0001580642-22-000225 Sample Contracts

Contract
Consulting Agreement • January 12th, 2022 • VELA Funds

Certain information has been excluded from this exhibit because it (i) is not material and (ii) would be competitively harmful if publicly disclosed.

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SECOND AMENDMENT TO MASTER SERVICES AGREEMENT
Master Services Agreement • January 12th, 2022 • VELA Funds

THIS SECOND Amendment TO MASTER SERVICES AGREEMENT (this “Amendment”) is effective as of November 1, 2021, and is made by and among VELA Investment Management, LLC (the “Adviser”), a Delaware limited liability company, VELA Funds (the “Trust”), a Delaware statutory trust, and Ultimus Fund Solutions, LLC (“Ultimus”), a limited liability company organized under the laws of the state of Ohio.

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