Letter Agreement Christopher Weil & Company Global Dividend Fund

Letter Agreement
Xxxxxxxxxxx Xxxx & Company Global Dividend Fund

March 25, 2015

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

Dear Ladies and Gentlemen:

     Pursuant to a Management Agreement dated as of December 19, 2011, between PFS Funds (the “Trust”), a Massachusetts business trust, and Xxxxxxxxxxx Xxxx & Company, Inc. (the “Adviser”), the Adviser provides certain advisory services to the Xxxxxxxxxxx Xxxx & Company Global Dividend Fund (the “Fund”). Under the Management Agreement, the Adviser is entitled to receive from the Fund a management fee at an annual rate equal to 1.25% of the average daily net assets of the Fund.

     Effective April 1, 2015 the Adviser hereby contractually agrees to waive a portion of the fees that it is entitled to receive under the Management Agreement such that the Management Fee will be equal to 1.00% of the Fund's average daily net assets greater than $35 million through March 31, 2016. The Management Agreement fee waiver with respect to the Fund will automatically terminate on March 31, 2016 unless it is renewed by the Adviser. The Adviser may not terminate the fee waiver before March 31, 2016.

Very truly yours,

Xxxxxxxxxxx Xxxx & Company, Inc.

By:  /s/ Xxxx Xxxxx                  

Print Name: Xxxx Xxxxx            

Title: President & CEO             

Acceptance: The foregoing agreement is hereby accepted.

PFS Funds

By: /s/ Xxxxxxx X. Xxxxxxxx        

Print Name: Xxxxxxx X. Xxxxxxxx

Title: Treasurer