FORM OF AMENDED AND RESTATED UNDERWRITING AGREEMENT VOYA SERIES FUND, INC. May 7, 2013 as amended and restated October 1, 2014
(e)(3)
FORM OF
AMENDED AND RESTATED UNDERWRITING AGREEMENT
VOYA SERIES FUND, INC.
May 7, 2013
as amended and restated October 1, 2014
Voya Investments Distributor, LLC
0000 X. Xxxxxxxxxx Xxxxx Xxxx
Xxxxx 000
Xxxxxxxxxx, Xxxxxxx 00000
Re: Amended and Restated Underwriting Agreement
Ladies and Gentlemen:
Voya Series Fund, Inc. is a Maryland corporation operating as an open-end management investment company (hereinafter referred to as the “Company”). The Company is registered as such under the Investment Company Act of 1940, as amended (the “1940 Act”), and its shares are registered under the Securities Act of 1933, as amended (the “1933 Act”). The Company, on behalf of each of the series listed on Schedule A hereto, which may be amended from time to time by Voya Investments Distributor, LLC (each a “Fund,” collectively the “Funds”), desires to offer and sell the authorized but unissued shares of the Funds to the public in accordance with applicable federal and state securities laws.
You have informed us that Voya Investments Distributor, LLC is registered as a broker-dealer under the provisions of the Securities Exchange Act of 1934 and is a member in good standing of the Financial Industry Regulatory Authority. You have indicated your desire to act as the exclusive selling agent and principal underwriter for the shares of the Funds. We have been authorized by the Company to execute and deliver this Agreement to you by a resolution of our Board of Directors (the “Directors”) adopted at a meeting of the Directors, at which a majority of Directors, including a majority of our Directors who are not otherwise interested persons of our investment manager or its related organizations, were present and voted in favor of the said resolution approving this Underwriting Agreement.
1. Appointment of Underwriter. Upon the execution of this Agreement and in consideration of the agreements on your part herein expressed and upon the terms and conditions set forth herein, we hereby appoint you as the exclusive distributor of the shares (other than sales made directly by the Company without sales charge) and agree that we will deliver to you such shares as may be sold through your efforts. You agree to use your best efforts to promote the sale of the shares, but you are not obligated to sell any specific number of the shares.
2. Independent Contractor. You will undertake and discharge your obligations hereunder as an independent contractor and shall have no authority or power to obligate or bind the Company or the Funds by your actions, conduct or contracts, except that you are authorized
to accept orders for the purchase or repurchase of the shares as our agent. You may appoint subagents or distribute the shares through dealers (or otherwise) as you may determine necessary or desirable from time to time. This Agreement shall not, however, be construed as authorizing any dealer or other person to accept orders for sale or repurchase on our behalf or to otherwise act as our agent for any purpose.
3. Offering Price. Shares of the Funds shall be offered at a price equivalent to its net asset value plus, as appropriate, a variable percentage of the public offering price as a sales load, as set forth in the Funds’ registration statement filed with the Securities and Exchange Commission under the Securities Act of 1933 and the Investment Company Act of 1940, as amended or supplemented from time to time (“Registration Statement”). On each business day on which the New York Stock Exchange is open for business, we will furnish you with the net asset value of the shares, which shall be determined and become effective as of the time described in the Company’s Registration Statement. The net asset value so determined shall apply to all orders for the purchase of the shares received by dealers prior to the time as of which net asset value is determined, and you are authorized in your capacity as our agent to accept orders and confirm sales at such net asset value; provided that, such dealers notify you of the time when they received the particular order and that the order is placed with you prior to the time as of which net asset value is determined. To the extent that our Shareholder Servicing and Transfer Agent (collectively, “Agent”) and the Custodian(s) for any pension, profit-sharing, employer or self-employed plan receive payments on behalf of the investors, such Agent and Custodian(s) shall be required to record the time of such receipt with respect to each payment, and the applicable net asset value shall be that which is next determined and effective after the time of receipt by them. In all events, you shall forthwith notify all of the dealers comprising your selling group and the Agent and Custodian(s) of the effective net asset value as received from us. Should we at any time calculate our net asset value more frequently than once each business day, you and we will follow procedures with respect to such additional price or prices comparable to those set forth above in this Section 3.
