Common use of Effective Date and Termination Clause in Contracts

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter the Series so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Series and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust's Board of Trustees then in office or by the vote of a majority of the votes which may be cast by shareholders of the Series;. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon (excluding for this purpose any assignment of rights to payment described in the termination recitals and in Section 18 of the Advisory Agreement; andAgreement which are hereby ratified and approved). d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter the Series so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Series and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written ’ notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust’s Board of Trustees then in office or by the vote of a majority of the votes which may be cast by shareholders of the Series;. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment. d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' ’ written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' ’ written notice to the Manager and the Trust, or by the Manager on ninety days' ’ written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter the Series so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Series and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust's Board of Trustees then in office or by the vote of a majority of the votes which may be cast by shareholders of the Series;. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon (excluding for this purpose any assignment of rights to payment described in the termination recitals and in Section 19 of the Advisory Agreement; andAgreement which are hereby ratified and approved). d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil August 31, 2011, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Advisers or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety 30 days' ’ written notice to the Manager Advisers and the Trust, or by the Manager on ninety days' written Advisers immediately upon notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as ------------------------------ of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter the Series so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Series and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust's Board of Trustees then in office or by the vote of a majority of the votes which may be cast by shareholders of the Series;. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon (excluding for this purpose any assignment of rights to payment described in the termination recitals and in Section 18 of the Advisory Agreement; andAgreement which are hereby ratified and approved). d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective ------------------------------ as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become ------------------------------ effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter the Series so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Series and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust's Board of Trustees then in office or by the vote of a majority of the votes which may be cast by shareholders of the Series;. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment. d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil August 31, 2009, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Advisers or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety 30 days' ’ written notice to the Manager Advisers and the Trust, or by the Manager on ninety days' written Advisers immediately upon notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by the Manager, by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series;; and c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviserassignment. Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil August 31, 2007, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Advisers or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety 30 days' written notice to the Manager Advisers and the Trust, or by the Manager on ninety days' written Advisers immediately upon notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. (d) this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees directors of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' ’ written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' ’ written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for until [date two years from the date of executionsigning date], and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Adviser or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety 60 days' ’ written notice to the Manager Adviser and the Trust, or by the Manager on ninety days' written Adviser immediately upon notice to the Sub-Adviser. . (e) Termination of this Agreement pursuant to this Section 10 11 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its executionfirst above written, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date a period of executionone year, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees Directors of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' ’ written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' ’ written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andAgreement;and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser on ninety sixty days' written notice to the Manager and the Trust, or by the Manager on ninety sixty days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective ------------------------------ as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser on ninety sixty days' written notice to the Manager and the Trust, or by the Manager on ninety sixty days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter a Series so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Series and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust's Board of Trustees then in office or by the vote of a majority of the votes which may be cast by shareholders of the Series;. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment. d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil December 12th, 2019, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Adviser or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety 60 days' ’ written notice to the Manager Adviser and the Trust, or by the Manager on ninety days' written Adviser immediately upon notice to the Sub-Adviser. . (e) Termination of this Agreement pursuant to this Section 10 11 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionthe Original Sub-Advisory Agreement, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by the Manager, by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series;; and c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as ------------------------------ of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager Trust or the Sub-AdviserAdministrator, cast in person at a meeting called for the purpose of voting on on, such approval; b. (b) this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Administrator either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment; d. (d) this Agreement may be terminated by the Sub-Adviser Administrator on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Series; Termination of this Agreement pursuant to this Section 10 6 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, stated above and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter each Class of each Portfolio so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, that Class and (ii) by a vote of a majority of the trustees Board of Directors of the Trust Fund who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserFund and have no direct or indirect financial interest in the relevant Distribution Plan or in any agreement related to such Distribution Plan, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated with respect to the shares of any Class of any Portfolio on sixty days' written ’ notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or Distributor by vote of a majority of the outstanding voting securities Fund’s Board of Directors then in office or by the vote of a majority of the Series;votes which may be cast by shareholders of that Class. