AMENDMENT NO. 1 TO INVESTMENT ADVISORY AGREEMENT
This Amendment No. 1 to the Investment Advisory Agreement (the "Agreement")
dated May 1, 2004, by and between Met Investors Advisory LLC (the "Manager") and
Xxxxxxx Xxxxx Asset Management, L.P. (the "Adviser") with respect to the Xxxxxxx
Sachs Mid-Cap Value Portfolio ("Portfolio"), is entered into effective the 1st
day of January, 2007.
WHEREAS the Agreement provides for the Adviser to provide certain
investment advisory services to the Manager, for which the Adviser is to receive
agreed upon fees; and
WHEREAS the Manager and the Adviser desire to make certain changes to the
Agreement;
NOW, THEREFORE, for good and valuable consideration, the receipt of which
is acknowledged, the Manager and the Adviser hereby agree that the Agreement is
amended as follows:
1. The first sentence of Section 2.(a) of the Agreement shall be replaced
with the following:
"The Adviser shall manage the investment and reinvestment of the
portfolio assets of the Portfolio, all without prior consultation with the
Manager, subject to and in accordance with the investment objective and policies
of the Portfolio set forth in the Trust's Registration Statement and the Charter
Documents, as such Registration Statement and Charter Documents may be amended
from time to time, in compliance with the requirements applicable to registered
investment companies under applicable laws and those requirements applicable to
both regulated investment companies and segregated asset accounts under
Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code") and
any written instructions which the Manager or the Trust's Board of Trustees may
issue from time-to-time in accordance therewith."
2. Section 2.(b) of the Agreement is amended in whole to read as follows:
"To the extent provided in the Trust's Registration Statement, as such
Registration Statement may be amended from time to time, the Adviser shall, in
the name of the Portfolio, place orders for the execution of portfolio
transactions with or through such brokers, dealers or other financial
institutions as it may select including affiliates of the Adviser and, complying
with Section 28(e) of the Securities Exchange Act of 1934, may pay a commission
on transactions in excess of the amount of commission another broker-dealer
would have charged as permitted or described in the Adviser's Form ADV which may
be amended from time to time. The Adviser shall not bear any responsibility and
shall be released from any obligation or cost which results from entering into a
trade pursuant to the Portfolio's Rule 17a-7, 17e-1 or 10f-3 procedures with any
affiliated entity, other than affiliates of the Adviser, not specifically
identified to the Adviser by the Manager. Subject to seeking the most favorable
price and execution, the Board of Trustees or the Manager may cause the Adviser
to effect transactions in portfolio securities through broker-dealers in a
manner that will help generate resources to pay the cost of certain expenses
which the Trust is required to pay or for which the Trust is required to arrange
payment."
3. Section 2.(e) of the Agreement is amended in whole to read as follows:
"The Adviser and the Manager acknowledge that the Adviser is not the
compliance agent for the Portfolio or for the Manager, and does not have access
to all of the Portfolio's books and records necessary to perform certain
compliance testing. To the extent that the Adviser has agreed to perform the
services specified in this Section 2 or in any supplemental agreement referred
to herein, in accordance with the Trust's Registration Statement and Charter
Documents, written instructions of the Manager and any policies adopted by the
Trust's Board of Trustees applicable to the Portfolio (collectively, the
"Charter Requirements"), and in accordance with applicable law (including
Subchapter M of the Code, the 1940 Act and the Advisers Act ("Applicable Law")),
the Adviser shall perform such services based upon its books and records with
respect to the Portfolio (as specified in Section 2.c. hereof), which comprise a
portion of the Portfolio's books and records, and upon information and written
instructions received from the Trust, the Manager or the Trust's administrator,
and shall not be held responsible under this Agreement so long as it performs
such services in accordance with this Agreement, the Charter Requirements and
Applicable Law based upon such books and records and such information and
instructions provided by the Trust, the Manager or the Trust's administrator.
The Adviser shall have no responsibility to monitor certain limitations or
restrictions for which the Adviser has not been provided sufficient information
in accordance with Section 1 of this Agreement or otherwise. All such monitoring
shall be the responsibility of the Manager."
4. The following shall be added as Section 2.(j) to the Agreement:
"In accordance with procedures and methods established by the Trustees
of the Trust and with the investment objective and policies of the Portfolio set
forth in the Trust's Registration Statement and the Charter Documents, as such
Registration Statement and Charter Documents may be amended from time to time
and shall be provided to the Adviser on a timely basis, provide assistance in
determining the fair value of any security in the Portfolio, which is also held
in a Xxxxxxx Xxxxx mutual fund."
5. The following shall be added as Section 2.(k) to the Agreement:
"The Adviser will notify the Trust and the Manager of any assignment
of this Agreement or change of control of the Adviser, as applicable, and any
changes in the key personnel who are either the portfolio manager(s) of the
Portfolio or senior management of the Adviser, in each case prior to or promptly
after, such change. The Adviser agrees to bear all reasonable expenses of the
Trust, if any, arising out of any assignment by, or change in control of, the
Adviser and any changes in the key personnel who are either the portfolio
manager(s) of the Portfolio or senior management of the Adviser."
6. All other terms and conditions of the Agreement shall remain in full
force and effect.
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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
executed as of the 1st day of January, 2007.
MET INVESTORS ADVISORY LLC
By: /s/ Xxxxxxx X. Xxxxxxx
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Authorized Officer
XXXXXXX XXXXX ASSET MANAGEMENT, L.P.
By: /s/ Authorized Officer
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Authorized Officer
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