Greenwood Family Advisors LLC

Item 5 – Fees and Compensation

Due to the highly personalized nature of our services the fees for our services are based on Assets
Under Management or a fixed amount, as negotiated with each client.

The specific manner in which fees are charged by GFA is established in each client’s written agreement
with GFA. Generally, and pursuant to contract, fees for the management of Accounts will be based
upon a percentage of the total assets in the Accounts (including margined assets and cash balances) or
as a flat fee, not to exceed 1.5%. Fees are typically paid in arrears; however, some agreements exist
with fees paid in advance. No prepaid fees are charged six months or more in advance. We will waive
or reduce the fee for employee or family related accounts.

A client may pay more or less fees than similar clients depending on the particular circumstances of
the client, size, additional or differing levels of servicing or as otherwise agreed with specific clients.
Clients that negotiate fees, including a flat fee, may end up paying a higher fee than that set forth above
as a result of among other factors, fluctuations in the client’s assets under management and account
performance.

Fees For Other Services

Fees for consulting, financial planning, estate planning, and ad-hoc projects are typically charged on a
flat fee, per project, hourly, or as negotiated with the client, and will be invoiced to the client upon
completion of the project.

GFA’s fee will be based upon various factors including but not limited to the services requested by the
client, the size of the portfolio, the type of holdings in the portfolio, and any pre-existing relationship
with the client. Since these are customized services and separate from the other services we provide
to clients, the fees will vary by client and by project. The specific agreed to fee will be fully disclosed
prior to the start of any services.

The fee for consolidated reporting services for accounts not managed by GFA is generally a fixed fee,
depending on the level of reporting. At our discretion, we may offset all or a portion of the fee against
fees paid for investment management services.

An asset-based fee may cost more than a flat fee or a transaction-based fee. Clients may prefer an
asset- based fee if they want continuing investment advice. Although the Firm believes the charges
and fees offered are competitive with other investment advisors, we make no guarantee that the
aggregate cost of a particular program will be lower than that which may be available elsewhere.

When appropriate, the Firm may recommend the use of margin and/or option transactions. As these
investment strategies involve a certain degree of additional risk, they are only recommended when
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consistent with the client objectives and risk tolerance. The use of margin also results in interest
charges in addition to all other fees and expenses associated with the management of the account.
Although account statements for margined accounts may reflect a negative amount, our asset based
advisory fee is based on the account’s absolute market value. This poses a conflict of interest because
the Firm benefits by receiving a higher fee based on the account’s absolute market value.

Calculation and Deduction of Fees

GFA receives data feeds with valuations from the clients’ custodian(s) into our third-party account
aggregation software. This may differ from the valuations and prices reported on the account
statements received from your account custodians and/or fund managers. The differences may be due
to pricing, settlements, dividends, or other end of month events. For private funds or private equity
investments, we use the most recently available information received from the fund. Accounts initiated
or terminated during a calendar quarter will be charged a prorated fee. We bill on the gross amount of
margined assets and our practice is to invoice clients for fees. Frequently clients pre-authorize their
custodians to automatically deduct the fees from the client’s account and to make payment to GFA.
Based on the arrangement, the clients can also direct their custodians or bank to deduct fees from their
account or pay via ACH or wire transfer.

Third Party Fees

GFA’s fees are exclusive and in addition to brokerage commissions, transaction fees, and other related
costs and expenses which shall be incurred directly by the client. Clients will incur certain charges
imposed by custodians, brokers, and other third parties such as custodial fees, deferred sales charges,
odd-lot differentials, transfer taxes, wire transfer and electronic funds fees, and other fees and taxes on
brokerage account and securities transactions. Clients are responsible for the payment of all third-party
fees.

Mutual funds and Exchange Traded Funds (“ETFs”) also charge internal management fees, which are
disclosed in a fund’s prospectus. Such fees are separate and distinct from the fees charged by GFA.
Mutual fund companies generally offer multiple share classes of the same fund. Share classes are
described in the mutual fund's prospectus. Each share class charges different fees and expenses and
depending on the share class selected, fees and internal expenses charges may be higher or lower.
Certain funds do not charge a transaction fee but have higher internal expenses. Selecting funds that
charge higher fees and expenses may adversely impact an account’s long‐term performance. GFA’s
policy is to recommend that clients invest in the lowest cost share class available based on the client’s
individual situation. GFA generally recommends Advisor or Institutional share classes that typically
have the lowest expense ratios. Advisor or Institutional share classes are generally available to
investors in qualified fee‐based advisor programs, or accounts that meet certain minimum investment
...

Item 7 - Types of Clients

GFA provides asset and/or portfolio management services to high-net-worth individuals and families,
and their related entities (including trusts, estates, foundations, and closely held entities), including
both U.S.-domiciled and non-U.S.-domiciled clients.
The minimum dollar value for establishing an Account is generally $5,000,000. Initial investments of
a lesser amount can be accepted at GFA’s sole discretion.