8
AMERICAN SKANDIA TRUST
SUB-ADVISORY AGREEMENT
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THIS AGREEMENT is between American Skandia Investment Services, Incorporated and Prudential Investments LLC (the "Investment
Manager") and Xxxxxxx Xxxxx Asset Management, L.P., a unit of the Investment Management Division of Xxxxxxx, Sachs & Co. (the
"Sub-Adviser").
W I T N E S S E T H
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WHEREAS, American Skandia Trust (the "Trust") is a Massachusetts business trust organized with one or more series of shares and is
registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "ICA"); and
WHEREAS, the Investment Manager and the Sub-Adviser each is an investment adviser registered under the Investment Advisers Act of
1940, as amended (the "Advisers Act"); and
WHEREAS, the Board of Trustees of the Trust (the "Trustees") have engaged the Investment Manager to act as investment manager for
the Xxxxxxx Xxxxx Small-Cap Value Portfolio (the "Portfolio"), one series of the Trust, under the terms of a management agreement,
dated May 1, 2003, with the Trust (the "Management Agreement"); and
WHEREAS, the Investment Manager, acting pursuant to the Management Agreement, wishes to engage the Sub-Adviser, and the Trustees
have approved the engagement of the Sub-Adviser, to provide investment advice and other investment services set forth below.
NOW, THEREFORE, the Investment Manager and the Sub-Adviser agree as follows:
1. Investment Services. The Sub-Adviser will formulate and implement a continuous investment program for the Portfolio
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conforming to the investment objective, investment policies and restrictions of the Portfolio as set forth in the Prospectus and
Statement of Additional Information of the Trust as in effect from time to time (together, the "Registration Statement"), the
Agreement and Declaration of Trust and By-laws of the Trust, and any investment guidelines or other instructions received by the
Sub-Adviser in writing from the Investment Manager from time to time. Any amendments to the foregoing documents will not be
deemed effective with respect to the Sub-Adviser until the Sub-Adviser's receipt thereof. The appropriate officers and employees
of the Sub-Adviser will be available to consult with the Investment Manager, the Trust and Trustees at reasonable times and upon
reasonable notice concerning the business of the Trust, including valuations of securities which are not registered for public
sale, not traded on any securities market or otherwise may be deemed illiquid for purposes of the ICA; provided it is understood
that the Sub-Adviser is not responsible for daily pricing of the Portfolio's assets.
Subject to the supervision and control of the Investment Manager, which in turn is subject to the supervision and control
of the Trustees, the Sub-Adviser in its discretion will determine which issuers and securities will be purchased, held, sold or
exchanged by the Portfolio or otherwise represented in the Portfolio's investment portfolio from time to time and, subject to the
provisions of paragraph 3 of this Agreement, will place orders with and give instructions to brokers, dealers and others for all
such transactions and cause such transactions to be executed. Custody of the Portfolio will be maintained by a custodian bank
(the "Custodian") and the Investment Manager will authorize the Custodian to honor orders and instructions by employees of the
Sub-Adviser designated by the Sub-Adviser to settle transactions in respect of the Portfolio. No assets may be withdrawn from the
Portfolio other than for settlement of transactions on behalf of the Portfolio except upon the written authorization of
appropriate officers of the Trust who shall have been certified as such by proper authorities of the Trust prior to the withdrawal.
The Sub-Adviser will not be responsible for the provision of administrative, bookkeeping or accounting services to the
Portfolio except as specifically provided herein, as required by the ICA or the Advisers Act or as may be necessary for the
Sub-Adviser to supply to the Investment Manager, the Portfolio or the Portfolio's shareholders the information required to be
provided by the Sub-Adviser hereunder. Any records maintained hereunder shall be the property of the Portfolio and surrendered
promptly upon request.
