ADMINISTRATION AGREEMENT
THIS
AGREEMENT is made as of this 2nd day of September, 2008, by and between
ALPHAMARK INVESTMENT TRUST (the "Trust"), an Ohio business trust having its
principal place of business at 000 Xxxxxxxxx Xxxxx, Xxxxx
000, Xxxx Xxxxxxxx, Xxxxxxxx 00000, and ULTIMUS FUND SOLUTIONS, LLC ("Ultimus"),
a limited liability company organized under the laws of the State of Ohio and
having its principal place of business at 000 Xxxxxxxx Xxxxx, Xxxxx 000,
Xxxxxxxxxx, Xxxx 00000.
WHEREAS,
the Trust is an open-end management investment company registered under the
Investment Company Act of 1940, as amended (the “1940 Act”); and
WHEREAS,
the Trust desires that Ultimus provide certain administrative services for each
series of the Trust, listed on Schedule A attached hereto and made part of this
Agreement, as such Schedule A may be amended from time to time (individually
referred to herein as the "Portfolio" and collectively as the "Portfolios");
and
WHEREAS,
Ultimus is willing to perform such services on the terms and conditions set
forth in this Agreement;
NOW,
THEREFORE, in consideration of the mutual premises and covenants herein set
forth, the parties agree as follows:
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1.
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RETENTION
OF ULTIMUS.
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The Trust hereby retains Ultimus to act
as the administrator of the Trust and to furnish the Trust with the services as
set forth below. Ultimus hereby accepts such employment to perform
such duties.
Ultimus
shall provide the Trust with regulatory reporting services; shall provide all
necessary office space, equipment, personnel and facilities for handling the
affairs of the Trust; and shall provide such other services as the Trust may
request that Ultimus perform consistent with its obligations under this
Agreement. Without limiting the generality of the foregoing, Ultimus
shall:
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(a)
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calculate
Trust expenses and administer all disbursements for the Trust, and as
appropriate compute the Trust's yields, total return, expense ratios and
portfolio turnover rate;
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(b)
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prepare
and coordinate, in consultation with Trust counsel, the preparation of
annual updates to prospectuses, statements of additional information and
registration statements;
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(c)
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prepare
such reports, notice filing forms and other documents (including reports
regarding the sale and redemption of shares of the Trust as may be
required in order to comply with federal and state securities law) as may
be necessary or desirable to make notice filings relating to the Trust's
shares with state securities authorities, monitor the sale of Trust shares
for compliance with state securities laws, and file with the appropriate
state securities authorities compliance filings as may be necessary or
convenient to enable the Trust to make a continuous offering of its
shares;
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(d)
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develop
and prepare, with the assistance of the Trust's investment adviser,
communications to shareholders, including the annual and semiannual
reports to shareholders, coordinate the mailing of prospectuses, notices
and other reports to Trust
shareholders;
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(e)
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administer
contracts on behalf of the Trust with, among others, the Trust's
investment adviser, distributor, custodian, transfer agent and fund
accountant;
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(f)
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supervise
the Trust's transfer agent with respect to the payment of dividends and
other distributions to
shareholders;
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(g)
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calculate
performance data of the Trust;
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(h)
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file
all of the Trust's tax returns, and prepare and mail annual Form 1099,
Form W-2P and Form 5498 to appropriate shareholders, with
a copy to the Internal Revenue
Service;
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(i)
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provide
individuals reasonably acceptable to the Trust's Trustees to serve as
officers of the Trust, who will be responsible for the management of
certain of the Trust's affairs as determined by the
Trustees;
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(j)
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advise
the Trust and its Trustees on matters concerning the Trust and its affairs
including making recommendations regarding dividends and
distributions;
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(k)
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coordinate
the acquisition of and keep in effect fidelity bonds and directors and
officers/errors and omissions insurance policies for the Trust in
accordance with the requirements of the 1940 Act and as such bonds and
policies are approved by the
Trustees;
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(l)
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monitor
and advise the Trust and its Portfolios on their registered investment
company status under the Internal Revenue Code of
1986;
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(m)
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advise
the Trust and its Portfolios on compliance with applicable limitations as
imposed by the 1940 Act and the rules and regulations thereunder or set
forth in the Trust's or any Portfolio’s then current Prospectus or
Statement of Additional
Information;
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(n)
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coordinate
meetings of and prepare materials for the quarterly meetings of the
Trustees;
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(o)
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cooperate
with, and take all reasonable actions in the performance of its duties
under this Agreement, to ensure that all necessary information is made
available to, the Trust's independent public accountants in connection
with the preparation of any audit or report requested by the
Trust;
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(p)
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cooperate
with, and take all reasonable actions in the performance of its duties
under this Agreement, to ensure that the necessary information is made
available to the Securities and Exchange Commission (the “SEC”) or any
other regulatory authority in connection with any regulatory audit of the
Trust or the investment adviser of the
Trust;
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(q)
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perform
all reasonable and customary administrative services and functions of the
Trust to the extent administrative services and functions are not provided
to the Trust by other agents of the
Trust;
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(r)
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prepare
and file with the SEC the semiannual reports for the Trust on
Forms N-CSR, N-Q and
N-SAR and all required notices pursuant to Rule 24f-2 under the 1940 Act;
and
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(s)
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furnish
advice and recommendations with respect to other aspects of the business
and affairs of the Trust as the Trust and Ultimus shall determine
desirable.
