GREENWOOD CAPITAL ASSOCIATES, LLC

1 Firm Brochure - Form ADV Part 2A This brochure provides information about the qualifications and business practices of Greenwood Capital Associates, LLC. If you have any questions about the contents of this brochure, please contact us at (864) 941-4049 or by email at info@greenwoodcapital.com. The information in this brochure has not been approved or verified by the United States Securities and Exchange Commission or by any state securities authority. Additional information about Greenwood Capital Associates, LLC is also available on the SEC’s website at www.adviserinfo.sec.gov. Greenwood Capital Associates, LLC’s CRD number is: 115015. Mailing Address: Post Office Box 3181 Greenwood, SC 29648 Greenwood Office: 425 Main St. Suite 100 Greenwood, SC 29646 864.941.4049 Greenville Office: 201 W. McBee Ave. Suite 300 Greenville, SC 29601 864.335.2425 Website: greenwoodcapital.com Telephone: 877.369.5390 Email: info@greenwoodcapital.com Registration does not imply a certain level of skill or training. Version Date: 2025.8.4  2 Item 2: Material Changes The following material changes have been made to the brochure since our March 31, 2025, annual filing, and are incorporated into this filing effective August 4, 2025:  Held Away Assets (Item 4.B, Item 5, Item 8, and Item 12: Greenwood Capital has expanded its services to include the ability to provide investment advisory services for assets held away on other custodial platforms. Held-away assets are investments that are not directly held by Greenwood Capital, but rather held in other accounts, often outside of the advisor's direct access. These assets can include, but are not limited to, 401(k)s, workplace retirement plans, and 529 accounts.  Fee Schedule (Item 5): Greenwood Capital has updated its standard fee schedule, added a minimum fee, and an early account closer fee, as detailed in this section. Implementation of these fee updates are outlined in a client’s Investment Advisory Agreement. The following material changes were effective with our March 31, 2025, annual filing: 1. Throughout the document, updates were made to provide clarity and streamline language. Unless noted in the following items, these updates did not result in material changes. 2. Item 4.B: Types of Advisory Services a. Added Model Provider for institutions, other financial advisors, and investment platforms. b. Removed providing Investment Management to third party administered Group Retirement Plans 3. Item 5: Fees and Compensation a. Added the fee schedule and payment of fees information for Model Provider. b. Removed the fee schedule and payment of fees information for Investment Management for third party administered Group Retirement Plans. 4. Item 10: Other Financial Industry Activities and Affiliations a. Added that Greenwood Capital Associates, LLC is licensed as an insurance agency in the State of SC. 5. Item 12: Factors Used to Select Custodians and/or Broker-Dealers a. Expanded language to more clearly define the potential disadvantages of step-out trades including that step out trades may result in additional costs, and that clients are responsible for the transaction costs for step-out trades. b. Expanded language to more clearly define that directed brokerage may result in higher trading expenses and that directed brokerage clients may be disadvantaged due to the order of trade executions, noting that Greenwood Capital prioritizes execution for non-brokerage directed accounts. c. Further, directed brokerage clients can experience execution delays which could impact the pricing of their trades. Should you have any questions about these updates, or other questions after reviewing this document, please let us know. Item 3: Table of Contents Item 4: Advisory Business ..................................................................................................................................................................... 3 Item 5: Fees and Compensation .......................................................................................................................................................... 5 Item 6: Performance Based Fees and Side-By-Side Management ..................................................................................................... 7 Item 7: Types of Clients ........................................................................................................................................................................ 7 Item 8: Methods of Analysis, Investment Strategies & Risk of Investment Loss .............................................................................. 7 Item 9: Disciplinary Information .......................................................................................................................................................... 9 Item 10: Other Financial Industry Activities and Affiliations .............................................................................................................. 9 Item 11: Code of Ethics, Participation/Interest in Client Transactions & Personal Trading .................................................................. 10 Item 12: Brokerage Practices ............................................................................................................................................................. 10 Item 13: Reviews of Accounts ............................................................................................................................................................ 12  3 Item 14: Client Referrals and Other Compensation ......................................................................................................................... 12 Item 15: Custody................................................................................................................................................................................. 13 Item 16: Investment Discretion ......................................................................................................................................................... 13 Item 17: Voting Client Securities (Proxy Voting) ............................................................................................................................... 13 Item 18: Financial Information........................................................................................................................................................... 13 Brochure Supplement - Form ADV Part 2B ....................................................................................................................................... 14 Item 4: Advisory Business A. Description of the Advisory Firm Greenwood Capital Associates, LLC is a South Carolina-based investment advisory firm. Originally founded in 1983 as Greenwood Capital Associates, Inc., it became SEC-registered in 2001. Since July 31, 2008, it has been primarily owned by TCB Corporation (“TCB”). While TCB is the majority owner, it does not manage Greenwood Capital and is committed to maintaining our independence as an advisory firm. Additionally, there are currently eight active employee owners in the Firm. As of March 1, 2025, Greenwood Capital manages more than $1.6 billion in investment assets. Our Wealth team of Private Client Advisors provides (B.1) financial planning and (B.2) investment advisory services for individuals, families, foundations, endowments, and trusts. Our team of Investment Managers develops and provides (B.3) investment management for institutional clients, including municipalities, healthcare providers, charitable foundations, and higher education institutions, as well as our Wealth clients. We also provide (B.4) group qualified retirement planning consulting services through a third-party administrator. B. Types of Advisory Services 1. Financial Planning We provide comprehensive financial planning to help individuals and families assess their current and future financial situation using key factors like career plans and financial goals. This may include investment planning, insurance, taxes, retirement, education savings, and debt management. Our services are primarily available to clients with over $1 million in assets under management, though financial planning is also offered for a fee (see Item 5) under a separate agreement. To develop personalized recommendations, we conduct thorough interviews and review relevant financial documents. If you choose to act on our advice, we prefer to coordinate with your existing legal, tax, and insurance professionals. If needed, we can suggest qualified professionals, including affiliates of TCB Corporation (including Countybank, Countybank Trust Services, Countybank Mortgage, Countybanc Insurance Services, Inc., and/or Countybanc Investment Services, Inc.). While we have a financial interest in these affiliated services, we prioritize our clients' best interests. You are not required to use any recommended services. 2. Investment Advisory Services Our Private Client Advisors offer investment advice tailored to your individual needs, based on information provided through client profile questions. This includes assessing your financial situation, risk tolerance, investment horizon, liquidity needs, tax considerations, investment objectives, estate considerations, and any other relevant issues. You should promptly inform us of any changes in your financial situation, investment objectives, or needs. Additionally, based on the nature of our relationship with you and your specific needs, a Private Client Advisor can also provide additional advisory services, such as Financial Planning (as described above) and Retirement Advice: Retirement Advice: In advising on your overall investment outlook, we may offer guidance regarding rollovers and distributions from retirement accounts. We disclose that recommending an increase in assets under management at Greenwood Capital poses a conflict of interest, but we prioritize our clients’ interests in such recommendations. However, we do not provide tax advice regarding required minimum distributions (RMDs), and we recommend consulting a tax professional for accurate calculations. Additionally, we use a third-party platform, Pontera, to manage accounts not held with our custodians, such as employer-sponsored 401(k) plans. Before we begin managing a held-away account, you will receive a link to connect your account to the platform. Once connected, we review your current investments and update your portfolio utilizing securities available within your plan and/or rebalance as needed to align with your overall target allocation. Please note: Clients are responsible for keeping the platform link active to ensure uninterrupted account management. If we detect an inactive link, we will make our best effort to notify you and resolve the issue. 2. Institutional Investment Management Investment Management: Our Investment Managers provide discretionary investment management tailored to individual and institutional investors through various strategies, including Separately Managed Accounts (SMA) and Unified Managed Accounts (UMA).  4 Depending on client direction and objectives, we develop either a single investment strategy or a diversified asset allocation portfolio. Accounts are monitored and rebalanced accordingly. Sub-Advisory Services: We engage in sub-advisory relationships to provide discretionary investment advisory services to clients of other Registered Investment Advisers, Broker-Dealers, or Custodians. As the sub-adviser, we manage these accounts in accordance with the investment direction provided by the client’s investment adviser. Dual Contract: We act as a portfolio manager for dual contract programs in which the advisory client has hired both their financial adviser and us to manage their investment assets (as indicated by our Managed Account Program Agreement). Under this Agreement, we typically meet with the client’s financial adviser and not the advisory client. As the investment manager, we manage these accounts in accordance with the investment direction provided by the client’s investment adviser of record. Model Provider: We offer investment model portfolios to institutions, advisors, and platforms seeking professionally managed strategies. These models are designed based on our research and investment philosophy, allowing third parties to implement them within their own advisory services. Consulting Services: We provide investment advice to other Financial Advisers and/or their clients, employee benefit plans, foundations, endowments, corporate funds, and insurance companies on a contractual basis. If we provide consulting services only, this is on a non- managed, non-discretionary basis where we do not manage the individual assets, but instead provide advice in regard to economic, market and investment outlook and investment strategy. We do not manage and therefore will not execute brokerage (trades) for consulting relationships. Selection of Other Advisers: In some instances, to further diversify a client’s investment portfolio in accordance with a client’s investment policy statement, we will recommend a client utilize additional money manager(s) via a sub-advisory or direct relationship. 