Exhibit (e)(1)(iv)
AMENDED AND RESTATED
DISTRIBUTION AGREEMENT
between
AXA PREMIER VIP TRUST
and
AXA ADVISORS, 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 Advisors, LLC ("AXA Advisors").
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 Advisors undertake marketing activities
with respect to the Class B shares of the Trust's constituent series or
investment portfolios ("Portfolios") and to compensate AXA Advisors 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 Advisors will be a distributor for sale of the Class B shares issued by the
Trust; and
WHEREAS, AXA Advisors 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 Advisors 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 Advisors 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 Advisors serves as
the principal underwriter of the Class B shares of the Trust.
Section 2. AXA Advisors 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 Amended and Restated 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 Advisors
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
Advisors 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 Advisors for services rendered and
expenses borne as a distributor hereunder, each Portfolio shall pay AXA Advisors
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
Advisors provides services and/or assumes expenses under the Class B
Distribution Plan. AXA Advisors 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 Advisors 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
Advisors specifically for use in the preparation thereof.
In this connection, AXA Advisors 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 Advisors 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 Advisors for
reproduction by AXA Advisors 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 Advisors of anticipated
filings or supplements. AXA Advisors 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 Advisors or the
Participating Insurance Companies, not the Trust.
Section 8. AXA Advisors 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 Advisors 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 Advisors or any of the Preparing Parties.
Section 10. AXA Advisors shall submit to all regulatory and administrative
bodies having jurisdiction over the operations of AXA Advisors, 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 Advisors 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 Advisors from
any and all losses, claims, damages or liabilities (or actions in respect
thereof) to which AXA Advisors 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 Advisors.
AXA Advisors 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 Advisors 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 Advisors 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 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 ADVISORS, LLC
By: /s/ Xxxx Xxxxxxxx
-------------------------------------
Name: Xxxx Xxxxxxxx
Title: President 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
