EXPENSE LIMITATION AGREEMENT
Exhibit 28(h)(xi)
This Agreement is entered into as of the 30th day of August, 2010, between Lateef Investment
Management, L.P. (the “Adviser”) and FundVantage Trust (the “Trust”), on behalf of Lateef Fund (the
“Fund”).
WHEREAS, the Adviser has contractually agreed to reduce its advisory fee to ensure that the
Funds’ total operating expenses, excluding taxes, any class-specific expenses (such as Rule 12b-1
distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund Fees and
Expenses” (as defined in From N-1A), interest, extraordinary items, and brokerage commissions, do
not exceed the levels described below.
NOW, THEREFORE, the parties agree as follows:
The Adviser agrees that from September 1, 2010 through August 31, 2011, it will reduce its
compensation and/or reimburse certain expenses of the Fund, to the extent necessary to ensure that
the Fund’s total operating expenses, excluding taxes, any class-specific expenses (such as
distribution fees, shareholder service fees, or transfer agency fees), “Acquired Fund Fees and
Expenses,” interest, extraordinary items, and brokerage commissions do not exceed 0.99% (on an
annual basis) of the Fund’s average daily net assets.
Term. This Agreement shall terminate on August 31, 2011, or at an earlier date upon the
discretion of the Board of Trustees of the Trust, unless extended, terminated, modified or revised
by the mutual agreement of the parties, as provided for in writing.
Executed as of the date first set forth above.
Lateef Investment Management, L.P. | ||||||
By: Name: |
/s/ Xxxxxx Xxxxxxxx
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Title: | Managing Member of Lateef Capital | |||||
Partners, LLC, the General Partner | ||||||
FundVantage Trust, on behalf of the Fund | ||||||
By: Name: |
/s/ Xxxx Xxxxx
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Title: | President |