3. Group Retirement Plans Utilizing a Third-Party Administrator Greenwood Capital, in partnership with a third-party administrator (TPA), offers investment education consulting for qualified group retirement plans. This includes guiding plan sponsors on their fiduciary responsibilities and providing participants with general investment education on topics like diversification, risk and return, and time horizon. Plan sponsors remain responsible for overseeing the services provided by us and other plan providers. Class Action Services Our firm partners with Broadridge's Global Securities Class Action Services to monitor shareholder class action lawsuits and file claims for eligible clients. Broadridge deducts a contingency fee from any recovered funds before paying clients directly. Clients can opt out by notifying us in writing. Services Limited to Specific Types of Investments Greenwood Capital generally limits its Investment Advisory services and Institutional Investment Management to public equities, public interest-bearing securities, ETFs, REITs (real estate investment trusts), and mutual funds. In some instances, we might use other security types – including alternatives such as private equity, private debt, private real estate, hedge funds, and direct placement – to help diversify a portfolio when applicable. C. Client Tailored Services and Client Imposed Restrictions We tailor investment portfolio(s) to meet each client’s Investment Advisory (B.1) and Investment Management (B.2) needs, using SMAs or UMAs. Clients can request restrictions in investing in certain securities or types of securities following their values or beliefs, but if these limit our ability to manage the account effectively, we may need to end the relationship. D. Wrap Fee Programs Greenwood Capital does not currently take part in any wrap fee programs. E. Amounts Under Management Greenwood Capital Associates, LLC has the following assets under management: Discretionary Amounts: Non-discretionary Amounts: Date Calculated: $1.668 billion $0 February 28, 2025  5 Item 5: Fees and Compensation A. Fee Schedule Greenwood Capital operates on a fee-only basis. For Investment Advice, clients incur separate and additional fees for investment advisory/management, trading execution, and custodial services, or a bundled fee for trading execution and custodial services. Investment Advisory and Institutional Investment Management: These fees are negotiable depending upon the needs of the client and complexity of the situation; the final fee schedule is included in a written agreement. Greenwood Capital fees are calculated and paid quarterly in arrears, based on the average month-end managed market value of the account, including cash, and accrued income. Clients can terminate their contract by providing written notice as outlined in the written agreement. 1. Investment Advisory Fees The standard investment advisory fee is 1% of discretionary assets under management, including cash and cash equivalents. The Investment Advisory Fees and minimum account balance requirement (as stated in this document) are negotiable. Factors considered for negotiating the Investment Advisory Fee include, but are not limited to, the amount of assets to be invested, the complexity of the engagement, the anticipated number of meetings and servicing needs, related accounts, future earning capacity, anticipated future additional assets, and other factors. As a result, similar clients could pay different fees, which will correspondingly affect a client’s net account performance. Additionally, effective August 4, 2025, Greenwood Capital has implemented a minimum fee of $150 per calendar quarter. If the calculated fee for the quarter is $150 or greater for the quarter, the calculated fee will be utilized. The calculated or minimum fee are prorated for the numbers of days the accounts is open during the quarter. 2. Institutional Investment Management Type of Account Annual Management Fee 100% Equity Large Cap, Tax-Managed Large Cap, Dividend & Income, SMID Cap .50% .35% .50% 100% Fixed Income Balanced Allocation ETF Diversified Asset Allocation Passive/Active UMA Strategic Asset Allocation First $2,000,000 Next $1,000,000 Balance above $3,000,000 1.00% .80% .60% 3. Group Retirement Plans Utilizing a Third-Party Administrator Service Annual Fee Investment Education Consulting .50% (minimum $500) In regard to all investment advisory fees, if the client terminates their relationship within six months of the account’s start date (defined as the date of the first contribution), Greenwood Capital will assess an early account closure fee in the amount of $150.00 (one hundred fifty dollars), which shall be due upon termination Other Services Financial Planning Fees: Private Client Advisors offer financial planning services on a case-by-case basis as outlined in a Financial Planning Engagement Letter. As a stand-alone service, Greenwood Capital charges a one-time fee of $3,500, collected prior to commencing the financial plan. If the stand-alone engagement results in investment assets under management with Greenwood Capital, a portion of the $3,500 fee will be deducted each quarter from the first four full calendar quarters after the new account(s) are opened, up to the full amount of the financial planning fee. If the advisory fees during the first four full calendar quarters do not exceed the financial planning fee, Greenwood Capital will retain the difference between the $3,500 financial planning fee and the investment advisory fee. Based on the nature of the financial planning relationship, Greenwood Capital reserves the right to waive the fee as opposed to rebating future investment advisory fees. We also reserve the right to charge for financial planning services when requested by other Financial Advisers, Broker-Dealers, and/or Custodians through Sub-Advisory and Dual Contract Agreements. Greenwood Capital will fully disclose these fees, which the client must acknowledge in writing before proceeding.  6 Retirement Advice: Greenwood Capital does not charge separately for assisting clients in reviewing their Required Minimum Distribution or advice regarding retirement plan rollover or distributions. For held away accounts managed using the Pontera platform, fees are calculated and paid quarterly in arrears, based on the average month-end managed market value of the account, including cash, and accrued income. A 40% discount on the standard investment advisory fee is applied to accounts managed on the Pontera platform. Sub-Advisory and Dual Contract Fees: Fees are negotiable depending upon the needs of the client and the complexity of the situation; the final fee schedule is included in the written agreement. Greenwood Capital fees are typically paid quarterly in arrears, based on the average month-end managed market value of the account, including cash, and accrued income. Other financial advisors/custodians may have different fee calculation methods, which will be stated in their agreements with their clients. Financial advisors/custodians can terminate their contract with Greenwood Capital by providing written notice as outlined in the written agreement. Model Provider Fees: Fees are calculated either as a percentage of assets or at a flat rate, as agreed upon and documented in the Model Provider Agreement. Consulting Service Fees: Fees are calculated either as a percentage of assets as described in the section above (“Investment Advisory and Institutional Asset Management Fees”) or some other agreed upon fee as documented in the Consulting Agreement. Selection of Other Advisers Fees: If Greenwood Capital recommends a client utilize additional money manager(s) via a sub-advisory relationship, the client will pay separate fees to the sub-adviser. Before recommending/selecting sub-advisers for a client, we will ensure those other adviser(s) are a registered investment adviser. B. Payment of Fees Payment of Investment Advisory and Institutional Investment Management Fees: The method in which fees are calculated and paid is outlined and agreed upon in the written agreement. Clients typically authorize us to instruct custodians to debit their account(s) for the calculated fee. Payment for Retirement Consulting: The method in which fees are calculated and paid is outlined and agreed upon in the written agreement and are either paid from the Group Retirement Plan assets or directly by the plan sponsor. Payment of Financial Planning Fees: The specific way fees are calculated and charged will be agreed upon in a Financial Planning Engagement Letter prior to executing a financial plan. Payment for Retirement Advice: There are no fees for providing retirement advice as described in Item 4: Advisory Business. Retirement Advice (Held Away Assets): Fees are generally debited from a taxable account held at Greenwood Capital. Payment of Sub-Advisory and Dual Contract Fees: The method in which fees are calculated and paid is outlined and agreed upon in the written agreement. Fees may be paid by the discretionary advisor, or clients will authorize us to instruct custodians to debit their account(s) for the calculated fee. Payment of Model Services: Payment terms are agreed upon in a Model Provider Agreement prior to initiating services. Greenwood Capital receives no direct or indirect compensation associated with any transaction/account fees and expenses that may be associated with implementing investment model for clients. Payment of Consulting Services: Payment terms are agreed upon in a Consulting Agreement prior to initiating services. Depending on the nature of the client’s investment management relationship, Greenwood Capital consulting clients typically pay fees and expenses related to the investment of their assets for custodians, mutual funds, brokerage, and other transaction costs to those providers. However, Greenwood Capital receives no direct or indirect compensation associated with such transaction/account fees and expenses. Payment of Other Adviser’s Fees: Client authorizes Greenwood Capital to invoice the custodian directly, when appropriate, for Other Adviser’s fees when due, and client authorizes Greenwood Capital to instruct custodian/broker-dealer to debit the account for said fee, unless otherwise negotiated/documented. Other Information Regarding the Payment of Fees: Fees associated with assets under management are calculated based on the total market value of the account, including cash, based on the terms in a written agreement. Greenwood Capital does not manage or assess a fee on client assets designated as “no fee” as indicated by assets in an unsupervised account. Greenwood Capital assumes no responsibility for the market performance or reporting of unsupervised assets, which may be included on client statements for reference only if provided by the custodian. From time-to-time clients will request that we execute a trade in an unsupervised account. When this occurs, Greenwood Capital charges no fees for this courtesy; the client will incur any transaction fees from the custodian and/or broker-dealer and the trades are recorded as non-discretionary. Due to the timing of billing, accounts billed on assets under management that are opened or closed during a billing period will be charged a prorated fee. Upon termination of any account, any unpaid fees will be due and payable. Depending on timing during the quarter, and client’s payment method, pro-rated fees could be billed separately instead of debited from a client’s account.  7 C. Clients Are Responsible for Third Party Fees Clients are responsible for the payment of all third-party fees (for example: custodian fees, brokerage fees, transaction fees, third-party administrators, other investment advisors, recordkeepers, etc.). These fees are separate and distinct from the fees and expenses charged by Greenwood Capital. All fees paid to Greenwood Capital are separate and distinct from the fees and expenses charged by mutual funds and ETFs to their shareholders. These fees and expenses are described in each fund’s prospectus, and will typically include a management fee, other fund expenses, and a possible distribution fee. If the fund also imposes a sales charge, a client could pay an initial or deferred sales charge, which Greenwood Capital does not participate in, but the client’s selected custodian may (refer to your custodial agreement and/or statement for additional information). A client could invest in mutual funds or ETFs directly, without the services of Greenwood Capital. In that case, the client would not receive the services provided by us which are designed, among other things, to assist the client in determining which ETF(s) and/or mutual fund(s) are most appropriate to each client’s financial situation and objectives. Accordingly, the client should review both the fees charged by a fund and the fee charged by us to fully understand the total amount of fees to be paid by the client and to evaluate the advisory services being provided. For additional fees associated with held away assets, clients should refer to the plan documents for the held away assets, such as the Summary Plan Documents for qualified retirement plans, such as 401(k) plans offered by a client’s employer. Class Action Services: We use Broadridge's Global Securities Class Action Services to monitor class action shareholder lawsuits and file claims on behalf of clients to participate in cases where they may be eligible to receive proceeds due to legal settlements. In the event a recovery is made, processing class action claims is subject to a contingency fee assessed directly by Broadridge. The client receives 80% of the total reimbursement of securities class actions settlements collected by Broadridge, paid directly to the client