In furnishing the services under this Agreement, the Sub-Adviser will comply with and use its best efforts to enable the
Portfolio to conform to the requirements of: (i) the ICA and the regulations promulgated thereunder; (ii) Subchapters L and M, to
the extent applicable, (including, respectively, Section 817(h) and Sections 851(b)(1), (2), and (3)) of the Internal Revenue Code
and the regulations promulgated thereunder; (iii) other applicable provisions of state or federal securities laws; (iv) the
Agreement and Declaration of Trust and By-laws of the Trust; (v) policies, procedures, and determinations of the Trust and the
Investment Manager provided to the Sub-Adviser in writing, provided that with respect to procedures governing transactions
involving affiliates (such as those adopted pursuant to ICA Rules 17a-7, 17e-1 and 10f-3), such procedures will identify any
affiliate of the Investment Manager and the Trust other than affiliates of the Sub-Adviser; (vi) the fundamental and
non-fundamental investment policies and restrictions applicable to the Portfolio, as set out in the Registration Statement in
effect, or as such investment policies and restrictions from time to time may be amended by the Portfolio's shareholders or the
Trustees and communicated to the Sub-Adviser in writing; (vii) the Registration Statement; and (viii) investment guidelines or
other instructions received in writing from the Investment Manager. Notwithstanding the foregoing, the Sub-Adviser shall have no
responsibility to monitor compliance with limitations or restrictions for which information from the Investment Manager or its
authorized agents is required to enable the Sub-Adviser to monitor compliance with such limitations or restrictions unless such
information is provided to the Sub-adviser in writing. The Sub-Adviser shall supervise and monitor the activities of its
representatives, personnel and agents in connection with the investment program of the Portfolio.
Nothing in this Agreement shall be implied to prevent the Investment Manager from engaging other sub-advisers to provide
investment advice and other services to the Portfolio or to series or portfolios of the Trust for which the Sub-Adviser does not
provide such services, or to prevent the Investment Manager from providing such services itself in relation to the Portfolio or
such other series or portfolios. The Sub-Advisor and the Investment Manager understand and agree that if the Investment Manager
manages the Portfolio in a "manager-of-managers" style, the Investment Manager will, among other things, (i) continually evaluate
the performance of the Sub-Advisor through quantitative and qualitative analysis and consultations with the Sub-Advisor, (ii)
periodically make recommendations to the Trust's Board as to whether the contract with one or more sub-advisors should be renewed,
modified or terminated, and (iii) periodically report to the Trust's Board regarding the results of its evaluation and monitoring
functions. The Sub-Advisor recognizes that its services may be terminated or modified pursuant to this process.
The Sub-Advisor acknowledges that the Investment Manager and the Trust intend to rely on Rules 17a-10 and 10f-3 under the
ICA, to the extent applicable, and the Sub-Advisor hereby agrees that it shall not consult with any other Sub-Advisor to the
Portfolio or the Trust with respect to transactions in securities for the Portfolio's portfolio or any other transactions of
Portfolio assets. The Sub-Advisor further acknowledges that it shall not consult with any other sub-advisor of the Portfolio
that is a principal underwriter or an affiliated person of a principal underwriter with respect to transactions in securities for
the Portfolio's portfolio or any other transactions of Portfolio assets, and that its investment advisory responsibilities as set
forth in this Agreement are limited to such discrete portion of the Portfolio's portfolio as determined by the Investment Manager.
The Sub-Adviser shall be responsible for the preparation and filing of Schedule 13-G and Form 13-F reflecting the
Portfolio's securities holdings. The Sub-Adviser shall not be responsible for the preparation or filing of any other reports
required of the Portfolio by any governmental or regulatory agency, except as expressly agreed to in writing.
2. Investment Advisory Facilities. The Sub-Adviser, at its expense, will furnish all necessary investment facilities,
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including salaries of personnel, required for it to execute its duties hereunder.