4. Orders. You shall promptly advise us of all purchase orders for shares of the Funds received by you. Any order may be rejected by us; provided, however, that we will not arbitrarily or without reasonable cause refuse to accept or confirm orders for the purchase of shares of the Funds. We or our agent will confirm orders upon receipt, will make appropriate book entries and, upon receipt by the Company (or its agent) of payment therefor, will deliver deposit receipts for the shares.
5. Sales Commission.
(a) In respect of each Class of Shares other than Class B Shares:
(i) You shall be entitled to receive a sales commission on the sale of shares of the Funds in the amounts and according to the procedures set forth in the Funds’ Registration Statement.
(ii) In addition to the payments of the sales commissions to you provided for in paragraph 5(a)(i), you may also receive compensation for expenses or a maintenance or trail fee as may be required by and described in the distribution plans adopted by the Funds pursuant to Rule 12b-l under the 1940 Act (the “Distribution Plans”).
(b) In respect of the Class B Common Shares of the Funds, the following provisions shall apply (if such shares are offered):
(i) In consideration of your services as principal underwriter of the Funds’ Class B Shares pursuant to this Underwriting Agreement and our distribution plan pursuant to Rule 12b-l under the 1940 Act in respect of such shares (the “Class B Distribution and Service Plan”), we agree: (I) to pay to you monthly in arrears your “Allocable Portion” (as hereinafter defined) of a fee (the “Distribution Fee”) which shall accrue daily in an amount equal to the product of (A) the daily equivalent of 0.75% per annum multiplied by (B) the net asset value of the Class B Common Shares of the Funds outstanding on such day, and (II) to withhold from redemption proceeds your Allocable Portion of the Contingent Deferred Sales Charges (“CDSCs”) and to pay the same over to you or at your direction.
(ii) The Allocation Schedule attached hereto as Schedule A and each of the provisions set forth in clauses (I) through (V) .of the second sentence of Section 1 (A) of the Form of Amended and Restated Distribution and Shareholder Services Plan attached hereto as Schedule B, together with the related definitions, are hereby incorporated herein by reference with the same force and effect as if set forth herein in their entirety.
(iii) In addition to the payments of amounts provided for in Section 5(b)(i) and (ii), you may also receive compensation for expenses or a maintenance or trail fee as may be required by and described in the Class B Distribution and Service Plan.
(c) You may allow appointed sub-agents or dealers such commissions or discounts as you shall deem advisable, so long as any such commissions or discounts are set forth in the Funds’ then current Registration Statement, to the extent required by the applicable federal and state securities laws.
6. Payment of Shares. At or prior to the time of delivery of any of our shares you will pay or cause to be paid to the Custodian, or direct the selling Sub-Agent or Dealer to pay, for our account, an amount in cash or, subject to approval by the President or Vice President of the Fund, in securities equal to the net asset value of such shares. In the event that you pay for shares sold by you prior to your receipt of payment from purchasers, you are authorized to reimburse yourself for the net asset value of such shares from the offering price of such shares when received by you.
7. Redemption. (a) We represent that any of the outstanding shares of the Funds may be tendered for redemption at any time, and we represent that the Company will repurchase or redeem the shares so tendered in accordance with the Company’s Articles of Incorporation and Bylaws and the applicable provisions of the Funds’ Prospectus. The price to be paid to redeem or repurchase the shares shall be equal to the net asset value, less any applicable contingent deferred sales charge, unless any redemption fee if any, determined as set forth in the applicable Registration Statement (the “redemption price”).
8. Registration of Shares. No shares shall be registered on our books until (i) receipt by us of your written request therefor; (ii) receipt by the Custodian and Agent of a certificate signed by an officer of the Company stating the amount to be received therefor; and (iii) receipt of payment of that amount by the Custodian. We will provide for the recording of all
shares purchased in unissued form in “book accounts”, unless a request in writing for certificates is received by the Agent, in which case certificates for shares in such names and amounts as is specified in such writing will be delivered by the Agent, as soon as practicable after registration thereof on the books.