account, while 20% is retained by Broadridge as compensation for managing the filing process. Greenwood Capital does not receive any portion of the contingency fee; and there are no fees assessed by Broadridge if a recovery is not made. Clients may opt out of this service by advising us in writing. D. Prepayment of Fees Greenwood Capital collects its fees in arrears. It does not collect fees in advance. E. Outside Compensation for the Sale of Securities to Clients Greenwood Capital, and its supervised persons, do not accept any compensation for the sale of securities or other investment products, (including asset-based sales charges or service fees from the sale of mutual funds) for assets held in Greenwood Capital accounts. Item 6: Performance Based Fees and Side-By-Side Management Greenwood Capital does not manage performance-based fee accounts (fees based on a share of capital gains on or capital appreciation of the assets of a client) and does not have any side-by-side management agreement in place. Item 7: Types of Clients We generally provide investment advisory services and investment management to the following types of clients: Individuals   High-Net-Worth Individuals  Banks and Thrift Institutions  Pension and Profit-Sharing Plans  Charitable Organizations  Corporations or Other Business Entities  State or Municipal Government Entities  Other Investment Advisers Our stated account minimum of $250,000 can be waived, based on the overall client relationship, financial objectives over time, and the complexity of the situation. Item 8: Methods of Analysis, Investment Strategies & Risk of Investment Loss A. Methods of Analysis and Investment Strategies Methods of Analysis For assets managed by our Investment Committee, the Committee analyzes investments using fundamental, technical, cyclical, and active risk methods. Fundamental analysis involves the analysis of financial statements, the general financial health of a company, the relative valuation and growth profile, and/or the analysis of management or competitive advantages. Technical analysis involves the analysis of past market data to identify patterns in performance charts. We use this technique to help identify favorable conditions for buying and/or selling a security. Cyclical analysis involves the analysis of business cycles to find favorable conditions for buying and/or selling securities. Active risk analysis involves being benchmark-aware and measuring and managing exposure to risk elements in relation to the benchmark of the strategy.  8 Investment Strategies For our proprietary investment strategies, our Investment Committee meets weekly to assess economic trends, interest rates, earnings data, and policy shifts to adjust sector and company weightings in our strategies. For fixed income, we use a top-down approach to manage maturity, credit quality, and industry exposure, aiming to preserve capital and maximize returns with investment-grade bonds. We may use long-term and short-term trading or covered options. Held Away Assets In managing Held Away Assets, our private client advisors analyze available data from plan sponsors regarding investment selections within the plan sponsor provided qualified retirement plan. Our Investment Committee does not review Plan Sponsor selected securities available within a client’s qualified retirement plan. Investing in securities involves a risk of loss that you, as a client, should be prepared to bear. B. Material Risks Involved Methods of Analysis Fundamental analysis focuses on a company’s value and future earnings potential, aiming to invest in undervalued stocks. The risk is that the market may not recognize the stock’s true value or that such stocks remain out of favor. Technical analysis uses past market trends to predict future stock movements. The risk is that past performance may not indicate future results, as markets don’t always follow patterns. Cyclical analysis assumes markets move in repeatable cycles. The risk is that these patterns may not always hold, and widespread use of this strategy could alter the cycles. Active risk analysis compares investments to a benchmark. Risks include the benchmark declining in value, evolving over time, or the strategy becoming too similar to the benchmark, limiting differentiation. Investment Strategies Long-term trading is designed to capture market rates of both return and risk. Frequent trading, when done, can affect investment performance, particularly through increased brokerage, other transaction costs, and taxes. Short-term trading, and options writing generally hold greater risk, and clients should be aware that there is a material risk of loss using any of those strategies. Investing in securities involves a risk of loss that you, as a client, should be prepared to bear. C. Risks of Specific Securities Utilized Summary of Risks Investing in securities involves a risk of loss, and Greenwood Capital cannot guarantee specific investment goals. Investments are not deposits or obligations of any bank, endorsed or guaranteed by any bank, or insured by the Federal Deposit Insurance Corporation (FDIC) or any other government agency. Clients could lose money. With any investment there is systematic market risk that the value of an investment could decline in price because of a broad stock market decline. Markets generally move in cycles, with periods of rising prices followed by periods of falling prices. The value of the investment will tend to increase or decrease in response to these movements. Further, there is management risk that a strategy may not produce the intended result. There may also be the risk of identifying a buyer for certain illiquid securities. The specific risk associated with a particular strategy depends on the securities used and the extent to which the strategy employs certain portfolio management techniques. Not all risks apply to each strategy. Core factors used by a specific investment strategy might fall out of favor and underperform versus the overall stock market and/or the benchmark index. There are also inherent operational and technological risk in managing portfolios, such as the risk of cyber-attacks, disruptions or failures that affect service providers, counterparties, market participants, or issuers of securities that could adversely affect the investment. Greenwood Capital has an information security program intended to identify risks within its infrastructure, and various policies and procedures to address and respond to risks as identified within our infrastructure. These inherent operational and technological risks are also present at third-party providers in managing and servicing your account. Greenwood Capital’s vendor management program is structured to conduct regular due diligence on other providers; however, we must also rely on the policies, procedures and safeguards of third-party providers as communicated to and documented by us. Security Level Risks Equity: A security that generally refers to buying shares of stocks in return for receiving a future payment of dividends and capital gains if the value of the stock increases. An equity security could lose value due to company specific factors such as management decisions, adverse events, etc. Risk levels tend to be higher in equity securities the smaller the capitalization scale of the company as smaller companies can be more vulnerable to market and industry changes than investment in larger companies. Lastly, risk levels in equity securities also vary by market sector/industry as risks associated with various types of business can be more pronounced in various market cycles, and by market  9 geography as the risks associated with foreign investments are more pronounced in connection with international and/or emerging markets than domestic (US) markets. Fixed Income: A security that is designed to pay fixed periodic payments in the future that, depending on duration, will involve economic risks such as inflationary risk, interest rate risk, and default risk. Inflationary risk occurs when the yield on the fixed income investment does not keep pace with the cost of inflation. Interest rate risk is when the value of the investment declines due to an increase in interest rates. Default risk is the risk of the issuer not being able to abide by the terms of the fixed income agreement. Exchange Traded Funds (ETF) and Mutual Funds: Investing in ETFs/mutual funds carries the risk of capital loss. ETFs/mutual funds have costs that lower investment returns. These securities can be designed to emulate fixed income, equity, investment alternatives, various asset allocations, and risk tolerances; associated risks are in-line with the security the ETF is designed to emulate. There is an inherent risk involved when purchasing an ETF or mutual fund as it could decrease in value and the investment could incur a loss. Alternative Investments: Alternative investments are often more complex than traditional investment vehicles, and have less transparency, lower liquidity, and higher fees. Because of these factors, alternative investments are generally considered materially more risky than traditional, listed security investing. Even with careful and comprehensive due diligence, alternative investments may be subject to complete loss of principal. If, after the initial investment is made, market conditions change in a manner that is detrimental to the investment, liquidity restrictions may prevent an investor from liquidating the position and avoiding substantial loss. Commissions to buy and sell alternative assets may be substantially higher than standard commission rates and some custodians charge annual holding fees for alternative assets. High fees diminish the investment returns of alternative assets. Real Estate Investment Trust (REIT): REITs have specific risks including valuation due to cash flows, dividends paid in stock rather than cash, and the payment of debt resulting in dilution of shares. Real Estate Funds: These funds face several kinds of risk that are inherent in this sector of the market. Liquidity risk, market risk and interest rate risk are just some of the factors that can influence the gain or loss that is passed on to the investor. Liquidity and market risk tend to have a greater effect on funds that are more growth-oriented, as the sale of appreciated properties depends upon market demand. Conversely, interest rate risk impacts the amount of dividend income that is paid by income-oriented funds. Hedge Funds: These are not suitable for all investors and involve a high degree of risk due to several factors that typically contribute to above average gains or significant losses. Such factors include leveraging or other speculative investment practices, commodity trading, complex tax structures, a lack of transparency in the underlying investments, and generally the absence of a secondary market. Long-term Trading: Designed to capture market rates of both return and risk. Due to its nature, a long-term investment strategy can expose clients to various other types of risk that will typically surface at various intervals during the time the client owns the investments. These risks include but are not limited to inflation (purchasing power) risk, interest rate risk, economic risk, market risk, and political/regulatory risk. Short-term Trading: Risks include liquidity, economic stability, and inflation. Options Writing: Involves a contract to purchase/sell a security at a given price, not necessarily at market value, depending on the market. Options writing can lose value over time because there is an expiration date, whereas stocks do not have an expiration date. Options owners also do not receive the benefits of owning stocks unless a call option is exercised; and conversely, an owner of a put option that also owns the underlying stock, would have related risks. Past performance is not a guarantee of future returns. Investing in securities involves a risk that you should be prepared to bear. Item 9: Disciplinary Information There are no disciplinary matters to report, including criminal or civil actions, administrative proceedings, or self-regulatory organization proceedings. Item 10: Other Financial Industry Activities and Affiliations A. Registration as a Broker/Dealer or Broker/Dealer Representative Neither Greenwood Capital, nor its representatives, are registered as, or have pending applications to become, a broker/dealer or representatives of a broker/dealer. B. Futures Commission Merchant, Commodity Pool Operator, or a Commodity Trading Adviser Registration Neither Greenwood Capital, nor its representatives, are registered as, or have pending applications to become, a Futures Commission Merchant, Commodity Pool Operator, or a Commodity Trading Adviser. C. Registration Relationships Material to this Advisory Business and Possible Conflicts of Interests TCB Corporation presently holds an 83% ownership stake in Greenwood Capital Associates, LLC. Additionally, TCB operates as the parent company for its wholly owned subsidiary, Countybank, which encompasses Countybank Trust Services and Countybank Mortgage. At the direction of clients, Countybank Trust Services provides trustee and/or custodial services for our clients. It is possible that clients of Greenwood Capital may also be clients of Countybank or its affiliates, including Countybanc Insurance Services, Inc., and/or Countybanc  10 Investment Services, Inc. However, clients are under no obligation to procure any products, whether