Letter Agreement Castle Tandem Fund

Letter Agreement
Castle Tandem Fund

March 14, 2019

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

Dear Ladies and Gentlemen:

     Pursuant to a Services Agreement dated as of March 14, 2019, 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 March 15, 2019 the Adviser hereby contractually agrees to waive Services Agreement fees by 0.40% of its average daily net assets through October 31, 2020. The Services Agreement fee waiver will automatically terminate on October 31, 2020 unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver before October 31, 2020.

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