0001413042-20-000291 Sample Contracts

SERVICES AGREEMENT CONQUER RISK MANAGED VOLATILITY FUND CONQUER RISK TACTICAL ROTATION FUND CONQUER RISK TACTICAL OPPORTUNITIES FUND CONQUER RISK DEFENSIVE BULL FUND
Services Agreement • June 26th, 2020 • PFS Funds • Massachusetts

AGREEMENT dated as of June 24, 2020, between PFS Funds (the “Trust”), a Massachusetts business trust, and Potomac Fund Management, Inc. (the “Adviser”), a Florida Corporation.

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MANAGEMENT AGREEMENT CONQUER RISK MANAGED VOLATILITY FUND CONQUER RISK TACTICAL ROTATION FUND CONQUER RISK TACTICAL OPPORTUNITIES FUND CONQUER RISK DEFENSIVE BULL FUND
Management Agreement • June 26th, 2020 • PFS Funds • Massachusetts

The Trust has been organized to engage in the business of an open-end management investment company. You, Potomac Fund Management, Inc. (“Adviser,” “you” and “your”) have been selected to act as the sole investment manager of Conquer Risk Managed Volatility Fund, Conquer Risk Tactical Rotation Fund, Conquer Risk Tactical Opportunities Fund, and Conquer Risk Defensive Bull Fund (the “Funds” and each a “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, with respect to each Fund separately, as follows effective upon the date of the execution of this Agreement.

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