Advisor Compensation. (a) the Advisor’s annual fee for investment management services provided under this Agreement shall be based upon a percentage (%) of the market value of the Assets under management in accordance with the fee schedule enclosed herewith as Exhibit “A”. This annual fee shall be prorated and paid monthly, in advance, based upon the market value of the Assets on the last business day of the previous month. No increase in the annual fee percentage shall be effective without prior written notification to the Client; (b) The Client authorizes the Custodian of the Assets to charge the Account for the amount of the Advisor’s fee and to remit such fee to the Advisor in compliance with regulatory procedures. Please Note: In the event that there is not sufficient cash in the Account to pay the Advisor’s fee, the Advisor shall sell Assets to pay the fee; (c) In addition to the Advisor’s annual investment management fee, the Client shall also incur, relative to: (1) all mutual fund and exchange traded fund purchases, charges imposed directly at the fund level (e.g. management fees and other fund expenses); and (2) independent investment managers, the fees charged by each separate manager who is engaged to manage the Assets; and (d) No portion of the Advisor’s compensation shall be based on capital gains or capital appreciation of the Assets, except as provided for under the Investment Advisers Act of 1940 as amended (the “Advisers Act”). (e) Fees shall be paid in United States dollars.
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Sources: Investment Advisory Agreement, Investment Advisory Agreement