0001398344-13-005069 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • October 31st, 2013 • Centaur Mutual Funds Trust • Delaware

This Investment Advisory Agreement (“Agreement”) is made and entered into effective as of September 3, 2013, by and between the Centaur Mutual Funds Trust (formerly known as the Tilson Investment Trust), a Delaware statutory trust (the “Trust”), on behalf of the Centaur Total Return Fund (formerly known as the Tilson Dividend Fund), a series of shares of the Trust (the “Fund”), and Centaur Capital Partners, L.P., a Delaware limited partnership (hereinafter referred to as “Advisor”).

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TILSON INVESTMENT TRUST Amendment No. 1 to Administration, Bookkeeping and Pricing Services Agreement
Administration, Bookkeeping and Pricing Services Agreement • October 31st, 2013 • Centaur Mutual Funds Trust

WHEREAS, ALPS and the Trust have entered into an Administration, Bookkeeping and Pricing Services Agreement dated August 25, 2011 (the “Agreement”);

Sample 1
TILSON INVESTMENT TRUST Amendment No. 1 to Distribution Agreement
Distribution Agreement • October 31st, 2013 • Centaur Mutual Funds Trust

ALPS DISTRIBUTORS, INC. TILSON INVESTMENT TRUST By: /s/ Thomas A. Carter By: /s/ Whitney R. Tilson Name: Thomas A. Carter Name: Whitney R. Tilson Title: President Title: President

Sample 1
TILSON INVESTMENT TRUST Amendment No. 1 to Transfer Agency and Services Agreement
Transfer Agency and Services Agreement • October 31st, 2013 • Centaur Mutual Funds Trust

WHEREAS, in light of the foregoing, ALPS and the Trust wish to modify the provisions of the Agreement to reflect the deletion of the Tilson Focus Fund.

Sample 1
TILSON INVESTMENT TRUST Amendment No. 2 to Distribution Agreement
Distribution Agreement • October 31st, 2013 • Centaur Mutual Funds Trust

WHEREAS, in light of the foregoing, ALPS and the Trust wish to modify the provisions of the Agreement to reflect the new names for the Trust and the Fund.

Sample 1
EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • October 31st, 2013 • Centaur Mutual Funds Trust • Delaware

This Expense Limitation Agreement (the “Agreement”) is made and entered into effective as of September 3, 2013 by and between the Centaur Total Return Fund (formerly known as the Tilson Dividend Fund) (the “Fund”), a series of shares of the Centaur Mutual Funds Trust (formerly known as the Tilson Investment Trust), a Delaware statutory trust (the “Trust”), and Centaur Capital Partners, L.P., a Delaware limited partnership (the “Advisor”).

Sample 1
CENTAUR MUTUAL FUNDS TRUST Amendment No. 2 to Transfer Agency and Services Agreement
Transfer Agency and Services Agreement • October 31st, 2013 • Centaur Mutual Funds Trust

WHEREAS, ALPS and the Trust have entered into a Transfer Agency and Services Agreement dated August 25, 2011, as amended June 24, 2013 (the “Agreement”); and

Sample 1
CENTAUR MUTUAL FUNDS TRUST Amendment No. 2 to Administration, Bookkeeping and Pricing Services Agreement
Administration, Bookkeeping and Pricing Services Agreement • October 31st, 2013 • Centaur Mutual Funds Trust

WHEREAS, ALPS and the Trust have entered into an Administration, Bookkeeping and Pricing Services Agreement dated August 25, 2011, as amended June 24, 2013 (the “Agreement”); and

Sample 1
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