Exhibit (e)(3)(iv)
AMENDED AND RESTATED
DISTRIBUTION AGREEMENT
between
AXA PREMIER VIP TRUST
and
AXA DISTRIBUTORS, LLC
(Applicable to Class B Shares)
AMENDED AND RESTATED AGREEMENT, dated as of July 31, 2003, by and between
AXA Premier VIP Trust (the "Trust") and AXA Distributors, LLC. ("AXA
Distributors").
W I T N E S S E T H:
-------------------
WHEREAS, the Trust is a Delaware statutory trust whose shareholders are and
will be separate accounts in unit investment trust form ("Eligible Separate
Accounts") of insurance companies ("Participating Insurance Companies"); and
WHEREAS, such Participating Insurance Companies issue, among other
products, variable insurance and annuity products ("Variable Products") whose
net premiums, contributions or other consideration may be allocated to Eligible
Separate Accounts for investment in the Trust; and
WHEREAS, the Trust's Class B shares will not be sold except in connection
with such Variable Products or directly to tax-qualified pension and retirement
plans ("Qualified Plans") outside the separate account context; and
WHEREAS, the Trust has adopted a Distribution Plan with respect to its
Class B shares pursuant to Rule 12b-1 under the Investment Company Act of 1940,
as amended ("Investment Company Act"); and
WHEREAS, the Trust desires that AXA Distributors undertake marketing
activities with respect to the Class B shares of the Trust's constituent series
or investment portfolios ("Portfolios") and to compensate AXA Distributors for
services rendered and expenses borne in connection therewith; and
WHEREAS, the Trust is registered as an open-end investment company under
the Investment Company Act; and
WHEREAS, the Investment Company Act prohibits any principal underwriter for
a registered open-end management investment company from offering for sale,
selling, or delivering after sale any security of which such company is the
issuer, except pursuant to a written contract with such investment company, and
AXA Distributors will be a distributor for sale of the Class B shares issued by
the Trust; and
WHEREAS, AXA Distributors is registered as a broker-dealer under the
Securities Exchange Act of 1934, as amended, ("Securities Exchange Act") and is
a member of the National Association of Securities Dealers, Inc. ("NASD").
NOW THEREFORE, the Trust and AXA Distributors agree as follows:
Section 1. The Trust has adopted a form of Participation Agreement, which
was approved by the Board of Trustees of the Trust. This Amended and Restated
Agreement shall be subject to the provisions of the form of Participation
Agreement, the terms of which are incorporated herein by reference, made a part
hereof and controlling. The form of Participation Agreement may be amended or
superseded, without prior notice, and this Amended and Restated Agreement shall
be deemed amended to the extent the form of Participation Agreement is amended
or superseded. AXA Distributors represents and warrants that it will act in a
manner consistent with such form of Participation Agreement as it is currently
set forth and as it may be amended or superseded, so long as AXA Distributors
serves as the principal underwriter of the Class A shares and Class B shares of
the Trust (collectively, the "Shares").
Section 2. AXA Distributors on behalf of the Trust is hereby authorized,
from time to time, to enter into separate written agreements ("Sales Agreements"
or, individually, a "Sales Agreement"), on terms and conditions not inconsistent
with this Agreement, with Participating Insurance Companies that have Eligible
Separate Accounts and that agree to participate in the distribution of the
Trust's Class B shares, directly or through affiliated broker dealers, by means
of the distribution of Variable Products and to use their best efforts to
solicit applications for Variable Products. AXA Distributors may not enter into
any Sales Agreement with any Participating Insurance Company that is more
favorable than that maintained with any other Participating Insurance Company
and Eligible Separate Account, except that not all Portfolios of the Trust need
be made available for investment by all Participating Insurance Companies,
Eligible Separate Accounts or Variable Products. The Board of Trustees of the
Trust may, in its sole discretion, determine that certain Portfolios and classes
of shares of the Trust shall be available only to certain types of Variable
Products or to a single Participating Insurance Company and its affiliates.
