Hourly Fee. The Client shall pay the Adviser any Hourly Fee incurred for its Non-Fiduciary Services, Investment Policy Statement Services, or other consulting services. Any Hourly Fee paid to the Adviser shall be invoiced to the Custodian and deducted from the Portfolio at the end of each month, in arrears. Any Hourly Fee is separate from, and in addition to, the Advisory Fee. For the avoidance of doubt, the Hourly Fee is not assessed for Non-Discretionary or Discretionary Investment Advisory Services. The Adviser shall receive an Hourly Fee equal to $225 per hour for all time spent by the Adviser dedicated to work on the Client’s behalf for Non-Fiduciary Services, Investment Policy Statement Services, or other consulting services; provided, however, that the Hourly Fee shall be equal to $60 per hour for time spent by the Adviser’s administrative staff (e.g., administrative assistants) dedicated to work on the Client’s behalf (“Billable Time”). Billable Time shall include, without limitation, all time the Adviser spends in meetings with the Client for Non-Fiduciary Services, Investment Policy Statement Services, or other consulting services, as well as time spent preparing for such meetings and time spent on follow up after such meetings. The Client will be billed for Billable Time in tenth of an hour increments (i.e., six-minute increments), rounded to the next increment, such that if any portion of a six minute increment is Billable Time, the Client will be charged for the entire increment. For example, if the Adviser spends fifteen minutes of Billable Time, the Client will be charged for three six-minute increments (i.e., three tenths of an hour). Adviser agrees to provide documentation of fee calculations to the account custodian upon request; invoices are provided to the Client concurrently with the payment request.
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Hourly Fee. The Client shall pay the Adviser any Hourly Fee incurred for its Non-Fiduciary Services, Investment Policy Statement Services, or other consulting services. Any Hourly Fee paid to the Adviser shall be invoiced to the Custodian and deducted from the Portfolio at the end of each month, in arrears. Any Hourly Fee is separate from, and in addition to, the Advisory Fee. For the avoidance of doubt, the Hourly Fee is not assessed for Non-Discretionary or Discretionary Investment Advisory Services. The Adviser shall receive an Hourly Fee equal to $225 300 per hour for all time spent by the Adviser dedicated to work on the Client’s behalf for Non-Fiduciary Services, Investment Policy Statement Services, or other consulting services; provided, however, that the Hourly Fee shall be equal to $60 per hour for time spent by the Adviser’s administrative staff (e.g., administrative assistants) dedicated to work on the Client’s behalf (“Billable Time”). Billable Time shall include, without limitation, all time the Adviser spends in meetings with the Client for Non-Fiduciary Services, Investment Policy Statement Services, or other consulting services, as well as time spent preparing for such meetings and time spent on follow up after such meetings. The Client will be billed for Billable Time in tenth of an hour increments (i.e., six-minute increments), rounded to the next increment, such that if any portion of a six six-minute increment is Billable Time, the Client will be charged for the entire increment. For example, if the Adviser spends fifteen minutes of Billable Time, the Client will be charged for three six-minute increments (i.e., three tenths of an hour). Adviser hour).Adviser agrees to provide documentation of fee calculations to the account custodian upon request; invoices are provided to the Client concurrently with the payment request.
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