THIRD AMENDMENT TO FUND PARTICIPATION AGREEMENT (Service Shares) Regarding TRUST SHAREHOLDER REPORTS AND OTHER REQUIRED MATERIALS
THIRD AMENDMENT TO FUND PARTICIPATION AGREEMENT
(Service Shares)
Regarding
TRUST SHAREHOLDER REPORTS
Equitable Financial Life Insurance Company, formerly known as AXA Equitable Life Insurance Company (the “Company”), a New York life insurance company and Janus Aspen Series (the “Trust”), an open-end management investment company organized as a Delaware business trust, entered into a certain fund participation agreement dated July 26, 2005 (the “Participation Agreement”). This Amendment (the “Amendment”) to the Participation Agreement is entered into as of February 10, 2021, by and among the Company, on its own behalf and on behalf of each separate account of the Company as set forth in the Participation Agreement, as may be amended from time to time (individually and collectively the “Accounts”) and the Trust (collectively, the “Parties”).
1. |
(a) | Trust Documents. The Trust is responsible for preparing and providing the following “Trust Documents,” as specified in paragraph (b)(1) of Rule 30e-3 and paragraph (j)(1)(iii) of Rule 498A: |
(i) | Summary Prospectus for the Portfolios; |
(ii) | Statutory Prospectus for the Portfolios; |
(iii) | Statement of Additional Information (“SAI”) for the Portfolios; and |
(iv) | Most Recent Annual and Semi-Annual Reports to Shareholders (under Rule 30e-1 under the 0000 Xxx) for the Portfolios (together, the “Shareholder Reports”) (referred to in Rule 30e-3 as the “Current” and “Prior” Report to Shareholders). |
(v) | Complete Portfolio Holdings From Shareholder Reports Containing a Summary Schedule of Investments; and |
(vi) | Portfolio Holdings For Most Recent First and Third Fiscal Quarters (together with the complete portfolio holdings specified in (v) above, the “Portfolio Holdings”). |
(b) | Deadline for Providing, and Currentness of, Trust Documents. |
(i) | The Trust shall provide the Summary Prospectus, Statutory Prospectus, and SAI for the Portfolios to the Company (or its designee) on a timely basis (to facilitate the required website posting) and provide updated versions as necessary, in order to facilitate a continuous offering of the Portfolio Company’s securities and the Variable Contracts. |
(ii) | The Trust shall provide the Shareholder Reports and Portfolio Holdings within the 30e-3 Posting Deadline (defined below) (to facilitate the required website posting), which is anticipated to be no later than 5 (five) business days before the date each time that the Trust Documents are required to be posted by Rule 30e-3 (“30e-3 Posting Deadline”). |
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(c) | Format of Trust Documents. The Trust shall provide the Trust Documents to the Company (or its designee) in an electronic format that is suitable for website posting, and in a format, or formats, that: |
(i) | are both human-readable and capable of being printed on paper in human-readable format (in accordance with paragraph (b)(3) of Rule 30e-3 and paragraph (h)(2)(i) of Rule 498A); and |
(ii) | permit persons accessing the Statutory Prospectus and SAI to move directly back and forth between each section heading in a table of contents of such document and the section of the document referenced in that section heading (that is, these documents must include linking, in accordance with paragraph (h)(2)(ii) of Rule 498A); and |
(iii) | permit persons accessing the Trust Documents to permanently retain, free of charge, an electronic version of such materials that meet the requirements of subparagraphs (h)(2)(i) and (ii) of Rule 498A (in accordance with paragraph (h)(3) of Rule 498A). |
(d) | Website Hosting. The Company shall host and maintain the website specified in paragraph (j)(1)(iii) of Rule 498A, so that the Trust Documents are publicly accessible, free of charge, at that website, in accordance with the conditions set forth in that paragraph, provided that the Trust fulfills its obligations under this Amendment. |
(e) |
(i) | The Company shall ensure that an Initial Summary Prospectus is used for each currently offered Variable Contract described under the related registration statement, in accordance with paragraph (j)(1)(i) of Rule 498A no later than May 1, 2022. |
(ii) | The Trust shall ensure that a summary prospectus is used for the Portfolios, in accordance with paragraph (j)(1)(ii) of Rule 498A if available. |
(f) | Website Hosting and Notice Fee (Expense Allocation). The Company shall bear the costs of posting, maintaining, and managing the Trust Documents on the website hosted by the Company and the costs of preparing and mailing notices of the availability of the Trust’s Reports to Contract Owners (the notices required by paragraph (c) of Rule 30e-3). |
2. | Content of Trust Documents. The Trust shall be responsible for the content and substance of the Trust Documents as provided to the Company, including, but not limited to, the accuracy and completeness of the Trust Documents. |
3. | Article II is hereby amended by deleting Section 2.2, 2.3(a), and 2.4 in their entirety and replacing them with the following: |
“2.2 At the option of the Company, the Trust shall either (a) provide the Company (at the Company’s expense) with as many copies of the Trust’s Shares’ current prospectus, annual report, semi-annual report, Trust Documents, and other shareholder
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communications, including any amendments or supplements to any of the foregoing, as the Company shall reasonably request; or (b) provide the Company with a camera ready copy, portable document format (PDF) or other electronic form of such documents suitable for printing or adding to a website. The Trust shall provide the Company with a copy of the Shares’ statement of additional information in a form suitable for duplication by the Company. The Trust (at its expense) shall provide the Company with copies of any Trust-sponsored proxy materials in such quantity as the Company shall reasonably require for distribution to Contract Owners. The Trust will provide these documents within a reasonable period of time so that the Company can distribute them to Contract Owners in a timely manner.”
