Quarterly Performance Fee. In addition to the Management Fee, the Company shall pay the Manager a performance fee (the “Performance Fee”) with respect to the Company’s Pre-Performance Fee Net Investment Income in each fiscal quarter as follows:
Quarterly Performance Fee. In addition to the Monthly Fee, the vice-Chairman shall also be eligible to receive a cash performance fee in an amount up to $12,500 per quarter (the “Quarterly Performance Fee”) based upon the Vice-Chairman meeting key performance objectives each year that will be provided to the Vice-Chairman by the Board reflecting the key initiatives of the Company for that fiscal quarter.
Quarterly Performance Fee. As compensation for its services, Adviser shall receive an quarterly performance fee (the “Performance Fee”) set forth in Section 1(a) with regard to capital appreciation of the net asset value in the Client's Account, subject to 10-year look-back period of high water xxxx, with loss prorated for withdrawals. Net asset value of Client’s Account is calculated by custodian. To determine the proper value of the Account, the net asset value of securities in the Account is calculated using their marked-to- market prices by Account custodian. The Adviser does not utilize securities for which market quotations are not readily available. Performance Fee is calculated and custodian deducted by account automatically after the end of a quarter (March 31, June 30, September 30, and December 31), and statements are electronically sent to Client. 10-year look-back period of high water xxxx keeps track of cumulative losses per billing quarter for 40 quarters. A loss in any quarter is added to the 10-year look- back period’s cumulative losses. A gain in any period decreases the cumulative loss recorded to date. Client does not pay fee to the Adviser if there is no capital appreciation of the assets over the high water xxxx at the end of the quarter. If Client decides to withdraw assets from Account with cumulative losses, withdrawals in the current quarter will reduce any cumulative losses that are carried over from previous quarters in proportion to the percentage of equity that was withdrawn. Account with Performance Fee structure cannot be converted to percentage-based management fee structure until quarterly Performance Fee is paid after the end of current quarter. The Adviser does not use hurdle rate in the calculation of Performance Fee. The Adviser utilizes direct withdrawal of fees from client accounts and all fees are calculated pro rata and deducted directly by the Account custodian INTERACTIVE BROKERS LLC.