3. Execution of Portfolio Transactions. In connection with the investment and reinvestment of the assets of the Portfolio,
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the Sub-Adviser is responsible for the selection of broker-dealers to execute purchase and sale transactions for the Portfolio in
conformity with the policy regarding brokerage as set forth in the Registration Statement, or as the Trustees may determine from
time to time, as well as the negotiation of brokerage commission rates with such executing broker-dealers. Generally, the
Sub-Adviser's primary consideration in placing Portfolio investment transactions with broker-dealers for execution will be to
obtain, and maintain the availability of, best execution at the best available price.
Consistent with this policy, the Sub-Adviser, in selecting broker-dealers and futures commission merchants ("FCMs") and
negotiating brokerage commission rates, will take all relevant factors into consideration, including, but not limited to: the best
price available; the reliability, integrity and financial condition of the broker-dealer; the size of and difficulty in executing
the order; and the value of the expected contribution of the broker-dealer to the investment performance of the Portfolio on a
continuing basis. Subject to such policies and procedures as the Trustees may determine, the Sub-Adviser shall have discretion to
effect investment transactions for the Portfolio through broker-dealers and FCM's (including, to the extent permissible under
applicable law, broker-dealers and FCMs affiliated with the Sub-Adviser) qualified to obtain best execution of such transactions
who provide brokerage and/or research services, as such services are defined in section 28(e) of the Securities Exchange Act of
1934, as amended (the "1934 Act"), and to cause the Portfolio to pay any such broker-dealers an amount of commission for effecting
a portfolio investment transaction in excess of the amount of commission another broker-dealer would have charged for effecting
that transaction, if the Sub-Adviser determines in good faith that such amount of commission is reasonable in relation to the
value of the brokerage or research services provided by such broker-dealer, viewed in terms of either that particular investment
transaction or the Sub-Adviser's overall responsibilities with respect to the Portfolio and other accounts as to which the
Sub-Adviser exercises investment discretion (as such term is defined in section 3(a)(35) of the 1934 Act). Allocation of orders
placed by the Sub-Adviser on behalf of the Portfolio to such broker-dealers shall be in such amounts and proportions as the
Sub-Adviser shall determine in good faith in conformity with its responsibilities under applicable laws, rules and regulations.
The Sub-Adviser will submit reports on such allocations to the Investment Manager regularly as requested by the Investment
Manager, in such form as may be mutually agreed to by the parties hereto, indicating the broker-dealers to whom such allocations
have been made and the basis therefor.
Subject to the foregoing provisions of this paragraph 3, the Sub-Adviser may also consider sales of shares of the
Portfolio, or may consider or follow recommendations of the Investment Manager that take such sales into account, as factors in
the selection of broker-dealers to effect the Portfolio's investment transactions. Notwithstanding the above, nothing shall
require the Sub-Adviser to use a broker-dealer which provides research services or to use a particular broker-dealer which the
Investment Manager has recommended.
4. Reports by the Sub-Adviser. The Sub-Adviser shall furnish the Investment Manager monthly, quarterly and annual reports,
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as may reasonably be requested by the Investment Manager concerning the transactions, performance, and compliance of the Portfolio
so that the Investment Manager may review such matters and discuss the management of the Portfolio. The Sub-Adviser shall permit
the books and records maintained with respect to the Portfolio to be inspected and audited by the Trust, the Investment Manager or
their respective agents at all reasonable times during normal business hours upon reasonable notice. The Sub-Adviser shall
immediately notify both the Investment Manager and the Trust of any legal process served upon it in connection with its activities
hereunder, including any legal process served upon it on behalf of the Investment Manager, the Portfolio or the Trust. The
Sub-Adviser shall promptly notify the Investment Manager of (1) any changes in any information regarding the Sub-Adviser or the
investment program for the Portfolio required to be disclosed in the Trust's Registration Statement, or (2) any violation of any
requirement, provision, policy or restriction that the Sub-advisor is required to comply with under Section 1 of this Agreement.
