Michael Hogan

Cutler Capital Management charges an annual management fee for separately managed accounts. For clients who are considered "Qualified Clients", they can choose between a fixed management fee of 1.00% of the account's value, billed quarterly, or a performance-based fee. The performance-based fee is the greater of $3,000 or 0.50% of the account's value, or 11% of the increase in the account's net market value. For clients who are not "Qualified Clients", the annual management fee is 1.00% of the account's value, billed quarterly. All accounts are subject to a minimum annual management fee of $3,000, billed quarterly.