0001484018-18-000045 Sample Contracts

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • October 30th, 2018 • Spinnaker ETF Series

THIS EXPENSE LIMITATION AGREEMENT ("Agreement") is made and entered into effective as of this 19th day of July, 2017, amended September 18, 2018 by and between SPINNAKER ETF SERIES, a Delaware statutory trust (the "Trust"), on behalf of its series, Fieldstone UVA Unconstrained Medium-Term Fixed Income ETF and the Fieldstone UVA Dividend Value ETF (the "Fund(s)"), and Universal Value Advisors, a Nevada Limited Liability Company (the "Sub-advisor").

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FORM OF EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • October 30th, 2018 • Spinnaker ETF Series

THIS EXPENSE LIMITATION AGREEMENT ("Agreement") is made and entered into effective as this 19th day of July, 2017, amended September 18, 2018 by and between SPINNAKER ETF SERIES, a Delaware statutory trust (the "Trust"), on behalf of its series, Fieldstone Merlin Dynamic Large Cap Growth ETF (the "Fund"), and Merlin Asset Management, a New York Limited Liability Company (the "Sub-advisor").

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