0001580642-16-011419 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • October 4th, 2016 • Two Roads Shared Trust • Delaware

This INVESTMENT ADVISORY AGREEMENT (the “Agreement”) made as of this 3rd Day of October, 2016 by and between Two Roads Shared Trust, a Delaware statutory trust (the “Trust”), and Satuit Capital Management, LLC (the “Adviser”). This Agreement will confirm the agreement between the Trust and Adviser as follows:

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OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT
Operating Expenses Limitation and Security Agreement • October 4th, 2016 • Two Roads Shared Trust • New York

THIS OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT (the “Agreement”) is effective as of October 3, 2016, by and between TWO ROADS SHARED TRUST, a Delaware statutory trust (the “Trust”), on behalf of the SATUIT WEST SHORE REAL RETURN FUND (the “Fund”), a series of the Trust, and the Adviser to the Fund, Satuit Capital Management, LLC (the “Adviser”).

INTERIM OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT
Interim Operating Expenses Limitation and Security Agreement • October 4th, 2016 • Two Roads Shared Trust • New York

THIS INTERIM OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT (the “Agreement”) is effective as of July 1, 2016, by and between TWO ROADS SHARED TRUST, a Delaware statutory trust (the “Trust”), on behalf of the WEST SHORE REAL RETURN FUND (the “Fund”), a series of the Trust, and the Adviser to the Fund, Satuit Capital Management, LLC (the “Adviser”).

Appendix A OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT Two Roads Shared Trust As of: October 1, 2016
Operating Expense Limitation and Security Agreement • October 4th, 2016 • Two Roads Shared Trust

TWO ROADS SHARED TRUST, On behalf of the Conductor Global Fund By: /s/ Andrew Rogers Name: Andrew Rogers Title: President IRONHORSE CAPITAL LLC By: /s/ H.Kerr Tigrett Name: H. Kerr Tigrett Title: Principal

Amended and Restated Investment Advisory Agreement
Investment Advisory Agreement • October 4th, 2016 • Two Roads Shared Trust
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