PEKIN SINGER STRAUSS ASSET MANAGEMENT

PEKIN SINGER XXXXXXX ASSET

MANAGEMENT

000 X. Xxxxx Xxxxxx, Xxxxx 0000

Xxxxxxx, XX 00000

Letter Agreement

To: Unified Series Trust

        000 Xxxxxxxx Xxxxx, Xxxxx 000

        Xxxxxxxxxx, Xxxx 00000

Dear Sirs and Madams:

You have engaged Pekin Singer Xxxxxxx Asset Management (“Pekin Singer,” “we” or “our’’) to act as the sole investment advisor to the Appleseed Fund (the “Fund’’), a series of the Unified Series Trust, an Ohio business trust (the “Trust’’). The Trust has adopted an Administrative Services Plan (the ‘‘Plan”) on behalf of the Fund’s Investor Class that provides for the Fund, on behalf of its Investor Class, to make payments to Pekin Singer, which Pekin Singer is required to use to pay for Administrative Services (as defined in the Plan) on behalf of and as agent of the Trust.

Effective as of February 1, 2018, we hereby agree to waive our receipt of payments under the Plan to the extent those payments exceed the annual rate of 0.19% of the average value of the daily net assets of the Investor Class of the Fund. This Letter Agreement shall continue in place until January 31, 2019 provided that it may be terminated at any time by vote of the Trust’s Board of Trustees.

Very truly yours,
Pekin Singer Xxxxxxx Asset Management, Inc.
By:
Name:		Xxxxxxx X. Xxxxxxxxxx
Title:		CCO/COO

Acceptance

The foregoing Letter Agreement is hereby accepted.

Unified Series Trust
By:
Name:		Xxxxx X. Xxxxxx
Title:		President