5. Compensation of the Sub-Adviser. The amount of the compensation to the Sub-Adviser is computed at an annual rate. The
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fee shall be payable monthly in arrears, based on the average daily net assets of the Portfolio for each month, at the annual rate
set forth in Exhibit A to this Agreement.
In computing the fee to be paid to the Sub-Adviser, the net asset value of the Portfolio shall be valued as set forth in
the Registration Statement. If this Agreement is terminated, the payment described herein shall be prorated to the date of
termination.
The Investment Manager and the Sub-Adviser shall not be considered as partners or participants in a joint venture. The
Sub-Adviser will pay its own expenses for the services to be provided pursuant to this Agreement and will not be obligated to pay
any expenses of the Investment Manager, the Portfolio or the Trust. Except as otherwise specifically provided herein, the
Investment Manager, the Portfolio and the Trust will not be obligated to pay any expenses of the Sub-Adviser.
6. Delivery of Documents to the Sub-Adviser. The Investment Manager has furnished the Sub-Adviser with true, correct and
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complete copies of each of the following documents:
(a) The Agreement and Declaration of Trust of the Trust, as in effect on the date hereof;
(b) The By-laws of the Trust, as in effect on the date hereof;
(c) The resolutions of the Trustees approving the engagement of the Sub-Adviser as portfolio manager of the Portfolio
and approving the form of this Agreement;
(d) The resolutions of the Trustees selecting the Investment Manager as investment manager to the Portfolio and
approving the form of the Management Agreement;
(e) The Management Agreement;
(f) The Code of Ethics of the Trust and of the Investment Manager, as in effect on the date hereof; and
(g) A list of companies the securities of which are not to be bought or sold for the Portfolio.
The Investment Manager will furnish the Sub-Adviser from time to time with copies, properly certified or otherwise
authenticated, of all amendments of or supplements to the foregoing, if any. Such amendments or supplements as to items (a)
through (f) above will be provided within 30 days of the time such materials become available to the Investment Manager. Such
amendments or supplements as to item (g) above will be provided not later than the end of the business day next following the date
such amendments or supplements become known to the Investment Manager. Any amendments or supplements to the foregoing will not be
deemed effective with respect to the Sub-Adviser until the Sub-Adviser's receipt thereof. The Investment Manager will provide
such additional information as the Sub-Adviser may reasonably request in connection with the performance of its duties hereunder.
7. Delivery of Documents to the Investment Manager. The Sub-Adviser has furnished the Investment Manager with true, correct
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and complete copies of each of the following documents:
(a) The Sub-Adviser's Form ADV as filed with the Securities and Exchange Commission as of the date hereof;
(b) The Sub-Adviser's most recent balance sheet;
(c) Separate lists of persons who the Sub-Adviser wishes to have authorized to give written and/or oral instructions
to Custodians of Trust assets for the Portfolio; and
(d) The Code of Ethics of the Sub-Adviser, as in effect on the date hereof.
The Sub-Adviser will furnish the Investment Manager from time to time with copies, properly certified or otherwise
authenticated, of all amendments of or supplements to the foregoing, if any. Such amendments or supplements will be provided
within 30 days of the time such materials become available to the Sub-Adviser. Any amendments or supplements to the foregoing
will not be deemed effective with respect to the Investment Manager until the Investment Manager's receipt thereof. The
Sub-Adviser will provide additional information as the Investment Manager may reasonably request in connection with the
Sub-Adviser's performance of its duties under this Agreement.
8. Confidential Treatment. The parties hereto understand that any information or recommendation supplied by the Sub-Adviser
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in connection with the performance of its obligations hereunder is to be regarded as confidential and for use only by the
Investment Manager, the Trust or such persons the Investment Manager may designate in connection with the Portfolio. The parties
also understand that any information supplied to the Sub-Adviser in connection with the performance of its obligations hereunder,
particularly, but not limited to, any list of securities which may not be bought or sold for the Portfolio, is to be regarded as
confidential and for use only by the Sub-Adviser in connection with its obligation to provide investment advice and other services
to the Portfolio.