9. Purchases for Your Own Account. You may purchase shares for your own investment account upon your written assurance that the purchase is for investment purposes only and that the shares will not be resold except through redemption by us.
10. Sale of Shares to Affiliates. You may sell the Class A and Class C shares (if such shares are offered) at net asset value, without a sales charge as appropriate, pursuant to a uniform offer described in the Funds’ current Registration Statement (i) to our Directors and officers, our investment manager or your company or affiliated companies thereof, (ii) to the bona fide, full time employees or sales representatives of any of the foregoing who have acted as such for at least ninety (90) days, (iii) to any trust, pension, profit-sharing, or other benefit plan for such persons, or (iv) to any other person set forth in the Funds’ then current Registration Statement; provided that such sales are made in accordance with the rules and regulations under the 1940 Act.
11. Allocation of Expenses.
(a) We will pay the following expenses in connection with the sales and distribution of shares of the Funds:
(i) expenses pertaining to the preparation of our audited and certified financial statements to be included in any amendments (“Amendments”) to our Registration Statement under the 1933 Act, including the Prospectuses and Statements of Additional Information included therein;
(ii) expenses pertaining to the preparation (including legal fees) and printing of all Amendments or supplements filed with the Securities and Exchange Commission, including the copies of the Prospectuses and Statements of Additional Information included in such Amendments and the first ten (10) copies of the definitive Prospectuses and Statements of Additional Information or supplements thereto, other than those necessitated by or related to your (including your “Parents”) activities where such amendments or supplements result in expenses which we would not otherwise have incurred;
(iii) expenses pertaining to the preparation, printing, and distribution of any reports or communications, including Prospectuses and Statements of Additional Information, which are sent to our existing shareholders;
(iv) filing and other fees to federal and state securities regulatory authorities necessary to register and maintain registration of the shares; and
(v) expenses of the Agent, including all costs and expenses in connection with the issuance, transfer and registration of the shares, including but not limited to any taxes and other governmental charges in connection therewith.
(b) Except to the extent that you are entitled to compensation under the provisions of any of the Distribution Plans for the Funds, you will pay the following expenses:
(i) expenses of printing additional copies of the Prospectus and Statement of Additional Information and any amendments or supplements thereto which are necessary to continue to offer our shares to the public; and
(ii) expenses pertaining to the printing of additional copies, for use by you as sales literature, of reports or other communications which have been prepared for distribution to our existing shareholders or incurred by you in advertising, promoting and selling our shares to the public.
12. Furnishing of Information. We will furnish to you such information with respect to our company and its shares, in such form and signed by such of our officers as you may reasonably request, and we warrant that the statements therein contained when so signed will be true and correct. We will also furnish you with such information and will take such action as you may reasonably request in order to qualify our shares for sale to the public under the Blue Sky Laws or in jurisdictions in which you may wish to offer them. We will furnish you at least annually with audited financial statements of our books and accounts certified by independent public accountants, and with such additional information regarding our financial condition, as you may reasonably request from time to time.
13. Conduct of Business. Other than the currently effective Prospectus and Statement of Additional Information, you will not issue any sales material or statements except literature or advertising which conforms to the requirements of federal and state securities laws and regulations and which have been filed, where necessary, with the appropriate regulatory authorities. You will furnish us with copies of all such material prior to their use and no such material shall be published if we shall reasonably and promptly object. You shall comply with the applicable federal and state laws and regulations where our shares are offered for sale and conduct your affairs with us and with dealers, brokers or investors in accordance with the Conduct Rules of the Financial Industry Regulatory Authority.
14. Redemption or Repurchase within Seven Days. If shares are tendered to us for redemption or are repurchased by us within seven (7) business days after your acceptance of the original purchase order for such shares, you will immediately refund to us the full amount of any sales commission (net of allowances to dealers or brokers) allowed to you on the original sale, and will promptly, upon receipt thereof, pay to us any refunds from dealers or brokers of the balance of sales commissions reallowed by you. We shall notify you of such tender for redemption within ten (10) days of the day on which notice of such tender for redemption is received by us.
