FUND ACCOUNTING AND ADMINISTRATION SERVICE AGREEMENT
Exhibit (h)(1)
THIS AGREEMENT is made and entered into as of this 16th day of April, 2016 as amended March 10,
2022, by and between STARBOARD INVESTMENT TRUST, a Delaware statutory trust, having its principal office and place of business at 000 Xxxxx Xxxxxxxx
Xxxxxx, Xxxxx Xxxxx, Xxxxx Xxxxxxxx 00000 (the “Trust”) and THE NOTTINGHAM COMPANY, a North Carolina corporation, having its principal office and place
of business at 000 Xxxxx Xxxxxxxx Xxxxxx, Xxxxx Xxxxx, Xxxxx Xxxxxxxx 00000 (the “Administrator”).
WHEREAS, the Trust is an open-end management investment company registered with the United States Securities and Exchange Commission (“SEC”) under the Investment Company Act of 1940, as
amended (“1940 Act”); and
WHEREAS, the Trust is authorized to issue shares of beneficial interest in separate series, with each such series representing interests in a separate portfolio of securities and other
assets; and
WHEREAS, the Trust offers shares in the series listed in Appendix A hereof (each such series, together with all other series subsequently established by the Trust and made subject to this
Agreement, being herein referred to as a “Fund,” and collectively as the “Funds”); and
WHEREAS, the Administrator is in the business of providing fund accounting and administration services for the benefit of its customers; and
WHEREAS, the Trust desires to retain the Administrator to provide such fund accounting and administration services to each series of the Trust listed in Appendix A hereof (and as
periodically amended); and
WHEREAS, the Administrator is willing to provide such fund accounting and administration services on the terms and conditions set forth in this agreement;
NOW THEREFORE, in consideration of the premises and mutual covenants contained herein, the Trust and the Administrator hereby agree as follows:
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1.
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APPOINTMENT OF THE ADMINISTRATOR
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(a)
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The Trust, on behalf of each Fund listed in Appendix A, hereby retains the Administrator to provide the accounting and administrative
services enumerated in Appendix B hereof, for the period and on the terms set forth in this Agreement.
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(b)
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The Administrator hereby agrees to be retained and to furnish the services enumerated in Appendix B, for the period and on the terms
set forth in this Agreement, in return for the compensation as provided in Section 4 of this Agreement.
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1
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2.
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SERVICES AND DUTIES OF THE ADMINISTRATOR
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(a)
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With respect to each Fund, the Administrator shall provide, or cause to be provided, the accounting and
administrative duties as set forth in Appendix B. The Administrator shall exercise reasonable customary care in the performance of its duties under this Agreement.
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(b)
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The Administrator may from time to time adopt procedures, or modify its procedures, to implement the terms of this
Agreement. However, at all times the Administrator will perform its services and duties in compliance with, and according to, the policies and direction of the Trust’s Board of Trustees.
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(c)
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The parties hereby mutually agree that the services and duties of the Administrator shall be confined to those
matters expressly set forth in Appendix B or otherwise herein, and no implied duties are assumed by or may be asserted against the Administrator.
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3.
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BOOKS AND RECORDS
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(a)
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Record Maintenance. The Administrator shall maintain customary books and records in connection with its duties as specified in this Agreement. Any such books or records required to be maintained and preserved pursuant to Rules
31a-1 and 31a-2 under the Investment Company Act of 1940 that are prepared and maintained by the Administrator on behalf of the Trust shall be the property of the Trust and will be made available to or surrendered promptly to the Trust on
request. Notwithstanding the foregoing, the Administrator shall be entitled to keep copies of any books or records that the Administrator may be required to retain by law or regulation.
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Unless otherwise agreed upon by the Administrator and the Trust, the
Administrator may subcontract to a third party the storage and maintenance of the Trust’s books and records and such costs and expenses shall be the responsibility of the Trust.
In case of any request or demand for the inspection of such records by
another party, the Administrator will notify the Trust and follow the Trust’s instructions as to permitting or refusing such inspection; provided that the Administrator may exhibit such records as provided in Section 14 of this Agreement and to any
person in any case where it is advised by its counsel that it may be held liable for failing to do so, unless (in cases involving potential exposure only to civil liability) the Trust has agreed to indemnify the Administrator against such
liability.