9. Representations of the Parties. Each party hereto hereby further represents and warrants to the other that: (i) it is
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registered as an investment adviser under the Advisers Act and is registered or licensed as an investment adviser under the laws
of all jurisdictions in which its activities require it to be so registered or licensed; and (ii) it will use its reasonable best
efforts to maintain each such registration or license in effect at all times during the term of this Agreement; and (iii) it will
promptly notify the other if it ceases to be so registered, if its registration is suspended for any reason, or if it is notified
by any regulatory organization or court of competent jurisdiction that it should show cause why its registration should not be
suspended or terminated; and (iv) it is duly authorized to enter into this Agreement and to perform its obligations hereunder.
The Sub-Adviser further represents that it has adopted a written Code of Ethics in compliance with Rule 17j-1(c) of the
ICA. The Sub-Adviser shall be subject to such Code of Ethics and shall not be subject to any other Code of Ethics, including the
Investment Manager's Code of Ethics, unless specifically adopted by the Sub-Adviser. The Investment Manager further represents
and warrants to the Sub-Adviser that (i) the appointment of the Sub-Adviser by the Investment Manager has been duly authorized and
(ii) it has acted and will continue to act in connection with the transactions contemplated hereby, and the transactions
contemplated hereby are, in conformity with the ICA, the Trust's governing documents and other applicable law.
10. Liability. In the absence of willful misfeasance, bad faith, gross negligence or reckless disregard for its obligations
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hereunder, the Sub-Adviser shall not be liable to the Trust, the Portfolio, the Portfolio's shareholders or the Investment Manager
for any act or omission resulting in any loss suffered by the Trust, the Portfolio, the Portfolio's shareholders or the Investment
Manager in connection with any service to be provided herein. The Federal laws impose responsibilities under certain
circumstances on persons who act in good faith, and therefore, nothing herein shall in any way constitute a waiver or limitation
of any rights which the Trust, the Portfolio or the Investment Manager may have under applicable law.
11. Other Activities of the Sub-Adviser. The Investment Manager agrees that the Sub-Adviser and any of its partners or
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employees, and persons affiliated with the Sub-Adviser or with any such partner or employee, may render investment management or
advisory services to other investors and institutions, and that such investors and institutions may own, purchase or sell,
securities or other interests in property that are the same as, similar to, or different from those which are selected for
purchase, holding or sale for the Portfolio. The Investment Manager further acknowledges that the Sub-Adviser shall be in all
respects free to take action with respect to investments in securities or other interests in property that are the same as,
similar to, or different from those selected for purchase, holding or sale for the Portfolio. The Investment Manager understands
that the Sub-Adviser shall not favor or disfavor any of the Sub-Adviser's clients or class of clients in the allocation of
investment opportunities, so that to the extent practical, such opportunities will be allocated among the Sub-Adviser's clients
over a period of time on a fair and equitable basis. Nothing in this Agreement shall impose upon the Sub-Adviser any obligation
(i) to purchase or sell, or recommend for purchase or sale, for the Portfolio any security which the Sub-Adviser, its partners,
affiliates or employees may purchase or sell for the Sub-Adviser or such partner's, affiliate's or employee's own accounts or for
the account of any other client of the Sub-Adviser, advisory or otherwise, or (ii) to abstain from the purchase or sale of any
security for the Sub-Adviser's other clients, advisory or otherwise, which the Investment Manager has placed on the list provided
pursuant to paragraph 6(g) of this Agreement.
12. Continuance and Termination. This Agreement shall remain in full force and effect for one year from the date hereof, and
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is renewable annually thereafter by specific approval of the Trustees or by vote of a majority of the outstanding voting
securities of the Portfolio. Any such renewal shall be approved by the vote of a majority of the Trustees who are not interested
persons under the ICA, cast in person at a meeting called for the purpose of voting on such renewal. This Agreement may be
terminated without penalty at any time by the Investment Manager or the Sub-Adviser upon 60 days written notice, and will
automatically terminate in the event of (i) its "assignment" by either party to this Agreement, as such term is defined in the
ICA, subject to such exemptions as may be granted by the Securities and Exchange Commission by rule, regulation or order, or (ii)
upon termination of the Management Agreement, provided the Sub-Adviser has received prior written notice thereof.
