AMENDMENT NO. 4 TO PARTICIPATION AGREEMENT
As of May 1, 2007
by and among
Franklin ▇▇▇▇▇▇▇▇▇ Variable Insurance Products Trust
Franklin/▇▇▇▇▇▇▇▇▇ Distributors, Inc.
Allianz Life Insurance Company of North America
Allianz Life Financial Services, LLC
(formerly USAllianz Investor Services, LLC)
Franklin ▇▇▇▇▇▇▇▇▇ Variable Insurance Products Trust (the "Trust"),
Franklin/▇▇▇▇▇▇▇▇▇ Distributors, Inc. (the "Underwriter," and together with the
Trust, "we" or "us"), Allianz Life Insurance Company of North America ("you"),
and Allianz Life Financial Services, LLC (formerly "USAllianz Investor Services,
LLC"), your distributor, on your behalf and on behalf of certain Accounts, have
previously entered into a Participation Agreement dated October 1, 2003 and
amended as of May 3, 2004, April 29, 2005 and May 1, 2006 (the "Agreement"). The
parties now desire to further amend the Agreement in this amendment (the
"Amendment").
Except as modified hereby, all other terms and conditions of the
Agreement and earlier amendments, 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. Section 1 and Section 2.2.1 are hereby each amended to reflect that
Franklin ▇▇▇▇▇▇▇▇▇ Variable Insurance Products Trust (the "Trust") is
organized as a statutory trust under the laws of the State of Delaware.
2. Section 2.3.2 is amended and restated in its entirety as follows:
"2.3.2 Each investment adviser (each, an "Adviser") of a Portfolio, as
indicated in the current prospectus of the Portfolio, is duly
registered as an investment adviser under the Investment Advisers Act
of 1940, as amended, or exempt from such registration."
3. Section 3.1.3 is amended and restated in its entirety as follows:
"3.1.3 We agree that shares of the Trust will be sold only to: (i) life
insurance companies which have entered into fund participation
agreements with the Trust ("Participating Insurance Companies") and
their separate accounts or to qualified pension and retirement plans in
accordance with the terms of the Shared Funding Order; and (ii)
investment companies in the form of funds of funds. No shares of any
Portfolio will be sold to the general public."
Alliaz FPA Amd #4 2007-5-1.doc
4. Section 5.2 is amended and restated in its entirety as follows:
"5.2 If and to the extent required by law, you shall: (i) solicit
voting instructions from Contract owners; (ii) vote the Trust shares in
accordance with the instructions received from Contract owners; and
(iii) vote Trust shares owned by subaccounts for which no instructions
have been received from Contract owners in the same proportion as Trust
shares of such Portfolio for which instructions have been received from
Contract owners; so long as and to the extent that the SEC continues to
interpret the 1940 Act to require pass-through voting privileges for
variable contract owners. You reserve the right to vote Trust shares
held in any Account in your own right, to the extent permitted by law."
5. Schedules A, B, C, D, F and G of the Agreement is hereby deleted in
their entirety and replaced with the Schedules A, B, C, D, F and G
attached hereto, respectively.
6. All other terms and provisions not amended herein shall remain in full
force and effect.
IN WITNESS WHEREOF, each of the parties has caused their duly
authorized officers to execute this Amendment.
The Company: ALLIANZ LIFE INSURANCE COMPANY OF NORTH AMERICA
By: /s/ ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Name: ▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇
Title: Senior Securities Counsel
Distributor for the Company:Allianz Life Financial Services, LLC
By: /s/ ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Name: ▇▇▇▇▇▇▇ ▇▇▇▇▇▇
Title: Sr. VP Advisory Management
2
The Trust: FRANKLIN ▇▇▇▇▇▇▇▇▇ VARIABLE INSURANCE PRODUCTS TRUST
ONLY ON BEHALF OF EACH
PORTFOLIO LISTED ON
SCHEDULE C HEREOF.
By: /s/ ▇▇▇▇▇ ▇ ▇▇▇▇▇▇▇▇
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Title: Vice President
The Underwriter: FRANKLIN/▇▇▇▇▇▇▇▇▇ DISTRIBUTORS, INC.
