1
Exhibit (d)(4)(i)
AMENDMENT NO. 1
TO
SUB-ADVISORY AGREEMENT
This AMENDMENT NO. 1 is made as of the 1st day of January, 1999, by and
between Pilgrim Xxxxxx & Associates, Ltd. (the "Sub-Adviser") and Ohio National
Investments, Inc. (the "Adviser").
W I T N E S S E T H:
WHEREAS, the Adviser and the Sub-Adviser have entered into a
Sub-Advisory Agreement dated January 3, 1997 relating to the provision of
investment sub-advisory services to the Ohio National Fund, Inc. (the "Fund")
for that portion of the assets of the Fund designated as the Core Growth
Portfolio (the "Agreement");
WHEREAS, the Adviser and the Sub-Adviser desire to amend the Agreement
to (i) update the Sub-Adviser's address for notices delivered under the
Agreement and (ii) revise the fee schedule.
NOW, THEREFORE, in consideration of the foregoing and other good and
valuable consideration, the parties hereto agree as follows:
1. The Sub-Adviser's address set forth in paragraph (b) of Section 10
of the Agreement is deleted and replaced with the following:
Xxxxxx X. Xxxxxx
Chairman and CEO
Pilgrim Xxxxxx & Associates, Ltd.
000 Xxxxxxxxx Xxxx
Xxxxx, Xxxxxxxxxxxx 00000.
2. Section 4 of the Agreement, entitled Sub-Advisory Fees, is hereby
deleted in its entirety and replaced with the following:
"In consideration of the Sub-Adviser's services to the Fund
hereunder, the Sub-Adviser shall be entitled to a sub-advisory
fee, payable monthly, at the annual rate of 0.65% on the first
fifty million dollars ($50,000,000) of the average daily net
assets of the Portfolio during the quarter preceding each payment,
0.60% of the next one hundred million dollars ($100,000,000) of
the average daily net assets of the Portfolio, and 0.50% of the
average daily net assets of the Portfolio in excess of one hundred
and fifty million dollars ($150,000,000) (the "Sub-Advisory Fee").
The Sub-Advisory Fee shall be accrued for each calendar day and
the sum of the daily Sub-Advisory Fee accruals shall be paid
monthly to the Sub-Adviser on or before the fifth business day of
the next succeeding month. The daily fee accruals will be computed
on the basis of the valuations of the total net assets of the
Portfolio as of the close of business each day.
2
The Sub-Advisory Fee shall be payable solely by the Adviser, and
the Fund shall not be liable to the Sub-Adviser for any unpaid
Sub-Advisory Fee.
3. All other provisions of the Agreement shall remain unchanged.
IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed as of the day and year first about written.
PILGRIM XXXXXX & ASSOCIATES, LTD.
ATTEST: s/Xxxx X. Xxxx By: s/Xxxx X. Xxxxxxxxx
---------------------------- --------------------------------
Name: Xxxx X. Xxxx Name: Xxxx X. Xxxxxxxxx
Title: General Counsel and Title: Chief Financial Officer
Secretary
OHIO NATIONAL INVESTMENTS, INC.
ATTEST: s/Xxxxxx X. Xxxxxxxx By: s/Xxxxxx X. Xxxx
---------------------------- --------------------------------
Name: Xxxxxx X. Xxxxxxxx Name: Xxxxxx X. Xxxx
Title: Secretary Title: President
Accepted and Agreed:
OHIO NATIONAL FUND, INC.
By: s/Xxxx X. Xxxxxx
------------------------------
Name: Xxxx X. Xxxxxx
Title: President
