0001464413-17-000346 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • September 28th, 2017 • Starboard Investment Trust • Delaware

This Investment Sub-advisory Agreement ("Agreement") is made and entered into as of December 29, 2016 by and among Starboard Investment Trust, a Delaware Statutory Trust ("Trust"), Cavalier Investments, Inc., a Massachusetts corporation ("Advisor") and Buckhead Capital Management, LLC, a Georgia Limited Liability Company ("Sub-Advisor").

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INVESTMENT ADVISORY AGREEMENT Appendix A
Investment Advisory Agreement • September 28th, 2017 • Starboard Investment Trust

For the services delineated in this Agreement, the Advisor shall receive an investment advisory fee equal to an annualized rate of the average daily net assets of each of the Funds as listed below. The fee shall be calculated as of the last business day of each month based upon the average daily net assets of each Fund determined in the manner described in the Funds' Prospectus and Statement of Additional Information.

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • September 28th, 2017 • Starboard Investment Trust

THIS EXPENSE LIMITATION AGREEMENT ("Agreement") is made and entered into effective as this 27th day of February, 2017 by and between Starboard Investment Trust, a Delaware statutory trust (the "Trust"), on behalf of its series, the Cavalier Funds (the "Fund(s)"), and Cavalier Investments, Inc., a Massachusetts corporation (the "Advisor").

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