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2.
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SUBCONTRACTING.
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Ultimus
may, at its expense and, upon at least 60 days’ advance written notice to the
Trust, subcontract with any entity or person concerning the provision of the
services contemplated hereunder; provided, however, that Ultimus shall not be
relieved of any of its obligations under this Agreement by the appointment of
such subcontractor and provided further, that Ultimus shall be responsible, to
the extent provided in Section 7 hereof, for all acts of such subcontractor as
if such acts were its own.
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3.
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ALLOCATION
OF CHARGES AND EXPENSES.
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Ultimus
shall furnish at its own expense the executive, supervisory and clerical
personnel necessary to perform its obligations under this Agreement. Ultimus
shall also pay all compensation, if any, of officers of the Trust who are
affiliated persons of Ultimus, except when such person is serving as the Trust’s
chief compliance officer.
The Trust
assumes and shall pay or cause to be paid all other expenses of the Trust not
otherwise allocated herein, including, without limitation, organization costs,
taxes, expenses for legal and auditing services, the expenses of preparing
(including typesetting), printing and mailing reports, prospectuses, statements
of additional information, proxy statements and related materials, all expenses
incurred in connection with issuing and redeeming shares, the costs of custodial
services, the cost of initial and ongoing registration and/or qualification of
the shares under federal and state securities laws, fees and out-of-pocket
expenses of Trustees who are not affiliated persons of Ultimus or the investment
adviser to the Trust, insurance premiums, interest, brokerage costs, litigation
and other extraordinary or nonrecurring expenses, and all fees and charges of
investment advisers to the Trust.
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4.
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COMPENSATION
OF ULTIMUS.
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For the
services to be rendered, the facilities furnished and the expenses assumed by
Ultimus pursuant to this Agreement, the Trust shall pay to Ultimus compensation
at an annual rate specified in Schedule B attached hereto. Such compensation
shall be calculated and accrued daily, and paid to Ultimus monthly. The Trust
shall also reimburse Ultimus for its reasonable out-of-pocket expenses,
including but not limited to the travel and lodging expenses incurred by
officers and employees of Ultimus in connection with attendance at Board
meetings.
If this
Agreement becomes effective subsequent to the first day of a month or terminates
before the last day of a month, Ultimus' compensation for that part of the month
in which this Agreement is in effect shall be prorated in a manner consistent
with the calculation of the fees as set forth above. Payment of Ultimus’
compensation for the preceding month shall be made promptly.
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5.
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EFFECTIVE
DATE.
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This
Agreement shall become effective with respect to a Portfolio as of the date
first written above (or, if a particular Portfolio is not in existence on that
date, on the date such Portfolio commences operation) (the "Effective
Date").
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6.
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TERM
OF THIS AGREEMENT.
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The term
of this Agreement shall continue in effect, unless earlier terminated by either
party hereto as provided hereunder, for a period of two
years. Thereafter, unless otherwise terminated as provided herein,
this Agreement shall be renewed automatically for successive one-year
periods.
