Common use of CALCULATION OF THE PERFORMANCE ADJUSTMENT Clause in Contracts

CALCULATION OF THE PERFORMANCE ADJUSTMENT. The Basic Fee, as provided above, will be increased or decreased by applying a Performance Fee Adjustment (the "Adjustment") based on the investment performance of the MARATHON Portfolio relative to the investment performance of the Morgan Stanley Capital Xxxxxnational - All Country Index (the "Index"). The investment performance of the MARATHON Portfolio will be based on the cumulative return over a trailing 36-month period ending with the applicable quarter, relative to the cumulative total return of the Index for the same time period. The Adjustment applies as follows: ------------------------------------------------------------------------------------------------------------------ PERFORMANCE ADJUSTMENT SCHEDULE ------------------------------------------------------------------------------------------------------------------ CUMULATIVE 36-MONTH PERFORMANCE OF MARATHON PORTFOLIO VS. PERFORMANCE FEE ADJUSTMENT INDEX AS A PERCENTAGE OF BASIC FEE* ----------------------------------------------------------------------------------------------------------------- Exceeds by 3% or less -0.50 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by more than 5% up to 6% -0.25 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by 6% through 9% 0.00 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by more than 9% but less than 12% +0.25 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by 12% or more +0.50 x Basic Fee ----------------------------------------------------------------------------------------------------------------- * For purposes of determining the fee adjustment calculation, the quarterly rate is applied against the net assets of the MARATHON Portfolio averaged over the same time period for which the performance is measured.

Appears in 1 contract

Samples: Investment Advisory Agreement (Vanguard Horizon Funds)

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CALCULATION OF THE PERFORMANCE ADJUSTMENT. The Basic FeePerformance Adjustment for each fiscal quarter of the Fund shall be calculated by multiplying the appropriate Adjustment Percentage (shown below) to the Annual Percentage Rate applied to the average of the month-end net assets of the WB Portfolio over the previous 60 months, as provided above, will and dividing the result by four. The Adjustment Percentage for each fiscal quarter of the WB Portfolio shall be increased or decreased determined by applying a the following Performance Fee Adjustment (Schedule to the "Adjustment") based on the investment cumulative performance of the MARATHON WB Portfolio relative to the investment performance of the Morgan Stanley Capital Xxxxxnational - All Country Russell 1000 Growth Index (the "Index"). The investment performance of ) over the MARATHON Portfolio will be based on the cumulative return over a trailing 36rollxxx 00-month period ending with the applicable to such fiscal quarter, relative to the cumulative total return of the Index for the same time period. The Adjustment applies as follows: (See Fee Example #1.) ------------------------------------------------------------------------------------------------------------------ PERFORMANCE ADJUSTMENT SCHEDULE ------------------------------------------------------------------------------------------------------------------ CUMULATIVE 36-MONTH PERFORMANCE OF MARATHON WB PORTFOLIO VS. PERFORMANCE FEE ADJUSTMENT PERCENTAGE INDEX AS A PERCENTAGE OF BASIC FEE* ----------------------------------------------------------------------------------------------------------------- Exceeds by 3OVER APPLICABLE 60-MONTH PERIOD ------------------------------------------------------------------------------------------------------------------ More than +20% or less -0.50 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by more +67% ------------------------------------------------------------------------------------------------------------------ Greater than 50% up to 6and including +20% -0.25 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by 6Linear increase between 0% through 9to +67% 0.00 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by more ------------------------------------------------------------------------------------------------------------------ From -20% up to and including 0% Linear decrease between -67% to 0% ------------------------------------------------------------------------------------------------------------------ Less than 9-20% but less than 12-67% +0.25 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by 12% or more +0.50 x Basic Fee ----------------------------------------------------------------------------------------------------------------- * For purposes of determining the fee adjustment calculation, the quarterly rate is applied against the net assets of the MARATHON Portfolio averaged over the same time period for which the performance is measured.------------------------------------------------------------------------------------------------------------------

Appears in 1 contract

Samples: Investment Advisory Agreement (Vanguard World Funds)

