Kent Lake PR LLC

Item 5 – Fees and Compensation

Management Fees

The fees and compensation payable to Kent Lake are negotiable. From the Fund, Kent Lake
typically receives, as to each Investor, a monthly management fee (“Management Fee”) to be paid
in advance, calculated at the rate of 0.125% (i.e., 1.5% per annum) of the value of each Investor’s
capital account as of the last day of the first day of each calendar month.

The Management Fee is paid monthly, in advance and together with other fees described below
and is deducted from the Funds’ assets. In the event the Fund is not in existence for an entire
calendar month, the Management Fee for such calendar month will be prorated. The
Management Fee will be prorated for any capital contributions or withdrawals occurring during
the calendar month that is less than a full calendar month. Kent Lake, in its sole discretion, may
waive or reduce the Management Fee for Investors.

Performance Fees

With respect to certain clients, Kent Lake may receive an incentive allocation or incentive fee
based on net profits. Details regarding any incentive allocation or other incentives are set forth in
the next section entitled, “Item 6. Performance-Base Fees and Side-By-Side Management.”

Expenses

Fees paid to Kent Lake are exclusive of all custodial and transaction costs paid to the client’s
custodian, brokers or other third-party consultants. Please see Item 12 – Brokerage Practices for
additional information. Fees paid to Kent Lake are also separate and distinct from the fees and
expenses charged by mutual funds, exchange traded funds (“ETFs”) or other investment pools to
their shareholders (generally including a management fee and fund expenses, as described in each
fund). Each client (and each Investor) should review all fees charged by funds, brokers, Kent Lake
and others to fully understand the total amount of fees paid by the client (and each Investor) for
investment and financial-related services. Kent Lake may, at its discretion, make exceptions to the
foregoing or negotiate special fee arrangements where Kent Lake deems it appropriate under the
circumstances.

Either Kent Lake or the client may terminate their investment advisory agreement at any time,
subject to any written notice requirements in such agreement. In the event of termination in
accordance with its terms, any paid but unearned fees will be promptly refunded to the client based
on the number of days that the account was managed, and any fees due to Kent Lake from the client
will generally be invoiced or deducted from the client’s account prior to termination.

Kent Lake Capital LLC                                                          March 2025
Form ADV Part 2A

Compensation for Sale of Securities or Other Investment Products

Kent Lake does not receive compensation for securities transactions or services related to any
client account or any other fees other than the management fee and performance fees charged
for its advisory services.

Kent Lake Capital LLC                                                               March 2025
Form ADV Part 2A

Item 7 – Types of Clients

Kent Lake serves as general partner to a private investment fund, Kent Lake Partners LP, a
Delaware limited partnership (“Kent Lake Fund”).

Kent Lake’s clients (and Investors therein) may include the Kent Lake Fund, institutional entities,
high net worth individuals, families, trusts, foundations, sovereign wealth funds, private or public
pension plans and endowments. Kent Lake’s minimum subscription in its private funds are:

    •   $500,000 for Kent Lake Partners LP

Kent Lake may waive these minimums in its sole discretion.

Kent Lake may allow certain Investors to invest in a Fund on different business terms than other
Investors. For example, a Fund may agree to provide certain Investors additional information from
the information made available to the other Investors in a Fund. Kent Lake also may agree to
provide certain Investors with a fee arrangement that differs in structure and amount from that
generally available to other Investors in the Fund. In determining whether to allow an Investor to
participate in a Fund on different business terms, Kent Lake may consider a number of different
factors including, but not limited to, Kent Lake’s belief about whether the different terms will
adversely affect the other Investors in a Fund considered as a group; such Investor’s objectives in
requesting or accepting such terms; whether such Investor is under legal, regulatory or “best
practices” obligations to request such terms; and/or whether granting such terms is in any respect
inconsistent with representations made by a Fund or Kent Lake to Investors. Kent Lake’s
overarching goal is to have the same level of transparency with any Investor and not to favor the
interests of one Investor over another.

Kent Lake Capital LLC                                                               March 2025
Form ADV Part 2A