Baird Venture Partners Management Company IV LLC

Item 5. Fees and Compensation (Capitalized terms not defined herein have the meaning as set forth in the applicable
Fund’s partnership agreement)

          Management and Performance-Based Fees

          2.0% Management Fee - commencing as of the effective date, as defined in the Fund’s Limited Partnership Agreement (the
“Effective Date”) and during the investment period, as defined in the Fund’s Limited Partnership Agreement (the “Investment Period”),
the Fund will pay the General Partner an annual management fee (the “Management Fee”), payable quarterly in advance, equal to 2.0%
of aggregate commitments. In addition, commencing with the 12-month period beginning on the first Management Fee due date after
the expiration of the Investment Period or earlier upon the occurrence of certain events as set forth in the Partnership Agreement, and
for each succeeding 12-month period, the Management Fee will be reduced to 90% of the Management Fee for the immediately
preceding 12-month period (calculated without giving effect to any reduction in the Management Fee on account of fees received by
the General Partner); provided that, commencing with the first Management Fee due date after the expiration of the Fund’s initial 10-
year term, the Management Fee will equal 2.0% per annum of the aggregate amount of investment contributions with respect to the
portion of each investment that has not been disposed of or completely written off; provided further that investments in a portfolio
company that have been disposed of or completely written-off will be treated as such only to the extent that, as of the date of any such
disposition or write-off, the aggregate fair market value of all remaining Fund investments in such portfolio company is less than the
Fund’s aggregate investment contributions made with respect to such portfolio company. Because the calculation based on the
aggregate amount of investment contributions for funded investments would have resulted in an increase to the management fee charged
to Limited Partners compared to the previous methodology, at the General Partner’s discretion, the Partnership will utilize the
methodology that yields the lower management fee each quarter for the remaining life of the fund.
         Management Fee Offset - the management fee will be reduced by 100% of any Transaction Fees for the quarterly period
immediately succeeding the quarterly period in which the Transaction Fee was received by the Management Person.
          Payment of Management Fee - If the investor has specified an account at Baird, after the General Partner gives notice to the
investor, Baird will deduct the Management Fee and other expenses from the investor’s account. If the investor does not have an
account at Baird, the General Partner will notify the investor as to when the Management Fee is payable.
           Carried Interest - after the Fund has achieved a 6% compounded annually preferred return, the General Partner will receive
a carried interest or performance fee from investors in the Fund equal to 20% of distributions, including distributions of net cash
proceeds from the sale of securities and distributions of securities in kind, together with dividends and interest income received with
respect to investments in portfolio companies (as more fully described in the Partnership Agreement, including a “catch up” mechanism
for the General Partner).
          Inability to Withdraw - the Funds and other private investment funds invest on a long-term basis. Accordingly, investment
advisory (i.e., management fee) and other fees are paid during the term of each Fund and investors generally are not permitted to
withdraw or redeem interests in the Fund.

Baird Venture Partners Management Company IV, LLC                                                                               March 2026

          Expenses Charged to the Funds
           The Funds bear all fees and expenses related to the investment activities and business of the Funds and the administration of
the Funds (collectively “Partnership Expenses”). Further, to the extent portfolio companies bear any such expenses – then the Funds
will indirectly bear these expenses to the extent of the Funds’ ownership of the respective portfolio company. Partnership Expenses
are borne pro rata based on commitments in the applicable Fund.

          The Partnership Agreement of each Fund provides extensive details of Partnership Expenses that are borne by the Funds and
should be read in conjunction with this document to fully understand the breath of the Partnership Expenses. A broad overview of
Partnership Expenses is as follows. This list is high-level and is intended to provide a general understanding of the nature and type of
fees and expenses charged to the Funds.

     a)   Investment Related Expenses – to the extent not borne or reimbursed by a portfolio company or potential portfolio company,
          a general description of investment related fees and expenses is as follows:
               a.   Investment Sourcing Activities – activities with respect to originating, identifying, and sourcing investment
                    opportunities for the Funds, whether or not ultimately consummated.
               b.   Investment Management Activities – encompass all aspects of pursuing, completing, managing, and exiting
                    investments. Examples of these activities include due diligence, structuring, negotiating, and financing. Numerous
                    services providers are typically engaged in these activities and may include, for example, attorneys, accountants,
                    investment bankers, lenders, and industry experts. In addition, travel and other expenses are incurred in connection
                    with investment management activities. These fees and expenses relate to both investments that are completed and
...

Item 7. Types of Clients

           The General Partner provides investment advice to Private Investment Funds. Private Investment Funds are investment
partnerships or other investment entities formed under domestic or foreign laws and operated as exempt investment pools under the
Investment Company Act of 1940, as amended (the “Investment Company Act”). The investors participating in Private Investment
Funds may include individuals, banks or thrift institutions, other investment entities, pension and profit-sharing plans, trusts, estates or
charitable organizations or other corporations or business entities and include, directly or indirectly, Baird, Principals or other
employees of the General Partner and its affiliates and clients of Baird’s Private Wealth Management business. Except for the BVP IV
Affiliates Fund Limited Partnership, the minimum commitment of an investor who is an individual is $250,000 and the minimum

Baird Venture Partners Management Company IV, LLC                                                                                March 2026

commitment of an institutional investor is $1 million, although individual investor commitments of lesser amounts may be accepted at
the discretion of the General Partner.