Evergreen fund Associate...with carry and no bonus??

Worked in Germany, recently got an offer from an European early-to-grow stage impact fund. The fund is open-ended evergreen and has c.a. 500mm Euro AUM, founded 5 years ago.
They offer me 70k fixed annual comp, since I'm an expat the net will be around 55k, so equally 100k pre-tax salary in Germany. Besides, shares of the a SPV will be granted after 12 months of work, I will be compensated from the dividends paid by portco (even though most portcos are early-stage) and exit capital gains. The shares will accumulate every year and can be predicted to be 1% at year 3. Carry structure typical 20/80, 40% of the carry pool will be distributed among the SPV pool. So in total 0.4% of dividends & exit capital gains. The shares will be kept even after I leave the company, I can also choose to sell them with "market price" when I leave.
Two questions: 1. Since the fund is evergreen and the shares won't be taken back, does it mean ideally I will be compensated for life long as long as the fund generates profit? 2. No bonus at all, can only increase comp by promotions and annual review (slight growth), is it common in ESG & impact VC? 3. Anything I should pay attention to before I sign the contract?
Will also be glad to answer questions.