AMENDMENT TO

SERVICES AGREEMENT
CONQUER RISK MANAGED VOLATILITY FUND

CONQUER RISK TACTICAL ROTATION FUND

CONQUER RISK TACTICAL OPPORTUNITIES FUND

CONQUER RISK DEFENSIVE BULL FUND

This amendment is made to the Services Agreement between Potomac Fund Management, Inc. (the “Advisor”) and PFS Funds (the “Trust”) on behalf of Conquer Risk Managed Volatility Fund, Conquer Risk Tactical Rotation Fund, Conquer Risk Tactical Opportunities Fund, and Conquer Risk Defensive Bull Fund (each a “Fund”), series of the Trust and shall become effective as of October 3, 2023. It is mutually understood and agreed by and between the undersigned parties to amend Section 6. Compensation of the Services Agreement to read as follows:

Compensation. For the performance of the Advisor’s obligations under this Agreement, including payment of certain expenses of each of the Funds pursuant to paragraph 3 hereof, each Fund shall pay the Advisor, on the first business day following the end of each month, a fee at an annual rate of 0.50% of a Fund’s average daily net assets up to $25 million, and 0.20% of a Fund’s average daily net assets in excess of $25 million.

IN WITNESS WHEREOF, the parties have duly executed this Amendment to the Services Agreement on September 27, 2023.

PFS Funds

By: /s/ Jeffrey R. Provence                       

Print Name: Jeffrey R. Provence            

Title: Trustee, Secretary and Treasurer

Potomac Fund Management, Inc.

By: /s/ Manish Khatta                                

Print Name: Manish Khatta                     

Title: President