0001398344-20-004771 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • February 28th, 2020 • Ultimus Managers Trust • Ohio

This Investment Advisory Agreement (the “Agreement”) is made and entered into effective as of December 1, 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 Q3 Asset Management Corporation, a Michigan corporation (the “Adviser”).

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THIRD AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT FOR ULTIMUS MANAGERS TRUST
Expense Limitation Agreement • February 28th, 2020 • Ultimus Managers Trust

THIS THIRD AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT (the “Agreement”), dated as of January 22, 2020, 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 Lyrical Asset Management, LP, a Delaware limited partnership (the “Adviser”).

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