0001398344-17-002595 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • February 28th, 2017 • Ultimus Managers Trust • Ohio

This Investment Advisory Agreement (the “Agreement”) is made and entered into effective as of October 24, 2016, by and between Ultimus Managers Trust, an Ohio business trust (the “Trust”) on behalf of each series of the Trust set forth on Schedule A attached hereto (individually the “Fund” and collectively the “Funds”), a series of shares of the Trust, and Fiera Capital Inc., a Delaware corporation (the “Adviser”).

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AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • February 28th, 2017 • Ultimus Managers Trust

This Expense Limitation Agreement (the “Agreement”), is made and entered into effective as of February 2, 2017, by and between the Ultimus Managers Trust, an Ohio business trust (the “Trust”), on behalf of each series of the Trust set forth on Schedule A attached hereto (individually the “Fund” and collectively, the “Funds”), a series of shares of the Trust, and WAYCROSS PARTNERS, LLC, a Kentucky limit liability corporation (the “Adviser”).

EXPENSE LIMITATION AGREEMENT FOR ULTIMUS MANAGERS TRUST
Expense Limitation Agreement • February 28th, 2017 • Ultimus Managers Trust

THIS AGREEMENT, dated as of October 24, 2016, is made and entered into by and between the Ultimus Managers Trust, an Ohio business trust (the “Trust”), on behalf of the series of the Trust set forth on Schedule A attached hereto (individually a “Fund” and collectively the “Funds”), and Fiera Capital Inc. (the “Adviser”).

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