Zuckerman Capital Management LLC

Item 5 – Fees and Compensation
    Fee Schedule
    We will assess an annualized asset-based fee for our services that ranges from 0.75% (75 basis points) to 1.50%
    (150 basis points) depending on account size, services required, and as agreed with you in advance. The fee is
    paid to our firm quarterly, in advance, based on the account value as of the beginning of each calendar quarter.

    For purposes of determining account asset value, securities and other instruments traded on a market for which
    actual transaction prices are publicly reported will be valued at the last reported sale price on the principal
    market in which they are traded. If there are no sales on such date, then they will be determined by the mean
    between the closing bid and asked price on such date. Other readily marketable securities will be valued using a
    pricing service or through quotations from one or more dealers. In the absence of a market value, the firm may
    seek an independent third-party opinion or through a good faith determination by a qualified firm associate.
    Fees are due quarterly, in advance, and a partial period will be pro-rated.

    You may pay your fee by directly remitting it to our firm or, preferably, having the fee withdrawn from your
    account maintained at the custodian of record. Direct payments will be due in full within 30 days of receipt of
    our invoice. If you choose to have the fee withdrawn from your account, you will be required to authorize our
    firm in writing to allow your selected broker/dealer, custodian, etc. (collectively we use the term “service
    provider”) to deduct our advisory fees from your account, and all such fees will be noted on your statements. If
    there is not adequate cash in brokerage/custodial accounts to pay these fees, it may be necessary to liquidate
    account holdings to cover fees due to our firm or the selected service provider.

    In all instances described our services to be provided and the anticipated fee range are detailed in the written
    service agreement. Fees for any of these services may be negotiable at the discretion of our Chief Compliance
    Officer, and comparable services may be provided by other advisers for a lower fee. Further information about
    our fees in relationship to our operational practices is provided in Item 12 of this document.

    Additional Client Fees

    Specific product recommendations made by our firm usually involve “no-load” (i.e., no commission), if available,
    or low-load products. In some cases, such as insurance or actively managed mutual funds, there may not be a
    suitable selection of no-load products available for recommendation. Any transactional or custodial fees
    assessed by the selected service provider, individual retirement account fees, or qualified retirement plan

Zuckerman Capital Management, LLC
Form ADV Part 2A – March 12, 2026                           Page 6

    account termination fees are borne by the client and are as provided in the current, separate fee schedule of the
    selected service provider. Fees paid to our firm for services are separate from any charges you may pay for
    mutual funds, exchange-traded funds (ETFs) or other investments of this type.

    We do not receive SEC Rule 12b-1 fees (“trails”) from any investment companies. Fees charged by issuers are
    detailed in prospectuses or product descriptions and you are encouraged to read these documents before
    investing. In addition, firm policy prohibits associated persons from accepting or receiving additional economic
    benefit, such as sales awards or other prizes, for providing advisory services to our clients.

    You have the right to purchase recommended investments through your selected service provider, although
    certain third-party investment managers are generally not available to individual investors on a direct
    investment basis.

    When there is the potential for the receipt of a commission and other compensation via an insurance
    product transaction (e.g., fixed annuity, life insurance policy, etc.), an associate who is licensed as an
    insurance agent has an incentive to make such a recommendation based on the compensation they may
    receive rather than a client’s needs. Our advisory firm and its associates take their responsibilities seriously
    and only intend to recommend investments, insurance, or advisory services we believe appropriate for each
    client. Please refer to Items 10 and 11 of this firm brochure, in addition to Item 4 of an associate’s brochure
    supplement for details.

    Termination of Services

    Either party may terminate the agreement at any time, which will typically be in writing. Should you verbally
    notify our firm of the termination and, if in two business days following this notification we have not received
    your notice in writing, we will make a written notice of the termination in our records and send you our own
    termination notice as a substitute.

    If you are a new client, you may terminate an agreement with our firm within five business days after the signing
    of our engagement agreement without penalty or charge. Should you terminate an engagement after this date,
    you may be invoiced for any time incurred or services rendered by our firm. In the case of any prepaid fees, we
    will promptly return any unearned amount upon receipt of a written termination notice.

    For those clients who utilize our investment supervisory services, our firm will not be responsible for future
    allocations, transactional services or investment advice upon receipt of a termination notice. Upon termination,
    it will be necessary that we inform the custodian of the account that the relationship between the firm and the
    client has been terminated.

Item 7 – Types of Clients

    We offer our services to individual investors, high net worth individuals, trusts, estates, pension and profit-
    sharing plans, and we are available to act as advisers to charitable organizations and businesses of various scale
    to assist them in meeting their financial objectives in what we believe is a cost-effective way.

    We do not require minimum income levels, minimum levels of assets, or other conditions for our financial
    planning and investment consulting services, however, we generally require a minimum account size of
    $1,000,000 to engage our investment supervisory services.

    A selected third-party investment manager may also establish account asset minimums, and such guidelines will
    be clearly disclosed in the disclosure documents provided to the client prior to the engagement.
    We reserve the right to waive or reduce certain fees based on unique individual circumstances, special
    arrangements, pre-existing relationships or as otherwise may be determined by our Chief Compliance Officer.