Section 3. Such Participating Insurance Companies and their agents or
representatives soliciting applications for Variable Products shall be duly and
appropriately licensed, registered or otherwise qualified for the sale of
Variable Products under any applicable insurance laws and any applicable
securities laws of one or more states or other jurisdictions in which Variable
Products may be lawfully sold. Each such Participating Insurance Company shall,
when required by law, be both registered as a broker-dealer under the Securities
Exchange Act and a member of the NASD. Each such Participating Insurance Company
shall agree to comply with all laws and regulations, whether federal or state,
and whether relating to insurance, securities or other general areas, including
but not limited to the recordkeeping and sales supervision requirements of such
laws and regulations.
Section 4. The Trust's shares are divided into series or Portfolios, each
representing a different portfolio of investments. Each Portfolio is further
divided into Class A and Class B shares. The Trust's Portfolios and any
restrictions on availability for Class B shares relating thereto are set forth
in Schedule A hereto, which may be amended from time to time.
Purchases and redemptions of the Trust's Class B shares of each Portfolio
shall be at the net asset value therefor, computed as set forth in the most
recent relevant Prospectus and Statement of Additional Information relating to
the Trust's Class B shares contained in its Registration Statement on Form N-1A,
or any amendments thereto (respectively, "Trust Prospectus" and "SAI"), and any
supplements thereto and shall be submitted by the Participating
Insurance Company to the Trust's transfer agent pursuant to procedures and in
accordance with payment provisions adopted by AXA Distributors and the Trust
from time to time. The Trust's Class B shares may not be sold or transferred,
except to an Eligible Separate Account or Qualified Plan, without the prior
approval of the Trust's Board of Trustees.
Section 5. As compensation to AXA Distributors for services rendered and
expenses borne as a distributor hereunder, each Portfolio shall pay AXA
Distributors a monthly fee (payable on or before the fifth (5/th/) business day
of the following month) at a rate equal to 0.25% per annum of the average daily
net assets of the Portfolio attributable to Class B shares with respect to which
AXA Distributors provides services and/or assumes expenses under the Class B
Distribution Plan. AXA Distributors may, but need not, pay or charge
Participating Insurance Companies pursuant to Sales Agreements, as described in
Section 2 hereof.
Section 6. The Trust represents to AXA Distributors that the Trust
Prospectus and SAI, as of their respective effective dates, contain all
statements and information which are required to be stated therein by the
Securities Act of 1933, as amended ("Securities Act"), and in all respects
conform to the requirements thereof, and neither the Trust Prospectus nor the
SAI include any untrue statement of a material fact or omit to state any
material fact required to be stated therein or necessary to make the statements
therein not misleading; provided, however, that the foregoing representations
shall not apply to information contained in or omitted from the Trust Prospectus
and SAI in reliance upon, and in conformity with, written information furnished
by AXA Distributors specifically for use in the preparation thereof.
In this connection, AXA Distributors acknowledges that the day-to-day
operations of the Trust, including without limitation, investment management,
securities brokerage allocation, cash control, accounting, recordkeeping and
other administrative, marketing and regulatory compliance functions, are carried
on and may in the future be carried on by The Equitable Life Assurance Society
of the United States ("Equitable), affiliates of Equitable, and other parties
unaffiliated with Equitable on behalf of the Trust (collectively, the "Preparing
Parties"), under various agreements and arrangements, and that such activities
in large measure provide the basis upon which statements and information are
included or omitted from the Trust Prospectus and SAI. AXA Distributors further
acknowledges that because of the foregoing arrangements, the preparation of the
Trust Prospectus and SAI is substantially in the control of the Preparing
Parties, subject to the broad supervisory authority and responsibility of the
Trust's Board of Trustees, and that, essentially, the only Trust Prospectus or
SAI information not independently known to, or prepared by, the Preparing
Parties is personal information as to each Trustee's full name, age, background,
business experience and other personal information that may require disclosures
under securities laws and for which the Preparing Parties necessarily must rely
on each such Trustee to produce.