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(b)
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Delivery of Documents. The Trust shall provide the Administrator with the necessary documents, records, and other information in its possession or control to enable the Administrator to
perform its duties and obligations under this Agreement, including, but not limited to, a copy of the Trust documents and any amendments thereto.
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2
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(c)
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Converting to Administrator’s System. The Trust agrees to cooperate with the Administrator in converting to the Administrator’s data processing system and software (“Administrator’s System”)
to the extent necessary for Administrator to perform the Administrator’s duties under this Agreement. Notwithstanding anything to the contrary in this Agreement, the Trust acknowledges and agrees that all computer programs and procedures
developed by or for the Administrator to perform its duties and services under this Agreement, including, but not limited to, the Administrator’s Systems, are and shall remain the sole property of the Administrator.
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4.
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FEES, EXPENSES AND OTHER COMPENSATION
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(a)
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Fees. In exchange for the services provided by the Administrator pursuant to Appendix B or otherwise herein, the Trust hereby agrees to pay, or cause to be paid, to the Administrator fees as specified in the Fund
specific Appendices hereof. The Administrator will be entitled to additional compensation for any special projects or services requested by the Trust outside the scope of Appendix B or otherwise herein.
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Asset-based compensation will be calculated and accrued daily, and paid to the
Administrator monthly. For flat fees, partial months will be prorated. Where applicable, the fee shall be calculated based upon the average daily net assets of each Fund. For this purpose, the average daily net assets shall be computed in the manner
described in the Trust’s Declaration of Trust or the Trust’s Prospectus or Statement of Additional Information for that Fund.
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(b)
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Special Projects. The Trust may, from time to time, request that the Administrator perform additional tasks above and beyond the general scope of its responsibilities under Appendix B herein. The Trust hereby agrees to pay, or
cause to be paid, to the Administrator special project fees as specific in Schedule 1 hereof.
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(c)
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Expenses. The Trust hereby assumes and will pay, or cause to be paid, all expenses of the Trust and the Fund(s) pursuant to Schedule 2 hereof, and will allocate the Fund(s)’ portion of such expenses to the Fund(s) for
direct payment.
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(d)
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Reimbursement. The Trust will promptly reimburse the Administrator for its reasonable expenses in connection with the Trust’s and the Fund(s)’ activities including, but not limited to:
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(i)
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costs of telephone services (but not telephone equipment) including, but not limited to, long distance telephone and wire charges;
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(ii)
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postage and delivery costs;
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(iii)
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costs to print special forms and stationery;
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(iv)
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copying charges;
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(v)
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costs of financial publications (if any) or professional memberships (e.g. ICI membership) in connection with the Trust’s and the
Fund(s)’ activities;
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(vi)
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third party storage fees of the Trust’s and the Fund(s)’ files and records, etc.; and
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(vii)
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any travel and lodging expenses incurred by officers and employees of the Administrator in connection with its
services under this agreement, including, but not limited to, the attendance at meetings of the Trust’s Board of Trustees.
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(e)
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Compensation from
Transactions. The Trust authorizes any entity or person associated with the Administrator that is a member of a national securities exchange to effect any transaction on the exchange for the account
of the Trust which is permitted by Section 11(a) of the Securities Exchange Act of 1934 and Rule 11a2-2(T) thereunder, and the Trust consents to the retention of compensation for such transactions in accordance with Rule
11a2-2(T)(a)(2)(iv) thereunder.
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(f)
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Survival of
Compensation Rates. All rights of compensation under this Agreement for services performed as of the termination date will survive the termination of this Agreement. In addition, upon a liquidation
upon termination of this Agreement as to any Fund the Administrator shall be entitled to such other compensation as set forth in Appendix C.
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5.