This
Agreement may be terminated without penalty: (i) by provision of sixty (60)
days’ written notice; or (ii) for "cause" (as defined herein) upon the provision
of thirty (30) days’ advance written notice by the party alleging
cause.
For
purposes of this Agreement, "cause" shall mean: (i) a material breach of this
Agreement that has not been remedied within thirty (30) days following written
notice of such breach from the non-breaching party, (ii) a series of negligent
acts or omissions or breaches of this Agreement which, in the aggregate,
constitute in the reasonable judgment of the Trust, a serious failure to perform
satisfactorily Ultimus' obligations hereunder; (iii) a final, unappealable
judicial, regulatory or administrative ruling or order in which the party to be
terminated has been found guilty of criminal or unethical behavior in the
conduct of its business; or (iv) financial difficulties on the part of the party
to be terminated which are evidenced by the authorization or commencement of, or
involvement by way of pleading, answer, consent or acquiescence in, a voluntary
or involuntary case under Title 11 of the United States Code, as from time to
time is in effect, or any applicable law, other than said Title 11, of any
jurisdiction relating to the liquidation or reorganization of debtors or the
modification or alteration of the rights of creditors.
Notwithstanding
the foregoing, after such termination for so long as Ultimus, with the written
consent of the Trust, in fact continues to perform any one or more of the
services contemplated by this Agreement or any schedule or exhibit hereto, the
provisions of this Agreement, including without limitation the provisions
dealing with indemnification, shall continue in full force and
effect. Compensation due Ultimus and unpaid by the Trust upon such
termination shall be immediately due and payable upon and notwithstanding such
termination. Ultimus shall be entitled to collect from the Trust, in
addition to the compensation described in Schedule B, the amount of all of
Ultimus' cash disbursements for services in connection with Ultimus' activities
in effecting such termination, including without limitation, the delivery to the
Trust and/or its designees of the Trust's property, records, instruments and
documents.
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7.
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STANDARD
OF CARE.
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The
duties of Ultimus shall be confined to those expressly set forth herein, and no
implied duties are assumed by or may be asserted against Ultimus hereunder.
Ultimus shall use its best efforts in the performance of its duties hereunder
and act in good faith in performing the services provided for under this
Agreement. Ultimus shall be liable for any damages arising directly or
indirectly out of Ultimus' failure to perform its duties under this Agreement to
the extent such damages arise directly or indirectly out of Ultimus' willful
misfeasance, bad faith, gross negligence in the performance of its duties, or
reckless disregard of it obligations and duties
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hereunder.
(As used in this Article 7, the term "Ultimus" shall include directors,
officers, employees and other agents of Ultimus as well as Ultimus
itself.)
Without
limiting the generality of the foregoing or any other provision of this
Agreement, (i) Ultimus shall not be liable for losses beyond its reasonable
control, provided that Ultimus has acted in accordance with the standard of care
set forth above; and (ii) Ultimus shall not be liable for the validity or
invalidity or authority or lack thereof of any instruction, notice or other
instrument that Ultimus reasonably believes to be genuine and to have been
signed or presented by a duly authorized representative of the Trust (other than
an employee or other affiliated persons of Ultimus who may otherwise be named as
an authorized representative of the Trust for certain purposes).
Ultimus
may apply to the Trust at any time for instructions and may consult with counsel
for the Trust or its own counsel and with accountants and other experts with
respect to any matter arising in connection with Ultimus' duties hereunder, and
Ultimus shall not be liable or accountable for any action taken or omitted by it
in good faith in accordance with such instruction or with the reasonable opinion
of such counsel, accountants or other experts qualified to render such
opinion.
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8.
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INDEMNIFICATION
OF TRUST.
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Ultimus
agrees to indemnify and hold harmless the Trust from and against any and all
actions, suits, claims, losses, damages, costs, charges, reasonable counsel fees
and disbursements, payments, expenses and liabilities (including reasonable
investigation expenses) (collectively, "Losses") arising directly or indirectly
out of Ultimus’ failure to exercise reasonable care and diligence with respect
to its services; provided, however that Ultimus shall have no obligation to
indemnify or reimburse the Trust under this Article 8 to the extent that the
Trust is entitled to reimbursement or indemnification for such Losses under any
liability insurance policy described in this Agreement or otherwise. Ultimus
shall not be responsible for any retention amounts required under such liability
insurance policy.
