Letter Agreement Castle Focus Fund

Letter Agreement
Castle Focus Fund

October 13, 2022

TO: PFS Funds
      0000 Xxxxxxxxxx Xxxxx, Xxxxx X
      Xx Xxxxx, XX 00000

Dear Ladies and Gentlemen:

Pursuant to a Services Agreement dated as of June 28, 2010, between PFS Funds (the “Trust”), a Massachusetts business trust, and Castle Investment Management, LLC (the “Adviser”), the Adviser receives an additional fee of 0.58% and is obligated to pay the operating expenses of the Fund excluding management fees, brokerage fees and commissions, 12b-1 fees, taxes, borrowing costs (such as (a) interest and (b) dividend expenses on securities sold short), the cost of acquired funds and extraordinary expenses.

Effective November 1, 2022 the Adviser hereby contractually agrees to waive Services Agreement fees by 0.24% of its average daily net assets through October 31, 2023. Effective as of the date hereof, this Letter Agreement supersedes and replaces the fee waiver arrangement that was in place prior to November 1, 2022 with respect to the Services Agreement. The Services Agreement fee waiver will automatically terminate on October 31, 2023 unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver before October 31, 2023.

Very truly yours,

Castle Investment Management, LLC

By: /s/ Xxxxxx Xxxxx                   

Print Name: Xxxxxx Xxxxx            

Title: Managing Director                

Acceptance: The foregoing agreement is hereby accepted.

PFS Funds

By: /s/ Xxxxxxx X. Xxxxxxxx            

Print Name: Xxxxxxx X. Xxxxxxxx    

Title: Treasurer