insurance or investments, from any entity within the TCB family of companies. Greenwood Capital extends sub-advisory services to Countybank Trust Services, an affiliated qualified custodian. Countybank Trust Services retains autonomy in deciding whether to engage Greenwood Capital for investment management services for its clients. Certain representatives of our firm hold licenses as insurance agents and Greenwood Capital Associates, LLC is licensed as an insurance agency in the State of SC. Periodically, our insurance licensed advisers may offer clients insurance advice or recommend insurance products. Clients should understand that if they act on a recommendation to purchase life insurance or other insurance solutions, Greenwood Capital, and the licensed insurance agent, who is also an investment adviser representative, will share in the revenue generated through Countybanc Insurance Services, Inc. from the issued insurance policy. Greenwood Capital consistently operates in the best interests of its clients and clients are under no obligation to act on insurance recommendations provided by any Greenwood Capital representative acting in their capacity as an insurance agent, or through Countybanc Insurance Services, Inc., an affiliate of Greenwood Capital. D. Selection of Other Advisers or Managers and How This Adviser is Compensated for Those Selections To further diversify a client’s investment portfolio, we could recommend clients utilize additional money managers via a sub-advisory relationship. We do not receive any direct or indirect compensation from other advisers. Item 11: Code of Ethics, Participation/Interest in Client Transactions & Personal Trading A. Code of Ethics Greenwood Capital utilizes a written Code of Ethics that covers the following areas: Compliance with Laws and Regulations, Standards of Business Conduct, Prohibited Purchases and Sales, Personal Securities Transactions, Reporting Code of Ethics Violations, Disclosure, and Recordkeeping. Our Code of Ethics is available for review upon request to any client or prospective client. B. Recommendations Involving Material Financial Interests We do not recommend clients buy or sell any security in which we or a related person has a material financial interest. C. Investing Personal Money in the Same Securities as Clients; and D. Trading Securities At/Around the Same Time as Clients’ Securities From time to time, employees of Greenwood Capital may engage in personal transactions involving securities that are also recommended to clients. This scenario presents an opportunity for employees to buy or sell the same securities before or after recommending them to clients, potentially resulting in the employee benefiting from market activity generated by client trades in the same securities. To address this conflict of interest, Greenwood Capital instructs its employees, when aware, to prioritize client transactions over their own when similar securities are being bought or sold. Greenwood Capital actively monitors all reportable employee personal trading activity and assesses the timing of employee trades in comparison to client trades. If an employee is found to have been aware of a client trade in the same security at the same time as their own trade, the employee will forfeit any profits earned above a de minimis amount. This measure ensures that the interests of clients are prioritized and that employees conduct themselves with integrity and transparency in their personal trading activities. If the employee is in a position to have known of a client trade in the same security (“investing personal money in the same securities as clients”) and at the same time (“trading securities at/account the same time as clients’ securities) as their own trade, the employee relinquishes any profits that resulted above a de minimis amount. Item 12: Brokerage Practices A. Factors Used to Select Custodians and/or Broker-Dealers Greenwood Capital does not hold custody of client assets but may be deemed to have constructive custody if authorized to direct your custodian to deduct fees (see Item 15—Custody). Your assets must be held with a qualified custodian of your choice, provided we receive automated data from them. While we do not open accounts, we can assist in the process. Unless you direct otherwise, we may use additional brokers beyond your custodian to execute trades. When selecting broker-dealers, we consider factors such as research quality, existing relationships, pricing, execution efficiency, and reputation. Our priority is best execution, not just transaction cost. Greenwood Capital does not select the broker-dealer for Held Away Assets. Trades are initiated through the Pontera Platform and are executed in accordance with the client’s qualified retirement plan. Research and Other Soft-Dollar Benefits Under Section 28(e) of the Securities Exchange Act of 1934, we may pay a broker-dealer a commission exceeding the amount charged by another broker-dealer for the same transaction, under certain circumstances. This practice, known as a "soft dollar" arrangement,  11 acknowledges the value of brokerage and research services provided. By using client brokerage commissions (or markups/markdowns) to obtain research or other services, we benefit by not having to produce or pay for these services ourselves. However, this creates a conflict of interest in recommending a specific broker-dealer, as we receive an economic benefit in making the recommendation. The recommendation of a specific broker-dealer is based in part on the economic benefit to us and not solely on the nature, cost, or quality of custody and brokerage services provided to clients. Therefore, commissions/fees for transactions executed through the broker- dealer could be higher than commissions/fees available if you use another broker-dealer. Unless a client indicates a specific broker-dealer where we do not have a soft dollar arrangement, client accounts are available to participate in soft dollar arrangements. We receive soft dollar products and services in addition to the services outlined in our advisory agreements. Research furnished by broker-dealers is used in servicing some or all clients. We also use this research for accounts that did not pay commissions to the broker-dealer providing the research. These services include furnishing advice on securities, effecting transactions, and providing analyses and reports on various financial aspects. Soft dollar benefits are received through various channels, including written materials, access to technology, and direct interactions with individuals such as analysts. Brokerage Step-Outs Greenwood Capital employs “step-out trades” when we determine that they facilitate better execution for certain client trades. Step- out trades involve transactions initially placed at one broker-dealer and then “stepped out” to another broker-dealer for credit. These trades benefit clients by finding natural buyers or sellers of specific securities, enabling us to execute larger block trades more efficiently, or accessing greater liquidity for particular securities. Unless otherwise directed by the client, we may use step-out trades for any account. Additionally, we utilize step-out trades to accommodate a client’s directed brokerage mandate. However, there is no assurance that we will be able to step-out trades or achieve overall best execution through this method. In certain cases, step-out trades may result in additional costs, including per-share charges or soft dollar brokerage fees, which could increase overall trading expenses. If we believe it is in the client’s best interest, we may use step-out trades to participate in soft dollar benefits. Brokerage Dual Contract Programs Clients participating in dual contract programs should understand that the primary investment adviser may direct us to use a designated broker-dealer for securities transactions. In such cases, we may not be able to negotiate fees or obtain overall best execution from these directed broker-dealers. To access all available liquidity, we may utilize step-out trades as permitted by the financial adviser in a dual contract. If we execute a step-out trade for one of these clients to obtain best execution, the client will bear the transaction costs for those stepped- out trades, including potential mark-ups, mark-downs, or additional commissions. Brokerage for Client Referrals Greenwood Capital does not direct client transactions in exchange for referrals. However, clients referred to us by broker-dealers typically direct us to execute transactions through the referring broker-dealer. This creates a conflict of interest between obtaining best execution and receiving future client referrals from that broker-dealer when utilizing a broker-dealer other than the referring broker-dealer is an option. Clients Directing Which Broker-Dealer/Custodian to Use All clients are allowed to direct brokerage and custodial services through their written agreement if we have an operational relationship with the client's preferred broker-dealer/custodian. However, directing brokerage may result in higher trading expenses, as we may not be able to aggregate orders to reduce transaction costs. Additionally, directed brokerage clients may be systematically disadvantaged due to the order execution sequence, which prioritizes non-broker-directed accounts. If permitted by the Financial Adviser in the Managed Account Agreement and deemed in the best interest of the client, we may use step-out transactions for both fixed and equity trades. We may be unable to achieve the most favorable execution of client transactions if clients choose to direct brokerage. Trade Allocation It is Greenwood Capital’s procedure to prioritize trade orders for non-broker directed clients over directed brokerage clients. Due to this order prioritization, directed brokerage clients may experience execution delays, which could impact the pricing of their trades and lead to less favorable execution. If applicable, investment models will be updated in conjunction with our non-broker directed clients. When multiple traders are executing a model strategy trade, order placement could occur simultaneously. Not all investment advisers allow their clients to direct brokerage. We evaluate our order placement quarterly to determine if our methodology advantages/disadvantages specific client types. B. Aggregating (Block) Trading for Multiple Client Accounts When available, we utilize block trading to aggregate orders across multiple client accounts, aiming to achieve better execution and lower costs. Clients participating in block trades receive an average price across all executed transactions. If an order is only partially filled, allocations are made on a pro-rata basis for non-broker directed accounts, while directed accounts may be allocated differently per their broker's policy.  12 Clients who have directed us to use a specific broker-dealer may be excluded from block trades, which could result in higher costs or less favorable execution compared to non-directed clients. Some broker-dealers do not allow participation in block trading, which may limit execution quality for directed brokerage accounts. In these cases, clients may not receive the benefits of aggregated execution. Greenwood Capital continuously monitors execution quality across all broker-dealers to ensure our practices align with our duty of best execution. However, clients who impose brokerage restrictions should understand that they may incur higher costs and experience reduced execution efficiency as a result. Item 13: Reviews of Accounts A. Frequency & Nature of Periodic Reviews Client accounts undergo annual reviews to assess any changes in suitability factors. Additionally, accounts are reviewed quarterly to ensure adherence to client investment and asset allocation strategies. Reviews are also conducted in response to triggering events such as the receipt of new funds, changes in financial status, significant shifts in the market environment, or requests to liquidate a substantial portion of the portfolio. The assigned advisers or Investment Committee conduct reviews with support from Compliance and Operations team members. Financial planning accounts are reviewed upon the creation and delivery of the financial plan by the presenting adviser. There is a single level of review encompassing the entire process of creating the financial plan. Financial plans are typically updated annually based on relevant information provided by the client, such as changes in income, retirement status, and other pertinent factors. B. Factors That Will Trigger a Non-Periodic Review of Client Accounts Non-periodic reviews are typically triggered by significant market, economic, or political events, or by changes in a client's financial circumstances, such as retirement, job termination, relocation, or inheritance. C. Content & Frequency of Regular Reports Provided to Clients Unless otherwise instructed by the client, each client receives a written statement detailing their account assets and value from their chosen qualified custodian at least annually, but typically on a quarterly basis. Greenwood Capital generally provides quarterly statements to direct clients and typically does not provide statements to Dual Contract or Sub-Adviser clients, as these clients receive regular reports directly from those providers. Item 14: Client Referrals and Other Compensation A. Economic Benefits Provided by Third Parties for Advice Rendered