0000894189-21-001182 Sample Contracts

AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT with DAKOTA INVESTMENTS LLC
Investment Advisory Agreement • February 26th, 2021 • Manager Directed Portfolios • Delaware

THIS AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT (the “Agreement”) is made as of November 9, 2020, by and between Manager Directed Portfolios, a Delaware statutory trust (hereinafter called the “Trust”), on behalf of the series of the Trust as indicated on Schedule A attached hereto, as may be amended from time to time (the “Fund”), and Dakota Investments LLC (formerly known as Marmont Partners LLC) (hereinafter called the “Adviser”), a Pennsylvania limited liability company located at 925 W. Lancaster Ave., Suite 220, Bryn Mawr, PA 19010.

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MANAGER DIRECTED PORTFOLIOS AMENDED AND RESTATED OPERATING EXPENSE LIMITATION AGREEMENT with DAKOTA INVESTMENTS LLC
Operating Expense Limitation Agreement • February 26th, 2021 • Manager Directed Portfolios • Delaware

THIS AMENDED AND RESTATED OPERATING EXPENSE LIMITATION AGREEMENT (the “Agreement”) is made as of the 9th day of November, 2020, by and between Manager Directed Portfolios (the “Trust”), a Delaware statutory trust, on behalf of the series of the Trust listed in Schedule A hereto, as may be amended from time to time (the “Fund”), and the investment adviser to the Fund, Dakota Investments LLC (formerly known as Marmont Partners LLC) (the “Adviser”), a Pennsylvania limited liability company located at 925 Lancaster Ave., Suite 220, Bryn Mawr, PA 19010.

FORM OF DISTRIBUTION AGREEMENT
Distribution Agreement • February 26th, 2021 • Manager Directed Portfolios

THIS DISTRIBUTION AGREEMENT (“Agreement”) is by and between Quasar Distributors, LLC (the “Distributor”), Manager Directed Portfolios (“Fund Company”) and Marmont Partners LLC (“Adviser”).

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