EXHIBIT 5(d)
AMENDED AND RESTATED
MANAGEMENT AND INVESTMENT ADVISORY
AGREEMENT DATED APRIL 1, 2001--HICKORY FUND
MANAGEMENT AND
INVESTMENT ADVISORY AGREEMENT
This amended and restated Agreement dated April 1, 2001 amends and
restates the Agreement dated October 28, 1996 between XXXXX SERIES FUND, INC., a
Minnesota corporation (hereinafter called "Fund") and XXXXXXX X. XXXXX &
COMPANY, a Nebraska corporation (hereinafter called "Adviser");
In consideration of the mutual covenants herein contained, the
parties hereto agree as follows:
1. APPOINTMENT OF INVESTMENT ADVISER
The Fund hereby appoints the Adviser to manage the investment and
reinvestment of assets of the Hickory Portfolio (the "Portfolio"), to monitor
compliance and to administer the Portfolio's affairs, subject to the
supervision of the Board of Directors of the Fund for the period and on the
terms set forth herein. The Adviser hereby accepts such appointment and
agrees during such period, at its own expense, to render the services and to
assume the obligations herein set forth, for the compensation herein
provided. The Adviser shall not be liable to the Fund for any act or omission
by the Adviser or for any losses sustained by the Fund or its shareholders
except in the case of willful misfeasance, bad faith, gross negligence or
reckless disregard of duty.
2. DUTIES AND EXPENSES OF ADVISER AND FUND
(a) The Fund shall, at all times, inform Adviser as to the
securities held by it, the funds available or to become available for
investment by it, and otherwise as to the condition of its affairs.
(b) Adviser shall furnish to the Fund and specifically for the
Portfolio, at the regular executive offices of the Fund, advice and
recommendations with respect to the purchase and sale of securities and
investments and the making of commitments; shall place at the disposal of the
Fund
such statistical, research, analytical and technical services, information
and reports as may reasonably be required; shall furnish the Fund with office
facilities in the offices of the Adviser, including space, furniture and
equipment and supplies; and with administrative, clerical and bookkeeping
personnel; and in general shall superintend the affairs of the Portfolio and
the Fund, subject to the supervision of the Board of Directors of the Fund.
The Adviser shall also pay or reimburse the Fund pro rata with the other
Portfolios of the Fund based upon net assets, for the compensation, if any,
of the officers of the Fund.
The officers of the Fund or the Adviser shall use their best efforts to
obtain the most favorable execution available from brokers or dealers in
purchasing and selling securities. In so doing, such officers may consider such
factors which they may deem relevant to the Fund's best interest, such as price,
the size of the transaction, the nature of the market for the security, the
amount of commission, the timing of the transaction taking into account market
prices and trends, the reputation, experience, and financial stability of the
broker-dealer involved and the quality of service rendered by the broker-dealer
in other transactions. Subject to the foregoing considerations, at the Fund's
expense, such officers may place orders for the purchase or sale of portfolio
securities with brokers or dealers who have provided research, statistical or
other financial information and services to the Fund or the Adviser. Such
officers shall have discretionary authority to utilize broker-dealers who have
provided brokerage and research information of the type or nature referred to in
Section 28(e) of the Securities Exchange Act of 1934 to the Fund or the Adviser
even though it may result in the payment by the Fund of an amount of commission
for effecting a securities transaction in excess of the amount of commission
another broker-dealer would have charged for effecting that transaction,
providing, however, that the Fund officers have determined in good faith that
such amount of commission was reasonable in relation to the value of the
brokerage and research services
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provided by the broker-dealer effecting the transactions, viewed in terms of
either that particular transaction or their responsibilities with respect to
the accounts for which said officers exercise investment discretion.
(c) Except as otherwise expressly provided herein, the Fund shall
pay the following items:
(1) the charges and expenses of any custodian or
depository appointed by the Fund for the safekeeping of its cash,
securities and other property;
(2) the charges and expenses of auditors for the Fund;
(3) the charges and expenses of any transfer agents and
registrars appointed by the Fund;
(4) broker's commissions and issue and transfer taxes
chargeable to the Fund in connection with securities transactions to
which the Fund is a party;
(5) all taxes and corporate fees payable by the Fund to
federal, state or other governmental agencies;
(6) the cost of stock certificates representing shares of
the Fund;
(7) compensation of the directors of the Fund (other than
directors who are officers of the Adviser), and all expenses of Fund
shareholders' and directors' meetings and of preparing, printing and
mailing reports to shareholders of the Fund;
(8) charges and expenses of legal counsel for the Fund in
connection with legal matters relating to the Fund, including
without limitation, legal services rendered in connection with the
Fund's corporate existence, corporate and financial structure,
relations with its stockholders and the issuance of securities; and
(9) all other costs, charges and expenses of the Fund,
without limitation.