CALCULATION OF THE PERFORMANCE ADJUSTMENT. The Basic FeePerformance Adjustment for each fiscal quarter of the Fund shall be calculated by multiplying the appropriate Adjustment Percentage (shown below) to the Annual Percentage Rate applied to the average of the month-end net assets of the WB Portfolio over the previous 60 months, as provided above, will and dividing the result by four. The Adjustment Percentage for each fiscal quarter of the WB Portfolio shall be increased or decreased determined by applying a the following Performance Fee Adjustment (Schedule to the "Adjustment") based on the investment cumulative performance of the MARATHON WB Portfolio relative to the investment performance of the Morgan Stanley Capital Xxxxxnational - All Country Russell 1000 Growth Index (xxx "Xndex") over the "Index"). The investment performance of the MARATHON Portfolio will be based on the cumulative return over a trailing 36rolling 60-month period ending with the applicable to such fiscal quarter, relative to the cumulative total return of the Index for the same time period. The Adjustment applies as follows: ------------------------------------------------------------------------------------------------------------------ (See Fee Example #1.) --------------------------------------------------------------------------- PERFORMANCE ADJUSTMENT SCHEDULE ------------------------------------------------------------------------------------------------------------------ --------------------------------------------------------------------------- ---------------------------------------- ---------------------------------- CUMULATIVE 36-MONTH PERFORMANCE OF MARATHON WB PORTFOLIO VS. PERFORMANCE FEE ADJUSTMENT PERCENTAGE INDEX AS A PERCENTAGE OF BASIC FEE* ----------------------------------------------------------------------------------------------------------------- Exceeds by 3OVER APPLICABLE 60-MONTH PERIOD ---------------------------------------- ---------------------------------- ---------------------------------------- ---------------------------------- More than +20% or less -0.50 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by more +67% ---------------------------------------- ---------------------------------- ---------------------------------------- ---------------------------------- Greater than 50% up to 6and including +20% -0.25 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by 6Linear increase between 0% through 9to +67% 0.00 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by more ---------------------------------------- ---------------------------------- ---------------------------------------- ---------------------------------- From -20% up to and including 0% Linear decrease between -67% to 0% ---------------------------------------- ---------------------------------- ---------------------------------------- ---------------------------------- Less than 9-20% but less than 12-67% +0.25 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by 12% or more +0.50 x Basic Fee ----------------------------------------------------------------------------------------------------------------- * For purposes of determining the fee adjustment calculation, the quarterly rate is applied against the net assets of the MARATHON Portfolio averaged over the same time period for which the performance is measured.---------------------------------------- ----------------------------------

Appears in 1 contract

Samples: Investment Advisory Agreement (Vanguard Variable Insurance Fund)

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CALCULATION OF THE PERFORMANCE ADJUSTMENT. The Basic Fee, as provided above, will be increased or decreased by applying a Performance Fee Adjustment (the "Adjustment") based on the investment performance of the MARATHON Portfolio relative to the investment performance of the Morgan Stanley Capital Xxxxxnational - All Country Index (the "Index"). The investment performance of the MARATHON Portfolio will be based on the cumulative return over a trailing 36-month period ending with the applicable quarter, relative to the cumulative total return of the Index for the same time period. The Adjustment applies as follows: ------------------------------------------------------------------------------------------------------------------ PERFORMANCE ADJUSTMENT SCHEDULE ------------------------------------------------------------------------------------------------------------------ CUMULATIVE 36-MONTH PERFORMANCE OF MARATHON PORTFOLIO VS. PERFORMANCE FEE ADJUSTMENT INDEX AS A PERCENTAGE OF BASIC FEE* ----------------------------------------------------------------------------------------------------------------- Exceeds by 3% or less -0.50 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by more than 53% up to 6% -0.25 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by 6% through 9% 0.00 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by more than 9% but less than 12% +0.25 x Basic Fee ----------------------------------------------------------------------------------------------------------------- Exceeds by 12% or more +0.50 x Basic Fee ----------------------------------------------------------------------------------------------------------------- * For purposes of determining the fee adjustment calculation, the quarterly rate is applied against the net assets of the MARATHON Portfolio averaged over the same time period for which the performance is measured.

Appears in 1 contract

Samples: Investment Advisory Agreement (Vanguard Horizon Funds)

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