0001111830-12-000195 Sample Contracts

ADMINISTRATION AGREEMENT
Administration Agreement • March 23rd, 2012 • Papp Investment Trust • Ohio

THIS AGREEMENT is made as of this 1st day of March, 2010, by and between PAPP INVESTMENT TRUST (the "Trust"), an Ohio business trust having its principal place of business at 2201 E. Camelback Road, Suite 227B, Phoenix, Arizona 85016, 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 225 Pictoria Drive, Suite 450, Cincinnati, Ohio 45246.

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INTERIM INVESTMENT ADVISORY AGREEMENT
Interim Investment Advisory Agreement • March 23rd, 2012 • Papp Investment Trust • Ohio

THIS AGREEMENT made as of the 16th day of December, 2011 by and between L. Roy Papp & Associates, LLP (the “Investment Adviser”), an Arizona Limited Liability Partnership, and Papp Investment Trust (the “Trust”), an Ohio business trust.

FIRST AMENDMENT TO EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • March 23rd, 2012 • Papp Investment Trust

This Amendment to the Expense Limitation Agreement entered into by and between L. Roy Papp & Associates, LLP (the “Adviser") and Papp Investment Trust (the "Trust"), on behalf of the Papp Small & Mid-Cap Growth Fund, dated March 1, 2010 (the "Agreement") is effective March 21, 2012.

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