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment. d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' ’ written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-AdviserFund. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter the Series so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Series and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust's Board of Trustees then in office or by the vote of a majority of the votes which may be cast by shareholders of the Series;. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as ______________________________ of the date of its executionJuly 1, 2005, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil June 30, 2007, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees Trustees of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' written notice to the Manager and the TrustFund, or or, if approved by the Board of Trustees of the Fund, by the Manager on ninety sixty days' written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its executionfirst above written, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date a period of executionone year, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees directors of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' ’ written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' ’ written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees directors of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' ’ written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' ’ written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees directors of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees directors of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' written notice to the Sub-Adviser. Termination Subadviser, and termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' ’ written notice to the Manager and the TrustCompany, or by the Manager on ninety days' ’ written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or with respect to any Fund by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated with respect to any Fund on sixty days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated with respect to any Fund by the Sub-Adviser on ninety days' ’ written notice to the Manager and the Trust, or by the Manager on ninety days' ’ written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter the Fund so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Fund and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written ’ notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust’s Board of Trustees then in office or by the vote of a majority of the Series;votes which may be cast by shareholders of the Fund. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment. d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' ’ written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter the Fund so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Fund and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust's Board of Trustees then in office or by the vote of a majority of the Series;votes which may be cast by shareholders of the Fund. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment. d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as ------------------------------ of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter a Series so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Series and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust's Board of Trustees then in office or by the vote of a majority of the votes which may be cast by shareholders of the Series;. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment. d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as immediately upon the automatic termination of the date Existing Advisory Agreement as a result of its executionthe closing of the Transaction, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for a period of two years from the date of executionsuch effective date, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Adviser or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety 60 days' ’ written notice to the Manager Adviser and the Trust, or by the Manager on ninety days' written Adviser immediately upon notice to the Sub-Adviser. . (e) Termination of this Agreement pursuant to this Section 10 11 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andAgreement;and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil [ ], 2014, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Advisers or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety 30 days' ’ written notice to the Manager Advisers and the Trust, or by the Manager on ninety days' written Advisers immediately upon notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, stated above and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter each Class of each Portfolio so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, that Class and (ii) by a vote of a majority of the trustees Board of Directors of the Trust Fund who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserFund and have no direct or indirect financial interest in the relevant Distribution Plan (if any) or in any agreement related to such Distribution Plan, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated with respect to the shares of any Class of any Portfolio on sixty days' written ’ notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or Distributor by vote of a majority of the outstanding voting securities Fund’s Board of Directors then in office or by the vote of a majority of the Series;votes which may be cast by shareholders of that Class. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment. d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' ’ written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-AdviserFund. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesTrust, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesTrust; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its executionthat the Subsidiary initially deposits cash or securities in the Managed Account (as defined in the Supplemental Trading Agreement), and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil August 16, 2019, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees Directors of the Trust Fund who are not interested persons of the TrustFund, the Manager Adviser or the Sub-AdviserTrader, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser Trader either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser Trader on ninety 60 days' ’ written notice to the Manager Adviser and the TrustFund, or by the Manager on ninety days' written Adviser immediately upon notice to the Sub-AdviserTrader. