0001398344-15-007169 Sample Contracts

AMENDED AND RESTATED SUB-ADVISORY AGREEMENT BETWEEN SILVERPEPPER LLC AND GALTERE INC.
Sub-Advisory Agreement • October 29th, 2015 • Investment Managers Series Trust • Delaware

THIS SUB-ADVISORY AGREEMENT (the “Agreement”), dated as of ______________, 2015, is entered into by and between SilverPepper LLC, a Delaware limited liability company with its principal office and place of business at 570 Oakwood Avenue, Lake Forest, Illinois 60045 (the “Advisor”), and Galtere Inc., a U.S. Virgin Islands company with its principal office and place of business at 5328 Yacht Haven Grande Suite C201 Box 15, St. Thomas, U.S. Virgin Islands 00802 (the “Sub-Advisor”).

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SILVERPEPPER COMMODITY HOLDINGS AMENDED AND RESTATED INVESTMENT SUB-ADVISORY AGREEMENT BETWEEN SILVERPEPPER LLC AND GALTERE INC. _________________________
Investment Sub-Advisory Agreement • October 29th, 2015 • Investment Managers Series Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”), dated as of ______________, 2015, is entered into by and between SilverPepper LLC, a Delaware limited liability company (the “Advisor”), and Galtere Inc., a U.S. Virgin Islands company with its principal office and place of business at 5328 Yacht Haven Grande Suite C201 Box 15, St. Thomas, U.S. Virgin Islands 00802 (the “Sub-Advisor”).

INVESTMENT MANAGERS SERIES TRUST AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • October 29th, 2015 • Investment Managers Series Trust • Delaware

THIS AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of September 18, 2015, 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 (each a “Fund”), and the investment advisor of the Funds, SilverPepper, LLC (the “Advisor”).

SUB-ADVISORY AGREEMENT BETWEEN SILVERPEPPER, LLC AND BROWN TROUT MANAGEMENT, L.L.C.
Sub-Advisory Agreement • October 29th, 2015 • Investment Managers Series Trust • Delaware

THIS SUB-ADVISORY AGREEMENT (the “Agreement”), dated as of March --, 2015, is entered into by and between SILVERPEPPER LLC, a Delaware limited liability company with its principal office and place of business at 570 Oakwood Avenue, Lake Forest, Illinois 60045 (the “Advisor”) and Brown Trout Management, LLC, an Illinois limited liability company with its principal office and place of business at 311 South Wacker Drive, Suite 6025, Chicago, Illinois 60606 (the “Sub-advisor”).

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