The Trust
shall not be indemnified against or held harmless from any Losses arising
directly or indirectly out of the Trust’s own willful misfeasance, bad faith or
gross negligence.
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9.
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INDEMNIFICATION
OF ULTIMUS.
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The Trust
agrees to indemnify and hold harmless Ultimus from and against any and all
Losses arising directly or indirectly out of any action or omission to act which
Ultimus takes (i) at any request or on the direction of or in reliance on the
reasonable advice of the Trust, (ii) upon any instruction, notice or other
instrument that Ultimus reasonably believes to be genuine and to have been
signed or presented by a duly authorized representative of the Trust (other than
an employee or other affiliated person of Ultimus who may otherwise be named as
an authorized representative of the Trust for certain purposes) or (iii) on its
own initiative, in good faith and in accordance with the standard of care set
forth herein, in connection with the performance of its duties or obligations
hereunder; provided, however that the Trust shall have no obligation to
indemnify or reimburse Ultimus under this Article 9 to the extent that Ultimus
is entitled to reimbursement or indemnification for such Losses under any
liability insurance policy described in this Agreement or
otherwise. The Trust shall not be responsible for any retention
amounts required under such liability insurance policy.
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Ultimus
shall not be indemnified against or held harmless from any Losses arising
directly or indirectly out of Ultimus' own willful misfeasance, bad faith, gross
negligence in the performance of its duties, or reckless disregard of its
obligations and duties hereunder. (As used in this Article 9, the term "Ultimus"
shall include directors, officers, employees and other agents of Ultimus as well
as Ultimus itself.)
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10.
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RECORD
RETENTION AND CONFIDENTIALITY.
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Ultimus shall keep and maintain on
behalf of the Trust all books and records which the Trust and Ultimus is, or may
be, required to keep and maintain pursuant to any applicable statutes, rules and
regulations, including without limitation Rules 31a-1 and 31a-2 under the 1940
Act, relating to the maintenance of books and records in connection with the
services to be provided hereunder. Ultimus further agrees that all such books
and records shall be the property of the Trust and to make such books and
records available for inspection by the Trust or by the SEC at reasonable times
and otherwise to keep confidential all books and records and other information
relative to the Trust and its shareholders; except when requested to divulge
such information by duly-constituted authorities or court process. If
Ultimus is requested or required to disclose any confidential information
supplied to it by the Trust, Ultimus shall, unless prohibited by law, promptly
notify the Trust of such request(s) so that the Trust may seek an appropriate
protective order.
Nonpublic
personal shareholder information shall remain the sole property of the
Trust. Such information shall not be disclosed or used for any
purpose except in connection with the performance of the duties and
responsibilities described herein or as required or permitted by
law. The provisions of this Section shall survive the termination of
this Agreement. The parties agree to comply with any and all
regulations promulgated by the SEC or other applicable laws regarding the
confidentiality of shareholder information.
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11.
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FORCE
MAJEURE.
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Ultimus
assumes no responsibility hereunder, and shall not be liable, for any damage,
loss of data, delay or any other loss whatsoever caused by events beyond its
reasonable control, including acts of civil or military authority, national
emergencies, fire, flood, catastrophe, acts of God, insurrection, war, riots or
failure of the mails, transportation, communication or power
supply.
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12.
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RIGHTS
OF OWNERSHIP; RETURN OF RECORDS.
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All
records and other data except computer programs and procedures developed to
perform services required to be provided by Ultimus are the exclusive property
of the Trust and all such records and data will be furnished to the Trust in
appropriate form as soon as practicable after termination of this Agreement for
any reason. Ultimus may at its option at any time, and shall promptly
upon the Trust's demand, turn over to the Trust and cease to retain Ultimus'
files, records and documents created and maintained by Ultimus pursuant to this
Agreement which are no longer needed by Ultimus in the performance of its
services or for its legal protection. If not so turned over to the
Trust, such documents and records will be retained by Ultimus for six years from
the year of creation. At the end of such six-year period, such records and
documents will be turned over to the Trust unless the Trust authorizes in
writing the destruction of such records and documents.
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13.
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REPRESENTATIONS
OF THE TRUST.
