Boyar Asset Management Inc

Item 5 - Fees and Compensation

Management Fee

Boyar Investment Management, Inc.                                           Form ADV Part 2A

Boyar generally charges SMA Clients a fee based on a percentage of the total market value of
assets under management (as reported by the custodian), including dividends and interests
that have been earned but not yet received, on the last day of the quarter for which the fee is
charged. The fee is payable quarterly in arrears and is due upon the Client's receipt of an
invoice from the Adviser. The Adviser’s SMA management fees are subject to negotiation but
typically are a standard rate of 1.5% of assets under management which can be negotiated at
the Adviser’s discretion.

Boyar provides non-discretionary investment advisory services in a sub-advisory capacity to
US and non-US Clients. One Client is a foreign institutional investor and the second is a high-
net worth international investor Boyar and such Clients have negotiated a fee structure in
accordance with such Client’s complexity of investment mandate. Such fees are paid on a
quarterly basis on the average daily net assets of the relevant assets under management, as
reported by the custodian, during the relevant quarter (before deduction of the fees due to
Boyar).

With respect to Boyar’s non-US high-net worth/non-discretionary investor Client, Boyar’s fee
is assessed on the average of the total market value of assets under management (as reported
by the custodian) at the beginning of the relevant quarter and the total market value at the
end of the relevant quarter (including dividends and interests that have been earned but not
yet received). Once these two amounts are averaged the agreed upon fee is assessed on the
average. In the advisor’s discretion, they can elect not to charge on cash. The fee is payable
quarterly in arrears and is due upon the Client's receipt of an invoice from the Adviser.

SMA Clients investing in The Boyar Value Fund will not be charged investment advisory fees
on the asset value invested in the Funds. They will however be charged all expenses that other
Fund shareholders are charged (including investment advisory fees charged by the Fund). As
of the December 2025 annual report, the operating expense ratio for the fund was 1.73%.

The quarterly fees are generally deducted directly from the SMA’s custodial account based
upon the market value of such account (as reported by the custodian) as of the last day of
each calendar quarter. The Adviser will not directly debit a SMA Client’s advisory fees if such
SMA Client specifically requests a separate invoice. In such case, payment will be deducted
from the account if payment is not received within 10 days from the date of the invoice.
Management fees, if charged, are prorated for each capital contribution and withdrawal made
during the applicable month/calendar quarter (with the exception of de minimis contributions
and withdrawals).

SMA’s managed by the Adviser may have a large percentage of their assets invested in cash
and cash equivalents for certain periods of time as appropriate due to liquidity or as the
strategy is being initially invested. SMA’s will be charged the management fees on the cash and
cash equivalent positions in their account pursuant to the terms stipulated in their investment
management agreements.

SMA’s will typically incur charges imposed by custodians, brokers, third party investment and
other service providers, such as brokerage commissions, custodial fees, deferred sales charges,
odd-lot differentials, transfer taxes, wire transfer and electronic fund fees, and other fees and
taxes on brokerage accounts and securities transactions. Certain broker custodians may
bundle brokerage fees into an inclusive fee.

The majority of the Adviser’s Clients use Fidelity Investments (“Fidelity”) as their
broker/custodian. The Adviser maintains a relationship with Fidelity for a variety of reasons,

Boyar Investment Management, Inc.                                            Form ADV Part 2A

including but not, limited to their business infrastructure, capital position, the security of its
Clients’ assets, the competitiveness of their fees, and the quality of their execution.

Accounts initiated or terminated during a month/calendar quarter will be charged a prorated
fee. Client agreements may be terminated upon written notice from either party. Upon
termination of any account, any earned, unpaid fees will be due and payable without penalty
or other deduction.

As compensation for providing investment advice to Boyar Partners L.P., the Adviser receives
a quarterly administration fee equal to 0.25% equal to a 1% annual fee of the net asset value
at the close of business on the last business day of each quarter. In addition, the Adviser may
earn an incentive fee equal to 20% of all realized and unrealized profits exceeding a high-water
mark.

Boyar’s Orphaned Equity Fund, L.P offers two share classes, the Founder’s and Regular class,
which compensate the Adviser with distinct management and incentive fees. As compensation
for providing investment advice to the Founder’s class, the Fund pays a quarterly
administration fee equal to 0.1875% (0.75 % annually) of the net asset value at the close of
business on the last business day of each quarter. In addition, the Adviser may earn an incentive
fee equal to 15% of all realized and unrealized profits exceeding a high-water mark.

As compensation for providing investment advice the Regular share class, the Adviser receives
a quarterly administration fee equal to 0.25% (1% annually) of the net asset value at the close
of business on the last business day of each quarter. In addition, The Adviser may earn an
incentive fee equal to 17.5% of all realized and unrealized profits exceeding a high-water mark.

Item 7 - Types of Clients

The Adviser’s SMA Clients primarily consist of, but are not limited to, individuals, high net
worth individuals, other investment advisors, institutional investors, charitable organizations
and pension plans. The Adviser also manages an SMA, on a non-discretionary basis for a global
insurance company. Boyar also acts as a subadvisor for other investment advisors. The Adviser
generally requires that SMA Clients establish an advisory account at the Adviser with a

Boyar Investment Management, Inc.                                          Form ADV Part 2A

minimum amount of at least $1,000,000 of cash or securities. These minimum initial account
sizes may be waived at the sole discretion of the Adviser with respect to:

    •   Tax-sheltered retirement plans (such as Individual Retirement Accounts, simplified
        employee pension plans, money purchase pension and profit-sharing plans, 401(k) and
        403(b) Plans) and other retirement plans that may be subject to ERISA;
    •   Accounts that commit to increase the size of their accounts;
    •   Uniform gift to minors accounts;
    •   Custodial and fiduciary accounts; and
    •   Such other accounts as the Adviser may permit.

Boyar also advises Funds which are intended for sophisticated investors. Investors in the Funds
are not considered Clients of Boyar. Fund investors may include, but are not limited to pension
plans, charitable foundations, endowments, fund of funds, sovereign wealth funds, investment
companies, trusts, family offices, private banks, high net worth individuals and other entities
and institutions. Investors in the Funds must meet certain suitability requirements as set forth
in the Funds’ Governing Documents. Any initial and additional subscription minimums are
disclosed in the Governing Documents for the Funds.

The Adviser also provides investment advisory services to the Boyar Value Fund, a registered
open-ended management investment company for retail and/or institutional investors. The
minimum investment in the RIC is $5,000. Investors in the RIC are similarly not considered
Clients of Boyar, rather the RIC is the Client.

Boyar participates in third-party data sharing programs for which Boyar is compensated. In
this regard, Boyar submits ideas and ratings regarding securities and may, to the extent
permitted by law, provide information regarding investments made by, and investments of,
Boyar’s Clients, including, without limitation, one or more private funds managed by Boyar.
Boyar’s compensation under one or more of these programs varies and may include flat fees
and/or incentive payments determined and paid by the third parties to Boyar (which payments
may be directed, in part, to individual analysts of Boyar). While the compensation paid for
data sharing incentivizes Boyar’s participation, Boyar will navigate applicable arrangements
consistent with its duties under the Advisers Act and applicable law.