0000894189-26-001371 Sample Contracts

MANAGER DIRECTED PORTFOLIOS INVESTMENT ADVISORY AGREEMENT with CORBYN INVESTMENT MANAGEMENT, INC.
Investment Advisory Agreement • January 23rd, 2026 • Manager Directed Portfolios • Delaware

THIS INVESTMENT ADVISORY AGREEMENT (the “Agreement”) is made as of the 30th day of June, 2025, by and between Manager Directed Portfolios, a Delaware statutory trust (hereinafter called the “Trust”), on behalf of the series of the Trust as indicated on Schedule A attached hereto, as may be amended from time to time (each such series a “Fund,” and together, the “Funds”), and Corbyn Investment Management, Inc. (hereinafter called the “Adviser”), a Maryland corporation.

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Rule 12b-1 Related Agreement
Rule 12b-1 Agreement • January 23rd, 2026 • Manager Directed Portfolios

This letter will confirm our understanding and agreement with respect to payments to be made to you pursuant to a Distribution Plan (the “Plan”) adopted by Manager Directed Portfolios (the “Trust”), on behalf of (the “Fund”), a series of the Trust, pursuant to Rule 12b-1 under the Investment Company Act of 1940, as amended (the “Act”). The Plan and this related agreement (the “Rule 12b-1 Agreement”) have been approved by a majority of the Board of Trustees, including a majority of the Board of Trustees who are not “interested persons” of the Trust, as defined in the Act, and who have no direct or indirect financial interest in the operation of the Plan or in this or any other Rule 12b-1 Agreement (the “Disinterested Trustees”), cast in person at a meeting called for the purpose of voting thereon. Such approval included a determination by the Board of Trustees that, in the exercise of its reasonable business judgment and in light of its fiduciary duties, there is a reasonable likelihood

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MANAGER DIRECTED PORTFOLIOS OPERATING EXPENSE LIMITATION AGREEMENT with CORBYN INVESTMENT MANAGEMENT, INC.
Operating Expense Limitation Agreement • January 23rd, 2026 • Manager Directed Portfolios • Delaware

This Operating Expense Limitation Agreement (the “Agreement”) is made as of the 30th day of June, 2025 by and between Manager Directed Portfolios (the “Trust”), a Delaware statutory trust, on behalf of each of the series of the Trust listed in Exhibit A hereto, as may be amended from time to time (the “Fund”), and the investment adviser to the Fund, Corbyn Investment Management, Inc. (the “Adviser”), a Maryland Corporation.

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