Common use of Performance Fees Clause in Contracts

Performance Fees. In consideration of its services hereunder, the Manager is entitled to receive a performance fee, calculated and accrued on each valuation date and as applicable, each additional pricing date, as defined in the applicable disclosure documents, for each series of Units to which a performance fee is applicable and paid monthly. The performance fee is equal to (a) 10% of the amount by which the net asset value per Unit of the series on the last valuation date or additional pricing date (including the effect of any declared distribution on said valuation date or additional pricing date and adjusted to exclude the accrual of the performance fee) exceeds the high water mark (as defined in the applicable disclosure document), multiplied by (b) the number of Units of that series outstanding on such valuation date or additional pricing date, prior to giving effect to subscriptions, redemptions and distributions re-invested on such dates. For greater certainty, Series O of each Trust does not pay the Manager a performance fee. Performance fees for Series O are paid by investors directly. The performance fees shall be calculated for the following trust and applicable series. Trust Series Portland Focused Plus Fund Series A, Series F and Series P Portland North American Alternative Fund Series A and Series F Portland Life Sciences Alternative Fund Series A and Series F All performance fees payable to the Manager are subject to GST and/or HST, as applicable, and any other similar applicable taxes, and will be deducted as an expense of the applicable series of Units in the calculation of net asset value of such a series of Units. This Schedule “B” may be replaced by the parties hereto in respect of adding, deleting or changing the name(s) of the Funds participating under the Agreement (including all aspects of the applicable management fees (that are paid in cash, units, shares or any other form of compensation) for such Funds) without the need for a signed amendment of the Agreement.

Performance Fees. In consideration of its services hereunder, the Manager is entitled to receive a performance fee, calculated and accrued on each valuation date and as applicable, each additional pricing date, as defined in the applicable disclosure documents, for each series of Units to which a performance fee is applicable and paid monthly. The performance fee is equal to (a) 10% of the amount by which the net asset value per Unit of the series on the last valuation date or additional pricing date (including the effect of any declared distribution on said valuation date or additional pricing date and adjusted to exclude the accrual of the performance fee) exceeds the high water mark (as defined in the applicable disclosure document), multiplied by (b) the number of Units of that series outstanding on such valuation date or additional pricing date, prior to giving effect to subscriptions, redemptions and distributions re-invested on such dates. For greater certainty, Series O of each Trust does not pay the Manager a performance fee. Performance fees for Series O are paid by investors directly. The performance fees shall be calculated for the following trust and applicable series. Trust Series Portland Focused Plus Fund Series A, Series F and Series P Portland North American Life Sciences Alternative Fund Series A and Series F Portland Life Sciences Replacement of Fossil Fuels Alternative Fund Series A and Series F All performance fees payable to the Manager are subject to GST and/or HST, as applicable, and any other similar applicable taxes, and will be deducted as an expense of the applicable series of Units in the calculation of net asset value of such a series of Units. This Schedule “B” may be replaced by the parties hereto in respect of adding, deleting or changing the name(s) of the Funds participating under the Agreement (including all aspects of the applicable management fees (that are paid in cash, units, shares or any other form of compensation) for such Funds) without the need for a signed amendment of the Agreement.

Performance Fees. In consideration of its services hereunder, the Manager is entitled to receive a performance fee, calculated and accrued on each valuation date and as applicable, each additional pricing date, as defined in the applicable disclosure documents, for each series of Units to which a performance fee is applicable and paid monthly. The performance fee is equal to (a) 10% of the amount by which the net asset value per Unit of the series on the last valuation date or additional pricing date (including the effect of any declared distribution on said valuation date or additional pricing date and adjusted to exclude the accrual of the performance fee) exceeds the high water mark (as defined in the applicable disclosure document), multiplied by (b) the number of Units of that series outstanding on such valuation date or additional pricing date, prior to giving effect to subscriptions, redemptions and distributions re-invested on such dates. For greater certainty, Series O of each Trust does not pay the Manager a performance fee. Performance fees for Series O are paid by investors directly. The performance fees shall be calculated for the following trust and applicable series. Trust Series Portland Focused Plus Fund Series A, Series F and Series P Portland North American Alternative Fund Series A and Series F Portland Life Sciences Alternative Fund Series A and Series F Portland Replacement of Fossil Fuels Alternative Fund Series A and Series F All performance fees payable to the Manager are subject to GST and/or HST, as applicable, and any other similar applicable taxes, and will be deducted as an expense of the applicable series of Units in the calculation of net asset value of such a series of Units. This Schedule “B” may be replaced by the parties hereto in respect of adding, deleting or changing the name(s) of the Funds participating under the Agreement (including all aspects of the applicable management fees (that are paid in cash, units, shares or any other form of compensation) for such Funds) without the need for a signed amendment of the Agreement.

Performance Fees. In consideration of its services hereunder, the Manager is entitled to receive a performance fee, calculated and accrued on each valuation date and as applicable, each additional pricing date, as defined in the applicable disclosure documents, for each series of Units to which a performance fee is applicable and paid monthly. The performance fee is equal to (a) 10% of the amount by which the net asset value per Unit of the series on the last valuation date or additional pricing date (including the effect of any declared distribution on said valuation date or additional pricing date and adjusted to exclude the accrual of the performance fee) exceeds the high water mark (as defined in the applicable disclosure document), multiplied by (b) the number of Units of that series outstanding on such valuation date or additional pricing date, prior to giving effect to subscriptions, redemptions and distributions re-invested on such dates. For greater certainty, Series O of each Trust does not pay the Manager a performance fee. Performance fees for Series O are paid by investors directly. The performance fees shall be calculated for the following trust and applicable series. Trust Series Portland Focused Plus Fund Series A, Series F and Series P Portland North American Life Sciences Alternative Fund Series A and Series F Portland Life Sciences Replacement of Fossil Fuels Alternative Fund Series A and Series F Portland 15 of 15 Alternative Fund Series A and Series F All performance fees payable to the Manager are subject to GST and/or HST, as applicable, and any other similar applicable taxes, and will be deducted as an expense of the applicable series of Units in the calculation of net asset value of such a series of Units. This Schedule “B” may be replaced by the parties hereto in respect of adding, deleting or changing the name(s) of the Funds participating under the Agreement (including all aspects of the applicable management fees (that are paid in cash, units, shares or any other form of compensation) for such Funds) without the need for a signed amendment of the Agreement.