Section 7. The Trust will periodically prepare Prospectuses (and, if
applicable, SAIs) and any supplements thereto, proxy materials and annual and
semi-annual reports (collectively, the "Documents") and shall, in accordance
with the form of Participation Agreement, provide sufficient copies of such
Documents or shall make camera ready copy available to AXA Distributors for
reproduction by AXA Distributors or the Participating Insurance Companies. To
the extent that the foregoing Documents are with respect to Class B shares, the
cost of preparing, printing, mailing and otherwise distributing such Documents
will be at the expense of such Class B shares with respect to prospective owners
of Variable Products. In addition, with respect to Documents provided to
existing owners of Variable Products, the cost of preparing, printing, mailing
or otherwise distributing such Documents shall be borne by the Trust. The Trust
will use its best efforts to provide notice to AXA Distributors of anticipated
filings or supplements. AXA Distributors or the Participating Insurance
Companies may alter the form of some or all of the Documents, with the prior
approval of the Trust's officers and legal counsel. Any preparation
costs associated with altering the form of the Documents will be borne by AXA
Distributors or the Participating Insurance Companies, not the Trust.
Section 8. AXA Distributors and officers of the Trust may, from time to
time, authorize descriptions of the Trust for use in sales literature or
advertising by the Participating Insurance Companies (including brochures,
letters, illustrations and other similar materials, whether transmitted directly
to potential applicants or published in print or audio-visual media), which
authorization will not be unreasonably withheld or delayed.
Section 9. AXA Distributors shall furnish to the Trust, at least
quarterly, reports as to the sales of the Trust's Class B shares made pursuant
to this Amended and Restated Agreement. These reports may be combined with any
similar report prepared by AXA Distributors or any of the Preparing Parties.
Section 10. AXA Distributors shall submit to all regulatory and
administrative bodies having jurisdiction over the operations of AXA
Distributors, the Trust, or any Participating Insurance Company, present or
future, any information, reports or other material which any such body by reason
of this Amended and Restated Agreement may request or require as authorized by
applicable laws or regulations.
Section 11. This Amended and Restated Agreement shall be subject to the
provisions of the Investment Company Act, the Securities Exchange Act and the
Securities Act and the rules, regulations, and rulings thereunder and of the
NASD, from time to time in effect, including such exemptions and no-action
positions as the Securities and Exchange Commission or its staff may grant, and
the terms hereof shall be interpreted and construed in accordance therewith.
Without limiting the generality of the foregoing, (a) the term "assigned" shall
not include any transaction exempted from section 15(b)(2) of the Investment
Company Act and (b) the vote of the persons having voting rights in respect of
the Trust referred to in Section 12 shall be the affirmative votes of the lesser
of (i) the holders of more than 50% of all votes in respect of Class B shares
entitled to be cast in respect of the Trust or (ii) the holders of at least 67%
of the votes in respect of Class B shares which are present at a meeting of such
persons if the holders of more than 50% of all votes in respect of Class B
shares entitled to be cast in respect of the Trust are present or represented by
proxy at such meeting, in either case voted in accordance with the provisions
contained in the form of Participation Agreement or any policies on conflicts
adopted by the Trust's Board of Trustees.
Section 12. This Amended and Restated Agreement shall continue in effect
only so long as such continuance is specifically approved at least annually by a
majority of the Trustees of the Trust who are not interested persons of the
Trust or AXA Distributors and who have no direct or indirect financial interest
in the distribution plan pursuant to which this Amended and Restated Agreement
has been authorized (or any agreement thereunder) ("Independent Trustees") and
by (a) persons having voting rights in respect of the Trust, by the vote stated
in Section 11, voted in accordance with the provisions contained in the form of
Participation Agreement or any policies on conflicts adopted by the Board of
Trustees of the Trust, or (b) the Board of Trustees of the Trust. This Amended
and Restated Agreement may be terminated at any time, without penalty, by a
majority of the Independent Trustees or by persons having voting rights in
respect of the Trust by the vote stated in Section 11.
