Grandfield & Dodd LLC

Fees & Compensation
G&D charges clients a management fee based on a percentage of assets under management.
Our standard fee schedule is as follows:

                                                             Annual
                     Assets Under Management                Fee Rate
                     first $1 million                         1.00%
                     next $4 million                          0.60%
                     next $5 million                          0.50%
                     next $10 million                         0.40%
                     next $30 million                         0.30%
                     balance over $50 million                 0.25%

Management fees are assessed in advance each calendar quarter. We calculate our fees
using the market value (or our best estimate of fair market value in the absence of market
value) of assets under management at the end of the previous calendar quarter. Based on
each client’s preference, we will either deduct our fees directly from client assets or bill
the client via invoice each quarter.

Sample Fee Calculation

Second quarter (April 1 to June 30) management fees are calculated based on assets under
management as of March 31. Assuming $8 million assets under management as of the
market close on March 31, second quarter management fees are calculated as follows:

                                                                         Quarterly
        Assets Under Management          Quarterly Fee Rate Applied           Fee
        first $1 million                    0.250% (1/4 of 1.00%)        $  2,500
        next $4 million                     0.150% (1/4 of 0.60%)           6,000
        next $3 million                     0.125% (1/4 of 0.50%)           3,750
                                                                         $ 12,250

These management fees would most likely be billed (or deducted) some time in April.

Important Fee Disclosures

We believe our standard fee schedule is highly competitive. However, comparable services
may be available from other providers at lower rates.

Because our fees are calculated based on assets under management, G&D has a financial
incentive to recommend to clients that they add assets to accounts under our management
in order to increase our management fees.

                              Firm Brochure & Supplement
                                    March 13, 2026

                             Grandfield & Dodd, LLC

Under certain circumstances, our fee arrangements may be negotiable. However, as a
matter of policy, G&D does not and will not utilize any fee arrangement based on a share
of capital gains on or capital appreciation of client assets.

To the extent that certain assets are charged reduced fees or are exempt from fees, a
potential conflict of interest will exist since we will have a financial incentive to shift funds
into higher-fee assets.

Our management fees do not include any fees or commissions charged by third parties in
connection with our advisory services (e.g., custodial fees, transaction fees, broker
commissions, fund expenses, etc.). Accordingly, we encourage clients to review all third-
party fees and expenses as well as G&D’s management fees when evaluating the total cost
of management. For additional information on brokerage costs, please refer to the
“Brokerage Practices” section on page 9 of this brochure.

A relationship may be terminated at any time, by G&D or a client, upon notification of the
other party. G&D will refund any prepaid, unearned fees as calculated on a daily pro rata
basis. New clients have the right to terminate an advisory relationship without penalty
within five business days of establishing one.

Performance-Based Fees & Side-By-Side Management
As a matter of policy, G&D will not accept performance-based fees from a client. This type
of fee arrangement is based on a share of capital gains on or capital appreciation of client
assets.

Types of Clients
G&D primarily provides services to individuals and their families, including assets held in
trusts, estates, foundations, and retirement plans. We also provide services to a small
number of not-for-profit institutions. Our minimum client relationship size is $1 million
assets under management. In certain situations, we may waive this minimum.

Methods of Analysis, Investment Strategies, & Risk of Loss
G&D seeks to preserve and enhance the real purchasing power of clients’ wealth over time
through investments in publicly-traded securities and other assets. We base our investment
recommendations and decisions on our analysis of the broad economic outlook and
financial market conditions as well as fundamental research on industries and companies.

We believe that investing in equity securities provides our clients with an excellent avenue
for increasing their wealth while protecting it from the deleterious effects of inflation over

                                Firm Brochure & Supplement
                                      March 13, 2026

                            Grandfield & Dodd, LLC
time. We evaluate opportunities from the perspective of a potential business owner, and as
a result, we are long-term investors with a horizon that often extends well beyond one year.
We specifically look for industry-leading companies that are positioned to grow in size and
profitability through some sustainable competitive advantage. We prefer financially strong
firms led by competent and experienced management teams. Valuation is very important;
however, we recognize that different valuation criteria apply to different types of
businesses and look for investment opportunities among smaller, higher growth enterprises
as well as larger, more mature businesses.

Equity markets frequently move to extremes driven by excessive investor enthusiasm or
fear, and the risk of loss is ever-present. However, we believe this volatility creates
investment opportunities. To manage this risk, diversification is necessary, and we avoid
undue concentration in any one industry or company. We also believe participation in
international markets through investments in foreign and/or global multi-national
companies offers diversification benefits as well as higher growth potential.

For many of our clients, fixed income securities (e.g., bonds) play an important role in their
investment portfolios. Bonds can provide a higher level of income than equities and offer
a counterbalance to the inherent volatility of the equity markets. Although these securities
are relatively stable, there is the potential for investor loss from issuer default or changes
in interest rates, and liquidity may be limited. To mitigate these risks, we favor higher-
quality obligations generally maturing within five years and typically hold them to
maturity. We consider opportunities across a broad range of publicly-traded debt (e.g., U.S.
Treasury securities, municipal bonds, corporate bonds, etc.) to best fit the needs of the
client. For example, we consider investing in tax-exempt municipal bonds to the extent that
a client’s tax situation and/or comparative market yields warrant.

All investing involves a risk of loss and the investment strategy offered by G&D could lose
money over short or even long periods; thus, clients should be prepared to bear such risk
of loss. Performance could be hurt by a number of different market risks including but not
limited to:

      Stock market risk, which is the chance that stock prices overall will decline. Equity
       markets tend to move in cycles, with periods of rising prices and periods of falling
       prices.

      Sector risk, which is the chance that significant problems will affect a particular
       sector, or that returns from that sector will trail returns from the overall stock
       market. Daily fluctuations in specific market sectors are often more extreme than
       fluctuations in the overall market.

Clients investing in fixed income securities may face additional risks, such as but not
limited to:

      Interest Rate risk, which is the chance that a change in prevailing interest rates will
       cause the securities in the account to fluctuate in value.

                               Firm Brochure & Supplement
                                     March 13, 2026

                            Grandfield & Dodd, LLC

      Credit or Default risk, which is the chance that the issuer of a security will fail to
       pay interest and principal in a timely manner, or that negative perceptions of the
       issuer’s ability to make such payments will cause the price of that security to
       decline. To the extent that the account is invested primarily in securities that are
       considered to be of high quality, credit risk should be very low.

      Reinvestment risk, which is the chance that falling interest rates preclude the ability
       to reinvest proceeds at the same rate of return as the original investment.

      Inflation risk, which is the chance that the purchasing power of the cash flows from
       an investment will be less in the future because of changes in general price levels
       in the economy.

In addition, the identification of securities and other assets believed to be undervalued is a
difficult task, and there are no assurances that such opportunities will be successfully
recognized or acquired.