A. Firm Information Hendershot Investments, Inc. (also referred to as “Hendershot Investments” or the “firm”) offers personalized investment advisory services to individuals, pension and profit-sharing plans, trusts, estates, charitable organizations and corporations or other business entities. Hendershot Investments is strictly a fee-only investment management firm. The firm does not sell annuities, insurance, stocks, bonds, mutual funds, limited partnerships or other commissioned products. No commissions or finder’s fee in any form are accepted. Hendershot Investments is subject to a stringent overarching fiduciary duty that requires investment advisers to act in the best interests of their clients and to place the interests of clients before their own. “Best interest” is defined as acting with the care, skill, prudence, and diligence of a prudent person acting in a like capacity, and considering the aims, investment objectives, risk tolerance, financial circumstances and needs of the investor without regard to the financial interest or other interest of the individual financial adviser or their firm. Hendershot Investments is a corporation formed under the laws of the Commonwealth of Virginia and is registered with the Securities and Exchange Commission as an investment adviser. Ingrid R. Hendershot, CFA and Charles L. Hendershot are the sole owners of Hendershot Investments. Ingrid holds 55% of the outstanding shares and Charles holds the remaining 45% of the shares. Hendershot Investments has been in continuous operations since June 1994. B. Advisory Services Offered Portfolio Management Services Hendershot Investments provides discretionary portfolio management services where the investment advice provided is custom tailored to meet the needs and investment objectives of the client. Subject to any written guidelines or restrictions, which the client may provide, the firm is granted discretion and authority to manage the account. Accordingly, Hendershot Investments is authorized to perform various functions without further approval from the client. Such functions include the determination of securities to be purchased/sold, the amount of securities to be purchased/sold and the commission rates, if any, to be paid. Once the portfolio is constructed, Hendershot Investments provides continuous supervision and re-optimization of the portfolio as changes in market conditions and client circumstances may require. Hendershot Investments shall never have custody of any client funds or securities, as the services of a qualified independent custodian will be used for these asset management services. The client always maintains asset control. Hendershot Investments places trades for clients under a limited power of attorney. Hendershot Investments, Inc. 2 Hendershot Investments does not represent, warranty, or imply that the services or methods of analysis employed by the firm can or will predict future results, successfully identify market tops or bottoms, or insulate clients from losses due to market corrections or declines. Financial Planning Services Hendershot Investments offers financial planning services to clients in conjunction with the portfolio management services. A financial plan may include a review of a client’s net worth (including assets and liabilities), objectives, risk tolerance, risk capacity, cash flow and expenses, income tax projections, review and analysis of fringe benefits, retirement forecast and probability analysis, educational funding analysis, and estate planning analysis. At the end of the process, the client will receive a report summarizing the plan and the various scenarios discussed with the client. Additionally, the report will include recommendations for actions to be taken to improve the probability of the plan’s successful achievement of the client’s objectives. The client decides which plan scenario and recommendations to implement in the final plan and may utilize Hendershot Investments to implement the plan. Hendershot Investments does not receive a separate fee for this service for existing clients. Non-clients may request the service and will be charged a fee as part of the Advisory Consulting Services described below. If the non-client subsequently becomes a client within three months, the fee will be waived or refunded through a credit on the first billing statement. In performing its services, Hendershot Investments entrusts that the client will provide accurate information, and Hendershot Investments will not be obligated to verify any information received from the client or from the client’s other professionals. The client retains absolute discretion over all implementation decisions and is free to accept or reject any recommendations from Hendershot Investments. Clients are advised that changes in their financial situation or events not projected in the Plan may have a significant impact on the Plan’s projected results. Therefore, clients are advised to notify Hendershot Investments of any such change so that the impact on the Plan can be evaluated. It remains the client’s responsibility to notify Hendershot Investments of any change in their financial situation or investment objectives for the purpose of reviewing, evaluating and revising previous plans and recommendations. Financial and retirement plans should be updated regularly to reflect changes in the client’s goals or financial circumstances. Advisory Consulting Services Hendershot Investments offers consulting and research services, based on either a negotiated fixed fee or the firm’s non-negotiable hourly rate of $200, where the firm will provide a professional opinion on specific financial related areas. Clients will be invoiced for the time spent upon completion of the services and the consulting fees will be due and payable by the client at that time. Under this arrangement, the client acknowledges that they only desire advice on the specific financial area agreed upon to be reviewed and/or analyzed. Furthermore, client agrees to hold Hendershot Investments harmless from any liability arising

