AMENDMENT NO. 5 TO THE INVESTMENT ADVISORY AGREEMENT
Exhibit (d)(2)(v)
AMENDMENT NO. 5 TO THE
AMENDMENT NO. 5 to the Investment Advisory Agreement effective as of September 1, 2017 (“Amendment No. 5”) between AXA Equitable Funds Management Group, LLC, a limited liability company organized under the laws of the State of Delaware (“FMG LLC” or “Manager”) and X. Xxxx Price Associates, Inc., a Maryland corporation (“X. Xxxx” or “Adviser”).
WHEREAS, FMG LLC and the Adviser desire to modify the fee payable to the Adviser for investment advisory and other services the Adviser provides with respect to the X. Xxxx Allocated Portions.
NOW, THEREFORE, FMG LLC and Adviser agree to modify the Agreement as follows:
1. Appendix A. Appendix A to the Agreement setting forth the Portfolios of the Trust for which the Adviser is appointed as the investment adviser and the fee payable to the Adviser is hereby replaced in its entirety by Appendix A attached hereto.
2. Ratification. Except as modified and amended hereby, the Agreement is hereby ratified and confirmed in full force and effect in accordance with its terms.
IN WITNESS WHEREOF, the parties have executed and delivered this Amendment No. 5 as of the date first set forth above.
| AXA EQUITABLE FUNDS MANAGEMENT GROUP, LLC | X. XXXX PRICE ASSOCIATES, INC. | |||||||
| By: |
/s/ Xxxxxx Xxxx |
By: | /s/ Xxxxxxx Xxxxxxxx | |||||
| Xxxxxx Xxxx | Name: Xxxxxxx Xxxxxxxx | |||||||
| Senior Vice President and Chief Operating Officer |
Title: Vice President | |||||||
APPENDIX A
TO AMENDMENT NO. 5
The Manager shall pay the Adviser on or about the fifth day of each month
compensation computed at an annual rate equal to the following:
| Large Cap Growth Portfolios |
Advisory Fee** | |
| AXA Large Cap Growth Managed Volatility Portfolio* EQ/X. Xxxx Price Growth Stock Portfolio Multimanager Aggressive Equity Portfolio*
(collectively, the AXA Large Cap Growth Managed Volatility Portfolio, EQ/X. Xxxx Price Growth Stock Portfolio and Multimanager Aggressive Equity Portfolio are the “X. Xxxx Allocated Portions”) |
0.50% of the X. Xxxx Allocated Portions’ average daily net assets up to and including $50 million; and 0.40% of the X. Xxxx Allocated Portions’ average daily net assets in excess of $50 million and up to $100 million. Once the X. Xxxx Allocated Portions’ average daily net assets exceed $100 million, the 0.40% advisory fee will apply to the X. Xxxx Allocated Portions’ average daily net assets up to and including $250 million; 0.375% of the X. Xxxx Allocated Portions’ average daily net assets in excess of $250 million up to and including $500 million; and 0.35% of the X. Xxxx Allocated Portions’ average daily net assets in excess of $500 million and up to $1 billion. Once the X. Xxxx Allocated Portions’ average daily net assets exceed $1 billion, a 0.30% advisory fee will apply to all asset levels. |
| * | Fee to be paid with respect to this Portfolio shall be based only on the portion of the Portfolio’s average daily net assets advised by the Adviser, which may be referred to as the “X. Xxxx Allocated Portion”. |
| ** | The daily advisory fee for the X. Xxxx Allocated Portions is calculated by multiplying the aggregate average daily net assets of the X. Xxxx Allocated Portions at the close of the immediately preceding business day by the Annual Advisory Fee Rate calculated as set forth above and then dividing the result by the number of days in the year. |
| † | The Adviser will provide the Manager a transitional credit to eliminate any discontinuity between the tiered fee schedule and the flat fee schedule applicable once the Large Cap Growth Portfolios exceed $1 billion. The credit will apply as follows at asset levels between approximately $803.6 million and $1 billion. |
To accommodate circumstances where the Large Cap Growth Portfolios’ assets fall below $1 billion, and to prevent a decline in the Portfolios’ assets from causing an increase in the absolute dollar fee, the Adviser will provide a transitional credit to cushion the impact of reverting to the original tiered fee schedule. The credit will be applied against the fees assessed under the existing fee schedule and will have the effect of reducing the dollar fee until assets either (a) exceed $1 billion, when the flat fee would be triggered or (b) fall below a threshold of approximately $803.6 million, which would trigger the application of the tiered fee schedule.
The credit is determined by prorating the difference between the tiered fee schedule and the flat fee schedule over the difference between $1 billion and the current portfolio size for billing purposes. The credit would approach $687,500 annually when the Large Cap Growth Portfolios assets were close to $1 billion and fall to $0 at approximately $803.6 million.
The transitional fee credit is determined as follows:
| Average Daily Fund Assets - $803,571,429 | X | $ | 687,500 | |||||
| $196,428,571 |
