0001035449-06-000050 Sample Contracts

MANAGEMENT AGREEMENT
Management Agreement • February 2nd, 2006 • Unified Series Trust • Ohio

The Trust has been organized to engage in the business of a registered open-end investment company. The Trust currently offers several series of shares to investors, one of which is the Tributary Income Fund (the “Fund”).

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AMENDED AND RESTATED MANAGEMENT AGREEMENT
Management Agreement • February 2nd, 2006 • Unified Series Trust • Ohio

WHEREAS, Iron Financial Management, Inc. (the “Adviser”) and Unified Series Trust (the “Trust”) entered into a Management Agreement dated September 23, 2005, pursuant to which the Adviser has agreed to act as the sole investment adviser of the Iron Market Opportunity Fund (the “Fund”) (the Management Agreement, as hereby amended and restated, is referred to hereinafter as the “Agreement”);

Tributary Capital Management, LLC Letterhead] Letter Agreement
Investment Advisory Agreement • February 2nd, 2006 • Unified Series Trust
Letter Agreement
Management Agreement • February 2nd, 2006 • Unified Series Trust
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