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NON-EXCLUSIVITY
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The services of the Administrator rendered to the Trust are not to be deemed to be exclusive. The
Administrator is free to render such services to others and to have other businesses and interests. It is understood that Trustees, officers, employees, or shareholders of the Trust are or may be or become interested in the Administrator, as
directors, officers, employees, and shareholders or otherwise and that directors, officers, employees, and shareholders of the Administrator and its counsel are or may be or become similarly interested in the Trust, and that the Administrator may be
or become interested in the Trust as a shareholder or otherwise.
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6.
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INDEPENDENT CONTRACTOR STATUS
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The Administrator will, for the purpose of this Agreement, be deemed an independent contractor and,
unless otherwise expressly provided or authorized, will have no authority to act or represent the Trust in any way and will not be deemed an agent of the Trust.
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7.
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LIMITATION OF LIABILITY, INDEMNIFICATION, AND RELIANCE
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For the purposes of this Section 7 the term “Administrator” shall include directors, officers, employees,
and other agents of the Administrator, as well as the Administrator itself:
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(a)
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Limitation of
Liability. The duties of the Administrator shall be confined to those expressly set forth in this Agreement, and no implied duties are assumed by or may be asserted against the Administrator. The
Administrator shall not be liable for any error of judgment, mistake of law, loss or damage suffered by the Fund(s) in connection with any investment, or any act or omission of the Administrator in carrying out its duties under this
Agreement, except a loss or damage resulting directly from willful misconduct or gross negligence on the part of the Administrator in the performance of its duties under this Agreement, or from reckless disregard by the Administrator of
its obligations under this Agreement.
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Further, in no event shall the Administrator be liable under any provision of, or in
connection with, this agreement (regardless of whether a claim is based on contract, tort, or otherwise) for any damages other than actual and direct damages, and the Administrator shall have no liability for any incidental, indirect, consequential,
special, or exemplary damages or losses which the Fund(s) may incur or suffer, whether or not the likelihood or possibility of such damages was known to the Administrator in advance.
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(b)
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Indemnification. Provided that the Administrator has exercised reasonable customary care in the performance of its duties under this Agreement, the Trust assumes full responsibility and will indemnify and defend the
Administrator and hold it harmless from and against any and all actions, suits, and claims, whether groundless or otherwise, and from and against any and all losses, damages, costs, charges, reasonable counsel fees, and disbursements,
payments, expenses, and liabilities (including reasonable investigation expenses) of every nature and character arising or occurring directly or indirectly out of Administrator’s relationship to the Trust under this Agreement or any of
Administrator’s action taken or nonactions with respect to the performance of services under this Agreement; provided, however, Administrator shall not be indemnified against any liability arising out of its own willful misfeasance, bad
faith, gross negligence, or reckless disregard in the performance of its duties or its own reckless disregard of its duties or obligations under this Agreement. The indemnity and defense provisions set forth herein shall indefinitely
survive the termination of this Agreement.
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The rights hereunder shall include the right to reasonable advances of defense
expenses in the event of any pending or threatened litigation with respect to which indemnification hereunder may ultimately be merited. In order that the indemnification provision contained herein shall apply, however, it is understood that if in
any case the Trust may be asked to indemnify, defend, or hold the Administrator harmless, the Trust shall be fully and promptly advised of all pertinent facts concerning the situation in question, and it is further understood that the Administrator
will use all reasonable care to identify and notify the Trust promptly concerning any situation which presents or appears likely to present the probability of such a claim for indemnification against the Trust, but failure to do so in good faith will
not affect the rights under this Agreement.
The Trust will be entitled to participate at its own expense or, if it so elects, to
assume the defense of any suit brought to enforce any claims subject to this indemnity provision. If the Trust elects to assume the defense of any such claim, the defense will be conducted by counsel or chosen by the Trust and satisfactory to the
Administrator, whose approval will not be unreasonably withheld. In the event the Trust elects to assume the defense of any suit and retain counsel, the Administrator will bear the fees and expenses of any additional counsel retained by it, absent a
conflict of interest between the Trust and the Administrator. In the event of a conflict between the Trust and the Administrator or if the Trust does not elect to assume the defense of a suit, the Trust shall reimburse the Administrator for the
reasonable fees and expenses of any counsel retained by Administrator.
