0001580642-17-005656 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • October 24th, 2017 • Two Roads Shared Trust • Delaware

This INVESTMENT ADVISORY AGREEMENT (the “Agreement”) dated October 20, 2017, is made by and between Two Roads Shared Trust, a Delaware statutory trust (the “Trust”), and Recurrent Investment Advisors, 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 24th, 2017 • Two Roads Shared Trust • New York

THIS OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT (the “Agreement”) is effective as of October 20, 2017, by and between TWO ROADS SHARED TRUST, a Delaware statutory trust (the “Trust”), on behalf of the RECURRENT NATURAL RESOURCES FUND and the RECURRENT MLP & INFRASTRUCTURE FUND (the “Funds”), two series of the Trust, and the Adviser to the Fund, Recurrent Investment Advisors, LLC (the “Adviser”).

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