Zemenick & Walker Inc

Fees and Compensation

Zemenick & Walker, Inc. is an independent, fee-only, non-discretionary investment advisory firm. This means
that our sole source of compensation is from the fees we charge our clients. We are not paid, directly nor
indirectly, through sales commissions or from revenue sharing with other financial service providers. Doing so,
in our opinion, would be a conflict of interest. Our standard fee schedule is as follows; however, we reserve the
right to offer a reduced fee structure in certain instances:

                0.500% per year on assets under management up to $4,000,000
           Plus 0.375% per year for assets between $4,000,000 and $7,000,000
           Plus 0.250% per year for assets between $7,000,000 and $10,000,000
           Plus 0.125% per year for assets over $10,000,000

Clients of Zemenick & Walker engaged prior to the effective date of the current fee schedule are billed the
lower of the fee stated in their original Investment Advisory Agreement or the current fee schedule. The
following is an example of how our fee would be calculated for an account valued at $9,500,000 on the last
day of a quarter:                                                    Quarterly Fee
                       0.500% * $4,000,000 = $20,000 divided by 4 =       $5,000.00
                       0.375% * $3,000,000 = $11,250 divided by 4 =       $2,812.50
                       0.250% * $2,500,000 = $ 6,250 divided by 4 =       $1,562.50
                                  $9,500,000                      =       $9,375.00

We bill quarterly in advance with the client receiving a detailed invoice showing how the fee was calculated.
Clients have the option of either paying us directly or by authorizing us to deduct our fees from their accounts.
If a client terminates their relationship with Zemenick & Walker, Inc. during a quarter in which they have
already paid their fees, they will be entitled to a refund for the unused days. For instance, if a client paid our
quarterly fee for the period ending June 30th (April, May and June) and then terminated our contract on May 1st
they would be entitled to a pro-rata refund for 61 days (May and June). In a similar manner, any unpaid fees
would be payable through the date of termination.

In addition to our fees, clients will incur other investment-related expenses charged by other service providers.
For instance, we usually recommend the use of no-load mutual funds, ETFs, or in some instances separate
account managers. In all cases the managers charge fees for their services, and they also incur transaction
costs for the purchase and sale of securities. Additionally, brokerage firms may charge transaction fees for the
purchase or sale of some of the no-load mutual funds that we recommend for our clients. Brokerage firms may
also charge clients custody fees or annual maintenance fees as well as charge for services such as check
writing, credit/debit cards or wire transactions. Clients will also incur fees associated with the purchase or sale
of individual fixed income securities. While not disclosed by brokerage firms on the trade confirmation, the
purchase price or sales proceeds from such transactions is either increased (for a purchase) or reduced (for a
sale) by the amount of the broker’s commission. If one brokerage firm is designated as a “Prime Broker” which
allows us to purchase securities from other firms and have the trade settle to a client account with a different
firm, there may also be an additional Prime Broker fee. Please see Brokerage Practices on page 8 for more
information on potential fees and expenses relating to brokerage services.

We believe it is imperative to control investment-related fees and expenses as they will erode client returns
over time. We disclose to our clients the actual fees and expenses associated with our recommendations.
Fees and expenses incurred by clients may create a significant conflict of interest between the advisor and the
client. It is for this reason that we do not accept compensation from any source other than the advisory fees we
charge our clients.

                                                                            ©2010 National Compliance Services 800-800-3204

      Zemenick & Walker, Inc.                                                       IARD/CRD No: 108670
      Form ADV Part 2A                                                            SEC File No.: 801- 55615
      Brochure                                                                                  12/31/2025

Types of Clients

Zemenick & Walker, Inc. provides investment advisory and portfolio management services for high-net-worth
individuals, foundations and endowments, charitable organizations, pensions and defined contribution
retirement plans.

                                                                      ©2010 National Compliance Services 800-800-3204

       Zemenick & Walker, Inc.                                                            IARD/CRD No: 108670
       Form ADV Part 2A                                                                 SEC File No.: 801- 55615
       Brochure                                                                                       12/31/2025

                 Methods of Analysis, Investment Strategies and Risk of Loss

All investments involve the risk of loss of principal. Clients must understand and be willing and able to bear that
risk. Though not a guarantee, a long-term focus may help investors recover from short-term market volatility.
Therefore, our methodology of developing investment strategies for clients begins with our initial due diligence
review of each client’s specific needs. Our primary considerations include the client’s need for liquidity,
investment experience, personal cash flow, investment goals and time horizon. We then work with the client to
develop a written Investment Policy that provides the framework for the marketable investment portfolio and
defines the acceptable asset classes and the appropriate asset allocation for the client. The Policy also
outlines expected returns based on the historical data for each asset class over various time periods. We use
this information to reinforce our belief that every client must maintain a diversified investment portfolio and
maintain a long-term focus.

Diversification is critical. We believe a well-diversified portfolio should, under most circumstances, at a
minimum, consist of cash, fixed income securities and equities. The equity portfolio should be diversified
across large companies, small companies and foreign companies and should include both “growth” and “value”
strategies. We also consider “alternative investments” including publicly traded real estate mutual funds,
commodities and special situations such as distressed opportunities for further diversification.

We recommend a “laddered” portfolio of individual fixed income securities with maturities normally not
exceeding 10 years. Focusing on investment grade securities reduces the risk of default while a short- to
intermediate-term maturity structure helps reduce interest rate risk, which are the two biggest risks for fixed
income investors. Short and/or intermediate-term bond mutual funds may be used in place of individual fixed
income securities.

We recommend the use of no-load mutual funds, separate accounts, closed-end funds or exchange traded
funds for exposure to equities and alternative investments. We believe that actively managed funds with
proven managers will reduce portfolio risk and/or increase expected returns over the long term (5-10 years).
Although individual company risk exists within the funds, a diversified portfolio reduces the impact that any one
company has on the total portfolio and maintaining a long-term commitment is essential since systemic or
market risk cannot be reduced by diversification.

All investments involve some level of risk and each client’s willingness and ability to handle investment risk is
unique. Asset allocation and diversification will continue to be our preferred method to reduce risk within our
client portfolios.

                                                                            ©2010 National Compliance Services 800-800-3204

       Zemenick & Walker, Inc.                                                           IARD/CRD No: 108670
       Form ADV Part 2A                                                                SEC File No.: 801- 55615
       Brochure                                                                                      12/31/2025