13. Notification. The Sub-Adviser will notify the Investment Manager within a reasonable time of any change in the personnel
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of the Sub-Adviser with responsibility for making investment decisions in relation to the Portfolio (the "Portfolio Manager(s)")
or who have been authorized to give instructions to the Custodian. The Sub-Adviser shall be responsible for reasonable
out-of-pocket costs and expenses incurred by the Investment Manager, the Portfolio or the Trust to amend or supplement the Trust's
Prospectus to reflect a change in Portfolio Manager(s) or otherwise to comply with the ICA, the Securities Act of 1933, as amended
(the "1933 Act") or any other applicable statute, law, rule or regulation, as a result of such change; provided, however, that the
Sub-Adviser shall not be responsible for such costs and expenses where the change in Portfolio Manager(s) reflects the termination
of employment of the Portfolio Manager(s) with the Sub-Adviser and its affiliates or is the result of a request by the Investment
Manager or is due to other circumstances beyond the Sub-Adviser's control.
Any notice, instruction or other communication required or contemplated by this Agreement shall be in writing. All such
communications shall be addressed to the recipient at the address set forth below, provided that either party may, by notice,
designate a different recipient and/or address for such party.
Investment Manager: American Skandia Investment Services, Incorporated
Gateway Center Three
000 Xxxxxxxx Xxxxxx
Xxxxxx, XX 00000
Attention: Xxxxxx X. Xxxxx
Executive Vice President
Sub-Adviser: Xxxxxxx Sachs Asset Management, L.P.
32 Old Slip - 17th floor
0 Xxxxxxxxx Xxxxxx
Xxx Xxxx, XX 00000
Attention: Xxx Xxxxxx
Trust: American Skandia Trust
Xxx Xxxxxxxxx Xxxxx
Xxxxxxx, Xxxxxxxxxxx 00000
Attention: Law Department
14. Indemnification. The Sub-Adviser agrees to indemnify and hold harmless the Investment Manager, any affiliated person
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within the meaning of Section 2(a)(3) of the ICA ("affiliated person") of the Investment Manager and each person, if any who,
within the meaning of Section 15 of the 1933 Act, controls ("controlling person") the Investment Manager, against any and all
losses, claims, damages, liabilities or litigation (including reasonable legal and other expenses), to which the Investment
Manager or such affiliated person or controlling person of the Investment Manager may become subject under the 1933 Act, the ICA,
the Advisers Act, under any other statute, law, rule or regulation, at common law or otherwise, arising out of the Sub-Adviser's
responsibilities hereunder (1) to the extent of and as a result of the willful misconduct, bad faith, or gross negligence by the
Sub-Adviser, any of the Sub-Adviser's employees or representatives or any affiliate of or any person acting on behalf of the
Sub-Adviser, or (2) as a result of any untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement, including any amendment thereof or any supplement thereto, or the omission or alleged omission to state
therein a material fact required to be stated therein or necessary to make the statement therein not misleading, if such a
statement or omission was made in reliance upon and in conformity with written information furnished by the Sub-Adviser to the
Investment Manager, the Portfolio, the Trust or any affiliated person of the Investment Manager, the Portfolio or the Trust or
upon verbal information confirmed by the Sub-Adviser in writing, or (3) to the extent of, and as a result of, the failure of the
Sub-Adviser to execute, or cause to be executed, portfolio investment transactions according to the requirements of the ICA;
provided, however, that in no case is the Sub-Adviser's indemnity in favor of the Investment Manager or any affiliated person or
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controlling person of the Investment Manager deemed to protect such person against any liability to which any such person would
otherwise be subject by reason of willful misconduct, bad faith or gross negligence in the performance of its duties or by reason
of its reckless disregard of its obligations and duties under this Agreement.
