0001398344-19-003492 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • February 28th, 2019 • Valued Advisers Trust • Delaware

INVESTMENT ADVISORY AGREEMENT (the "Agreement") made as of this 17th day of December, 2018 by and between Valued Advisers Trust (the “Trust”), a Delaware statutory trust registered as an investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and Dana Investment Advisors, Inc., (the “Adviser”), a Wisconsin corporation with its principal place of business in Brookfield, Wisconsin.

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DISTRIBUTION AGREEMENT
Distribution Agreement • February 28th, 2019 • Valued Advisers Trust • Ohio

This Agreement, dated February 1, 2019 is between Valued Advisers Trust (the “Trust”), a Delaware business trust, and Ultimus Fund Distributors, LLC (“Distributor”), a limited liability company organized under the laws of the State of Ohio.

VALUED ADVISERS TRUST DISTRIBUTION AGREEMENT
Distribution Agreement • February 28th, 2019 • Valued Advisers Trust • Indiana

DISTRIBUTION AGREEMENT, dated as of February 1, 2019, by and among Valued Advisers Trust, a Delaware statutory trust (the “Trust”), the investment adviser to one or more series of the Trust as set forth on Exhibit A (the “Adviser”), and Unified Financial Securities, LLC, a Delaware limited liability company (the “Distributor”).

VALUED ADVISERS TRUST AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • February 28th, 2019 • 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 Dana Investment Advisors, Inc. (the “Adviser”), a Wisconsin corporation.

AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • February 28th, 2019 • Valued Advisers Trust

This Amended and Restated Expense Limitation Agreement between Valued Advisers Trust, a Delaware statutory trust (the “Trust”), on behalf of each series listed on Schedule A, (each a “Fund”), and Foundry Partners, LLC (the “Adviser”), a Delaware limited liability company, is made and entered into effective as of March 1, 2019 (the “Agreement”).

VALUED ADVISERS TRUST EXPENSE LIMITATION AGREEMENT
Valued Advisers Trust • February 28th, 2019 • Valued Advisers Trust

THIS AGREEMENT is made and entered into effective as of December 17, 2018 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 Dana Investment Advisors, Inc. (the “Adviser”), a Wisconsin corporation.

VALUED ADVISERS TRUST AMENDED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • February 28th, 2019 • Valued Advisers Trust

THIS 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 Kovitz Investment Group Partners, LLC (the “Adviser”), a Delaware limited liability company, is hereby made effective as of March 1, 2019.

VALUED ADVISERS TRUST AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • February 28th, 2019 • 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 SMI Advisory Services, LLC (the “Adviser”), an Indiana limited liability company, is hereby made effective as of December 3, 2018.

VALUED ADVISERS TRUST DISTRIBUTION AGREEMENT
Distribution Agreement • February 28th, 2019 • Valued Advisers Trust • Indiana

DISTRIBUTION AGREEMENT, dated as of February 1, 2019, by and among Valued Advisers Trust, a Delaware statutory trust (the “Trust”), the investment adviser to one or more series of the Trust as set forth on Exhibit A (the “Adviser”), and Unified Financial Securities, LLC, a Delaware limited liability company (the “Distributor”).

AMENDED APPENDIX B Custody Agreement Between The Huntington National Bank and Valued Advisers Trust Series of the Trust
Custody Agreement • February 28th, 2019 • Valued Advisers Trust
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