Common use of Base Fee Clause in Contracts

Base Fee. $30 million (Avg Daily Net Assets For Most Recent Month) * 0.32% * (31/365) = $8,153.42 Performance Fee: $100 million (Avg Daily Net Assets for rolling 12-month period) * -0.10% * (31/365) = $(8,493.15) Total Fulcrum Fee: $(339.73) = $8,153.42 (Base Fee) - $8,493.15 (Performance Fee)

Base Fee. $30 million (Avg Daily Net Assets For Most Recent Month) * 0.320.60% * (31/365) = $8,153.42 15,287.67 Performance Fee: $100 40 million (Avg Daily Net Assets for rolling 12-month period) * -0.10-0.55% * (31/365) = $(8,493.1518,684.93) Total Fulcrum Fee: $(339.733,397.26) = $8,153.42 15,287.67 (Base Fee) - $8,493.15 18,684.93 (Performance Fee)

Base Fee. $30 35 million (Avg Daily Net Assets For Most Recent Month) * 0.320.45% * (31/365) = $8,153.42 13,376.71 Performance Fee: $100 55 million (Avg Daily Net Assets for rolling 12-month period) * -0.10-0.40% * (31/365) = $(8,493.15) Total 18,684.93Total Fulcrum Fee: $(339.735,308.22) = $8,153.42 13,376.71 (Base Fee) - $8,493.15 18,684.93 (Performance Fee)

Base Fee. $30 35 million (Avg Daily Net Assets For Most Recent Month) * 0.320.45% * (31/365) = $8,153.42 13,376.71 Performance Fee: $100 55 million (Avg Daily Net Assets for rolling 12-month period) * -0.10-0.30% * (31/365) = $(8,493.1514,013.70) Total Fulcrum Fee: $(339.73636.99) = $8,153.42 13,376.71 (Base Fee) - $8,493.15 14,013.70 (Performance Fee)