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Exhibit 23(d)16
Emerging Markets Equity
AMENDMENT TO SUBINVESTMENT MANAGEMENT AGREEMENT
This amendment ("Amendment") is made as of March 12, 2003 by and among Xxxx
Xxxxxxx Variable Series Trust I (the "Series"), Xxxxxx Xxxxxxx Investment
Management Inc. formerly known as "Xxxxxx Xxxxxxx Xxxx Xxxxxx Investment
Management Inc." ("Adviser"), and Xxxx Xxxxxxx Life Insurance Company, a
Massachusetts corporation formerly known as "Xxxx Xxxxxxx Mutual Life Insurance
Company" ("JHLICO").
RECITALS
A. Series, Adviser and JHLICO are parties to that certain
Sub-Investment Management Agreement among Xxxx Xxxxxxx Variable Series
Trust I, Xxxxxx Xxxxxxx Investment Management Inc. and Xxxx Xxxxxxx Life
Insurance Company dated August 1, 1999, (the "Agreement") wherein Adviser
is appointed as sub-investment manager of the Emerging Markets Equity Fund
("Emerging Markets Equity Portfolio").
B. The parties hereto desire to amend the terms of the Agreement in
accordance with Rules 12d3-1, 10f-3 and 17a-10 under the Investment Company
Act of 1940, as amended (the "1940 Act") pursuant to the terms of this
Amendment.
AMENDMENT
Now, therefore, for good and valuable consideration, receipt whereof is
hereby acknowledged, the parties hereby agree as follows:
1. Recitals A and B are incorporated herein and made a part hereof.
2. Xxxxxx Xxxxxxx Investment Management Inc. will not consult with any
other sub-manager to the Emerging Markets Equity Portfolio or to any other
Portfolio of the Series concerning transactions of the Emerging Market
Equity Portfolio in securities or other assets, except as such
consultations may be reasonably necessary in order to ensure compliance
with paragraphs (a) and (b) of Rule 12d3-1 under the 1940 Act or to the
extent permitted under the 1940 Act, or any rule, regulation or order
thereunder.
3. This Amendment may be executed in two or more counterparts which
together shall constitute one instrument.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the day first set forth above.
XXXX XXXXXXX VARIABLE SERIES TRUST I
By: /s/ Xxxxxxx X. Xxx Xxxx
------------------------------------
Name: Xxxxxxx X. Xxx Xxxx
Title: President and CEO
XXXX XXXXXXX LIFE INSURANCE COMPANY
By: /s/ Xxxxxx X. Xxxxxxx
------------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Senior Vice President and Chief Investment Strategist
Xxxxxx Xxxxxxx Investment Management Inc.
By: /s/ Xxxx Xxx
------------------------------------
Name: Xxxx Xxx
Title: Executive Director
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