Company: RFMZ
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017693
Chunk: 28

Company: RiverNorth Flexible Municipal Income Fund II, Inc.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 28
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 FEES, DIRECTOR FEES AND OTHER AGREEMENTS

RiverNorth serves as the Fund’s investment
adviser pursuant to an Investment Advisory Agreement with the Fund (the “Advisory Agreement”). Pursuant to the Advisory Agreement,
the Fund pays RiverNorth an annual management fee of 1.40% of the Fund’s average daily Managed Assets, calculated as the total assets
of the Fund, including assets attributable to leverage, less liabilities other than debt representing leverage and any preferred stock
that may be outstanding, for the services and facilities it provides to the Fund (the “Unified Management Fee”). Out of the
Unified Management Fee, the Adviser pays substantially all expenses of the Fund, including the compensation of the Sub-Adviser, the cost
of transfer agency, custody, fund administration, legal, audit, independent directors and other services, except for costs, including
interest expenses, of borrowing money or engaging in other types of leverage financing including, without limit, through the use by the
Fund of tender option bond transactions or preferred shares, distribution fees or expenses, brokerage expenses, taxes and governmental
fees, fees and expenses of any underlying funds in which the Fund invests, dividend and interest expense on short positions, fees and
expenses of the legal counsel for the Fund’s independent directors, fees and expenses associated with shareholder meetings involving certain
non-routine matters, shareholder proposals or contested elections, costs associated with any future share offerings, tender offers and
other share repurchases and redemptions, and other extraordinary expenses not incurred in the ordinary course of the Fund’s business.
The Unified Management Fee is designed to pay substantially all of the Fund’s expenses and to compensate the Adviser for providing
services for the Fund. For the year ended June 30, 2025, the Adviser earned fees of $8,576,414, of which $672,070 remained payable at
June 30, 2025.

RiverNorth Flexible Municipal Income Fund II, Inc.

MacKay Shields, LLC is the investment sub-adviser
to the Fund. Under the terms of the sub-advisory agreement, the Sub-Adviser, subject to the supervision of the Adviser and the Board of
Directors, provides to the Fund such investment advice as is deemed advisable and will furnish a continuous investment program for the
portion of assets managed, consistent with the Fund’s investment objective and policies. As compensation for its sub-advisory services,
the Adviser, not the Fund