0001580642-19-005335 Sample Contracts

SUBADVISORY AGREEMENT
Subadvisory Agreement • November 27th, 2019 • Arrow Investments Trust • Delaware

THIS AGREEMENT is made and entered into as of the 6th day of May, 2019, by and between ARROW INVESTMENT ADVISORS, LLC (the “Adviser”), a Delaware limited liability company registered under the Investment Advisers Act of 1940, as amended (the “Advisers Act”), and HALYARD ASSET MANAGEMENT LLC, (the “Subadviser”) a limited liability company under the laws of the State of Delaware, and also registered under the Advisers Act with respect to the Arrow Reserve Capital Management ETF (the “Fund”), a series of the ARROW INVESTMENTS TRUST, a Delaware statutory trust (the “Trust”).

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AMENDED AND RESTATED GLOBAL CUSTODY AGREEMENT For Foreign and Domestic Securities and Non-Custody Assets
Agreement • November 27th, 2019 • Arrow Investments Trust • New York

This Amended and Restated Global Custody Agreement (“Amended and Restated Agreement”) is made as of September 17, 2019 by and between Arrow Investments Trust ("Principal") and MUFG Union Bank, N.A. ("Custodian"), and hereby supersedes that certain Custody Agreement dated as of January 18, 2012 and other supplements thereto (collectively, the Custody Agreement), by and between Custodian and Principal, and any amendments thereof.

ARROW INVESTMENTS TRUST AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT ARROW INVESTMENT ADVISORS, LLC
Operating Expenses Limitation Agreement • November 27th, 2019 • Arrow Investments Trust • New York

THIS AMENDED AND RESTATED OPERATING EXPENSES LIMITATION AGREEMENT (the “Agreement”) is effective as of September 28, 2018, by and between ARROW INVESTMENTS TRUST, a Delaware statutory trust (the “Trust”), on behalf of the series listed on Appendix A hereto, (the “Funds”), each a series of the Trust, and the Advisor of the Fund, Arrow Investment Advisors, LLC (the “Advisor”).

THIRD AMENDMENT TO FUND SERVICES AGREEMENT
Fund Services Agreement • November 27th, 2019 • Arrow Investments Trust

THIS THIRD AMENDMENT TO FUND SERVICES AGREEMENT (this “Amendment”) is effective as of April 1, 2020, and is made by and between Gemini Fund Services, LLC, a Nebraska limited liability company (“GFS”), Arrow Investments Trust, a Delaware statutory trust, and Arrow ETF Trust, a Delaware statutory trust (each a “Trust” and together the “Trusts”).

THIRD AMENDMENT TO FUND SERVICES AGREEMENT
Fund Services Agreement • November 27th, 2019 • Arrow Investments Trust

THIS THIRD AMENDMENT TO FUND SERVICES AGREEMENT (this “Amendment”) is effective as of April 1, 2020, and is made by and between Gemini Fund Services, LLC, a Nebraska limited liability company (“GFS”), and Arrow Investments Trust, a Delaware statutory trust (the “Trust”).

Arrow and Arrow ETF Regular Meeting of the Board of Trustees - Other Business SECOND AMENDMENT TO FUND SERVICES AGREEMENT
Fund Services Agreement • November 27th, 2019 • Arrow Investments Trust

THIS SECOND AMENDMENT TO FUND SERVICES AGREEMENT (this “Amendment”) is effective as of June 1, 2018, and is made by and between Gemini Fund Services, LLC, a Nebraska limited liability company (“GFS”), Arrow Investments Trust, a Delaware statutory trust, and Arrow ETF Trust, a Delaware statutory trust (each a “Trust” and together the “Trusts”).

Arrow and Arrow ETF Regular Meeting of the Board of Trustees - Other Business SECOND AMENDMENT TO FUND SERVICES AGREEMENT
Fund Services Agreement • November 27th, 2019 • Arrow Investments Trust

THIS SECOND AMENDMENT TO FUND SERVICES AGREEMENT (this “Amendment”) is effective as of June 1, 2018, and is made by and between Gemini Fund Services, LLC, a Nebraska limited liability company (“GFS”), and Arrow Investments Trust, a Delaware statutory trust (the “Trust”).

Arrow and Arrow ETF Regular Meeting of the Board of Trustees - Renewal of Agreements AMENDMENT TO FUND SERVICES AGREEMENT
Fund Services Agreement • November 27th, 2019 • Arrow Investments Trust

THIS AMENDMENT TO FUND SERVICES AGREEMENT (this “Amendment”) is effective as of October 1, 2016, and is made by and between Gemini Fund Services, LLC, a Nebraska limited liability company (“GFS”), Arrow Investments Trust, a Delaware statutory trust, and Arrow ETF Trust, a Delaware statutory trust (each a “Trust” and together the “Trusts”).

FUND SERVICES AGREEMENT between ARROW INVESTMENTS TRUST, ARROW ETF TRUST and
Fund Services Agreement • November 27th, 2019 • Arrow Investments Trust • New York

THIS FUND SERVICES AGREEMENT (this “Agreement”) made as of the 11th day of June, 2015, by and between ARROW INVESTMENTS TRUST, a Delaware statutory trust having its principal office and place of business at 6100 Chevy Chase Drive, Suite 100, Laurel, MD 20707, ARROW ETF TRUST, a Delaware statutory trust having its principal office and place of business at 6100 Chevy Chase Drive, Suite 100, Laurel, MD 20707 (each a “Trust” and together the “Trusts”) and GEMINI FUND SERVICES, LLC, a Nebraska limited liability company having its principal office and place of business at 17605 Wright Street, Omaha, Nebraska 68130 (“GFS”). This Agreement replaces and supersedes all prior understandings and agreements between the parties hereto for the services described below.

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