Sub-Advisory Agreement on behalf of Transamerica Index 50 VP and Transamerica Index 75 VP
Exhibit 23 (d)(34)
Sub-Advisory Agreement on behalf of Transamerica Index 50 VP and Transamerica Index 75 VP
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SUB-ADVISORY AGREEMENT BETWEEN
TRANSAMERICA ASSET MANAGEMENT, INC. AND
AEGON USA INVESTMENT MANAGEMENT, LLC
TRANSAMERICA ASSET MANAGEMENT, INC. AND
AEGON USA INVESTMENT MANAGEMENT, LLC
SUB-ADVISORY AGREEMENT, made as of the 1st day of May, 2008 between Transamerica Asset
Management, Inc. (the “Investment Adviser”), a corporation organized and existing under the laws of
the State of Florida and AEGON USA Investment Management, LLC (the “Sub-Adviser”), an Iowa limited
liability company.
WHEREAS, the Investment Adviser has entered into an Investment Advisory Agreement dated as of
January 1, 1997, as amended, (“Advisory Agreement”) with Transamerica Series Trust (“Series
Trust”), a Delaware statutory trust which is registered as an open-end management investment
company under the Investment Company Act of 1940 (“1940 Act”), to provide or procure investment
advisory services with respect to Transamerica Index 75 VP and Transamerica Index 50 VP (each a
“Portfolio ”, collectively the “Portfolios”), each a separate series of Series Trust; and
WHEREAS, the Sub-Adviser is engaged principally in the business of rendering investment
advisory services and is registered as an investment adviser under the Investment Advisers Act of
1940 (“Advisers Act”); and
WHEREAS, the Investment Adviser desires to retain the Sub-Adviser as sub-adviser to assist the
Investment Adviser in furnishing certain investment advisory services with respect to each
Portfolio, and the Sub-Adviser is willing to furnish such services upon the terms and conditions
and for the compensation set forth below.
NOW, THEREFORE, in consideration of the premises and mutual promises herein set forth, the
parties hereto agree as follows:
1. Appointment.
The Investment Adviser hereby appoints the Sub-Adviser as an investment sub-adviser with
respect to each Portfolio for the period and on the terms set forth in this Agreement. The
Sub-Adviser accepts such appointment and agrees to render the services herein set forth, for the
compensation herein provided. The Sub-Adviser shall for all purposes herein be deemed to be
independent contractor and shall, except as otherwise provided herein, have no authority to act for
or represent the Investment Adviser, Series Trust, or the Portfolios in any way or otherwise be
deemed the agent of any of them.
2. Duties and Services of the Sub-Adviser.
A. Investment Sub-Advisory Services. Subject to the supervision of Series Trust’s
Board of Trustees (“Board”) and the Investment Adviser, the Sub-Adviser shall provide the following
services:
(1) Consistent with the investment objectives, policies and restrictions applicable to each
Portfolio as stated in the Portfolio’s then-current Registration Statement (as defined
below), and such other limitations as directed by the Board or the appropriate officers of
the Investment Adviser or Series Trust by notice in writing to the Sub-Adviser, Sub-Adviser
will direct the asset allocation strategy and the investment decisions to implement such
strategy for the Portfolio, as a continuous investment program for the Portfolio;
(2) Using exchange-traded shares of Vanguard-sponsored Exchange Traded Funds (ETFs), ETFs
sponsored by others, institutional-class shares of mutual funds advised by the Investment
Adviser or others (the ETFs and mutual funds together, the “Underlying Funds”), and/or
direct investments in equity and/or fixed income securities, consistent with each
Portfolio’s then-current prospectus, Sub-Adviser will use its methodology to decide in which
Underlying Funds each Portfolio will invest, and determine what portion of each Portfolio
should be invested in Underlying Funds and what portion, if any, should be held in equity
and/or fixed income securities or other assets, such as cash;
(3) Where applicable,
Sub-Adviser will communicate to Series Trust’s custodian (as identified in the prospectus)
trade instructions that are a result of its investment decisions, including
rebalancing/reallocation determinations;
(4) Sub-Adviser will place orders and negotiate the commissions (if any) for all purchases
and sales of the investments made by the Portfolio with or through such brokers, dealers,
underwriters or issuers as the Sub-Adviser may select; and
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(5) Sub-Adviser will comply with all provisions of the Vanguard Exemptive Order and any other
exemptive order at all relevant times and will also comply will all applicable provisions of the
