0001398344-19-023297 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • December 30th, 2019 • Centaur Mutual Funds Trust • Delaware

This Investment Advisory Agreement (“Agreement”) is made and entered into effective as of December 30, 2019, 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 Lebenthal Ultra Short Tax-Free Income Fund, a series of shares of the Trust (the “Fund”), and DCM Advisors, LLC, a Delaware limited liability company (hereinafter referred to as “Advisor”).

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EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • December 30th, 2019 • Centaur Mutual Funds Trust • Delaware

This Expense Limitation Agreement (the “Agreement”) is made and entered into effective as of December 30, 2019, by and between the Lebenthal Ultra Short Tax-Free Income 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 DCM Advisors, LLC a Delaware limited liability company (the “Advisor”).

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