0001398344-20-004813 Sample Contracts

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • March 2nd, 2020 • Centaur Mutual Funds Trust • Delaware

This Investment Advisory Agreement (“Agreement”) is made and entered into effective as of March 7, 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 Centaur Total Return Fund (formerly known as the Tilson Dividend 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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Amendment to Master Services Agreement
Master Services Agreement • March 2nd, 2020 • Centaur Mutual Funds Trust

This Amendment (the “Amendment”), dated January 1, 2020, amends and revises the Master Services Agreement, dated October 31, 2016, (the “Agreement”), between Centaur Mutual Funds Trust, a Delaware statutory trust (the “Trust”) and Ultimus Fund Solutions, LLC, a limited liability company organized under the laws of the State of Ohio (“Ultimus” and collectively with the Trust, the “Parties”)

EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • March 2nd, 2020 • Centaur Mutual Funds Trust • Delaware

This Expense Limitation Agreement (the “Agreement”) is made and entered into effective as of March 7, 2019, 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 DCM Advisors, LLC a Delaware limited liability company (the “Advisor”).

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