0001580642-18-004653 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • September 25th, 2018 • Two Roads Shared Trust • Delaware

This INVESTMENT ADVISORY AGREEMENT (the “Agreement”) dated September 6, 2018, is made by and between Two Roads Shared Trust, a Delaware statutory trust (the “Trust”), and Redwood Investment Management, LLC (the “Adviser”). This Agreement will confirm the agreement between the Trust and Adviser as follows:

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BY-LAWS
Two Roads Shared Trust • September 25th, 2018

These By-Laws are made and adopted pursuant to Article IV, Section 3 of the Agreement and Declaration of Trust of Two Roads Shared Trust (the “Trust”), dated June 8, 2012, as from time to time may be amended (the “Agreement”). All words and terms capitalized in these By- Laws that are not otherwise defined herein shall have the meaning or meanings set forth for such words in the Agreement. In the event of any inconsistency between these By-Laws and the Agreement, the Agreement shall control.

AMENDED OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT
Operating Expenses Limitation and Security Agreement • September 25th, 2018 • Two Roads Shared Trust • New York

THIS AMENDED OPERATING EXPENSES LIMITATION AND SECURITY AGREEMENT (the “Agreement”) is effective as of the 18th day of September, 2014, by and between TWO ROADS SHARED TRUST, a Delaware statutory trust (the “Trust”), on behalf of the REDWOOD MANAGED VOLATILITY PORTFOLIO (the “Portfolio”), a series of the Trust, and the Adviser to the Portfolio, Redwood Investment Management, LLC (“Redwood” or the “Adviser”).

Fee Schedule
Two Roads Shared Trust • September 25th, 2018

This Schedule B-2 is part of the ETF Distribution Agreement effective September 19, 2017 (the “Agreement”) by and between the Two Roads Shared Trust (the “Trust”) and Northern Lights Distributors, LLC (“NLD”).

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