0000894189-15-001577 Sample Contracts

ADVISORS SERIES TRUST INVESTMENT ADVISORY AGREEMENT with Semper Capital Management, L.P.
Investment Advisory Agreement • March 30th, 2015 • Advisors Series Trust • Delaware

This INVESTMENT ADVISORY AGREEMENT is made as of the 9th day of March, 2015, by and between Advisors Series Trust, a Delaware statutory trust (hereinafter called the “Trust”), on behalf of the series of the Trust indicated on Schedule A, which may be amended from time to time, (each a “Fund”, and together the “Funds”) and Semper Capital Management, L.P., a Delaware limited partnership (hereinafter called the “Adviser”).

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ADVISORS SERIES TRUST INTERIM INVESTMENT ADVISORY AGREEMENT with Semper Capital Management, L.P.
Advisors Series Trust • March 30th, 2015 • Advisors Series Trust • Delaware

This INTERIM INVESTMENT ADVISORY AGREEMENT (the “Agreement”) is made effective as of the 5th day of December, 2014, by and between Advisors Series Trust, a Delaware statutory trust (hereinafter called the “Trust”), on behalf of the series of the Trust indicated on Schedule A, which may be amended from time to time, (each a “Fund”, and together the “Funds”) and Semper Capital Management, L.P., a Delaware limited partnership (hereinafter called the “Adviser”).

ADVISORS SERIES TRUST OPERATING EXPENSES LIMITATION AGREEMENT
Operating Expenses Limitation Agreement • March 30th, 2015 • Advisors Series Trust • Delaware

This OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is made as of the 9th day of March, 2015, by and between Advisors Series Trust, a Delaware statutory trust (hereinafter called the “Trust”), on behalf of the series of the Trust indicated on Schedule A, which may be amended from time to time, (each a “Fund”, and together the “Funds”) and Semper Capital Management, L.P., a Delaware limited partnership (hereinafter called the “Adviser”).

AMENDMENT TO THE ADVISORS SERIES TRUST TRANSFER AGENT SERVICING AGREEMENT
Transfer Agent Servicing Agreement • March 30th, 2015 • Advisors Series Trust

THIS AMENDMENT dated as of the 1st day of April, 2014, to the Transfer Agent Servicing Agreement, dated as of June 8, 2006, as amended (the "Agreement"), is entered into by and between Advisors Series Trust, a Delaware statutory trust (the "Trust") and U.S. Bancorp Fund Services, LLC, a Wisconsin limited liability company ("USBFS").

ADVISORS SERIES TRUST INTERIM OPERATING EXPENSES LIMITATION AGREEMENT
Advisors Series Trust • March 30th, 2015 • Advisors Series Trust • Delaware

This INTERIM OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of the 5th day of December, 2014, by and between Advisors Series Trust, a Delaware statutory trust (hereinafter called the “Trust”), on behalf of the series of the Trust indicated on Schedule A (each a “Fund”, and together the “Funds”), and the interim investment adviser of the Funds, Semper Capital Management, L.P., a Delaware limited partnership (the “Adviser”).

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