Letter AgreementLetter Agreement • May 29th, 2015 • PFS Funds
Pursuant to a Services Agreement dated as of September 1, 2013, between PFS Funds (the “Trust”), a Massachusetts business trust, and Outfitter Financial Corp. (the “Adviser”), the Adviser receives a fee of 0.24% 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), ADR fees, fees and expenses of acquired funds, and extraordinary expenses. Pursuant to a Management Agreement dated as of September 1, 2013 the Adviser receives an investment management fee equal to 0.95% of the average daily net assets of the Fund.
