FIRST AMENDMENT TO PARTICIPATION AGREEMENT: RULE 30e-3
FIRST AMENDMENT TO PARTICIPATION AGREEMENT: RULE 30e-3
Security Benefit Life Insurance Company (the “Company”) on its own behalf and on behalf of each separate account of the Company as set forth on Exhibit A to the Participation
Agreement, as may be amended from time to time (individually and collectively the “Accounts”) and Ivy Distributors, Inc. (“IDI”), have entered into a participation agreement, dated April 1, 2012 (the “Participation Agreement”), whereby the Company
invests in shares of the Funds as a funding vehicle for the Accounts that issue variable annuity and/or life insurance contracts (the “Contracts”) to persons that are registered owners of such Contracts on the books and records of the Company (the
“Contract Owners”).
This First Amendment to Participation Agreement (the “Amendment”) is entered into by and among the Company and IDI (collectively, the “Parties”), and is effective as of the
Effective Date set forth herein.
WHEREAS, Ivy Funds Distributor, Inc. changed its name to Ivy Distributors, Inc. effective as of March 31, 2016; and
WHEREAS, the Parties desire to supplement and amend the Participation Agreement to reflect and implement the requirements, terms and conditions of Rule 30e-3 under the Investment
Company Act of 1940 (“Rule 30e-3” or “the Rule”); and
WHEREAS, IDI is responsible for preparing and timely filing with the Securities and Exchange Commission (“SEC”) and/or providing to the Company the Required Materials, as
specified in paragraph (b)(1) of Rule 30e-3 and as defined below; and
WHEREAS, the Company intends to host a website of Required Materials.
NOW, THEREFORE, in consideration of the mutual covenants herein contained, which consideration is full and complete, the Company and IDI hereby agree to supplement and amend the
Participation Agreement as follows:
(a) Meet the applicable standards of the Securities Act of 1933, as amended; the Securities Exchange Act of 1934, as amended; the Investment Company Act of 1940
(the “1940 Act”); and all rules and regulations under those Acts; and
(b) Do not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements made, in light of the
circumstances under which they are made, not misleading.
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5.
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6.
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7.
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8.
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Provision of Paper or Electronic Documents. To satisfy Contract Owner requests under sections 6 and 7 above, IDI
shall provide the Company with as many printed copies of the Required Materials as the Company may reasonably request, with expenses to be borne in accordance with Schedule B of the Participation Agreement. If requested by the Company in
lieu thereof, IDI shall provide the Required Materials (including a print-ready .pdf or an electronic copy of the Required Documents in a format suitable for printing) and such other assistance as is reasonably necessary in order for the
Company to have the Required Documents printed together in a single document or printed individually by the Company if it so chooses.
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Expenses. Rule 30e-3 expenses shall be borne in accordance with the schedule below. If the Participation
Agreement contains an expense schedule, it is hereby amended to include the following information:
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Item
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Function
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Party Responsible for Expense
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30e-3 Notice
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Printing
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Company
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30e-3 Notice
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Distribution (including postage)
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Company
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30e-3 Required Materials
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Distribution
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Company
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Construction of this Amendment; Participation Agreement.
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(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 any interpretations of the Rule by the SEC, its staff, courts, or other appropriate legal authorities.
(b) This Amendment supplements and amends the Participation
Agreement. 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.
(c) Capitalized and other terms used in this Amendment shall
have the meaning given to them in the Participation Agreement, unless otherwise defined herein.
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from or in connection with any claim or action of any type whatsoever brought against any of the Indemnified Parties as a result of any failure by IDI to provide the
Required Materials in accordance with the terms of this Amendment and to fulfill their other duties and responsibilities under this Amendment; provided that IDI shall not indemnify and hold harmless the Indemnified Parties from any Loss caused by
any of the Indemnified Parties’ negligence or breach of this Amendment. This indemnification shall be in addition to and not in lieu of the indemnification provided for in the Participation Agreement, but this indemnification shall be subject to
and implemented in accordance with the terms, conditions, and procedures of the indemnification provisions of the Participation Agreement.
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14.
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IN WITNESS WHEREOF, the undersigned have caused this Amendment to be executed as of the Effective Date.
SECURITY BENEFIT LIFE INSURANCE COMPANY
By:
Print Name: Xxxxxxx Xxxxx
Title: President
IVY DISTRIBUTORS, INC.
By: 
Print Name: Xxx X. Xxxxxxx
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EXHIBIT 1
Specified Website
xxxxx://xxx.xxxxxxxx.xxx/XxxxxxxxXxxxxxx?xxxxxXXX
EXHIBIT 2
IDI Website
xxxxx://xxx.xxxxxxxxxxxxxx.xxx/xxxxxxx/xxx
