Common use of Non-Founder Shares Clause in Contracts

Non-Founder Shares. (A) 100% of the Total Return to Shareholders payable with respect to each particular share class of Non-Founder Shares, calculated at each share-class level based on the Total Return to Shareholders on Non-Founder Shares, if any, that exceeds the Annual Preferred Return, but is less than or equal to 8.75%, or the “Non-Founder Breakpoint,” in any calendar year. This portion of the Total Return Incentive Fee is referred to as the “Non-Founder Catch Up.” (B) 20% of the Total Return to Shareholders with respect to each particular share class of Non-Founder Shares, calculated at each share-class level based on the Total Return to Shareholders on Non-Founder Shares, if any, that exceeds the Non-Founder Breakpoint.

Non-Founder Shares. (A) 100% of the Total Return to Shareholders payable with respect to each particular share class of Non-Founder Shares, calculated at each share-class level based on the Total Return to Shareholders on Non-Founder Shares, if any, that exceeds the Annual Preferred Return, but is less than or equal to 8.75%, or the “"Non-Founder Breakpoint,” " in any calendar year. This portion of the Total Return Incentive Fee is referred to as the “Non-Founder Catch Up.” (B) 20% of the Total Return to Shareholders with respect to each particular share class of Non-Founder Shares, calculated at each share-class level based on the Total Return to Shareholders on Non-Founder Shares, if any, that exceeds the Non-Founder Breakpoint.