10th Mountain LLC

Item 5 - Fees and Compensation
  A. Fees

  10th Mountain collects fees in the following structures, as outlined below:

  A Percentage of Assets Under Management Fees
  Management fees are calculated at 0.50% for assets under management if the Client meets the minimum
  relationship requirement. Fee structures may be negotiated at the Company’s discretion.
  Fixed Fees
  Fixed fees are negotiated with the Client for services provided. Fees are based on the level of services to
  be offered to the Client and can be billed quarterly, semi-annually, or annually. Fees are billed both in
  advance and in-arears. The terms and conditions of the services provided and fees charged are agreed upon
  in writing by both the client and 10th Mountain and described in the investment management agreement.

  Performance-Based Fees – The Company does not charge performance-based fees.

  Minimum Account Size: 10th Mountain, LLC provides its services to a maximum of ten high-net-worth
  individuals--and their families, corporations and charitable foundations--with a minimum net worth of
  $50 million and a total relationship minimum of $25 million. However, the Company reserves the right
  to waive the minimum account size at its sole discretion.

From ADV Part 2A
Firm Brochure

  B. Payment of Fees
  Once the Client has chosen the preferred fee structure, fees will be determined based on the services to be
  offered to the Client.

      • Clients will receive an invoice which outlines the Company’s fees.
      • Clients receive a statement from their custodian which shows their holdings.
      • Clients are responsible for reviewing the accuracy of the fees being billed, as the custodian will
        not do so.
  The Client may elect to pay by wire transfer, check, or have the fee deducted directly from their account.
  Clients must authorize in writing the payment of fees directly from their account(s). Fees charged on new
  accounts will be pro-rated based on the initial value of the assets and the number of days remaining in the
  quarter. Thereafter, the fee will be based on the account value on the last business day of the preceding
  calendar quarter, and will cover that calendar quarter. The Client agrees that the custodian/Company will
  send, at least quarterly, a statement indicating all amounts disbursed from the Client’s account, including
  the amount of fees paid directly to the Company. All fees will be paid as directed in the agreed upon fee
  schedule or agreement. The Client is encouraged to compare the statement from the custodian against the
  invoice. The notice shall advise the Client of the opportunity to object to the invoiced amount and the
  manner in which the objection shall be made. It is the Client’s responsibility to verify the accuracy of fee
  calculations. The qualified custodian will not determine whether the fee has been properly calculated.

  During the calendar quarter, 10th Mountain, LLC shall not be compensated on the basis of a share of capital
  gains, capital appreciation of the funds or any portion of the funds of the Client. No fee adjustment will
  be made for additional contributions or for account appreciation or depreciation within a billing period.

  Valuation of Illiquid Investments: Due to the difficulty in valuing illiquid securities, the Company relies
  on the financial information made available by the issuers in which the Company invests. For those
  investments that are illiquid, they will be valued at book value.

  Termination of Investment Management Agreement

  Clients may terminate the advisory relationship by providing written notice. We will prorate the advisory
  fees earned through the termination date and send the Client an invoice for the advisory fees due. In the
  case of fees billed in advance, we will prorate the advisory fees earned through the termination date and
  send the client a reimbursement for the advisory fees overpaid in advance. If the Client is billed quarterly
  in arrears, they will only be billed for the period in which services were rendered plus any fees or expenses
  the Company or custodian may have incurred as mentioned above. Therefore, there is no provision to issue
  the Client a pro-rata refund of fees.

  The Client’s Investment Management Agreement may be terminated by the Client without penalty within
  the first five (5) business days of its execution. 10th Mountain, LLC will not impose start-up, closing, or
  penalty fees in connection with an account; however, the custodian may charge some or all of

From ADV Part 2A
Firm Brochure

  these fees. 10th Mountain, LLC’s fees do not include variable life and annuity contracts. Some other types
  of assets would also be subject to additional advisory and other fees and expenses, which are described in
  the prospectuses of those investments and paid by the investments, but ultimately borne by the investor.

  C. Other Types of Fees

  In addition to our advisory fee shown above, the Client is responsible for paying other fees associated
  with their account. These fees may include but are not limited to:
     •   Mutual fund loads (if applicable). These charges are paid to brokers as a form of commission.
     •   Management fees for ETFs and mutual funds. These are fees charged by the managers of the
         ETF or mutual fund and are a portion of the expenses of the ETF or mutual fund.
     •   Management fees charged by managers of the underlying investments, such as hedge funds,
         private equity funds, real estate, etc.
     •   Custodial fees, brokerage commissions, transaction fees, and other maintenance fees charged by
         the custodian and/or executing broker.
     •   Reporting fees.
     •   Accounting and legal fees including certain tax and audit fees.

  The Company does not receive compensation related to the sale of client securities or other investment
  products.

  D. Payment and Refund of Fees

  See Item 5.B.
...

Item 7 - Types of Clients
  Given Mr. Mitevski’s employment role as described in Item10.C, 10th Mountain, LLC provides its services
  to a maximum of ten high-net-worth individuals--and their families, corporations and charitable
  foundations--with a minimum net worth of $50 million and a total relationship minimum of $25 million.
  However, the Company reserves the right to waive the minimum account size at its sole discretion.

From ADV Part 2A
Firm Brochure