White Hat Capital Partners LP

Item 5 – Fees and Compensation

A.     Fee Schedule
The fees and compensation payable to White Hat are negotiable and vary among its
Clients. However, the range of compensation is generally as follows:
       1.      Management Fee
White Hat Strategic Partners I LP (“WHSP I”)
During the Investment Period, the Fund will pay to the Firm, on the last day of each calendar
quarter, a fixed fee for management services equal to (i) 0.375% (1.5% annualized) of each
Investor’s capital commitment plus 0.1875% (0.75% annualized) of the balance of each
Investor’s tracking account as of the end of such calendar quarter and (ii) 0.3125% (1.25%
annualized) of each founder Investor’s capital commitment plus 0.125% (0.5% annualized)
of the balance of each founder Investor’s tracking account as of the end of such calendar
quarter.
Following the Investment Period, the Fund will pay to the Firm, on the last day of each
calendar quarter, a fixed fee for management services, equal to (i) 0.5% (2.0% annualized) of
the balance of each Investor’s tracking account as of the end of such calendar quarter, and (ii)
0.375% (1.5% annualized) of the balance of each founder Investor’s tracking account as of
the end of such calendar quarter (such fixed fee for management services payable pursuant
to this sentence and the preceding sentence, the “Management Fee”)
The Management Fee is calculated and paid in arrears but is amortized monthly by the Fund
over the quarter for which such Management Fee is earned.
White Hat Strategic Partners II LP (“WHSP II”)
The Fund will pay to the Firm, on the last day of each calendar quarter, a Management Fee for
management services equal to (i) 0.4375% (1.75% annualized) of each Investor’s capital
commitment and (ii) 0.375% (1.5% annualized) of each founder Investor’s capital
commitment.
The Management Fee is calculated and paid in arrears on the last day of each calendar quarter
but is amortized monthly by the Fund over the quarter for which such Management Fee is
earned.
White Hat Structured Opportunities LP (“WHSO”)
WHSO shall pay to the Firm a monthly Management Fee. The WHSO Management Fee shall
be calculated at the rate of approximately 0.10417% (i.e., 1.25% per annum) multiplied by
the total invested capital. The WHSO Management Fee shall be paid monthly in arrears and
calculated prior to any distributions as of such month end; provided that amounts payable to
the Firm and shall be reduced dollar-for-dollar by any “Commitment Fee” (detailed below in
Item 5(a)3. Other Fees) amounts previously paid that have not previously been applied to
reduce Management Fee.

                                                                                  Part 2A of ADV:
                                                           White Hat Capital Partners LP Brochure

White Hat Lightning Opportunities
The Fund will pay to the Firm, on the last day of each calendar quarter, a fixed fee for
management services equal to (i) 0.375% (1.5% annualized) of each Investor’s tracking
account as of the end of such calendar quarter.
The Management Fee is calculated and paid in arrears but is amortized monthly by the Fund
over the quarter for which such Management Fee is earned.
Investors who are also Investors in WHSP II are generally not subject to a Management Fee.
Investors making capital commitments to any of the Funds managed by the Firm subsequent
to the initial closing dates may be subject to pay Management Fees on their capital
commitment retroactive to the initial closing date. Installments of the Management Fee
payable for any period other than a full calendar quarter will be adjusted on a pro rata basis
according to the actual number of days in such period. The General Partner may waive, reduce
or modify the Management Fee for certain Investors in the Funds.
        2.      Performance-based Fees
The General Partner is entitled to receive performance-based compensation provided certain
conditions are met, consistent with the Governing Documents of each Fund. The General
Partner is entitled to receive up to between 17.5% and 20% carried interest from the Funds,
depending on fee class, which is calculated after Investors receive a return of their capital
contributions to a Fund and achieve a preferred return of a specified rate, subject to catch-up
allocations to the General Partner. The General Partners may waive, reduce or modify the
performance-based compensation for certain Investors in the Funds.
The performance-based compensation will only be charged to accounts of those Investors
who are “qualified clients” as defined in Rule 205-3 of the Investment Advisers Act of 1940,
as amended (“Advisers Act”).
        3.      Other Fees
The Firm or its affiliates may earn fees from services provided or related to portfolio
investments or in connection with portfolio investments or prospective portfolio
investments, such as, without limitation, advisory fees, due diligence fees, structuring fees,
servicing fees, directors’ fees, break-up fees or any similar fees (collectively, “Ancillary Fees”).
Generally, future Management Fees borne by the Limited Partners participating in the
investment to which any Ancillary Fees relate, in the discretion of the Firm, will be reduced
(but not below zero), by an amount up to 100% of the amount of such Ancillary Fees.
Previously, WHSO paid the Firm an annual Commitment Fee in respect of the WHSO interests
equal to 1.25% p.a. of the WHSO capital commitments for the initial two year commitment
period.
B.      Payment of Fees
Management fees, performance-based fees, and third-party fees (discussed below) are
deducted from Client assets. Management fees, which are paid in arrears, are withdrawn at

                                                                                Part 2A of ADV:
                                                         White Hat Capital Partners LP Brochure
...

Item 7 – Types of Clients

White Hat provides investment advice and management to the Funds. Investment in the
Funds is intended for high net worth individuals, charitable organizations, independent
wealth advisors, family offices, and other investment entities.
White Hat may in the future provide the same or similar services to other privately placed
investment funds.
White Hat intends to restrict the number of Investors in the Funds and will offer Interests
only through non-public transactions in order to maintain their exclusion from “investment
company” status under the Investment Company Act of 1940, as amended (the “Investment
Company Act”).
Prospective Investors in the Funds must meet eligibility criteria, and are subject to certain
withdrawal requirements and limitations. Prospective Investors are encouraged to
thoroughly review a Fund’s Governing Documents, which set forth all of the terms in detail.
Though certain Clients may pursue the same strategy, offering terms may differ.
Each Investor generally must be an “accredited investor” (as defined in Regulation D under
the Securities Act of 1933), or a “qualified purchaser” (as defined in Section 2(a)(51) of the
U.S. Investment Company Act of 1940, as amended) as applicable, depending on the Fund

                                                                                Part 2A of ADV:
                                                         White Hat Capital Partners LP Brochure

they are subscribing to. The minimum initial investment required ranges between $100,000
and $5,000,000, subject to waiver at the discretion of White Hat.