to AMENDED AND RESTATED ADMINISTRATION AGREEMENT
Exhibit h.2.a
FIRST AMENDMENT
to
AMENDED AND RESTATED ADMINISTRATION AGREEMENT
THIS AMENDMENT made effective as of the 1st day of December, 2016 amends that certain amended and restated administration agreement, dated as of January 1, 2014, between Virtus Variable Insurance Trust (the “Fund”) and its Series listed on Schedule A and Virtus Fund Services, LLC, a Delaware limited liability company (such party, the “Administrator” and such agreement, the “Agreement”) as herein provided below.
W I T N E S S E T H:
WHEREAS, pursuant to Section 8 of the Agreement, the Fund and the Administrator wish to amend the fees payable to the Administrator under Section 4 of the Agreement and revise Schedule A of the Agreement to include name changes for certain of the Series of the Trust listed on Schedule A;
NOW, THEREFORE, in consideration of the foregoing premise, the parties to the Agreement hereby agree that the Agreement is amended as follows:
1. | Section 4(a) of the Agreement is hereby amended and restated as set forth below: |
(a) For the services provided to the Fund and each Series by the Administrator pursuant to this Agreement, each Series shall pay the Administrator monthly for its services, fees at the following annual rates based on the combined aggregate average daily net assets across the Virtus Funds, defined as all series of the Fund and all funds of Virtus Equity Trust, Virtus Opportunities Trust, Virtus Retirement Trust and Virtus Alternative Solutions Trust, plus out of pocket expenses (including out of pocket expenses of any sub-administrator to the Fund hired by the Administrator and not the Fund):
Net Assets | Administrative Fee |
Less than or equal to $15 billion
|
0.10% |
Over $15 billion and up to and including $30 billion
|
0.095% |
Over $30 billion and up to and including $50 billion
|
0.09% |
In excess of $50 billion | 0.085% |
Any Series with net assets in excess of $10 billion will receive an offsetting credit to its administrative fee, such that the portion of its net assets in excess of $10 billion will only be assessed an administrative fee of .07%. The fees for the portion of such a Series’ net assets up to and inclusive of the first $10 billion will remain consistent with the fee schedule above.
2. | Schedule A to the Agreement is hereby replaced with Schedule A attached hereto and made a part hereof. |
3. | Except as herein provided, the Agreement shall be and remain unmodified and in full force and effect. All initial capitalized terms used but not defined herein shall have the meanings ascribed thereto in the Agreement. |
4. | This Amendment may be executed in any number of counterparts (including executed counterparts delivered and exchanged by facsimile transmission) with the same effect as if all signing parties had originally signed the same document, and all counterparts shall be construed together and shall constitute the same instrument. For all purposes, |
signatures delivered and exchanged by facsimile transmission shall be binding and effective to the same extent as original signatures. |
[signature page follows]
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their duly authorized officers.
VIRTUS VARIABLE INSURANCE TRUST | |||
By: | /s/ W. Xxxxxxx Xxxxxxx | ||
Name: W. Xxxxxxx Xxxxxxx | |||
Title: Executive Vice President, Chief Financial Officer & Treasurer | |||
VIRTUS FUND SERVICES, LLC | |||
By: | /s/ Xxxxx X. Xxxxxx | ||
Name: Xxxxx X. Xxxxxx | |||
Title: Vice President & Assistant Treasurer |
SCHEDULE A
(as of December 1, 2016)
Virtus Variable Insurance Trust
Virtus Capital Growth Series
Virtus Enhanced Core Equity Series (fka Virtus Growth & Income Series)
Virtus Equity Trend Series
Virtus International Series
Virtus Multi-Sector Fixed Income Series
Virtus Real Estate Securities Series
Virtus Small-Cap Growth Series
Virtus Small-Cap Value Series
Virtus Strategic Allocation Series