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for until two years from the date of executionsigning date, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series-1x Short VIX ETF, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Adviser or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series-1x Short VIX ETF; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety 180 days' ’ written notice to the Manager Adviser and the Trust, or by the Manager on ninety days' written Adviser immediately upon notice to the Sub-Adviser. . (e) Termination of this Agreement pursuant to this Section 10 11 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees directors of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' ’ written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' ’ written notice to the Sub-Adviser. Termination Subadviser, and termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as ______________________________ of the date of its executionDecember 1, 2005, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil December 1, 2007, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees Trustees of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' written notice to the Manager and the TrustFund, or or, if approved by the Board of Trustees of the Fund, by the Manager on ninety sixty days' written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, stated above and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter each Class of each Portfolio so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, that Class and (ii) by a vote of a majority of the trustees Board of Directors of the Trust Fund who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserFund and have no direct or indirect financial interest in the relevant Distribution Plan or in any agreement related to such Distribution Plan, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated with respect to the shares of any Class of any Portfolio on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or Distributor by vote of a majority of the outstanding voting securities Fund's Board of Directors then in office or by the vote of a majority of the Series;votes which may be cast by shareholders of that Class. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment. d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-AdviserFund. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date in the first paragraph of execution, and from year to year thereafter so long as such continuance this Agreement until the earlier of: (a) the expiration of the time period provided by Rule 15a-4 under the 1940 Act; or (b) this Agreement is specifically replaced by a new Sub-Advisory Agreement approved at least annually by (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approvalapproval and (ii) by the vote of a majority of the outstanding voting securities of the Series; b. this Agreement may at any time be terminated on sixty days' days written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' days written notice to the Manager and the Trust, or by the Manager on ninety days' days written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for until two years from the date of executionsigning date, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series1x Long VIX ETF, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Adviser or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series1x Long VIX ETF; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety 180 days' ’ written notice to the Manager Adviser and the Trust, or by the Manager on ninety days' written Adviser immediately upon notice to the Sub-Adviser. . (e) Termination of this Agreement pursuant to this Section 10 11 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees directors of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' written notice to the Manager and the TrustFund, or by the Manager on ninety sixty days' written notice to the Sub-Adviser. Termination Subadviser, and termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its executionfirst above written, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date a period of executionone year, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees Directors of the Trust Fund who are not interested persons of the TrustFund, the Manager Manager, the Subadviser or the Sub-AdviserWAMCL, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' ’ written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' ’ written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety sixty days' written notice to the Manager and the Trust, or by the Manager on ninety sixty days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesTrust, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesTrust; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective ------------------------------ as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil November 23, 2003, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' written notice to the Manager and the Trust, or or, if approved by the Board of Trustees of the Trust, by the Manager on ninety sixty days' written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its executionMay 1, 2006 , and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil May 1, 2008, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees Directors of the Trust Fund who are not interested persons of the TrustFund, the Manager Manager, the Subadviser or the Sub-AdviserWAMCL, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' ’ written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' ’ written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its executionthat the Portfolio or the Subsidiary initially deposits cash or securities in the Managed Account (as defined in the Supplemental Trading Agreement), and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil August 16, 2019, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees Directors of the Trust Fund who are not interested persons of the TrustFund, the Manager Adviser or the Sub-AdviserTrader, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser Trader either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser Trader on ninety 60 days' ’ written notice to the Manager Adviser and the TrustFund, or by the Manager on ninety days' written Adviser immediately upon notice to the Sub-AdviserTrader. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of its execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager Trust or the Sub-AdviserManager, cast in person at a meeting called for the purpose of voting on on, such approval; b. (b) this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Manager either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreementassignment; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-AdviserTrust. Termination of this Agreement pursuant to this Section 10 12 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. b) this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by the Manager, by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series;; and c. c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviserassignment. Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as ------------------------------ of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter the Series so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Series and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust's Board of Trustees then in office or by the vote of a majority of the votes which may be cast by shareholders of the Series;. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon (excluding for this purpose any assignment of rights to payment described in the termination recitals and in Section 19 of the Advisory Agreement; andAgreement which are hereby ratified and approved). d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as ------------------------------ of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executioneffectiveness, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its executionthat the Subsidiary initially deposits cash or securities in the Managed Account (as defined in the Supplemental Trading Agreement), and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil [ ], and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees Directors of the Trust Fund who are not interested persons of the TrustFund, the Manager Adviser or the Sub-AdviserTrader, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser Trader either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser Trader on ninety 60 days' ’ written notice to the Manager Adviser and the TrustFund, or by the Manager on ninety days' written Adviser immediately upon notice to the Sub-AdviserTrader. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective ------------------------------ as of the date of its execution, and a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees directors of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. (d) this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective ------------------------------ as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as ______________________________ of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' written notice to the Manager and the TrustFund, or by the Manager on ninety sixty days' written notice to the Sub-Adviser. Termination Subadviser, and termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' ’ written notice to the Manager and the Trust, or by the Manager on ninety days' ’ written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter the Series so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Series and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not parties to this Agreement or interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust's Board of Trustees then in office or by the vote of a majority of the votes which may be cast by shareholders of the Series;. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon (excluding for this purpose any assignment of rights to payment described in the termination recitals and in Section 19 of the Advisory Agreement; andAgreement which are hereby ratified and approved). d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as ------------------------------ of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser on ninety sixty days' written notice to the Manager and the Trust, or by the Manager on ninety sixty days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become be effective as of the date of upon its execution, and a. and unless otherwise terminatedon terminated as provided, this Agreement shall continue in effect force for two years from the effective date of execution, and thereafter from year to year thereafter so long as year, on provided that such annual continuance is specifically approved at least annually by (i) by either the Board vote of a majority of the Trustees of the Trust Trust, or by on the vote of a majority of the outstanding voting securities of the SeriesTrust, and (ii) by the vote of a majority of the trustees those on Trustees of the Trust who are not parties to this Agreement or interested persons of the Trust, the Manager or the Sub-Adviserany such party ("Qualified on Trustees"), cast in person at a meeting called for the purpose of voting on such the approval; b. . This Agreement shall on automatically terminate in the event of its assignment. As used in this paragraph the terms "vote of a majority of the on outstanding voting securities", "assignment" and "interested person" shall have the respective meanings specified in the Investment Company Act. In addition, this Agreement may at any time be terminated without penalty by the Distributor by on sixty days' written notice to the Sub-Adviser either by a vote of the Board a majority of Qualified Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or Trust on upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' not less than 30 days prior written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penaltyother party.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; ; b. this Agreement may at any time be terminated on sixty days' days written notice to the Sub-Adviser either by the Manager, by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; ; c. this Agreement may at any time be terminated by the Sub-Adviser on one hundred twenty days written notice to the Manager and the Trust in the event that, and only in the event that the Manager consents in writing to such termination; and d. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviserassignment. Termination of this Agreement pursuant to this Section 10 8 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date in the first paragraph of execution, and from year to year thereafter so long as such continuance this Agreement until the earlier of: (a) the expiration of the time period provided by Rule 15a-4 under the 1940 Act; or (b) this Agreement is specifically replaced by a new Sub-Advisory Agreement approved at least annually by (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approvalapproval and (ii) by the vote of a majority of the outstanding voting securities of the Series; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its executionthat the Subsidiary initially deposits cash or securities in the Managed Account (as defined in the Supplemental Trading Agreement), and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil August 16, 2018, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees Directors of the Trust Fund who are not interested persons of the TrustFund, the Manager Adviser or the Sub-AdviserTrader, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser Trader either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser Trader on ninety 60 days' ’ written notice to the Manager Adviser and the TrustFund, or by the Manager on ninety days' written Adviser immediately upon notice to the Sub-AdviserTrader. