0001398344-18-004950 Sample Contracts

Horizon Funds AMENDED AND RESTATED EXPENSE LIMITATION AGREEMENT
Expense Limitation Agreement • March 30th, 2018 • Horizon Funds

This Amended and Restated Expense Limitation Agreement is into effective as of March 30, 2018, by and between Horizon Funds, a Delaware statutory trust (the “Trust”), on behalf of Horizon Active Income Fund, a series of shares of the Trust (the “Fund”), and Horizon Investments, LLC, a South Carolina limited liability company (the “Adviser”).

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HORIZON FUNDS FIRST AMENDMENT TO THE ADVISORY AGREEMENT
Advisory Agreement • March 30th, 2018 • Horizon Funds

THIS First AMENDMENT by and between Horizon Funds (the “Trust”), a Delaware statutory trust registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and Horizon Investments, LLC, a South Carolina limited liability company (the “Adviser”), for the Horizon Active Risk Assist Fund (the “Fund”), a series of the Trust, to the Investment Advisory Agreement, dated as of January 29, 2016 (the “Advisory Agreement”), is entered into as of the 24th day of January, 2018, by and between the Trust, on behalf of the Fund, and the Adviser.

HORIZON FUNDS FIRST AMENDMENT TO THE ADVISORY AGREEMENT
Advisory Agreement • March 30th, 2018 • Horizon Funds

THIS First AMENDMENT by and between Horizon Funds (the “Trust”), a Delaware statutory trust registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”), and Horizon Investments, LLC, a South Carolina limited liability company (the “Adviser”), for the Horizon Active Asset Allocation Fund (the “Fund”), a series of the Trust, to the Investment Advisory Agreement, dated as of January 29, 2016 (the “Advisory Agreement”), is entered into as of the 24th day of January, 2018, by and between the Trust, on behalf of the Fund, and the Adviser.

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