Fund Documents · 05 of 08
Management Compensation
Two instruments, one clock, and a hard cap. Everything management is paid is on this page.
1. Management options¶
Management holds an option contract that vests linearly over 30 days from finalize(). Each option is exercisable into one RPT at a strike of 1 USDG, paid into the Treasury at exercise, so every exercised share arrives already backed at the floor. Exercise is bounded by an immutable cap of 15% of float: management can never hold more than that fraction of supply through this instrument, whatever the price does.
Exercise is one of the two named exceptions to the global-accretion rule (Mechanism §5): it dilutes the premium, never the floor. The Shareholder Console shows every coverage figure on a fully diluted basis, assuming complete exercise.
| Strike | 1 USDG per RPT, paid to the Treasury |
| Float cap | 15% of supply, immutable |
| Vesting | 30 days, linear, from finalize() |
| Allocation size | options outstanding at deployment |
| Policy for exercised shares | published before genesis: e.g. no market sales for N days, sales only through Primary Offerings, or a disclosed schedule |
Exercised options are ordinary RPT. Nothing in code prevents their sale on the open market, which is why the policy line above is a term of these documents and not a courtesy. Whatever it says, hold management to it on-chain.
2. The decaying fee share¶
For the first 30 days management receives a share of the 5% trading fee, starting at 4 points and decaying to zero on the same clock as the options. After day 30 the whole fee is treasury inflow, permanently. The schedule and formula are under Trading Fee Schedule.
3. Nothing else¶
There is no salary from reserves, no treasury grant path, no discretionary allocation, no advisor pool, no marketing wallet, and no program whose fees route to management. The only key management holds is the add-only fee-mapping key described under Trading Fee Schedule. If a future edition adds a management-facing instrument, it will be added to this page before it exists on-chain.