMAN MID CAP INTRINSIC VALUE Fund

Neuberger berman Multi-cap opportunities fund

NEUBERGER BERMAN real estate Fund

neuberger berman small cap growth FUND

NEUBERGER BERMAN sustainable Equity FUND

NeuBERGER bERMAN u.s. eQUITY IMPACT FUND

 

1290 Avenue of the Americas

New York, New York 10104

 

December 15, 2022

 

Neuberger Berman Investment Advisers LLC

1290 Avenue of the Americas

New York, New York 10104

 

Dear Ladies and Gentlemen:

 

Neuberger Berman Dividend Growth Fund, Neuberger Berman Emerging Markets Equity Fund, Neuberger Berman Equity Income Fund, Neuberger Berman Focus Fund, Neuberger Berman Genesis Fund, Neuberger Berman Global Real Estate Fund, Neuberger Berman Greater China Equity Fund, Neuberger Berman International Equity Fund, Neuberger Berman International Select Fund, Neuberger Berman International Small Cap Fund, Neuberger Berman Intrinsic Value Fund, Neuberger Berman Large Cap Growth Fund, Neuberger Berman Large Cap Value Fund, Neuberger Berman Mid Cap Growth Fund, Neuberger Berman Mid Cap Intrinsic Value Fund, Neuberger Berman Multi-Cap Opportunities Fund, Neuberger Berman Real Estate Fund, Neuberger Berman Small Cap Growth Fund, Neuberger Berman Sustainable Equity Fund, and Neuberger Berman U.S. Equity Impact Fund (each, a “Fund”) are series of Neuberger Berman Equity Funds, a Delaware statutory trust (“Trust”).

 

 

 

 

You hereby agree, from December 19, 2022 until each date noted on Schedule A (each a “Limitation Period”), to waive fees and/or reimburse annual operating expenses (excluding interest, brokerage commissions, taxes including any expenses relating to tax reclaims, acquired fund fees and expenses, dividend and interest expenses relating to short sales, and extraordinary expenses, if any) (“Operating Expenses”) of each Fund’s respective Classes noted on Schedule A (each a “Class”) so that the Operating Expenses of each Fund’s respective Classes are limited to the respective rate per annum, as noted on Schedule A, of that Class’s average daily net assets (each an “Expense Limitation”). Commitment fees relating to borrowings are treated as interest for purposes of this section.

 

Each Fund agrees to repay you out of assets attributable to its respective Class noted on Schedule A for any fees waived by you under an Expense Limitation or any Operating Expenses you reimburse in excess of an Expense Limitation, provided that the repayment does not cause that Class’ Operating Expenses to exceed the expense limitation in place at the time the fees were waived and/or the expenses were reimbursed, or the expense limitation in place at the time the Fund repays you, whichever is lower. Any such repayment must be made within three years after the year in which you incurred the expense.

 

You understand that you shall look only to the assets attributable to the respective Class of the applicable Fund for performance of this Agreement and for payment of any claim you may have hereunder, and neither any other series of the Trust or class of the applicable Fund, nor any of the Trust’s trustees, officers, employees, agents, or shareholders, whether past, present or future, shall be personally liable therefor.

 

This Agreement is made and to be performed principally in the State of New York, and except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling, this Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of New York. Any amendment to this Agreement shall be in writing signed by the parties hereto, and requires approval of the Board of Trustees of the Trust, including a majority of the Trustees who are not “interested persons” of the Trust as that term is defined in the Investment Company Act of 1940. This Agreement supersedes any prior agreement with respect to the subject matter hereof as of December 19, 2022.

 

If you are in agreement with the foregoing, please sign the form of acceptance on the enclosed counterpart hereof and return the same to us.

 

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Very truly yours,

 

NEUBERGER BERMAN EQUITY FUNDS,

on behalf of

Neuberger berman DIVIDEND Growth fund

Neuberger Berman Emerging markets equity Fund

NEUBERGER BERMAN EQUITY INCOME FUND

NEUBERGER BERMAN focus FUND

NEUBERGER BERMAN genesis Fund

NEUBERGER BERMAN GLOBAL real estate FUND

NEUBERGER BERMAN GREATER CHINA EQUITY FUND

NEUBERGER BERMAN international equity Fund

NEUBERGER BERMAN international sELECT Fund

NEUBERGER BERMAN INTERNATIONAL SMALL CAP FUND

NEUBERGER BERMAN INTRINSIC VALUE FUND

NEUBERGER BERMAN lARGE CAP GROWTH Fund

NEUBERGER BERMAN lARGE CAP VALUE Fund

NEUBERGER BERMAN Mid cap growth Fund

NEUBERGER BERMAN MID CAP INTRINSIC VALUE Fund

Neuberger berman multi-cap opportunities fund

NEUBERGER BERMAN real estate Fund

neuberger berman small cap growth FUND

NEUBERGER BERMAN sustainable Equity FUND

NEUBERGER BERMAN U.S. EQUITY IMPACT FUND

    
  By:/s/ Joseph V. Amato
    
  Title:President and Chief Executive Officer

 

The foregoing Agreement is hereby accepted as of December 15, 2022.