1940 Act.
B. Additional Duties of the Sub-Adviser. In addition to the above, the Sub-Adviser shall:
(1) use the same skills and care in providing its services to each Portfolio as it uses in
providing investment services to other fiduciary accounts;
(2) use its best efforts to cause its officers to attend meetings, either in person or via
teleconference, of Series Trust and furnish oral or written reports, as Series Trust of the
Investment Adviser may reasonably require, in order to keep Series Trust and its officers and Board
fully informed as to the condition of the investments of the Portfolios, the investment
recommendations of the Sub-Adviser, and the investment considerations which provide the basis for
those recommendations;
(3) furnish such information and reports as may reasonably be required by Series Trust or the
Investment Adviser from time to time;
(4) maintain the books and records required in connection with its duties hereunder;
(5) keep the Investment Adviser informed of developments materially affecting the Portfolios and
its investments; and
(6) provide reasonable assistance to the Investment Adviser and the Board in their determination of
the fair value, in accordance with the Trust’s valuation procedures, of securities and other assets
in the Portfolio for which market prices are not readily available.
C. Further Duties of the Sub-Adviser.
(1) In all matters relating to the performance of this Agreement, the Sub-Adviser shall act in
conformity with the Series Trust Declaration of Trust and By-Laws, as each may be amended or
supplemented, and currently effective Registration Statement (as defined below) and with the
written instructions and directions of Series Trust and the Investment Adviser, and shall comply in
all material respects with the requirements of the 1940 Act, the Advisers Act, the rules
thereunder, and all other applicable laws and regulations.
(2) The Sub-Adviser acknowledges that the Portfolios may engage in certain transactions in reliance
on exemptions under Rule 10f-3, Rule 12d3-1, Rule 17a-10 and Rule 17e-1 under the 1940 Act.
Accordingly, the Sub-Adviser hereby agrees that it will not consult with any other sub-adviser of
the Portfolios, or an affiliated person of such other sub-adviser, concerning transactions for the
Portfolios in securities or other Portfolio assets. The Sub-Adviser shall be limited to providing
investment advice with respect to only the discrete portion of each Portfolio’s assets as may be
determined from time-to-time by the Investment Adviser, and shall not consult with any other
sub-adviser as to any other portion of the Portfolio’s assets concerning transactions for the
Portfolios in securities or other assets.
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D. Custody. The Sub-Adviser shall have no responsibility with respect to maintaining
custody of the Portfolios’ assets. The Sub-Adviser shall affirm security transactions with central
depositories and advise the custodian of the Portfolios (the “Custodian”) or such depositories or
agents as may be designated by the Custodian and the Investment Adviser promptly of each purchase
and sale of a security on behalf of the Portfolio, specifying the name of the issuer, the
description and amount or number of shares of the security purchased, the market price, the
commission and gross or net price, the trade date and settlement date and the identity of the
effecting broker or dealer. The Sub-Adviser shall from time to time provide the Custodian and the
Investment Adviser with evidence of authority of its personnel who are authorized to give
instructions to the Custodian. The Portfolios shall instruct the Custodian to provide the
Sub-Adviser with such information as the Sub-Adviser may reasonably request relating to daily cash
transactions and daily cash levels held by the Portfolios.
E. Proxy Voting and Other Actions as a Fiduciary. Unless the Investment Adviser
advises the Sub-Adviser in writing that the right to vote proxies has been expressly reserved to
the Investment Adviser or Series Trust or otherwise delegated to another party, the Sub-Adviser
shall exercise voting rights incident to any securities held by the Portfolios in accordance with
its own proxy voting policies and procedures without consultation with the Investment Adviser or
the Portfolio. The Sub-Adviser agrees to furnish a copy of its proxy voting policies and
procedures, and any amendments thereto, to the Investment Adviser.
