0000894189-18-001957 Sample Contracts

ADVISORS SERIES TRUST INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • March 28th, 2018 • Advisors Series Trust • Delaware

This INVESTMENT ADVISORY AGREEMENT is made as of the 22nd day of March, 2018, by and between Advisors Series Trust, a Delaware statutory trust (hereinafter called the "Trust"), on behalf of the series of the Trust indicated on Schedule A, which may be amended from time to time, (each a "Fund", and together the "Funds") and Semper Capital Management, L.P., a Delaware limited partnership (hereinafter called the "Adviser").

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ADVISORS SERIES TRUST AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • March 28th, 2018 • Advisors Series Trust • Delaware

This AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT (the "Agreement") is made as of the 22nd day of March, 2018, by and between Advisors Series Trust, a Delaware statutory trust (hereinafter called the "Trust"), on behalf of the series of the Trust indicated on Schedule A, which may be amended from time to time, (each a "Fund", and together the "Funds") and Semper Capital Management, L.P., a Delaware limited partnership (hereinafter called the "Adviser").

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