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager Trust or the Sub-AdviserAdministrator, cast in person at a meeting called for the purpose of voting on on, such approval; b. (b) this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser Administrator either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment; d. (d) this Agreement may be terminated by the Sub-Adviser Administrator on ninety days' ’ written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Series; Termination of this Agreement pursuant to this Section 10 6 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective ------------------------------ as of the date of its execution, stated above and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter each Series so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust Fund or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, that Series and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust Fund who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserFund, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated with respect to the shares of any Series on sixty days' written notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Fund's Board of Trustees then in office or by the vote of a majority of the votes which may be cast by shareholders of that Series;. c. this (c) This Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andassignment. d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-AdviserFund. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the them Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; andAgreement;and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as upon commencement of the date operations of its executionthe initial Funds, and a. a) unless otherwise terminated, this Agreement shall continue in effect for two years from until the date second anniversary of executionthe effective date, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Advisor or the Sub-AdviserAdvisor, cast in person at a meeting called for the purpose of voting on such approval; b. b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser Advisor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Seriesa Fund; c. c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. d) this Agreement may be terminated by the Sub-Adviser Advisor on ninety 60 days' ’ written notice to the Manager Advisor and the Trust, or by the Manager Advisor on ninety 60 days' ’ written notice to the Sub-AdviserAdvisor. Termination of this Agreement pursuant to this Section 10 12 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its executionfirst above written, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date a period of executionone year, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees Trustees of the Trust Fund who are not interested persons of the TrustFund, the Manager Manager, or the Sub-AdviserSubadvisers, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' ’ written notice to the Manager and the TrustFund, or or, if approved by the Board of Trustees of the Fund, by the Manager on ninety sixty days' ’ written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees rustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by the Manager, by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may at any time be terminated by the Sub-Adviser on ninety one hundred twenty days' written notice to the Manager and the TrustTrust in the event that, or by and only in the event that, the Manager on ninety days' written notice consents in writing to such termination; and d. this Agreement shall automatically terminate in the Sub-Adviserevent of its assignment. Termination of this Agreement pursuant to this Section 10 8 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil [ ], 2013, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Advisers or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety 30 days' ’ written notice to the Manager Advisers and the Trust, or by the Manager on ninety days' written Advisers immediately upon notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective ------------------------------- as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil August 30, 2003, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' written notice to the Manager and the Trust, or or, if approved by the Board of Trustees of the Trust, by the Manager on ninety sixty days' written notice to the Sub-Adviser. Termination Subadviser, and termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil May 1, 2004, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' written notice to the Manager and the Trust, or or, if approved by the Board of Trustees of the Trust, by the Manager on ninety sixty days' written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date in the first paragraph of its executionthe Agreement, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless (a) Unless otherwise terminated, this Agreement shall continue in effect for two years from with respect to the date shares of execution, and from year to year thereafter the Series so long as such continuance continuation is specifically approved at least annually (i) by the Board of Trustees of the Trust or by the vote of a majority of the outstanding voting securities votes which may be cast by shareholders of the Series, Series and (ii) by a vote of a majority of the trustees Board of Trustees of the Trust who are not interested persons of the Trust, the Manager Distributor or the Sub-AdviserTrust, cast in person at a meeting called for the purpose of voting on such approval;. b. this (b) This Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Distributor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities Trust's Board of Trustees then in office or by the vote of a majority of the votes which may be cast by shareholders of the Series;. c. this (c) This Agreement shall automatically terminate in the event of its assignment(excluding for this purpose any assignment or upon of rights to payment described in the termination recitals and in Section 18 of the Advisory Agreement; andAgreement which are hereby ratified and approved). d. this (d) This Agreement may be terminated by the Sub-Adviser Distributor on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 section shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees directors of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety sixty days' written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. : unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil August 31, 2008, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Advisers or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. . The terms "majority of the outstanding voting securities" and "interested persons" shall have the meanings as set forth in the 1940 Act: this Agreement may at any time be terminated on sixty 60 days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. Fund; this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. and this Agreement may be terminated by the Sub-Adviser on ninety 30 days' written notice to the Manager Advisers and the Trust, or by the Manager on ninety Advisers upon 30 days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date in the first paragraph of its executionthe Agreement, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date in the first paragraph of execution, and this Agreement until the earlier of: (a) 150 days from year to year thereafter so long as such continuance the date hereof; or (b) this Agreement is specifically replaced by a new Sub-Advisory Agreement approved at least annually by (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approvalapproval and (ii) by vote of a majority of the outstanding voting securities of the Series; b. this Agreement may at any time be terminated on sixty ten days' written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviser. Termination of this Agreement pursuant to this Section 10 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of with respect to the Fund on the date of its executionthat the Fund commences investment operations (the “Effective