0000894189-16-008470 Sample Contracts

OPERATING EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • March 24th, 2016 • Angel Oak Funds Trust • Delaware

THIS OPERATING EXPENSE LIMITATION AGREEMENT, dated as of January 13, 2016, is made and entered into by and between the Angel Oak Funds Trust, a Delaware statutory trust (the “Trust”), on behalf of each series of the Trust set forth on Schedule A attached hereto, which may be amended from time to time (the “Funds”), and Angel Oak Capital Advisors, LLC (the “Adviser”).

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SECOND AMENDMENT TO THE ANGEL OAKS FUNDS TRUST FUND ADMINISTRATION SERVICING AGREEMENT
Fund Administration Servicing Agreement • March 24th, 2016 • Angel Oak Funds Trust

THIS SECOND AMENDMENT dated as of March 21, 2016, to the Fund Administration Servicing Agreement, dated as of October 16, 2014, as amended June 30, 2015 (the "Agreement"), is entered into by and between ANGEL OAK FUNDS TRUST, a Delaware statutory trust (the "Trust") and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company ("USBFS").

to the INVESTMENT ADVISORY AGREEMENT Dated October 16, 2014 between
Investment Advisory Agreement • March 24th, 2016 • Angel Oak Funds Trust

IN WITNESS WHEREOF, the parties hereto have caused this Schedule A to be duly executed by their duly authorized officers, as of January 13, 2016.

SECOND AMENDMENT TO THE ANGEL OAKS FUNDS TRUST FUND ACCOUNTING SERVICING AGREEMENT
Fund Accounting Servicing Agreement • March 24th, 2016 • Angel Oak Funds Trust

THIS SECOND AMENDMENT, dated as of March 21, 2016, to the Fund Accounting Servicing Agreement, dated as of October 16, 2014, as amended June 30, 2015 (the “Agreement”), is entered into by and between ANGEL OAK FUNDS TRUST, a Delaware statutory trust (the "Trust") and U.S. BANCORP FUND SERVICES, LLC, a Wisconsin limited liability company ("USBFS").

FIRST AMENDMENT TO THE DISTRIBUTION AGREEMENT
Distribution Agreement • March 24th, 2016 • Angel Oak Funds Trust

THIS FIRST AMENDMENT, dated as of March 21, 2016, is entered into by and among Angel Oak Funds Trust, a Delaware statutory trust (the “Trust”), Quasar Distributors, LLC, a Delaware limited liability company (the “Distributor”), and Angel Oak Capital Advisors, LLC, a Delaware limited liability company and the investment advisor to the Trust (the “Advisor”), as parties to the Distribution Agreement dated as of October 14, 2014, (the “Agreement”).

FIRST AMENDMENT TO THE ANGEL OAKS FUNDS TRUST CUSTODY AGREEMENT
Custody Agreement • March 24th, 2016 • Angel Oak Funds Trust

THIS FIRST AMENDMENT dated as of March 21, 2016, to the Custody Agreement, dated as of October 16, 2014, (the "Agreement"), is entered into by and between ANGEL OAK FUNDS TRUST, a Delaware statutory trust (the "Trust") and U.S. BANK, N.A., a national banking association (the "Custodian").

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