Pagten centers around the boy Malte, who meets the nisse (elf/gnome) Lyda, whose family is in danger because of the ice-witch Iselin, who wants to freeze the nisser so that she can rule supreme in the magical world.
Unbeknownst to them, Rune is a bit of a vicious bully and is working together with Iselin, who has managed to manipulate him due to his vulnerability stemming from his insecurity, sense of parental abandonment and sadness and fear of losing his parents' farm which he loves.
Malte's other school-mate, Viji, has also disappeared, following a dangerous stunt on the top of the local school roof perpetuated by Rune and his group of bullies.
Malte attempts the test once more, but when they cannot accomplish it they find and rescue Viji, and gets help from her.
In the last episode, they use the magical Pact, Grundtvig's and Saja's (Lyda's mother) old gloves, to thaw Iselin and destroy her forever.