Common use of Employment of the Sub-adviser Clause in Contracts

Employment of the Sub-adviser. In accordance with and subject to the Investment Advisory Agreement between the Trust and the Adviser, the Trust and the Adviser hereby appoint the Sub-Adviser to manage the investment and reinvestment of the assets of the Fund, subject to the control and direction of the Adviser and the Trust's Board of Trustees, for the period and on the terms hereinafter set forth. The Sub-Adviser hereby accepts such employment and agrees during such period to render the services and to perform the duties called for by this Agreement for the compensation herein provided. The Sub-Adviser shall at all times maintain its registration as an investment adviser under the Investment Advisers Act of 1940 and shall otherwise comply in all material respects with all applicable laws and regulations, both state and federal. The Sub-Adviser shall for all purposes herein be deemed an independent contractor and shall, except as expressly provided or authorized (whether herein or otherwise), have no authority to act for or represent the Trust in any way or otherwise be deemed an agent of the Trust or the Fund.