out of any areas that Hendershot Investments has not reviewed. Hendershot Investments, Inc. 3 Publication of a Newsletter The firm offers an investment-related newsletter called “Hendershot Investments” to subscribers on a quarterly basis. The information contained in the publication can include, but is not limited to, investment strategies and/or information regarding investments. The subscriber is not expected to act on any of the information made available in the newsletter. Subscribers should contact their investment adviser representative or other financial services professional to discuss the suitability of instituting any of the strategies and/or the inclusion of any investment in their portfolio prior to implementation. The newsletter is made available for a nonrefundable annual subscription fee of $50. However, the firm will supply the newsletter at no additional charge to clients for whom it is providing portfolio management services to provide them with a better understanding of the investments made for their account. Transactions for clients occur prior to the publication of the newsletter. Subscribers pay in advance of receiving the first issue. Payment may be made by check at either the time of the subscription request or upon being invoiced by Hendershot Investments. The subscriber may cancel the subscription at any time upon delivery of written notice to the firm. After the first year, the subscriber will be sent a renewal notice at the end of their subscription period. Retirement Plan Rollovers Individual Retirement accounts, (401(K), 403(B), SEP-IRA, Roth IRA, or Traditional IRA) represent significant investment assets for most clients or prospective clients and in the course of providing services to you, you may ask us to review these accounts and give you recommendations as to their management. When we review the accounts, we are fiduciaries within the meaning of Title I of the Employee Retirement Income Security Act and/or the Internal Revenue Code, as applicable, which are laws governing retirement accounts. As a fiduciary, we are required to act in your best interest and to put your interest above the interests of the firm or any of its investment representatives. When a client or prospective client leaves an employer, they typically have four options regarding an existing retirement plan and may engage in one or a combination of these options. Typically, the four options include: 1. Leaving the funds in your former employer’s plan, if permitted. 2. Moving the funds to a new employer’s plan, if permitted. 3. Cashing out and taking a taxable distribution from the plan, which could result in adverse tax consequences. 4. Rolling the funds into an IRA rollover account. Each of these options has advantages and disadvantages that we will consider in our review. In addition to our review and recommendation, we encourage you to speak to your CPA or tax attorney. Hendershot Investments, Inc. 4 Completing the review and recommendation creates a conflict of interest for Hendershot Investments as recommending that you roll the assets over to an IRA account managed by the firm would increase the assets in your account and the fees charged to you each quarter creating an incentive to encourage the rollover of assets to an account managed by the firm. However, as stated above, Hendershot Investments is acting as a fiduciary and required to put your best interests first. Whether we recommend the rollover of the assets to an account managed by Hendershot Investments or one of your other options, you are under no obligation to roll over any retirement account to an account managed by Hendershot Investments, and you should make the final decision concerning the account on the information presented and what is best for you and your family. C. Client Account Management An initial meeting, which may be by telephone, is free of charge and is considered an exploratory interview to determine the extent to which investment management may be beneficial to the client. Prior to engaging Hendershot Investments to provide investment advisory services, the client is required to complete a Confidential Client Information form. Based upon the input regarding the client’s personal profile, investment goals and objectives, risk-tolerance, tax profile, liquidity needs and financial position, Hendershot Investments will formulate a long-term asset allocation strategy tailored to the client’s specific needs. The asset allocation strategy will specify the percentage of assets to be invested between equity, fixed-income securities and money market funds. Equities will generally be invested in a diversified portfolio of high-quality companies and/or mutual funds and exchange-traded funds to provide long-term growth while fixed-income investments will generally be laddered by maturity in high-quality corporate or municipal bonds, FDIC-insured CD’s and/or U.S. Treasuries and/or invested in bond mutual funds or exchange-traded funds to provide steady income and overall diversification for the client’s account. Money market funds may be used to meet the client’s liquidity needs. The client may impose restrictions on investing in certain securities or types of securities. Hendershot Investments provides continuous oversight of the client’s investments with all investments monitored for performance relative to certain benchmarks. D. Wrap Fee Programs Hendershot Investments does not place client assets within any wrap fee programs. All management services are performed by Hendershot Investments on behalf of clients. Hendershot Investments, Inc. 5 E. Regulatory Assets Under Management As of December 31, 2023, Hendershot Investments managed the following assets: Discretionary Assets $ 883,327,423 Non-Discretionary Assets $ 0 Total $ 883,327,423