TRANSFER AGENT AND SHAREHOLDER SERVICES AGREEMENT
THIS AGREEMENT is made as of this ___ day of ___________, 2006, by and
between GUERITE FUNDS (the "Trust"), an Ohio business trust having its principal
place of business at 000 Xxxxxxxxx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxx
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 perform certain transfer agent and
shareholder 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:
1. RETENTION OF ULTIMUS.
The Trust hereby retains Ultimus to perform for the Trust transfer agent
services as set forth below. Ultimus also agrees to perform for the Trust such
special services incidental to the performance of the services enumerated herein
as agreed to by the parties from time to time. Ultimus shall perform such
additional services as are provided on an amendment to this Agreement hereof, in
consideration of such fees as the parties hereto may agree.
(a) Shareholder Transactions
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(i) Process shareholder purchase and redemption orders in
accordance with conditions set forth in the Trust's
prospectus.
(ii) Set up account information, including address, dividend
option, taxpayer identification numbers and wire
instructions.
(iii) Issue confirmations in compliance with Rule 10b-10 under
the Securities Exchange Act of 1934, as amended (the "1934
Act").
(iv) Issue periodic statements for shareholders.
(v) Process transfers and exchanges.
(vi) Act as a service agent and process dividend payments,
including the purchase of new shares, through dividend
reimbursement.
(vii) Record the issuance of shares and maintain pursuant to Rule
17Ad-10(e) of the 1934 Act a record of the total number of
shares of each Portfolio which are authorized, based upon
data provided to it by the Trust, and issued and
outstanding.
(viii) Perform such services as are required to comply with Rules
17a-24 and 17Ad-17 of the 1934 Act (the "Lost Shareholder
Rules").
(ix) Perform such shareholder identity verification procedures
and tests as may be required under the Trust's Anti-Money
Laundering Policy (in this regard, Ultimus hereby accepts
delegation of responsibility for acting as an agent of the
Trust under the Trust's Anti-Money Laundering Policy to
carry out the requirements of such Policy on behalf of, and
at the direction of, the Trust).
(x) Administer and/or perform all other customary services of a
transfer agent.
(b) Shareholder Information Services
--------------------------------
(i) Make information available to shareholder servicing unit and
other remote access units regarding trade date, share price,
current holdings, yields, and dividend information.
(ii) Produce detailed history of transactions through duplicate
or special order statements upon request.
(iii) Provide mailing labels for distribution of financial
reports, prospectuses, proxy statements or marketing
material to current shareholders and distribute such
documents.
(iv) Respond as appropriate to all inquiries and communications
from shareholders relating to shareholder accounts.
(c) Compliance Reporting
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(i) Provide reports to the Securities and Exchange Commission
and the states in which the Portfolios are registered, as
requested or required.
(ii) Prepare and distribute appropriate Internal Revenue Service
forms for shareholder income and capital gains.
(iii) Issue tax withholding reports to the Internal Revenue
Service.
(iv) Provide quarterly reports regarding Ultimus' provision of
shareholder identification verification procedures in
accordance with the Trust's Anti-Money Laundering Policy.
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(d) Dealer/Load Processing (if applicable)
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(i) Provide reports for tracking rights of accumulation and
purchases made under a Letter of Intent.
(ii) Account for separation of shareholder investments from
transaction sale charges for purchase of Portfolio shares.
(iii) Calculate fees due under 12b-1 plans for distribution and
marketing expenses.
(iv) Track sales and commission statistics by dealer and provide
for payment of commissions on direct shareholder purchases
in a load Portfolio.
(e) Shareholder Account Maintenance
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(i) Maintain all shareholder records for each account in each
Portfolio.
(ii) Issue customer statements on scheduled cycle, providing
duplicate second and third party copies if required.
(iii) Record shareholder account information changes.
(iv) Maintain account documentation files for each shareholder.
Ultimus shall perform such other services for the Trust that are mutually
agreed upon by the parties from time to time either at no additional fees or for
such reasonable and customary fees as are mutually agreed upon by the parties;
provided, however that the Trust may retain third parties to perform such other
services. Such services may include performing internal audit examination;
mailing the annual reports of the Portfolios; preparing an annual list of
shareholders; and mailing notices of shareholders' meetings, proxies and proxy
statements, for all of which the Trust will pay Ultimus' out-of-pocket expenses.
2. SUBCONTRACTING.
Ultimus may, at its expense and, upon at least 60 (sixty) 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.
3. COMPENSATION.
The Trust shall pay for the services to be provided by Ultimus under this
Agreement in accordance with, and in the manner set forth in, Schedule B
attached hereto, as such Schedule may be amended from time to time.
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 the
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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.
