0001398344-26-009351 Sample Contracts

INVESTMENT SUB-ADVISORY AGREEMENT
Investment Sub-Advisory Agreement • May 18th, 2026 • Horizon Funds • Delaware

THIS INVESTMENT SUB-ADVISORY AGREEMENT (this “Agreement”), is made effective as of the [•] day of [•], 2026, by and among Horizon Funds (the “Trust”), on behalf of Expansion Leaders ETF (the “Fund”), Horizon Investments, LLC, a South Carolina limited liability company (the “Adviser”) and Exchange Traded Concepts, LLC, an Oklahoma limited liability company (the “Sub-Adviser”).

INVESTMENT ADVISORY AGREEMENT
Investment Advisory Agreement • May 18th, 2026 • Horizon Funds • Delaware

This Agreement is made and entered into effective as of [●], 2026, by and between Horizon Funds, a Delaware statutory trust (the “Trust”), on behalf of Horizon High Income ETF, a series of shares of the Trust (the “Fund”), and Horizon Investments, LLC, a South Carolina limited liability company (the “Adviser”).