By: /s/ ▇▇▇▇▇▇ ▇▇▇▇▇▇
Name: ▇▇▇▇▇▇ ▇▇▇▇▇▇
Title: Senior Vice President
3
SCHEDULE A
THE COMPANY AND ITS DISTRIBUTOR
THE COMPANY
Allianz Life Insurance Company of North America
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
An insurance company organized under the laws of the State of Minnesota.
THE DISTRIBUTOR
Allianz Life Financial Services, LLC
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
A limited liability company organized under the laws of the State of Minnesota
4
SCHEDULE B
ACCOUNTS OF THE COMPANY
1. Name: Allianz Life Variable Account A
Date Established: May 31, 1985
SEC Registration Number: 811-04965
2. Name: Allianz Life Variable Account B
Date Established: May 31, 1985
SEC Registration Number: 811-05618
5
SCHEDULE C
AVAILABLE PORTFOLIOS AND CLASSES OF SHARES OF THE TRUST;
FRANKLIN ▇▇▇▇▇▇▇▇▇ VARIABLE INSURANCE PRODUCTS TRUST
CLASS 1 & CLASS 2 SHARES
Franklin Global Communications Securities Fund
Franklin Growth and Income Securities Fund
Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Money Market Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividend Securities Fund
Franklin Small Cap Value Securities Fund
Franklin Small-Mid Cap Growth Secuities Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
Templeton Global Asset Allocation Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
CLASS 1 SHARES
Franklin Zero Coupon Fund 2010
CLASS 2 SHARES
Franklin ▇▇▇▇▇▇▇▇▇ VIP Founding Funds Allocation Fund
6
SCHEDULE D
CONTRACTS OF THE COMPANY
-------- ------------------------- --------------------------- -----------------------------------------------------
PRODUCT NAME SEPARATE ACCOUNT NAME
# REGISTERED Y/N REGISTERED Y/N CLASSES OF SHARES AND PORTFOLIOS
1933 ACT NO. 1940 ACT #
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
01 Allianz Value Life Allianz Life Variable CLASS 1 SHARES:
Yes Account A Franklin Global Communications Securities Fund
33-11158 Yes Franklin Growth and Income Securities Fund
811-04965 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin U.S. Government Fund
Franklin Zero Coupon Fund 2010
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
02 Allianz Alterity Allianz Life Variable CLASS 2 SHARES:
Yes Account B Franklin Global Communications Securities Fund
333-82329 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin ▇▇▇▇▇▇▇▇▇ VIP Founding Funds Allocation
Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
CLASS 1 SHARES:
Franklin Zero Coupon Fund 2010
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
7
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PRODUCT NAME SEPARATE ACCOUNT NAME
# REGISTERED Y/N REGISTERED Y/N CLASSES OF SHARES AND PORTFOLIOS
1933 ACT NO. 1940 ACT #
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
03 Allianz Dimensions Allianz Life Variable CLASS 2 SHARES:
Yes Account B Franklin Global Communications Securities Fund
33-47886 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
CLASS 1 SHARES:
Franklin Zero Coupon Fund 2010
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
04 Allianz Rewards Allianz Life Variable CLASS 2 SHARES:
Yes Account B Franklin Global Communications Securities Fund
333-95729 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin ▇▇▇▇▇▇▇▇▇ VIP Founding Funds Allocation
Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
CLASS 1 SHARES:
Franklin Zero Coupon Fund 2010
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
8
-------- ------------------------- --------------------------- -----------------------------------------------------
PRODUCT NAME SEPARATE ACCOUNT NAME
# REGISTERED Y/N REGISTERED Y/N CLASSES OF SHARES AND PORTFOLIOS
1933 ACT NO. 1940 ACT #
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
05 Allianz Charter Allianz Life Variable CLASS 2 SHARES:
Yes Account B Franklin Global Communications Securities Fund
333-63719 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
CLASS 1 SHARES:
Franklin Zero Coupon Fund 2010
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
06 Valuemark II Allianz Life Variable CLASS 1 SHARES:
Yes Account B Franklin Global Communications Securities Fund
33-23035 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin U.S. Government Fund
