LEADER CAPITAL CORPORATION
000 XX Xxxxxxxx Xx., Xxxxx 000
Xxxxxxxx, XX 00000
July 1, 2005
Letter Agreement
To: Unified Series Trust
000 Xxxxx Xxxxxxxxxxxx Xxxxxx
Xxxxxxxxxxxx, Xxxxxxx 00000
Dear Ladies and Gentlemen:
You have engaged us to act as the sole investment advisor to the Leader
Short-Term Bond Fund (the "Fund") pursuant to the Management Agreement approved
by the Board of Trustees on March 14, 2005 and June 29, 2005.
From the date the Fund's shares are first issued to the public until June
30, 2007, we hereby agree to waive our fee and reimburse the fees and expenses
of the Fund, but only to the extent necessary to maintain the Fund's total
annual operating expenses, excluding any 12b-1 fees, brokerage fees and
commissions, borrowing costs (such as interest and dividend expenses on
securities sold short), taxes and extraordinary expenses, at 1.40% of the
average daily net assets of the Fund for that period.
Very truly yours,
LEADER CAPITAL CORPORATION
By: /s/ Xxxx X. Xxxxx
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Xxxx X. Xxxxx, President
Acceptance
The foregoing is hereby accepted.
UNIFIED SERIES TRUST
By: /s/ Xxxxxxx X. Xxxxxxx
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Xxxxxxx X. Xxxxxxx, President
