SHAREHOLDER SERVICES AGREEMENT
Exhibit 8(ttt)
This Agreement is made as of December 28, 2007, by and between Allianz Global Investors
Distributors LLC (formerly known as PIMCO Funds Distributors LLC) (the “Distributor”), a Delaware
limited liability company, and ML Life Insurance Company of New York (the “Company”), a New York
life insurance company.
WHEREAS, the Company has entered into a participation agreement dated October 1 I, 2002, with
Distributor, under which certain segregated assets accounts of the Company may purchase shares of
Allianz Funds (formerly known as PIMCO Funds: Multi-Manager Series) (the “Fund”), an open-end
investment company registered under the Investment Company Act of 1940 (the “1940 Act”) with
respect to the purchase of a class of shares designated “A Shares” of one or more series of the
Fund (each a “Portfolio”) by certain separate accounts of the Company (“Accounts”); and
WHEREAS, the Distributor serves as the distributor to the Fund; and
WHEREAS, the Company desires to provide certain shareholder services to owners (“Contract
Owners”) of variable life insurance policies or variable annuity contracts (“Contracts”) in
connection with their allocation of contract values to the Portfolios and Distributor desires
Company to provide such services, subject to the conditions of this Agreement; and
WHEREAS, pursuant to Rule 12b-1 under the 1940 Act, the A Shares of each Portfolio have
adopted a Distribution and Shareholder Servicing Plan (the “12b-1 Plan”) which, among other things,
authorizes the Distributor to enter into this Agreement with organizations such as Company and to
compensate such organizations out of each Portfolio’s average daily net assets attributable to the
A Shares:
WHEREAS, the Company has entered into a Shareholder Services Agreement with Distributor dated
October 11, 2002; and
WHEREAS, the Company is being purchased by AEGON USA, Inc. (“AEGON) and all of the Company’s
rights and obligations under the said Shareholder Services Agreement dated October 1 I, 2002 will
be assigned to AEGON; and
WHEREAS, pursuant to Section 5(b) of the Shareholder Services Agreement of October 11, 2002
said assignment constitutes a termination of said agreement; and
WHEREAS, the Company and Distributor desire to continue their relationship as set forth in the
Shareholder Services Agreement dated October 11,2002; and
NOW, THEREFORE, in consideration of mutual covenants contained in this Agreement, the
Distributor and the Company agree as follows:
I . Services of Company.
(a) The Company shall provide any combination of the following support services, as agreed
upon by the parties from time to time, to Contract Owners who allocate contract values to the A
Shares of the Portfolios: delivering prospectuses, statements of additional information,
shareholder reports, proxy statements, and marketing materials to prospective and existing
Contract Owners; providing educational materials regarding the A Shares; providing facilities
to answer questions from prospective and existing Contract Owners about the Portfolios; receiving
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and answering correspondence; complying with federal and state securities laws pertaining to the
sale of A Shares; assisting Contract Owners in completing application forms and selecting account
options; and providing Contract Owner recordkeeping and similar administrative services.
(b) The Company will provide such office space and equipment, telephone facilities, and
personnel as may be reasonably necessary or beneficial in order to provide such services to
Contract Owners.
(c) The Company will furnish to the Distributor, the Fund, or their designees such information
as the Distributor may reasonably request, and will otherwise cooperate with the Distributor in the
preparation of reports to the Fund’s Board of Directors concerning this Agreement, as well as any
other reports or filings that may be required by law.
2. Maintenance of Records. The Company shall maintain and preserve all records as required by
law to be maintained and preserved in connection with providing the services herein. Upon the
reasonable request of Distributor or the Fund, Company shall provide Distributor, the Fund, or the
representative of either, copies of all such records.
3. Fees. In consideration of the Company’s performance of the services described in this
Agreement, Distributor shall pay to the Company a monthly fee (“Servicing Fee”) calculated as
follows: the average aggregate amount invested each calendar month by the Company in the A Shares
of each Portfolio that are attributable to the Contracts is multiplied by a pro rata fee factor.
The pro rata fee factor is calculated by: (a) dividing the per annum factor set forth on Exhibit A
for the A Shares of each Portfolio by the number of days in the applicable year, and (b)
multiplying the result by the actual number of days in the applicable month. The average aggregate
amount invested in the Fund over a one-month period shall be computed by totaling the aggregate
investment (A Share net asset value multiplied by total number of A Shares of each Portfolio held
by the Company) on each business day during the month and dividing by the total number of business
days during such month.