Franklin Zero Coupon Fund 2010
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
9
-------- ------------------------- --------------------------- -----------------------------------------------------
PRODUCT NAME SEPARATE ACCOUNT NAME
# REGISTERED Y/N REGISTERED Y/N CLASSES OF SHARES AND PORTFOLIOS
1933 ACT NO. 1940 ACT #
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
07 Valuemark III Allianz Life Variable CLASS 1 SHARES:
Yes Account B Franklin Global Communications Securities Fund
33-72046 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin U.S. Government Fund
Franklin Zero Coupon Fund 2010
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
08 Valuemark Income Plus Allianz Life Variable CLASS 1 SHARES:
Yes Account B Franklin Global Communications Securities Fund
33-76190 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin U.S. Government Fund
Franklin Zero Coupon Fund 2010
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
10
-------- ------------------------- --------------------------- -----------------------------------------------------
PRODUCT NAME SEPARATE ACCOUNT NAME
# REGISTERED Y/N REGISTERED Y/N CLASSES OF SHARES AND PORTFOLIOS
1933 ACT NO. 1940 ACT #
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
09 Valuemark IV Allianz Life Variable CLASS 1 SHARES:
Yes Account B Franklin Global Communications Securities Fund
333-06709 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin U.S. Government Fund
Franklin Zero Coupon Fund 2010
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
10 Valuemark Life Allianz Life Variable CLASS 1 SHARES:
Yes Account A Franklin Global Communications Securities Fund
33-15464 Yes Franklin Growth and Income Securities Fund
811-04965 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin U.S. Government Fund
Franklin Zero Coupon Fund 2010
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
11
-------- ------------------------- --------------------------- -----------------------------------------------------
PRODUCT NAME SEPARATE ACCOUNT NAME
# REGISTERED Y/N REGISTERED Y/N CLASSES OF SHARES AND PORTFOLIOS
1933 ACT NO. 1940 ACT #
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
11. Allianz Life Fund Allianz Life Variable CLASS 2 SHARES:
Yes Account A Franklin Global Communications Securities Fund
333-60206 Yes Franklin Growth and Income Securities Fund
811-04965 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
CLASS 1 SHARES:
Franklin Zero Coupon Fund 2010
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
12. Allianz High Five Allianz Life Variable CLASS 2 SHARES:
Yes Account B Franklin Global Communications Securities Fund
333-90260 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin ▇▇▇▇▇▇▇▇▇ VIP Founding Funds Allocation
Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
CLASS 1 SHARES:
Franklin Zero Coupon Fund 2010
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
12
-------- ------------------------- --------------------------- -----------------------------------------------------
PRODUCT NAME SEPARATE ACCOUNT NAME
# REGISTERED Y/N REGISTERED Y/N CLASSES OF SHARES AND PORTFOLIOS
1933 ACT NO. 1940 ACT #
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
13. Allianz Charter II Allianz Life Variable CLASS 2 SHARES:
Yes Account B Franklin Global Communications Securities Fund
333-101812 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
CLASS 1 SHARES:
Franklin Zero Coupon Fund 2010
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
14. Allianz High Five Bonus Allianz Life Variable CLASS 2 SHARES:
Yes Account B Franklin Global Communications Securities Fund
333-111049 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin ▇▇▇▇▇▇▇▇▇ VIP Founding Funds Allocation
Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
CLASS 1 SHARES:
Franklin Zero Coupon Fund 2010
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
13
-------- ------------------------- --------------------------- -----------------------------------------------------
PRODUCT NAME SEPARATE ACCOUNT NAME
# REGISTERED Y/N REGISTERED Y/N CLASSES OF SHARES AND PORTFOLIOS
1933 ACT NO. 1940 ACT #
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
