0001413042-16-000638 Sample Contracts

MANAGEMENT AGREEMENT TAYLOR FRIGON CORE GROWTH FUND
Management Agreement • December 27th, 2016 • PFS Funds • Massachusetts

The Trust has been organized to engage in the business of an open-end management investment company. You, Taylor Frigon Capital Management, LLC (“Adviser,” “you” and “your”) have been selected to act as the sole investment manager of the Taylor Frigon Core 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 TAYLOR FRIGON CORE GROWTH FUND
Services Agreement Taylor Frigon Core Growth Fund • December 27th, 2016 • PFS Funds • Massachusetts

AGREEMENT dated as of December 21, 2016, between PFS Funds (the “Trust”), a Massachusetts business trust, and Taylor Frigon Capital Management, LLC (the “Adviser”), a California Limited Liability Company.

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