to Clients Greenwood Capital does not receive any economic benefit, directly or indirectly from any third party for advice made to our clients. As a result of our various business partnerships, we receive full or partial economic benefit through additional products and services made available to us by those business partnerships, which benefit us but may not directly benefit you or your account. These products and services assist us in managing and administering our clients’ accounts as well as managing our business. They include investment research, educational conferences and events, consulting on technology, compliance, legal and business needs, publications and conferences on practice management, and marketing consulting. We can choose to use none, some or all of these available services. B. Compensation to Non-Advisory Personnel for Client Referrals Participating Greenwood Capital employees and consultants that are not advisory personnel will receive a part of the first full year’s investment advisory fee for any client obtained by Greenwood Capital through the employee’s referral. As part of the TCB family of financial services, Greenwood Capital participates in an internal referral program. Employees within TCB Corporation that are not employees of Greenwood Capital will indirectly receive a referral reward for any client obtained by us through the individual’s referral. Greenwood Capital has entered into a cash compensation agreement directly with eligible employees of Countybank, Countybank Mortgage Services (a division of Countybank), and Countybanc Insurance Services, Inc. (a subsidiary of Countybank) for solicitation of accounts. Compensation for these services is detailed in the Agreement between us and each individual participating employee. Furthermore, Greenwood Capital has entered into a cash compensation agreement with Retirement Strategies & Solutions, LLC (“RS&S”) for the solicitation of accounts. Compensation for these services is detailed in the agreement between us and RS&S. Other cash compensation agreements may be executed as appropriate for applicable parties. Prospects introduced to us through these referral efforts receive a disclosure document detailing the agreement and the calculation methodology for the compensation provided to the referring party. All paid promoter fees paid under these agreements are included in the investment advisory fees paid by the client, and no additional charges are imposed to cover these fees.  13 Item 15: Custody Client assets are maintained with qualified custodians. You should receive regular statements from your qualified custodian unless you have instructed the custodian otherwise. We urge you to carefully review your custodial statements and compare the official custodial records to the portfolio statements we provide you when indicated by your Investment Advisory Agreement. Based on your relationship with us, you may not receive portfolio statements. Our statements will vary from custodial statements based on accounting procedures, reporting dates, pricing sources, or valuation methodologies of certain securities. Greenwood Capital does not act as a qualified custodian for client assets. However, with written authority, we will invoice your selected custodian directly for payment of our investment advisory fee when due and you have instructed your custodian to debit your account for said fee, unless otherwise negotiated. If you chose to allow this direct fee deduction by your custodian, Greenwood Capital has constructive custody over that account and must have written authorization from you to do so. At a client’s request, Greenwood Capital will evaluate and potentially implement the ability for Greenwood Capital to process disbursement requests in accordance with the client’s instructions, as outlined in a Standing Letter of Authorization (SLOA) on file with the client’s qualified custodian. Item 16: Investment Discretion For those client accounts where Greenwood Capital provides ongoing supervision, the client has given us written discretionary authority over their accounts with respect to securities to be bought or sold and the number of securities to be bought or sold. Details of this relationship are fully disclosed to the client before any advisory relationship has commenced. The client provides Greenwood Capital discretionary authority via the written agreement and in the limited power of attorney provision contained in the new account paperwork and contract between the client and the custodian. Greenwood Capital does not exercise discretion over individual client accounts invested in private funds. Each client investing in private funds determines whether and how much to invest, and in which class(es) to participate. Item 17: Voting Client Securities (Proxy Voting) If authorized by the client through the Investment Advisory Agreement, Greenwood Capital assumes responsibility for voting proxies concerning all managed securities within a client's portfolio. To ensure the utmost diligence and alignment with client interests, Greenwood Capital has adopted and implemented policies and procedures that we believe are reasonably designed to ensure proxies are voted in our clients’ best interest. As per our policy, we engage an independent vendor, Broadridge, to issue proxy voting guidance, manage the voting process in accordance with that guidance, and maintain proxy records. Following Broadridge's guidelines, we typically vote with management on routine matters that are not anticipated to substantially impact the company or shareholders economically. However, in cases of significant conflicts of interest, we prioritize the client's best interests and resolve conflicts, accordingly, adhering to our proxy voting policy guidelines. We coordinate with each custodian to ensure the timely receipt of proxies. Should any custodian encounter limitations in this process, affected clients will be promptly notified of our inability to vote proxies. Clients retain the right to request a detailed record of proxy votes cast on their behalf, as well as a full copy of our Proxy Voting Policy & Procedures, available upon request. Item 18: Financial Information A. Balance Sheet Greenwood Capital does not require nor ask for prepayment of any fees in advance and therefore does not need to include a balance sheet with this brochure. B. Financial Conditions Reasonably Likely to Impair Ability to Meet Contractual Commitments to Clients Neither Greenwood Capital nor its management have any financial conditions that are likely to reasonably impair our ability to meet contractual commitments to clients. C. Bankruptcy Petitions in Previous Ten Years Greenwood Capital has not been the subject of a bankruptcy petition in the last ten years (or ever).  14 Brochure Supplement - Form ADV Part 2B Investment Advisor Representatives: Investment Advisory John W. Cooper, CFP®, Senior Private Client Advisor  Brian L. Disher, CFP®, Director of Wealth Management  Melissa D. Bane, CFP® | CPA | PFS® |ChFC, Senior Private Client Advisor   William M. Coxe, Jr., CRPC®, Private Client Advisor  Anne Thompson, CRPC®, Private Client Advisor  Colin J. Burns, Associate Advisor  Garrett T. Minton, CRPC®, Associate Advisor  Callie M. Roper, Associate Advisor Investment Management John D. Wiseman, Director of Fixed Income  Walter B. Todd III, President/Chief Investment Officer   Mark K. Pyles, Ph.D. | CFA®, Director of Multi-Asset Strategies  Claud William “Will” Bond, IV, Senior Trading Manager  John B. Proctor, Advisor Portfolio Specialist Mailing Address: Post Office Box 3181 Greenwood, SC 29648 Greenwood Office: 425 Main St. Suite 100 Greenwood, SC 29646 Greenville Office: 201 W. McBee Ave. Suite 300 Greenville, SC 29601 Website: greenwoodcapital.com Telephone: (864) 941-4049 Email: info@greenwoodcapital.com This brochure supplement provides information about the above-listed investment adviser representatives that supplements Greenwood Capital Associates, LLC’s disclosure brochure. You should have received a copy of that brochure. Please contact Denise Lollis, Chief Compliance Officer, if you did not receive Greenwood Capital Associates’ brochure or if you have any questions about the contents of this supplement. Additional information about our investment adviser representatives is available on the SEC’s website at www.adviserinfo.sec.gov. Registration does not imply a certain level of skill or training. Version Date: 2025.8.4  15 Brian L. Disher, CFP® Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 4535814 Year of Birth: 1973 Formal Education:  Samford University, BA – Psychology, 1996  Samford University, MBA, 2000 Business Background:  Director of Wealth Management, Greenwood Capital, March 2015 to present  Private Client Advisor, Greenwood Capital, March 2010 to Feb 2015 Professional Designation(s): Certified Financial Planner (CFP®) is a professional certification granted in the United States by the Certified Financial Planner Board of Standards, Inc. (“CFP® Board”). The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. To attain the right to use the CFP® mark, an individual must satisfactorily fulfill the following requirements: Education: Complete an advanced college-level course of study addressing the financial planning subject areas that CFP® Board’s studies have determined as necessary for the competent and professional delivery of financial planning services, and attain a Bachelor’s Degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP® Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning; Examination: Pass the comprehensive CFP® Certification Examination. The examination, administered in 10 hours over a two-day period, includes case studies and client scenarios designed to test one’s ability to correctly diagnose financial planning issues and apply one’s knowledge of financial planning to real world circumstances; Experience: Complete at least three years of full-time financial planning-related experience (or the equivalent, measured as 2,000 hours per year); and Ethics: Agree to be bound by CFP® Board’s Standards of Professional Conduct, a set of documents outlining the ethical and practice standards for CFP® professionals. Continuing Education: Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP® marks: Complete 30 hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field; and, Ethics: Renew an agreement to be bound by the Standards of Professional Conduct. The Standards prominently require that CFP® professionals provide financial planning services at a fiduciary standard of care. This means CFP® professionals must provide financial planning services in the best interests of their clients. CFP® professionals who fail to comply with the above standards and requirements may be subject to the CFP® Board’s enforcement process, which could result in suspension or permanent revocation of their CFP® certification. Item 3: Disciplinary Information Mr. Disher has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Mr. Disher is not engaged in any business activities other than those related to Greenwood Capital. Item 5: Additional Compensation As a direct stockholder of Greenwood Capital Associates, LLC, Mr. Disher receives a share of profits based upon stock ownership. Mr. Disher is eligible to receive a percentage of the advisory fee paid to us by clients obtained because of his direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Mr. Disher is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s related entities. Mr. Disher may also receive a bonus that is based, all or in part, on the number or amount of sales, client referrals, or new accounts. If insurance products are purchased through Mr. Disher’s affiliation with Countybanc Insurance Services, Inc., he may receive a share of the revenue paid to Greenwood Capital. This creates a conflict of interest as there could be a potential incentive for Mr. Disher to make recommendations based upon the amount of compensation received rather than based upon client needs. The specific costs associated with any recommended insurance will be explained to a prospect or client upon request. Clients have the option to purchase insurance products through other agents who are not affiliated with Greenwood Capital.  