Kendall Capital Management

Item 5       Fees and Compensation

Individual Portfolio Management Fees
The annualized fee for Investment Supervisory Services is charged as a percentage of assets under
management and is a blended rate according to the following schedule:
                      Market Value Of Assets Under Supervision              Annual Rate
                               First $2,000,000                               1.00%
                               Next $3,000,000                                0.80%
                               Next $5,000,000                                0.65%
                               Balance over $10,000,000                       0.50%

A minimum of $500,000.00 of assets under management, and a minimum asset management fee of
$5,000 per year, is required for this service. This account size is negotiable under certain circumstances.
In certain situations, Kendall Capital groups certain related client accounts for the purposes of achieving
the minimum account size and determining the annualized fee. This consolidation practice allow client(s)
to benefit from an increased asset total, which could potentially cause the account(s) to be assessed a
reduced advisory fee based on the breakpoints available in the Firm's fee schedule as stated above.
The annual fee for the portfolio management services is billed quarterly in advance based on the market
value of the assets on the last day of the preceding quarter. Fees will be assessed pro rata in the event
the portfolio management agreement is executed at any time other than the first day of a calendar
quarter.
Fee Adjustment due to Cash Flows: To the extent assets deposited or withdrawn from an account
during a billing period result in a calculated fee in excess of $25 per transaction, the management fee will
be prorated accordingly, as reflected during the following billing cycle. The management fee will not,
however, be adjusted for deposits or withdrawals that result in a calculated fee of less than $25 per
transaction. A capital flow is defined as a contribution or withdrawal from or to the portfolio or to/from an
external source. Dividends and interest are not defined as capital flows.
Inflows: In any given quarter, if a capital inflow occurs in a client’s account, a positive management fee
adjustment will be reflected in the client’s following quarterly management fees. The positive
management fee adjustment is the product of the dollar amount of the inflow, the quarterly billing rate of
the top tier, and the ratio of the number of days between the capital flow date and the last day of that
quarter over the number of days in that quarter. If a capital inflow creates a new top tier, then the capital
flow adjustment will be decomposed into the amount of the capital inflow that increases the account
value as of the capital flow date to the upper limit of the previous top tier and the rest that stays in the
                                            Kendall Capital Management

                                                    March 2026

new top tier.
Outflows: In any given quarter, if a capital outflow occurs in a client’s account, a negative management
fee adjustment will be reflected in the client’s following quarterly management fees. The negative
management fee adjustment is the product of the dollar amount of the outflow, the quarterly billing rate of
the top tier, and the ratio of the number of days between the capital flow date and the last day of that
quarter over the number of days in that quarter. If a capital outflow eliminates the previous top tier, then
the capital flow adjustment will be decomposed into the amount of the capital outflow that decreases the
account value as of the capital flow date to the lower limit of the previous top tier and the rest that further
reduces the account value as of the capital flow date from the upper limit of the new top tier.
The independent qualified custodian holding the client's funds and securities will debit the client account
directly for the advisory fees paid to Kendall Capital. The client will provide written authorization
permitting the fees to be paid directly from their account held by the qualified custodian. Kendall Capital
will not have access to client's funds for payment of fees without client consent in writing. Some clients
may have the option to pay fees directly, in lieu of them being debited from their account. Kendall Capital
will bill these clients for fees incurred.
Limited Negotiability of Advisory Fees: Although Kendall Capital has established the aforementioned
fee schedule(s), we retain the discretion to negotiate alternative fees on a client-by-client basis. Client
facts, circumstances and needs are considered in determining the fee schedule. These include the
complexity of the client, assets to be placed under management, anticipated future additional assets,
related accounts, portfolio style, account composition and reports, among other factors. The specific
annual fee schedule is identified in the contract between the adviser and each client.
Discounts, not generally available to our advisory clients, at times are offered to family members and
friends of associated persons of our firm.

Financial Planning Fees
Financial planning services are offered at no additional charge and are considered inclusive with the standard
fee schedule based upon assets under management. If for some reason a minimum fee of $5,000 is not
collected, the client will be responsible to pay a $5,000 financial planning fee for the plan delivered to the client.
Otherwise, financial planning services are included as a part of the general wealth management fee as
disclosed above.

General Information
Termination of the Advisory Relationship: A client agreement may be canceled at any time, by either
party, for any reason upon receipt of 30 days written notice. As disclosed above, certain fees are paid in
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Item 7       Types of Clients
Kendall Capital’s clients generally include individuals, high net worth individuals, pension and profit-
sharing plans (other than plan participants), charitable organizations, corporations or other businesses
not listed above. Kendall Capital’s initial minimum account requirement for Individual Portfolio
Management is $500,000.00 of assets under management. This account size is negotiable under certain
circumstances. For a more detailed understanding of those requirements, please review the disclosures
provided in Item 5.