0001193125-17-061257 Sample Contracts

VALUED ADVISERS TRUST AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • February 28th, 2017 • Valued Advisers Trust

THIS AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT (“Agreement”) by and between Valued Advisers Trust, a Delaware statutory trust (the “Trust”), on behalf of one or more of its series portfolios as set forth on Schedule A, (each a “Fund”), and Granite Investment Advisors, LLC (the “Adviser”), a Delaware limited liability company, is hereby made effective as of March 1, 2017.

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AMENDMENT TO INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • February 28th, 2017 • Valued Advisers Trust • Delaware

This Amendment to the Investment Advisory Agreement (“Amendment”) is made retroactively as of February 1, 2017 by and between Granite Investment Advisors, Inc., with its principal place of business in Concord, New Hampshire (“Granite”), and Valued Advisers Trust, a Delaware statutory trust (the “Trust”).

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