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The Administrator may apply to the Trust at any time for instructions and may consult
with the Trust’s counsel with respect to any matter arising in connection with the Administrator’s duties, and the Administrator will not be liable or accountable for any action taken or omitted by it in good faith in accordance with such
instructions or with the opinion of the Trust’s counsel or auditors. Also, the Administrator will be protected in acting on any document that it reasonably believes to be genuine and to have been signed or presented by the proper person or persons.
The Administrator will not be held to have notice of any change of authority of any officers, employee, or agent of the Trust until receipt of written notice thereof from the Trust.
Should the foregoing indemnification agreement be found unenforceable or that
contribution is required from Administrator, then the Administrator’s aggregate contribution for all losses, claims, damages, or liabilities, including rescission liabilities, shall not exceed the value of all fees earned by and expenses reimbursed
to the Administrator pursuant to this Agreement. No person or entity guilty of fraudulent misrepresentation shall be entitled to contribution from any person or entity that is not so guilty.
Performance by the Administrator of its obligations under this Agreement does not
absolve or release the Trust or the Trust’s investment Advisor from its fiduciary responsibilities to the Funds or the Funds’ shareholders.
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(c)
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Reliance. Except to the extent that the Administrator may be liable pursuant to this Section 7, the Administrator shall not be liable for any action taken or failure to act in good faith in reliance upon:
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(i)
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Advice from the Trust or from counsel to the Trust;
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(ii)
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Any oral instruction which it receives and which it reasonably believes in good faith (pursuant to procedures mutually agreed to by
the Administrator and the Advisors) was transmitted by the person or persons authorized by the Board to give such oral instruction;
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(iii)
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Any written instruction or certified copy of any resolution of the Board, and the Administrator may rely upon the genuineness of any
such document, copy or facsimile thereof reasonably believed in good faith by the Administrator to have been validly executed; or
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(iv)
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Any signature, instruction, request, letter of transmittal, certificate, opinion of counsel, statement, instrument, report, notice,
consent, order, or other document reasonably believed in good faith by the Administrator to be genuine and to have been signed or presented by the Trust or other proper party or parties;
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and the Administrator shall not be under any duty or obligation to inquire into the validity or invalidity
or authority or lack of authority of any statement, oral or written instruction, resolution, signature, request, letter of transmittal, certificate, opinion of counsel, instrument, report, notice, consent, order, or any other document or instrument
which the Administrator reasonably believes in good faith to be genuine.
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(d)
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Errors of Others. The Administrator shall not be liable for the errors of other service providers to the Trust, including the errors of pricing services (other than to pursue all reasonable claims against the pricing service
based on the pricing services’ standard contracts entered into by the Administrator) and errors in information provided by an investment Advisor (including prices and pricing formulas and the untimely transmission of trade information) or
custodian to the Trust; except or unless any of the Administrator’s actions or inaction is a direct or proximate cause of the error.
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(e)
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Reliance on
Electronic Instructions. If the Trust has the ability to originate electronic instructions to the Administrator in order to (i) effect the transfer or movement of cash or Shares or (ii) transmit
Shareholder information or other information, then in such event the Administrator shall be entitled to rely on the validity and authenticity of such instruction without undertaking any further inquiry as long as such instruction is
undertaken in conformity with security procedures established and agreed upon by the Administrator and the Advisors.
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(f)
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Portfolio
Compliance Services. If Appendix B requires the Administrator to provide the Fund(s) with portfolio compliance services, such services shall be provided pursuant to the terms of this Section 7 (the
“Portfolio Compliance Services”). The precise compliance review and testing services to be provided shall be as directed by a designated representative of each Fund and as mutually agreed between Administrator and the designated
representative of such Fund, and the results of Administrator’s Portfolio Compliance Services shall be detailed in a portfolio compliance summary report (the “Compliance Summary Report”) prepared on a periodic basis as mutually agreed.
Each Compliance Summary Report shall be subject to review and approval by a designated representative of each Fund.
