0001484018-24-000250 Sample Contracts

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • December 17th, 2024 • Spinnaker ETF Series

THIS EXPENSE LIMITATION AGREEMENT (“Agreement”) is made and entered into effective as of the 14th day of March 2024, by and between the SPINNAKER ETF SERIES, a Delaware statutory trust (the “Trust”), on behalf of its series listed on Appendix A hereto (the “Fund(s)”), and OBRA FUND MANAGEMENT, LLC, a Delaware limited liability company (the “Advisor”), with respect to the following:

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FORM OF INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • December 17th, 2024 • Spinnaker ETF Series • North Carolina

THIS INVESTMENT ADVISORY AGREEMENT (“Agreement”) is made and entered into as of the 16th day of November 2023, amended the 12th day of September 2024, by and between SPINNAKER ETF SERIES, a Delaware statutory trust (the “Trust”), on behalf of its series, Obra Opportunistic Structured Products ETF, Obra High Grade Structured Products ETF, and Obra Defensive High Yield ETF (each a “Fund” and collectively, the “Funds”), and OBRA FUND MANAGEMENT, LLC, a Delaware limited liability company (the “Advisor”), having its principal office and place of business at 835 West 6th Street, Suite 1400, Austin, TX 78703.

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