0001464413-21-000013 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • January 12th, 2021 • Starboard Investment Trust • Delaware

This Investment Sub-Advisory Agreement (“Agreement”) is made and entered into as of December 17, 2020, by and between Cavalier Investments, LLC d/b/a Adaptive Investments, a Massachusetts limited liability company (“Advisor”) and Bluestone Capital Management, LLC, a Pennsylvania limited liability company (“Sub-Advisor”), in relation to the Adaptive Growth Opportunities ETF (the “Fund”), a series of the Starboard Investment Trust, a Delaware statutory trust (the “Trust”).

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INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • January 12th, 2021 • Starboard Investment Trust • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (“Agreement”) is made and entered into as of this 17th day of December, 2020, by and between STARBOARD INVESTMENT TRUST, a Delaware statutory trust (the “Trust”), and Cavalier Investments, LLC d/b/a Adaptive Investments, a Massachusetts limited liability company (the “Advisor”), located at 12600 Deerfield Drive, Suite #100, Alpharetta, GA 30004, on behalf of the series of the Adaptive Fund Family enumerated in Appendix A hereof (such series, together with all other series subsequently established by the Trust and made subject to this Agreement in accordance with the terms contained below, being herein referred to as a “Fund,” and collectively as the “Funds.”).

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • January 12th, 2021 • Starboard Investment Trust

THIS EXPENSE LIMITATION AGREEMENT (“Agreement”) is made and entered into effective as of the 17th day of December, 2020, by and between Starboard Investment Trust, a Delaware statutory trust (the “Trust”), on behalf of its series listed on Appendix A hereto (the “Fund(s)”), and Cavalier Investments, LLC d/b/a Adaptive Investments, a Massachusetts limited liability company (the “Advisor”), with respect to the following:

SUBSCRIPTION AGREEMENT BETWEEN THE TRUST AND THE INVESTORS
Subscription Agreement • January 12th, 2021 • Starboard Investment Trust

Cavalier Investments, LLC d/b/a Adaptive Investments (the “Purchaser”) subscribes to purchase a beneficial interest (“Interest”) of the Adaptive Growth Opportunities ETF (“Fund”), a series of Starboard Investment Trust, in the amount of $10.00 for one (1) share at net asset value of $10.00 per share, in consideration for which the Purchaser agrees to transfer to you upon demand cash in the amount of $10.00.

SCHEDULE 1
Starboard Investment Trust • January 12th, 2021
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