0001464413-20-000224 Sample Contracts

FORM OF CUSTODY AGREEMENT
Custody Agreement • December 29th, 2020 • Starboard Investment Trust • New York

THIS AGREEMENT is made and entered into as of this 17th day of December, 2020, by and between STARBOARD INVESTMENT TRUST, a Delaware statutory trust having its principal place of business at 116 South Franklin Street, Rocky Mount, North Carolina 27804 (the “Trust”), and Clear Street, LLC, a Delaware limited liability company and a broker- dealer regulated under the Securities and Exchange Act of 1934, as amended (the “1934 Act”) (the “Custodian”).

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FORM OF INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • December 29th, 2020 • Starboard Investment Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (“Agreement”) is made and entered into as of this 17th day of December, 2020, by and between STARBOARD INVESTMENT TRUST, a Delaware statutory trust (the “Trust”), and Cavalier Investments, LLC d/b/a Adaptive Investments, a Massachusetts limited liability company (the “Advisor”), located at 12600 Deerfield Drive, Suite #100, Alpharetta, GA 30005, on behalf of the series of the Adaptive Fund Family enumerated in Appendix A hereof (such series, together with all other series subsequently established by the Trust and made subject to this Agreement in accordance with the terms contained below, being herein referred to as a “Fund,” and collectively as the “Funds.”).

FORM OF EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • December 29th, 2020 • Starboard Investment Trust

THIS EXPENSE LIMITATION AGREEMENT (“Agreement”) is made and entered into effective as of the 17th day of December, 2020, by and between Starboard Investment Trust, a Delaware statutory trust (the “Trust”), on behalf of its series listed on Appendix A hereto (the “Fund(s)”), and Cavalier Investments, LLC d/b/a Adaptive Investments, a Massachusetts limited liability company (the “Advisor”), with respect to the following:

Contract
Starboard Investment Trust • December 29th, 2020
FORM OF INVESTMENT SUB-ADVISORY AGREEMENT
Form of Investment Sub-Advisory Agreement • December 29th, 2020 • Starboard Investment Trust • Delaware

This Investment Sub-Advisory Agreement (“Agreement”) is made and entered into as of December 17, 2020, by and between Cavalier Investments, LLC d/b/a Adaptive Investments, a Massachusetts limited liability company (“Advisor”) and Bluestone Capital Management, LLC, a Pennsylvania limited liability company (“Sub-Advisor”), in relation to the Adaptive Growth Opportunities ETF (the “Fund”), a series of the Starboard Investment Trust, a Delaware statutory trust (the “Trust”).

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