4. REIMBURSEMENT OF EXPENSES.
In addition to paying Ultimus the fees described in Schedule B attached
hereto, the Trust agrees to reimburse Ultimus for its reasonable out-of-pocket
expenses in providing services hereunder, including without limitation the
following:
(a) All freight and other delivery and bonding charges incurred by Ultimus
in delivering materials to and from the Trust;
(b) All direct telephone, telephone transmission and telecopy or other
electronic transmission expenses incurred by Ultimus in communication
with the Trust, the Trust's investment adviser or custodian, dealers
or others as required for Ultimus to perform the services to be
provided hereunder;
(c) The cost of microfilm or microfiche of records or other materials;
(d) The cost of printing and generating confirmations, statements and
other documents and the cost of mailing such documents to shareholders
and others;
(e) All expenses incurred in connection with any custom programming or
systems modifications required to provide any special reports or
services requested by the Trust, provided, however, that Ultimus shall
provide the Trust with written notice of any such expense prior to the
expense being incurred;
(f) Any expenses Ultimus shall incur at the written direction of an
officer of the Trust thereunto duly authorized 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; and
(g) Any additional expenses reasonably incurred by Ultimus in the
performance of its duties and obligations under this Agreement;
provided, however, that any such expense exceeding $1,000 is
pre-approved (prior to being incurred) in writing by the Trust.
5. EFFECTIVE DATE.
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 first day of operations of such Portfolio following the date
of effectiveness of the initial registration statement of such Portfolio) (the
"Effective Date").
6. TERM OF THIS AGREEMENT.
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.
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This Agreement may be terminated without penalty: (i) by provision of sixty
(60) days' written notice; (ii) by mutual agreement of the parties; or (iii) for
"cause" (as defined herein) upon the provision of ten (10) 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.
7. STANDARD OF CARE.
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, negligence in the performance of its duties, including
clerical errors or mechanical failures due to such negligence, or reckless
disregard of it obligations and duties 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).
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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.
8. INDEMNIFICATION OF ULTIMUS.
The Trust agrees to indemnify and hold harmless Ultimus 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 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 8 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.
Ultimus shall not be indemnified against or held harmless from any Losses
arising directly or indirectly out of Ultimus' own willful misfeasance, bad
faith, negligence in the performance of its duties, including clerical errors or
mechanical failures due to such negligence, or reckless disregard of its
obligations and duties hereunder. (As used in this Article 8, the term "Ultimus"
shall include directors, officers, employees and other agents of Ultimus as well
as Ultimus itself.)
9. INDEMNIFICATION OF THE TRUST.
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 (i) Ultimus' failure to exercise reasonable care and diligence
with respect to its services, (ii) Ultimus' failure to comply with applicable
laws, or (iii) the breach by Ultimus of the terms of this Agreement; provided,
however that Ultimus shall have no obligation to indemnify or reimburse the
Trust under this Article 9 to the extent that the Trust is entitled to
reimbursement or indemnification for such Losses under any liability insurance
policy.
The Trust shall not be indemnified against or held harmless from any Losses
arising directly or indirectly out of acts by the Trust constituting willful
misfeasance, bad faith or negligence. (As used in this Article 9, the "Trust"
shall include directors, officers, employees and other agents of the Trust as
well as the Trust itself.)
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10. RECORD RETENTION AND CONFIDENTIALITY.
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. Ultimus agrees that all books, records,
information, and data of the Trust maintained by Ultimus for the Trust or
provided to Ultimus by the Trust related to the performance by Ultimus of its
obligations under this Agreement is "confidential information" of the Trust and
shall not be voluntarily disclosed by Ultimus to any other person, except that
Ultimus may:
(a) prepare or assist in the preparation of periodic and other reports
required to be filed with the SEC or other regulatory bodies, or
provided to shareholders;
(b) upon prior written approval from the Trust, provide information
typically supplied in the investment company industry to companies
that track or report price, performance or other information regarding
investment companies; and
(c) release such other information as approved in writing by the Trust,
which approval shall not be unreasonably withheld where Ultimus may be
requested to divulge such information by duly-constituted authorities
or court process and exposed to civil or criminal liability or
proceedings for failure to release the information.
In accordance with Section 248.1 of Regulation S-P (17 CFR 248.1 - 248.30) ("Reg
S-P"), Ultimus will not directly, or indirectly through an affiliate, disclose
any non-public personal information as defined in Reg S-P (which information is
confidential information hereunder), received from the Trust to any person that
is not affiliated with the Trust or with Ultimus and provided that any such
information disclosed to an affiliate of Ultimus shall be under the same
limitations on non-disclosure. Notwithstanding the foregoing, if Ultimus is
requested or required to disclose any confidential information by
duly-constituted authorities or court process, Ultimus shall, unless prohibited
by law, promptly notify the Trust of such request(s) so that the Trust may seek
an appropriate protective order.
