EXHIBIT 26(h)(12)(xi)
PARTICIPATION AGREEMENT ADDENDUM
Franklin Xxxxxxxxx Variable Insurance Products Trust
Franklin/Xxxxxxxxx Distributors, Inc.
Minnesota Life Insurance Company
Securian Financial Services, Inc.
Franklin Xxxxxxxxx Variable Insurance Products Trust (the "Trust"),
Franklin/Xxxxxxxxx Distributors, Inc. (the "Underwriter," and together with the
Trust, "we," "our," or "us"), Minnesota Life Insurance Company, and Securian
Financial Services, Inc., your distributor (collectively, the "Company" "you"
or "your"), on your behalf and on behalf of certain Accounts, (individually a
"Party", collectively, the "Parties") have previously entered into a
Participation Agreement dated May 1, 2000, as amended (the "Agreement").
WHEREAS, the Parties now desire to amend the Agreement by this
Participation Agreement Addendum ("the Addendum") to facilitate the summary
prospectus delivery options pursuant to Rule 498 of the Securities Act of 1933
as amended, ("Rule 498").
NOW, THEREFORE, in consideration of the mutual covenants herein
contained, which consideration is full and complete, the Parties agree as
follows:
1. New paragraphs 4.7.1 through 4.7.3, as set forth in Attachment A of this
Addendum, are added at the end of the existing paragraphs of Section 4
of the Agreement. This Addendum constitutes the new procedures referred
to in Section 6 of the Agreement, and provides additional requirements
in connection with the authorized use of the summary prospectus under
Rule 498.
2. Unless otherwise indicated, the terms defined in the Agreement shall
have the same meaning in this Addendum. All other terms and provisions
of the Agreement not amended herein, including, but not limited to the
indemnification provisions, shall remain in full force and effect and
will apply to the terms of this Addendum as applicable.
3. This Addendum will terminate automatically upon the termination of the
Agreement. It may also be terminated by mutual written agreement of the
Parties to this Addendum at any time, and by any Party to this Addendum
upon no less than 30 days' advance written notice to the other Parties
to this Addendum.
(this area intentionally left blank)
IN WITNESS WHEREOF, each of the Parties has caused their duly authorized
officers to execute this Addendum effective as of May 1, 2012.
The Trust: FRANKLIN XXXXXXXXX VARIABLE INSURANCE PRODUCTS TRUST
Only on behalf of
each Portfolio listed
on Schedule C of
the Agreement.
By: /s/ Xxxxx X. Xxxxxxxx
-------------------------------------------
Name: Xxxxx X. Xxxxxxxx
Title: Vice President
The Underwriter: FRANKLIN/XXXXXXXXX DISTRIBUTORS, INC.
By: /s/ Xxxxxx X. Xxxxxx
-------------------------------------------
Name: Xxxxxx X. Xxxxxx
Title: Executive Vice President
The Company: MINNESOTA LIFE INSURANCE COMPANY
By: /s/ Xxxxx X. Xxxx
-------------------------------------------
Name: Xxxxx X. Xxxx
Title: Executive Vice President
The Distributor: SECURIAN FINANCIAL SERVICES, INC.
By: /s/ Xxxxxx X. Xxxxxxxx
-------------------------------------------
Name: Xxxxxx X. Xxxxxxxx
Title: Senior Vice President
ATTACHMENT A TO PARTICIPATION AGREEMENT ADDENDUM
________________________________________________
4.7.1 For purposes of this Addendum, the terms Summary Prospectus and
Statutory Prospectus shall have the same meaning as set forth in Rule 498.
4.7.2 We agree that the hosting of such Trust current Summary Prospectuses
and other most recent documents required by Rule 498(e)(1) ("Trust Documents"),
at the url website address we indicate on each Summary Prospectus ("Trust
Documents Site"), is designed to lead Contract owners directly to the Trust
Documents Site and comply with all applicable requirements of Rule 498(e) and
(f)(3). We also agree that we will be responsible for compliance with the
provisions of Rule 498(f)(1) involving Contract owner requests for additional
Trust Documents made directly to us. While we are not required to provide the
Summary Prospectus delivery option for any Portfolio (or any Portfolio class of
shares), should we decide to discontinue such option(s), the Underwriter agrees
to give you no less than sixty (60) days' advance written notice and continue
the hosting of the Trust Documents Site required by Rule 498(e)(1).
4.7.3 The Parties agree that you are not required to use the Summary
Prospectus delivery option. If you elect to use the Trust's Summary
Prospectuses to satisfy your Trust prospectus delivery requirement, you agree
to do so in compliance with the Agreement and Rule 498, and to give us no less
than sixty (60) days' advance written notice of such intended use. You also
agree that any binding together of Summary Prospectuses, Statutory
Prospectuses, and other materials will be done in compliance with Rule 498(c).
You further agree that you will be responsible for compliance with the
provisions of Rule 498(f)(1) involving Contract owner requests for additional
Trust Documents made directly to you, or one of your affiliates or third-party
providers. In connection with your distribution of any Portfolio Summary
Prospectus, you agree to be solely responsible for the maintenance of website
links to the Trust Documents Site. You acknowledge that the Trust Documents
Site is transmitted over the Internet on a reasonable efforts basis, and we do
not warrant or guarantee its reliability. You agree that you will comply with
any policies concerning Trust Documents Site usage that we provide to you,
including any posted website Terms of Use.