The Sub-Adviser shall further respond to all corporate action matters incident to such
securities held in the Portfolio including, without limitation, proofs of claim in bankruptcy and
class action cases and shelf registrations. The Sub-Adviser agrees to keep the Portfolios informed
about any such litigation and the actions that it intends to take. In the case of class action
suits involving issuers held by the Portfolios, the Sub-Adviser may include information about the
Portfolios for purposes of participating in any settlements upon written agreement by the
Portfolios.
3. Compensation.
For the services provided by the Sub-Adviser to each Portfolio pursuant to this Agreement, the
Sub-Adviser shall receive monthly an investment sub-advisory fee as to that Portfolio at the annual
rate (as a percentage of average daily net assets) as specified in Schedule A of this Agreement.
If this Agreement is not in effect for an entire month as to any Portfolio, the amount of
sub-advisory fee payable hereunder as to that Portfolio shall be pro-rated accordingly.
4. Expenses.
During the term of this Agreement, the Sub-Adviser will bear all expenses incurred by it in the
performance of its duties and its provision of services hereunder, other than the cost of
investments (including brokerage fees) purchased and sold for the Portfolios. Notwithstanding the
foregoing, the Sub-Adviser shall not bear expenses related to the operation of any Portfolio,
including but not limited to, taxes, interests, brokerage fees and commissions, custodial fees,
proxy voting expenses and extraordinary Portfolio expenses.
5. Duties of the Investment Adviser.
A. The Investment Adviser shall continue to have responsibility for all services to be
provided to each Portfolio pursuant to the Advisory Agreement and shall oversee and review the
Sub-Adviser’s performance of its duties and services under this Agreement.
B. The Investment Adviser has furnished the Sub-Adviser with copies of each of the following
documents and will furnish to the Sub-Adviser at its principal office all future amendments and
supplements to such documents, if any, as soon as practicable after such documents become
available:
(1) The Series Trust Declaration of Trust and By-Laws, as each is in effect on the
date hereof and as amended from time to time;
(2) Certified resolutions of the Board authorizing the appointment of the
Investment Adviser and the Sub-Adviser and approving this Agreement;
(3) The Series Trust Registration Statement under the 1940 Act and the Securities
Act of 1933, on Form N-1A, as filed with the Securities and Exchange Commission (“SEC”)
relating to the Portfolio and its shares and all amendments thereto and prospectus
and/or statement of additional information supplements
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(“Registration Statement”); and
(4) A certified copy of any publicly available financial statement or report
prepared for Series Trust by certified or independent public accountants, and copies of
any financial statements or reports made by a Portfolio to its shareholders or to any
governmental body or securities exchange.
The Investment Adviser shall furnish the Sub-Adviser with any further documents, materials or
information that the Sub-Adviser may reasonably request to enable it to perform its duties pursuant
to this Agreement.
C. | During the term of this Agreement, the Investment Adviser shall furnish to the Sub-Adviser at its principal office all prospectuses, proxy statements, reports to shareholders, sales documentation, promotional, marketing, advertising and other written, printed or electronic material or performance information or data prepared for distribution to shareholders of each Portfolio or the public, which refer to the Portfolio, the Sub-Adviser or investment companies or other advisory accounts advised or sponsored by the Sub-Adviser in any way, prior to a use thereof which has not been previously approved by the Sub-Adviser. The Investment Adviser shall not use any such materials without the Sub-Adviser’s prior written approval, which approval shall not be unreasonably withheld; and the Investment Adviser shall not use any such materials if the Sub-Adviser reasonably objects in writing within ten (10) business days (or such other time as may be mutually agreed upon) after the Sub-Adviser’s receipt thereof. |
6. Brokerage.
A. The Sub-Adviser agrees that, in placing orders with broker-dealers for the purchase or
sale of Portfolio securities, it will attempt to obtain the best execution of its orders.
