SUB-ADVISORY AGREEMENT
NEUBERGER BERMAN MANAGEMENT INC.
605 Third Avenue
New York, New York 10158-0006
December 15, 2000
Neuberger Berman, LLC
605 Third Avenue
New York, New York 10158-3698
Dear Sirs:
We have entered into a Management Agreement with Neuberger Berman Equity
Funds ("Trust"), with respect to several of its series ("Series"), as set forth
in Schedule A hereto, pursuant to which we are to act as investment adviser to
such Series. We hereby agree with you as follows:
1. You agree for the duration of this Agreement to furnish us with such
investment recommendations and research information, of the same type
as that which you from time to time provide to your partners and
employees for use in managing client accounts, all as we shall
reasonably request. In the absence of willful misfeasance, bad faith
or gross negligence in the performance of your duties, or of the
reckless disregard of your duties and obligations hereunder, you
shall not be subject to liability for any act or omission or any loss
suffered by any Series or its security holders in connection with the
matters to which this Agreement relates.
2. In consideration of your agreements set forth in paragraph 1 above,
we agree to pay you on the basis of direct and indirect costs to you
of performing such agreements. Indirect costs shall be allocated on a
basis mutually satisfactory to you and to us.
3. As used in this Agreement, the terms "assignment" and "vote of a
majority of the outstanding voting securities" shall have the
meanings given to them by Section 2(a)(4) and 2(a)(42), respectively,
of the Investment Company Act of 1940, as amended.
This Agreement shall terminate automatically in the event of
its assignment, or upon termination of the Management Agreement
between the Trust and the undersigned.
This Agreement may be terminated at any time, without the
payment of any penalty, (a) with respect to any Series by the Trustees
of the Trust or by vote of a majority of the outstanding securities of
such Series or by the undersigned on not less than sixty days' written
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notice addressed to you at your principal place of business; and (b)
by you, without the payment of any penalty, on not less than thirty
nor more than sixty days' written notice addressed to the Trust and
the undersigned at the Trust's principal place of business.
This Agreement shall remain in full force and effect with
respect to each Series listed in Schedule A on the date hereof until
August 2, 2001 (unless sooner terminated as provided above) and from
year to year thereafter only so long as its continuance is approved in
the manner required by the Investment Company Act of 1940, as from
time to time amended.
Schedule A to this Agreement may be modified from time to time
to reflect the addition or deletion of a Series from the terms of this
Agreement. With respect to each Series added by execution of an
addendum to Schedule A, the term of this Agreement shall begin on the
date of such execution and, unless sooner terminated as provided
above, this Agreement shall remain in effect to August 2 of the year
following the year of execution and from year to year thereafter only
so long as its continuance is approved in the manner required by the
Investment Company Act of 1940, as from time to time amended.
If you are in agreement with the foregoing, please sign the
form of acceptance on the enclosed counterpart hereof and return the
same to us.
Very truly yours,
NEUBERGER BERMAN MANAGEMENT INC.
By: ___________________________
President
The foregoing is hereby accepted as
of the date first above written.
NEUBERGER BERMAN, LLC
By: ______________________
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NEUBERGER BERMAN MANAGEMENT INC.
SUB-ADVISORY AGREEMENT
SCHEDULE A
The Series of Neuberger Berman Equity Funds currently subject to this
Agreement are as follows:
Neuberger Berman Century Fund
[Neuberger Berman Fasciano Fund]
Neuberger Berman Focus Fund
Neuberger Berman Genesis Fund
Neuberger Berman Guardian Fund
Neuberger Berman International Fund
Neuberger Berman Manhattan Fund
Neuberger Berman Millenium Fund
Neuberger Berman Partners Funds
Neuberger Berman Regency Fund
Neuberger Berman Socially Responsive Fund
Neuberger Berman Technology Fund