16 Item 6: Supervision Mr. Disher is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941-4049. Mr. Disher is supervised by requiring that he adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Mr. Disher provides to clients by performing the following reviews:  A review of relevant account opening documentation when the relationship is established,  A daily review of account transactions,  Review custodial information on a quarterly basis to assess account activity,  Perform annual oversight to ensure awareness of your current financial situation, objectives, and individual investment needs,  A review of client correspondence on an as needed basis. Melissa D. Bane, CPA, PFS®, CFP®, ChFC Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 6200088 Year of Birth: 1962 Formal Education:  Lander University, BS, 1983 Business Background:  Senior Private Client Advisor, Greenwood Capital, LLC May 2018 to present  Private Client Advisor, Greenwood Capital, LLC, May 2013 to May 2018 Professional Designation(s): Certified Public Accountants (CPA) are licensed and regulated by their state boards of accountancy. While state laws and regulations vary, the education, experience and testing requirements for licensure as a CPA generally include minimum college education (typically 150 credit hours with at least a baccalaureate degree and a concentration in accounting), minimum experience levels (most states require at least one year of experience providing services that involve the use of accounting, attest, compilation, management advisory, financial advisory, tax or consulting skills, all of which must be achieved under the supervision of or verification by a CPA), and successful passage of the Uniform CPA Examination. In order to maintain a CPA license, states generally require the completion of 40 hours of continuing professional education (CPE) each year (or 80 hours over a two-year period, or 120 hours over a 3-year period). Additionally, all American Institute of Certified Public Accountants (AICPA) members are required to follow a rigorous Code of Professional Conduct which requires that they act with integrity, objectivity, due care, competence, fully disclose any conflicts of interest (and obtain client consent if a conflict exists), maintain client confidentiality, disclose to the client any commission or referral fees, and serve the public interest when providing financial services. In addition to the Code of Professional Conduct, AICPA members who provide personal financial planning services are required to follow the Statement on Standards in Personal Financial Planning Services (the Statement). Most state boards of accountancy define financial planning as the practice of public accounting and therefore have jurisdiction over CPAs practicing in this discipline; state boards would likely look to the Statement as the authoritative guidance in this practice area regardless of specific or blanket adoption of AICPA standards. The Personal Financial Specialist (PFS®) credential demonstrates that an individual has met the minimum education, experience, and testing required of a CPA in addition to a minimum level of expertise in personal financial planning. To attain the PFS® credential, a candidate must hold an unrevoked CPA license, certificate, or permit, none of which are in inactive status; fulfill 3,000 hours of personal financial planning business experience; complete 75 hours of personal financial planning CPE credits; pass a comprehensive financial planning exam and be an active member of the AICPA. A PFS® credential holder is required to adhere to AICPA’s Code of Professional Conduct and the Statement on Standards in Personal Financial Planning Services, when providing personal financial planning services. To maintain their PFS® credential, the recipient must complete 60 hours of financial planning CPE credits every three years. The PFS® credential is administered through the AICPA. The Chartered Financial Consultant (ChFC) designation program focuses on the comprehensive financial planning process as an organized way to collect and analyze information on a client's total financial situation; to identify and establish specific financial goals; and to formulate, implement, and monitor a comprehensive plan to achieve those goals. The ChFC program provides financial planners and others in the financial services industry with in-depth knowledge of the skills needed to perform comprehensive financial planning for their clients. Candidates must pass an examination for the following six required courses and two elective courses to earn the ChFC designation: Required Courses  Financial Planning Applications Elective Courses Income Taxation Investments  The Financial System in the Economy  Estate Planning Applications  Financial Decisions for Retirement  Financial Planning: Process and Environment  Fundamentals of Insurance Planning   Planning for Retirement Needs   Fundamentals of Estate Planning  17 As a general rule, candidates should plan to spend 50-70 hours studying for each course. The program can be completed as quickly as a candidate desires, but most students complete their designation requirements within 15-24 months. Each exam is a two-hour, 100-question, computer-administered exam. National exams are given throughout the year at local testing centers. Candidates must meet experience requirements and ethical standards, including three years of business experience immediately preceding the date of use of the designation; an undergraduate or graduate degree from an accredited educational institution qualifies as one year of business experience and, when using formal education as qualifying experience, the remaining two years must immediately precede the date of the award.  Each designee who falls in one of the following categories must complete 30 hours of continuing education every two years. Designees who do not fall into one of these categories are exempt from CE requirements:  Licensed insurance agent/broker/consultant  Licensed security representative/registered investment adviser  Financial consultant, attorney, accountant, employee benefits specialist, and any other individual who provides insurance, employee benefits, financial planning, or estate planning advice and counsel to the public Certified Financial Planner (CFP®) is a professional certification granted in the United States by the Certified Financial Planner Board of Standards, Inc. (“CFP® Board”). The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. To attain the right to use the CFP® mark, an individual must satisfactorily fulfill the following requirements: Education: Complete an advanced college-level course of study addressing the financial planning subject areas that CFP® Board’s studies have determined as necessary for the competent and professional delivery of financial planning services, and attain a Bachelor’s Degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP® Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning; Examination: Pass the comprehensive CFP® Certification Examination. The examination, administered in 10 hours over a two-day period, includes case studies and client scenarios designed to test one’s ability to correctly diagnose financial planning issues and apply one’s knowledge of financial planning to real world circumstances; Experience: Complete at least three years of full-time financial planning-related experience (or the equivalent, measured as 2,000 hours per year); and Ethics: Agree to be bound by CFP® Board’s Standards of Professional Conduct, a set of documents outlining the ethical and practice standards for CFP® professionals. Continuing Education: Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP® marks: Complete 30 hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field; and, Ethics: Renew an agreement to be bound by the Standards of Professional Conduct. The Standards prominently require that CFP® professionals provide financial planning services at a fiduciary standard of care. This means CFP® professionals must provide financial planning services in the best interests of their clients. CFP® professionals who fail to comply with the above standards and requirements may be subject to the CFP® Board’s enforcement process, which could result in suspension or permanent revocation of their CFP® certification. Item 3: Disciplinary Information Ms. Bane has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Ms. Bane is also licensed for Life, Accident, and Health Insurance and Greenwood Capital has established a revenue sharing arrangement with Countybanc Insurance Services, Inc. Countybanc Insurance Services, Inc. is related to Greenwood Capital Associates, LLC through common ownership. Item 5: Additional Compensation As a direct stockholder of Greenwood Capital Associates, LLC, Ms. Bane receives a share of profits based upon stock ownership. Ms. Bane is eligible to receive a percentage of the advisory fee paid to us by clients obtained because of her direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Ms. Bane is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s related entities. Ms. Bane may also receive a bonus that is based, all or in part, on the number or amount of sales, client referrals, or new accounts. If insurance products are purchased through Ms. Bane’s affiliation with Countybanc Insurance Services, Inc., commissions may be earned. This creates a conflict of interest as there could be a potential incentive for Ms. Bane to make recommendations based upon the amount of compensation received rather than based upon client needs. The specific costs associated with any recommended insurance will be explained to a prospect or client upon request. Clients have the option to purchase insurance products through other agents who are not affiliated with Greenwood Capital.  18 Item 6: Supervision Ms. Bane is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941- 4049. Ms. Bane is supervised by requiring that she adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Ms. Bane provides to clients by performing the following reviews:  A review of relevant account opening documentation when the relationship is established,  A daily review of account transactions,  Review custodial information on a quarterly basis to assess account activity,  Perform annual oversight to ensure awareness of your current financial situation, objectives, and individual investment needs, and  A review of client correspondence on an as needed basis. John W. Cooper, CFP® Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 2806530 Year of Birth: 1966 Formal Education:  University of South Carolina, BS – Economics & Finance, 1997 Business Background:  Private Client Advisor, Greenwood Capital, LLC, May 2016 to present  Branch Manager, South State Bank (formerly Bank of America), Sep 2004 to May 2016 Professional Designation(s): Certified Financial Planner (CFP®) is a professional certification granted in the United States by the Certified Financial Planner Board of Standards, Inc. (“CFP® Board”). The CFP® certification is a voluntary certification; no federal or state law or regulation requires financial planners to hold CFP® certification. It is recognized in the United States and a number of other countries for its (1) high standard of professional education; (2) stringent code of conduct and standards of practice; and (3) ethical requirements that govern professional engagements with clients. To attain the right to use the CFP® mark, an individual must satisfactorily fulfill the following requirements: Education: Complete an advanced college-level course of study addressing the financial planning subject areas that CFP® Board’s studies have determined as necessary for the competent and professional delivery of financial planning services, and attain a Bachelor’s Degree from a regionally accredited United States college or university (or its equivalent from a foreign university). CFP® Board’s financial planning subject areas include insurance planning and risk management, employee benefits planning, investment planning, income tax planning, retirement planning, and estate planning; Examination: Pass the comprehensive CFP® Certification Examination. The examination, administered in 10 hours over a two-day period, includes case studies and client scenarios designed to test one’s ability to correctly diagnose financial planning issues and apply one’s knowledge of financial planning to real world circumstances; Experience: Complete at least three years of full-time financial planning-related experience (or the equivalent, measured as 2,000 hours per year); and Ethics: Agree to be bound by CFP® Board’s Standards of Professional Conduct, a set of documents outlining the ethical and practice standards for CFP® professionals. Continuing Education: Individuals who become certified must complete the following ongoing education and ethics requirements in order to maintain the right to continue to use the CFP® marks: Complete 30 hours of continuing education hours every two years, including two hours on the Code of Ethics and other parts of the Standards of Professional Conduct, to maintain competence and keep up with developments in the financial planning field; and, Ethics: Renew an agreement to be bound by the Standards of Professional Conduct. The Standards prominently require that CFP® professionals provide financial planning services at a fiduciary standard of care. This means CFP® professionals must provide financial planning services in the best interests of their clients. CFP® professionals who fail to comply with the above standards and requirements may be subject to the CFP® Board’s enforcement process, which could result in suspension or permanent revocation of their CFP® certification. Item 3: Disciplinary Information Mr. Cooper has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Mr. Cooper is also licensed for Life, Accident, and Health Insurance and Greenwood Capital has established a revenue sharing arrangement with Countybanc Insurance Services, Inc. Countybanc Insurance Services, Inc. is related to Greenwood Capital Associates, LLC through common ownership. Mr. Cooper is a member of Greenwood Odd, LLC, Greenwood Even LLC, and Midtown Property Management, LLC, organizations owned independently to manage his rental property and to provide property management services.  