Sheridan Capital Management LLC

Item 5:          Fees & Compensation

We are required to describe our brokerage, custody, fees and fund expenses so you will know how much you
are charged and by whom for our advisory services provided to you. Our fees are generally negotiable.

Compensation for Our Advisory Services.

Asset Management.

            Assets Under Management                      Annual Percentage of Assets Charge
                    First $1,000,000                                       0.85%
                   Next $1,000,000                                         0.75%
                   Over $2,000,000                                         0.60%

    * Please note that the above fee schedule is a tiered fee schedule. For example, if a client has $3,000,000 in
    assets under management, the annualized advisory fee will be $22,000. The calculation will be as follows:

    ($1,000,000 x 0.85%) + ($1,000,000 x 0.75%) + ($1,000,000 x 0.60%) = $8,500 + $7,500 + $6,000 =
    $22,000 annualized fee.

    Our firm’s fees are billed on a pro-rata annualized basis quarterly in arrears based on the value of your
    account on the last day of the quarter. Fees will generally be automatically deducted from your managed
    account through a qualified custodian. Adjustments will be made for deposits and withdrawals during the
    quarter. Our firm bills on cash unless otherwise agreed to in writing. In rare cases, we will agree to directly
    bill clients. As part of this process, you understand and acknowledge the following:

     •   The client’s independent custodian sends statements at least quarterly showing the market values for
         each security included in the Assets and all account disbursements, including the amount of the
         advisory fees paid to our firm;

     •   Clients will provide authorization permitting our firm to be directly paid by these terms. Our firm will
         send an invoice directly to the custodian; and

     •   If our firm sends a copy of our invoice to the client, a legend urging the comparison of information
         provided in our statement with those from the qualified custodian will be included.

SHERIDAN CAPITAL MANAGEMENT, LLC – MARCH 2026                                                        PAGE 5 OF 17

Other Types of Fees & Expenses.

Our clients will incur transaction charges for some trades executed in their accounts, via individual transaction
charges. These transaction fees are separate from our fees and will be disclosed by the firm that the trades are
executed through. Also, clients will pay the following separately incurred expenses, which we do not receive
any part of: charges imposed directly by a mutual fund, index fund, or exchange traded fund which shall be
disclosed in the fund’s prospectus (i.e., fund management fees and other fund expenses). Schwab has eliminated
transaction fees for U.S. listed equities and exchange traded funds.

Termination & Refunds.

We charge our advisory fees quarterly in arrears. If you wish to terminate our services, you need to contact us
in writing and state that you wish to cancel this Agreement. Upon receipt of your letter of termination, we will
proceed to close out your account and charge you a pro-rata advisory fee(s) for services rendered up to the
point of termination.

Commissionable Securities Sales.

We do not sell securities for a commission.

Item 7:          Types of Clients & Account Requirements.

We service Individuals and High Net Worth Individuals.

We generally require a minimum account balance of $500,000 for our Asset Management service for opening
and maintaining accounts, although we may under certain circumstances welcome clients with lower balances
for our Asset Management service.