Consistent with these obligations and the terms of Section 28(e) of the Securities Exchange Act of
1934, the Sub-Adviser may, subject to any procedures that the Board may adopt, agree to pay a
broker-dealer that furnishes brokerage or research services a higher commission than that which
might have been charged by another broker-dealer for effecting the same transactions, if the
Sub-Adviser determines in good faith that such commission is reasonable in relation to the
brokerage and research services provided by the broker-dealer, viewed in terms of either that
particular transaction or the overall responsibilities of the Sub-Adviser with respect to a
Portfolio and its other clients and that the total commissions paid by each Portfolio will be
reasonable in relation to the benefits provided to that Portfolio. In no instance will any
Portfolio’s securities be purchased from or sold to the Sub-Adviser, or any affiliated person
thereof, except to the extent permitted by exemptive order of the SEC or in accordance with
applicable laws and regulations.
B. On occasions when the Sub-Adviser deems the purchase or sale of a security to be in the
best interest of a Portfolio, as well as other clients of the Sub-Adviser, the Sub-Adviser, to the
extent permitted by applicable laws and regulations, may, but shall be under no obligation to,
aggregate the securities to be purchased or sold to attempt to obtain a more favorable price or
lower brokerage commissions and efficient execution. In such event, allocation of the securities so
purchased or sold, as well as the expenses incurred in the transaction, will be made by the
Sub-Adviser in the manner the Sub-Adviser considers to be the most equitable and consistent with
its fiduciary obligations to the Portfolio and to its other clients.
7. Ownership of Records.
The Sub-Adviser shall maintain all books and records required to be maintained by the
Sub-Adviser pursuant to the 1940 Act and the rules and regulations promulgated thereunder with
respect to transactions on behalf of the Portfolios. In compliance with the requirements of Rule
31a-3 under the 1940 Act, the Sub-Adviser hereby agrees (i) to preserve for the periods prescribed
by Rule 31a-3 under the 1940 Act any records that it maintains for the Portfolios that are required
to be maintained by Rule 31a-1 under the 1940 Act (which includes, without limitation, records
required by Rule 31a-1(b)(9)), and (ii) to provide the Portfolios with access to or copies of any
records that it maintains for the Portfolios upon reasonable request by the Portfolios.
8. Reports.
The Sub-Adviser shall furnish to the Board or the Investment Adviser, or both, as appropriate,
such information, reports, evaluations, analyses and opinions as the Sub-Adviser and the Board or
the Investment Adviser, as appropriate, may mutually agree upon from time to time.
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9. Services to Other Clients.
To the extent consistent with the Sub-Adviser’s duties and services under this Agreement,
nothing contained in this Agreement shall limit or restrict (i) the freedom of the Sub-Adviser, or
any affiliated person thereof, to render investment management and corporate administrative
services to other investment companies, to act as investment manager or investment counselor to
other persons, firms, or corporations, or to engage in any other business activities, (ii) the
right of any director, officer, or employee of the Sub-Adviser, to engage in any other business or
to devote his or her time and attention in part to the management or other aspects of any other
business, whether of a similar nature or a dissimilar nature, or (iii) the Sub-Adviser’s ability to
give advice or take action in performing its duties for other clients, or for its own accounts,
that may differ from the advice given to or action taken for the Portfolios.
The Sub-Adviser or an affiliated person, may provide services for, or solicit business from
various companies, including issuers of securities that the Sub-Adviser may recommend or purchase
or sell for the Portfolios. In providing these services, the Sub-Adviser or its affiliated persons
may obtain material, nonpublic or other confidential information that, if disclosed, might affect
an investor’s decision to buy, sell or hold a security. Under applicable law, the Sub-Adviser and
its affiliated persons cannot improperly disclose or use this information for their personal
benefit or for the benefit of any person, including other clients of the Sub-Adviser. If the
Sub-Adviser or any affiliated person obtains nonpublic or other confidential information about any
issuer, the Sub-Adviser will have no obligation to disclose the information to the Portfolios or
use it for the Portfolios’ benefit.
10. The Sub-Adviser’s Use of the Services of Others.
The Sub-Adviser may (at its cost except as contemplated by Section 6 of this Agreement)
employ, retain, or otherwise avail itself of the services or facilities of other persons or
organizations for the purpose of obtaining such statistical and other factual information, such
advice regarding economic factors and trends, such advice as to occasional transactions in specific
securities, or such other information, advice, or assistance as the Sub-Adviser may deem necessary,
appropriate, or convenient for the discharge of its obligations hereunder or otherwise helpful to
the Sub-Adviser, as appropriate, or in the discharge of the Sub-Adviser’s overall responsibilities
with respect to the other accounts that it serves as investment manager or counselor, provided that
the Sub-Adviser shall at all times retain responsibility for making investment recommendations with
respect to each Portfolio.