19 Item 5: Additional Compensation Mr. Cooper is eligible to receive a percentage of the advisory fee paid to us by clients obtained because of his direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Mr. Cooper is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s related entities. Mr. Cooper may also receive a bonus that is based, all or in part, on the number or amount of sales, client referrals, or new accounts. If insurance products are purchased through Mr. Cooper’s affiliation with Countybanc Insurance Services, Inc., commissions may be earned. This creates a conflict of interest as there could be a potential incentive for Mr. Cooper to make recommendations based upon the amount of compensation received rather than based upon client needs. The specific costs associated with any recommended insurance will be explained to a prospect or client upon request. Clients have the option to purchase insurance products through other agents who are not affiliated with Greenwood Capital. Item 6: Supervision Mr. Cooper is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941-4049. Mr. Cooper is supervised by requiring that he adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Mr. Cooper provides to clients by performing the following reviews:  A review of relevant account opening documentation when the relationship is established,  A daily review of account transactions,  Review custodial information on a quarterly basis to assess account activity,  Perform annual oversight to ensure awareness of your current financial situation, objectives, and individual investment needs,  A review of client correspondence on an as needed basis. William M. Coxe, Jr., CRPC® Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 2620753 Year of Birth: 1972 Formal Education:  University of South Carolina, BA, 1995  University of South Carolina, MBA, 2007 Business Background:  Private Client Advisor, Greenwood Capital, Dec 2017 to present  Wealth Advisor, WCM Global Wealth, LLC, Nov 2016 to Nov 2017  Director of Business Development, University of South Carolina, June 2008 to Nov 2016 Professional Designation(s): Chartered Retirement Planning Counselor® (CRPC) – is a professional financial planning designation awarded by the College for Financial Planning. Individuals who hold the CRPC® designation have completed a course of study encompassing pre-and post-retirement needs, asset management, estate planning and the entire retirement planning process using models and techniques from real client situations. Additionally, individuals must pass an end-of-course examination that tests their ability to synthesize complex concepts and apply theoretical concepts to real-life situations. Individuals who hold the CRPC® designation have completed a course of study encompassing pre-and post- retirement needs, asset management, estate planning and the entire retirement planning process using models and techniques from real client situations. Additionally, individuals must pass an end-of-course examination that tests their ability to synthesize complex concepts and apply theoretical concepts to real-life situations. All designees have agreed to adhere to Standards of Professional Conduct and are subject to a disciplinary process. Designees renew their designation every two-years by completing 16 hours of continuing education, reaffirming adherence to the Standards of Professional Conduct, and complying with self-disclosure requirements. Item 3: Disciplinary Information Mr. Coxe has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Mr. Coxe is not engaged in any business activities other than those related to Greenwood Capital. Item 5: Additional Compensation Mr. Coxe is eligible to receive a percentage of the advisory fee paid to us by clients obtained because of his direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Mr. Coxe is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s related entities. Mr. Coxe may also receive a bonus that is based, all or in part, on the number or amount of sales, client referrals, or new accounts.  20 Item 6: Supervision Mr. Coxe is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941- 4049. Mr. Coxe is supervised by requiring that he adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Mr. Coxe provides to clients by performing the following reviews:  A review of relevant account opening documentation when the relationship is established,  A daily review of account transactions,  A review of custodial information on a quarterly basis to assess account activity,  Perform annual oversight to ensure awareness of your current financial situation, objectives, and individual investment needs,  A review of client correspondence on an as needed basis. Anne J. Thompson, CRPC® Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 6496376 Year of Birth: 1971 Formal Education:  Western Carolina University, BA, 1993 Business Background:  Private Client Advisor, Greenwood Capital, Nov 2024 to present  Owner/Consultant, Tel Alt, LLC, Feb 2010 to present  Wealth Advisor, Ballentine Capital Advisors, Inc, March 2023 to Oct 2024  VP, Financial Consultant, Charles Schwab & Co., Inc, May 2019 to March 2023  Shared Employee, Charles Schwab Bank, SSB, May 2019 to March 2023 Professional Designation(s): Chartered Retirement Planning Counselor® (CRPC) – is a professional financial planning designation awarded by the College for Financial Planning. Individuals who hold the CRPC® designation have completed a course of study encompassing pre-and post-retirement needs, asset management, estate planning and the entire retirement planning process using models and techniques from real client situations. Additionally, individuals must pass an end-of-course examination that tests their ability to synthesize complex concepts and apply theoretical concepts to real-life situations. Individuals who hold the CRPC® designation have completed a course of study encompassing pre-and post- retirement needs, asset management, estate planning and the entire retirement planning process using models and techniques from real client situations. Additionally, individuals must pass an end-of-course examination that tests their ability to synthesize complex concepts and apply theoretical concepts to real-life situations. All designees have agreed to adhere to Standards of Professional Conduct and are subject to a disciplinary process. Designees renew their designation every two-years by completing 16 hours of continuing education, reaffirming adherence to the Standards of Professional Conduct, and complying with self-disclosure requirements. Item 3: Disciplinary Information Mrs. Thompson has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Mrs. Thompson is the owner of Tel Alt, LLC and Computer/IT Service company. She receives continuing compensation for services installed at client sites between 2010-2015. Item 5: Additional Compensation Mrs. Thompson is eligible to receive a percentage of the advisory fee paid to us by clients obtained because of her direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Mrs. Thompson is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s related entities. Mrs. Thompson may also receive a bonus that is based, all or in part, on the number or amount of sales, client referrals, or new accounts. If insurance products are purchased through Mrs. Thompson’s affiliation with Countybanc Insurance Services, Inc., she may receive a share of the revenue paid to Greenwood Capital. This creates a conflict of interest as there could be a potential incentive for Mrs. Thompson to make recommendations based upon the amount of compensation received rather than based upon client needs. The specific costs associated with any recommended insurance will be explained to a prospect or client upon request. Clients have the option to purchase insurance products through other agents who are not affiliated with Greenwood Capital. Item 6: Supervision Mrs. Thompson is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941-4049. Mrs. Thompson is supervised by requiring that she adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Mrs. Thompson provides to clients by performing the following reviews:  21  A review of relevant account opening documentation when the relationship is established,  A daily review of account transactions,  A review of custodial information on a quarterly basis to assess account activity,  Perform annual oversight to ensure awareness of your current financial situation, objectives, and individual investment needs, A review of client correspondence on an as needed basis.Colin J. Burns Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 7551765 Year of Birth: 2000 Formal Education:  Roanoke College, BA, 2023  Roanoke College, MBA, 2024 Business Background:  Associate Advisor, Greenwood Capital, Sept 2024 to present  Research Analyst, Goepper Burkhardt, June 2024 to Sept 2024  Financial Management Intern, UBS, June 2022 – Aug 2022  Mr. Burns also held various part-time positions while pursuing his secondary education. Item 3: Disciplinary Information Mr. Burns has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Mr. Burns is not engaged in any business activities other than those related to Greenwood Capital. Item 5: Additional Compensation Mr. Burns is eligible to receive a percentage of the advisory fee paid to us by clients obtained because of his direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Mr. Burns is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s related entities. Mr. Burns may also receive a bonus that is based, all or in part, on the number or amount of sales, client referrals, or new accounts. Item 6: Supervision Mr. Burns is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941-4049. Mr. Burns is supervised by requiring that he adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Mr. Burns provides to clients by performing the following reviews:  A review of relevant account opening documentation when the relationship is established,  A daily review of account transactions,  A review of custodial information on a quarterly basis to assess account activity,  Perform annual oversight to ensure awareness of your current financial situation, objectives, and individual investment needs,  A review of client correspondence on an as needed basis. Garrett T. Minton, CRPC® Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 7265565 Year of Birth: 1996 Formal Education:  Clemson University, BS, 2019 Business Background:  Associate Advisor, Greenwood Capital, Dec 2024 to present  Financial Solutions Advisor, BOA Merrill Lynch, Oct 2022 to Nov 2024  Customer Experience Rep, Robinhood Markets, Inc, June 2022 to Aug 2022  Customer Experience Rep, Robinhood Financial, May 2021 to Aug 2022  Registered Adviser, The Vanguard Group Inc, July 2020 to May 2021  Non-Registered Person, The Vanguard Group Inc., May 2020 to July 2020  Sales & Use Tax Specialist, Robert Half International, Dec 2019 – Apr 2020  22  Bankruptcy Specialist, Robert Half International, May 2019 – Aug 2019 Professional Designation(s): Chartered Retirement Planning Counselor® (CRPC) – is a professional financial planning designation awarded by the College for Financial Planning. Individuals who hold the CRPC® designation have completed a course of study encompassing pre-and post-retirement needs, asset management, estate planning and the entire retirement planning process using models and techniques from real client situations. Additionally, individuals must pass an end-of-course examination that tests their ability to synthesize complex concepts and apply theoretical concepts to real-life situations. Individuals who hold the CRPC® designation have completed a course of study encompassing pre-and post- retirement needs, asset management, estate planning and the entire retirement planning process using models and techniques from real client situations. Additionally, individuals must pass an end-of-course examination that tests their ability to synthesize complex concepts and apply theoretical concepts to real-life situations. All designees have agreed to adhere to Standards of Professional Conduct and are subject to a disciplinary process. Designees renew their designation every two-years by completing 16 hours of continuing education, reaffirming adherence to the Standards of Professional Conduct, and complying with self-disclosure requirements. Item 3: Disciplinary Information Mr. Minton has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Mr. Minton is not engaged in any business activities other than those related to Greenwood Capital. Item 5: Additional Compensation Mr. Minton is eligible to receive a percentage of the advisory fee paid to us by clients obtained because of his direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Mr. Minton is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s related entities. Mr. Minton may also receive a bonus that is based, all or in part, on the number or amount of sales, client referrals, or new accounts. Item 6: Supervision Mr. Minton is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941-4049. Mr. Minton is supervised by requiring that he adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Mr. Minton provides to clients by performing the following reviews:  A review of relevant account opening documentation when the relationship is established,  A daily review of account transactions,  A review of custodial information on a quarterly basis to assess account activity,  Perform annual oversight to ensure awareness of your current financial situation, objectives, and individual investment needs,  A review of client correspondence on an as needed basis. Callie M. Roper Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 7377436 Year of Birth: 1999 Formal Education:  Clemson University, BA, 2021 Business Background:  Associate Advisor, Greenwood Capital, Nov 2024 to present  