15. Allianz High Five L Allianz Life Variable CLASS 2 SHARES:
Yes Account B Franklin Global Communications Securities Fund
333-120181 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin Global Real Estate Securities Fund
Franklin Rising Dividends Securities Fund
Franklin Small-Mid Cap Growth Securities Fund
Franklin Small Cap Value Securities Fund
Franklin ▇▇▇▇▇▇▇▇▇ VIP Founding Funds Allocation
Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Developing Markets Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
CLASS 1 SHARES:
Franklin Zero Coupon Fund 2010
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
16. Allianz Custom Income Allianz Life Variable CLASS 2 SHARES: Yes Account
B Franklin Income Securities Fund 333-126217 Yes Franklin ▇▇▇▇▇▇▇▇▇ VIP
Founding Funds Allocation
811-05618 Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
14
-------- ------------------------- --------------------------- -----------------------------------------------------
PRODUCT NAME SEPARATE ACCOUNT NAME
# REGISTERED Y/N REGISTERED Y/N CLASSES OF SHARES AND PORTFOLIOS
1933 ACT NO. 1940 ACT #
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
17. Allianz Elite Allianz Life Variable CLASS 2 SHARES:
Yes Account B Franklin Global Communications Securities Fund
333-134267 Yes Franklin Growth and Income Securities Fund
811-05618 Franklin High Income Securities Fund
Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin ▇▇▇▇▇▇▇▇▇ VIP Founding Funds Allocation
Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Foreign Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
CLASS 1 SHARES:
Franklin Zero Coupon Fund 2010
-------- ------------------------- --------------------------- -----------------------------------------------------
-------- ------------------------- --------------------------- -----------------------------------------------------
18. Allianz Vision Allianz Life Variable CLASS 2 SHARES:
Yes Account B Franklin Global Communications Securities Fund
333-139701 Yes Franklin High Income Securities Fund
811-05618 Franklin Income Securities Fund
Franklin Large Cap Growth Securities Fund
Franklin ▇▇▇▇▇▇▇▇▇ VIP Founding Funds Allocation
Fund
Franklin U.S. Government Fund
Mutual Discovery Securities Fund
Mutual Shares Securities Fund
▇▇▇▇▇▇▇▇▇ Global Income Securities Fund
▇▇▇▇▇▇▇▇▇ Growth Securities Fund
CLASS 1 SHARES:
Franklin Zero Coupon Fund 2010
-------- ------------------------- --------------------------- -----------------------------------------------------
15
SCHEDULE F
RULE 12B-1 PLANS OF THE TRUST
COMPENSATION
Each Class 2 Portfolio named on Schedule C of this Agreement shall pay at an
annualized payment rate of 0.25% stated as a percentage per year of that
Portfolio's Class 2 average daily net assets, pursuant to the terms and
conditions referenced below under its Class 2 Rule 12b-1 Distribution Plan.
AGREEMENT PROVISIONS
If the Company, on behalf of any Account, purchases Trust Portfolio
shares ("Eligible Shares") which are subject to a Rule 12b-1 plan adopted under
the 1940 Act (the "Plan"), the Company 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 NASD 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
provisions 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
16
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.
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. The Plans may
also be terminated by any act that terminates the Underwriting Agreement between
the Underwriter and the Trust, and/or the management or administration agreement
between Franklin Advisers, Inc. and its affiliates and the Trust. 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.
17
SCHEDULE G
ADDRESSES FOR NOTICES
To the Company: Allianz Life Insurance Company of North America
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, President
To the Distributor: Allianz Life Financial Services, LLC
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, President
To the Trust: Franklin ▇▇▇▇▇▇▇▇▇ Variable Insurance Products Trust
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇. ▇▇▇ ▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇, Vice President
To the Underwriter: Franklin/▇▇▇▇▇▇▇▇▇ Distributors, Inc.
