Common use of Fee Increases Clause in Contracts

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”) plus 1.5%; provided that Ultimus gives at least 120-days prior written notice of such increase to the Trust’s Board of Trustees and the Adviser. 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 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”) U”)2 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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 Following the first 18 months of 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”) U”)3 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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 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 - Consumers—All Items (seasonally unadjusted) (collectively the “CPI-U”) U”)1 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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. 1 Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics.

Fee Increases. After Following the first 18 months of 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”) U”)1 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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 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”) U”)3 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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 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”) U”)1 plus 1.5%[REDACTED]; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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 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”) U”)2 plus 1.5%[REDACTED]; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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 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”) plus 1.5%; provided that Ultimus gives at least 120-days prior written notice of such increase to the Trust’s Board of Trustees and the Adviser. 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 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”) U”)1 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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. 1 Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor 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 - Consumers—All Items (seasonally unadjusted) (collectively the “CPI-U”) U”)3 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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. 3 Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau of Labor Statistics.

Fee Increases. After Following the first 18 months of 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”) U”)2 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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 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”) U”)2 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees the then-current calendar year and the AdviserTrust approves such increase. 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 minimum annual 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”) U”)1 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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 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”) U”)1 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Corporation by March 1 of Trustees and the Adviserthen-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 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”) U”)1 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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 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 - Consumers—All Items (seasonally unadjusted) (collectively the “CPI-U”) U”)3 plus 1.5%; provided that Ultimus gives at least 12030-days prior written day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-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.