15. Other Activities. Your services pursuant to this Agreement shall not be deemed to be exclusive, and you may render similar services and act as an underwriter, distributor or dealer for other investment companies in the offering of their shares.
16. Term of Agreement. This Agreement, as amended and restated shall become effective on October 1, 2014 or on such later date approved by the Company’s Board of Directors, including a majority of those Directors who are not parties to this Agreement or interested persons (as such term is defined in the Investment Company Act of 1940) thereof. Unless terminated as provided herein, the Agreement shall continue in full force and effect through September 30, 2015 with respect to the Funds listed on Schedule A. Thereafter, unless earlier terminated with respect to a Fund, this Agreement shall continue in effect from year to year for successive one (1) year periods if approved at least annually (i) by a vote of a majority of the outstanding voting securities of the Fund or by a vote of the Directors of the Company, and (ii) by a vote of a majority of the Directors of the Company who are not interested persons or parties to this Agreement (other than as Directors of the Company), cast in person at a meeting called for the purpose of voting on this Agreement. With respect to any Fund that was added to Schedule A hereto after the date of this Agreement, as amended and restated, the Agreement shall become effective on the later of: (i) the date Schedule A is amended to reflect the addition of such Fund under the Agreement; or (ii) the date upon which the shares of the Fund are first sold to the public, subject to the condition that the Fund’s Board of Directors, including a majority of those Directors who are not interested persons (as such term is defined in the 0000 Xxx) of the Distributor shall have approved this Agreement, with respect to such Fund.
17. Termination. This Agreement: (i) may be terminated at any time without the payment of any penalty, either by vote of the Directors of the Company or by a vote of a majority of the outstanding voting securities of the Fund, on sixty (60) days’ written notice to you; (ii) shall terminate immediately in the event of its assignment; and (iii) may be terminated by you on sixty (60) days’ written notice to us.
18. Suspension of Sales. We reserve the right at all times to suspend or limit the public offering of the shares upon written notice to you, and to reject any order in whole or in part.
19. Miscellaneous. This Agreement shall be subject to the laws of the State of Arizona and shall be interpreted and construed to further and promote the operation of the Company as an open-end investment company. As used herein, the terms “Net Asset Value,” “Offering Price,” “Investment Company,” “Open-End Investment Company,” “Assignment,” “Principal Underwriter,” “Interested Person,” “Prospectus” and “Majority of the Outstanding Voting Securities,” shall have the meanings set forth in the 1933 Act and the 1940 Act, as applicable, and the rules and regulations promulgated thereunder.
20. Liability. Nothing contained herein shall be deemed to protect you against any liability to us or to our shareholders to which you would otherwise be subject by reason of willful misfeasance, bad faith or gross negligence in the performance of your duties hereunder, or by reason of your reckless disregard of your obligations and duties hereunder.
21. Amendment. This Agreement may be amended with respect to the Funds by the parties only if such amendment is specifically approved by (a) the Directors or by the vote of a majority of the outstanding voting securities of the Funds, and (b) by the vote of a majority of the disinterested Directors cast in person at a meeting called for the purpose of voting on such amendment.
If the foregoing meets with your approval, please acknowledge your acceptance by signing each of the enclosed counterparts hereof and returning such counterparts to us, whereupon this shall constitute a binding agreement as of the date first above written.
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Very truly yours, | |
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VOYA SERIES FUND, INC. | |
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By: |
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Xxxxxxxx X. Xxxxxxxx |
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Senior Vice President |
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VOYA INVESTMENTS DISTRIBUTOR, LLC | |
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By: |
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Xxxxxxx X. Xxxxxx |
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Executive Vice President |
SCHEDULE A
with respect to the
AMENDED AND RESTATED UNDERWRITING AGREEMENT
between
VOYA SERIES FUND, INC.
and
VOYA INVESTMENTS DISTRIBUTOR, LLC
Name of Fund
Voya Capital Allocation Fund
Voya Core Equity Research Fund
Voya Corporate Leaders 100 Fund
Voya Global Target Payment Fund
Voya Large Cap Growth Fund
Voya Mid Cap Value Advantage Fund
Voya Money Market Fund
Voya Small Company Fund
