FEE WAIVER AGREEMENT
Exhibit (d)(lxx)
This FEE WAIVER AGREEMENT is dated as of September 8, 2015, by and between SUNAMERICA ASSET MANAGEMENT, LLC, a Delaware limited liability company (the “Adviser” or “SAAMCo”), and SUNAMERICA SERIES TRUST, a Massachusetts business trust (the “Trust”).
WITNESSETH:
WHEREAS, the Adviser and the Trust are parties to that certain Investment Advisory and Management Agreement, dated January 1, 1999 (as amended, restated or otherwise modified from time to time, the “Advisory Agreement”), pursuant to which the Adviser serves as the investment adviser to the XX Xxxx Xxxxx XX Large Cap Value Portfolio (formerly, the Xxxxx Venture Value Portfolio) (the “Portfolio”), a series of the Trust; and
WHEREAS, the Trust, on behalf of the Portfolio, pays the Adviser as compensation for services provided to the Portfolio, an advisory fee at the annual rate set forth in the Advisory Agreement (the “Advisory Fee”); and
WHEREAS, the Board of Trustees (the “Board”) of the Trust approved a Subadvisory Agreement (the “Subadvisory Agreement”) by and between SAAMCo and Brandywine Global Investment Management, LLC (the “Subadviser” or “Brandywine”) at an in-person meeting held on May 27, 2015, pursuant to which Brandywine will serve as subadviser to the Portfolio; and
WHEREAS, the Adviser has agreed to waive a portion of its fees under the Advisory Agreement, in the amount set forth herein.
NOW, THEREFORE, it is hereby agreed between the parties hereto as follows:
1. The Adviser agrees to waive its Advisory Fee under the Advisory Agreement so that the Advisory Fee payable by the Portfolio is equal to 0.67% of the Portfolio’s average daily net assets.
2. This Fee Waiver Agreement shall continue in effect until April 30, 2017, and from year to year thereafter provided such continuance is agreed to by the Adviser and approved by a majority of the Trustees of the Trust who (i) are not “interested persons” of the Trust or the Adviser, as defined in the Investment Company Act of 1940, as amended, and (ii) have no direct or indirect financial interest in the operation of this Fee Waiver Agreement. Upon termination of the Advisory Agreement with respect to the Portfolio, this Fee Waiver Agreement shall automatically terminate.
3. This Fee Waiver Agreement shall be construed in accordance with the laws of the State of New York.
4. This Fee Waiver Agreement may be amended by mutual consent of the parties hereto in writing.
5. The Declaration of Trust establishing the Trust, dated as of September 11, 1992, as amended and restated as of March 26, 2014, a copy of which, together with all amendments thereto (the “Declaration”), is on file in the office of the Secretary of the Commonwealth of Massachusetts, provides that no Trustee, shareholder, officer, employee or agent of the Trust shall be held to any personal liability, nor shall resort be had to their private property for satisfaction of any obligation or claim or otherwise in connection with the affairs of the Trust, but the “Trust Property” only shall be liable.
[Signature page follows]
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IN WITNESS WHEREOF, the parties have caused their respective duly authorized officers to execute this Fee Waiver Agreement as of the date first above written.
| SUNAMERICA ASSET MANAGEMENT, LLC | ||||
| By: /s/ XXXXX X. XXXXXXX | ||||
| Name: | Xxxxx X. Xxxxxxx | |||
| Title: | President and Chief Executive Officer | |||
| SUNAMERICA SERIES TRUST, on behalf of XX Xxxx Xxxxx XX Large Cap Value Portfolio, a series thereof | ||||
| By: /s/ XXXX X. XXXXX | ||||
| Name: | Xxxx X. Xxxxx | |||
| Title: | President | |||
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