>>71118032the former. if you buy a share of picrel (max fee structure), the board splits up the 20% fee you pay
when it pays divs, 90% of the dividends go to the shareholders. of the remaining 10% of the divs, half goes to the CEO, and the board splits the other half
so if there were 3 board members (total, including the CEO) in this hypothetical fund, all three of them would split your 20%. 90% of the dividends are split equally between all shareholders. the CEO receives an extra 5% payout for EVERY share, not just his own. the other two board members get 2.5% each*
*I am not sure if it treats the CEO as a board member or not for that part