Date”), and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for an initial term of two years from the date of executionyears, and thereafter from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not parties to this Agreement or interested persons of any such party (the Trust, the Manager or the Sub-Adviser“Disinterested Trustees”), cast in person at a meeting called for the purpose of voting on such approvalapproval (except that no in person meeting will be required in the event that SEC guidance or exemptive relief permits action without an in person meeting); b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Sub- Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. (c) this Agreement shall automatically terminate in the event of its assignment “assignment,” as such term is defined in Section 2(a)(4) of the 1940 Act, or upon the termination of the Advisory Agreement; and; d. (d) this Agreement may be terminated by the Sub-Adviser on ninety 60 days' ’ written notice to the Manager Adviser and the Trust, or by the Manager on ninety days' written Adviser immediately upon notice to the Sub-Adviser. Termination ; and (e) termination of this Agreement pursuant to this Section 10 11 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by the Manager, by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series;; and Sub-Advisory Agreement Small Cap Value Fund (2) c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviserassignment. Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Management Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' ’ written notice to the Manager and the Trust, or or, if approved by the Board of Trustees of the Trust, by the Manager on ninety sixty days' ’ written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as upon commencement of the date operations of its executionthe Fund, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from until the date second anniversary of executionthe effective date, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Advisor or the Sub-AdviserAdvisor, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser Advisor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser Advisor on ninety 60 days' ’ written notice to the Manager Advisor and the Trust, or by the Manager Advisor on ninety 60 days' ’ written notice to the Sub-AdviserAdvisor. Termination of this Agreement pursuant to this Section 10 11 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as ------------------------------ of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees directors of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its executionfirst above written, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date a period of executionone year, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees directors of the Trust Fund who are not interested persons of the TrustFund, the Manager or the Sub-AdviserSubadviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' ’ written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' ’ written notice to the Sub-Adviser. Termination Subadviser; and e. termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for a period of two years from the date of its execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Adviser or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser on ninety 60 days' ’ written notice to the Manager Adviser and the Trust, or by the Manager on ninety days' written Adviser immediately upon notice to the Sub-Adviser. . (e) Termination of this Agreement pursuant to this Section 10 11 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as of the date of its executionMay 1, 2006, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of executionuntil May 1, 2008, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio, and (ii) by vote of a majority of the trustees Directors of the Trust Fund who are not interested persons of the TrustFund, the Manager Manager, the Subadviser or the Sub-AdviserWAMCL, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' ’ written notice to the Sub-Adviser Subadviser either by vote of the Board of Trustees Directors of the Trust Fund or by vote of a majority of the outstanding voting securities of the SeriesPortfolio; c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and; d. this Agreement may be terminated by the Sub-Adviser Subadviser on ninety sixty days' ’ written notice to the Manager and the TrustFund, or or, if approved by the Board of Directors of the Fund, by the Manager on ninety sixty days' ’ written notice to the Sub-Adviser. Subadviser; and Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty. In the event of termination of this Agreement, all compensation due to the Subadviser through the date of termination will be calculated on a pro rata basis through the date of termination and paid on the first business day after the next succeeding month end.

Effective Date and Termination. This Agreement shall become effective as of the date of its execution, and a. unless otherwise terminated, this Agreement shall continue in effect for two years from the date of execution, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series, and (ii) by vote of a majority of the trustees of the Trust who are not interested persons of the Trust, the Manager or the Sub-Adviser, cast in person at a meeting called for the purpose of voting on such approval; b. this Agreement may at any time be terminated on sixty days' written notice to the Sub-Adviser either by the Manager, by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Series;; and Sub-Advisory Agreement - Small Cap Growth Fund (2) c. this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. this Agreement may be terminated by the Sub-Adviser on ninety days' written notice to the Manager and the Trust, or by the Manager on ninety days' written notice to the Sub-Adviserassignment. Termination of this Agreement pursuant to this Section 10 9 shall be without the payment of any penalty.

Effective Date and Termination. This Agreement shall become effective as upon commencement of the date operations of its executionthe initial Funds, and: a. (a) unless otherwise terminated, this Agreement shall continue in effect for two years from until the date second anniversary of executionthe effective date, and from year to year thereafter so long as such continuance is specifically approved at least annually (i) by the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the SeriesFund, and (ii) by vote of a majority of the trustees Trustees of the Trust who are not interested persons of the Trust, either of the Manager Advisor or the Sub-AdviserAdvisor, cast in person at a meeting called for the purpose of voting on such approval; b. (b) this Agreement may at any time be terminated on sixty 60 days' ’ written notice to the Sub-Adviser Advisor either by vote of the Board of Trustees of the Trust or by vote of a majority of the outstanding voting securities of the Seriesa Fund; c. (c) this Agreement shall automatically terminate in the event of its assignment or upon the termination of the Advisory Agreement; and d. (d) this Agreement may be terminated by the Sub-Adviser Advisor on ninety 60 days' ’ written notice to the Manager Advisor and the Trust, or by the Manager Advisor on ninety 60 days' ’ written notice to the Sub-AdviserAdvisor. Termination of this Agreement pursuant to this Section 10 11 shall be without the payment of any penalty.