 

NEUBERGER BERMAN INVESTMENT ADVISERS LLC

 

By:/s/ Joseph V. Amato  

 

Title:President and Chief Investment Officer -- Equities  

 

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SCHEDULE A

 

Fund   Class   Limitation Period   Expense Limitation
Dividend Growth   Institutional   08/31/2026   0.69%
    A   08/31/2026   1.05%
    C   08/31/2026   1.80%
    R6   08/31/2026   0.59%
Emerging Markets Equity   A   08/31/2026   1.50%
    C   08/31/2026   2.25%
  Institutional   08/31/2026   1.25%
    R3   08/31/2026   1.91%
    R6   08/31/2026   1.15%
Equity Income   A   08/31/2026   1.16%
    C   08/31/2026   1.91%
    Institutional   08/31/2026   0.80%
    R3   08/31/2026   1.41%
Focus   Trust   08/31/2026   1.50%
    Advisor   08/31/2026   1.50%
    Institutional   08/31/2026   0.75%
    A   08/31/2026   1.11%
    C   08/31/2026   1.86%
Genesis   Trust   08/31/2026   1.50%
    Advisor   08/31/2026   1.50%
    Institutional   08/31/2026   0.85%
    A   08/31/2026   1.21%
    C   08/31/2026   1.96%
    R6   08/31/2026   0.75%
    R3   08/31/2026   1.51%
Global Real Estate   A   08/31/2026   1.36%
    C   08/31/2026   2.11%
    Institutional   08/31/2026   1.00%
Greater China Equity   A   08/31/2026   1.86%
    C   08/31/2026   2.61%
    Institutional   08/31/2026   1.50%
International Equity   Institutional   08/31/2026   0.85%
    Investor   08/31/2026   1.40%
    Trust   08/31/2026   2.00%
    A   08/31/2026   1.21%
    C   08/31/2026   1.96%
    R6   08/31/2026   0.75%
    R3   08/31/2026   1.76%

 

Sch. A-1

 

 

Fund   Class   Limitation Period   Expense Limitation
International Select   Trust   08/31/2026   1.15%
    Institutional   08/31/2026   0.80%
    A   08/31/2026   1.16%
    C   08/31/2026   1.91%
    R3   08/31/2026   1.41%
    R6   08/31/2026   0.70%
International Small Cap   Institutional   08/31/2026   1.05%
    A   08/31/2026   1.41%
    C   08/31/2026   2.16%
    R6   08/31/2026   0.95%
Intrinsic Value   Institutional   08/31/2026   1.00%
    A   08/31/2026   1.36%
    C   08/31/2026   2.11%
    R6   08/31/2026   0.90%
Large Cap Growth   Trust   08/31/2026   1.50%
    Advisor   08/31/2026   1.50%
    Institutional   08/31/2026   0.75%
    A   08/31/2026   1.11%
    C   08/31/2026   1.86%
    R3   08/31/2026   1.36%
   

R6

  12/31/2023   0.58%
    R6  

01/01/2024 - 08/31/2026

  0.65%
Large Cap Value   Trust   08/31/2026   1.50%
    Advisor   08/31/2026   1.50%
    Institutional   08/31/2026   0.70%
    A   08/31/2026   1.11%
    C   08/31/2026   1.86%
    R3   08/31/2026   1.36%
    R6   08/31/2026   0.60%
Mid Cap Growth   Trust   08/31/2026   1.50%
    Advisor   08/31/2026   1.50%
    Institutional   08/31/2026   0.75%
    A   08/31/2026   1.11%
    C   08/31/2026   1.86%
    R3   08/31/2026   1.36%
    R6   08/31/2026   0.65%
Mid Cap Intrinsic Value   Investor   08/31/2026   1.50%
    Trust   08/31/2026   1.25%
    Institutional   08/31/2026   0.85%
    A   08/31/2026   1.21%
    C   08/31/2026   1.96%
    R3   08/31/2026   1.46%
    R6   08/31/2026   0.75%

 

Sch. A-2

 

 

Fund   Class   Limitation Period   Expense Limitation
Multi-Cap Opportunities   Institutional   08/31/2026   1.00%
    A   08/31/2026   1.36%
    C   08/31/2026   2.11%
Real Estate   Trust   08/31/2026   1.50%
    Institutional   08/31/2026   0.85%
    A   08/31/2026   1.21%
    C   08/31/2026   1.96%
    R3   08/31/2026   1.46%
    R6   08/31/2026   0.75%
Small Cap Growth   Investor   08/31/2026   1.30%
    Trust   08/31/2026   1.40%
    Advisor   08/31/2026   1.60%
    Institutional   08/31/2026   0.90%
    A   08/31/2026   1.26%
    C   08/31/2026   2.01%
    R3   08/31/2026   1.51%
    R6   08/31/2026   0.80%
Sustainable Equity   Trust   08/31/2026   1.50%
    Institutional   08/31/2026   0.75%
    A   08/31/2026   1.11%
    C   08/31/2026   1.86%
    R3   08/31/2026   1.36%
    R6   08/31/2026   0.65%
U.S. Equity Impact   A   08/31/2026   1.26%
    C   08/31/2026   2.01%
    Institutional   08/31/2026   0.90%

 

Sch. A-3