Live Oak Investment Partners LLC

Item	5	‐	Fees	and	Compensation

Portfolio	Management	Services
Portfolio management fees are based on a percentage of assets under management and are
generally subject to a maximum fee of 1.50%, depending on the level of engagement. The specific
advisory fees will be identified in the investment advisory agreement between the client and us.
Our fees are negotiable.

Portfolio management fees are generally payable quarterly, in advance, based on the value of the
account on the last day of the previous month. If management begins after the start of a quarter,
fees will be prorated accordingly. Fees are normally debited directly from client account(s) - unless
other arrangements are made.

In addition to our fees, clients will pay custodial and transaction costs charged by the client’s
custodian, brokers, or third-party consultants. Please see the Brokerage	Practices	section (Item 12)
for additional information. Fidelity charges $4.95 per transaction to all clients who do not maintain
at least $1 million in assets under management at Fidelity and who have not agreed to and
established eDelivery. We do not have any control over this fee and we do not receive any portion
of it.

Fees paid to us are also separate and distinct from the internal 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’s prospectus
or offering materials), mark-ups and mark-downs, spreads paid to market makers, fees for trades
executed away from the custodian, wire transfer fees and other fees and taxes on brokerage
accounts and securities transactions. Each client should review all fees charged by funds, brokers,
us and others to understand the total amount of fees paid by the client for investment and financial-
related services.

Financial	Planning	Services
Standard financial planning services are usually included in the portfolio management fees. For
clients who do not also engage us to provide portfolio management, or who have planning needs
over and above the standard planning that is included as part of our management services, we
charge an hourly rate of up to $600. The hourly rate is based on the scope and complexity of the
engagement and is negotiable. We will provide you with a non-binding initial estimate of the
number of hours we anticipate we will spend on the planning engagement, but clients should
understand that the cost/time could exceed our initial estimate. If the difference is significant, we
will notify the client and obtain approval before incurring fees significantly over our initial
estimate.

Our financial planning fees are due and payable on completion of the contracted services. Clients
may terminate the financial planning agreement by providing written notice to our firm; in that
event, we will bill the client for the time spent.

Asset	Allocation	And	Financial	Consulting	Services
We generally charge a fixed annual fee for asset allocation or financial consulting services, which we
set based upon the complexity and scope of the portfolio, the client’s financial situation, and the
client’s objectives and needs. The fee is negotiable.

The fee is payable quarterly in advance. If the client commences or terminates services during a
calendar quarter, the asset allocation fee will be prorated for the quarter in which the termination
notice is given, which means that you will incur advisory fees only in proportion to the number of
days in the quarter for which you are a client.

Pension	Consulting	Services
Pension Consulting fees are individually negotiated with each client, are based on a percentage of
assets under management, and are generally subject to a maximum fee of 1.00%, depending on the
level of engagement. The minimum annual fee for any pension consultant arrangement is $1,000.
We reserve the right, in our discretion, to make exceptions or to negotiate special fee arrangements.

The fee is quarterly in advance, based on the value of the Plan assets on which we advise on the last
business day of the previous calendar quarter. Partial periods will be prorated based on the value of
the Plan assets at the beginning of the period. No fee adjustments will be made for deposits and
withdrawals by the client during any quarter nor for the appreciation or depreciation in the value
of the Plan assets during any quarterly period. The fee for the initial quarter is based on the value of
the cash and securities in the Plan on the date we are engaged and is prorated based upon the
number of calendar days in the calendar quarter during which this Agreement is effective.

    The Adviser will invoice the Client directly for its Fees unless alternate arrangements are made.
    Additionally, the Adviser will be entitled to invoice the Client for all collection expenses, including
    reasonable attorneys' fees.

    Compensation	for	the	Sale	of	Securities	or	Other	Investment	Products
    Some persons providing investment advice on behalf of our firm are also licensed as independent
    insurance agents. These persons will earn commissions (transaction-based compensation) for
    selling insurance products, including insurance products they sell to you. Insurance commissions
    earned by these persons are separate and in addition to our advisory fees. This practice presents a
    conflict of interest because the persons providing investment advice on behalf of our firm who are
    insurance agents have an incentive to recommend insurance products to you for the purpose of
    generating commissions rather than solely based on your needs. You are under no obligation,
    contractually or otherwise, to purchase insurance products through any person affiliated with our
    firm.

    Refunds	Upon	Termination

    Upon termination of the advisory agreement, we will refund any pre-paid but unearned fees. We
...

Item	7	‐	Types	of	Clients

    We offer investment advisory services to individuals, including high net worth individuals, families,
    family offices, trusts, businesses, charitable foundations, and retirement/profit-sharing plans. We
    do not impose a minimum portfolio size or a minimum initial investment to open an account, but
    we do reserve the right to accept or decline a potential client for any reason in our sole discretion.