Participation Ratio Clause Samples

Participation Ratio. The Participation Ratio will range from 1.1% to 1.5%, as determined by the Compensation Committee of the Board based on a recommendation of the CEO. In determining the Participation Ratio, the Compensation Committee of the Board will consider, among other things: (i) the overall performance of the Company, (ii) fund investment performance and the quality of such performance, (iii) the Limited Partner’s contributions to marketing and fund raising efforts for existing and new funds of the Company, (iv) the Limited Partner’s management of costs and achievement of a reasonable annual budget, (v) mentoring and developing investment professionals and (vi) the Limited Partner’s adherence to Company policies, procedures, guidelines and compliance. The Gross P&L will be the gross P&L for the Oz Bonus Eligible Funds (as defined below) based on the marked value beginning January 1, 2018. The Gross P&L for any Fiscal Year shall mean the total net realized and unrealized capital appreciation and/or depreciation generated by the Oz Bonus Eligible Funds, calculated as the simple arithmetic sum of the aggregate annual gross P&Ls for each Oz Bonus Eligible Fund, in respect of such Fiscal Year, taking into account all allocated costs, fees, expenses, taxes (including taxes incurred at intermediary corporate entities within the ownership structure of any Oz Bonus Eligible Fund), liabilities and losses, including currency, commodity and other hedging gains or losses and any other transaction-related costs, without deduction for any management fees paid to the Company or its Affiliates consistent with the methodology generally used in determining the annual compensation for investment professionals (the “Unadjusted Gross P&L”), as such amount may be reduced in accordance with the High Water ▇▇▇▇ Adjustment described below. For the avoidance of doubt, Gross P&L shall include realized and unrealized net capital appreciation and/or depreciation in respect of any investment of the Oz Bonus Eligible Funds that is designated as a “Special Investment” (as defined in the governing documents of each applicable Oz Fund) and all investments held by any Oz Bonus Eligible Funds that are private equity-style funds. Following a Fiscal Year with a negative Gross P&L, the Gross P&L for the subsequent Fiscal Year will be calculated as the sum of: (A) 50% of the Unadjusted Gross P&L for such subsequent Fiscal Year and (B) the excess, if any, of (x) 50% of the Unadjusted Gross P&L for such Fiscal...