11. Liability and Indemnification of the Sub-Adviser.
The Sub-Adviser may rely on information reasonably believed by it to be accurate and reliable.
Except as may otherwise be provided by the 1940 Act, neither the Sub-Adviser nor its officers,
directors, employees or agents shall be subject to any liability to the Investment Adviser, the
Portfolios or any shareholder of the Portfolios for any error of judgment, mistake of law or any
loss arising out of any investment or other act or omission in the course of, connected with or
arising out of any service to be rendered hereunder, except by reason of willful misfeasance, bad
faith or gross negligence in its performance of its obligations and duties or by reason of its
reckless disregard of its obligations and duties under this Agreement.
The Sub-Adviser shall indemnify and hold harmless the Investment Adviser, each Portfolio and
their respective directors, trustees, officers, employees or agents from any and all claims,
losses, expenses, obligation and liabilities (including reasonable attorneys fees) arising or
resulting from the Sub-Adviser’s willful misfeasance, bad faith or gross negligence in its
performance of its obligations and duties or by reason of its reckless disregard of its obligations
and duties under this Agreement.
12. Representations of the Sub-Adviser.
The Sub-Adviser represents, warrants, and agrees as follows:
A. The Sub-Adviser: (i) is registered as an investment adviser under the Advisers Act and will
continue to be so registered for so long as this Agreement remains in effect; (ii) is not
prohibited by the 1940 Act or the Advisers Act from performing the services contemplated by this
Agreement; (iii) has met, and will continue to meet for so long as this Agreement remains in
effect, any applicable federal or state requirements, or the applicable requirements of any
regulatory or industry self-regulatory agency, necessary to be met in order to
perform the services contemplated by this Agreement; (iv) has the authority to enter into and
perform the services contemplated by this Agreement; and (v) will immediately notify the Investment
Adviser of the occurrence of any event that would disqualify the Sub-Adviser from serving as an
investment
36
adviser of an investment company pursuant to Section 9 (a) of the 1940 Act or otherwise.
B. The Sub-Adviser has adopted a written code of ethics complying with the requirements of
Rule 17j-1 under the 1940 Act and 204A-1 under the Advisers Act and will provide the Investment
Adviser and Series Trust with a copy of such code of ethics and any amendments thereto, together
with evidence of adoption for review and approval by the Board. The Sub-Adviser understands that
the Board is required to approve the Sub-Adviser’s code of ethics and acknowledges that the
Agreement is conditioned upon such Board approval.
C. The Sub-Adviser has adopted proxy voting policies and procedures reasonably designed to
ensure that the proxies are voted in the best interests of the Portfolio and its shareholders and
complying with Rule 206(4)-6 under the Advisers Act and will provide the Investment Adviser and
Series Trust with a copy of such policies and procedures and any amendments thereto, together with
evidence of adoption for review and approval by the Board. The Sub-Adviser understands that the
Board is required to approve the Sub-Adviser’s proxy voting policies and procedures and
acknowledges that the Agreement is conditioned upon such Board approval.
D. The Sub-Adviser has provided the Investment Adviser and Series Trust with a copy of its
Form ADV as most recently filed with the SEC and will, promptly after filing any material amendment
to its Form ADV with the SEC, furnish a copy of such amendment to the Investment Adviser.
E. The Sub-Adviser has adopted compliance policies and procedures reasonably designed to
prevent violations of the Advisers Act and the rules thereunder, has provided Series Trust and the
Investment Adviser with a copy of such compliance policies and procedures (and will provide them
with any amendments thereto), and agrees to assist each Portfolio in complying with the Portfolio’s
compliance program adopted pursuant to Rule 38a-1 under the 1940 Act, to the extent applicable.
