Contract
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(d)(2)(iii) |
August 5, 2013
Xxxx Xxxxx
Senior Vice President
ING Investments, LLC
0000 X. Xxxxxxxxxx Xxxxx Xx.
Suite 100
Scottsdale, AZ 85258
Dear Xx. Xxxxx:
ING Investments, LLC (“ING Investments”) and ING Investment Management Co. LLC, formerly, ING Investment Management Co. (“ING IM”) are parties to a Sub-Advisory Agreement dated May 7, 2013, as amended (the “Agreement”), and pursuant to the Agreement, ING Investments has agreed to pay ING IM an annual sub-advisory fee of 0.27% as a percentage of average daily net assets of ING Euro STOXX 50® Index Portfolio, ING FTSE 100 Index Portfolio, and ING Japan TOPIX Index Portfolio, each a series of ING Variable Portfolios, Inc. (each a “Portfolio” and collectively, the “Portfolios”). By this letter dated August 5, 2013, ING IM voluntarily waives a portion of the annual sub-advisory fee that it is entitled to receive as follows:
ING IM will waive 0.1125% of the sub-advisory fee payable by ING Investments from August 5, 2013 through May 1, 2014 for each Portfolio, as indicated in the net sub-advisory fee rate reflected in the schedule set out below.
| Annual Sub-Advisory Fee | ||||||
| Series |
Gross |
Waiver | Net | |||
| ING Euro STOXX 50® Index Portfolio |
0.27% | 0.1125% | 0.1575% | |||
| ING FTSE 100 Index Portfolio |
0.27% | 0.1125% | 0.1575% | |||
| ING Japan TOPIX Index Portfolio |
0.27% | 0.1125% | 0.1575% | |||
Notwithstanding the foregoing, termination or modification of this letter requires approval by the Board of Directors of ING Variable Portfolios, Inc.
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August 5, 2013
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Please acknowledge your acceptance of this fee waiver by executing below in the place indicated.
| Very sincerely, | ||
| By: | /s/ Xxxxxxxxxxx Xxxxx | |
| Name: | Xxxxxxxxxxx Xxxxx | |
| Title: | VP Finance | |
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| ING Investment Management Co. LLC | ||
ACCEPTED AND AGREED TO:
ING Investments, LLC
| By: | /s/ Xxxx Xxxxx | |
| Xxxx Xxxxx | ||
| Senior Vice President |