The Investment Manager agrees to indemnify and hold harmless the Sub-Adviser, any affiliated person of the Sub-Adviser
and each controlling person of the Sub-Adviser, if any, against any and all losses, claims, damages, liabilities or litigation
(including reasonable legal and other expenses), to which the Sub-Adviser or such affiliated person or controlling person of the
Sub-Adviser may become subject under the 1933 Act, the ICA, the Advisers Act, under any other statute, law, rule or regulation, at
common law or otherwise, arising out of the Investment Manager's responsibilities as investment manager of the Portfolio (1) to
the extent of and as a result of the willful misconduct, bad faith, or gross negligence by the Investment Manager, any of the
Investment Manager's employees or representatives or any affiliate of or any person acting on behalf of the Investment Manager, or
(2) as a result of any untrue statement or alleged untrue statement of a material fact contained in the Registration Statement,
including any amendment thereof or any supplement thereto, or the omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statement therein not misleading, if such a statement or omission was made
other than in reliance upon and in conformity with written information furnished by the Sub-Adviser, or any affiliated person of
the Sub-Adviser or other than upon verbal information confirmed by the Sub-Adviser in writing; provided, however, that in no case
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is the Investment Manager's indemnity in favor of the Sub-Adviser or any affiliated person or controlling person of the
Sub-Adviser deemed to protect such person against any liability to which any such person would otherwise be subject by reason of
willful misconduct, bad faith or gross negligence in the performance of its duties or by reason of its reckless disregard of its
obligations and duties under this Agreement. It is agreed that the Investment Manager's indemnification obligations under this
Section 14 will extend to expenses and costs (including reasonable attorneys fees) incurred by the Sub-Adviser as a result of any
litigation brought by the Investment Manager alleging the Sub-Adviser's failure to perform its obligations and duties in the
manner required under this Agreement unless judgment is rendered for the Investment Manager.
15. Conflict of Laws. The provisions of this Agreement shall be subject to all applicable statutes, laws, rules and
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regulations, including, without limitation, the applicable provisions of the ICA and rules and regulations promulgated
thereunder. To the extent that any provision contained herein conflicts with any such applicable provision of law or regulation,
the latter shall control. The terms and provisions of this Agreement shall be interpreted and defined in a manner consistent with
the provisions and definitions of the ICA. If any provision of this Agreement shall be held or made invalid by a court decision,
statute, rule or otherwise, the remainder of this Agreement shall continue in full force and effect and shall not be affected by
such invalidity.
16. Amendments, Waivers, etc. Provisions of this Agreement may be changed, waived, discharged or terminated only by an
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instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought.
This Agreement (including Exhibit A hereto) may be amended at any time by written mutual consent of the parties, subject to the
requirements of the ICA and rules and regulations promulgated and orders granted thereunder.
17. Governing State Law. This Agreement is made under, and shall be governed by and construed in accordance with, the laws
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of the State of Connecticut.
18. Severability. Each provision of this Agreement is intended to be severable. If any provision of this Agreement is held
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to be illegal or made invalid by court decision, statute, rule or otherwise, such illegality or invalidity will not affect the
validity or enforceability of the remainder of this Agreement.
The effective date of this agreement is May 1, 2003.
FOR THE INVESTMENT MANAGER: FOR THE SUB-ADVISER:
___________________________________ ___________________________________
Xxxxxx X. Xxxxx
Executive Vice President
Date: ____________________________ Date: ____________________________
Attest: ____________________________ Attest: ____________________________
American Skandia Trust
AST Xxxxxxx Sachs Small-Cap Value Portfolio
Sub-Advisory Agreement
EXHIBIT A
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An annual rate of .50% of the average daily net assets of the Portfolio.
