0001398344-16-021982 Sample Contracts

INVESTMENT MANAGERS SERIES TRUST FIRST AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • December 22nd, 2016 • Investment Managers Series Trust • Delaware

THIS FIRST AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is dated 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, Gavekal Capital, LLC (the “Advisor”).

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INVESTMENT ADVISORY AGREEMENT BETWEEN INVESTMENT MANAGERS SERIES TRUST AND GAVEKAL CAPITAL, LLC
Investment Advisory Agreement • December 22nd, 2016 • Investment Managers Series Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”), dated as of March 14, 2016, between the 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”), and Gavekal Capital, LLC, a Colorado Limited Liability Company (the “Advisor”).

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