Private Client Specialist, Greenwood Capital, Aug 2022 to Nov 2024  Associate Financial Services Rep, E*Trade Securities LLC, June 2021 to Aug 2022  Ms. Roper also held part-time positions while pursuing her secondary education. Item 3: Disciplinary Information Ms. Roper has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Ms. Roper is not engaged in any business activities other than those related to Greenwood Capital. Item 5: Additional Compensation  23 Ms. Roper is eligible to receive a percentage of the advisory fee paid to us by clients obtained because of her direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Ms. Roper is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s related entities. Ms. Roper may also receive a bonus that is based, all or in part, on the number or amount of sales, client referrals, or new accounts. Item 6: Supervision Ms. Roper is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941-4049. Ms. Roper is supervised by requiring that she adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Ms. Roper provides to clients by performing the following reviews:  A review of relevant account opening documentation when the relationship is established,  A daily review of account transactions,  A review of custodial information on a quarterly basis to assess account activity,  Perform annual oversight to ensure awareness of your current financial situation, objectives, and individual investment needs,  A review of client correspondence on an as needed basis. Walter B. Todd, III Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 3262917 Year of birth: 1971 Formal education:  Washington and Lee University, BS – Business Administration, 1993  The Wharton School, MBA, 1999 Business Background:  President/Chief Investment Officer, Greenwood Capital, Aug 2017 to present  Chief Investment Officer/ Managing Director, Greenwood Capital, June 2011 to Aug 2017  Joined Greenwood Capital in 2002 Item 3: Disciplinary Information Mr. Todd has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Mr. Todd is not engaged in any business activities other than those related to Greenwood Capital. Item 5: Additional Compensation As a direct stockholder of Greenwood Capital Associates, LLC, Mr. Todd receives a share of profits based upon stock ownership. Mr. Todd is eligible to receive a percentage of the advisory fee paid to us by clients obtained because of his direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Mr. Todd is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s affiliated entities. Mr. Todd may also receive a bonus that is based, all or in part, on investment performance, the number or amount of sales, client referrals, or new accounts. Item 6: Supervision Mr. Todd is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941- 4049. Mr. Todd is supervised by requiring that he adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Mr. Todd provides to clients by performing the following reviews:  A review of relevant account opening documentation when the relationship is established  A daily review of account transactions  A review of custodial information on a quarterly basis to assess account activity  An annual oversight to ensure awareness of your current financial situation, objectives, and individual investment needs, and/or of stated Financial Suitability and/or Investment Policy Statement  A review of client correspondence on an as needed basis  24 John D. Wiseman Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 2235625 Year of birth: 1968 Formal education:  Wofford College, BA, 1990 Business Background:  Director of Fixed Income, Greenwood Capital, Feb 2006 to present Item 3: Disciplinary Information Mr. Wiseman has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Mr. Wiseman is not engaged in any business activities other than those related to Greenwood Capital. Item 5: Additional Compensation As a direct stockholder of Greenwood Capital Associates, LLC, Mr. Wiseman receives a share of profits based upon stock ownership. Mr. Wiseman is also eligible to receive a percentage of the advisory fee paid to us by clients obtained because of his direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Mr. Wiseman is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s affiliated entities. Mr. Wiseman may also receive a bonus that is based, all or in part, investment performance, the number or amount of sales, client referrals, or new accounts. Item 6: Supervision Mr. Wiseman is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941-4049. Mr. Wiseman is supervised by requiring that he adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Mr. Wiseman provides to clients by performing the following reviews:  A review of relevant account opening documentation when the relationship is established,  A daily review of account transactions,  A review of custodial information on a quarterly basis to assess account activity,  An annual oversight to ensure awareness of your current financial situation, objectives, and individual investment needs, and/or of stated Financial Suitability and/or Investment Policy Statement  A review of client correspondence on an as needed basis. Dr. Mark K. Pyles, CFA® Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 7441908 Year of birth: 1980 Formal education:  Eastern Kentucky University, BS – Business Administration, 2001  University of Kentucky, MS – Economics, 2004  University of Kentucky, Ph.D. – Finance, 2005 Investment Consultant, Greenwood Capital, Oct 2021 to May 2023 Business Background:  Director of Multi-Asset Strategies, Greenwood Capital May 2023 to present   Principal, MKP Consultation LLC, Feb 2021 to present  Professor of Finance, College of Charleston, Aug 2005 to April 2023; Adjunct Professor August 2023 to present Professional Designation(s): The Chartered Financial Analyst (CFA) charter is a globally respected, graduate-level investment credential established in 1962 and awarded by CFA Institute—the largest global association of investment professionals. There are currently more than138,000 CFA charterholders working in 134 countries. To earn the CFA charter, candidates must: 1) pass three sequential, six-hour examinations; 2) have at least four years of qualified professional investment experience; 3) join CFA Institute as members; and 4) commit to abide by, and annually reaffirm, their adherence to the CFA Institute Code of Ethics and Standards of Professional Conduct.  25 High Ethical Standards: The CFA Institute Code of Ethics and Standards of Professional Conduct, enforced through an active professional conduct program, require CFA charterholders to: Place their clients’ interests ahead of their own Act with integrity   Maintain independence and objectivity   Maintain and improve their professional competence  Disclose conflicts of interest and legal matters Global Recognition: Passing the three CFA exams is a difficult feat that requires extensive study (successful candidates report spending an average of three hundred hours of study per level). Earning the CFA charter demonstrates mastery of many of the advanced skills needed for investment analysis and decision making in today’s quickly evolving global financial industry. As a result, employers and clients are increasingly seeking CFA charterholders—often making the charter a prerequisite for employment. Additionally, regulatory bodies in over thirty countries and territories recognize the CFA charter as a proxy for meeting certain licensing requirements, and more than 125 colleges and universities around the world have incorporated a majority of the CFA Program curriculum into their own finance courses. Comprehensive and Current Knowledge: The CFA Program curriculum provides a comprehensive framework of knowledge for investment decision making and is firmly grounded in the knowledge and skills used every day in the investment profession. The three levels of the CFA Program test a proficiency with a wide range of fundamental and advanced investment topics, including ethical and professional standards, fixed-income and equity analysis, alternative and derivative investments, economics, financial reporting standards, portfolio management, and wealth planning. The CFA Program curriculum is updated every year by experts from around the world to ensure that candidates learn the most relevant and practical new tools, ideas, and investment and wealth management skills to reflect the dynamic and complex nature of the profession. To learn more about the CFA charter, visitwww.cfainstitute.org. Item 3: Disciplinary Information Dr. Pyles has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Dr. Pyles is the Director of the School of Business Investment Program and Adjunct Professor at the College of Charleston, Charleston SC. In this role, he oversees the administration of a student-conducted investment program of student managed funds, as well as various investment education related events. In his capacity as the Director of the Investment Program, Dr. Pyles does execute trades at the direction of the student investment committee. Through his consulting business, MKP Consulting, Dr. Pyles provides general consulting services on financial and investment-related topics. Item 5: Additional Compensation Dr. Pyles is eligible to receive a percentage of the advisory fee paid to us by clients obtained because of his direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Dr. Pyles is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s affiliated entities. Dr. Pyles may also receive a bonus that is based, all or in part, investment performance, the number or amount of sales, client referrals, or new accounts. Item 6: Supervision Dr. Pyles is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941- 4049. Dr. Pyles is supervised by requiring that he adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Dr. Pyles provides to clients by performing the following reviews:  A daily review of account transactions  A review of custodial information on a quarterly basis to assess account activity  A review of client correspondence on an as needed basis C. Will Bond, IV Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 5608928 Year of birth: 1978 Formal education:  Lander University, BS – Business Administration, 2002 Business Background:  Senior Trading Manager, Greenwood Capital, March 2019 to present  Trading Operations Manager, Greenwood Capital, Sep 2011 to March 2019  Assistant Vice President/Trader, Greenwood Capital, Dec 2002 to Sep 2011  26 Item 3: Disciplinary Information Mr. Bond has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Mr. Bond is not engaged in any business activities other than those related to Greenwood Capital. Item 5: Additional Compensation Mr. Bond is eligible to receive a percentage of the advisory fee paid to us by clients obtained because of his direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Mr. Bond is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s affiliated entities. Mr. Bond may also receive a bonus that is based, all or in part, investment performance, the number or amount of sales, client referrals, or new accounts. Item 6: Supervision Mr. Bond is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941- 4049. Mr. Bond is supervised by requiring that he adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Mr. Bond provides to clients by performing the following reviews:  A daily review of account transactions  A review of custodial information on a quarterly basis to assess account activity  A review of client correspondence on an as needed basis John B. Proctor, Jr. Item 2: Educational Background and Business Experience CRD (Central Registration Depository) Number: 6592300 Year of birth: 1992 Formal education:  West Viriginia, BS - Finance, 2015 Business Background:  Advisor Portfolio Specialist, Greenwood Capital, Nov 2024 to Present  Client Portfolio Advisor, Greenwood Capital, March 2021 to Nov 2024  Account Executive, Fisher Investments, May 2018 to Sep 2020  Associate Agent, Northwestern Mutual Wealth, Jan 2016 to March 2018 Item 3: Disciplinary Information Mr. Proctor has not been the subject of any material legal or disciplinary event. Item 4: Other Business Activities Mr. Bond is not engaged in any business activities other than those related to Greenwood Capital. Item 5: Additional Compensation Mr. Proctor is eligible to receive a percentage of the advisory fee paid to us by clients obtained because of his direct or indirect efforts as an incentive to bring new and maintain business under our management. In addition, Mr. Proctor is eligible to receive cash referral bonuses as part of the relationship with Greenwood Capital’s parent company, TCB Corporation, for successful client referrals made to any of Greenwood Capital’s affiliated entities. Mr. Proctor may also receive a bonus that is based, all or in part, investment performance, the number or amount of sales, client referrals, or new accounts. Item 6: Supervision Mr. Proctor is supervised by Denise H. Lollis, Chief Operating Officer and Chief Compliance Officer. Mrs. Lollis can be reached at (864) 941-4049. Mr. Proctor is supervised by requiring that he adhere to our Policies and Procedures and Code of Ethics. Greenwood Capital monitors the advice that Mr. Bond provides to clients by performing the following reviews:  A daily review of account transactions  A review of custodial information on a quarterly basis to assess account activity  A review of client correspondence on an as needed basis