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇
▇▇. ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇▇ ▇▇▇▇▇, President
If to the Trust or Underwriter
with a copy to: Franklin ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇. ▇▇▇ ▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: General Counsel
18
Allianz Life Insurance Company of North America
H. ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇
Senior Counsel
Corporate Legal
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
Telephone: ▇▇▇-▇▇▇-▇▇▇▇
Telefax: ▇▇▇-▇▇▇-▇▇▇▇
▇▇▇▇▇.▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
▇▇▇.▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
Franklin ▇▇▇▇▇▇▇▇▇ Variable Insurance Products Trust
▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇, ▇▇▇▇. ▇▇▇ ▇▇▇ ▇▇▇▇▇
▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇
Attention: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
December 7, 2007
Dear ▇▇. ▇▇▇▇▇▇▇▇,
Please find the enclosed draft of an Application for an Order of Approval and an
Order of Exemption (the "Draft Exemptive Application") that is intended to
permit Allianz Life Insurance Company of North America and Allianz Life
Insurance Company of New York (together the "Insurance Company Applicants") and
their respective separate accounts (the "Insurance Company Separate Accounts")
to substitute Class 1 and Class 2 shares of the AZL ▇▇▇▇▇▇▇▇ Emerging Markets
Equity Fund for Class 1 and Class 2 shares, respectively, of the ▇▇▇▇▇▇▇▇▇
Developing Markets Securities Fund, owned by the Insurance Company Separate
Accounts to support certain individual variable annuity and variable life
insurance contracts.
The Insurance Company Applicants are providing the Draft Exemptive Application
pursuant to section 6.6 of the Participation Agreements between themselves and
Franklin ▇▇▇▇▇▇▇▇▇ Variable Insurance Products Trust both dated October 1, 2003,
as amended (the "Participation Agreements"). The Insurance Company Applicants
wish to file the Draft Exemptive Application, in substantially the form
enclosed, with the SEC as soon as practicable.
The Insurance Company Applicants recognize that the Participation Agreements
require that any such request for exemptive relief shall be furnished to
Franklin ▇▇▇▇▇▇▇▇▇ Variable Insurance Products Trust ten business days prior to
its first submission to the SEC. However, considering that once filed, there
will be ample time for revisions prior to the filing of any amendment(s), and in
order to permit the timely initial filing of the application, WE REQUEST THAT
YOU WAIVE THE TEN-DAY NOTICE REQUIREMENT UNDER SECTION 6.6 OF THE PARTICIPATION
AGREEMENTS. For your convenience, I have enclosed a form which you may sign and
return to my attention at your earliest convenience.
Please feel free to contact me with any questions regarding this matter.
Regards,
/s/ H. ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇
enc.
Copy: General Counsel
SPECIFIC WAIVER OF NOTICE UNDER PARTICIPATION AGREEMENT
We, the undersigned, hereby waive the ten-day notice requirement before filing
an application for an order of exemption with the SEC under section 6.6 of the
Participation Agreements dated October 1, 2003, as amended, between Allianz Life
Insurance Company of North America/Allianz Life Insurance Company of New York
and the Franklin ▇▇▇▇▇▇▇▇▇ Variable Insurance Products Trust ("FTVIPT"). This
waiver applies only to the Draft Exemptive Application, in substantially the
form furnished to the FTVIPT with the letter from Allianz Life Insurance Company
of North America dated December 7, 2007, which seeks permission to substitute
Class 1 and Class 2 shares of the AZL ▇▇▇▇▇▇▇▇ Emerging Markets Equity Fund for
Class 1 and Class 2 shares, respectively, of the ▇▇▇▇▇▇▇▇▇ Developing Markets
Securities Fund.
FRANKLIN ▇▇▇▇▇▇▇▇▇ VARIABLE INSURANCE PRODUCTS TRUST
By: /s/ ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Name: ▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇▇
Title:Vice President
Date:December 11, 2007
Please Return to:
H. ▇▇▇▇▇ ▇▇▇ ▇▇▇▇▇
Senior Counsel
Corporate Legal
▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇
▇▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇
Telephone: ▇▇▇-▇▇▇-▇▇▇▇
Telefax: ▇▇▇-▇▇▇-▇▇▇▇
▇▇▇▇▇.▇▇▇▇▇▇▇▇@▇▇▇▇▇▇▇▇▇▇▇.▇▇▇