11. FORCE MAJEURE.
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;
provided, however, that Ultimus shall be responsible for any damage, loss of
data, delay or any other loss whatsoever resulting from Ultimus' failure to (i)
adopt a Disaster Recovery Plan (as defined in Article 14 below); or (ii)
reasonably implement and adhere to such Disaster Recovery Plan.
12. RIGHTS OF OWNERSHIP; RETURN OF RECORDS.
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
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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 (1) copied and made available
to the Trust by Ultimus as soon as reasonably practical, and (2) 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.
13. REPRESENTATIONS OF THE TRUST.
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.
14. REPRESENTATIONS OF ULTIMUS.
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 (a "Disaster Recovery Plan"), 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
Disaster Recovery Plan); (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.
15. INSURANCE.
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. INFORMATION TO BE FURNISHED BY THE TRUST.
The Trust has furnished to Ultimus the following:
(a) 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.
(b) Copies of the following documents:
(1) The Trust's Bylaws and any amendments thereto; and
(2) 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.
(c) 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.
(d) Copies of the Prospectus and Statement of Additional Information
for each Portfolio.
(e) Copies of the Trust's Anti-Money Laundering Policy.
17. AMENDMENTS TO AGREEMENT.
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.
18. COMPLIANCE WITH LAW.
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.
19. NOTICES.
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 The Chesterfield Building,
000 Xxxxxxxxx Xxxxxx Xxxxx, Xxxxx 000, Xxxxxxxxxx, Xxxxx Xxxxxxxx 00000, Attn:
Xxxx Xxxxxxx Xxxxx; and if to Ultimus, at 000 Xxxxxxxx Xxxxx, Xxxxx 000,
0
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.
20. ASSIGNMENT.
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.
21. GOVERNING LAW.
This Agreement shall be construed in accordance with the laws of the State
of placeStateOhio and the applicable provisions of the 1940 Act. To the extent
that the applicable laws of the State of placeStateOhio, or any of the
provisions herein, conflict with the applicable provisions of the 1940 Act, the
latter shall control.
22. ARBITRATION.
Any controversy or claim arising out of or relating to this Agreement, or
the breach thereof, shall be settled by arbitration administered by the American
Arbitration Association in accordance with its Commercial Arbitration Rules.
Each party shall select a single arbitrator. The arbitrators selected by each
party shall, within ten (10) days of their appointment, select a third neutral
arbitrator. In the event that they are unable to select a third neutral
arbitrator, the parties or their attorneys may request the American Arbitration
Association to appoint the third neutral arbitrator. Each party hereby consents
to placeCityGreenville, StateSouth Carolina as the place of arbitration, and
judgment on the award rendered by the arbitrators may be entered in any court
having jurisdiction thereof.
23. LIMITATION OF LIABILITY.
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
Ultimus shall look only to the assets of the Trust, or the particular Portfolio,
for the satisfaction of such obligations.
24. MULTIPLE ORIGINALS.
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.
[SIGNATURE PAGE FOLLOWS]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
duly executed all as of the day and year first above written.
GUERITE FUNDS
By:
-----------------------------
Its: President
ULTIMUS FUND SOLUTIONS, LLC
By:
-----------------------------
Its: President
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SCHEDULE A
TO THE TRANSFER AGENT AND SHAREHOLDER SERVICES AGREEMENT
BETWEEN
GUERITE FUNDS
AND
ULTIMUS FUND SOLUTIONS, LLC
FUND PORTFOLIOS
---------------
Guerite Absolute Return Fund
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SCHEDULE B
TO THE TRANSFER AGENT AND SHAREHOLDER SERVICES AGREEMENT
BETWEEN
GUERITE FUNDS
AND
ULTIMUS FUND SOLUTIONS, LLC
FEES AND EXPENSES
-----------------
FEES:
Ultimus shall be entitled to receive a fee from the Trust on the first
business day following the end of each month, or at such time(s) as Ultimus
shall request and the parties hereto shall agree, a fee computed with respect to
each Portfolio as follows:
Annual fee per shareholder account $20.00
Minimum fee per year $18,000 per Portfolio/class
For a Portfolio or Share Class with less than 100 shareholders, the annual
fee would be reduced to $12,000.
XXX MAINTENANCE FEES:
A $15.00 annual per account custodial fee will be charged for each XXX
account held in the Portfolios.
WEB-ACCESS:
For Web Inquiry access, Ultimus charges each Portfolio an annual fee of
$2,500 and a on-time set up fee of $2,000.
INTERACTIVE VOICE RESPONSE:
For Interactive Voice Response ("IVR") access, Ultimus charges a one-time
set up fee of $1,000. Ongoing charges for IVR access are based upon usage and
are charged to the Portfolios as an out-of-pocket expense.
OUT-OF-POCKET EXPENSES:
The fees set forth above shall be in addition to the payment of
out-of-pocket expenses, as provided for in Section 4 of this Agreement.
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