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The Trust certifies to Ultimus
that: (1) as of the close of business on the Effective Date, each
Portfolio that is in existence as of the Effective Date has authorized unlimited
shares, and (2) this Agreement has been duly authorized by the Trust and, when
executed and delivered by the Trust, will constitute a legal, valid and binding
obligation of the Trust, enforceable against the Trust in accordance with its
terms, subject to bankruptcy, insolvency, reorganization, moratorium and other
laws of general application affecting the rights and remedies of creditors and
secured parties.
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14.
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REPRESENTATIONS
OF ULTIMUS.
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Ultimus
represents and warrants that: (1) it will maintain a disaster
recovery plan and procedures including provisions for emergency use of
electronic data processing equipment, which is reasonable in light of the
services to be provided, and it will, at no additional expense to the Trust,
take reasonable steps to minimize service interruptions (Ultimus shall have no
liability with respect to the loss of data or service interruptions caused by
equipment failure, provided it maintains such plans and procedures); (2) this
Agreement has been duly authorized by Ultimus and, when executed and delivered
by Ultimus, will constitute a legal, valid and binding obligation of Ultimus,
enforceable against Ultimus in accordance with its terms, subject to bankruptcy,
insolvency, reorganization, moratorium and other laws of general application
affecting the rights and remedies of creditors and secured parties; (3) it is
duly registered with the appropriate regulatory agency as a transfer agent and
such registration will remain in full force and effect for the duration of this
Agreement; and (4) it has and will continue to have access to the necessary
facilities, equipment and personnel to perform its duties and obligations under
this Agreement.
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15.
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INSURANCE.
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Upon request, Ultimus shall furnish the
Trust with pertinent information concerning the professional liability insurance
coverage that it maintains. Such information shall include the
identity of the insurance carrier(s), coverage levels and deductible
amounts. Ultimus shall notify the Trust should any of its insurance
coverage be canceled or reduced. Such notification shall include the
date of change and the reasons therefor. Ultimus shall notify the Trust of any
material claims against it with respect to services performed under this
Agreement, whether or not they may be covered by insurance, and shall notify the
Trust from time to time as may be appropriate of the total outstanding claims
made by Ultimus under its insurance coverage.
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16.
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INFORMATION
TO BE FURNISHED BY THE TRUST.
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The Trust has furnished to Ultimus the
following:
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(a)
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Copies
of the Agreement and Declaration of Trust (the “Declaration of Trust”) and
of any amendments thereto, certified by the proper official of the state
in which such document has been
filed.
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(b)
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Copies
of the following documents:
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(1)
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The
Trust's Bylaws and any amendments thereto;
and
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(2)
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Certified
copies of resolutions of the Trustees covering the approval of this
Agreement, authorization of a specified officer of the Trust to execute
and deliver this Agreement and authorization for specified officers of the
Trust to instruct Ultimus
thereunder.
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(c)
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A
list of all the officers of the Trust, together with specimen signatures
of those officers who are authorized to instruct Ultimus in all
matters.
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(d)
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Copies
of the Prospectus and Statement of Additional Information for each
Portfolio.
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17.
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AMENDMENTS
TO AGREEMENT.
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This
Agreement, or any term thereof, may be changed or waived only by written
amendment signed by the party against whom enforcement of such change or waiver
is sought.
For
special cases, the parties hereto may amend such procedures set forth herein as
may be appropriate or practical under the circumstances, and Ultimus may
conclusively assume that any special procedure which has been approved by the
Trust does not conflict with or violate any requirements of its Declaration of
Trust or then current prospectuses, or any rule, regulation or requirement of
any regulatory body.
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18.
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COMPLIANCE
WITH LAW.
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Except
for the obligations of Ultimus otherwise set forth herein, the Trust assumes
full responsibility for the preparation, contents and distribution of each
prospectus of the Trust as to compliance with all applicable requirements of the
Securities Act of 1933, as amended (the "Securities Act"), the 1940 Act and any
other laws, rules and regulations of governmental authorities having
jurisdiction. The Trust represents and warrants that no shares of the Trust will
be offered to the public until the Trust's registration statement under the
Securities Act and the 1940 Act has been declared or becomes
effective.
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19.
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NOTICES.