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A designated representative of each Fund will examine each Compliance Summary Report
delivered to it by Administrator and notify Administrator of any error, omission or discrepancy within ten (10) days of its receipt. The designated representative of the Fund(s) agrees to notify Administrator promptly in writing if it fails to
receive any such Compliance Summary Report. The Fund(s) further acknowledges that unless its designated representative notifies Administrator of any error, omission or discrepancy within 10 days, such Compliance Summary Report shall be deemed final
and shall not be reissued. In addition, if the designated representative of the Fund(s) learns of any out-of-compliance condition before receiving a Compliance Summary Report reflecting such condition, the designated representative of the Fund(s)
will notify Administrator of such condition within one (1) business day after discovery thereof.
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While Administrator will endeavor to identify out-of-compliance conditions,
Administrator does not and could not make any guarantees, representations, or warranties with respect to its ability to identify all such conditions. In the event of any errors or omissions in the performance of Portfolio Compliance Services, the
Fund’s sole and exclusive remedy and Administrator’s sole liability shall be limited to re-performance by Administrator of the Portfolio Compliance Services affected and in connection therewith the correction of any error or omission, if practicable
and the preparation of a corrected report, at no cost to the Fund(s).
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8.
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EFFECTIVE DATE, DURATION AND TERMINATION
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(a)
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Effective Date. This Agreement shall become effective on the date first written above.
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(b)
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Duration. This Agreement shall remain effective for a period of one year. Thereafter, this Agreement shall continue in full force and effect unless terminated by either party.
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(c)
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Termination. This Agreement may be terminated by either party by giving not less than ninety (90) days’ prior written notice to the other party. This Agreement may also be terminated at any time as follows:
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(i)
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By mutual written agreement of the parties; or
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(ii)
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For cause – in the event of willful misconduct, gross negligence, or breach of this Agreement by the non-moving
party. Such termination requires giving not less than thirty (30) days’ prior written notice to the other party.
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Unless terminated for cause, the Administrator shall be paid either a Termination or
Liquidation fee (as appropriate). Said fee is not a penalty but an extra fee to compensate the Administrator for its service in assisting in transferring records and reports or otherwise wrapping up its services under this Agreement for such Fund.
The relevant fee shall be as follows:
Upon the termination of this Agreement with respect to any Fund:
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(i)
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A fee equal to the compensation paid (or payable to) the Administrator for the two months immediately prior to such termination.
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Upon the liquidation of any Fund:
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(i)
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In lieu of the foregoing termination fee, a liquidation fee equal to the compensation paid (or payable to) the Administrator for the
three months immediately prior such termination.
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Termination and Liquidation fees shall be paid promptly upon termination or
liquidation, respectively.
Termination and Liquidation fees shall be in addition to reimbursing the Administrator for its reasonable out-of-pocket expenses in connection with the Administrator’s activities in effecting such termination or liquidation. This
includes, but is not limited to, the cost of delivering to the Trust or its designee the Trust’s records and documents or copies thereof.
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(d)
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Cooperation and Good Faith. Upon termination of this Agreement, the Administrator and the Trust agree to cooperate in good faith in transferring records and other information in the Administrator’s
possession and wrapping up their relationship under this Agreement in a commercially reasonable manner.
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(e)
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Reimbursement. Upon termination of this Agreement for any reason, the Trust shall pay to the Administrator such compensation as may be due to the Administrator under this Agreement for services performed prior to the date of
termination, including any out-of-pocket reimbursements due and payable hereunder.
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(f)
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Survival of Certain
Obligations. The obligations of Sections 4, 7, 8, 13, and 14 shall survive any termination of this Agreement.
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9.
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AMENDMENTS
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No provision of this Agreement may be amended, modified, or waived in any manner except by a written
instrument signed by the party against which the enforcement of such is sought.
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10.
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ASSIGNMENT AND SUBCONTRACTING
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(a)
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Assignment. The parties hereby mutually consent that:
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(i)
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Without the express written consent of both parties, any assignment or attempted assignment of this Agreement
constitutes a breach of the Agreement; and
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(ii)
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Any such assignment or attempted assignment is void; and
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(iii)
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Any such assignment or attempted assignment will immediately terminate this Agreement.