Distributor will calculate the fee at the end of each calendar quarter and will make such
payment to the Company, without demand or notice by the Company, within thirty (30) days
thereafter. The check for such payment will be accompanied by a statement showing the calculation
of the amounts being paid by Distributor and such other supporting data as may be reasonably
requested by the Company.
Payment of fees under this Agreement shall be made to Company in accordance with Company
procedures. Company may amend such procedures and in the event of such amendment will provide
sufficient notice to the paying entity.
Notwithstanding any other provision of this Shareholder Services Agreement, Distributor shall
only pay, and shall only be required to pay, the Servicing Fee to the Company if the Distributor
has received payments from the Fund pursuant to a Rule 12b-1 Plan adopted by the Fund.
4. Representations, Warranties and Agreements.
The Company represents, warrants, and covenants that if required by applicable law, the
Company will disclose to each Contract Owner the existence of the Servicing Fee received by the
Company pursuant to this Agreement in a form consistent with the requirements of applicable law.
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The Distributor represents and warrants that it is a broker-dealer registered under the
Securities Exchange Act of 1934 and it is authorized by the Fund’s Board of Directors to enter into
this Agreement.
5. Termination.
(a) Unless sooner terminated with respect to any Portfolio, this Agreement will continue with
respect to a Portfolio only if the continuance of a form of this Agreement is specifically approved
at least annually by the vote of a majority of the members of the Board of Directors of the Fund
who are not “interested persons” (as such term is defined in the 0000 Xxx) and who have no direct
or indirect financial interest in the 12b-1 Plan relating to such Portfolio or any agreement
relating to such 12b-1 Plan, including this Agreement, cast in person at a meeting called for the
purpose of voting on such approval.
(b) This Agreement will automatically terminate with respect to a Portfolio in the event of
its assignment (as such term is defined in the 0000 Xxx) with respect to such Portfolio. This
Agreement may be terminated with respect to any Portfolio by the Distributor or by the Company,
without penalty, upon sixty (60) days’ prior written notice to the other party. This Agreement may
also be terminated with respect to any Portfolio at any time without penalty by the vote of a
majority of the members of the Board of Directors of the Fund who are not “interested persons” (as
such term is defined in the 0000 Xxx) and who have no direct or indirect financial interest in the
12b-1 Plan relating to such Portfolio or any agreement relating to such Plan, including this
Agreement, or by a vote of a majority of the A Shares of such Portfolio on 60 days’ written notice.
(c) In addition, either party may terminate this Agreement immediately if at any time it is
determined by any federal or state regulatory authority that compensation to be paid under this
Agreement is in violation of or inconsistent with any federal or state law.
6. Miscellaneous.
(a) No modification of any provision of this Agreement will be binding unless in writing and
executed by the parties. No waiver of any provision of this Agreement will be binding unless in
writing and executed by the party granting such waiver.
(b) This Agreement shall be binding upon and shall inure to the benefit of the parties and
their respective successors and assigns; provided, however, that neither this Agreement nor any
rights, privileges, duties, or obligations of the parties may be assigned by either party without
the written consent of the other party or as expressly contemplated by this Agreement.
(c) This Agreement shall be governed by and interpreted in accordance with the laws of the
State of New York, exclusive of conflicts of laws.
(d) This Agreement may be executed in several counterparts, each of which shall be an original
but all of which together shall constitute one and the same instrument.
(e) This Agreement
replaces, in its entirety, the Shareholder Services Agreement dated October
11,2002 by and between the Distributor and the Company.
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| ML LIFE INSURANCE COMPANY OF NEW YORK |
||||
| By: | /s/ Xxxxx X Xxxxxxxxxx | |||
| Name: | Xxxxx X Xxxxxxxxxx | |||
| Title: | President | |||
| ALLIANZ GLOBAL INVESTORS DISTRIBUTORS LLC |
||||
| By: | /s/ Xxxxx Xxxxxx | |||
| Name: | XXXXX XXXXXX | |||
| Title: | MD, Head of Sales | |||
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EXHIBIT A to Shareholders Service Agreement
| Name of Portfolio | Fee Factor* | |
Allianz OCC Renaissance Fund
(A Shares) |
0.25% |
| * | Shall not exceed 0.25% |
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