Sabal Law PLLC (“Sabal Law”) provides independent counsel services to the boards of trustees and boards of directors of registered, evergreen closed-end funds, including interval funds, tender-offer funds, and non-traded business development companies. The Standard Rate of Sabal Law is $695 per hour (the “Standard Rate”). The subscription tiers below are priced per fund and are designed to align with the recurring fund-governance calendar (including the annual Section 15(c) contract renewal cycle, four regular board meetings per year, audit committee work, Rule 38a-1 process oversight, repurchase or tender mechanics, Section 17 reviews, and ad hoc regulatory and governance matters). Each subscription tier is offered on a monthly or an annual prepaid basis.

*IMPORTANT: All pricing is derived from the Standard Rate as of the current calendar year. Sabal Law reserves the right, in its sole discretion, to increase the Standard Rate without prior notice at the beginning of each new calendar year. Except for fund clients on the annual prepaid option, all subscription plans are subject to price increases effective January 1 of each calendar year, as determined solely by Sabal Law without notice. Fund clients with concerns about auto-renewal on or after January 1, or wishing to cancel, must provide written notice to Sabal Law prior to December 1 of the current year. For annual prepaid plans that straddle calendar years, any price increases will apply upon renewal. All subscription plans require a minimum one-quarter commitment with auto-renewal unless thirty (30) calendar days’ prior written notice is provided before the start of the next quarter. The annual prepaid option requires full payment upfront. Subscription fees are deemed earned upon receipt and are not held in trust; accordingly, those fees are deposited into Sabal Law’s general operating account. Hours in excess of the quarterly hour bank are billed in arrears at the Standard Rate. Refund mechanics for early termination, including the prorated refund of unused full months for fund clients on the annual prepaid option, are governed by the engagement agreement. For the General Counsel tier, four regular board meetings per fund per year (each including reasonable preparation, attendance, minutes review, and travel time tied to a regular meeting) are included in the base scope and are not deducted from the quarterly hour bank; special meetings, including travel time, draw from the bank. For the Standing Counsel tier, all meeting time, including preparation, attendance, minutes review, and travel time, draws from the quarterly hour bank. Travel and out-of-pocket expenses are reimbursable by the fund at cost, subject to the engagement letter travel and expense policy and to board approval as a permitted fund expense. Complimentary benefits are limited to the specified hours or scope, conducted virtually unless otherwise agreed in writing, and subject to reasonable scope as defined in the engagement agreement. Effective hourly rates are calculated against bank hours only (10 hours per month for Standing Counsel, 20 hours per month for General Counsel) and do not reflect the additional value of the four included regular board meetings provided to General Counsel clients.