The Sub-Adviser understands that the Board is required to approve the Sub-Adviser’s compliance
policies and procedures and acknowledges that the Agreement is conditioned upon such Board
approval.
F. The Sub-Adviser acknowledges that each Portfolio offers its shares so that it may serve as
an investment vehicle for variable annuity contracts and variable life insurance policies issued by
insurance companies. Consequently, the Sub-Adviser will manage each Portfolio so that the Portfolio
will qualify as a regulated investment company under Subchapter M of the Internal Revenue Code and
will comply with the diversification requirements of Section 817(h) of the Internal Revenue Code
and the regulations issued thereunder, and any other rules and regulations applicable to investment
vehicles underlying variable annuity contracts or variable life insurance policies (together, the
“Tax Rules”), and it will immediately notify the Investment Adviser and the applicable Portfolio
upon having a reasonable basis for believing that the Portfolio has ceased to (i) comply with such
Tax Rules or may not be in compliance in the future; or (ii) qualify as a regulated investment
company or may not so qualify in the future.
G. The Sub-Adviser shall promptly notify the Investment Adviser and the applicable Portfolio
in writing of any of the following events: (i) the Sub-Adviser fails to be registered as an
investment adviser under the Advisers Act or under the laws of any jurisdiction in which the
Sub-Adviser is required to be registered as an investment adviser in order to perform its
obligations under this Agreement; (ii) the Sub-Adviser is served or otherwise receives notice of
any action, suit, proceeding, inquiry or investigation, as law or in equity, before or by any
court, public board or body, involving the affairs of the Portfolio; (iii) any change in actual
control or management of the Sub-Adviser or the portfolio manager of the Portfolio; and (iv) of any
material fact known to the Sub-Adviser relating to the Sub-Adviser that is not contained in the
Registration Statement, or any amendment or supplement thereto, or of any statement contained
therein that becomes untrue in any material respect.
H. The Sub-Adviser shall not divert any Portfolio’s portfolio securities transactions to a
broker or dealer in consideration of such broker or dealer’s promotion or sales of shares of the
Portfolio, any other series of Series Trust, or any other registered investment company.
13. Term of Agreement.
This Agreement shall become effective for each Portfolio as of the date set forth above.
Unless sooner terminated as provided herein, it shall continue in effect for each Portfolio for two
years from its effective date. Thereafter, if not terminated, it shall continue for each Portfolio
for successive 12-month periods, provided that such continuance is specifically approved at least
annually (a) by the vote of a majority of the applicable
Portfolio’s outstanding voting securities (as defined in the 0000 Xxx) or by the Board and (b) by
the vote, cast in person at a meeting called for the purpose, of a majority of the Trustees who are
not interested persons (for regulatory purposes) of Series Trust or the Investment Adviser. This
Agreement may be terminated with respect to a Portfolio at any time, without payment of any
penalty, on 60 days’
37
written notice to the Investment Adviser or the Sub-Adviser, as appropriate, by (i) the Board, (ii)
a vote of a majority of the outstanding voting securities of the applicable Portfolio, (iii) the
Investment Adviser, or (iv) the Sub-Adviser. This Agreement shall terminate automatically in the
event of its assignment (as defined or interpreted for regulatory purposes) or the termination of
the Advisory Agreement.
14. Notices.
Any notice shall be sufficiently given when sent by certified U.S. mail, national expenses
deliver service, or facsimile to the parties at the address below:
If to Series Trust:
Transamerica Series Trust
000 Xxxxxxxx Xxxxxxx
Xx. Xxxxxxxxxx, XX 00000
Attn: Xxxxxx X. Xxxxxxxxx
Telephone: (000) 000-0000
Fax: (000) 000-0000
000 Xxxxxxxx Xxxxxxx
Xx. Xxxxxxxxxx, XX 00000
Attn: Xxxxxx X. Xxxxxxxxx
Telephone: (000) 000-0000
Fax: (000) 000-0000
If to the Investment Adviser:
Transamerica Asset Management, Inc.
