JPMorgan Asset Management Letterhead]
Exhibit 10.15.5
[JPMorgan Asset Management Letterhead]
January 8, 2009
Xxxxxx X. Xxxxxx
ABA Retirement Funds Program
C/o State Street Global Advisors
0000 Xxxxx Xxxxxx 0X
Quincy, MA PO: 02169
Re: Amendment to Investment Management Agreement – ABA Retirement Funds Program
I refer to the Investment Management Agreement dated April 1st, 2003 (as heretofore amended the “Agreement”) between JPMorgan Asset Management (UK) Limited (f/k/a X.X. Xxxxxx Xxxxxxx Asset Management (London) Limited) and State Street Bank and Trust Company of New Hampshire (as assignee from State Street Bank and Trust Company) (“State Street”).
Effective October 1, 2008, Appendix D of the Agreement is hereby amended and restated in its entirety as follows:
APPENDIX D
For its services rendered as investment advisor under the Agreement, the Advisor will be compensated at the annual rates set forth below, based on the aggregate value of the assets in the Subaccount as determined by State Street. Such compensation shall be calculated and accrued on a daily basis and paid monthly from the assets of the Subaccount;
| Value of Assets |
Rate | ||
| First $50 million |
0.75 | % | |
| Next $50 million |
0.65 | % | |
| Over $100 million |
0.45 | % |
provided, however, that at any time the aggregate value of the assets in the Subaccount as determined by State Street falls below $150 million, the Advisor will be compensated at the annual rates set forth below:
| Value of Assets |
Rate | ||
| First $100 million |
0.65 | % | |
| Next $50 million |
0.55 | % |
A monthly invoice will be sent by email and post to Xxxxxx Xxxxxxx at:
ABA Retirement Funds Program
C/o State Street Global Advisors
0000 Xxxxx Xxxxxx 0X,
Quincy, MA 02169
Please confirm your acceptance of our intended amendment to the Agreement set forth herein by signing and returning the attached copy of this letter in accordance with your authorized signatories.
AGREED TO and ACCEPTED BY:
| JPMorgan Asset Management (UK) Limited | ||
| Signature: | /s/ Xxxxx Xxxxx | |
| Name: | Xxxxx Xxxxx | |
| Title: | Vice President | |
| Date: | January 8, 2009 | |
| State Street Bank and Trust Company of New Hampshire | ||
| Signature: | /s/ Xxxxxx X. Xxxxxx | |
| Name: | Xxxxxx X. Xxxxxx | |
| Title: | Vice President | |
| Date: | January 13, 2009 | |
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