“2.3 (a) If the Company elects to print shareholder communications pursuant to 2.2(b) above, the Company shall bear the costs of printing the Trust’s Shares’ prospectus, shareholder reports, Trust Documents, and other shareholder communications to owners of and applicants for policies for which Shares of the Trust are serving or are to serve as an investment vehicle, as well as the statement of additional information. The Company shall bear the costs of distributing such prospectuses, statements of additional information, shareholder reports and other shareholder communications to policy owners and applicants. The Company shall bear the costs of distributing proxy materials (or similar materials such as voting solicitation instructions) to Contract Owners. The Company assumes sole responsibility for ensuring that such materials are delivered to Contract Owners in accordance with applicable federal and state securities laws.”
“2.4 The Company agrees and acknowledges that Xxxxx Xxxxxxxxx Group plc (“Xxxxx Xxxxxxxxx”) or its affiliate is the sole owner of the name and xxxx “Xxxxx” and/or “Xxxxx Xxxxxxxxx.” All references contained in this Agreement to “the name or xxxx ‘Xxxxx’ and/or ‘Xxxxx Xxxxxxxxx’” shall include but not be limited to the Xxxxx Xxxxxxxxx logo, the website xxx.xxxxxxxxxxxxxx.xxx (“Trust Website”) and any and all electronic links relating to such website. Neither the Company, nor its affiliates, employees, or agents shall, without prior written consent of Xxxxx Xxxxxxxxx, use the name or xxxx “Xxxxx” and/or “Xxxxx Xxxxxxxxx,” including any derivations thereof, or make representations regarding the Trust, Xxxxx Xxxxxxxxx, or their affiliates, or any products or services sponsored, managed, advised, or administered by the Trust, Xxxxx Xxxxxxxxx, or their affiliates, except those contained in the then-current Prospectus and the then-current printed sales literature for the Shares of the Portfolios. The Company will make no use of the name or xxxx “Xxxxx” and/or “Xxxxx Xxxxxxxxx,” including any derivations thereof, except as expressly provided in this Agreement or expressly authorized by Xxxxx Xxxxxxxxx in writing. All goodwill associated with the name and xxxx “Janus” and/or “Xxxxx Xxxxxxxxx,” including any derivations thereof, shall inure to the benefit of Xxxxx Xxxxxxxxx or its affiliate. Upon termination of this Agreement for any reason, the Company shall immediately cease any and all use of any Janus and/or Janus Xxxxxxxxx xxxx(s).”
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4. | |
(a) | the gross “Annual Portfolio Company Expenses” for each Portfolio calculated in accordance with Item 3 of Form N-1A, before any expense reimbursements or fee waiver arrangements (and in accordance with (i) Instruction 16 to Item 4 of Form N-4, and (ii) Instruction 4(a) to Item 4 of Form N-6) ; and |
(b) | the net “Annual Portfolio Company Expenses” (aka “Total Annual Trust Operating Expenses”) for each Portfolio calculated in accordance with Item 3 of Form N-1A, that include any expense reimbursements or fee waiver arrangements (and in accordance with (i) Instruction 17 to Item 4 of Form N-4, and (ii) Instruction 4 to Item 17 of Form N-4, and (iii) Instruction 4(b) to Item 4 of Form N-6, and (iv) Instruction 4 to Item 18 of Form N-6), and the period for which the expense reimbursements or fee waiver arrangement is expected to continue and whether it can be terminated by the Portfolio (or Trust); and |
(c) | the “Average Annual Total Returns” for each Portfolio (before taxes) as calculated pursuant to Item 4(b)(2)(iii) of Form N-1A (for the 1, 5, and 10 year periods, and in accordance with (i) Instruction 7 to Item 17 of Form N-4, and (ii) Instruction 7 to Item 18 of Form N-6). |
5. |
(a) | This Amendment shall be interpreted to be consistent with, and to facilitate compliance with and reliance on, Rule 30e-3 under the 1940 Act and Rule 498A (including paragraph (j) thereof) under the 1933 Act and any interpretations of those Rules by the Securities and Exchange Commission, its staff, courts, or other appropriate legal authorities. |
(b) | To the extent the terms of this Amendment conflict with the terms of the Participation Agreement, the terms of this Amendment shall control; otherwise, and except as otherwise specifically set forth in this Amendment, the terms of the Participation Agreement shall continue to apply, and shall apply to the duties, responsibilities, rights and obligations of the Parties under and pursuant to this Amendment. |
6. | Counterparts and Delivery. This Amendment may be executed in two or more counterparts, each of which shall be an original and all of which together shall constitute one instrument. A signed copy, including an electronic signature, of this Amendment delivered by facsimile or by emailing a copy in PDF form shall be treated as an original and shall bind all Parties just as would the exchange of originally signed copies. |
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7. | Liability. The Trust is responsible for the obligations, duties and liabilities under this Amendment. |
The Company:
Equitable Financial Life Insurance Company, on behalf of itself and each Separate Account
By: |
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Print Name: | Xxxxxxx Xxxxxxxxx |
Title: | Managing Director | |
Date: | 2/15/2021 | 7:00 AM EST |
The Trust: | ||
Janus Aspen Series |
By: |
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Print Name: | Xxxxxxx Xxxxxx |
Title: | Vice President, Secretary and Chief Legal Officer | |
Date: | February 11, 2021 | 15:23 MST |
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