SYMONS CAPITAL MANAGEMENT, INC.
XXXXXX CAPITAL MANAGEMENT, INC.
000 Xxxxxxxxxx Xxxx, Xxxxx 000
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Xxxxxxxxxx, Xxxxxxxxxxxx 00000
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Letter Agreement
0000 X. Xxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxxxxx, XX 00000
Dear Sirs:
You have engaged us to act as the sole investment adviser to the Xxxxxx Capital Appreciation Institutional Fund (the “Fund”) pursuant to a Management Agreement approved by the Board of Trustees of Unified Series Trust, an Ohio business trust (the “Trust”).
Effective as of April 1, 2011, we hereby agree to waive our advisory fee and/or reimburse expenses of the Fund, but only to the extent necessary to maintain the Fund’s total annual operating expenses (excluding brokerage fees and commissions; borrowing costs such as (a) interest and (b) dividend expenses on securities sold short; taxes; 12b-1 fees, if any; any indirect expenses such as expenses incurred by other investment companies in which the Fund may invest; and extraordinary litigation expenses) at 1.46% of the Fund’s average daily net assets. This Agreement shall continue in place until the earlier to occur of March 31, 2016, or such date as the Fund is liquidated in accordance with the provisions of the Trust’s Declaration of Trust or Bylaws. We understand that we may not terminate or amend this Agreement prior to March 31, 2016, except that we may voluntarily agree to lower the expense cap below 1.46%.
Any waiver or reimbursement by us is subject to repayment by the Fund in the three fiscal years following the fiscal year in which the particular waiver or reimbursement occurs; provided that the Fund is able to make the repayment without exceeding the 1.46% expense limitation described above.
Very truly yours,
Xxxxxx Capital Management, Inc.
By: /s/ Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxx, President & CEO
Acceptance
The foregoing Agreement is hereby accepted.
By: /s/Xxxx Xxxxxx
Xxxx Xxxxxx, Senior Vice President
XXXXXX CAPITAL MANAGEMENT, INC.
000 Xxxxxxxxxx Xxxx, Xxxxx 000
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Xxxxxxxxxx, Xxxxxxxxxxxx 00000
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Letter Agreement
0000 X. Xxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxxxxx, XX 00000
Dear Sirs:
You have engaged us to act as the sole investment adviser to the Xxxxxx Value Institutional Fund (the “Fund”) pursuant to a Management Agreement approved by the Board of Trustees of Unified Series Trust, an Ohio business trust (the “Trust”).
Effective as of April 1, 2011, we hereby agree to waive our advisory fee and/or reimburse expenses of the Fund, but only to the extent necessary to maintain the Fund’s total annual operating expenses (excluding brokerage fees and commissions; borrowing costs, such as (a) interest and (b) dividend expenses on securities sold short; taxes; 12b-1 fees, if any; indirect expenses such as expenses incurred by other investment companies in which the Fund may invest; and extraordinary litigation expenses) at 1.46% of the Fund’s average daily net assets. This Agreement shall continue in place until the earlier to occur of March 31, 2016, or such date as the Fund is liquidated in accordance with the provisions of the Trust’s Declaration of Trust or Bylaws. We understand that we may not terminate or amend this Agreement prior to March 31, 2016, except that we may voluntarily agree to lower the expense cap below 1.46%.
Any waiver or reimbursement by us is subject to repayment by the Fund in the three fiscal years following the fiscal year in which the particular waiver or reimbursement occurs; provided that the Fund is able to make the repayment without exceeding the 1.46% expense limitation described above.
Very truly yours,
Xxxxxx Capital Management, Inc.
By: /s/ Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxx, President & CEO
Acceptance
The foregoing Agreement is hereby accepted.
By: /s/Xxxx Xxxxxx
Xxxx Xxxxxx, Senior Vice President
XXXXXX CAPITAL MANAGEMENT, INC.
000 Xxxxxxxxxx Xxxx, Xxxxx 000
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Xxxxxxxxxx, Xxxxxxxxxxxx 00000
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Letter Agreement
0000 X. Xxxxxxxx Xxxxxx, Xxxxx 000
Xxxxxxxxxxxx, XX 00000
Dear Sirs:
You have engaged us to act as the sole investment adviser to the Xxxxxx Small Cap Institutional Fund (the “Fund”) pursuant to a Management Agreement approved by the Board of Trustees of Unified Series Trust, an Ohio business trust (the “Trust”).
Effective as of April 1, 2011, we hereby agree to waive our advisory fee and/or reimburse expenses of the Fund, but only to the extent necessary to maintain the Fund’s total annual operating expenses (excluding brokerage fees and commissions; borrowing costs such as (a) interest and (b) dividend expenses on securities sold short; taxes; 12b-1 fees, if any; any indirect expenses such as expenses incurred by other investment companies in which the Fund may invest; and extraordinary litigation expenses) at 1.56% of the Fund’s average daily net assets. This Agreement shall continue in place until the earlier to occur of March 31, 2016, or such date as the Fund is liquidated in accordance with the provisions of the Trust’s Declaration of Trust or Bylaws. We understand that we may not terminate or amend this Agreement prior to March 31, 2016, except that we may voluntarily agree to lower the expense cap below 1.56%.
Any waiver or reimbursement by us is subject to repayment by the Fund in the three fiscal years following the fiscal year in which the particular waiver or reimbursement occurs; provided that the Fund is able to make the repayment without exceeding the 1.56% expense limitation described above.
Very truly yours,
Xxxxxx Capital Management, Inc.
By: /s/ Xxxxxxx Xxxxxx
Xxxxxxx Xxxxxx, President & CEO
Acceptance
The foregoing Agreement is hereby accepted.
By: /s/Xxxx Xxxxxx
Xxxx Xxxxxx, Senior Vice President
