Directed Services LLC
Exhibit 77(e)(12)
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June 1, 2010
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ING Partners, Inc.
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Ladies and Gentlemen:
Pursuant to the Portfolio Management Agreement dated October 24, 1997, as amended, among ING Investors Trust, Directed Services LLC, and ▇. ▇▇▇▇ Price Associates, Inc. on behalf of ING ▇. ▇▇▇▇ Price Equity Income Portfolio, a series of ING Investors Trust, and pursuant to the Investment Subadvisory Agreement dated December 14, 2000, as amended, between Directed Services LLC and ▇. ▇▇▇▇ Price Associates, Inc., on behalf of ING ▇. ▇▇▇▇ Price Growth Equity Portfolio, a series of ING Partners, Inc. (together, the “Portfolios”), the sub-advisory fees for the Portfolios were reduced on June 1, 2010.
By our execution of this letter agreement, we hereby notify you of our intention to lower the annual investment management fee for the Portfolios with a corresponding reduction (the “Reduction”) for the period from June 1, 2010 through May 1, 2012. The Reduction shall be calculated as follows:
Reduction = 50% x (total aggregated savings in excess of $500,000 as a result of the sub-advisory fee schedule effective June 1, 2010 with respect to ING ▇. ▇▇▇▇ Price Equity Income Portfolio and ING ▇. ▇▇▇▇ Price Growth Equity Portfolio pro rata based on each Portfolio’s contribution to the amount saved)
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June 1, 2010
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Please indicate your agreement to this Reduction by executing below in the place indicated.
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/s/ ▇▇▇▇ ▇▇▇▇▇ | |
| ▇▇▇▇ ▇▇▇▇▇ | |||
| Vice President | |||
| Directed Services LLC |
Agreed and Accepted:
(on behalf of ING ▇. ▇▇▇▇ Price Equity Income Portfolio)
By: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Senior Vice President
Agreed and Accepted:
ING Partners, Inc.
(on behalf of ING ▇. ▇▇▇▇ Price Growth Equity Portfolio)
By: /s/ ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Senior Vice President