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However, to the extent that such express written consent is sought, the parties also
agree that such consent will not be unreasonably withheld or delayed.
In the event that this Agreement is successfully assigned, either by express written
consent of the parties or in any way otherwise, this Agreement shall be binding upon the respective assigns.
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(b)
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Subcontracting. The parties hereby mutually consent that the Administrator may, at its expense unless otherwise provided in the Agreement, subcontract with any entity or person concerning the provision of the services
contemplated hereunder. The Administrator shall not, however, be relieved of any of its obligations under this Agreement by the appointment of such subcontractor. This Agreement shall be binding upon, and shall inure to the benefit of,
the parties hereto and their respective successors.
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11.
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ADDITIONAL FUNDS AND CLASSES
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If the Trust establishes one or more series of Shares or one or more classes of Shares after the
effectiveness of this Agreement, such series of Shares or classes of Shares, as the case may be, shall become Funds and classes under this Agreement. However, either the Administrator or the Trust may elect in writing not to make any such series or
classes subject to this Agreement.
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12.
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DISTINCTION OF FUNDS
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Notwithstanding any other provision of this Agreement, the parties agree that the assets and liabilities
of each Fund of the Trust are separate and distinct from the assets and liabilities of each other Fund and that no Fund shall be liable or shall be charged for any debt, obligation or liability of any other Fund, whether arising under this Agreement
or otherwise. In cases where there are multiple fund managed by the same Investment Advisor, every attempt will be made to allocate expenses among the funds in a manner that represents the division of expense required for each fund’s operations.
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13.
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PROPRIETARY INFORMATION
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(a)
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Proprietary
Information of the Administrator. The Trust acknowledges that the databases, computer programs, screen formats, report formats, interactive design techniques, and documentation manuals maintained by
the Administrator on databases under the control and ownership of the Administrator or a third party constitute copyrighted, trade secret, or other proprietary information (collectively, “the Administrator’s Proprietary Information”) of
substantial value to the Administrator or the third party. The Trust agrees to treat all Proprietary Information as proprietary to the Administrator and further agrees that it shall not divulge any Proprietary Information to any person or
organization except as may be provided under this Agreement.
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(b)
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Proprietary
Information of the Trust. The Administrator acknowledges that the Shareholder list and all information related to Shareholders furnished to the Administrator by the Trust or by a Shareholder in
connection with this Agreement (collectively, “Customer Data”), all information regarding the Trust Portfolios, arrangements with brokerage firms, compensation paid to or by the Trust, trading strategies and all such related information
(collectively, “the Trust’s Proprietary Information”) constitute proprietary information of substantial value to the Trust. In no event shall the Administrator’s Proprietary Information be deemed the Trust’s Proprietary Information or
Customer Data. The Administrator agrees to treat all of the Trust’s Proprietary Information and Customer Data as proprietary to the Trust and further agrees that it shall not divulge any of the Trust’s Proprietary Information or Customer
Data to any person or organization except as may be provided under this Agreement or as may be directed by the Trust or as may be duly requested by regulatory authorities.
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(c)
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Employee
Notification. Each party agrees to take reasonable efforts to advise its employees of their obligations pursuant to this Section 13. The obligations of this Section shall survive any earlier
termination of this Agreement.
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14.
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CONFIDENTIALITY
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The Administrator and the Trust agree that all books, records, information, and data pertaining to the
business of the other party, which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement, shall remain confidential, and shall not be voluntarily disclosed to any other person, except that the Administrator may:
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(a)
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Prepare or assist in the preparation of periodic reports to shareholders and regulatory bodies such as the SEC;
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(b)
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Provide information typically supplied in the investment company industry to companies that track or report price,
performance or other information regarding investment companies;
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(c)
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Release such other information as approved in writing by the Trust which approval shall not be unreasonably
withheld;
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(d)
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Release such information as is necessary when the Administrator is exposed to civil or criminal liability for
failure to comply when divulgence is requested by a duly constitutional authority or when so requested by the Trust or Advisors;
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(e)
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In accordance with Section 248.11 of Regulation S-P (17 CFR 248.1 – 248.30) (“Reg S-P”), the Administrator will not
directly, or indirectly through an affiliate, disclose any non-public personal information as defined in Reg S-P, received from the Fund to any person that is not affiliated with the Fund or with the Administrator and provided that any such
information disclosed to an affiliate of the Administrator shall be under the same limitations on non-disclosure.
