June 1, 2009 Todd Modic Senior Vice President ING Investments, LLC
Exhibit 99.B(d)(1)(iii)
June 1, 2009
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xxxx
Scottsdale, AZ 85258
Ladies and Gentlemen:
Pursuant to the Sub-Advisory Agreement dated March 29, 2007, between Xxxxx Xxxxxxxx Xxxxxxx Investment Management, LLC (“Xxxxx Xxxxxxxx”), sub-adviser to the ING SmallCap Value Multi-Manager Fund, a series of ING Equity Trust, (the “Fund”) and ING Investments, LLC (“IIL”), the sub-advisory fee rate payable by IIL to Xxxxx Xxxxxxxx on behalf of the Fund was reduced on June 1, 2009.
By our execution of this letter agreement, we hereby notify you of our intention to lower the annual investment management fee for the Fund with a corresponding reduction if a benefit exists based upon the aggregate blended sub-advisory fee of all sub-advisory fee rates for the Fund (the “Reduction”) for the period from June 1, 2009 through and including October 1, 2010. The Reduction shall be calculated as follows:
Reduction = 50% x (aggregate blended sub-advisory fee of all sub-advisory fee rates for the Fund prior to the June 1, 2009 expense reductions (the “Expense Reductions”) — the aggregate blended sub-advisor fee rates after the Expense Reductions.)
Please indicate your agreement to this reduction by executing below in the place indicated.
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Very sincerely, |
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/s/ Xxxx Xxxxx |
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Xxxx Xxxxx |
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Vice President |
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ING Investments, LLC |
Agreed and Accepted:
ING Equity Trust
(on behalf of the Fund)
By: |
/s/ Xxxxxxxx X. Xxxxxxxx |
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Xxxxxxxx X. Xxxxxxxx |
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Senior Vice President |
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0000 X. Xxxxxxxxxx Xxxxx
Xx. |
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Tel: 000-000-0000 |
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ING Equity Trust |