FEE WAIVER AGREEMENT
This FEE WAIVER AGREEMENT (the “Agreement”), effective the 12th day of March,
2019, is entered into by and between OBP Capital, LLC, a Delaware limited liability company, and the Spinnaker ETF Series, a Delaware statutory trust, on behalf of each series of the Trust listed on Schedule A, as amended from time to time (each a
“Fund”).
WHEREAS, the Advisor serves as investment advisor to each Fund pursuant to an Investment
Advisory Agreement with the Trust dated December 16, 2019 (the “Advisory Agreement”); and
WHEREAS, the Advisor is entitled to a fee under the Advisory Agreement in exchange for
providing advisory and other services, and paying all of the Fund’s expenses except those specifically excluded therein (the “Management Fee”); and
WHEREAS, the Trust and the Advisor each desire to reduce the Management Fee of the Fund for
the term provided herein;
NOW THEREFORE, in consideration of the mutual covenants and agreements of the parties hereto
and hereinafter set forth, and for other good and valuable consideration the receipt and sufficiency of which is hereby expressly acknowledged, the parties covenant and agree as follows:
1. Fee Waiver. For the term of this Agreement, the Advisor agrees to reduce its
Management Fee with respect to the Fund as indicated in Schedule A.
2. Duration and Termination. This Agreement shall become effective upon the effectiveness
of the Advisory Agreement and shall continue in effect through the close of business on December 15, 2020 (the “Fee Waiver Term”). Thereafter, this Agreement may be renewed for additional periods as agreed to by the parties. This Agreement may be
terminated by the Board of Trustees of the Trust, for any reason, at any time
This Agreement shall automatically and immediately terminate with respect to a Fund upon the
termination of its Advisory Agreement
The termination of this Agreement with respect to any one Fund will not cause its termination
with respect to any other Fund.
3. Amendment. This Agreement may not be amended except by a writing signed by the
parties.
4. Applicable Law. This Agreement shall be construed in accordance with and governed by
the State of Delaware (without giving effect to its conflict of laws principles) and the applicable provisions of the Investment Company Act of 1940. To the extent that the applicable laws of the State of Delaware, or any provisions herein,
conflict with the applicable provisions of the 1940 Act, the latter shall control.
5. Entire Agreement. This Agreement contains the entire understanding and agreement of
the parties.
IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day
and year first above written.
By: /s/ Xxx Xxxxxxxx
Print: Xxx Xxxxxxxx
Title: Chairman
OBP CAPITAL, LLC
By: /s/ Xxxxxxxxx X. Honey
Print: Xxxxxxxxx X . Honey
Title: Managing Member
{Signature Page to Fee Waiver Agreement}
SCHEDULE A
|
Fund
|
Management Fee
|
Waiver
|
|
The Cannabis ETF
|
0.95%
|
0.25%
|
