OPERATING EXPENSE LIMITATION AND SECURITY AGREEMENT dated February 21, 2017 between Two Roads Shared Trust and Redwood Investment Management, LLC APPENDIX A As amended: October 31, 2017
OPERATING EXPENSE LIMITATION AND SECURITY AGREEMENT
dated February 21, 2017
between Two Roads Shared Trust and Redwood Investment Management, LLC
APPENDIX A
As amended: October 31, 2017
| Fund | Operating Expense Limit |
| Redwood AlphaFactor Core Equity Fund | |
| Class N | 1.05% |
| Class I | 0.80% |
| Redwood AlphaFactor Tactical Core Fund | |
| Class N | 1.45% |
| Class I | 1.20% |
| Redwood Managed Municipal Income Fund | |
| Class N | 1.25% |
| Class I | 1.00% |
| Redwood Systematic Macro Trend Fund (“SMarT”) | |
| Class N | 1.55% |
| Class I | 1.30% |
| Redwood Activist Leaders Fund | |
| Class N | 1.15% |
| Class I | 0.90% |
| Redwood AlphaFactor Tactical International Fund | |
| Class N | 1.45% |
| Class I | 1.20% |
On behalf of the Funds included herein on Appendix A
By: /s/ Xxx Xxxxxxxxx
Name: Xxx Xxxxxxxxx
Title: President
REDWOOD INVESTMENT MANAGEMENT, LLC
By: /s/ Xxxxxxx Xxxxxxxxx
Name: Xxxxxxx Xxxxxxxxx
Title: Principal
