Bison Wealth LLC

Item 5 - Fees and Compensation
Investment Advisory Services Fees:

When selecting one or more of the Services offered, clients will pay Bison an Advisory Fee, a portion of
which will be paid to the Adviser for servicing the client’s accounts; a portion will be retained by Bison;
and a portion may be paid to portfolio strategists or sub-advisers as applicable for portfolio management
and other administrative services. The Advisory Fee paid to Bison is negotiable between client and
Adviser and is calculated as a percent of the value of the account managed as defined in the IAA but will
not exceed 2.0% annually. In addition to the Advisory Fee, clients will pay an administrative fee of $10.00
per account per month. Under certain circumstances, Bison may waive the administrative fee and/or the
fee may be paid by the Adviser serving the account. When the Adviser absorbs the cost of the
administrative fee, a conflict of interest arises as the Adviser has an incentive to charge a higher
Advisory Fee. This conflict is mitigated in that all Advisory Fee must be reasonable and cannot exceed
the maximum fee allowed. The Advisory Fees will commence at the inception of the IAA and are

assessed either monthly or quarterly, and can be paid in arrears or advance, depending on the
Service(s) selected (each a “Billing Period”).

Advisory Fees charged are based on the average daily account value during the Billing Period. When
billed in advance, the Advisory Fee will be earned throughout the Billing Period. If the IAA is terminated
before the end of the Billing Period, the Advisory Fee will be prorated for the number of days the IAA was
in effect during the Billing Period. Advisory Fees can be either a fixed percent applied to the total account
value or may be tiered which means a different percent may be applied to different tranches of account
value.

The percent paid and manner of calculating the Advisory Fee as well as the recipients of the Advisory
Fee and the payment of the administrative fee are defined in the IAA. If the client terminates the IAA
within five (5) days of the IAA effective date, Bison will rebate any fees paid. Unless a different payment
method is agreed to between Bison and the client, the client will authorize Bison to instruct the account
custodian to debit the Advisory Fee from the account and remit the proceeds to Bison.

Overlay Strategy Fees:

Clients participating in the Overlay Program are charged an Overlay Management Fee (the “Overlay
Fee”) comprised of an Option Strategist Fee of 0.40% (40bps) paid to Liquid Strategies, LLC for
managing the options within the program and an Administrative Program Fee of up to 0.35% (35bps)
paid to Bison for administering the program, 0.10% (10bps) of the Administrative Program Fee is paid to
Bison and the remainder if any, is paid to your financial adviser. The total Overlay Fee will not exceed
0.75% of the Overlay Value and is in addition to the Advisory Fee which is charged for advising the
Anchor Account. The amount of the Overlay Fee, Sub-Advisory Fee, Anchor Account Value, and the
Overlay Value are determined at the time the client enters into the Overlay management agreement.
Other fees which will apply to the Overlay Strategy include transaction costs and premiums paid when
buying and selling the put options. These fees are reflected in the client’s account statement and
confirmation statements as applicable, provided by the Custodian.

Third Party Models:

When an account is allocated to a third party Model Manager, the Model Manager’ Fee is paid from the
internal fund fees charged by the investment vehicles included within the Model. Clients indirectly pay the
Model Manager’s Fee as shareholders of the investment vehicles within the Model. In limited
circumstances, a Model Manager may charge a separate fee for providing the Model. In such
circumstances, the fee is paid by Bison from the Advisory Fee it collects. When Bison pays the Model
Manager’s fee from the Advisory Fee, a conflict of interest arises as Bison will have an incentive to select
those Model Managers that do not charge a separate fee as such arrangements reduce Bison’s costs of
doing business. This conflict is mitigated in that Advisory Fee paid shall not exceed the maximum fee as
noted above.

Third-Party Manager Fees:

When Third-Party Managers (“TPMs”) are used, clients will pay a TPM Fee to the TPM as determined by
the nature of engagement. When a TPM is engaged to serve as the manager to the account, the account
will be established with the TPM and the TPM will debit the TPM Fee and remit a portion to Bison. When
the TPM is serving as a sub-adviser, the TPM will provide its services to the client’s account established
at Bison and Bison will typically debit the TPM Fee and remit the payment to the TPM. Under certain
circumstances, the client will permit the TPM acting in a sub-advisory capacity to debit the TPM Fee from
the client’s account established with Bison. Unless otherwise specified in the account opening

documents, TPM Fees are separate from, and in addition to Bison’s Advisory Fee or other fees which
may be assessed by custodians (See Other Fees below). Clients are advised to fully review all third-
party services so as to be fully informed of the services provided and costs.

Financial Planning Fees

When creating a financial plan for a client, the Adviser will charge a fee which can be a fixed fee or
charged on an hourly, monthly or quarterly basis. The scope of the financial plan and fees to be charged
are agreed to between the client and Adviser and are memorialized in the Financial Planning Agreement.
Financial planning fees are separate and in addition to the fees which may be charged for
implementation of the plan or management of accounts and other assets which may be included in the
financial plan. Advisers may choose to offer financial plans free of charge as part of their portfolio
management or other services.

Other Fees:
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Item 7 - Types of Clients
Bison offers traditional services for individuals, high net worth individuals, family offices, pension and
profit-sharing plans, corporations, trusts, estates and charitable organizations. Except for the Overlay
Strategy, Bison does not have a minimum annual fee or minimum portfolio value. However, certain
investment vehicles such as interval funds or other investment vehicles may impose minimums.

Other Financial Advisors:

Bison provides its TAMP Services to other unaffiliated registered investment advisers, and not Bison
clients. TAMP services include portfolio management, account maintenance and support along with
other non-discretionary investment advice, and sub-advisory services. Bison will contract directly
with the other financial advisor unless otherwise specified. See Item 4 – Advisory Business for
additional information regarding TAMP services.