0000950123-10-062705 Sample Contracts

INVESTMENT ADVISORY AGREEMENT (Private Capital Management Value Fund)
Investment Advisory Agreement • June 30th, 2010 • FundVantage Trust • Delaware

AGREEMENT made as of May 27, 2010, between FUNDVANTAGE TRUST, a Delaware Statutory Trust (herein called the “Trust") on behalf of the series of the Trust set forth on Schedule A to this Agreement (the “Fund"), and Private Capital Management, L.P. (herein called the “Investment Adviser").

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EXPENSE LIMITATION/REIMBURSEMENT AGREEMENT
Expense Limitation/Reimbursement Agreement • June 30th, 2010 • FundVantage Trust

This Agreement is entered into as of the 27th day of May, 2010, between Private Capital Management, L.P. (the “Adviser”) and FundVantage Trust (the “Trust”), on behalf of Private Capital Management Value Fund (the “Fund”).

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