Peaks Opportunity Growth Fund Sample Contracts

AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND SUB-ADVISORY AGREEMENT
Peaks Opportunity Growth Fund • April 24th, 2014 • Aquila Funds Trust

THIS AGREEMENT, made as of October 11, 2013 by and between AQUILA INVESTMENT MANAGEMENT LLC, a Delaware limited liability company (the "Manager"), 380 Madison Avenue, Suite 2300, New York, New York 10017 and THREE PEAKS CAPITAL MANAGEMENT, LLC (the "Sub-Adviser"), a Colorado limited liability company, 3750 Dacoro Lane, Suite 100, Castle Rock, CO 80109.

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AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND ADVISORY AND ADMINISTRATION AGREEMENT
Peaks Opportunity Growth Fund • April 24th, 2014 • Aquila Funds Trust

THIS AGREEMENT, made as of October 11, 2013 by and between AQUILA FUNDS TRUST (the “Trust”), a Massachusetts business trust, on behalf of its series AQUILA THREE PEAKS OPPORTUNITY GROWTH FUND (the "Fund"), 380 Madison Avenue, Suite 2300, New York, New York 10017 and AQUILA INVESTMENT MANAGEMENT LLC (the “Manager”), a Delaware limited liability company, 380 Madison Avenue, Suite 2300, New York, New York 10017.

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