0001398344-14-003586 Sample Contracts

TENTH AMENDMENT TO DISTRIBUTION AGREEMENT
Distribution Agreement • July 14th, 2014 • Investment Managers Series Trust

This Tenth Amendment (“Amendment”) to the Distribution Agreement dated as of December 31, 2012, as amended from time to time (the “Agreement”), by and between Investment Managers Series Trust (the “Client) and IMST Distributors, LLC (“Distributor”) is entered into as of __________, 2014 (the “Effective Date”).

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INVESTMENT MANAGERS SERIES TRUST AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • July 14th, 2014 • Investment Managers Series Trust • Delaware

THIS AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of September 18, 2013 to the Operating Expense Limitation Agreement dated September 14, 2010 with Advisory Research, Inc. and the Operating Expense Limitation Agreement dated September 14, 2010 with Fiduciary Asset Management, LLC, is entered into by and between INVESTMENT MANAGERS SERIES TRUST, a Delaware statutory trust (the “Trust”), on behalf of its series listed in Appendix A, as amended from time to time (the “Fund”), a series of the Trust, and the Advisor of the Fund, ADVISORY RESEARCH, INC., (the “Advisor”).

DISTRIBUTION AGREEMENT
Distribution Agreement • July 14th, 2014 • Investment Managers Series Trust • Delaware

THIS AGREEMENT is made and entered into by and between Investment Managers Series Trust, a Delaware statutory trust (the “Client”) and IMST Distributors, LLC, a Delaware limited liability company (the “Distributor”) and is effective as of the date set forth for each Fund listed in Exhibit A .

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