0001435109-15-000323 Sample Contracts

SUBADVISORY AGREEMENT BETWEEN EXCEED ADVISORY LLC AND FIRST PRINCIPLES CAPITAL MANAGEMENT, LLC
Subadvisory Agreement • April 24th, 2015 • Forum Funds • Delaware

AGREEMENT (the "Agreement") made as of the 12th day of December, 2014, by and between Exceed Advisory LLC, a limited liability company with its principal office and place of business at 28 West 44 Street, 16th Floor, New York, New York 10036 (the "Adviser") and First Principles Capital Management LLC, a limited liability company with its principal office and place of business at 140 Broadway, 21st Floor, New York, New York 10005 (the "Subadviser").

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EXPENSE LIMITATION AGREEMENT Forum Funds c/o Atlantic Fund Administration Three Canal Plaza, Suite 600 Portland, ME 04101
Expense Limitation Agreement • April 24th, 2015 • Forum Funds

This Agreement is made and to be performed principally in the states of Massachusetts and Maine, and except insofar as the Investment Company Act of 1940, as amended, or other federal laws and regulations may be controlling, this Agreement shall be governed by, and construed and enforced in accordance with, the internal laws of the State of Delaware.

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