Description of Advisory Firm Tenon Financial LLC is registered as an Investment Adviser with the SEC. Registration of an Investment Adviser does not imply a certain level of skill or training. Tenon Financial was founded in March of 2019. Andrew Panko is the principal owner of the firm. Tenon Financial currently reports $100,806,675 in discretionary and no non-discretionary Assets Under Management as of July 9, 2023. Types of Advisory Services Investment Management Services (Tenon Financial manages accounts) We manage individually tailored investment portfolios. Tenon Financial provides continuous advice to clients regarding the investment of client funds based on the individual needs of the client. Through personal discussions in which goals and objectives based on a client's particular circumstances are established, we develop a client's personal investment policy or an investment plan with an asset allocation target and create and manage a portfolio based on that policy and allocation targets. We will also review and discuss a client’s prior investment history, as well as family composition and background. Account supervision is guided by the stated objectives of the client (e.g., maximum capital appreciation, growth, income, or growth and income), as well as tax considerations. Clients may impose reasonable restrictions on investing in certain securities, types of securities or industry sectors. Fees pertaining to this service are outlined in Item 5 of this brochure. Ongoing Financial Planning This service involves working one-on-one with Tenon Financial over an extended period of time. Clients work with Tenon Financial to develop and implement their plan. Tenon Financial will monitor the plan, recommend any changes and ensure the plan is up to date. Fees pertaining to this service are outlined in Item 5 of this brochure. Upon desiring a comprehensive plan, a client will be taken through establishing their goals and values around money. They will be required to provide information to help complete the following areas of analysis: net worth, cash flow, insurance, credit scores/reports, employee benefits, retirement planning, insurance, investments, college planning and estate planning. Once the client's information is reviewed, their plan will be built and analyzed. Then the findings, analysis and potential changes to their current situation will be reviewed with the client. Clients subscribing to this service will receive a written or electronic report providing the client with a detailed financial plan designed to achieve his or her stated financial goals and objectives. If a follow-up meeting is required, we will meet at the client's convenience. The plan and the client's financial situation and goals will be monitored throughout the year and follow-up phone calls and emails will be made to the client to confirm that any agreed upon action steps have been carried out. On an annual basis, there will be a full review of this plan to ensure its accuracy and ongoing appropriateness. Any needed updates will be implemented at that time. In general, the financial plan will address any or all the following areas of concern. The client and Tenon Financial will work together to select specific areas to cover. These areas may include, but are not limited to, the following: ● Business Planning: We provide consulting services for clients who currently operate their own business, are considering starting a business, or are planning for an exit from their current business. Under this type of engagement, we work with clients to assess their current situation, identify their objectives, and develop a plan aimed at achieving their goals. ● Cash Flow and Debt Management: We will conduct a review of client’s income and expenses to determine their current surplus or deficit along with advice on prioritizing how any surplus should be used or how to reduce expenses if they exceed income. Advice may also be provided on which debts to pay off first based on factors such as the interest rate of the debt and any income tax ramifications. We may also recommend what we believe to be an appropriate cash reserve that should be considered for emergencies and other financial goals, along with a review of accounts (such as money market funds) for such reserves, plus strategies to save desired amounts. ● College Savings: Includes projecting the amount that will be needed to achieve college or other post- secondary education funding goals, along with advice on ways for the client to save the desired amount. Recommendations as to savings strategies are included, and, if needed, we will review the client’s financial picture as it relates to eligibility for financial aid or the best way to contribute to grandchildren (if appropriate). ● Employee Benefits Optimization: We will provide review and analysis as to whether the client, as an employee, is taking the maximum advantage possible of their employee benefits. If the client is a business owner, we will consider and/or recommend the various benefit programs that can be structured to meet both business and personal retirement goals. ● Estate Planning: This usually includes an analysis of the client’s exposure to estate taxes and current estate plan which may include whether the client has a will, powers of attorney, trusts and other related documents. Our advice also typically includes ways for the client to minimize or avoid future estate taxes by implementing appropriate estate planning strategies such as the use of applicable trusts. We always recommend that the client consults with a qualified attorney when the client initiates, updates or completes estate planning activities. We may provide the client with contact information for attorneys who specialize

