AMENDMENT TO THE SERIES PORTFOLIOS TRUST CUSTODY AGREEMENT

AMENDMENT TO THE

SERIES PORTFOLIOS TRUST

CUSTODY AGREEMENT

THIS AMENDMENT to the Custody Agreement, dated as of September 15, 2015, as amended (the “Agreement”), is entered into by and between SERIES PORTFOLIOS TRUST, a Delaware statutory trust (the “Trust”), and U.S. BANK NATIONAL ASSOCIATION, a national banking association (the “Custodian”).

RECITALS

WHEREAS, the parties have entered into the Agreement; and

WHEREAS, the parties desire to amend the series of the Trust to add a fund and fees; and

WHEREAS, Article XV, Section 15.02 of the Agreement allows for its amendment

by a written instrument executed by both parties.

NOW, THEREFORE, the parties agree to amend the Agreement and add the following series of Series Portfolios Trust:

Exhibit N, for the Palm Valley Capital Fund, is hereby added and attached hereto.

This amendment will become effective upon the commencement of operations of the Palm Valley Capital Fund. Except to the extent amended hereby, the Agreement shall remain in full force and effect.

IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by a duly authorized officer on one or more counterparts as of the date and year last written below.

SERIES PORTFOLIOS TRUST             U.S. BANK NATIONAL ASSOCIATION

By: /s/Xxxx X. Xxxxxxx                By: /s/Xxxxxxx Xxxxxxx

Name:    Xxxx X. Xxxxxxx                Name:    Xxxxxxx Xxxxxxx

Title:    President                    Title:     Senior Vice President

Date:    April 26, 2019                    Date:    April 26, 2019

Exhibit N to the Series Portfolios Trust Custody Agreement

Name of Series

Palm Valley Capital Fund

Exhibit N to the Series Portfolios Trust Custody Agreement (continued)

Custody Services Fee Schedule

Annual Fee Based Upon Market Value per Fund*

1.00 basis point on average daily market value of all long securities and cash held in the portfolio

Minimum annual fee per fund – $__

Plus portfolio transaction fees

Portfolio Transaction Fees

▪ $__    – Book entry DTC transaction, Federal Reserve transaction, principal paydown

§ $__    – Repurchase agreement, reverse repurchase agreement, time deposit/CD or other non-depository transaction

§ $__    – Option/SWAPS/future contract written, exercised or expired

§ $__    – Mutual fund trade, Margin Variation Wire and outbound Fed wire

§ $__    – Physical security transaction

§ $__    – Check disbursement (waived if U.S. Bancorp is Administrator)

A transaction is a purchase/sale of a security, free receipt/free delivery, maturity, tender or exchange.

Securities Lending and Money Market Deposit Account (MMDA)

§ Negotiable

Miscellaneous Expenses

All other miscellaneous fees and expenses, including but not limited to the following, will be separately billed as incurred: expenses incurred in the safekeeping, delivery and receipt of securities, shipping, transfer fees, deposit withdrawals at custodian (DWAC) fees, SWIFT charges, negative interest charges and extraordinary expenses based upon complexity.

Additional Services

§ See Additional Services Fee schedule for global servicing.

§ $__ per custody sub – account per year (e.g., per sub –adviser, segregated account, etc.)

§ Class Action Services – $__ filing fee per class action per account, plus 2% of gross proceeds, up to a maximum per recovery not to exceed $__.

§ No charge for the initial conversion free receipt.

§ Overdrafts – charged to the account at prime interest rate plus 2% unless a line of credit is in place.

* Subject to annual CPI increase – All Urban Consumers – U.S. City Average.

Fees are calculated pro rata and billed monthly.

Fund Chief Compliance Officer (CCO) Services Annual Fee Schedule*

§ $__ for the first fund (subject to Board approval)

§ $__ for each additional fund (subject to change based on Board review and approval)

§ $__ per sub-advisor per fund

§ Non-USBFS Distribution fee of $__ per year

§ Per advisor relationship, and subject to change based upon board review and approval.

Additional services not included above shall be mutually agreed upon at the time of the service being added. In addition to the fees described above, additional fees may be charged to the extent that changes to applicable laws, rules or regulations require additional work or expenses related to services provided (e.g., compliance with new liquidity risk management and reporting requirements).

* Subject to annual CPI increase – All Urban Consumers – U.S. City Average.

Fees are calculated pro rata and billed monthly.

Exhibit N to the Series Portfolios Trust Custody Agreement (continued)

Additional Global Sub-Custodial Services Annual Fee Schedule

COUNTRY

INSTRUMENT

SAFEKEEPING (BPS)

TRANSACTION FEE

COUNTRY

INSTRUMENT

SAFEKEEPWG (BPS)

TRANSACTION FEE

COUNTRY

INSTRUMENT

SAFEKEEPING (BPS)

TRANSACTION FEE

Argentina

All

[   ]

$[   ]

Guinea Bissau

All

[   ]

$[   ]

Pakistan

All

[   ]

$[   ]

Australia

All

[   ]

$[   ]

Hong Kong

All

[   ]

$[   ]

Peru

All

[   ]

$[   ]

Austria

All

[   ]

$[   ]

Hungary

All

[   ]

$[   ]

Philippines

All

[   ]

$[   ]

Bahrain

All

[   ]

$[   ]

Iceland

All

[   ]

$[   ]

Poland

All

[   ]

$[   ]

Bangladesh

All

[   ]

$[   ]

India

All

[   ]

$[   ]

Portugal

All

[   ]

$[   ]

Belgium

All

[   ]

$[   ]

Indonesia

All

[   ]

$[   ]

Qatar

All

[   ]

$[   ]

Benin

All

[   ]

$[   ]

Ireland

All

[   ]

