Common use of Fee Increases Clause in Contracts

Fee Increases. 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”)2 plus 1.5%; provided that Ultimus gives 60-day 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. 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”)2 U”)1 plus 1.5%; provided that Ultimus gives 6030-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”)2 U”)1 plus 1.5%; provided that Ultimus gives 6030-day notice of such increase to a Fund Company by March 1 of the Trust’s Board then-current calendar year. The fee increase will take effect on April 1 of Trustees and the Adviser. Any CPI–U increases not charged in any given year may be included in prospective CPIthen-U fee increases in future yearscurrent calendar year.

Fee Increases. 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”)2 plus 1.5%; provided that Ultimus gives 6030-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. 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”)2 U”)1 plus 1.5%; provided that Ultimus gives 6030-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. 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”)2 U”)1 plus 1.5%; provided that Ultimus gives 60-day 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. 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”)2 plus 1.5%; provided that Ultimus gives 6030-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. 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”)2 plus 1.5%U”)1; provided that Ultimus gives 6030-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. 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”)2 U”)1 plus 1.5%; provided that Ultimus gives 6030-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”)2 U”) plus 1.5%; provided that Ultimus gives 60at least 120-day 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. 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”)2 plus 1.5%; provided that Ultimus gives 6030-day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-current calendar year. Any CPI–U increases not charged in any given year may be included in prospective CPIThe fee increase will take effect on April 1 of the then-U fee increases in future yearscurrent calendar year.

Fee Increases. 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”)2 U”)3 plus 1.5%; provided that Ultimus gives 60-day 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”)2 U”) plus 1.5%; provided that Ultimus gives 60at least 120-day 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. 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”)2 U”)1 plus 1.5%; provided that Ultimus ▇▇▇▇▇▇▇ gives 60-day 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. 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”)2 U”)1 plus 1.5%; provided that Ultimus gives 6030-day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-current calendar year. Any CPI–U increases not charged in any given year may be included in prospective CPIThe fee increase will take effect on April 1 of the then-U fee increases in future yearscurrent calendar year.

Fee Increases. 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”)2 U”)1 plus 1.5%; provided that Ultimus gives 60-day 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. 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”)2 U”)1 plus 1.5%; provided that Ultimus gives 60-day notice of such increase to the Trust’s Board 1 Using 1982-84=100 as a base, unless otherwise noted in reports by the Bureau 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 yearsLabor 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”)2 plus 1.5%U”)1; provided that Ultimus gives 6030-day notice of such increase to the Trust’s Board Trust by March 1 of Trustees and the Adviserthen-current calendar year. Any CPI–U increases The fee increase will take effect on April 1 of the then-current calendar year. The maximum fee increase shall not charged in any given year may be included in prospective CPI-U fee increases in future yearsgreater than 3% per year.

Fee Increases. 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”)2 plus 1.5%1.0% (not to exceed an aggregate 4.0% increase in any year); provided that Ultimus gives 60-day notice of such increase to the Trust’s Board of Trustees Directors 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. 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”)2 plus 1.5%; provided that Ultimus gives 60-day notice of such increase to the TrustFund’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 first three years of operation, Ultimus may annually increase the minimum fees 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”)2 U”)1 plus 1.5%; provided that Ultimus gives 60-day 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. 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”)2 plus 1.5%; provided that Ultimus gives 60-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 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.