Bonner & Smith LLC

Item 5. Fees and Compensation
  A. The Bonner & Smith, LLC portfolio management agreement authorizes account management fee
     deductions by Fidelity Investments. Fees are recalculated quarterly and must be paid in advance based on
     account values on the last day of the previous ending quarter i.e. assets are calculated on December 31,
     March 31, June 30 and September 30. One third of the quarterly fee will be deducted (debited) directly
     from the client's brokerage account(s) on the first of each month. Fees will be reported on your monthly
     Fidelity statement as an adviser fee. Cash flow does not have any effect on the fees charged by Bonner &
     Smith, LLC and there will be no extra charges in direct response to a client withdrawing from or
     depositing into a custodial account.
       Management fees are not negotiable.

       Management Fees for assets under management:
        Management Fees:         Annually     Quarterly
        First $250,000           1.50%      .375%
        Next $250,000            1.10%       .275%
        Next $1,000,000           .80%      .02%
        Next $1,500,000           .70%      .175%
        Next $2,000,000           .60%      .15%
        Next $5,000,000            .50%     .125%
        Above $10,000,000         .40%      .10%

Part 2A of Form ADV Firm Brochure

  Table of Contents
  Name of Investment Adviser                                SEC File Number        Date:
  Bonner & Smith, LLC                                       801- 81163             03/02/2026
       Management Fees Income Only Portfolio Percentage of assets under management:
        Management Fees:       Annually      Quarterly
        First $500,000         .75%        .188%
        Next $1,500,000        .60%        .15%
        Above $2,000,000       .50%        .125%

       Fee example:

       Billing period Apr 1 - Jun 30 Value of assets managed on March 31st $365,729.50
       $250,000 @ .375 % = $937.50
       $115,729.50 @ .275% = 318.26
       $937.50 + 318.26 = 1255.76
       $1255.76 / 3 = $418.59 billed per month for Apr 1, May 1, Jun 1 Assets will be
       recalculated for quarter ending Jun 30

  B. Fees will be deducted (debited) directly from the client's brokerage account(s) on the first of each
     month

  C. Mutual funds (including money market mutual funds) and ETFs charge management fees which
     are deducted from the funds and are in addition to any fee charged by Bonner & Smith, LLC. Funds
     may also be subject to redemption fees, short-term trading fees or transaction fees. Fees are detailed in

Item 7. Types of Clients
  Bonner & Smith, LLC primarily provides services to individual investors. Keith Bonner, Susan Smith
  and Rusti Pitts take a team approach to investment management and financial planning. We currently
  manage assets that include individual investors, retirement accounts and trusts. We specialize in
  working with employees in the oil and gas industry.

  Account Minimums:

  The minimum portfolio size is $1,000,000 (financial planning and investment management) . This
  amount is negotiable based on circumstances (e.g., future earning capacity, future additional assets,
  related accounts, family members, time horizons)
  Pre-retiree clients are required to make a monthly savings commitment.

  We do not co-manage accounts with clients or act on investment tips from clients or third parties. We
  have limited trading authorization which authorizes Bonner & Smith, LLC to act as agent to purchase
  and sell securities for your account, but does not allow for distribution of funds from the account.

  Table of Contents

Part 2A of Form ADV Firm Brochure

  Name of Investment Adviser                                SEC File Number        Date:
  Bonner & Smith, LLC                                       801- 81163             03/02/2026