in estate planning when the client wishes to hire an attorney for such purposes. From time- to-time, we will participate in meetings or phone calls between the client and their attorney with the client’s approval or request. ● Financial Goals: We will help clients identify financial goals and develop a plan to reach them. We will identify what clients plan to accomplish, what resources will be needed to make it happen, how much time will be needed to reach the goal, and how much the client should budget for the goals. ● Insurance: Review of existing policies to ensure proper coverage for life, health, disability, long-term care, liability, home and automobile. ● Investment Analysis: This may involve developing an asset allocation strategy to meet clients’ financial goals and risk tolerance, providing information on investment vehicles and strategies, reviewing employee stock options, as well as assisting clients in establishing their own investment accounts at a selected broker/dealer or custodian. The strategies and types of investments we may recommend are further discussed in Item 8 of this brochure. ● Retirement Planning: Our retirement planning services typically include projections of clients’ likelihood of achieving their financial goals, typically focusing on financial independence as the primary objective. For situations where projections show less than the desired results, we may make recommendations, including those that may impact the original projections by adjusting certain variables (e.g., working longer, saving more, spending less, taking more risk with investments). If clients are near retirement or already retired, advice may be given on appropriate distribution strategies to minimize the likelihood of running out of money or having to adversely alter spending during retirement years. ● Risk Management: A risk management review includes an analysis of clients’ exposure to major risks that could have a significant adverse impact on their financial pictures. Such risks include premature death, disability, property and casualty losses or the need for long‐term care planning. Advice may be provided on ways to minimize such risks and about weighing the costs of purchasing insurance versus the benefits of doing so and, likewise, the potential cost of not purchasing insurance (“self‐insuring”). ● Tax Planning Strategies: Advice may include ways to minimize current and future income taxes as a part of clients’ overall financial planning picture. For example, we may make recommendations on which type of account(s) or specific investments should be owned based in part on their “tax efficiency,” with the consideration that there is always a possibility of future changes to federal, state or local tax laws and rates that may impact their situations. To the extent Tenon Financial feels the level of tax expertise needed exceeds Tenon Financial’s knowledge and/or abilities, we will recommend that clients consult with another qualified tax professional before initiating any tax planning strategy. To that end, we may provide clients with contact information for accountants or attorneys who specialize in this area if clients wish to hire someone for such purposes. With clients’ approval, we will participate in meetings or phone calls between clients and their chosen external tax professional. Financial Plan Creation Tenon Financial works closely with clients to create a deliver a comprehensive financial plan. The financial plan includes specific recommendations but this service does not include subsequent assistance in implementing the plan or its recommendations. To the extent clients wish to engage Tenon Financial for assistance in implementing recommendations from their financial plans, ongoing financial planning and investment management or hourly engagements will need to be initiated. Each client’s financial plan will be unique, but typical items addressed in a financial plan will include: ● List of client’s financial goals ● Summary of main assumptions used in the plan ● Summary of client’s net worth ● Summary of client’s total assets ● Overview of client’s current investment allocations ● Income and expense projections through entirety of client’s life expectancy ● Probability of financial plan success (aka Monte Carlo simulation) ● List of recommendations Included with the creation of the financial plan is the formal delivery and presentation of the plan, including a discussion of each of its recommendations. Hourly Engagement An hourly service is available for clients who have only a limited scope of what they would like addressed or reviewed, without having Tenon Financial provide ongoing investment management or ongoing financial planning. Examples include, but are not limited to, creation of a financial plan without any subsequent implementation or monitoring, review of an existing financial plan prepared outside of Tenon Financial, annuity contract analysis, pension plan analysis, investment account review, traditional IRA to Roth IRA conversion assistance, rental property cash flow analysis, etc. Fees pertaining to this service are outlined in Item 5 of this brochure. Client Tailored Services and Client Imposed Restrictions We offer the same suite of services to all our clients. However, specific client financial plans and their implementation are dependent upon the client’s unique goals and objectives, and the client’s investment policy statement which outlines the client’s current situation (e.g. income, tax levels, and risk tolerance levels) and is used to construct a client-specific plan to aid in the selection of a portfolio that matches restrictions, needs, and targets. Wrap Fee Programs We do not participate in wrap fee programs.