Lyell Wealth Management LP

Item 5 – Fees and Compensation

A.     Fee Schedule
The fees and compensation payable to Lyell are negotiable and may vary among its Clients.
However, the range of compensation is generally as follows:
Clients will pay Lyell a quarterly asset-based management fee (the “Management Fee”) equal
to a percentage of the Client’s assets under management with the Firm (other than Excluded
Assets, as defined in each Client’s Agreement). The below schedule sets for the annual fee
percentages:
 Assets Under Management                           Annual Management Fee

 On the first $2 million                           1.0%

 On the next $3mm                                  0.75%

 On the next $5mm                                  0.50%
 Over $10mm                                        0.25%

Client expenses, including the Management Fee may constitute a higher percentage of
average net assets than could be found in other investment programs.
B.      Payment of Fees
The Management Fee will be charged quarterly in advance, based on the value of each Client’s
account on the last day of the prior quarter. If the Client makes additional capital
contributions to the account or withdraws asset from the account, the Management Fee will
be prorated accordingly for that quarter.
The Management Fee will be calculated by Lyell and, absent any dispute with respect to the
calculation, payable as set forth in the Agreement. The Firm will bill the Client for
Management Fees by electronically submitting an invoice to the custodian and will notify the
Client of such instruction. Lyell will have the Management Fees deducted directly from the
Client’s account(s). The Client authorizes the deduction from the Client’s account for any
Management Fees due to Lyell.
C.      Third-Party Fees
Clients shall bear: all trading expenses and the costs of operation and administration of their
account(s), including but not limited to, all custodial fees, management fees for private funds,
mutual funds (including money market funds) and exchange traded funds charged by their
investment advisers, mutual fund expenses such as the costs associated with purchases,
exchanges and redemptions, accounting, corporate trustee services, brokerage commissions,
clearing fees, borrowing charges, interest on margin and other borrowings, and withholding

                                                                              Part 2A of ADV:
                                                         Lyell Wealth Management LP Brochure

or transfer taxes incurred in connection with the account as well as the operating expenses
of the Client, will be borne by the Client, unless otherwise agreed to.
Please see Item 12 of this Brochure for details regarding brokerage arrangements.
D.     Prepayment of Fees
Lyell does not require prepayment of fees. If a Client makes additional capital contributions
to the account or withdraws asset from the account, the Management Fee may be prorated
accordingly for that quarter.
E.     Outside Compensation for the Sale of Securities
Neither Lyell nor its supervised persons accepts compensation for the sale of securities or
other investment products outside of its association with Lyell.
The foregoing discussion in Items 5 represents Lyell’s basic compensation
arrangements. The management fees described above are structured to comply with
Rule 205-3 under the Advisers Act and applicable state laws. Fees and other
compensation are negotiable in certain circumstances and arrangements with any
particular Investor may vary. Although the Firm believes its fees are competitive,
lower fees for comparable services may be available from other investment advisers.

Item 7 – Types of Clients

Lyell provides investment advice and management to: individuals, high net worth individuals
(including their IRAs), pension and profit-sharing plans (including 401ks), and charitable
organizations. The Firm may in the future provide the same or similar services to other types
of clients.