Section 13. This Amended and Restated Agreement shall terminate
automatically if it shall be assigned.
Section 14. The Trust shall indemnify and hold harmless AXA Distributors
from any and all losses, claims, damages or liabilities (or actions in respect
thereof) to which AXA Distributors
may be subject, insofar as such losses, claims, damages or liabilities (or
actions in respect thereof) arise out of or result from negligent, improper,
fraudulent or unauthorized acts or omissions by the Trust or its officers,
trustees, agents or representatives, other than acts or omissions caused
directly or indirectly by AXA Distributors.
AXA Distributors will indemnify and hold harmless the Trust, its officers,
trustees, agents and representatives against any losses, claims, damages or
liabilities, to which the Trust, its officers, trustees, agents and
representatives may become subject, insofar as such losses, claims, damages or
liabilities (or actions in respect thereof) arise out of or are based upon: (i)
any untrue statement or alleged untrue statement of any of any material fact
contained in the Trust Prospectus and/or SAI or any supplements thereto; (ii)
the omission or alleged omission to state any material fact required to be
stated in the Trust Prospectus and/or SAI or any supplements thereto or
necessary to make the statements therein not misleading; or (iii) other
misconduct or negligence of AXA Distributors in its capacity as a principal
underwriter of the Trust's Class B shares and will reimburse the Trust, its
officers, trustees, agents and representatives for any legal or other expenses
reasonably incurred by any of them in connection with investigating or defending
against such loss, claim, damage, liability or action; provided, however, that
AXA Distributors shall not be liable in any such instance to the extent that any
such loss, claim, damage or liability arises out of or is based upon an untrue
statement or alleged untrue statement or omission or alleged omission made in
the Trust Prospectus and/or SAI or any supplement in good faith reliance upon
and in conformity with written information furnished by the Preparing Parties
specifically for use in the preparation of the Trust Prospectus and/or SAI.
Section 15. A copy of the Amended and Restated Agreement and Declaration of
Trust of the Trust is on file with the Secretary of State of Delaware and notice
is given hereby that this Amended and Restated Agreement is executed on behalf
of the Trustees of the Trust as trustees and not individually, and that the
obligations of or arising out of this Amended and Restated Agreement are not
binding upon any of the Trustees or shareholders individually but are binding
only upon the assets and property of each Portfolio.
IN WITNESS WHEREOF, the parties hereto have caused this Amended and
Restated Agreement to be duly executed as of the day and year first above
written.
AXA PREMIER VIP TRUST
By: /s/ Xxxxxx X. Xxxxx
----------------------------------
Name: Xxxxxx X. Xxxxx
Title: President and Chief
Executive Officer
AXA DISTRIBUTORS, LLC
By: /s/ Xxxxxx X. Xxxxxxx
---------------------------------
Name: Xxxxxx X. Xxxxxxx
Title: Chairman of the Board and
Chief Executive Officer
SCHEDULE A
TO
AMENDED AND RESTATED
DISTRIBUTION AGREEMENT
OF
AXA PREMIER VIP TRUST
CLASS B SHARES
AXA Premier VIP Large Cap Growth Portfolio
AXA Premier VIP Large Cap Core Equity Portfolio
AXA Premier VIP Large Cap Value Portfolio
AXA Premier VIP Small/Mid Cap Growth Portfolio
AXA Premier VIP Small/Mid Cap Value Portfolio
AXA Premier VIP International Portfolio
AXA Premier VIP Technology Portfolio
AXA Premier VIP Health Care Portfolio
AXA Premier VIP Core Bond Portfolio
AXA Conservative Allocation Portfolio
AXA Conservative-Plus Allocation Portfolio
AXA Moderate Allocation Portfolio
AXA Moderate-Plus Allocation Portfolio
AXA Aggressive Allocation Portfolio
AXA Premier VIP Aggressive Equity Portfolio
AXA Premier VIP High Yield Portfolio
