Item 5.A: Advisory Fees and Compensation
In connection with providing investment advisory services to the Fund, the Fund will pay Emmett
Investment in advance a quarterly management fee equal to approximately 1.5% per annum of the net asset
value of each investor’s capital account (“Management Fee”).
Emmett GP, LLC, the general partner of the Fund (“General Partner”), in its discretion may reduce or
modify the Management Fee with respect to any investor, employee, or affiliate of the General Partner or
Emmett Investment and certain other related persons.
An incentive allocation for the General Partner will be charged to the Fund and is generally equal to 15%
per annum of net profits, subject to a high water mark and any loss recovery (“Incentive Allocation”). The
specific terms and applicable conditions of the Incentive Allocation payable to the General Partner are set
forth in the applicable offering documents. The General Partner, in its sole discretion, may reduce or modify
the Incentive Allocation with respect to any investor, employee, or affiliate of the General Partner or
Emmett Investment and certain other related persons.
Item 5.B: Payment of Fees
Emmett Investment deducts the Management Fee at the frequency discussed above in response to Item 5.A.
Item 5.C: Other Fees and Expenses
The Fund will pay, or reimburse the Firm and/or the General Partner for all of its ordinary operating and
other expenses, including, but not limited to, investment-related expenses; research costs and expenses;
legal expenses; applicable regulatory filings; accounting fees and audit expenses; administrative fees; tax
preparation expenses and tax liabilities; fees and expenses in connection with any advisory board or
committee; consulting and other professional expenses, including those of valuation firms; administration
fees and other expenses charged by or relating to the services of third-party providers of administration
services; other governmental charges or fees payable by the Fund; director and officer and/or errors and
omissions liability insurance premiums or fiduciary liability insurance premiums for directors; officers and
personnel of the General Partner and/or Firm; costs of printing and mailing reports and notices; third-party
and out-of-pocket research and market data expenses; interest and fees on margin loans, committed loan
facilities, total return swaps and other indebtedness; bank service, custodial and similar fees; fees and
expenses (including travel expenses) related to the analysis, purchase or sale of securities, whether or not
the investments are consummated; expenses related to the purchase, monitoring, sale, settlement, custody
or transfer of Fund assets; expenses associated with activist investment activities; third party and out-of-
pocket fees and expenses relating to systems and software used in connection with the operation of the
Fund and investment related activities; certain entity-level taxes; fees and expenses relating to the offer and
sale of Interests, which may, in the General Partner’s discretion, be amortized over a five year period, and
filing and legal fees; costs and expenses incurred in connection with the dissolution, winding up or
termination of the Fund; costs and expenses incurred in connection with any meeting of the Limited Partners
relating to the Fund; expenses related to the Fund’s indemnification obligations; and other similar ordinary
and extraordinary expenses related to the operation of the Fund and its investment activities, as the General
Partner determines in its sole discretion, may be necessary or proper to incur. Where the General Partner
determines in its sole discretion that certain expenses are directly attributable to a particular investment, the
Firm may charge such expenses solely to the Limited Partners receiving allocations regarding such
investment. The Firm also may specially allocate the expenses described herein in any other manner if the
General Partner reasonably determines, in its sole discretion, that it is equitable to do so.
Item 5.D: Fees Paid in Advance
As discussed above, in response to Item 5.A., the Management Fee is payable quarterly in advance.
Item 5.E: Compensation for the Sale of Interests
The Firm does not receive compensation for the sale of securities or other investment products, including
asset-based sales charges or service fees from the sale of mutual funds.