Letter Agreement
April 24, 2012
Xx. Xxxxxx Xxxxxxxxx
President and Chief Executive Officer
Xxxxxxx Fund Services Company
0000 Xxxxxx Xxxxxx, 00xx Xxxxx
Xxxxxxx, Xxxxxxxxxx 00000
Re: | Amended and Restated Administrative Agreement - Section 6.A Compensation of the Manager |
This letter agreement, to be effective July 1, 2012, amends the Amended and Restated Administrative Agreement, dated January 1, 2008, between Xxxxxxx Investment Company (“RIC”) and Xxxxxxx Fund Services Company (“RFSC” or the “Manager”), as amended (the “Agreement”). Effective July 1, 2012, RIC and RFSC desire to amend and restate Section 6.A of the Agreement as follows:
6. Compensation of the Manager.
A. | As consideration for the Manager’s services to the Sub-Trusts, the Manager shall receive from each of the Sub-Trusts, except the LifePoints Funds Target Date Series 2015 Strategy, 2020 Strategy, 2025 Strategy, 2030 Strategy, 2035 Strategy, 2040 Strategy, 2045 Strategy, 2050 Strategy, 2055 Strategy and In Retirement Funds (the “Target Date Funds”), an annual management fee, accrued daily at the rate of 1/365th of the applicable management fee on each day and payable monthly. The applicable management fee will be based upon Xxxxxxx Investment Company average daily net assets (not individual Sub-Trust daily net assets), excluding the Target Date Funds, whereby each tier of Xxxxxxx Investment Company average daily net assets has a different basis point fee as set forth below. |
Fee Schedule
Xxxxxxx Investment Company Tiers of Average Daily Net Assets* (in billions of USD) |
Fee in Basis Points | |
First $25 ($0 to $25) |
5.00 | |
Next $10 (>$25 to $35) |
4.75 | |
Next $10 (>$35 to $45) |
4.50 | |
Next $10 (>$45 to $55) |
4.00 | |
Greater than $55 | 3.50 |
* | Excluding Target Date Funds average daily net assets |
As consideration for the Manager’s services to the Target Date Funds, the Manager shall receive from each of the Target Date Funds an annual management fee of 0.00% of the average daily net assets of each such Sub-Trust.
If this agreement is acceptable to you, please sign below to indicate your acceptance and agreement.
Sincerely,
XXXXXXX INVESTMENT COMPANY | ||
By: |
| |
Xxxx X. Xxxxxxx | ||
Treasurer and Chief Accounting Officer | ||
Accepted and Agreed: | ||
XXXXXXX FUND SERVICES COMPANY | ||
By: |
| |
Xxxxxx Xxxxxxxxx | ||
President and Chief Executive Officer |