When the Fund’s Incubation Period §2.3 ends, the Investment Manager will begin charging the Limited Partner §1.7, if earned, an annualized Performance Fee. On the last day of the Fiscal Year §1.5, or on a Withdrawal §4.4 or Redemption §4.3, when the annualized Yearly Performance exceeds the annualized Hurdle Rate §3.4 plus the High Water Mark §3.5, the Investment Manager receives 20% of the difference as a Performance Fee.