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3. FEES OF ADVISER
For the services and facilities to be furnished by the Adviser
hereunder, the Fund shall pay Adviser an annual fee, paid monthly, equal to
the following percentage based on the average daily net assets of the Fund:
EQUAL TO OR
GREATER THAN LESS THAN RATE
$ 0 $2,500,000,000 1.00%
2,500,000,000 5,000,000,000 0.90%
5,000,000,000 0.80%
The compensation for the period from the effective date hereof to the
next succeeding last day of the month shall be prorated according to the
proportion which such period bears to the full month ending on such date, and
provided further that, upon any termination of this Agreement before the end of
any month, such compensation for the period from the end of the last month
ending prior to such termination to the date of termination, shall be prorated
according to the proportion which such period bears to a full month, and shall
be payable upon the date of termination. For the purpose of the Adviser's
compensation, the value of the Fund's net assets shall be computed in the manner
specified in its Articles of Incorporation or By-Laws in connection with the
determination of the net asset value of its shares.
4. INDEPENDENT CONTRACTOR
Adviser shall, for all purposes herein, be an independent contractor
and shall have no authority to act for or represent the Fund in its investment
commitments unless otherwise provided. No agreement, bid, offer, commitment,
contract or other engagement entered into by Adviser whether on behalf of
Adviser or whether purported to have been entered into on behalf of the Fund
shall be binding upon the Fund, and all acts authorized to be done by Adviser
under this Agreement shall be done by it as an independent contractor and not as
agent.
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5. NON-EXCLUSIVE SERVICES OF ADVISER
Except to the extent necessary for performance of Adviser's obligations
hereunder, nothing shall restrict the right of Adviser or any of its directors,
officers, or employees who may be directors, officers or employees of the Fund
to engage in any other business or to devote time and attention to the
management or other aspects of any other business whether of a similar or
dissimilar nature or to render services of any kind to any other corporation,
firm, individual or association. The services of the Adviser to the Fund
hereunder are not to be deemed exclusive, and the Adviser shall be free to
render similar services to others so long as its services hereunder be not
impaired thereby.
6. EFFECTIVE PERIOD AND TERMINATION OF THIS AGREEMENT
This Agreement shall become effective on the effective date of the
first public offering of the Fund's shares, and shall continue in effect if
approved annually in accordance with the provisions of the Investment Company
Act of 1940 (the "1940 Act") and the regulations promulgated under the 1940 Act.
This Agreement may be terminated at any time, without payment of any
penalty, by the Board of Directors of the Fund, or by a vote of a majority of
the outstanding voting securities of the Fund, in either case upon not less than
sixty (60) days' written notice to Adviser, and it may be terminated by Adviser
upon sixty (60) days' written notice to the Fund.
7. ASSIGNMENT OF AGREEMENT PROHIBITED
This Agreement will automatically be terminated in the event of its
assignment. It may not be transferred, assigned, sold, or in any manner
hypothecated or pledged; nor may any new agreement become effective without the
affirmative vote of a majority of those directors of the Fund who are not
parties to such Agreement or interested persons of any such party, and ratified
by a vote of the majority of the outstanding voting securities of the Fund,
provided that this limitation shall
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not prevent any minor amendments to the Agreement which may be required by
federal or state regulatory bodies.
8. INTERESTED PERSONS
It is understood that directors, officers, agents and stockholders of
the Fund are or may be interested in the Adviser (or any successor thereof) as
directors, officers, agents, stockholders or otherwise; that directors,
officers, agents, and stockholders of the Adviser are or may be interested in
the Fund as directors, officers, agents, stockholders or otherwise; and that the
Adviser (or any such successor) is or may be interested in the Fund as
stockholder or otherwise.
9. DEFINITIONS
For the purpose of the Agreement, the terms "vote of a majority of the
outstanding voting securities," "assignment," "affiliated person" and
"interested person" shall have the respective meanings specified in the 1940 Act
as now or hereafter in effect.
10. PROPRIETARY INTEREST OF ADVISER
The parties hereto acknowledge and agree that the name "Xxxxx" is
proprietary to and the sole and exclusive property of the adviser. Adviser
hereby licenses the use of the name "Xxxxx" to the Fund for a term concurrent
with the term of this Agreement. From and after a date which is one hundred
eighty (180) days after the termination of this Agreement, Fund shall not do
business under any name containing the word "Xxxxx" without the prior written
consent of Adviser.
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be
executed by their proper officers and their corporate seals to be hereunto
affixed, all as of the day and year first above written.
XXXXX SERIES FUND, INC.
By /S/ XXXXXXX X. XXXXX
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Xxxxxxx X. Xxxxx
President
Attest /S/ XXXX X. XXXXXXXX
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Xxxx X. Xxxxxxxx
Secretary
XXXXXXX X. XXXXX & COMPANY
By /S/ XXXXXXX X. XXXXX
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Xxxxxxx X. Xxxxx
President
Attest /S/ XXXX X. XXXXXXXX
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Xxxx X. Xxxxxxxx
Assistant Secretary
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