Professional Fee Parker Executive Search’s standard professional fee for conducting executive search assignments is one third of the first year’s compensation; however, we are prepared to represent the University of Virginia in conducting executive search assignments for a set fee of 30% of the first year’s total cash compensation, with a minimum fee of $65,000. The fee will be invoiced in three equal increments at the beginning of the search and 30 and 60 days thereafter. In the event the search parameters are modified which requires additional work by us, or if the University requests us to recommence or expand the search beyond the original recommendations, we are entitled to an additional fee which will be negotiated prior to the commencement of any additional work. Parker Executive Search proposes a fixed fee structure for all executive search processes and will not bill the University back any supplemental fees due to increases in the final compensation for the successful candidate. Parker Executive Search will not need to negotiate any final fees as a result of deviation from the originally determined compensation range. In addition to the professional fee, direct expenses are billed on an out-of-pocket basis. These expenses include items such as teleconference calls with the committee, secure site access for the search committee, research and delivery services, as well as travel and interview expenses for the search consultants. We make every effort to hold reimbursable expenses to a minimum and will ensure that our expenses are no more than 12% of the total fee. Advertising, background investigations, committee interview, committee travel, and candidate travel expenses are not included in the 12% expense budget and will be invoiced separately to the University of Virginia along with proper documentation. Parker Executive Search does not mark-up expenses, and will bill expenses at direct costs, along with proper