000 Xxxxxxxx Xxxxxxx
Xx. Xxxxxxxxxx, XX 00000
Attn: Xxxxxx X. Xxxxxxxxx
Telephone: (000) 000-0000
Fax: (000) 000-0000
000 Xxxxxxxx Xxxxxxx
Xx. Xxxxxxxxxx, XX 00000
Attn: Xxxxxx X. Xxxxxxxxx
Telephone: (000) 000-0000
Fax: (000) 000-0000
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If to the Sub-Adviser:
AEGON USA Investment Management, LLC
ATTN: Chief Financial Officer
0000 Xxxxxxxx Xxxx
Xxxxx Xxxxxx, XX 00000
Telephone: (000) 000-0000
Fax: (000) 000-0000
ATTN: Chief Financial Officer
0000 Xxxxxxxx Xxxx
Xxxxx Xxxxxx, XX 00000
Telephone: (000) 000-0000
Fax: (000) 000-0000
With a copy to:
Xxxxxxx X. Xxxx
Chief Compliance Officer
AEGON USA Investment Management, LLC 000
Xxxx Xxxxxx Xxxxxx, 00xx
Xxxxx Xxxxxxxxxx, XX 00000
Telephone: (502)
000-0000 Fax: (502)
000-0000
Chief Compliance Officer
AEGON USA Investment Management, LLC 000
Xxxx Xxxxxx Xxxxxx, 00xx
Xxxxx Xxxxxxxxxx, XX 00000
Telephone: (502)
000-0000 Fax: (502)
000-0000
15. Amendment of Agreement.
No provision of this Agreement may be changed, waived, discharged, or terminated as to a
Portfolio orally, but only by an instrument in writing signed by the party against which
enforcement of the change, waiver, discharge, or termination is sought, and no amendment of this
Agreement as to a Portfolio shall be effective until approved by the Board and, solely to the
extent required by the 1940 Act, regulations thereunder and/or interpretations thereof, the
shareholders of the applicable Portfolio.
16. Miscellaneous.
A. Governing Law. This Agreement shall be construed in accordance with the laws of
the State of Delaware without giving effect to the conflicts of laws principles thereof, and the
1940 Act. To the extent that the applicable laws of the State of Delaware conflict with the
applicable provisions of the 1940 Act, the latter shall control.
B. Captions. The captions contained in this Agreement are included for convenience of
reference only and in no way define or delimit any of the provisions hereof or otherwise affect
their construction or effect.
C. Entire Agreement. This Agreement represents the entire agreement and understanding
of the parties hereto and shall supersede any prior agreements between the parties relating to the
subject matter hereof, and all such prior agreements shall be deemed terminated upon the
effectiveness of this Agreement.
D. Severability. 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 not be affected,
and to this extent, the provisions of this Agreement shall be deemed to be severable.
E. Definitions. Any question of interpretation of any term or provision of this
Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act
shall be resolved by reference to such term or provision of the 1940 Act and to authoritative
interpretations thereof.
F. Confidentiality. The Sub-Adviser will maintain the strictest confidence regarding
the business affairs of Series Trust and each Portfolio. Written reports furnished by the
Sub-Adviser to Series Trust and the Investment Adviser will be treated as confidential, and for the
exclusive use and benefit of Series Trust and the Investment Adviser, except as disclosure may be
required by applicable law.
G. Counterparts. This Agreement may be executed in counterparts, each of which shall
be deemed an original of the same agreement.
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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their
duly authorized signatories as of the date and year first above written.
TRANSAMERICA ASSET MANAGEMENT, INC.
By: Name: |
|
|||||
Title: | Senior Vice President – Investment Management and Chief Investment Officer |
AEGON USA INVESTMENT MANAGEMENT, LLC
By: Name: |
/s/ Xxxx X. Xxxxxxx
|
|||||
Title: | President and Chief Investment Officer |
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SCHEDULE A
PORTFOLIO | SUB-ADVISER COMPENSATION* | |
0.12% of the first $50 million; 0.10% over $50 million up to | ||
Transamerica Index 75 VP |
$250 million; and 0.08% in excess of $250 million | |
0.12% of the first $50 million; 0.10% over $50 million up to | ||
Transamerica Index 50 VP |
$250 million; and 0.08% in excess of $250 million |
* | As a percentage of average daily net assets on an annual basis. |
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