0001398344-19-017238 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • September 27th, 2019 • Ultimus Managers Trust • Ohio

This Investment Advisory Agreement (the “Agreement”) is made and entered into effective as of September 9, 2019, 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 Karner Blue Capital, LLC, a Maryland limited liability company (the “Adviser”).

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EXPENSE LIMITATION AGREEMENT FOR ULTIMUS MANAGERS TRUST
Expense Limitation Agreement • September 27th, 2019 • Ultimus Managers Trust

THIS EXPENSE LIMITATION AGREEMENT (the “Agreement”), dated as of September 9, 2019, is made and entered into 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 (each a “Fund”), and Karner Blue Capital, LLC, a Maryland limited liability company (the “Adviser”).

Amended Appendix D To the Global Custody Agreement
Global Custody Agreement • September 27th, 2019 • Ultimus Managers Trust

This Amended Appendix D, dated September 9, 2019, to the Global Custody Agreement, dated July 21, 2015, between Ultimus Managers Trust (the “Principal”) and MUFG Union Bank, N.A. (the “Agreement”), lists each Portfolio on whose behalf the Principal has entered into the Agreement.

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