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For the purposes of this section, the following records and other information shall not be considered
confidential:
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(a)
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Any record or other information that is or becomes publicly available through no fault of the administrator;
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(b)
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Any record and other information that s released by the Trust in a public release;
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(c)
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Any record or other information that is lawfully obtained from third parties who are not under an obligation to keep
such information confidential; or
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(d)
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Any record or other information previously known by Administrator.
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15.
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COMPLIANCE
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The Administrator undertakes to comply with all applicable requirements for the Securities Act of 1933,
the Securities Exchange Act of 1934, the Investment Company Act of 1940, and other laws, rules, and regulations of governmental authorities having jurisdiction with respect to the duties to be performed by the Administrator under this Agreement.
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16.
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TRUST OBLIGATION
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It is understood that this Agreement has been executed on behalf of the Trust by a trustee of the Trust
in his capacity as trustee and not individually. The obligations of this Agreement shall only be binding upon the assets and property of each Fund and shall not be binding upon any trustee, officer, or shareholder of the Trust individually.
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17.
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REPRESENTATIONS AND WARRANTIES
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Representations
of the Administrator. The Administrator represents and warrants to the Trust that:
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(i)
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It is a corporation duly organized and existing and in good standing under the laws of the State of North Carolina;
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(ii)
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It is empowered under applicable laws and by its organizational documents to enter into this Agreement and perform its duties under
this Agreement; and
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(iii)
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It has access to the necessary facilities, equipment, and personnel to perform its duties and obligations under this
Agreement.
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(iv)
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Its fees and charges set out in this Agreement are solely to cover administrative expenses and not distribution
expenses.
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Representations
of the Trust. The Trust represents and warrants to the Administrator that:
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(i)
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It is a Trust duly organized and existing and in good standing under the laws of the State of Delaware;
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(ii)
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It is empowered under applicable laws and by its Organizational Documents to enter into and perform this Agreement;
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(iii)
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All proceedings required by said Organizational Documents have been taken to authorize it to enter into and perform
this Agreement;
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(iv)
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It is an open-end management investment company registered under the 1940 Act; and
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(v)
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A registration statement under the Securities Act of 1933 is currently effective and will remain effective, and appropriate state
securities law filings as required, have been or will be made and will continue to be made, with respect to all Shares of the Fund being offered for sale.
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18.
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LEGAL CONSTRUCTION
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(a)
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Severability. If any part, term or provision of this Agreement is held to be illegal, in conflict with any law or otherwise invalid, the remaining portion or portions shall be considered severable and not affected by such
determination, and the rights and obligations of the parties shall be construed and enforced as if the Agreement did not contain the particular part, term or provision held to be illegal or invalid.
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(b)
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Interpretation. If any provision of this Agreement, or portion thereof, is capable of two interpretations, one of which would render the provision, or portion thereof, void and the other which would render the provision, or
portion thereof, valid, then the provision, or portion thereof, shall have the same meaning which renders it valid.
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(c)
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Construction. The language used herein shall be deemed to be the language chosen by the parties hereto to express their mutual intent, and no rule of strict construction shall be applied against either party.
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19.
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NOTICE
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Any notice required or permitted to be given by either party to the other party shall be in writing and
will be deemed sufficient if personally delivered or sent by registered or certified mail, postage prepaid, addressed by the party giving notice to the other party at the following addresses (or such other address for a party as shall be specific by
like notice):
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(a)
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To the Trust:
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000 Xxxxx Xxxxxxxx Xxxxxx
Post Xxxxxx Xxx 00
Xxxxx Xxxxx, Xxxxx Xxxxxxxx 00000-0000
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(b)
|
To the Administrator:
|
The Nottingham Company
Attn: Xxxxxx Xxxx, General Counsel
000 Xxxxx Xxxxxxxx Xxxxxx
Post Xxxxxx Xxx 00
Xxxxx Xxxxx, Xxxxx Xxxxxxxx 00000-0000
13
|
20.
