STONE RIDGE ASSET MANAGEMENT LLC
Exhibit (k)(4)
STONE RIDGE ASSET MANAGEMENT LLC
January 30, 2019
To the Trustees of:
000 Xxxxxxx Xxxxxx, 00xx Xxxxx
New York, NY 10022
| Re: | Expense Limitation Agreement |
With reference to the Investment Management Agreement entered into by Stone Ridge Asset Management LLC (the “Adviser”) with Stone Ridge Trust IV (the “Trust”), on behalf of its series Stone Ridge Post-Event Reinsurance Fund (the “Fund”) on the 22nd day of January, 2016, we hereby notify you as follows:
| 1. | The Adviser agrees to permanently waive all advisory fees payable to the Adviser pursuant to the above-referenced Investment Management Agreement that are attributable to assets of the Fund invested in another registered investment company advised by the Adviser. |
| 2. | Through the one-year anniversary of the date the Fund commences investment operations, the Adviser agrees to waive its management fee and/or pay or otherwise bear operating and other expenses of the Fund (including organizational and offering expenses, but excluding brokerage and transactional expenses, borrowing and other investment-related costs and fees including interest and commitment fees, short dividend expense, acquired fund fees and expenses (including all fees and expenses of Stone Ridge Reinsurance Risk Premium Interval Fund), taxes, litigation and indemnification expenses, judgments, and extraordinary expenses not incurred in the ordinary course of the Fund’s business (collectively, the “Excluded Expenses”)) solely to the extent necessary to limit the total annualized expenses, other than Excluded Expenses, of the Fund to 0.00% of the average daily net assets of the Fund. |
| 3. | During the periods covered by this Agreement, the expense limitation arrangement set forth above for the Fund may only be modified by a majority vote of the “non-interested” trustees of the Trust (as defined under the Investment Company Act of 1940, as amended (the “1940 Act”)). |
| 4. | We understand and intend that the Fund will rely on this undertaking in preparing and filing Pre- and Post-Effective Amendments to the registration statement on Form N-2 for the Trust and the Fund with the Securities and Exchange Commission, in accruing the Fund’s expenses for purposes of calculating its net asset value per share and for other purposes permitted under Form N-2 and/or the 1940 Act, and expressly permit the Fund to do so. |
Exhibit (k)(4)
| Very truly yours, | ||
| STONE RIDGE ASSET MANAGEMENT LLC | ||
| By: |
/s/ Xxxx Xxxxxxx | |
| Name: |
Xxxx Xxxxxxx | |
| Title: |
Chief Executive Officer | |
ACCEPTED AND AGREED TO ON BEHALF OF:
Stone Ridge Trust IV, on behalf of its series, Stone Ridge Post-Event Reinsurance Fund
| By: |
/s/ Xxxxxxx Xxxx | |
| Name: Xxxxxxx Xxxx | ||
| Title: Treasurer and Principal Financial Officer |
Stone Ridge Post-Event Reinsurance Fund Expense Limitation Agreement Signature Page
