0001413042-14-000309 Sample Contracts

MANAGEMENT AGREEMENT GREENLEAF INCOME GROWTH FUND
Management Agreement • October 30th, 2014 • PFS Funds • Massachusetts

The Trust has been organized to engage in the business of an open-end management investment company. You, 42 Investment Advisory Group, LLC (“Adviser,” “you” and “your”) have been selected to act as the sole investment manager of the Greenleaf Income Growth Fund (the “Fund”) and to provide certain other services, as more fully set forth below, and you are willing to act as such investment manager and to perform such services under the terms and conditions hereinafter set forth. Accordingly, the Trust agrees with you as follows effective upon the date of the execution of this Agreement.

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SERVICES AGREEMENT GREENLEAF INCOME GROWTH FUND
Services Agreement Greenleaf Income Growth Fund • October 30th, 2014 • PFS Funds • Massachusetts

AGREEMENT dated as of October 27, 2014, between PFS Funds (the “Trust”), a Massachusetts business trust, and 42 Investment Advisory Group, LLC (the “Adviser”), an Ohio Limited Liability Company.

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