Leisure Capital Management Inc

ITEM 5 - FEES AND COMPENSATION
Fee Schedule

Investment Management Services
LCM charges advisory fees for investment management services. LCM‘s advisory fees are
charged based on a percentage of the market value of the portfolio, per the following schedules:

Equity and Balanced Accounts               Annual Fee
     First $1,000,000                        1.00%
     Next $1,000,000                         0.85%
     Next $3,000,000                         0.70%

Leisure Capital Management Brochure              8                          Revised March 24, 2026

      Next $5,000,000                            0.50%
      $10,000,000 +                              0.30%

Fixed Income Accounts
     First $2,000,000                            0.60%
     Next $3,000,000                             0.50%
     Next $5,000,000                             0.40%
     $10,000,000 +                               0.30%

Some existing accounts may be under different fee schedules honoring prior agreements. LCM
manages some non-profit organizations for a reduced fee. We may also manage
employee/family accounts for a reduced fee or without charge. LCM may aggregate client
accounts that have family relationships with each other for purposes of determining the advisory
fee rate applicable to each client. Our standard fee schedule may be negotiable. Fees are pro-
rated for additions to or withdrawals from a client’s account during the quarter. We only make
these adjustments when a client’s account contributions or withdrawals result in a fee
adjustment in excess of $100.

Consulting Services
At a client’s request, LCM may offer consulting services at an hourly rate of $200, which may be
negotiable depending on the nature and complexity of each client’s circumstances. In these
instances, we will generally provide an estimate of the total hours required at the start of the
relationship.

Billing Method

Investment Management Services
LCM’s advisory fees are payable quarterly in advance at the beginning of each calendar
quarter. We charge one fourth of the annual fee each quarter based on the market value of the
client’s portfolio as of the last day of the prior calendar quarter. The formula used for the
calculation is as follows: (Annual Rate) x (Total Assets Under Management at Quarter-End) / 4,
rounded to the nearest dollar. Fees billed on assets held in client accounts that receive
valuations less than quarterly will be calculated using LCM’s valuation methodologies for illiquid
investments, which are carefully constructed and evaluated periodically. Adjustments to illiquid
valuations are made when we believe such changes will better reflect an accurate price for the
holding. Specifically, LCM may receive valuations on certain securities, such as certain variable
annuities, on an annual rather than quarterly basis.

For new client accounts, a pro-rata calculation based on the number of days remaining in the
initial partial quarter and the initial value of the portfolio is added to the following full quarter’s
billing.

Leisure Capital Management Brochure                 9                             Revised March 24, 2026

With client authorization, LCM will automatically withdraw LCM’s advisory fee from the client’s
account held by an independent custodian. Typically, the custodian withdraws advisory fees
from the client’s account during the first month of each quarter based on LCM’s instruction. All
clients will receive brokerage statements from the custodian no less frequently than quarterly
(typically, monthly). The custodian statement will show the deduction of the advisory fee.

LCM will send a statement to each client who authorizes LCM to withdraw fees directly from the
custodian. The statement will show the amount of the fee, the value of the client’s assets upon
which we based the fee, and the specific manner in which we calculated the fee. It is the client’s
responsibility to verify the accuracy of the fee calculation. The custodian will not determine
whether the fee is properly calculated.

Consulting Services
One-half of the total estimated hourly fees are due and payable at the time the client executes
the agreement. The remainder of the fee is due upon the rendering of consulting services.

Other Fees and Expenses
LCM’s fees do not include custodian fees. Clients pay all brokerage commissions, stock transfer
fees, and/or other similar charges incurred in connection with transactions in accounts, from the
assets in the account. These charges are in addition to the fees client pays to LCM. See Item

ITEM 7 - TYPES OF CLIENTS
LCM offers discretionary investment advisory services to individuals, high net worth individuals,
trusts and estates, individual participants of retirement plans, insurance companies, and
charitable organizations. We also offer non-discretionary advisory services to individual
participants of retirement plans and/or at a client’s request.

Account Requirements
Generally, LCM requires clients to maintain a minimum account size of $500,000. Significant
funds withdrawal may result in a request for additional fund deposits to continue with
management of accounts. We may combine family accounts to meet the account size minimum.
LCM may reduce or waive the account minimum requirements at our discretion.