Common use of Fee Increases Clause in Contracts

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 plus 1.5%; provided that Ultimus gives 30-day notice of such increase to a Fund Company by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year.

Fee Increases. After the Initial Term, Ultimus may annually increase the minimum fees listed in section 1.1 above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 U”)2 plus 1.5%; provided that Ultimus gives 3060-day notice of such increase to a Fund Company by March 1 the Trust’s Board of Trustees and the thenAdviser. Any CPI–U increases not charged in any given year may be included in prospective CPI-current calendar year. The U fee increase will take effect on April 1 of the then-current calendar yearincreases in future years.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 plus 1.5%; provided that Ultimus gives 30-day notice of such increase to a Fund Company the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year. Any CPI–U increases not charged in any given year may be included in prospective CPI-U fee increases in future years.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - Consumers—All Items (seasonally unadjusted) (collectively the “CPI-U”)1 U”)2 plus 1.5%; provided that Ultimus gives 30-day notice of such increase to a Fund Company the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year. Any CPI-U increases not charged in any given year may be included in prospective CPI-U fee increases in future years.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 plus 1.5%; provided that Ultimus gives 3060-day notice of such increase to a Fund Company by March 1 the Trust’s Board of Trustees and the thenAdviser. Any CPI–U increases not charged in any given year may be included in prospective CPI-current calendar year. The U fee increase will take effect on April 1 of the then-current calendar yearincreases in future years.

Fee Increases. After the Initial Term, Ultimus may annually increase the minimum annual fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 plus 1.5%U”)1; provided that Ultimus gives 30-day notice of such increase to a Fund Company the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year. Any CPI-U increases not charged in any given year may be included in prospective CPI-U fee increases in future years.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 U”)2 plus 1.5%; provided that Ultimus gives 30-day notice of such increase to a Fund Company the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year. Any CPI-U increases not charged in any given year may be included in prospective CPI-U fee increases in future years.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - Consumers—All Items (seasonally unadjusted) (collectively the “CPI-U”)1 plus 1.5%; provided that Ultimus gives 30-day notice of such increase to a Fund Company the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year. Any CPI–U increases not charged in any given year may be included in prospective CPI-U fee increases in future years.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 plus 1.5%; provided that Ultimus gives 30-day notice of such increase to a Fund Company the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year. Any CPI-U increases not charged in any given year may be included in prospective CPI-U fee increases in future years.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 U”)2 plus 1.5%; provided that Ultimus gives 3060-day notice of such increase to a Fund Company by March 1 the Fund’s Board of Trustees and the thenAdviser. Any CPI–U increases not charged in any given year may be included in prospective CPI-current calendar year. The U fee increase will take effect on April 1 of the then-current calendar yearincreases in future years.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 U”)2 plus 1.5%; provided that Ultimus gives 30-day notice of such increase to a Fund Company the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 U”)3 plus 1.5%; provided that Ultimus gives 3060-day notice of such increase to a Fund Company by March 1 the Trust’s Board of Trustees and the thenAdviser. Any CPI-current calendar year. The U increases not charged in any given year may be included in prospective CPI-U fee increase will take effect on April 1 of the then-current calendar yearincreases in future years.

Fee Increases. After the Initial Term, Ultimus may will annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 plus 1.5%; provided that Ultimus gives 30-day notice of such increase to a Fund Company by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 plus 1.5%; provided that Ultimus Xxxxxxx gives 3060-day notice of such increase to a Fund Company by March 1 the Trust’s Board of Trustees and the thenAdviser. Any CPI–U increases not charged in any given year may be included in prospective CPI-current calendar year. The U fee increase will take effect on April 1 of the then-current calendar yearincreases in future years.

Fee Increases. After the Initial Termfirst three years of operation, Ultimus may annually increase the fees minimum fee listed in section 1.1 above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 plus 1.5%; provided that Ultimus gives 3060-day notice of such increase to a Fund Company by March 1 the Trust’s Board of Trustees and the thenAdviser. Any CPI-current calendar year. The U increases not charged in any given year may be included in prospective CPI-U fee increase will take effect on April 1 of the then-current calendar yearincreases in future years.

Fee Increases. After the Initial Term, Ultimus may will annually increase the minimum fees listed in section 1.1 above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 U”)2 plus 1.5%1.0% (not to exceed an aggregate 4.0% increase in any year); provided that Ultimus gives 3060-day notice of such increase to a Fund Company by March 1 the Trust’s Board of Directors and the thenAdviser. Any CPI–U increases not charged in any given year may be included in prospective CPI-current calendar year. The U fee increase will take effect on April 1 of the then-current calendar yearincreases in future years.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 plus 1.5%; provided that Ultimus gives 3060-day notice of such increase to the Trust’s 1 Using 1982-84=100 as a Fund Company base, unless otherwise noted in reports by March 1 the Bureau of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar yearLabor Statistics.

Fee Increases. After the Initial Term, Ultimus may annually increase the minimum fees listed in section 1.1 above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 U”)2 plus 1.5%; provided that Ultimus gives 3060-day notice of such 2 Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics. increase to a Fund Company by March 1 the Trust’s Board of Trustees and the thenAdviser. Any CPI–U increases not charged in any given year may be included in prospective CPI-current calendar year. The U fee increase will take effect on April 1 of the then-current calendar yearincreases in future years.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 plus 1.5%; provided that Ultimus gives 30-day notice of such increase to a Fund Company the Trust by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year.

Fee Increases. After the Initial Term, Ultimus may annually increase the fees listed above by an amount not to exceed the average annual change for the prior calendar year in the Consumer Price Index for All Urban Consumers - All Items (seasonally unadjusted) (collectively the “CPI-U”)1 plus 1.5%; provided that Ultimus gives 30-day notice of such increase to a Fund Company the Corporation by March 1 of the then-current calendar year. The fee increase will take effect on April 1 of the then-current calendar year. Any CPI-U increases not charged in any given year may be included in prospective CPI-U fee increases in future years.