The Underwriter: Franklin/Templeton Distributors, Inc. By: /s/ Thomas Regner Name: Thomas Regner Title: Senior Vice President The Company: Pacific Life Insurance Company By: /s/ Anthony J. Dufault Name: Anthony J. Dufault Title: Assistant Vice...
Exhibit 99.(8)(e)(1)
Amendment No. 1 to Participation Agreement
Franklin Xxxxxxxxx Variable Insurance Products Trust
Franklin/Xxxxxxxxx Distributors, Inc.
Pacific Life Insurance Company
Pacific Select Distributors, Inc.
Franklin Xxxxxxxxx Variable Insurance Products Trust
Franklin/Xxxxxxxxx Distributors, Inc.
Pacific Life Insurance Company
Pacific Select Distributors, Inc.
Xxxxxxxx Xxxxxxxxx Variable Insurance Products Trust (the “Trust”), Franklin/Xxxxxxxxx
Distributors, Inc. (the “Underwriter,” and together with the Trust, “we” or “us”), Pacific Life
Insurance Company (the “Company” or “you”), and Pacific Select Distributors, Inc., your
distributor, on your behalf and on behalf of certain Accounts, have previously entered into a
Participation Agreement dated May 1, 2008 (the “Agreement”). The parties now desire to amend the
Agreement by this amendment (the “Amendment”).
Except as modified hereby, all other terms and conditions of the Agreement shall remain in
full force and effect. Unless otherwise indicated, the terms defined in the Agreement shall have
the same meaning in this Amendment.
A M E N D M E N T
For good and valuable consideration, the receipt of which is hereby acknowledged, the parties
agree to amend the Agreement as follows:
1. | Schedules B, C and F of the Agreement are deleted and replaced in their entirety with the Schedules B, C and F attached hereto, respectively. | |
2. | All other terms and provisions of the Agreement not amended herein shall remain in full force and effect. |
IN WITNESS WHEREOF, each of the parties has caused its duly authorized officers to execute this
Amendment effective as of May 1, 2010.
The Trust: | Xxxxxxxx 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 Xxxxxx | |||||
Name: Xxxxxx Xxxxxx | ||||||
Title: Senior Vice President | ||||||
The Company: | Pacific Life Insurance Company | |||||
By: | /s/ Xxxxxxx X. Xxxxxxx | |||||
Name: | Xxxxxxx X. Xxxxxxx | |||||
Title: Assistant Vice President | ||||||
Attest: | /s/ Xxxxxx X. Xxxxx | |||||
Xxxxxx X. Xxxxx, Corporate Secretary | ||||||
The Distributor: | Pacific Select Distributors, Inc. | |||||
By: | /s/ Xxxxxx X. Xxxxxx | |||||
Name: | Xxxxxx X. Xxxxxx | |||||
Title: Vice President & Chief Financial Officer | ||||||
Attest: | /s/ Xxxxxx X. Xxxxx | |||||
Xxxxxx X. Xxxxx, Corporate Secretary |
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Schedule B
Accounts of the Company
SEC Registration | ||
Name of Account | Yes/No | |
Yes | ||
Pacific Select Variable Annuity Separate Account of
Pacific Life Insurance Company
|
Yes | |
Pacific Select Exec Separate Account of Pacific Life
Insurance Company
|
Yes | |
Pacific COLI Separate Account
|
No | |
Pacific COLI Separate Account II
|
No | |
Pacific COLI Separate Account III
|
No | |
Pacific COLI Separate Account IV
|
No | |
Pacific COLI Separate Account V
|
No | |
Separate Account I of Pacific Life Insurance Company
|
No |
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Schedule C
Available Portfolios and Classes of Shares of the Trust
Xxxxxxxx Xxxxxxxxx VIP Founding Funds Allocation Fund — Class 4
Xxxxxxxx Xxxxxxxxx VIP Founding Funds Allocation Fund — Class 2
Xxxxxxxxx Global Bond Securities Fund — Class 2
Mutual Global Discovery Securities Fund — Class 2
Xxxxxxxx Xxxxxxxxx VIP Founding Funds Allocation Fund — Class 2
Xxxxxxxxx Global Bond Securities Fund — Class 2
Mutual Global Discovery Securities Fund — Class 2
In addition to portfolios and classes of shares listed above, any additional Portfolios and classes
of shares other than Class 3 shares are included in this Schedule C listing provided that:
(1) | the General Counsel of Xxxxxxxx Xxxxxxxxx Investments receives from a person authorized by you a written notice in the form attached (which may be electronic mail or sent by electronic mail) (“Notice”) identifying this Agreement as provided in the Notice and specifying: (i) the names and classes of shares of additional Portfolios that you propose to offer as investment options of the Separate Accounts under the Contracts; and (ii) the date that you propose to begin offering Separate Account interests investing in the additional Portfolios under the Contracts; and | ||
(2) | we do not within ten (10) Business Days following receipt of the Notice send you a writing (which may be electronic mail) objecting to your offering such Separate Accounts investing in the additional Portfolios and classes of shares under the Contracts. |
Provided that we do not object as provided above, your Notice shall amend, supplement and become a
part of this Schedule C and the Agreement.