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Any notice provided hereunder shall be
sufficiently given when sent by registered or certified mail to the party
required to be served with such notice, at the following address: if to the
Trust, at 000 Xxxxxxxxx Xxxxx, Xxxxx 000, Xxxx Xxxxxxxx, Xxxxxxxx 00000, Attn:
Xxxxxxx X. Xxxxx; and if to Ultimus, at 000 Xxxxxxxx Xxxxx, Xxxxx 000,
Xxxxxxxxxx, Xxxx 00000, Attn: Xxxxxx X. Xxxxxx; or at such other address as such
party may from time to time specify in writing to the other party pursuant to
this Section.
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20.
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ASSIGNMENT.
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This Agreement and the rights and
duties hereunder shall not be assignable by either of the parties hereto except
by the specific written consent of the other party. This Agreement
shall be binding upon, and shall inure to the benefit of, the parties hereto and
their respective successors and permitted assigns.
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21.
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GOVERNING
LAW.
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This
Agreement shall be construed in accordance with the laws of the State of Ohio
and the applicable provisions of the 1940 Act. To the extent that the applicable
laws of the State of Ohio, or any of the provisions herein, conflict with the
applicable provisions of the 1940 Act, the latter shall control.
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22.
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LIMITATION
OF LIABILITY.
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A copy of
the Declaration of Trust is on file with the Secretary of the State of Ohio, and
notice is hereby given that this instrument is executed on behalf of the
Trustees and not individually and that the obligations of this instrument are
not binding upon any of the Trustees, officers or shareholders individually but
are binding only upon the assets and property of the Trust (or if the matter
relates only to a particular Portfolio, that Portfolio), and the Ultimus shall
look only to the assets of the Trust, or the particular Portfolio, for the
satisfaction of such obligations.
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23.
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MULTIPLE
ORIGINALS.
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This
Agreement may be executed in two or more counterparts, each of which when so
executed shall be deemed to be an original, but such counterparts shall together
constitute but one and the same instrument.
IN WITNESS WHEREOF, the parties hereto
have caused this Agreement to be duly executed all as of the day and year first
above written.
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By:
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/s/ Xxxxxxx X.
Xxxxx
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Its:
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President
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ULTIMUS
FUND SOLUTIONS, LLC
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By:
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/s/ Xxxxxx X.
Xxxxxx
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Its:
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President
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SCHEDULE
A
TO
THE ADMINISTRATION AGREEMENT BETWEEN
AND
ULTIMUS
FUND SOLUTIONS, LLC
FUND
PORTFOLIOS
AlphaMark
Large Cap Growth Fund
AlphaMark
Small Cap Growth Fund
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SCHEDULE
B
TO
THE ADMINISTRATION AGREEMENT BETWEEN
AND
ULTIMUS
FUND SOLUTIONS, LLC
FEES
Pursuant to Article 4, in consideration
of services rendered and expenses assumed pursuant to this Agreement, the Trust
will pay Ultimus on the first business day after the end of each month, or at
such time(s) as Ultimus shall request and the parties hereto agree, a fee
computed with respect to each Portfolio as follows:
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Average
Daily Net Assets
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Administration
Fee
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Up
to $50 million
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.150%
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$50
million to $100 million
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.125%
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$100
million to $250 million
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.100%
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$250
million to $500 million
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.075%
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In
excess of $500 million
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.050%
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The fee
will be subject to a monthly minimum of $2,000 with respect to each
Portfolio.
The above
fee will be discounted by 20% during the first year and 15% during the second
year or until such time as the net assets of a Portfolio reach $20 million, but
in no case later than 2 years from the date of commencement of operations for a
Portfolio.
OUT-OF-POCKET
EXPENSES:
In addition to the above fees, the
Trust will reimburse Ultimus for certain out-of-pocket expenses incurred on the
Trust’s behalf, including but not limited to, travel expenses to attend Board
meetings and any other expenses approved by the Trust. The Trust will
be responsible for its normal operating expenses, such as federal and state
filing fees, insurance premiums, typesetting and printing of the Trust’s public
documents, and fees and expenses of the Trust’s other vendors and
providers.
CHIEF
COMPLIANCE OFFICER:
The terms of this Agreement do not
provide for Ultimus to furnish an individual to serve as the Trust’s Chief
Compliance Officer.
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