Hogan Investment Counsel LLC

Item 5 – Fees and Compensation

The following paragraphs detail the fee structure and compensation methodology for services provided by the
Advisor. Each Client shall sign an investment advisory agreement that details the responsibilities of Hogan and the
Client.

A. Fees for Advisory Services
Investment Management Services
Investment advisory fees are paid quarterly, at the end of each calendar quarter, pursuant to the terms of the
investment advisory agreement. Investment advisory fees are based on the market value of assets under
management at the end of each calendar quarter, as well as the type of portfolio. Advisory Fees range from 0.90%
to 0.30% annually based on the following schedule:

           Assets Under Management ($)            Annual Rate (%)               Annual Rate (%) (Customized
                                               (Customized Portfolios)          Fixed Income Only Portfolios)
               Up to $3,000,000                        0.90%                               0.40%
               Next and Over $3,000,000                0.50%                               0.30%

The investment advisory fee in the first quarter of service is prorated from the inception date of the account[s] to
the end of the first quarter. Fees may be negotiable at the sole discretion of the Advisor. The Client’s fees will take

                                            Hogan Investment Counsel, LLC
                                    51 Germantown Court, Suite 108, Cordova, TN 38018
                                        Phone: (901) 590-3846 | Fax: (901) 590-3958
                                                www.hoganinvestment.com

into consideration the aggregate assets under management with the Advisor. All securities held in accounts
managed by Hogan will be independently valued by the Custodian. Hogan will conduct periodic reviews of the
Custodian’s valuations.

The Client may make additions or withdrawals from the account[s] at any time, subject to the Advisor’s right to
terminate an account or the overall relationship. Additions may be in cash or securities provided that the Advisor
reserves the right to liquidate any transferred securities or decline to accept particular securities into a Client’s
account[s]. Clients may withdraw account assets on notice to Hogan, subject to the usual and customary securities
settlement procedures. However, the Advisor typically designs its investment portfolios as long-term investments,
and the withdrawal of assets may impair the achievement of a Client’s investment objectives. Hogan may consult
the Client about certain implications of such transactions. Clients are advised that when such securities are
liquidated, they may be subject to securities transaction fees, short-term redemption fees, and/or tax ramifications.
If assets in excess of $10,000 are deposited into or withdrawn from the Client’s account[s], the Advisor’s fee will be
adjusted in the next billing period to reflect the fee difference. The Advisor may negotiate a fee that differs from the
schedule above for certain account[s] or holdings.

The Advisor’s fee is exclusive of, and in addition to any applicable securities transaction and custody fees, and
other related costs and expenses described in Item 5.C. below, which may be incurred by the Client. However, the
Advisor shall not receive any portion of these commissions, fees, and costs.

B. Fee Billing
Investment Management Services
Investment advisory fees will be calculated by the Advisor or its delegate and deducted from the Client’s account[s]
at the Custodian. The Advisor shall send an invoice to the Custodian indicating the amount of the fees to be
deducted from the Client’s account[s] at the respective quarter-end date. The amount due is calculated by applying
the quarterly rate (annual rate divided by the number of days in the year then multiplied by the number of days in
the quarter) to the total assets under management with Hogan at the end of each calendar quarter. Clients will be
provided with a statement, at least quarterly, from the Custodian reflecting the deduction of the investment
advisory fee. It is the responsibility of the Client to verify the accuracy of these fees as listed on the custodian’s
brokerage statement as the Custodian does not assume this responsibility. Clients provide written authorization
permitting advisory fees to be deducted by Hogan to be paid directly from their account[s] held by the Custodian as
part of the investment advisory agreement and separate account forms provided by the Custodian.

C. Other Fees and Expenses
Clients may incur certain fees or charges imposed by third parties other than Hogan in connection with
investments made on behalf of the Client’s account[s]. The Client is responsible for all custody and securities
execution fees charged by the Custodian, if applicable. The Advisor's recommended Custodian does not charge
securities transaction fees for ETF and equity trades in Client accounts but typically charges for mutual funds and
other types of investments. The investment advisory fee charged by Hogan is separate and distinct from these
custody and execution fees.

In addition, all fees paid to Hogan for investment advisory services are separate and distinct from the expenses
charged by mutual funds and exchange traded funds (“ETFs”) to their shareholders, if applicable. These fees and
expenses are described in each fund’s prospectus. These fees and expenses will generally be used to pay
management fees for the funds, other fund expenses, account administration (e.g., custody, brokerage, and
account reporting), and a possible distribution fee. A Client could invest in these products directly, without the
services of Hogan, but would not receive the services provided by Hogan, which are designed, among other
things, to assist the Client in determining which products or services are most appropriate to each Client’s financial
...

Item 7 – Types of Clients

Hogan offers investment advisory services to individuals, high net worth individuals, trusts, and estates. The
amount of each type of Client is available on the Advisor's Form ADV Part 1A. These amounts may change over
time and are updated at least annually by the Advisor. Hogan does not impose a minimum account size for
establishing a relationship.