|
MISCELLANEOUS
|
|
(a)
|
Force Majeure. In the event that either party is unable to perform its obligations under the terms of this Agreement because of acts of God, strikes, equipment or transmission failure or damage reasonably beyond its control,
or other causes reasonably beyond its control, such party shall not be liable for damages to the other party resulting from such failure to perform or otherwise from such causes.
|
|
(b)
|
Arbitration. Any controversy or claim arising out of, or related to, this Agreement, its termination or the breach thereof, shall be settled by binding arbitration by three arbitrators (or by fewer arbitrator(s), if the
parties subsequently agree to fewer) in the City of New York, in accordance with the rules then obtaining of the American Arbitration Association, and the arbitrators’ decision shall be binding and final, and judgment upon the award may
be entered in any court having jurisdiction thereof.
|
|
(c)
|
Headings. Section and paragraph headings in this Agreement are included for convenience only and are not to
be used to construe or interpret this Agreement.
|
|
(d)
|
Entire Agreement. This Agreement, including all appendices, constitutes the entire agreement between the parties
hereto and supersedes any prior agreement with respect to the subject matter hereof whether oral or written.
|
|
(e)
|
Multiple Originals. This Agreement may be executed in two or more counterparts, each of which when so executed shall be
deemed to be an original, but such counterparts shall together constitute one and the same instrument.
|
|
(f)
|
Definitions of
Certain Terms. The terms “interested persons” and “affiliated persons,” when used in
this Agreement, will have the respective meanings specified in the Investment Company Act of 1940 and the rules and regulations thereunder, subject to such exemptions as granted by the Securities and Exchange Commission.
|
|
(g)
|
Governing Law. This Agreement shall be governed by the laws of the State of North Carolina without regard to the
principles of conflict of laws, provided that nothing herein shall be construed in a manner inconsistent with the Investment Company Act of 1940, the Investment Advisors Act of 1940, or any applicable rule or order of the Securities and
Exchange Commission.
|
[Signatures on Following Page]
14
[Signature Page to Fund Accounting and Administration Service Agreement]
REPRESENTATION OF SIGNATORIES. Each of the undersigned expressly warrants and represents that they have full power and authority to sign this Agreement on behalf of the party indicated and that their signature will
bind the party indicated to the terms hereof.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year
first above written.
By: /s/
Xxxxx X. Speed
Name: Xxxxx X. Speed
Title: Chairman
of the Board
THE NOTTINGHAM COMPANY
By: /s/
Xxxxxxxxx X. Honey
Name: Xxxxxxxxx X.
Honey
Title: President
15
APPENDIX A
FUNDS TO BE SERVICED
(Updated June 9, 2022)
|
1.
|
Arin Large Cap Theta Fund
|
|
2.
|
AI Quality Dividend ETF
|
|
3.
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AI Quality Growth ETF
|
|
4.
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Adaptive Alpha Opportunities ETF
|
|
5.
|
Adaptive High Income ETF
|
|
6.
|
RH Multi-Asset Income ETF
|
|
7.
|
RH Tactical Outlook ETF
|
|
8.
|
RH Tactical Rotation ETF
|
|
9.
|
Matisse Discounted Bond CEF Strategy
|
|
10.
|
Matisse Discounted Closed-End Fund Strategy
|
|
11.
|
QCI Balanced Fund
|
|
12.
|
Xxxxxxx Opportunistic Value Fund
|
|
13.
|
Sector Rotation Fund
|
|
14.
|
Typhon Tactical Managed Futures Strategy Fund and its subsidiary Typhon Tactical Managed Futures (Cayman) Fund Ltd.
|
|
15.
|
Utah Focus Fund
|
By: /s/ Xxxxxxxxx X. Honey
Name: Xxxxxxxxx X. Honey
Title: President
THE NOTTINGHAM COMPANY
By: /s/ Xxxxxxxxx X. Honey
Name: Xxxxxxxxx X. Honey
Title: President
16