$[   ]

Romania

All

[   ]

$[   ]

Bermuda

All

[   ]

$[   ]

Israel

All

[   ]

$[   ]

Russia

Equities

[   ]

$[   ]

Botswana

All

[   ]

$[   ]

Italy

All

[   ]

$[   ]

Senegal

All

[   ]

$[   ]

Brazil

All

[   ]

$[   ]

Ivory Coast

All

[   ]

$[   ]

Singapore

All

[   ]

$[   ]

Bulgaria

All

[   ]

$[   ]

Japan

All

[   ]

$[   ]

Slovak Republic

All

[   ]

$[   ]

Burkina Faso

All

[   ]

$[   ]

Jordan

All

[   ]

$[   ]

Slovenia

All

[   ]

$[   ]

Canada

All

[   ]

$[   ]

Kazakhstan

All

[   ]

$[   ]

South Africa

All

[   ]

$[   ]

Cayman Islands*

All

[   ]

$[   ]

Kenya

All

[   ]

$[   ]

South Korea

All

[   ]

$[   ]

Channel Islands*

All

[   ]

$[   ]

Kuwait

All

[   ]

$[   ]

Spain

All

[   ]

$[   ]

Chile

All

[   ]

$[   ]

Latvia

Equities

[   ]

$[   ]

Sri Lanka

All

[   ]

$[   ]

China

All

[   ]

$[   ]

Lebanon

All

[   ]

$[   ]

Swaziland

Ail

[   ]

$[   ]

Colombia

All

[   ]

$[   ]

Lithuania

All

[   ]

$[   ]

Sweden

All

[   ]

$[   ]

Costa Rica

All

[   ]

$[   ]

Luxembourg

All

[   ]

$[   ]

Switzerland

All

[   ]

$[   ]

Croatia

All

[   ]

$[   ]

Malaysia

All

[   ]

$[   ]

Taiwan

All

[   ]

$[   ]

Cyprus

All

[   ]

$[   ]

Mali

All

[   ]

$[   ]

Thailand

All

[   ]

$[   ]

Czech Republic

All

[   ]

$[   ]

Malta

All

[   ]

$[   ]

Togo

All

[   ]

$[   ]

Denmark

All

[   ]

$[   ]

Mauritius

All

[   ]

$[   ]

Tunisia

All

[   ]

$[   ]

Ecuador

All

[   ]

$[   ]

Mexico

All

[   ]

$[   ]

Turkey

All

[   ]

$[   ]

Egypt

All

[   ]

$[   ]

Morocco

All

[   ]

$[   ]

UAE

All

[   ]

$[   ]

Estonia

All

[   ]

$[   ]

Namibia

All

[   ]

$[   ]

United Kingdom

All

[   ]

$[   ]

Euromarkets**

All

[   ]

$[   ]

Netherlands

All

[   ]

$[   ]

Ukraine

All

[   ]

$[   ]

Finland

All

[   ]

$[   ]

New Zealand

All

[   ]

$[   ]

Uruguay

All

[   ]

$[   ]

France

All

[   ]

$[   ]

Niger

All

[   ]

$[   ]

Venezuela

All

[   ]

$[   ]

Germany

All

[   ]

$[   ]

Nigeria

All

[   ]

$[   ]

Vietnam

All

[   ]

$[   ]

Ghana

All

[   ]

$[   ]

Norway

All

[   ]

$[   ]

Zambia

All

[   ]

$[   ]

Greece

All

[   ]

$[   ]

Oman

All

[   ]

$[   ]

Zimbabwe

All

[   ]

$[   ]

^{Safekeeping and transaction fees are assessed on security and currency transactions.}  

^{*Additional customer documentation and indemnification will be required prior to establishing accounts in these markets.} 

^{** Tiered by market value: <$___:  __ bp , >$___      and <$___  : __ bps; >$___ :  ___ bps.} 

^{** Euromarkets - Non-Eurobonds: Surcharges vary by local market.} 

A monthly base fee per fund will apply based on the number of foreign securities held. If no global assets are held within a given month, the monthly base charge will not apply for that month.

§ 1– 25 foreign securities – $__; 26 – 50 foreign securities – $__; Over 50 foreign securities – $__

§ Euroclear – Eurobonds only. Eurobonds are held in Euroclear at a standard rate, but other types of securities (including but not limited to equities, domestic market debt and mutual funds) will be subject to a surcharge. In addition, certain transactions that are delivered within Euroclear or from a Euroclear account to a third-party depository or settlement system, will be subject to a surcharge.

§ For all other markets specified in above grid, surcharges may apply if a security is held outside of the local market.

Miscellaneous Expenses

§ Tax reclaims that have been outstanding for more than 6 (six) months with the client will be charged $__ per claim.

§ Charges incurred by U.S. Bank N.A. directly or through sub-custodians for account opening fees, local taxes, stamp duties or other local duties and assessments, stock exchange fees, foreign exchange transactions, postage and insurance for shipping, facsimile reporting, extraordinary telecommunications fees, proxy services and other shareholder communications, recurring administration fees, negative interest charges, overdraft charges or other expenses which are unique to a country in which the client or its clients is investing will be passed along as incurred.

§ A surcharge may be added to certain miscellaneous expenses listed herein to cover handling, servicing and other administrative costs associated with the activities giving rise to such expenses. Also, certain expenses are charged at a predetermined flat rate.

§ SWIFT reporting and message fees.

Adviser’s Signature below acknowledges approval of the Custody Agreement fee schedule on this Exhibit N

Palm Valley Capital Management LLC

By: /s/Xxxxx Xxxxxxx            

Printed Name: Xxxxx Xxxxxxx

Title: Co-Chief Executive Officer Date: April 26, 2019

1