Item 5 – Fees and Compensation
Atlas generally receives both a management fee and performance-based compensation from Clients. Atlas or a Fund’s Board
of Directors, where applicable, reserves the right to waive, rebate or impose different management fees and/or performance
fees or otherwise modify the fee arrangements of existing Investors with the consent of such Investor (or impose different
fees on future Investors). Certain series of certain classes of interests and shares of the Funds are subject to reduced
management fees and/or lower performance-based fees. Clients and Investors are strongly encouraged to review the
relevant offering documents and/or governing documents for a complete discussion of applicable fees.
Atlas Funds
Atlas typically receives an asset-based advisory fee (the “Management Fee”) in an amount equal to 0.125%
(approximately 1.5% per annum) from each Investor calculated and payable as of the last day of each calendar month.
Under certain circumstances, Atlas receives a Performance Allocation or Incentive Fee (“Performance Fee”) from
Investors. This Performance Fee is typically equal to 20% of an Investor’s returns, and is calculated at, and deducted at
the end of the calendar year or upon redemption. Performance Fees often vary among Investors, share classes, or series,
and are generally subject to certain conditions, including high-water marks and/or loss carry forwards.
In general, the Client bears all of the expenses incident to its operations and business including, without limitation: (i)
transaction costs incurred in connection with the conduct of the Client’s business, including, without limitation, expenses
of portfolio transactions and positions, including any execution, give-up, clearing and custody commissions and fees,
brokerage fees, commissions and charges, initial and variation margin and all other expenses relating to the investment
program such as due diligence costs, research expenses, including the costs of research equipment and investment-
related products and legal fees; (ii) interest on balances due and any other fees and charges of prime brokers, financial
counterparties, banks and custodians; (iii) income taxes, withholding taxes, transfer taxes and other governmental
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charges and duties imposed on or payable by the Client; (iv) legal, compliance, consulting and other professional fees
and expenses, including those of the Client’s administrator and custodian, as well as privacy, technology and
cybersecurity-related expenses; (v) accounting (including, without limitation, the costs of accounting systems and
software), auditing and tax preparation expenses, fees and expenses incurred in connection with the preparation of the
annual financial statements and any tax returns required to be filed by the Client; (vi) costs and fees in connection with
any pricing services and portfolio management reporting software; (vii) any fees and expenses associated with the
organization and conduct of any meetings of the Investors and the preparation and distribution of all reports to and
other communications with Investors; (viii) litigation and indemnification expenses and other extraordinary expenses not
incurred in the ordinary course of the Client’s business, including any expenses incurred by, or on behalf of, the Client in
connection with the enforcement of its rights concerning any investment; (ix) printing and distribution of the
memorandum; (x) any government and regulatory filing fees, costs or expenses, including, but not limited to, those
relating to Form PF, entity-level taxes, corporate licensing fees, registration fees or other charges including any expenses
due to regulatory, supervisory and fiscal authorities or agencies in various jurisdictions; (xi) the costs of any
communications with Investors; (xii) Management and Performance Fees payable to Atlas; (xiii) the Client’s
proportionate share of the Master Fund’s expenses, if feeder fund; (xiv) the costs of obtaining insurance on behalf of the
Client; and (xv) all other operational expenses of the Client. If Atlas appoints sub-advisers in the future, the Client shall
bear the expense of sub-advisory fees (which often include performance or asset-based fees) paid to sub-advisers of the
Client to the extent such fees exceed commission rebates to the Client used to pay sub-advisers (if any). If such costs are
incurred in connection with an investment in which both the Client and any other accounts to whom Atlas or any of its
affiliates provides investment services participate, such costs incurred by the Client or such other account shall be borne
pro rata by such entities based on the amount invested by such entities, unless Atlas reasonably determines that such
costs shall be borne in different proportions.
For more information on Atlas’ brokerage practices, please refer to Item 12.