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Form of Notice Pursuant to Schedule C of Participation Agreement
To: | General Counsel c/o Xxxxx Xxx (Xxxx@xxx.xxx;) or Xxxxx Xxxxxxxx (xxxxxxx@xxx.xxx) Fax: 000 000-0000 Franklin Xxxxxxxxx Investments 0 Xxxxxxxx Xxxxxxx, Xxxx. 000, 0xx Xxxxx Xxx Xxxxx, XX 00000 |
With respect to the following agreement(s) (collectively, the “Agreement”)
(please reproduce and complete table for multiple agreements):
(please reproduce and complete table for multiple agreements):
Date of Participation Agreement: |
Insurance Company(ies): |
Insurance Company Distributor(s): |
As provided by Schedule C of the Agreement, this Notice proposes to Franklin Xxxxxxxxx Variable
Insurance Products Trust, and Franklin/Xxxxxxxxx Distributors, Inc. the addition as of the offering
date(s) listed below of the following Portfolios as additional investment options listed on
Schedule C:
Names and Classes of Shares of Additional Portfolios | ||||
Listing of current classes for your reference: |
||||
Class 1 (no 12b-1 fee); |
||||
Class 2 (12b-1 fee of 25 bps); or |
||||
Class 4 (12b-1 fee of 35 bps). |
Offering Date(s) |
Name and title of authorized person of insurance company:
Contact Information:
Contact Information:
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Schedule F
Rule 12b-1 Plans of the Trust
Compensation
Each Class 2 or Class 4 Portfolio named or referenced on Schedule C of this Agreement may
make payments at a rate stated in its prospectus pursuant to the terms and conditions of its Rule
12b-1 distribution plan.
Agreement Provisions
If the Company, on behalf of any Account, purchases Trust Portfolio shares (“Eligible Shares”)
that are subject to a Rule 12b-1 plan adopted under the 1940 Act (the “Plan”), the Company, on
behalf of its Distributor, may participate in the Plan.
To the extent the Company or its affiliates, agents or designees (collectively “you”) provide
any activity or service that is primarily intended to assist in the promotion, distribution or
account servicing of Eligible Shares (“Rule 12b-1 Services”) or variable contracts offering
Eligible Shares, the Underwriter, the Trust or their affiliates (collectively, “we”) may pay you a
Rule 12b-1 fee. “Rule 12b-1 Services” may include, but are not limited to, printing of
prospectuses and reports used for sales purposes, preparing and distributing sales literature and
related expenses, advertisements, education of dealers and their representatives, and similar
distribution-related expenses, furnishing personal services to owners of Contracts which may invest
in Eligible Shares (“Contract Owners”), education of Contract Owners, answering routine inquiries
regarding a Portfolio, coordinating responses to Contract Owner inquiries regarding the Portfolios,
maintaining such accounts or providing such other enhanced services as a Trust Portfolio or
Contract may require, or providing other services eligible for service fees as defined under FINRA
rules.
Your acceptance of such compensation is your acknowledgment that eligible services have been
rendered. All Rule 12b-1 fees, shall be based on the value of Eligible Shares owned by the Company
on behalf of its Accounts, and shall be calculated on the basis and at the rates set forth in the
compensation provision stated above. The aggregate annual fees paid pursuant to each Plan shall
not exceed the amounts stated as the “annual maximums” in the Portfolio’s prospectus, unless an
increase is approved by shareholders as provided in the Plan. These maximums shall be a specified
percent of the value of a Portfolio’s net assets attributable to Eligible Shares owned by the
Company on behalf of its Accounts (determined in the same manner as the Portfolio uses to compute
its net assets as set forth in its effective Prospectus). The Rule 12b-1 fee will be paid to you
within thirty (30) days after the end of the three-month periods ending in January, April, July and
October.
You shall furnish us with such information as shall reasonably be requested by the Trust’s
Boards of Trustees (“Trustees”) with respect to the Rule 12b-1 fees paid to you pursuant to the
Plans. We shall furnish to the Trustees, for their review on a quarterly basis, a written report
of the amounts expended under the Plans and the purposes for which such expenditures were made.
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The Plans and provisions of any agreement relating to such Plans must be approved annually by
a vote of the Trustees, including the Trustees who are not interested persons of the Trust and who
have no financial interest in the Plans or any related agreement (“Disinterested Trustees”). Each
Plan may be terminated at any time by the vote of a majority of the Disinterested Trustees, or by a
vote of a majority of the outstanding shares as provided in the Plan, on sixty (60) days’ written
notice, without payment of any penalty, or as provided in the Plan. Continuation of the Plans is
also conditioned on Disinterested Trustees being ultimately responsible for selecting and
nominating any new Disinterested Trustees. Under Rule 12b-1, the Trustees have a duty to request
and evaluate, and persons who are party to any agreement related to a Plan have a duty to furnish,
such information as may reasonably be necessary to an informed determination of whether the Plan or
any agreement should be implemented or continued. Under Rule 12b-1, the Trust is permitted to
implement or continue Plans or the provisions of any agreement relating to such Plans from
year-to-year only if, based on certain legal considerations, the Trustees are able to conclude that
the Plans will benefit each affected Trust Portfolio and class. Absent such yearly determination,
the Plans must be terminated as set forth above. In the event of the termination of the Plans for
any reason, the provisions of this Schedule F relating to the Plans will also terminate. You agree
that your selling agreements with persons or entities through whom you intend to distribute
Contracts will provide that compensation paid to such persons or entities may be reduced if a
Portfolio’s Plan is no longer effective or is no longer applicable to such Portfolio or class of
shares available under the Contracts.
Any obligation assumed by the Trust pursuant to this Agreement shall be limited in all cases
to the assets of the Trust and no person shall seek satisfaction thereof from shareholders of the
Trust. You agree to waive payment of any amounts payable to you by Underwriter under a Plan until
such time as the Underwriter has received such fee from the Trust.
The provisions of the Plans shall control over the provisions of the Participation Agreement,
including this Schedule F, in the event of any inconsistency. You agree to provide complete
disclosure as required by all applicable statutes, rules and regulations of all rule 12b-1 fees
received from us in the prospectus of the Contracts.
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